Federal Realty Investment Trust (FRT) 8-K First Quarter 2010 Earnings Press Release

Exhibit 99.1

FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION

March 31, 2010

TABLE OF CONTENTS

1.	First Quarter 2010 Earnings Press Release	3
2.	Financial Highlights
	Summarized Income Statements	7
	Summarized Balance Sheets	8
	Funds From Operations / Summary of Capital Expenditures	9
	Market Data	10
	Components of Rental Income	11
3.	Summary of Debt
	Summary of Outstanding Debt and Capital Lease Obligations	12
	Summary of Debt Maturities	13
4.	Summary of Redevelopment Opportunities	14
5.	Real Estate Status Report	15
6.	Retail Leasing Summary	17
7.	Lease Expirations	18
8.	Portfolio Leased Statistics	19
9.	Summary of Top 25 Tenants	20
10.	Reconciliation of Net Income to FFO Guidance	21
11.	Joint Venture Disclosure
	Summarized Income Statements and Balance Sheets	22
	Summary of Outstanding Debt and Debt Maturities	23
	Real Estate Status Report	24
12.	Glossary of Terms	25

1626 East Jefferson Street

Rockville, Maryland 20852-4041

301/998-8100

Safe Harbor Language

Certain matters discussed within this Supplemental Information 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. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 17, 2010, and include the following:

• risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire;

• risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;

• risks that the number of properties we acquire for our own account, and therefore the amount of capital we invest in acquisitions, may be impacted by our real estate partnership;

• risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;

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

• 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 limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; and

• risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax 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.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Supplemental Information. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 17, 2010.

FOR IMMEDIATE RELEASE
Investor and Media Inquiries
Gina Birdsall	Janelle Stevenson
Investor Relations	Corporate Communications
301/998-8265	301/998-8185
gbirdsall@federalrealty.com	jmstevenson@federalrealty.com

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2010 OPERATING RESULTS

ROCKVILLE, Md. (May 4, 2010) – Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its first quarter ended March 31, 2010.

Financial Results

For first quarter 2010, Federal Realty generated funds from operations available for common shareholders (FFO) of $57.8 million, or $0.94 per diluted share, and net income available for common shareholders of $29.1 million, or earnings per diluted share of $0.47. This compares to FFO of $37.8 million, or $0.64 per share, and net income available to common shareholders of $10.3 million, or earnings per diluted share of $0.17, for the quarter ended March 31, 2009. First quarter 2009 results included a provision for litigation of $20.6 million, or $0.35 per diluted share, related to a lawsuit involving a property adjacent to Santana Row. Excluding this litigation provision, FFO for first quarter 2009 was $58.3 million, or $0.99 per diluted share, and net income available for common shareholders was $31.0 million, or $0.52 per diluted share.

FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.

Portfolio Results

In first quarter 2010, same-center property operating income, excluding redevelopment and expansion properties, increased 2.9% over first quarter 2009. Including redevelopments and expansions, same-center property operating income increased 5.7% compared to first quarter 2009. The same-center results including redevelopments and expansions include $2.3 million of income resulting from the acceleration of the unamortized portion of a lease termination fee relating to our Flourtown Shopping Center in Pennsylvania. When the lease termination fee is excluded, same-center property operating income increased 3.1%.

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2010 OPERATING RESULTS

May 4, 2010

Page 2

The overall portfolio was 94.1% leased as of March 31, 2010, compared to 94.5% on December 31, 2009 and 94.2% on March 31, 2009. Federal Realty’s same-center portfolio was 94.6% leased as of March 31, 2010, compared to 94.6% on December 31, 2009 and 94.5% on March 31, 2009.

During first quarter 2010, the Trust signed 72 leases for 318,000 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), the Trust leased 308,000 square feet at an average cash-basis contractual rent increase per square foot (i.e., excluding the impact of straight-line rents) of 16%. The average contractual rent on this comparable space for the first year of the new lease is $29.19 per square foot compared to the average contractual rent of $25.11 per square foot for the last year of the prior lease. The previous average contractual rent is calculated by including both the minimum rent and any 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 averaged 27% for first quarter 2010. As of March 31, 2010, Federal Realty’s average contractual, cash basis minimum rent for retail and commercial space in its portfolio was $22.38 per square foot.

