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News Release

Federal Realty Investment Trust Releases Tax Status of 2004 Distributions

ROCKVILLE, Md.--(BUSINESS WIRE)--Jan. 12, 2005--Federal Realty Investment Trust (NYSE:FRT) released today the Federal income tax treatment for 2004 distributions to holders of its Common Shares of Beneficial Interest and Series B Cumulative Redeemable Preferred Shares.

The characterization of distributions on our common shares traded under the ticker symbol FRT is as follows:


                                            Distribution Type
                                            -----------------
  CUSIP    Record   Payable  Distri-   Taxable   Capital  Unrecaptured
            Date     Date   bution Per Ordinary   Gain      Sec. 1250
                              Share    Dividend  Dividend     Gain
----------------------------------------------------------------------
313747206 01/02/04 01/15/04 $0.490000 $0.465500 $0.024500   $0.010045
          03/24/04 04/15/04 $0.490000 $0.465500 $0.024500   $0.010045
          06/24/04 07/15/04 $0.490000 $0.465500 $0.024500   $0.010045
          09/24/04 10/15/04 $0.505000 $0.479750 $0.025250   $0.010353
                            ------------------------------------------
                2004 TOTALS $1.975000 $1.876250 $0.098750   $0.040488

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


                                            Distribution Type
                                            -----------------
  CUSIP    Record  Payable   Distri-   Taxable   Capital  Unrecaptured
            Date    Date    bution Per Ordinary   Gain      Sec. 1250
                              Share    Dividend  Dividend     Gain
----------------------------------------------------------------------
313747503 01/15/04 01/30/04 $0.531250 $0.504688 $0.026563   $0.010891
          04/15/04 04/30/04 $0.531250 $0.504688 $0.026563   $0.010891
          07/15/04 07/30/04 $0.531250 $0.504688 $0.026563   $0.010891
          10/15/04 10/29/04 $0.531250 $0.504688 $0.026563   $0.010891
                            ------------------------------------------
                2004 TOTALS $2.125000 $2.018750 $0.106250   $0.043563

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 Manager, at 301-998-8358.

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 centers. Federal Realty's portfolio (excluding joint venture properties) contains approximately 16.8 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 465,000 square feet of retail space through its joint venture with Clarion Lion Properties Fund. Our operating portfolio (excluding joint venture properties) was 94.2% leased to approximately 2,200 national, regional, and local retailers as of September 30, 2004, with no single tenant accounting for more than 2.3% 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 37 consecutive years, the longest consecutive record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.

CONTACT:
Federal Realty Investment Trust
Investor and Media Inquiries:
Andrew Blocher, 301-998-8166
ablocher@federalrealty.com
or
Suzanne O'Neill, 301-998-8358
soneill@federalrealty.com

SOURCE: Federal Realty Investment Trust