AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 6, 1995     
                                                    
                                                 REGISTRATION NO. 33-51029     
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                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
 
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                              POST-EFFECTIVE     
                                
                             AMENDMENT NO. 1     
                                       
                                    TO     
                                   FORM S-3
                            REGISTRATION STATEMENT
                                     UNDER
                          THE SECURITIES ACT OF 1933
 
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                        FEDERAL REALTY INVESTMENT TRUST
            (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
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         DISTRICT OF COLUMBIA                        52-0782497
    (STATE OR OTHER JURISDICTION OF           
    INCORPORATION OR ORGANIZATION)         (I.R.S. EMPLOYER IDENTIFICATION
                                                    NUMBER)     
                               4800 HAMPDEN LANE
                           BETHESDA, MARYLAND 20814
                                (301) 652-3360
  (ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE, OF
                   REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
 
                               ----------------
 
                   STEVEN J. GUTTMAN, PRESIDENT AND TRUSTEE
                        FEDERAL REALTY INVESTMENT TRUST
                               4800 HAMPDEN LANE
                           BETHESDA, MARYLAND 20814
                                (301) 652-3360
(NAME, ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE,
                             OF AGENT FOR SERVICE)
 
                                  COPIES TO:
                          THOMAS F. COONEY, III, ESQ.
                           
                        KIRKPATRICK & LOCKHART LLP     
                              1800 M STREET, N.W.
                            WASHINGTON, D.C. 20036
 
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  THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS
REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH
SECTION 8(A) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT
SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID
SECTION 8(A), MAY DETERMINE.
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  The Registrant hereby removes from registration 380,000 common shares of
beneficial interest, no par or stated value, that were not subscribed in the
offering.

 
                                  SIGNATURES
   
  Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Post-Effective
Amendment No. 1 to this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized in the State of Maryland on this
6th day of September 1995.     
 
                                          Federal Realty Investment Trust
 
                                              /s/ Steven J. Guttman
                                          By:__________________________________
                                              Steven J. Guttman, President
   
  Pursuant to the requirements of the Securities Act of 1933, this Post-
Effective Amendment No. 1 to this Registration Statement has been signed below
by the following persons in the capacities and on the date indicated.     
 
SIGNATURE TITLE DATE --------- ----- ---- /s/ Steven J. Guttman President and Trustee September 6, 1995 ____________________________________ (Chief Executive Officer) Steven J. Guttman /s/ Mary Jane Morrow Senior Vice President September 6, 1995 ____________________________________ Finance & Mary Jane Morrow Treasurer (Chief Financial Officer) /s/ Cecily A. Ward Controller (Chief September 6, 1995 ____________________________________ Accounting Officer) Cecily A. Ward /s/ Dennis L. Berman* Trustee September 6, 1995 ____________________________________ Dennis L. Berman /s/ Trustee September 6, 1995 ____________________________________ Kristin Gamble /s/ Samuel J. Gorlitz* Trustee September 6, 1995 ____________________________________ Samuel J. Gorlitz /s/ Morton S. Lerner* Trustee September 6, 1995 ____________________________________ Morton S. Lerner /s/ Walter F. Loeb* Trustee September 6, 1995 ____________________________________ Walter F. Loeb /s/ Donald H. Misner* Trustee September 6, 1995 ____________________________________ Donald H. Misner /s/ A. Cornet De Ways Ruart* Trustee September 6, 1995 ____________________________________ A. Cornet De Ways Ruart /s/ George L. Perry* Trustee September 6, 1995 ____________________________________ George L. Perry
*Signed by Steven J. Guttman pursuant to a Power of Attorney previously filed.