“I’m very proud of our first quarter performance despite an economic recovery that still has a long way to go at the consumer level,” commented Donald C. Wood, president and chief executive officer of the Trust. “There really is no substitute for great quality real estate when it comes to a tenant’s decision to renew or expand, and our first quarter leasing results continue to validate that premise.”

Regular Quarterly Dividends

Federal Realty also announced today that its Board of Trustees left the regular dividend rate on its common shares unchanged, declaring a regular quarterly cash dividend of $0.66 per share on its common shares, resulting in an indicated annual rate of $2.64 per share. The regular common dividend will be payable on July 15, 2010 to common shareholders of record on June 24, 2010.

Guidance

Federal Realty raised 2010 guidance for FFO per diluted share to a range of $3.82 to $3.89 and earnings per diluted share is $1.92 to $1.99.

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of the Trust’s operating performance on its first quarter 2010 earnings conference call, which is scheduled for May 5, 2010, at 11 a.m. Eastern Daylight Time. To participate, please call (866) 314-5050 five to ten minutes prior to the call start time and use the passcode FRT EARNINGS (required). Federal Realty will also provide an online webcast on the Company’s web site, www.federalrealty.com, which will remain available for 30 days following the call. A telephone recording of the call will also be available through June 4, 2010, by dialing (888) 286-8010 and using the passcode 59661908.

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2010 OPERATING RESULTS

May 4, 2010

Page 3

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 18.2 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 94.1% leased to national, regional, and local retailers as of March 31, 2010, with no single tenant accounting for more than approximately 2.6% 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 42 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.

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. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 17, 2010, and include the following:

• risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire;

• risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete, or fail to perform as expected;

• risks that the number of properties we acquire for our own account, and therefore the amount of capital we invest in acquisitions, may be impacted by our real estate partnership;

• risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;

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

• 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 limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; and

• risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax 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.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2010 OPERATING RESULTS

May 4, 2010

Page 4

new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K filed February 17, 2010.

6

Federal Realty Investment Trust

Summarized Income Statements

March 31, 2010

	Three months ended March 31,
	2010			2009
	(in thousands, except per share data)
	(unaudited)
Revenue
Rental income	$	131,492		$	127,206
Other property income		5,912			2,603
Mortgage interest income		1,066			1,267
Total revenue		138,470			131,076
Expenses
Rental expenses		30,003			28,697
Real estate taxes		15,104			13,832
General and administrative		5,375			5,145
Litigation provision		114			20,632
Depreciation and amortization		28,932			28,592
Total operating expenses		79,528			96,898
Operating income		58,942			34,178
Other interest income		182			90
Interest expense		(25,962	)		(23,583	)
Early extinguishment of debt		(2,801	)		14
Income from real estate partnership		193			202
Income from continuing operations		30,554			10,901
Discontinued operations
Income from discontinued operations		—			57
Gain on sale of real estate from discontinued operations		—			915
Results from discontinued operations		—			972
Net income		30,554			11,873
Net income attributable to noncontrolling interests		(1,334	)		(1,389	)
Net income attributable to the Trust		29,220			10,484
Dividends on preferred shares		(135	)		(135	)
Net income available for common shareholders	$	29,085		$	10,349
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.47		$	0.16
Discontinued operations		—			0.01
	$	0.47		$	0.17
Weighted average number of common shares, basic		61,089			58,841
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.47		$	0.16
Discontinued operations		—			0.01
	$	0.47		$	0.17
Weighted average number of common shares, diluted		61,220			58,960

7

Federal Realty Investment Trust

Summarized Balance Sheets

March 31, 2010

	March 31, 2010			December 31, 2009
	(in thousands)
	(unaudited)
ASSETS
Real estate, at cost
Operating (including $86,554 and $68,643 of consolidated variable interest entities, respectively)	$	3,650,711		$	3,626,476
Construction-in-progress		138,170			132,758
		3,788,881			3,759,234
Less accumulated depreciation and amortization (including $3,289 and $3,053 of consolidated variable interest entities, respectively)		(963,173	)		(938,087	)
Net real estate		2,825,708			2,821,147
Cash and cash equivalents		22,594			135,389
Accounts and notes receivable, net		70,953			72,191
Mortgage notes receivable, net		41,762			48,336
Investment in real estate partnership		35,453			35,633
Prepaid expenses and other assets		99,874			109,613
TOTAL ASSETS	$	3,096,344		$	3,222,309
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable and capital lease obligations (including $23,262 and $23,417 of consolidated variable interest entities, respectively)	$	599,087		$	601,884
Notes payable		11,694			261,745
Senior notes and debentures		1,079,906			930,219
Accounts payable and other liabilities		205,096			219,398
Total liabilities		1,895,783			2,013,246
Shareholders’ equity
Preferred shares		9,997			9,997
Common shares and other shareholders’ equity		1,159,139			1,167,340
Total shareholders’ equity of the Trust		1,169,136			1,177,337
Noncontrolling interests		31,425			31,726
Total shareholders’ equity		1,200,561			1,209,063
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,096,344		$	3,222,309

