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News Release

Federal Realty Investment Trust Releases Tax Status of 2006 Distributions

ROCKVILLE, Md., Jan. 16 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) released today the Federal income tax treatment for 2006 distributions to holders of its Common Shares of Beneficial Interest (NYSE: FRT) and Series B Cumulative Redeemable Preferred Shares (NYSE: FRTprB).

(Logo: http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO )

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

    CUSIP
    313747206
                                                 Distribution Type
     Record    Payable  Distribution    Taxable      Qualified    Nontaxable
      Date      Date     Per Share      Ordinary     Dividend    Distributions
                                        Dividend
    01/03/06  01/16/06  $0.555000000  $0.427350000  $0.014957250  $0.127650000
    03/14/06  03/30/06  $0.200000000  $0.154000000  $0.005390000  $0.046000000
    03/14/06  04/17/06  $0.555000000  $0.427350000  $0.014957250  $0.127650000
    06/23/06  07/17/06  $0.555000000  $0.427350000  $0.014957250  $0.127650000
    09/22/06  10/16/06  $0.575000000  $0.442750000  $0.015496250  $0.132250000

           2006 Totals  $2.440000000  $1.878800000  $0.065758000  $0.561200000

On November 27, 2006 we redeemed the Series B Cumulative Redeemable Preferred Shares in their entirety. The characterization of distributions on our shares traded under the ticker symbol FRTprB is as follows:

    CUSIP
    313747503
                                                 Distribution Type
     Record    Payable  Distribution    Taxable      Qualified    Nontaxable
      Date      Date     Per Share      Ordinary     Dividend    Distributions
                                        Dividend
    01/16/06  01/31/06  $0.531250000  $0.531250000  $0.018593750  $0.000000000
    04/17/06  04/28/06  $0.531250000  $0.531250000  $0.018593750  $0.000000000
    07/17/06  07/31/06  $0.531250000  $0.531250000  $0.018593750  $0.000000000
    10/16/06  10/31/06  $0.531250000  $0.531250000  $0.018593750  $0.000000000
    11/27/06  11/27/06  $0.159375000  $0.159375000  $0.005578125  $0.000000000

           2006 Totals  $2.284375000  $2.284375000  $0.079953125  $0.000000000

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 Gina Birdsall, Investor Relations, at (301) 998-8265.

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 18.6 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 0.7 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 97.3% leased to national, regional, and local retailers as of September 30, 2006, with no single tenant accounting for more than approximately 2.5% 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.

    Investor and Media Inquiries
    Andrew Blocher                           Vikki Kayne
    Vice President,                          Vice President,
    Capital Markets &                        Marketing and Corporate
     Investor Relations                       Communications
    301/998-8166                             301/998-8178
    ablocher@federalrealty.com               vkayne@federalrealty.com

SOURCE Federal Realty Investment Trust

CONTACT: Andrew Blocher, Vice President, Capital Markets & Investor
Relations, +1-301-998-8166, ablocher@federalrealty.com, or Vikki Kayne, Vice
President, Marketing and Corporate Communications, +1-301-998-8178,
vkayne@federalrealty.com, both of Federal Realty Investment Trust
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Web site: http://www.federalrealty.com