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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 5, 2004

Federal Realty Investment Trust

(Exact name of registrant as specified in its charter)


Maryland	1-07533	52-0782497

(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


1626 East Jefferson Street, Rockville, Maryland		20852-4041

(Address of principal executive offices)		(Zip Code)


Registrant’s telephone number including area code:		301/998-8100

Item 7. Financial Statements and Exhibits.

(c)		Exhibits

99.1		Supplemental portfolio information at March 31, 2004 (including press release dated May 5, 2004)

Item 12. Results of Operations and Financial Condition.

The following information is being furnished under Item 12-Results of Operations and Financial Condition. This information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Exchange Act, regardless of any general incorporation language in such filing.

On May 5, 2004, Federal Realty Investment Trust issued supplemental data pertaining to its operations, as well as a press release, to report its financial results for the quarter ended March 31, 2004. The supplemental data and press release are furnished as Exhibit 99.1 hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		FEDERAL REALTY INVESTMENT TRUST

Date: May 5, 2004		/s/ Larry E. Finger


		Larry E. Finger
		Senior Vice President,
		Chief Financial Officer and Treasurer

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EXHIBIT INDEX


Exh No.	Exhibit	Page No.
99.1	Supplemental Information at March 31, 2004		4

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exv99w1

Exhibit 99.1

FEDERAL REALTY INVESTMENT TRUST

Supplemental Information
March 31, 2004

TABLE OF CONTENTS


1.	First Quarter 2004 Earnings Press Release		3

2.	Financial Highlights
		Summarized Operating Results	8
		Summarized Balance Sheet	9
		Funds From Operations / Summary of Capital Expenditures	10
		Market Data / Capital Availability	11
		Operational Statistics	12

3.	Summary of Debt
		Summary of Outstanding Debt	13
		Summary of Debt Maturities	14

4.	Summary of Redevelopment Opportunities and Santana Row		15

5.	2004 Acquisitions and Dispositions		16

6.	Real Estate Status Report		17

7.	Shopping Center / Street Retail Summary		19

8.	Leasing Summary
		Retail Leasing Summary -- Comparable	20
		Retail Leasing Summary -- Non-comparable	21

9.	Lease Expirations		22

10.	Portfolio Leasing Statistics		23

11.	Summary of Top 25 Tenants		24

12.	Reconciliation of 2004 EPS to 2004 FFO Guidance		25

13.	Glossary of Terms		26

1626 East Jefferson Street
Rockville, Maryland 20852-4041
301/998-8100

Certain matters discussed within this Supplemental Information may be deemed to be forward looking statements within the meaning of the federal securities laws. Although we believe the expectations reflected in the forward looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained. The factors that may impact these expectations include:

	•		risks that growth will be limited if additional capital cannot be obtained;

	•		risks of financing, such as our ability to consummate additional financings or obtain replacement financing on terms which are acceptable to us, our ability to meet existing financial covenants and the possibility of increases in interest rates that would result in increased interest expense;

	•		risks normally associated with the real estate industry, including risks that tenants will not pay rent or that we may be unable to renew leases or relet space at favorable rents as leases expire, that new acquisitions or development, construction and renovation projects may fail to perform as expected, that competition for acquisitions could result in increased prices, that there may be environmental risks at our properties, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;

	•		risks related to our status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT; and

	•		those risks detailed from time to time in our SEC reports, including our current report on Form 8-K filed with the SEC on March 11, 2004, and our annual report on Form 10-K filed with the SEC on March 15, 2004, as amended.

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

FOR IMMEDIATE RELEASE


Investor Inquiries		Media Inquiries
Andrew Blocher		Kristine Warner
Vice President, Capital Markets & Investor Relations		Director, Corporate Communications
301/998-8166		301/998-8212
ablocher@federalrealty.com		kwarner@federalrealty.com

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER 2004 OPERATING RESULTS

ROCKVILLE, Md. (May 5, 2004) — Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its first quarter ended March 31, 2004.

•		Funds from Operations (FFO) per diluted share increased 7.8% over first quarter 2003.

•		Earnings per diluted share increased 7.7% versus the quarter ending March 31, 2003.

•		Compared to first quarter 2003, same-center property operating income increased 3.7% excluding redevelopments and expansions, and 4.0% including redevelopments and expansions.

•		Cash rent increases on lease rollovers were 17.0% for the first quarter on 375,000 square feet of comparable retail space.

•		FFO per diluted share guidance for 2004 was increased to a range of $2.81 to $2.84.

Financial Results

Federal Realty reported FFO per diluted share of $0.69 in first quarter 2004, a 7.8% increase over the $0.64 reported in first quarter 2003. On an absolute basis, FFO available to common shareholders was $34.8 million for the first quarter of 2004 compared to $28.9 million for last year’s first quarter. Net income available for common shareholders was $14.4 million, and earnings per diluted share were $0.28 for the quarter ended March 31, 2004, versus $11.5 million and $0.26, respectively, for the first quarter of 2003.

Donald Wood, Federal Realty’s President and Chief Executive Officer commented, “In the first quarter of 2004, we continued to successfully execute all aspects of the Trust’s business plan. We increased the value of our existing portfolio through re-leasing and redevelopment, we acquired Westgate Mall, an asset that is accretive today and whose performance will improve through the recapture of spaces that currently

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER 2004 OPERATING RESULTS
May 5, 2004
Page 2

have under-market rents, and we accessed both the public debt and equity markets to further improve our financial flexibility and strengthen our balance sheet.”

Portfolio Results

On a same-center basis, including redevelopment and expansion properties, property operating income increased 4.0% over first quarter 2003. When redevelopment and expansion properties are excluded from the same-center results, property operating income increased 3.7% from first quarter 2003.

As of March 31, 2004, Federal Realty’s same-center portfolio was 96.2% leased compared to 96.0% on December 31, 2003, and 96.2% on March 31, 2003. Overall, the Trust’s portfolio was 93.3% leased as of March 31, 2004, compared to 93.1% on December 31, 2003, and 94.3% on March 31, 2003.

During the first quarter, the Trust signed 84 leases for over 450,000 square feet of retail space. On a comparable space basis (i.e. spaces for which there was a former tenant), the Trust leased 375,000 square feet at a weighted-average cash-basis contractual rent increase per square foot (i.e. excluding the impact of straight-line rents) of 17.0%. The weighted-average contractual rent on this comparable space for the first year of the new lease is $21.98 per square foot compared to the weighted-average contractual rent of $18.78 per square foot for the last year of the prior lease. The previous weighted-average contractual rent is calculated by including both the minimum rent and the percentage rent actually paid during the last year of the lease term for the re-leased space. On a GAAP basis (i.e. including the impact of straight-line rents), rent increases per square foot for comparable retail space were 26.9% for the first quarter of 2004. As of March 31, 2004, Federal Realty’s weighted-average contractual rent for retail and commercial space in its portfolio was $18.04 per square foot.

At Santana Row, Federal Realty’s mixed-use community in San Jose, Calif., 90% of the retail space was leased to 102 tenants as of March 31, 2004. With respect to the residential component of Santana Row, 95% of the 255 existing residential units were leased as of March 31, 2004, and the development of the 256 Phase IV residential units remains on schedule and on budget.

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER 2004 OPERATING RESULTS
May 5, 2004
Page 3

Guidance

Federal Realty is today increasing guidance for 2004 FFO per diluted share to a range of $2.81 to $2.84, or $1.22 to $1.25 of earnings per diluted share.

Summary of Other Quarterly Activities and Recent Developments

•		April 2, 2004 — Federal Realty sold approximately 2.2 million common shares of beneficial interest in a public offering underwritten by Wachovia Securities and Legg Mason Wood Walker Incorporated. The sale generated approximately $99.1 million of proceeds to the Trust, or $45.33 per share, a 3.00% discount from the previous day’s New York Stock Exchange closing price of $46.73. The Trust used the net proceeds from the sale to repay the amounts outstanding under its revolving credit facility, which had been used to acquire Westgate Mall on March 31, 2004.

