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News Release

Federal Realty Prices $75 Million of Senior Unsecured Notes

ROCKVILLE, Md., Jan 21, 2004 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE:FRT) announced today that it has priced a $75 million offering of seven-year senior unsecured notes. The 4.50% notes are due February 15, 2011, and were offered at 99.698% of par. Proceeds from the offering will be primarily used to repay existing corporate debt.

Citigroup Global Markets Inc. and Wachovia Securities served as joint bookrunning managers for the offering. Co-managers for the transaction included Legg Mason Wood Walker, Incorporated, Merrill Lynch, Bear Stearns & Co. Inc., and McDonald Investments Inc.

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.

SOURCE: Federal Realty Investment Trust

Federal Realty Investment Trust, Rockville
Investor Inquiries
Andrew Blocher, 301-998-8166
Media Inquiries
Kristine Warner, 301-998-8212