8

Federal Realty Investment Trust

Funds From Operations / Summary of Capital Expenditures

March 31, 2010

	Three months ended March 31,
	2010			2009
	(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income (2)	$	30,554		$	11,873
Net income attributable to noncontrolling interests		(1,334	)		(1,389	)
Gain on sale of real estate		—			(915	)
Depreciation and amortization of real estate assets		26,087			25,436
Amortization of initial direct costs of leases		2,236			2,667
Depreciation of joint venture real estate assets		351			354
Funds from operations		57,894			38,026
Dividends on preferred shares		(135	)		(135	)
Income attributable to operating partnership units		245			—
Income attributable to unvested shares		(192	)		(130	)
FFO		57,812			37,761
Litigation provision, net of allocation to unvested shares		114			20,565
FFO excluding litigation provision	$	57,926		$	58,326
FFO per diluted share	$	0.94		$	0.64
Litigation provision per diluted share		—			0.35
FFO per diluted share excluding litigation provision	$	0.94		$	0.99
Weighted average number of common shares, diluted		61,591			58,960
Summary of Capital Expenditures
Non-maintenance capital expenditures
Redevelopment and expansions	$	9,392		$	20,827
Tenant improvements and incentives		2,388			3,767
Total non-maintenance capital expenditures		11,780			24,594
Maintenance capital expenditures		1,246			1,320
Total capital expenditures	$	13,026		$	25,914
Dividends and Payout Ratios
Regular common dividends declared	$	40,479		$	38,404
Dividend payout ratio as a percentage of FFO		70	%		102	%
Dividend payout ratio as a percentage of FFO excluding litigation provision (2)		70	%		66	%

Notes:

(1) See Glossary of Terms.

(2) Net income for 2010 includes certain charges related to the litigation and appeal process over a parcel of land adjacent to Santana Row and 2009 net income includes a $20.6 million charge for increasing the accrual for such litigation matter. We believe FFO excluding this litigation provision provides a more meaningful evaluation of operations, and therefore, have included FFO and FFO per share excluding the related charges.

9

Federal Realty Investment Trust

Market Data

March 31, 2010

	March 31,
	2010			2009
	(in thousands, except per share data)
Market data
Common shares outstanding (1)		61,341			59,081
Market price per common share	$	72.81		$	46.00
Common equity market capitalization	$	4,466,238		$	2,717,726
Series 1 preferred shares outstanding (2)		400			400
Liquidation price per Series 1 preferred share	$	25.00		$	25.00
Series 1 preferred equity market capitalization	$	10,000		$	10,000
Equity market capitalization	$	4,476,238		$	2,727,726
Total debt (3)		1,690,687			1,750,619
Total market capitalization	$	6,166,925		$	4,478,345
Total debt to market capitalization at then current market price		27	%		39	%
Total debt to market capitalization at constant common share price of $46.00		37	%		39	%
Fixed rate debt ratio:
Fixed rate debt and capital lease obligations		99	%		80	%
Variable rate debt		1	%		20	%
		100	%		100	%

Notes:

(1) Amounts do not include 371,260 and 373,260 Operating Partnership Units outstanding at March 31, 2010 and 2009, respectively.

(2) These shares, issued March 8, 2007, are unregistered.

(3) Total debt includes capital leases, mortgages payable, notes payable, senior notes and debentures, net of premiums and discounts from our consolidated balance sheet. It does not include the $17.3 million and $24.4 million which is the Trust’s 30% share of the total mortgages payable of $57.7 million and $81.3 million at March 31, 2010 and 2009, respectively, of the partnership with a discretionary fund created and advised by ING Clarion Partners.