•		March 31, 2004 — Federal Realty announced the acquisition of Westgate Mall, a 637,000 square foot shopping center in San Jose, California. The Trust acquired the fee interest in the shopping center for $97.0 million in cash from a private owner. Federal Realty expects to increase the value of the property through the re-leasing of retail space that is currently substantially below market. In addition, the Trust is evaluating potential long-term redevelopment opportunities for the shopping center. Westgate Mall was 98% leased as of March 31, 2004, with the tenancy consisting primarily of strong national and regional merchants including Safeway, Target, Burlington Coat Factory, Ross Dress For Less, Nordstrom Rack, Barnes & Noble, Any Mountain Sporting Goods, Old Navy, and Michaels.

•		March 3, 2004 — Federal Realty announced that its Board of Trustees had declared a regular quarterly cash dividend of $0.49 per share on its common shares, resulting in an indicated annual rate of $1.96 per share.

•		January 21, 2004 — Federal Realty priced a $75 million offering of seven-year senior unsecured notes. The 4.50% notes are due February 15, 2011, and were offered at 99.698% of par. Proceeds from the offering were primarily used to repay existing corporate debt.

•		January 13, 2004 — Federal Realty increased its previously issued FFO per diluted share guidance for 2003 to $2.69, and to a range of $2.78 to $2.82 for 2004. The increase in FFO guidance resulted from the final settlement of the Santana Row fire insurance claim.

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER 2004 OPERATING RESULTS
May 5, 2004
Page 4

•

January 5, 2004 — Federal Realty announced the sale of four Street Retail properties, totaling 62,000 square feet, in West Hartford, Conn. — 967 and 970 Farmington Avenue, 27-43 LaSalle Road, and 1253 New Britain Avenue — for $15.7 million, generating a book gain of approximately $7.9 million. The sales price reflects a 7.6% capitalization rate based on Federal Realty’s estimates of forward 12-month property operating income.

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of the Trust’s operating performance on its first quarter earnings conference call, which is scheduled for Thursday, May 6, 2004, at 11 a.m. EDT. To participate, please call (888) 566-5771 five to ten minutes prior to the call’s start time and use the Passcode EARNINGS (required). The conference leader is Andrew Blocher. Federal Realty will also provide an online Web Simulcast on the company’s Web site, www.federalrealty.com, which will remain available for 14 days following the call. A telephone recording of the call will also be available for 14 days by dialing (800) 679-9654.

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of shopping centers and Street Retail properties. Federal Realty’s portfolio contains approximately 16.9 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. The operating portfolio was approximately 93% leased to more than 2,200 national, regional, and local retailers as of March 31, 2004, with no single tenant accounting for more than 2.4% of rental revenue. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 36 consecutive years, the longest consecutive record in the REIT industry.

Shares of Federal Realty are traded on the NYSE under the symbol FRT. Additional information about Federal Realty can be found on the Internet at www.federalrealty.com.

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER 2004 OPERATING RESULTS
May 5, 2004
Page 5

Safe Harbor Language

Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The factors that may impact these expectations include:

•		risks of financing, such as our ability to meet existing financial covenants and the possibility of increases in rental rates that would result in increased interest expense;

•		risks that our growth will be limited if we cannot obtain additional capital;

•		risks normally associated with the real estate industry, including risks that our tenants will not pay rent or that we may be unable to renew leases or relet space at favorable rents as leases expire, that new acquisitions or our development, construction and renovation projects may fail to perform as expected, that competition for acquisitions could result in increased prices, that we may have environmental risks at our properties, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;

•		risks that we may not proceed with or obtain necessary approvals for any redevelopment, and that any redevelopment or expansion that we do pursue may not perform as anticipated;

•		risks related to our status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT; and

•		those additional risks detailed from time to time in our SEC reports, including our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our statement of risk factors on Form 8-K.

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

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Federal Realty Investment Trust
Summarized Operating Results
March 31, 2004

Financial Highlights
(in thousands, except per share data)
(unaudited)


OPERATING RESULTS	Three months ended March 31,
	2004			2003
Revenue
Rental income	$	89,643		$	79,247
Other property income		5,091			4,083
Interest and other income		1,439			1,215

		96,173			84,545
Expenses
Rental		22,401			21,527
Real estate taxes		9,223			7,736

Total property operating expenses		31,624			29,263

Property operating income (1)		64,549			55,282

Interest		21,319			17,579
Administrative		4,182			3,274
Depreciation and amortization		20,622			17,333

Total other expenses		46,123			38,186


Income before minority interests and discontinued operations		18,426			17,096
Minority Interests		(1,189	)		(1,070	)

Income from continuing operations		17,237			16,026

Operating income from discontinued operations		(48	)		350
Gain on sale of real estate		57			—

Income from discontinued operations		9			350

Net income		17,246			16,376
Dividends on preferred stock		(2,869	)		(4,856	)

Net income available for common shareholders	$	14,377		$	11,520

FUNDS FROM OPERATIONS AVAILABLE FOR COMMON SHAREHOLDERS

Net income available for common shareholders	$	14,377		$	11,520
Gain on sale of real estate		(57	)		—
Depreciation and amortization of real estate assets		18,726			15,798
Amortization of initial direct costs of leases		1,498			1,354
Income attributable to operating partnership units		235			206

Funds from operations available for common shareholders	$	34,779		$	28,878

Weighted average number of common shares, diluted		50,613			45,354

Funds from operations per share	$	0.69		$	0.64

EARNINGS PER COMMON SHARE, BASIC

Income from continuing operations	$	0.29		$	0.25
Discontinued operations		0.00			0.01

	$	0.29		$	0.26

Weighted average number of common shares, basic		49,163			44,271

EARNINGS PER COMMON SHARE, DILUTED

Income from continuing operations	$	0.28		$	0.25
Discontinued operations		0.00			0.01

	$	0.28		$	0.26

Weighted average number of common shares, diluted		50,613			45,354

(1) See Glossary of Terms

Federal Realty Investment Trust
Summarized Balance Sheet
March 31, 2004

Financial Highlights
(in thousands, except per share data)

CONSOLIDATED BALANCE SHEETS


	March 31,			December 31,
	2004			2003
	(unaudited)
ASSETS
Real estate, at cost
Operating	$	2,491,842		$	2,342,315
Development		105,106			127,834

		2,596,948			2,470,149
Less accumulated depreciation and amortization		(532,280	)		(514,177	)

Net real estate investments		2,064,668			1,955,972
Cash and cash equivalents		27,940			34,968
Mortgage notes receivable		42,419			41,500
Accounts receivable		34,916			31,207
Other assets		79,112			79,788

TOTAL ASSETS	$	2,249,055		$	2,143,435

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Obligations under capital leases, mortgages and construction loans	$	413,528		$	414,357
Notes payable		426,537			361,323
Senior notes and debentures		570,500			535,000
Other liabilities		125,899			111,799

Total liabilities		1,536,464			1,422,479
Minority interests		28,952			29,582
Shareholders’ equity
Preferred stock		135,000			135,000
Common shares and other shareholders’ equity		548,639			556,374

Total shareholders’ equity		683,639			691,374

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,249,055		$	2,143,435

Federal Realty Investment Trust
Funds From Operations/ Summary of Capital Expenditures
March 31, 2004


	Three Months Ended
	March 31, 2004			March 31, 2003
	(in thousands, except per share data)
Funds From Operations (FFO)(1)


Net income (loss) available for common shareholders	$	14,377		$	11,520
Gain on sale of real estate		(57	)		—
Depreciation and amortization of real estate assets		18,726			15,798
Amortization of initial direct costs of leases		1,498			1,354
Income attributable to operating partnership units		235			206

FFO Available for Common Shareholders	$	34,779		$	28,878

Weighted average shares outstanding		50,613			45,354
FFO per share	$	0.69		$	0.64

Summary of Capital Expenditures

Non-maintenance capital expenditures
Development	$	6,993		$	45,743
Acquisition related (2)		7,287			—
Redevelopment and expansions		2,667			2,921
Tenant Improvements		9,978			2,804

Total non-maintenance capital expenditures		26,925			51,468
Maintenance capital expenditures		2,807			758

Total capital expenditures	$	29,732		$	52,226

Dividends and Payout Ratios

Common dividends declared	$	24,167		$	21,907
Dividend payout ratio % — FFO		69	%		76	%

Note:

(1)		See Glossary of Terms.

(2)		Capital expenditures related to properties acquired in the last two years for which non-maintenance expenditures were planned at the time of the acquisition underwriting.

