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News Release

Federal Realty Investment Trust Receives Award for Workplace Excellence

ROCKVILLE, Md., June 21 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) received the 2007 Workplace Excellence Award on June 14, 2007 by The Alliance for Workplace Excellence. The Alliance, funded by Montgomery County, Maryland and corporate sponsors, is a nonprofit organization that provides a portfolio of services that allow employers to build excellent places to work

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Recognizing existing Excellent Places to Work throughout the Greater Washington, DC Area is one of the components of the Alliance's mission. According to the Alliance for Workplace Excellence, the Award was created to recognize visionary employers that are paving the way to a workplace where men and women are able to experience professional fulfillment and success and personal wellness not only at work, but also at home and within the community.

Employers receiving the Award must have demonstrated exemplary commitment in the practices of Supportive Corporate Culture and Management Practices; Family and Employee Friendly Policies and Practices; Strong Employee Health and Wellness Initiatives; Comprehensive Growth and Learning Opportunities; and Demonstration to Corporate Social Responsibility and Employee Volunteerism.

"The culture at Federal Realty combines the excitement and energy of a start-up organization with the stability of a successful operating company. Federal Realty provides a stimulating environment by providing high levels of motivation, empowerment and recognition," said Philip Altschuler, vice president, human resources, Federal Realty Investment Trust. Several of the unique aspects that contributed to receiving the Workplace Excellence Award are: internal growth and development programs for mid-level managers, a tuition reimbursement program, a career mobility program, leadership training, flextime, comprehensive benefits program and much more.

"We are proud to receive this award in recognition of our corporate culture that fosters professional fulfillment and encourages personal growth," Altschuler says.

About Federal Realty

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 19.7 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 0.9 million square feet of retail space through its joint venture with Clarion Lion Properties Fund in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 96.6% leased to national, regional, and local retailers as of March 31, 2007, with no single tenant accounting for more than approximately 2.9% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 39 consecutive years, the longest record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.

    Media Inquiries
    Vikki Kayne
    Vice President
    Marketing and Corporate Communications

SOURCE Federal Realty Investment Trust

CONTACT: Vikki Kayne, Vice President, Marketing and Corporate
Communications for Federal Realty Investment Trust, +1-301-998-8178,
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Web site: http://www.federalrealty.com