10

Federal Realty Investment Trust

Components of Rental Income

March 31, 2010

	Three months ended March 31,
	2010		2009
	(in thousands)
Minimum rents
Retail and commercial (1)	$	93,973	$	93,517
Residential (2)		5,293		5,272
Cost reimbursements		28,933		25,578
Percentage rents		1,461		1,501
Other		1,832		1,338
Total rental income	$	131,492	$	127,206

Notes:

(1) Minimum rents include $1.1 million and $1.4 million for the three months ended March 31, 2010 and 2009, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $0.4 million for the three months ended March 31, 2010 and 2009, to recognize income from the amortization of in-place leases.

(2) Residential minimum rents consist of the rental amounts for residential units at Rollingwood Apartments, the Crest at Congressional Plaza Apartments, Santana Row, and Bethesda Row.

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Federal Realty Investment Trust

Summary of Outstanding Debt and Capital Lease Obligations

March 31, 2010

	Stated Maturity date	Stated interest rate as of March 31, 2010		Balance as of March 31, 2010					Weighted average effective rate at March 31, 2010 (g)
				(in thousands)
Mortgage loans (a)
Secured fixed rate
Federal Plaza	06/01/11	6.75	%	$	32,373
Tysons Station	09/01/11	7.40	%		5,853
Courtyard Shops	07/01/12	6.87	%		7,462
Bethesda Row	01/01/13	5.37	%		19,995
Bethesda Row	02/01/13	5.05	%		4,269
White Marsh Plaza (b)	04/01/13	6.04	%		9,791
Crow Canyon	08/11/13	5.40	%		20,709
Idylwood Plaza	06/05/14	7.50	%		16,732
Leesburg Plaza	06/05/14	7.50	%		29,114
Loehmann’s Plaza	06/05/14	7.50	%		37,647
Pentagon Row	06/05/14	7.50	%		54,045
Melville Mall (c)	09/01/14	5.25	%		23,609
THE AVENUE at White Marsh	01/01/15	5.46	%		58,661
Barracks Road	11/01/15	7.95	%		40,447
Hauppauge	11/01/15	7.95	%		15,248
Lawrence Park	11/01/15	7.95	%		28,669
Wildwood	11/01/15	7.95	%		25,200
Wynnewood	11/01/15	7.95	%		29,217
Brick Plaza	11/01/15	7.42	%		29,901
Rollingwood Apartments	05/01/19	5.54	%		23,799
Shoppers’ World	01/31/21	5.91	%		5,699
Mount Vernon (d)	04/15/28	5.66	%		11,210
Chelsea	01/15/31	5.36	%		7,912
Subtotal					537,562
Net unamortized discount					(433	)
Total mortgage loans					537,129				6.98	%
Notes payable
Unsecured fixed rate
Other	04/01/12	6.50	%		1,415
Perring Plaza renovation	01/31/13	10.00	%		879
Unsecured variable rate
Revolving credit facility (e)	07/27/11	LIBOR + 0.425	%		—
Escondido (Municipal bonds) (f)	10/01/16	0.238	%		9,400
Total notes payable					11,694				2.54	%      (h)
Senior notes and debentures
Unsecured fixed rate
4.50% notes	02/15/11	4.50	%		75,000
6.00% notes	07/15/12	6.00	%		175,000
5.40% notes	12/01/13	5.40	%		135,000
5.95% notes	08/15/14	5.95	%		150,000
5.65% notes	06/01/16	5.65	%		125,000
6.20% notes	01/15/17	6.20	%		200,000
5.90% notes	04/01/20	5.90	%		150,000
7.48% debentures	08/15/26	7.48	%		29,200
6.82% medium term notes	08/01/27	6.82	%		40,000
Subtotal					1,079,200
Net unamortized premium					706
Total senior notes and debentures					1,079,906				5.95	%
Capital lease obligations
Various	Various through 2106	Various			61,958				6.94	%
Total debt and capital lease obligations				$	1,690,687
Total fixed rate debt and capital lease obligations				$	1,681,287		99	%	6.32	%
Total variable rate debt					9,400		1	%	1.25	%      (h)
TOTAL DEBT AND CAPITAL LEASES OBLIGATIONS				$	1,690,687		100	%	6.29	%      (h)

	Three months ended March 31,
	2010	2009
Operational Statistics
Excluding litigation provision:
Ratio of EBITDA to combined fixed charges and preferred share dividends (i) (j)	2.82 x	3.27 x
Ratio of adjusted EBITDA to combined fixed charges and preferred share dividends (i) (j)	2.82 x	3.23 x
Including litigation provision:
Ratio of EBITDA to combined fixed charges and preferred share dividends (i)	2.82 x	2.46 x
Ratio of adjusted EBITDA to combined fixed charges and preferred share dividends (i)	2.82 x	2.42 x

Notes:

(a) Mortgage loans do not include our 30% share ($17.3 million) of the $57.7 million debt of the partnership with a discretionary fund created and advised by ING Clarion Partners.