Federal Realty Investment Trust
Market Data / Capital Availability
March 31, 2004


	As of						March 31, 2004
							with effect for
							April 2004
	March 31, 2004			March 31, 2003			offering (4)
	(in thousands, except per share data)
Market data
Common shares outstanding (1)		49,320			45,188			51,507
Market price per common share	$	46.20		$	30.37		$	46.20
Series A preferred shares outstanding (2)		—			4,000			—
Market price per Series A preferred share		—		$	25.10			—
Series B preferred shares outstanding		5,400			5,400			5,400
Market price per Series B preferred share	$	27.64		$	26.40		$	27.64
Equity market capitalization	$	2,427,840		$	1,615,320		$	2,528,879
Total debt (3)		1,410,565			1,146,756			1,312,565

Total market capitalization	$	3,838,405		$	2,762,076		$	3,841,444

Total debt to market capitalization (share prices as of 3/31)		37	%		42	%		34	%

Total debt to market capitalization (share prices as of 5/3/04) (5)		42	%		—			39	%


Capital availability:
Cash on hand	$	27,940		$	18,113		$	27,940
Available capacity under line of credit		135,000			151,000			233,000
Available for issuance under shelf registration statement		325,000			500,000			225,000

	$	487,940		$	669,113		$	485,940

Note:

(1)		Consists of 50,790,678 shares outstanding, and is net of 1,470,275 shares held in Treasury as of March 31, 2004. As of March 31, 2003, consists of 46,650,883 shares outstanding, and is net of 1,462,766 shares held in Treasury. Does not include 842,455 and 904,773 Operating units outstanding at March 31, 2004 and March 31, 2003, respectively.

(2)		Series A Preferred Shares were redeemed on June 13, 2003.

(3)		Total debt includes capital leases, mortgages and construction loans payable, notes payable, senior notes and debentures and, as of March 31, 2003, convertible subordinated debentures.

(4)		On April 7, 2004, we issued 2,186,749 common shares and used $98 million of the proceeds to repay borrowings outstanding under our revolving credit facility that we used to acquire Westgate Mall.

(5)		This information is being provided to reflect updated market conditions.

Federal Realty Investment Trust
Operational Statistics
March 31, 2004

Three months ended

March 31, 2004

March 31, 2003

Operational statistics

Ratio of earnings to fixed charges (1)

1.69x

1.48x

Ratio of earnings to combined fixed charges and preferred share dividends (1)

1.50x

1.22x

Ratio of EBITDA to combined fixed charges and preferred share dividends (1)

2.29x

1.82x

Administrative expense as a percentage of total revenues

4.35%

3.84%


	Three months ended		Three months ended
	March 31, 2004		March 31, 2003
Components of Rental Income (2)
Minimum Rents
Retail and commercial properties	$	69,020	$	61,425
Residential		2,942		1,427
Cost Reimbursements		16,206		14,907
Percentage rents		1,475		1,488


Total Rental Income	$	89,643	$	79,247

(1)		Earnings consist of income before gain (loss) on sale of real estate and fixed charges. Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount and expense and the portion of rent expense representing an interest factor. Preferred share dividends consist of dividends paid on outstanding Series A preferred shares (during the period ended March 31, 2003) and Series B preferred shares (during the period ended March 31, 2003 and March 31, 2004).

(2)		Minimum rents include $713,000 and $373,000 for the quarters ended March 31, 2004 and March 31, 2003, respectively, to recognize rent on a straight-line basis. Residential minimum rents comprises the rents at Rollingwood Apartments, The Crest at Congressional Apartments and the residential rents at Santana Row.

Federal Realty Investment Trust
Summary of Outstanding Debt
March 31, 2004


			Interest Rate as of
	Maturity		March 31, 2004				Balance
Mortgage Loans							(in thousands)
Leesburg Plaza		10/01/08		6.510%			$	9,900
164 E Houston Street		10/06/08		7.500%				220
Federal Plaza		06/01/11		6.750%				35,437
Barracks Road		11/01/15		7.950%				44,102
Brick Plaza		11/01/15		7.415%				32,838
Hauppauge		11/01/15		7.950%				16,625
Lawrence Park		11/01/15		7.950%				31,259
Wildwood		11/01/15		7.950%				27,476
Wynnewood		11/01/15		7.950%				31,857
Mount Vernon		04/15/28		5.660%	(a	)		13,023
Tyson’s Station		09/01/11		7.400%				6,724
Mercer Mall		09/01/09		8.375%				4,680

							$	254,141

Notes payable
Revolving credit facility		10/08/06	LIBOR + .75%		(b	)	$	165,000
Term note with banks		10/08/06	LIBOR + .95%					100,000
Term note with banks		10/08/08	LIBOR + .95%		(c	)		150,000
Perring Plaza Renovation		01/31/13		10.00%				2,092
Escondido (Municipal bonds)		10/01/16		3.060%	(d	)		9,400
Other		various		various				45

							$	426,537

Notes and Debentures
6.625% Notes (fixed)		12/01/05		6.625%			$	40,000
6.99% Medium Term Notes		03/10/06		6.894%	(e	)		40,500
6.125% Notes		11/15/07		6.325%	(f	)		150,000
8.75% Notes		12/01/09		8.750%				175,000
4.50% Notes		02/15/11		4.500%				75,000
7.48% Debentures		08/15/26		7.480%				50,000
6.82% Medium Term Notes		08/01/27		6.820%				40,000

							$	570,500

Capital lease obligations			Various through 2077		(g	)	$	159,387

											Average
	Total Fixed and Variable Rate Debt							1,410,565			annualized
											interest rate
	Total fixed rate debt						$	1,136,165	80.55	%		6.55	%
	Total variable rate debt				(h	)		274,400	19.45	%		2.14	%

	TOTAL DEBT AND CAPITAL LEASES						$	1,410,565	100.00	%		5.70	%

(a)		The lender has the option to call the loan after year ten.

(b)		A $300 million three-year revolving credit facility, with a one-year extension option. In April, 2004, the Trust issued $100 million of common equity in the form of common shares and used approximately $98 million of net proceeds from that offering to pay down the revolving facility.

(c)		In January, 2004, the Trust purchased an interest rate swap on this note thereby locking in the LIBOR portion of the interest rate at 2.401% through October 2006.

(d)		The bonds bear interest at a variable rate determined weekly to be the interest rate which would enable the bonds to be remarketed at 100% of their principal amount. The weighted average interest rate for the three months ended March 31, 2004 was 3.06%.

(e)		The Trust purchased interest rate swaps at issuance, thereby reducing the effective interest on these notes.

(f)		The Trust purchased an interest rate lock to hedge the November 2002 note offering. A loss of $1.5 million associated with this hedge is being amortized into the note offering thereby increasing the effective interest rate on these notes to 6.325%.

(g)		Average annualized interest rate on capital lease obligations as of March 31, 2004 is 8.78% on a basis of minimum rent and 11.69% including performance based participation rent paid by the Trust.

(h)		Average annualized interest rate on variable rate debt as of March 31, 2004. Assuming that the Trust’s April 2004 equity issue and subsequent paydown of the revolving credit facility occurred on March 31, 2004, the Trust’s variable rate debt exposure on March 31, 2004 would have been $176,400 or 13.4%.

Federal Realty Investment Trust
Summary of Debt Maturities
March 31, 2004

DEBT MATURITIES
(in thousands)


												Cumulative
		Scheduled							Percent of			Percent of
Year		Amortization		Maturities		Total			Debt Expiring			Debt Expiring
	2004	$	2,576	$	-	$	2,576			0.2	%		0.2	%
	2005		4,539		40,000		44,539			3.2	%		3.4	%
	2006		5,037		305,500		310,537	(1)		22.0	%		25.4	%
	2007		5,436		150,000		155,436			11.0	%		36.4	%
	2008		5,828		159,541		165,369			11.7	%		48.1	%
	2009		6,164		179,394		185,557			13.2	%		61.3	%
	2010		6,639		-		6,639			0.5	%		61.8	%
	2011		6,670		112,226		118,896			8.4	%		70.2	%
	2012		6,178		-		6,178			0.4	%		70.6	%
	2013		4,672		-		4,672			0.3	%		70.9	%
Thereafter			164,959		245,207		410,166			29.1	%		100.0	%

Total		$	218,698	$	1,191,868	$	1,410,565			100.00	%

Note:

(1)

Includes a $300 million three-year revolving credit facility, with a one-year extension option, and a $100 million term loan. As of March 31, 2004, $165 million had been drawn on the revolving credit facility. On April 7, 2004, approximately $98 million of this outstanding amount was paid down from the net proceeds of the Trust’s April 2004 common equity issuance.

