ROCKVILLE, Md., Aug 20, 2002 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE:FRT) will hold a conference call Thursday, August 22, 2002 at 1 pm Eastern Time to discuss the impact of the fire at Santana Row. Conference Call access information is as follows:

         Toll Free Number:                   888/469-0571
         Passcode (needed):                  SANTANA
         Conference Leader (needed):         Andrew Blocher
A telephonic replay of the Conference Call will be available for 14 days beginning at 4 pm on August 22. Replay access information is as follows:

         Toll Free Number:                   800/272-5921
A live on-demand webcast of the Conference Call will be available on Federal Realty's website at An online playback of the webcast will be available at for 7 days following the Conference Call.

Safe Harbor Language

Certain matters discussed within this press release may be deemed to be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Federal Realty Investment Trust believes the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.

Factors that could cause actual results to differ materially from Federal Realty's expectations are detailed from time to time in the Company's SEC reports and filings, including its annual report on Form 10-K for the year ended December 31, 2001, filed with the SEC on March 22, 2002.

Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

CONTACT: Federal Realty Investment Trust, Rockville
Andrew Blocher, 301/998-8166

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