(b) The interest rate of 6.04% represents the weighted average interest rate for two mortgage loans secured by this property. The loan balance represents an interest-only loan of $4.4 million at a stated rate of 6.18% and the remaining balance at a stated rate of 5.96%.

(c) We acquired control of Melville Mall through a 20-year master lease and secondary financing. Because we control the activities that most significantly impact this property and retain substantially all of the economic benefit and risk associated with it, this property is consolidated and the mortgage loan is reflected on the balance sheet though it is not our legal obligation.

(d) The interest rate is fixed at 5.66% for the first ten years and then will be reset to a market rate in 2013. The lender has the option to call the loan on April 15, 2013 or anytime thereafter.

(e) No amounts were outstanding under our revolving credit facility during the three months ended March 31, 2010.

(f) The bonds bear interest at a variable rate determined weekly which would enable the bonds to be remarketed at 100% of their principal amount.

(g) The weighted average effective interest rate includes the amortization of any deferred financing fees, discounts and premiums, if applicable, except as described in Note h.

(h) The weighted average effective interest rate excludes $0.2 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility which had a $0 balance on March 31, 2010.

(i) Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount or premium and expense and the portion of rent expense representing an interest factor. EBITDA includes a $0.9 million gain on sale for the three months ended March 31, 2009. Fixed charges include $2.8 million of early extinguishment of debt for the three months ended March 31, 2010 due to the write-off of unamortized debt fees related to the $250 million payoff of the term loan prior to its maturity date. Adjusted EBITDA is reconciled to net income attributable to the Trust in the Glossary of Terms.

(j) Adjusted to exclude a $0.1 million and $20.6 million litigation provision charge for the three months March 31, 2010 and 2009, respectively, related to litigation regarding a parcel of land located adjacent to Santana Row as well as other costs related to the litigation and the appeal process.

12

Federal Realty Investment Trust

Summary of Debt Maturities

March 31, 2010

DEBT MATURITIES
(in thousands)
Year	Scheduled Amortization		Maturities			Total			Percent of Debt Maturing		Cumulative Percent of Debt Maturing
2010	$	9,195	$	—		$	9,195		0.6	%	0.6	%
2011		12,438		112,252	(1)		124,690		7.4	%	8.0	%
2012		12,691		181,916			194,607		11.5	%	19.5	%
2013		11,853		196,893			208,746		12.4	%	31.9	%
2014		10,225		297,864			308,089		18.2	%	50.1	%
2015		6,858		198,391			205,249		12.1	%	62.2	%
2016		2,902		134,400			137,302		8.1	%	70.3	%
2017		3,110		200,000			203,110		12.0	%	82.3	%
2018		3,321		—			3,321		0.2	%	82.5	%
Thereafter		53,067		243,038			296,105		17.5	%	100.0	%
Total	$	125,660	$	1,564,754		$	1,690,414	(2)	100.0	%

Notes:

(1) Our $300 million revolving credit facility matures on July 27, 2011. As of March 31, 2010, there was $0 drawn under this credit facility.

(2) The total debt maturities differs from the total reported on the consolidated balance sheet due to the unamortized net discount or premium on certain mortgage loans, senior notes and debentures as of March 31, 2010.

13

Federal Realty Investment Trust

Summary of Redevelopment Opportunities

March 31, 2010

Current Redevelopment Opportunities (1) ($ millions)