Federal Realty Investment Trust
Summary of Redevelopment Opportunities and Santana Row
March 31, 2004


Current Redevelopment Opportunities (1) ($ millions)
			Projected			Projected		Cost to
Property	Location	Opportunity	ROI (2)			Cost (1)		Date

*Projects Anticipated to Stabilize in 2004 (3)*

Santana Row Phase II	San Jose, CA	Two new pad sites (Best Buy and The Container Store) and additional parking		17	%	$	26.6	$	25.5
Santana Row Phase III	San Jose, CA	Pad site (theater)		10	%	$	3.8	$	1.9
Garden Market	Western Springs, IL	Expansion, re-tenanting (new grocer) and new pad site (existing drug store)		10	%	$	2.6	$	2.6
Brick Plaza	Brick, NJ	Re-tenanting (electronics)		9	%	$	2.2	$	0.7
Bristol Plaza	Bristol, CT	Grocer relocation, canopy and façade renovation		10	%	$	1.9	$	0.4
Perring Plaza	Baltimore, MD	Re-tenanting (sporting goods and small shops)		6	%	$	1.3	$	0.0
Bethesda Row	Bethesda, MD	New pad site (fitness equipment)		15	%	$	0.8	$	0.2
Old Town Center	Los Gatos, CA	Re-tenanting (office) and site improvements		12	%	$	0.8	$	0.8
Shops at Willow Lawn	Richmond, VA	Grocer expansion		6	%	$	0.6	$	0.6
Laurel	Laurel, MD	Grocer expansion		>20	%	$	0.4	$	0.4
Wildwood	Bethesda, MD	Pad expansion and re-tenanting (bank)		>20	%	$	0.4	$	0.1

*Subtotal: Projects Anticipated to Stabilize in 2004 (3) (4)*				15	%	$	41.6	$	33.5

*Projects Anticipated to Stabilize in 2005 (3)*
Houston Street	San Antonio, TX	Retail and ground lease to Hotel Valencia		7	%	$	11.4	$	10.6
Bala Cynwyd	Philadelphia, PA	Grocer re-location and expansion and re-tenanting (new health club)		>20	%	$	5.7	$	0.3
Andorra	Philadelphia, PA	Re-tenanting (new health club)		14	%	$	4.0	$	0.3
Leesburg Plaza	Leesburg, VA	Re-tenanting (office supply)		20	%	$	2.7	$	0.1
Pan Am	Fairfax, VA	Grocer expansion, small shop re-tenanting and site improvements		6	%	$	2.4	$	0.4
Greenlawn Plaza	Greenlawn, NY	Re-tenanting and new pad site (child care)		>20	%	$	2.0	$	1.2
Brunswick	North Brunswick, NJ	Re-tenanting (new health club)		7	%	$	1.5	$	0.1
Rutgers Plaza	Franklin, NJ	Grocer re-location and expansion and backfill of existing grocer space		20	%	$	1.4	$	0.0
Lawrence Park	Broomall, PA	Grocer expansion		6	%	$	0.3	$	0.3
Hauppauge Shopping Center	Hauppauge, NY	Pad site re-tenanting (restaurant)		18	%	$	0.2	$	0.1

*Subtotal: Projects Anticipated to Stabilize in 2005 (3) (4)*				13	%	$	31.7	$	13.6

*Total: Projects Anticipated to Stabilize in 2004 and 2005 (3) (4)*				14	%	$	73.4	$	47.1

Anticipated future redevelopments stabilizing after 2005 include the final phase of Bethesda Row, Mercer Mall, Mount Vernon/South Valley, Houston Street, Rockville Town Square, Santana Row Phase IV and future phases, the Village at Shirlington and Shops at Willow Lawn. (3) (5)


Santana Row Summary (as of March 31, 2004)


	Retail Summary							Residential Summary							Financial Summary ($ millions)
																			Anticipated
		Total						Total							Projected		Cost to		Stabilized			Anticipated
Description	Stores		Square Feet		% Leased			Units		Rent (6)		% Leased			Cost		Date		Yield (7)			Stabilization (3)
Phase I — Retail, residential and Hotel Valencia		115		444,549		88	%		255	$	1.67-$2.86		95	%	$	443	$	440		5	%		2005
Phase II — Best Buy and The Container Store		3		83,991		100	%		0		n/a		n/a		$	27	$	26		17	%		2004
Phase III — CineArts theater building		2		28,359		100	%		0		n/a		n/a		$	4	$	2		10	%		2004
Phase IV — Building 7 residential re-build		—		—		n/a			256	$	2.05-$2.39		n/a		$	58	$	5		11	%		2006


Total		120		556,899		90	%		511				95	%	$	531	$	472		6.2	%

		*Notes:*

*(1)*		These current redevelopment opportunities are being pursued by the Trust. There is no guaranty that the Trust will ultimately complete any or all of these opportunities, that the Projected Return on Investment (ROI) or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected ROI and Projected Cost are management’s best estimate based on current information and may change over time.

*(2)*		Projected ROI reflects only the deal specific cash, unleveraged Incremental Property Operating Income (POI) generated by the redevelopment and is calculated as Incremental POI divided by cost. Incremental POI is the POI generated by the redevelopment after deducting rent previously being paid for the redevelopment space or space taken out of service as a result of the redevelopment. Projected ROI does NOT include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property.

*(3)*		*Anticipated Stabilization is the year in which 95% occupancy of the redeveloped space is anticipated to be achieved.*

*(4)*		*All subtotals and totals reflect cost weighted-average ROIs.*

*(5)*		*These future redevelopment opportunities are being explored by the Trust. There is no guaranty that the Trust will ultimately pursue or complete any or all of these opportunities.*

*(6)*		Range of gross rents. Market conditions have generally not required concessions on renewals, but have required concessions of up to one month on new 12 month leases. Overall average gross rent for Phase I is $2.05 per square foot per month and $2.21 per square foot per month for Phase IV. The range of rents above reflect the size and type of residential offerings for each phase.

*(7)*		*Calculated as stabilized Property Operating Income (POI) divided by cost.*

Federal Realty Investment Trust
2004 Acquisitions and Dispositions
Through March 31, 2004

Acquisitions

Date

Property

City / State

GLA

Purchase price

Anchor tenants

(in thousands)

