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News Release

Federal Realty Investment Trust Releases Tax Status of 2002 Distributions

ROCKVILLE, Md.--(BUSINESS WIRE)--Jan. 15, 2003--Federal Realty Investment Trust (NYSE:FRT) released today the Federal income tax treatment for 2002 distributions to holders of its Common Shares of Beneficial Interest, Series A Cumulative Redeemable Preferred Shares and Series B Cumulative Redeemable Preferred Shares.

The characterization of distributions on our common shares (CUSIP #313747206) traded under the ticker symbol FRT is as follows:

                                                   Distribution Type
----------------------------------------------------------------------
 Declaration     Record   Payment   Distributions  Ordinary  Long-Term
     Dates        Dates      Date     Per Share    Taxable    Capital
                                                   Dividend     Gain
----------------------------------------------------------------------
   11/01/01     01/01/02  01/15/02     $0.480000   $.388800  $.091200
----------------------------------------------------------------------
   02/28/02     03/25/02  04/15/02     $0.480000   $.388800  $.091200
----------------------------------------------------------------------
   05/01/02     06/25/02  07/15/02     $0.480000   $.388800  $.091200
----------------------------------------------------------------------
   09/13/02     09/26/02  10/15/02     $0.485000   $.392850  $.092150
----------------------------------------------------------------------
                           TOTALS      $1.925000  $1.559250  $.365750
----------------------------------------------------------------------
                                            100%        81%       19%
----------------------------------------------------------------------

The characterization of distributions on our Series A Cumulative Redeemable Preferred Shares (CUSIP #313747404) traded under the ticker symbol FRTpA is as follows:

                                                   Distribution Type
----------------------------------------------------------------------
 Declaration     Record   Payment   Distributions  Ordinary  Long-Term
     Dates        Dates      Date     Per Share    Taxable    Capital
                                                   Dividend     Gain
----------------------------------------------------------------------
   11/01/01     01/01/02  01/31/02     $0.496870   $.402465  $.094405
----------------------------------------------------------------------
   02/28/02     04/15/02  04/30/02     $0.496870   $.402465  $.094405
----------------------------------------------------------------------
   05/01/02     07/15/02  07/31/02     $0.496880   $.402473  $.094407
----------------------------------------------------------------------
   09/13/02     10/15/02  10/31/02     $0.496880   $.402473  $.094407
----------------------------------------------------------------------
                           TOTALS      $1.987500  $1.609876  $.377624
----------------------------------------------------------------------
                                            100%        81%       19%
----------------------------------------------------------------------

The characterization of distributions on our Series B Cumulative Redeemable Preferred Shares (CUSIP #313747503) traded under the ticker symbol FRTpB is as follows:

                                                   Distribution Type
----------------------------------------------------------------------
 Declaration     Record   Payment   Distributions  Ordinary  Long-Term
     Dates        Dates      Date     Per Share    Taxable    Capital
                                                   Dividend     Gain
----------------------------------------------------------------------
   01/02/02     01/15/02  01/31/02     $0.377800   $.306018  $.071782
----------------------------------------------------------------------
   02/28/02     04/15/02  04/30/02     $0.531000   $.430110  $.100890
----------------------------------------------------------------------
   05/01/02     07/15/02  07/31/02     $0.531000   $.430110  $.100890
----------------------------------------------------------------------
   09/13/02     10/15/02  10/31/02     $0.531000   $.430110  $.100890
----------------------------------------------------------------------
                           TOTALS      $1.970800  $1.596348  $.374452
----------------------------------------------------------------------
                                            100%        81%       19%
----------------------------------------------------------------------

The Company did not incur any foreign taxes. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of Federal Realty distributions. Should you need any additional information, contact Karen Fox, Investor Relations Coordinator, at (301) 998-8358.

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of shopping centers and street retail properties. Federal Realty's portfolio contains over 15 million square feet of retail space located in major metropolitan markets across the United States.

The operating portfolio is currently 95.5% occupied by over 2,000 national, regional and local retailers with no single tenant accounting for more than 2.6% of rental revenue.

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its annual dividend for 35 consecutive years, the longest consecutive record in the REIT industry. Shares of Federal Realty are traded on the New York Stock Exchange under the symbol FRT. Additional information about Federal Realty can be found on the Internet at www.federalrealty.com.

 

CONTACT:
Federal Realty Investment Trust
Andrew Blocher, 301/998-8166