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News Release

Federal Realty Reaffirms 2002 Earnings Guidance; - Announces 2003 Earnings Guidance-
ROCKVILLE, Md., Oct 7, 2002 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE:FRT) announced today that after having completed its annual property by property review and forecast of its core portfolio as well as an analysis of the impact of the August 19 fire at its Santana Row development in San Jose, CA, the Trust remains comfortable with its 2002 funds from operations (FFO) guidance of $2.62 per share. In addition, the Trust anticipates 2003 FFO to approximate $2.60 per share, before taking into account any one-time charges related to the previously announced retirement of Steven Guttman, the Trust's chief executive officer, in March 2003.

Federal Realty will hold a conference call today at 11:00 am Eastern Time to further discuss the impact of the Santana Row fire. Conference Call access information is as follows:

Toll Free Number:                  (888) 791-5525
Passcode (needed):                 SANTANA
Conference Leader (needed):        Andrew Blocher
A telephonic replay of the Conference Call will be available for 14 days beginning at 2:00 pm today. Replay access information is as follows:

Toll Free Number:                  (800) 283-1577
A live on-demand webcast of the Conference Call will be available on Federal Realty's website at www.federalrealty.com. Online playback of the webcast will be available at www.federalrealty.com for 7 days following each Conference Call.

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of shopping centers and street retail properties. Federal Realty's portfolio contains 15 million square feet located in major metropolitan markets across the United States. The operating portfolio is currently 96% leased to over 2,100 national, regional and local retailers with no single tenant accounting for more than 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 35 consecutive years, the longest record in the REIT industry. Shares of Federal Realty are traded on the New York Stock Exchange under the symbol FRT. Additional information about Federal Realty can be found on the Internet at www.federalrealty.com.

Safe Harbor Language

Certain matters discussed within this press release may be deemed to be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Federal Realty Investment Trust believes the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Federal Realty's expectations are detailed from time to time in the Company's SEC reports and filings, including its annual report on Form 10-K for the year ended December 31, 2001, filed with the SEC on March 22, 2002. Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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

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