March 31, 2004

Westgate Mall

San Jose, CA

637,211

97,000

Target, Safeway, Burlington Coat

Factory, Ross Dress for Less,

Nordstrom Rack

Total

637,211

97,000

Federal Realty Investment Trust
Real Estate Status Report
March 31, 2004


																Mortgage or		Grocery
			Year		Total			Ownership								Capital Lease		Anchor
Property Name	Type(1)	MSA Description	Acquired		Investment			Percentage			GLA (2)		% Leased			Obligation		GLA (3)		Grocery Anchor (3)	Other Principal Tenants
					(in thousands)											(in thousands)
Mid-Atlantic Region
Washington Metropolitan Area
Bethesda Row	SR	Washington, DC-MD-VA-WV		1993-98		79,874			(4	)		440,000		97	%		12,576		40,000	Giant Food	Barnes & Noble / Landmark Theater
Congressional Plaza	SC	Washington, DC-MD-VA-WV		1965		66,235	(5)		64.1	%		339,000		100	%				28,000	Whole Foods	Buy Buy Baby / Container Store / Tower
Courthouse Center	SC	Washington, DC-MD-VA-WV		1997		4,554			(6	)		37,000		100	%
Falls Plaza	SC	Washington, DC-MD-VA-WV		1967		8,150			100.0	%		73,000		100	%				51,000	Giant Food
Falls Plaza-East	SC	Washington, DC-MD-VA-WV		1972		3,324			100.0	%		71,000		96	%						CVS / Staples
Federal Plaza	SC	Washington, DC-MD-VA-WV		1989		61,967			100.0	%		247,000		98	%		35,437				TJ Maxx / CompUSA / Ross
Friendship Center	SR	Washington, DC-MD-VA-WV		2001		33,309			100.0	%		119,000		100	%						Borders / Linens 'n Things / Maggiano's
Gaithersburg Square	SC	Washington, DC-MD-VA-WV		1993		23,902			100.0	%		215,000		90	%						Bed, Bath & Beyond / Borders / Ross
Idylwood Plaza	SC	Washington, DC-MD-VA-WV		1994		14,919			100.0	%		73,000		100	%				30,000	Whole Foods
Laurel	SC	Washington, DC-MD-VA-WV		1986		45,667			99.9	%		384,000		98	%				40,000	Giant Food	Marshalls / Toys R Us
Leesburg Plaza	SC	Washington, DC-MD-VA-WV		1998		20,899			(6	)		247,000		68	%		9,900		55,000	Giant Food	Pier One
Loehmann’s Plaza	SC	Washington, DC-MD-VA-WV		1983		26,061			(6	)		251,000		98	%						Bally's / Linens 'n Things / Loehmann's
Magruder’s Center	SC	Washington, DC-MD-VA-WV		1997		9,801			(6	)		109,000		81	%				31,000	Magruders
Mid-Pike Plaza	SC	Washington, DC-MD-VA-WV		1982		17,280			(7	)		304,000		100	%		10,041				Linens 'n Things / Toys R Us / Bally's / AC Moore
Mount Vernon	SC	Washington, DC-MD-VA-WV		2003		20,050			(6	)		254,000		65	%		13,023		54,000	Shoppers Food Warehouse
Old Keene Mill	SC	Washington, DC-MD-VA-WV		1976		5,153			100.0	%		92,000		100	%				24,000	Whole Foods
Pan Am	SC	Washington, DC-MD-VA-WV		1993		25,199			100.0	%		218,000		99	%				33,000	Safeway	Micro Center / Michaels
Pentagon Row	SR	Washington, DC-MD-VA-WV		1999		87,434			100.0	%		296,000		100	%				45,000	Harris Teeter	Bally's / Bed, Bath & Beyond / DSW / Cost Plus
Pike 7	SC	Washington, DC-MD-VA-WV		1997		33,435			100.0	%		164,000		97	%						Staples / TJ Maxx / Tower
Plaza del Mercado	SC	Washington, DC-MD-VA-WV		2003		20,602			100.0	%		96,000		94	%				25,000	Giant Food	CVS
Quince Orchard	SC	Washington, DC-MD-VA-WV		1993		19,485			100.0	%		252,000		100	%				24,000	Magruders	Circuit City / Staples
Rockville Town Square	SR	Washington, DC-MD-VA-WV		2004		1,217			N/A			N/A		N/A			N/A			Magruders (signed)
Rollingwood Apartments	SR	Washington, DC-MD-VA-WV		1971		6,702			100.0	%		N/A		97	%
Sam’s Park & Shop	SR	Washington, DC-MD-VA-WV		1995		11,789			100.0	%		49,000		95	%						Petco
South Valley	SC	Washington, DC-MD-VA-WV		2003		14,361			(6	)		218,000		86	%						Home Depot / TJ Maxx
Tower	SC	Washington, DC-MD-VA-WV		1998		18,709			100.0	%		106,000		99	%						Virginia Fine Wine / Talbot
Tyson’s Station	SC	Washington, DC-MD-VA-WV		1978		3,351			100.0	%		50,000		85	%		6,724				Trader Joes
Village of Shirlington	SR	Washington, DC-MD-VA-WV		1995		33,222			100.0	%		204,000		98	%						Cineplex Odeon, Carlyle Grand Café
Wildwood	SC	Washington, DC-MD-VA-WV		1969		16,973			100.0	%		86,000		99	%		27,476		20,000	Sutton Place Gourmet	CVS

						733,625						4,994,000		94	%
Mid-Atlantic Region — Other
Governor Plaza	SC	Baltimore, MD		1985		18,659			99.9	%		269,000		100	%						Bally's / Comp USA / Syms / Office Depot
Perring Plaza	SC	Baltimore, MD		1985		24,023			99.9	%		401,000		88	%				58,000	Shoppers Food Warehouse	Home Depot / Burlington Coat Factory
Barracks Road	SC	Charlottesville, VA		1985		39,622			100.0	%		483,000		97	%		44,102		91,000	Harris Teeter / Kroger	Bed, Bath & Beyond / Barnes & Noble / Old Navy
Winter Park	SR	Orlando, FL		1996		6,878			100.0	%		28,000		74	%
Eastgate	SC	Raleigh-Durham-Chapel Hill, NC		1986		17,284			100.0	%		159,000		90	%				23,000	Southern Season	Stein Mart
Shops at Willow Lawn	SC	Richmond-Petersburg, VA		1983		60,968			99.9	%		488,000		73	%				60,000	Kroger	Old Navy / Tower Records

						167,434						1,828,000		88	%
		Total Mid-Atlantic Region				901,058						6,822,000		92	%
Northeast Region
Philadelphia Metropolitan Area
Andorra	SC	Philadelphia, PA-NJ		1988		19,888			99.9	%		259,000		98	%				24,000	Acme Markets	Kohl's / Staples
Bala Cynwyd	SC	Philadelphia, PA-NJ		1993		24,154			100.0	%		281,000		100	%				45,000	Acme Markets	Lord & Taylor
Ellisburg Circle	SC	Philadelphia, PA-NJ		1992		28,788			100.0	%		268,000		100	%				47,000	Genuardi's	Bed, Bath & Beyond / Ross
Feasterville	SC	Philadelphia, PA-NJ		1980		11,656			100.0	%		111,000		100	%				53,000	Genuardi's	OfficeMax
Flourtown	SC	Philadelphia, PA-NJ		1980		8,788			100.0	%		187,000		54	%				42,000	Genuardi's
Langhorne Square	SC	Philadelphia, PA-NJ		1985		17,642			100.0	%		216,000		88	%				55,000	Redner's Warehouse Mkts.	Marshalls
Lawrence Park	SC	Philadelphia, PA-NJ		1980		25,841			100.0	%		345,000		94	%		31,259		53,000	Acme Markets	CHI / TJ Maxx / CVS
Northeast	SC	Philadelphia, PA-NJ		1983		21,898			100.0	%		292,000		96	%						Burlington Coat / Marshalls / Tower Records
Willow Grove	SC	Philadelphia, PA-NJ		1984		26,264			100.0	%		215,000		100	%						Barnes & Noble / Marshalls / Toys R Us
Wynnewood	SC	Philadelphia, PA-NJ		1996		35,264			100.0	%		255,000		99	%		31,857		98,000	Genuardi's	Bed, Bath & Beyond / Borders / Old Navy

						220,183						2,429,000		94	%
New York / New Jersey
Allwood	SC	Bergen-Passaic, NJ		1988		4,301			(7	)		52,000		100	%		3,498		25,000	Stop & Shop	Mandee Shop
Clifton	SC	Bergen-Passaic, NJ		1988		4,956			(7	)		80,000		66	%		3,253				Drug Fair / Dollar Express
Blue Star	SC	Middlesex-Somerset-Hunterdon, NJ		1988		39,537			(7	)		407,000		97	%		26,700		43,000	Shop Rite	Kohl's / Michaels / Toys R Us / Marshalls
Brunswick	SC	Middlesex-Somerset-Hunterdon, NJ		1988		24,019			(7	)		303,000		97	%		11,115		55,000	A&P
Rutgers	SC	Middlesex-Somerset-Hunterdon, NJ		1988		15,925			(7	)		217,000		99	%		12,875		44,000	Stop & Shop	Kmart
Brick Plaza	SC	Monmouth-Ocean, NJ		1989		54,595			100.0	%		409,000		95	%		32,838		66,000	A&P	Loews Theatre / Barnes&Noble / Sports Authority
Greenlawn Plaza	SC	Nassau-Suffolk, NY		2000		11,159			100.0	%		92,000		100	%				46,000	Waldbaum's
Hauppauge	SC	Nassau-Suffolk, NY		1998		26,345			100.0	%		131,000		100	%		16,625		61,000	Shop Rite

