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News Release

Swedish Retailer H&M to Open First South Bay Location at Santana Row

SAN JOSE, California (April 11, 2007) – Federal Realty Investment Trust (FRIT) announced today that international fashion retailer, H&M, is opening its first store in the South Bay at Santana Row. The Swedish retailer has signed a lease to occupy a 7,860 square foot anchor location across from Brooks Brothers. H&M will expand the already wide range of retail offerings at Santana Row that include such brands as Gucci, Burberry, BCBG Max Azria, Ted Baker, Diesel, Tommy Bahama and Anthropologie.

H&M is one of the world's largest fashion brands, offering its customers fashion and quality at the best price. The company started in Sweden in 1947 and today has more than 1,300 stores and 60,000 employees in 28 countries around the world. H&M's own designers and buyers create the company's trendy collections, offering a wide range of clothing -- everything from fashion basics to the very latest trends. The company is also a pioneer of design collaborations with international style icons such as Viktor & Rolf, Stella McCartney, Karl Lagerfeld and Madonna.

“We're extremely pleased with H&M's decision to join the retail tenant lineup at Santana Row; a decision that allows us to further expand our retail offerings to meet the needs of South Bay consumers," said Chris Weilminster, Senior Vice President of Leasing for Federal Realty. “Santana Row has emerged as a project that combines the best aspects of a dominant super-regional shopping destination and a true neighborhood district."

“Santana Row retailers have averaged 10% year over year sales increases since our opening in late 2002,” says Fred Walters, Vice President and General Manager for Santana Row. "There's no doubt that the community has embraced Santana Row as a retail and entertainment destination.”

H&M's opening at Santana Row is only one of a number of exciting new changes coming to Santana Row.

  • BCBG Max Azria, a successful tenant of Santana Row's since its opening in 2002, will expand in summer 2007 with the opening of a flagship store near Burberry.
  • Paper Source, the premier purveyor of fine, handmade papers from around the world is expected to open late spring 2007.
  • Atelier Aveda Lifestyle Salon Spa will expand its business with the opening of a second location within Santana Row this spring. Atelier has been a tenant at Santana Row since 2002.

About Santana Row – www.santanarow.com Santana Row is a one-of-a-kind neighborhood that blends a distinctive mix of living, shopping, and dining experiences. With 563,000 square feet of retail, restaurants, spas & salons, an arts theatre, two park areas, and a 213-room boutique hotel, Santana Row has emerged as one of the premier neighborhood districts within the South Bay. Santana Row is a property of Federal Realty Investment Trust (NYSE:FRT), headquartered in Rockville, Md.

About Federal Realty Investment Trust – www.federalrealty.com 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 19.5 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 0.7 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 96.5% leased to national, regional, and local retailers as of December 31, 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.