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News Release

Santana Row, Federal Realty's Signature Mixed-Use Project, Named 'Project of the Decade'
300 Santana Row also awarded LEED(R) Gold Rating -

ROCKVILLE, Md., Sept 22, 2010 /PRNewswire via COMTEX/ --

Federal Realty Investment Trust (NYSE: FRT) today announced Santana Row, the 638,000 square foot mixed-use development in San Jose, California, has been named the 'Project of the Decade' by the Silicon Valley/San Jose Business Journal. In addition, 300 Santana Row, Santana Row's newest office and retail address has been awarded LEED(R) Gold Rating by the United States Green Building Council (USGBC).

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At the 2010 Structures Awards event last night, Santana Row was bestowed the prestigious honor of 'Project of the Decade' by James MacGregor, publisher of the Silicon Valley/San Jose Business Journal. The honor is given to a marquee project in the Silicon Valley that has demonstrated proven transformational and economic impact to the area over the last ten years. Santana Row is the inaugural recipient of this esteemed honor.

"The Project of the Decade award honors a project that is considered transformational to Silicon Valley," said Moryt Milo, editor of the Silicon Valley/San Jose Business Journal. "Santana Row's success has raised the bar in retail development."

"We're extremely proud to be awarded such a tremendous honor that recognizes the impact Santana Row has had on the Silicon Valley since its opening eight years ago," said Dawn Becker, executive vice president and chief operating officer of Federal Realty, in accepting the award. "Federal Realty is committed to keeping Santana Row as dynamic a part of the community for the next decade, as it has been for the last."

In addition, 300 Santana Row, the newest completed phase of Santana Row, has achieved LEED Gold certification for use of sustainable development strategies including energy use, lighting, water and materials. 300 Santana Row, located at the intersection of Stevens Creek and Winchester Boulevards, features 65,000 square feet of Class A office space and 15,000 square feet of premium ground floor retail space. Federal Realty recently announced upscale sports bar and restaurant, Yardhouse, and Satellite Healthcare as the first two tenants at 300 Santana Row. LEED(R) Gold certification of 300 Santana Row was based on a number of green design and construction features that positively impact the project itself and the broader community, including a wide-open, functional floor plan with glass curtain walls, expansive views of Silicon Valley and environmentally conscious design.

"300 Santana Row's LEED(R) Gold certification demonstrates tremendous green building leadership," said Rick Fedrizzi, President, CEO & Founding Chair, U.S. Green Building Council. "The urgency of USGBC's mission has challenged the industry to move faster and reach further than ever before, and 300 Santana Row serves as a prime example with just how much we can accomplish."

The U.S. Green Building Council's LEED(R) green building certification system is the foremost program for the design, construction and operation of green buildings. By using less energy and water, LEED(R) certified buildings save money for families, businesses and taxpayers; reduce greenhouse gas emissions; and contribute to a healthier environment for residents, workers and the larger community.

An additional Federal Realty project with LEED(R) certification is the residential component of Linden Square, in Wellesley, Massachusetts which received LEED(R) Platinum certification. The Trust is also redeveloping the latest phase of Bethesda Row, in Bethesda, Maryland for LEED(R) Silver certification, which includes 45,000 square feet of retail and is anchored by Equinox Fitness Clubs, one of the nation's premier fitness facilities.

About Santana Row

Santana Row, a 638,000 square foot mixed-use development in the heart of San Jose, California, is the Silicon Valley's premier destination for shopping, dining, living and nightlife. Surrounded by landscaped gardens, parks and plazas, Santana Row features over 70 retail shops, more than two dozen acclaimed restaurants, a 213-room boutique hotel and six-screen movie theatre. In addition to the dynamic retail collection, Santana Row offers 514 residential units featuring a fitness center, rooftop pool, and resort-living accommodations. Opening in late 2010 is Santana Row's newest addition, 300 Santana Row, with 65,000 square feet of Class A office space and 15,000 square feet of premium ground floor retail. Santana Row is a property of Federal Realty Investment Trust (NYSE: FRT), headquartered in Rockville, Maryland. For more information, please visit www.santanarow.com.

About Federal Realty

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.2 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 94.2% leased to national, regional, and local retailers as of June 30, 2010, with no single tenant accounting for more than approximately 2.7% 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 43 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT. For more information, please visit www.federalrealty.com

    Media Inquiries
    Janelle Stevenson                    Ed Kiley
    Corporate Communication Manager      Santana Row
    301/998-8185                         415/826-0785
    jmstevenson@federalrealty.com        ed@edkiley.com

SOURCE Federal Realty Investment Trust