Federal Realty Investment Trust
Real Estate Status Report
March 31, 2004


															Mortgage or		Grocery
			Year		Total		Ownership								Capital Lease		Anchor
Property Name	Type(1)	MSA Description	Acquired		Investment		Percentage			GLA (2)		% Leased			Obligation		GLA (3)			Grocery Anchor (3)	Other Principal Tenants
					(in thousands)										(in thousands)
Huntington	SC	Nassau-Suffolk, NY		1988		22,454		(7	)		279,000		100	%		14,284					Buy Buy Baby / Toys R Us / Bed, Bath & Beyond / Barnes & Noble
Forest Hills	SR	New York, NY		1997		23,969		100.0	%		86,000		100	%							Midway Theatre / Duane Reade / Gap
Fresh Meadows	SC	New York, NY		1997		64,692		100.0	%		408,000		97	%						Pathmark (signed)	Value City / Kohl's / Cineplex Odeon
Troy	SC	Newark, NJ		1980		20,540		100.0	%		202,000		99	%				64,000		Pathmark	A.C.Moore / Comp USA / Toys R Us
Hamilton	SC	Trenton, NJ		1988		8,102		(7	)		190,000		100	%		4,823		53,000		Shop Rite	A.C.Moore / Stevens Furniture
Mercer Mall	SC	Trenton, NJ		2003		83,522		(7	)		360,000		85	%		59,994		(12	)	Shop Rite	Bed, Bath & Beyond / DSW / TJ Maxx

						404,116					3,216,000		96	%
New England
Dedham Plaza	SC	Boston-Worcester-Lawrence-Lowell-Brockton, MA		1993		29,699		100.0	%		243,000		95	%				80,000		Star Market	Pier One
Queen Anne Plaza	SC	Boston-Worcester-Lawrence-Lowell-Brockton, MA		1994		14,801		100.0	%		149,000		100	%				50,000		Victory Supermarket	TJ Maxx
Saugus Plaza	SC	Boston-Worcester-Lawrence-Lowell-Brockton, MA		1996		13,184		100.0	%		171,000		100	%				55,000		Super Stop & Shop	Kmart
Bristol Plaza	SC	Hartford, CT		1995		22,314		100.0	%		279,000		95	%				57,000		Super Stop & Shop	TJ Maxx
West Hartford	SR	Hartford, CT		1994-1996		8,003		100.0	%		62,000		69	%
Greenwich Avenue	SR	New Haven-Bridgeport-Stamford-Waterbury		1994-1996		15,993		100.0	%		42,000		100	%							Saks Fifth Avenue

						103,994					946,000		95	%
Chicago
Crossroads	SC	Chicago, IL		1993		21,825		100.0	%		173,000		97	%							Comp USA / Golfsmith / Guitar Center
Finley Square	SC	Chicago, IL		1995		28,662		100.0	%		313,000		100	%							Bed, Bath & Beyond / Sports Authority
Garden Market	SC	Chicago, IL		1994		11,122		100.0	%		140,000		99	%				63,000		Dominick's	Walgreens
North Lake Commons	SC	Chicago, IL		1994		13,026		100.0	%		129,000		93	%				77,000		Dominick's
Evanston	SR	Chicago, IL		1995		3,220		100.0	%		12,000		100	%							Gap

						77,855					767,000		98	%
Northeast Region — Other
Gratiot Plaza	SC	Detroit, MI		1973		16,640		100.0	%		218,000		86	%				69,000		Farmer Jack's	Bed, Bath & Beyond / Best Buy
Lancaster	SC	Lancaster, PA		1980		10,617		(7	)		107,000		97	%		4,907		39,000		Giant Food

						27,257					325,000		89	%
		Total Northeast Region				833,405					7,684,000		95	%
West Region
California
Colorado Blvd	SR	Los Angeles-Long Beach, CA		1996-1998		15,021		(8	)		69,000		99	%							Pottery Barn / Banana Republic
Hermosa Ave	SR	Los Angeles-Long Beach, CA		1997		4,592		90.0	%		23,000		100	%
Hollywood Blvd	SR	Los Angeles-Long Beach, CA		1999		24,668		90.0	%		151,000		87	%							Hollywood Entertainment Museum
Third St Promenade	SR	Los Angeles-Long Beach, CA		1996-2000		73,792		(9	)		209,000		99	%							J. Crew / Banana Republic / Old Navy / Abercrombie & Fitch
Escondido	SC	San Diego, CA		1996		24,923		70.0	%		222,000		95	%							Cost Plus / TJ Maxx / Toys R Us
Fifth Ave	SR	San Diego, CA		1996-1997		12,198		(10	)		51,000		92	%							Urban Outfitters
150 Post Street	SR	San Francisco, CA		1997		30,467		100.0	%		101,000		64	%							Brooks Brothers
Kings Court	SC	San Jose, CA		1998		11,409		(6	)		79,000		98	%				25,000		Lunardi's Super Market	Longs Drug Store
Old Town Center	SR	San Jose, CA		1997		33,368		100.0	%		95,000		93	%							Borders / Gap Kids / Banana Republic
Westgate	SC	San Jose, CA		2004		97,135		100.0	%		637,000		98	%				38,000		Safeway	Target / Burlington Coat Factory
Santana Row (Phase I & II)	SR	San Jose, CA		1997		462,441		100.0	%		529,000		88	%							Crate & Barrel / Container Store / Best Buy /Borders

						790,014					2,166,000		92	%
West Region — Other
Mill Avenue	SR	Phoenix-Mesa, AZ		1998		11,102		(11	)		39,000		100	%							Gordon Biersch
Houston St	SR	San Antonio, TX		1998		61,369		100.0	%		166,000		71	%		220

						72,471					205,000		76	%
		Total West Region				862,485					2,371,000		91	%

Total						2,596,948					16,877,000		93	%		413,527

		Notes:

(1)		SR — Street Retail; SC — Shopping Center

(2)		Excludes redevelopment square footage not yet in service, Santana Row residential, future phases of Santana Row, Rollingwood and The Crest at Congressional Apartments.

(3)		Grocery anchor is defined as a grocery tenant leasing 15,000 square feet or more.

(4)		Portion of property subject to capital lease obligation.

(5)		Total investment includes dollars associated with the 146 units of The Crest at Congressional.

(6)		Property owned in a “downreit” partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.

(7)		Property subject to capital lease obligation.

(8)		Consists of two properties, one at 100% and one at 90%.

(9)		Consists of nine properties, seven at 100% and two at 90%.

(10)		Consists of four properties, three at 100% and one at 90%.

(11)		Consists of two properties, one at 100% and one at 85%.

(12)		GLA for Shop Rite currently under construction.

Federal Realty Investment Trust
Shopping Center / Street Retail Summary
March 31, 2004

Shopping Center Summary
(in thousands, except square footage data)


	For the three months ended March 31,
	2004		2003
Real Estate Assets, at cost	$	1,557,538	$	1,327,542

Rental Income (1)	$	61,513	$	57,765
Other Property Income		1,704		2,376
Interest Income		302		235

Total Revenues		63,519		60,376

Rental Expense		12,754		13,085
Real Estate Tax Expense		6,804		6,015


Total Property Operating Expenses		19,558		19,100


Property Operating Income (2)	$	43,961	$	41,276


Square Feet (3)		14,114,000		13,030,000

Street Retail Summary
(in thousands, except square footage data)
	For the three months ended March 31,
	2004		2003
Real Estate Assets, at cost (2)	$	1,039,410	$	1,045,625

Rental Income (1)	$	28,130	$	21,482
Other Property Income		3,387		1,707
Interest Income		1,137		980


Total Revenues		32,654		24,169

Rental Expense		9,647		8,442
Real Estate Tax Expense		2,419		1,721


Total Property Operating Expenses		12,066		10,163


Property Operating Income (2)	$	20,588	$	14,006


Square Feet (3)		2,770,000		2,668,000

Notes:

(1)		Includes rent revenue from residential units amounting to a total of $2.9 million in 2004 and $1.4 million in 2003 related to Santana Row, Rollingwood Apartments and The Crest at Congressional Apartments.

(2)		All components of property operating income for the periods ended March 31, 2004 and 2003 have been restated for discontinued operations.

