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News Release

Federal Realty Investment Trust Releases Tax Status of 2005 Distributions

ROCKVILLE, Md., Jan. 19 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) released today the Federal income tax treatment for 2005 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:


      CUSIP             Record        Payable           Distribution
                         Date           Date             Per Share

    313747206          01/03/05       01/17/05           $0.5050000
                       03/16/05       04/15/05           $0.5050000
                       06/23/05       07/15/05           $0.5550000
                       09/23/05       10/14/05           $0.5550000
                       11/28/05       12/20/05           $0.2000000
                                   2005 Totals           $2.3200000

                                       Distribution Type

                     Taxable       Qualified        Capital       Unrecaptured
                     Ordinary       Dividend          Gain           Sec. 1250
                     Dividend                       Dividend           Gain
                    $0.3686500     $0.0202000      $0.1363500       $0.0252500
                    $0.3686500     $0.0202000      $0.1363500       $0.0252500
                    $0.4051500     $0.0222000      $0.1498500       $0.0277500
                    $0.4051500     $0.0222000      $0.1498500       $0.0277500
                    $0.1460000     $0.0080000      $0.0540000       $0.0100000
    2005 Totals     $1.6936000     $0.0928000      $0.6264000       $0.1160000

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

      CUSIP             Record         Payable        Distribution
                         Date           Date            Per Share

    313747503          01/17/05        01/31/05        $0.5312500
                       04/15/05        04/29/05        $0.5312500
                       07/15/05        07/29/05        $0.5312500
                       10/14/05        10/31/05        $0.5312500
                                    2005 Totals        $2.1250000

                                        Distribution Type

                     Taxable        Qualified       Capital       Unrecaptured
                     Ordinary        Dividend         Gain          Sec. 1250
                     Dividend                       Dividend          Gain
                     $0.3878125     $0.0212500     $0.1434375      $0.0265625
                     $0.3878125     $0.0212500     $0.1434375      $0.0265625
                     $0.3878125     $0.0212500     $0.1434375      $0.0265625
                     $0.3878125     $0.0212500     $0.1434375      $0.0265625
    2005 Totals      $1.5512500     $0.0850000     $0.5737500      $0.1062500

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 assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 17.5 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 0.5 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 95.5% leased to national, regional, and local retailers as of September 30, 2005, with no single tenant accounting for more than 2.2% 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 38 consecutive years, the longest consecutive record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.

SOURCE Federal Realty Investment Trust

CONTACT: Andrew Blocher, Vice President, Capital Markets & Investor Relations, 1-301-998-8166, ablocher@federalrealty.com, or Suzanne O'Neill, Manager, Investor Relations, 1-301-998-8358, soneill@federalrealty.com, both of Federal Realty Investment Trust