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News Release

Village at Shirlington Announces Four New Tenants and New Hotel
Le Village Marché and Johnny Rockets Now Open

ARLINGTON, Va. (April 16, 2007) – The list of tenants coming to the Village at Shirlington in Arlington just got a little longer. Federal Realty Investment Trust (NYSE:FRT) recently announced the addition of Johnny Rockets, Le Village Marché, Diana Nails and the Hair Cuttery, to an already solid tenant line-up.

“Many locals can't wait for these specialty retail shops and casual and fine dining experiences to open,” said Ralph Ours, leasing manager for Federal Realty Investment Trust. “The new mix of stores and restaurants combined with the already successful project ensures the community shopping and dining needs are met”.

In addition, Arlington County gave site plan approval to build a 142-room Hilton Garden Inn. Construction is slated to begin in summer of 2007 with a planned opening of fall 2008. The Hilton Garden Inn expects to be rated by the LEED (Leadership in Energy and Environmental Design) Green Building Rating System.

“Huntington Hotel Group is excited to have its new Hilton Garden Inn as a part of Village at Shirlington,” said Patricia Santini, vice president of development for Huntington Hotel Group. “We feel this village has a great mix of commercial and residential tenants which creates a wonderful pedestrian lifestyle community and we are happy to be a part of this family.”

Retail descriptions are as follows:

Johnny Rockets offers its guests simple, great-tasting food from a menu of all-American favorites, including juicy hamburgers, hand-dipped shakes and malts and freshly baked apple pie. Guests also enjoy an all-American diner look and feel, servers who know the secret behind getting ketchup out of the bottle, tabletop jukeboxes that belt out tunes for a nickel and authentic décor.

Le Village Marché (the village shop) sells home goods and accessories. It features various items, including antique reproduction furniture pieces, French glass and tableware, soy candles, chic collections for new moms, accessories by local designers – even spa products for pets.

Diana Nails is a nail salon offering services including manicures, pedicures, acrylic sets, waxing and more.

Hair Cuttery is known as a unisex salon where clients can walk in and get a new look without an appointment. Hair Cuttery's services include haircuts and color to facial waxing and texturizing services.

“As a Shirlington resident, I have a very good instinct about the region,” said Angela Phelps, Owner, Le Village Marché. “I knew Shirlington was evolving into an urban village and believed that the new condos, apartments, theatres, and grocery store would increase foot traffic to the area. I couldn't think of a better place than the Village at Shirlington to open my first store.”

The Village at Shirlington is conveniently located off I-395 (Glebe Road/Shirlington exit) in Arlington, VA, and is in the process of expanding its already existing center at the intersection of South Quincy Street and 28th Street South (soon to be renamed Campbell Avenue). When the new section is complete it will feature 48,000 square feet of new retail, approximately 400 residential units and a new Harris Teeter. Caribou Coffee, Bear Rock Café, Robeks Fruit Smoothies & Healthy Eats and Signature Theater are all open for business as well as a new customer-parking garage located on Stafford Street. For more information about the center, visit www.villageatshirlington.com.

About Federal Realty
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.

Media Inquiries
Kimberly Brooks
Public Relations Counselor,
Adam Friedman Associates
212/981-2529, ext. 14
kbrooks@adam-friedman.com

Vikki Kayne
Vice President,
Marketing and Corporate Communications
301/998-8178
vkayne@federalrealty.com