(3)		Excludes redevelopment square footage not yet in service. Does not include any future phases of Santana Row or residential square footage at Santana Row, Rollingwood Apartments or The Crest at Congressional Apartments.

Federal Realty Investment Trust
Retail Leasing Summary (1) — Comparable Basis
March 31, 2004

New Lease Summary — Comparable (2)


														Cash			Straight-
														Basis			lined
														%			Basis %
	Number		% of					Contractual		Prior				Increase			Increase			Weighted				Tenant
	of		Total					Rent (3)		Rent (4)		Annual		Over			Over			Average		Tenant		Improvements
	Leases		Leases			GLA		Per		Per		Increase		Prior			Prior			Lease		Improvements		Per
Quarter	Signed		Signed			Signed		Sq. Ft.		Sq. Ft.		in Rent		Rent			Rent			Term (5)		(6)		Sq. Ft.
1st Quarter 2004		42		57	%		272,835	$	19.93	$	16.46	$	948,063		21	%		30	%		9.9	$	2,754,080	$	10.09
4th Quarter 2003		33		45	%		124,333	$	23.90	$	18.88	$	623,990		27	%		38	%		7.8	$	3,700,718	$	29.76
3rd Quarter 2003		28		38	%		218,307	$	14.21	$	11.82	$	522,865		20	%		28	%		10.9	$	2,596,768	$	11.90
2nd Quarter 2003		28		43	%		87,912	$	25.26	$	20.29	$	436,197		24	%		28	%		8.3	$	443,910	$	5.05

Total - 12 months		131		46	%		703,387	$	19.52	$	15.93	$	2,531,115		23	%		31	%		9.4	$	9,495,476	$	13.50

Renewal Lease Summary — Comparable (2) (7)


														Cash			Straight-
														Basis			lined
														%			Basis %
	Number		% of					Contractual		Prior				Increase			Increase			Weighted				Tenant
	of		Total					Rent (3)		Rent (4)		Annual		Over			Over			Average		Tenant		Improvements
	Leases		Leases			GLA		Per		Per		Increase		Prior			Prior			Lease		Improvements		Per
Quarter	Signed		Signed			Signed		Sq. Ft.		Sq. Ft.		in Rent		Rent			Rent			Term (5)		(6)		Sq. Ft.
1st Quarter 2004		32		43	%		102,220	$	27.45	$	24.98	$	252,272		10	%		22	%		5.7	$	70,000	$	0.68
4th Quarter 2003		40		55	%		124,683	$	26.95	$	25.59	$	169,950		5	%		19	%		4.8	$	47,000	$	0.38
3rd Quarter 2003		45		62	%		189,521	$	21.41	$	19.44	$	373,441		10	%		21	%		5.0	$	536,173	$	2.83
2nd Quarter 2003		37		57	%		165,717	$	18.83	$	17.24	$	264,509		9	%		23	%		7.0	$	106,700	$	0.64

Total - 12 months		154		54	%		582,141	$	22.92	$	21.10	$	1,060,172		9	%		21	%		5.6	$	759,873	$	1.31

Total Lease Summary — Comparable (2)


														Cash			Straight-
														Basis			lined
														%			Basis %
	Number		% of					Contractual		Prior				Increase			Increase			Weighted				Tenant
	of		Total					Rent (3)		Rent (4)		Annual		Over			Over			Average		Tenant		Improvements
	Leases		Leases			GLA		Per		Per		Increase		Prior			Prior			Lease		Improvements		Per
Quarter	Signed		Signed			Signed		Sq. Ft.		Sq. Ft.		in Rent		Rent			Rent			Term (5)		(6)		Sq. Ft.
1st Quarter 2004		74		100	%		375,055	$	21.98	$	18.78	$	1,200,335		17	%		27	%		8.5	$	2,824,080	$	7.53
4th Quarter 2003		73		100	%		249,016	$	25.43	$	22.24	$	793,940		14	%		27	%		6.2	$	3,747,718	$	15.05
3rd Quarter 2003		73		100	%		407,828	$	17.56	$	15.36	$	896,306		14	%		24	%		7.5	$	3,132,941	$	7.68
2nd Quarter 2003		65		100	%		253,629	$	21.06	$	18.30	$	700,706		15	%		25	%		7.5	$	550,610	$	2.17

Total - 12 months		285		100	%		1,285,528	$	21.06	$	18.27	$	3,591,287		15	%		26	%		7.5	$	10,255,349	$	7.98

Notes:

(1)		Leases on this report represent retail activity only; office and residential leases are not included.

(2)		Comparable leases represent those leases signed on spaces for which there was a former tenant.

(3)		Contractual Rent represents contractual Minimum Rent under the new lease for the first 12 months of the term.

(4)		Prior Rent represents Minimum Rent and Percentage Rent paid by the prior tenant in the final 12 months of the term.

(5)		Weighted average is determined on the basis of square footage.

(6)		See Glossary of Terms.

(7)		Renewal leases represent expiring leases rolling over with the same tenant. All other leases are categorized as new.

Federal Realty Investment Trust
Retail Leasing Summary (1) — Non-Comparable Basis (cash, non-straight-lined basis)
March 31, 2004

Total Lease Summary — Non-Comparable (2)

Notes:


	Number		% of					Contractual		Weighted				Tenant
	of		Total					Rent (3)		Average		Tenant		Improvements
	Leases		Leases			GLA		Per		Lease		Improvements		Per
Quarter	Signed		Signed			Signed		Sq. Ft.		Term (4)		(5)		Sq. Ft.
1st Quarter 2004		10		100	%		78,843	$	24.69		13.7	$	25,000	$	0.32
4th Quarter 2003		6		100	%		21,867	$	36.64		8.9	$	84,425	$	3.86
3rd Quarter 2003		11		100	%		85,426	$	24.59		17.3	$	50,000	$	0.59
2nd Quarter 2003		13		100	%		72,079	$	15.28		18.1	$	1,050,000	$	14.57

Total - 12 months		40		100	%		258,215	$	23.04		15.1	$	1,209,425	$	4.68

(1)		Leases on this report represent retail activity only; office and residential leases are not included.

(2)		Non-comparable leases represent those leases signed on spaces for which there was no former tenant, or expansion square footage for leases rolling over for which there was no former tenant.

(3)		Contractual Rent represents contractual Minimum Rent under the new lease for the first 12 months of the term.

(4)		Weighted average is determined on the basis of square footage.

(5)		See Glossary of Terms.

Federal Realty Investment Trust
Lease Expirations
March 31, 2004

Assumes no exercise of lease options


	Anchor Tenants (1)							Small Shop Tenants							Total
	Expiring		% of			Minimum Rent		Expiring		% of Small			Minimum Rent		Expiring		% of			Minimum Rent
Year	SF (2)		Anchor SF			PSF (3)		SF (2)		Shop SF			PSF (3)		SF (2)		Total SF			PSF (3)
2004		178,000		2	%	$	7.51		502,000		7	%	$	20.58		680,000		4	%	$	17.16
2005		456,000		5	%	$	12.00		858,000		13	%	$	22.66		1,314,000		9	%	$	18.96
2006		504,000		6	%	$	10.42		869,000		13	%	$	23.93		1,373,000		9	%	$	18.97
2007		915,000		11	%	$	8.63		1,011,000		15	%	$	23.85		1,926,000		13	%	$	16.62
2008		850,000		10	%	$	12.44		874,000		13	%	$	22.98		1,724,000		11	%	$	17.78
2009		1,059,000		12	%	$	9.53		688,000		10	%	$	26.14		1,747,000		11	%	$	16.07
2010		353,000		4	%	$	13.01		369,000		6	%	$	21.68		722,000		5	%	$	17.44
2011		376,000		4	%	$	18.32		468,000		7	%	$	29.23		844,000		6	%	$	24.37
2012		584,000		7	%	$	13.21		367,000		5	%	$	33.98		951,000		6	%	$	21.23
2013		662,000		8	%	$	14.17		251,000		4	%	$	32.17		913,000		6	%	$	19.12
Thereafter		2,573,000		30	%	$	14.57		445,000		7	%	$	28.69		3,018,000		20	%	$	16.65

Total		8,510,000		100	%	$	12.54		6,702,000		100	%	$	25.03		15,212,000		100	%	$	18.04

