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News Release

Federal Realty Investment Trust Releases Tax Status of 2003 Distributions

ROCKVILLE, Md.--(BUSINESS WIRE)--Jan. 16, 2004--Federal Realty Investment Trust (NYSE:FRT) released today the Federal income tax treatment for 2003 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 traded under the ticker symbol FRT is as follows:


     CUSIP       Declaration  Record Date  Payable Date  Distribution
                     Date                                  Per Share
----------------------------------------------------------------------
   313747206      12/13/02     01/02/03      01/15/03      $0.485000
----------------------------------------------------------------------
                  03/04/03     03/27/03      04/15/03      $0.485000
                ------------------------------------------------------
                  06/03/03     06/25/03      07/15/03      $0.485000
                ------------------------------------------------------
                  08/11/03     09/25/03      10/15/03      $0.490000
                ------------------------------------------------------
                                            2003 TOTALS    $1.945000
                                                        --------------



              Distribution Type

 CUSIP    Taxable     Total    Post-May 5   Unrecaptured   Nontaxable
          Ordinary   Capital   Capital Gain  Sec. 1250   Distributions
          Dividend    Gain     Distribution    Gain
                     Dividend
----------------------------------------------------------------------
313747206 $0.354221  $0.071363  $0.062679    $0.008685     $0.059416
----------------------------------------------------------------------
          $0.354221  $0.071363  $0.062679    $0.008685     $0.059416
          -----------------------------------------------------------
          $0.354221  $0.071363  $0.062679    $0.008685     $0.059416
          ------------------------------------------------------------
          $0.357872  $0.072099  $0.063325    $0.008774     $0.060029
          ------------------------------------------------------------
  2003
 TOTALS   $1.420535  $0.286188  $0.251362    $0.034829     $0.238277
          ------------------------------------------------------------

The characterization of distributions on our Series A Cumulative Redeemable Preferred Shares traded under the ticker symbol FRTprA is as follows:


     CUSIP    Declaration   Record Date   Payable Date   Distribution
                 Date                                      Per Share
----------------------------------------------------------------------
   313747404   12/13/02      01/15/03      01/31/03      $0.496880
----------------------------------------------------------------------
               03/04/03      04/15/03      04/30/03      $0.496870
             ---------------------------------------------------------
               06/03/03      06/13/03      06/13/03      $0.239590
             ---------------------------------------------------------
                                         2003 TOTALS     $1.233340
                                                        --------------



                Distribution Type

  CUSIP      Taxable    Total Capital    Post-May 5      Unrecaptured
             Ordinary       Gain        Capital Gain      Sec. 1250
             Dividend     Dividend      Distribution        Gain
----------------------------------------------------------------------
 313747404  $0.413562    $0.083318        $0.073179       $0.010140
----------------------------------------------------------------------
            $0.413553    $0.083317        $0.073177       $0.010139
            ----------------------------------------------------------
            $0.199415    $0.040175        $0.035286       $0.004889
            ----------------------------------------------------------
2003 TOTALS $1.026530    $0.206810        $0.181642       $0.025168
            ----------------------------------------------------------

The characterization of distributions on our Series B Cumulative Redeemable Preferred Shares traded under the ticker symbol FRTprB is as follows:


  CUSIP    Declaration    Record Date    Payable Date    Distribution
                Date                                      Per Share
----------------------------------------------------------------------
 313747503    12/13/02     01/15/03       01/31/03        $0.532000
----------------------------------------------------------------------
              03/04/03     04/15/03       04/30/03        $0.531250
            ----------------------------------------------------------
              06/03/03     06/25/03       07/15/03        $0.531250
            ----------------------------------------------------------
              08/11/03     10/15/03       10/31/03        $0.531250
            ----------------------------------------------------------
                                         2003 TOTALS      $2.125750
                                                      ----------------

                  Distribution Type

   CUSIP       Taxable     Total Capital  Post-May 5    Unrecaptured
               Ordinary       Gain       Capital Gain  Sec. 1250 Gain
               Dividend     Dividend     Distribution
----------------------------------------------------------------------
  313747503    $0.442792    $0.089208     $0.078351       $0.010856
----------------------------------------------------------------------
               $0.442168    $0.089082     $0.078241       $0.010841
            ----------------------------------------------------------
               $0.442168    $0.089082     $0.078241       $0.010841
            ----------------------------------------------------------
               $0.442168    $0.089082     $0.078241       $0.010841
            ----------------------------------------------------------
 2003 TOTALS   $1.769296    $0.356454     $0.313074       $0.043379
            ----------------------------------------------------------

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 Suzanne O'Neill, 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 redevelopment of shopping centers and Street Retail properties. Federal Realty's portfolio contains approximately 16.2 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and Western United States. The operating portfolio was 94% occupied by over 2,000 national, regional, and local retailers as of September 30, 2003, with no single tenant accounting for more than 2.5% of rental revenue. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 36 consecutive years, the longest consecutive record in the REIT industry.

Shares of Federal Realty are traded on the NYSE under the symbol FRT. Additional information about Federal Realty can be found on the Internet at www.federalrealty.com.

CONTACT:
Federal Realty Investment Trust
Investor Inquiries:
Andrew Blocher, 301-998-8166
ablocher@federalrealty.com
or
Media Inquiries:
Kristine Warner, 301-998-8212
kwarner@federalrealty.com

SOURCE: Federal Realty Investment Trust