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News Release

ULTA to Open First Charlottesville Location at Barracks Road Shopping Center This Fall
In conjunction with expanded Bed, Bath & Beyond, ULTA enhances merchandizing mix at Federal Realty's Charlottesville shopping destination -

ROCKVILLE, Md., Aug 09, 2010 /PRNewswire via COMTEX/ --

Federal Realty Investment Trust (NYSE: FRT) today announced that beauty retailer ULTA will join Barracks Road Shopping Center in Charlottesville, Virginia, late fall 2010 in 13,600 square feet next to recently expanded Bed, Bath and Beyond.

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"We are excited to announce that ULTA will open its first location in the Charlottesville market this fall at Barracks Road Shopping Center," said Deirdre Johnson, director of asset management for Federal Realty Investment Trust. "With over 485,000 square feet of local boutiques, national retailers and eclectic restaurants, ULTA is a tremendous addition to Barracks Road as a full service, one stop shopping destination for beauty essentials."

ULTA delivers the very best in beauty by bringing together an unparalleled selection of brand-name cosmetics, fragrances, skin and hair care products, such as Dermalogica, Smashbox, Pureology, Chi, Vera Wang, and Neutrogena with a full-service, in-store salon. Designed to accommodate the busy lifestyles and growing needs of women, ULTA encourages guests to escape, learn and be entertained while in-store beauty experts offer advice without unnecessary sales pressure. To further set the stage for a satisfying shopping experience, ULTA stores are illuminated with natural light so guests can easily see the true shade of the products they are testing, and the knowledgeable staff is always on-hand and provide the latest beauty information.

"Our goal is to help women look and feel their absolute best, while encouraging them to fully enjoy their personal shopping time," said Lyn Kirby, ULTA President and CEO. "ULTA provides every guest with a memorable experience that allows her escape from her busy day-to-day schedule while she experiments and interacts with our extensive selection of brands."

Federal Realty is also pleased to announce an upcoming opening, recent addition and expansion at Barracks Road Shopping Center. Bed, Bath and Beyond recently expanded and now occupies 36,450 square feet in a prime location next to Harris Teeter and just announced ULTA. Brixx Wood Fired Pizza, opening fall 2010, is a fun, friendly neighborhood restaurant that serves brick-oven pizzas and a selection of signature sandwiches, pastas, salads and desserts and boasts 14 wines by the glass and 24 beers on tap. Brixx is headquartered in Charlotte, North Carolina and operates 13 locations in the southeastern U.S., and Barracks Road will be Brixx's first location in Virginia. Francesca's Collections, one of the fastest-growing women's fashion retailers in the country is now open at Barracks Road. This privately held company with locations in over 28 states provides shoppers with an eclectic, carefully chosen assortment of treasured items, taking inspiration from travelers who search the world for beautiful luxuries and gifts to bring to their friends and family.

Save the date for the Annual Sidewalk Sale at Barracks Road, September 9 - 12, featuring exciting retailer offerings from your favorite boutiques and national retailers.

About Barracks Road

Barracks Road Shopping Center is a 485,000 square foot shopping center located at the corner of Barracks Road and Emmett Street in the heart of Charlottesville, Virginia. Barracks Road is a destination shopping location, boasting a perfect mix of well-known national retailers, two regional grocers, and unique, locally owned stores and restaurants, including Anthropologie, Aroma's, Beecroft & Bull, Banana Republic, and many more.

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                     Sarah North
    Corporate Communications Manager      Marketing Manager
    301/998-8185                          434/977-9233
    jmstevenson@federalrealty.com         snorth@federalrealty.com

SOURCE Federal Realty Investment Trust