Assumes lease options are exercised


	Anchor Tenants (1)							Small Shop Tenants							Total
	Expiring		% of			Minimum Rent		Expiring		% of Small			Minimum Rent		Expiring		% of			Minimum Rent
Year	SF (2)		Anchor SF			PSF (3)		SF (2)		Shop SF			PSF (3)		SF (2)		Total SF			PSF (3)
2004		55,000		1	%	$	4.36		378,000		6	%	$	20.03		433,000		3	%	$	18.04
2005		19,000		0	%	$	15.58		550,000		8	%	$	22.88		569,000		4	%	$	22.64
2006		54,000		1	%	$	12.28		508,000		8	%	$	25.91		562,000		4	%	$	24.60
2007		174,000		2	%	$	8.39		589,000		9	%	$	24.19		763,000		5	%	$	20.59
2008		165,000		2	%	$	10.83		532,000		8	%	$	23.35		697,000		5	%	$	20.39
2009		268,000		3	%	$	11.49		489,000		7	%	$	28.26		757,000		5	%	$	22.32
2010		158,000		2	%	$	13.42		349,000		5	%	$	24.89		507,000		3	%	$	21.32
2011		114,000		1	%	$	15.01		500,000		7	%	$	23.34		614,000		4	%	$	21.79
2012		238,000		3	%	$	12.96		432,000		6	%	$	27.77		670,000		4	%	$	22.51
2013		263,000		3	%	$	11.25		329,000		5	%	$	26.48		592,000		4	%	$	19.72
Thereafter		7,002,000		82	%	$	12.75		2,046,000		31	%	$	25.84		9,048,000		59	%	$	15.71

Total		8,510,000		100	%	$	12.54		6,702,000		100	%	$	25.03		15,212,000		100	%	$	18.04

Notes:

(1)		Anchor is defined as a tenant leasing 15,000 square feet or more.

(2)		Represents occupied square footage as of March 31, 2004.

(3)		Minimum Rent reflects in-place contractual rent as of March 31, 2004.

Federal Realty Investment Trust
Portfolio Leasing Statistics
March 31, 2004

Overall Portfolio Statistics (1)


	At March 31, 2004							At March 31, 2003
Type	Size		Leased		Leased %			Size		Leased		Leased %
Retail Properties:
Including Santana Row Phase I & II (2)		16,877,000		15,748,000		93.3	%		15,698,000		14,806,000		94.3	%
Residential Properties:
Residential Units (3)		683		653		95.6	%		602		530		88.0	%

Same Center Statistics (1)


	At March 31, 2004							At March 31, 2003
Type	Size		Leased		Leased %			Size		Leased		Leased %
Retail Properties (4):
Excluding properties under redevelopment (leasable square feet) (2)		12,680,000		12,195,000		96.2	%		12,646,000		12,169,000		96.2	%
Residential Properties:
Rollingwood Apartments (# of units)		282		273		96.8	%		282		278		98.6	%

Notes:

(1)		See Glossary of Terms.

(2)		Leasable square feet; excludes redevelopment square footage not yet placed in service.

(3)		Includes Rollingwood, Santana Row residential and The Crest at Congressional Apartments. For 2003, only Rollingwood was fully operational; numbers for Santana Row and The Crest represent units available for lease as of March 31, 2003.

(4)		Excludes centers purchased or sold.

Federal Realty Investment Trust
Summary of Top 25 Tenants
March 31, 2004


					Percentage of
		Annualized Base			Total Annualized						Percentage of			Number of
Rank	Tenant Name	Rent			Base Rent			Tenant GLA			Total GLA			Stores Leased
1	Safeway, Inc.	$	6,510,000			2.36	%		472,000			2.80	%		8
2	Gap, Inc., The	$	6,354,000			2.30	%		232,000			1.37	%		12
3	Ahold USA, Inc.	$	6,157,000			2.23	%		527,000			3.12	%		11
4	Bed, Bath & Beyond, Inc.	$	5,619,000			2.04	%		397,000			2.35	%		9
5	Barnes & Noble, Inc.	$	4,214,000			1.53	%		194,000			1.15	%		20
6	TJX Companies, The	$	3,747,000			1.36	%		369,000			2.19	%		11
7	CVS Corporation	$	3,741,000			1.36	%		173,000			1.03	%		14
8	Best Buy Stores, L.P.	$	3,550,000			1.29	%		103,000			0.61	%		4
9	Toys R Us, Inc.	$	3,246,000			1.18	%		347,000			2.06	%		11
10	Borders Group, Inc.	$	2,780,000			1.01	%		135,000			0.80	%		5
11	OPNET Technologies, Inc.	$	2,478,000			0.90	%		60,000			0.36	%		1
12	Great Atlantic &Pacific Tea Co	$	2,380,000			0.86	%		239,000			1.42	%		4
13	Dollar Tree Stores, Inc.	$	2,357,000			0.85	%		183,000			1.08	%		18
14	MTS, Inc.	$	2,315,000			0.84	%		91,000			0.54	%		5
15	Home Depot, Inc.	$	2,207,000			0.80	%		244,000			1.45	%		3
16	Container Store, Inc., The	$	2,137,000			0.77	%		52,000			0.31	%		2
17	Wakefern Food Corporation	$	1,991,000			0.72	%		157,000			0.93	%		3
18	Bally's Health & Tennis	$	1,976,000			0.72	%		156,000			0.92	%		5
19	Retail Ventures, Inc.	$	1,969,000			0.71	%		86,000			0.51	%		3
20	Michaels Stores, Inc.	$	1,945,000			0.71	%		170,000			1.01	%		6
21	Dress Barn, Inc.	$	1,928,000			0.70	%		93,000			0.55	%		13
22	CompUSA, Inc.	$	1,921,000			0.70	%		108,000			0.64	%		4
23	Kohl's Corporation	$	1,905,000			0.69	%		356,000			2.11	%		3
24	Linens' N Things	$	1,738,000			0.63	%		108,000			0.64	%		3
25	Staples, Inc.	$	1,731,000			0.63	%		91,000			0.54	%		5
	Totals - Top 25 Tenants	$	76,896,000			27.88	%		5,143,000			30.47	%		183

	Total Annualized Base Rent:	$	275,804,000	(1)
	Total Portfolio Square Footage:								16,877,000	(2)

Note:

(1)		Reflects annual in-place contractual rent as of March 31, 2004.

(2)		Excludes redevelopment square footage not yet placed in service.

Federal Realty Investment Trust
Reconciliation of 2004 EPS to 2004 FFO Guidance
March 31, 2004

($ millions except per share amounts)


	Forecast					Per Share
Net income Available to Common Shareholders	$	63	to	$	65	$	1.22	to	$	1.25
Depreciation and Amortization of Real Estate Assets		82			82		1.57			1.57
Income Attributable to Operating Partnership Units		1			1		0.02			0.02

Funds from Operations	$	146	to	$	148	$	2.81	to	$	2.84

Weighted Average Shares (diluted)		52.1

Glossary of Terms

EBITDA: EBITDA is a non-GAAP measure that means net income or loss plus interest expense, income taxes, depreciation and amortization; adjusted for gain or loss on sale of assets, impairment provisions, provision for loss on equity securities and other nonrecurring expenses. EBITDA is presented because it provides useful information regarding our ability to service debt. EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of EBITDA, adjusted for discontinued operations, to net income for the three months ended March 31, 2004 and 2003 is as follows:


	For the Three Months
	Ended March 31,
	(in thousands)
	2004			2003
Net income	$	17,246		$	16,376
Depreciation and amortization		20,622			17,333
Interest		21,319			17,579
(Gain) on sale of real
estate		(57	)		—

EBITDA	$	59,130		$	51,288

Funds From Operations (FFO): FFO is a supplemental measure of real estate companies’ operating performances. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as follows: income available for common shareholders before depreciation and amortization of real estate assets and before extraordinary items less gains and losses on sale of real estate. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful, additional measure of operating performance because it primarily excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

Property Operating Income: Gross revenues, including interest income, less rental expenses and real estate taxes.

Overall Portfolio: Includes all operating properties owned in reporting period.

Same Center: Excludes centers purchased or sold.

Tenant improvements: Represents not only the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease but may also include base building costs (i.e. expansion, escalators or new entrances) which are required to make the space leasable.