ROCKVILLE, MD (REIT Media) Dec. 21, 2007 - Federal Realty Investment Trust (NYSE: FRT) today announced the pricing of a public offering of 2,000,000 common shares of beneficial interest at a price to the public of $81.21 per share, for net proceeds of approximately $162 million after deducting estimated offering expenses. Net proceeds from the offering will be used for general corporate purposes. The offering is expected to close on December 27, 2007.

Merrill Lynch & Co. and Wachovia Securities served as joint book-running managers for the offering.

Commenting on the transaction, Donald C. Wood, president and chief executive officer of Federal Realty stated, "By taking advantage of the opportunity created by Federal Realty's addition to the S&P MidCap 400, we were able to improve our already strong liquidity in a period of significant uncertainty in the capital markets."

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state. The common shares are being sold pursuant to an effective shelf registration statement. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. Copies of the prospectus supplement and related prospectus, when available, may be obtained from the offices of Merrill Lynch & Co., 250 Vesey Street, New York, NY 10080 (telephone: 212-449-1000) or Wachovia Securities, Equity Syndicate Dept., 375 Park Avenue, New York, N.Y., 10152 (e-mail: equity.syndicate@wachovia.com).

    Investor and Media Inquiries
    Andrew Blocher
    Senior Vice President,
    Capital Markets & Investor Relations
    301/998-8166
    ablocher@federalrealty.com

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