Property	Location	Opportunity	Projected ROI (2)		Projected Cost (1)		Cost to Date
Projects Anticipated to Stabilize in 2010 (3)
Bethesda Row (Hampden Lane)	Bethesda, MD	Construction of new three level building leased to fitness center and two additional ground level retail spaces.	10	%	$	14	$	9
Village of Shirlington - Phase III & IV	Arlington, VA	Ground lease to hotel operator and ground floor retail as part of office building development (by others)	16	%	$	7	$	5
Barracks Road	Charlottesville, VA	Expansion of Bed, Bath and Beyond and creation of two additional small shop spaces, utilizing vacant anchor space.	10	%	$	3	$	2
Lancaster	Lancaster, PA	Renovation and expansion of existing grocer, new bank pad, and façade renovation	10	%	$	2	$	1
Langhorne	Levittown, PA	Pad site addition	10	%	$	2	$	0
Subtotal: Projects Anticipated to Stabilize in 2010 (3) (4)			12	%	$	28	$	17
Projects Anticipated to Stabilize in 2011 (3)
Santana Row	San Jose, CA	Five-story building with 15,000 square feet of ground level retail and 65,000 square feet of office space	6	%	$	44	$	33
Laurel	Laurel, MD	Pad preparation for new L.A. Fitness, replacing theater and small shop space. Reconfigure parking lot entrance.	8	%	$	9	$	0
Crossroads	Highland Park, IL	Combine four spaces in preparation for new fitness operator, replacing vacant anchor and small shop space.	9	%	$	3	$	1
Atlantic Plaza (JV Property)(6)	North Reading, MA	Property improvements, including façade renovation, in preparation for new lease with grocery store.	12	%	$	1	$	0
			6	%	$	57	$	34
Total: Projects Anticipated to Stabilize in 2010 and 2011 (3) (4) (5)			8	%	$	85	$	51
Potential future redevelopment pipeline includes (6):
Property	Location	Opportunity
Assembly Square	Somerville, MA	Potential substantial transit oriented mixed-use development
Assembly Square Mall	Somerville, MA	Pad site addition
Bala Cynwyd	Bala Cynwyd, PA	Potential redevelopment of nine acres of land for a transit oriented mixed-use project or retail center
Brick Plaza	Brick, NJ	Redevelopment and expansion of existing pad site, plus additional pad site
Federal Plaza	Rockville, MD	Pad building opportunities
Flourtown	Flourtown, PA	Anchor re-tenanting, small shop renovation, and site improvements
Fresh Meadows	Queens, NY	Potential conversion of 2nd floor office space to retail
Hollywood Peterson Building	Hollywood, CA	Co-terminus leases create potential for property redevelopment and expansion
Huntington	Huntington, NY	Pad site additions
Linden Square	Wellesley, MA	Additional phases of infill redevelopment
Mercer Mall	Lawrenceville, NJ	Construction of new outparcel
Mid-Pike Plaza	Rockville, MD	Co-terminus leases create potential for retail redevelopment or transit oriented mixed-use development
Pike 7	Vienna, VA	Co-terminus leases create potential for retail redevelopment or transit oriented mixed-use development
Santana Row	San Jose, CA	Future phases of mixed-use development
Shoppers World	Charlottesville, VA	Co-terminus leases create potential for remerchandising and reconfiguration of retail spaces
Town Center of New Britain	New Britain, PA	Renovation and expansion of existing grocer
Troy	Parsippany, NJ	Pad site addition
Willow Lawn	Richmond, VA	Demo interior mall, relocate mall tenants, construct new exterior GLA

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 generally reflects only the deal specific cash, unleveraged Incremental Property Operating Income (POI) generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management’s estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate 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) Stabilization is the year in which 95% occupancy of the redeveloped space is 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) ROI and costs for Atlantic Plaza, which is owned by our real estate partnership with a discretionary fund created and advised by ING Clarion, reflect our 30% share of the costs and revenue associated with the redevelopment.

14

Federal Realty Investment Trust

Real Estate Status Report

March 31, 2010

Property Name			MSA Description	Year Acquired	Real Estate at Cost		Mortgage and/or Capital Lease Obligation (1)		GLA (2)	% Leased		Grocery Anchor GLA (3)	Grocery Anchor (3)	Other Principal Tenants
					(in thousands)		(in thousands)
Washington Metropolitan Area
Bethesda Row	(4	)	Washington, DC-MD-VA	1993-2006/2008	$	194,569	$	25,296	520,000	97	%	40,000	Giant Food	Barnes & Noble / Landmark Theater / Apple Computer
Congressional Plaza	(5	)	Washington, DC-MD-VA	1965		70,529			332,000	99	%	28,000	Whole Foods	Buy Buy Baby / Container Store
Courthouse Center			Washington, DC-MD-VA	1997		4,271			36,000	93	%
Falls Plaza/Falls Plaza-East			Washington, DC-MD-VA	1967-1972		11,996			144,000	100	%	51,000	Giant Food	CVS / Staples
Federal Plaza			Washington, DC-MD-VA	1989		62,321		32,373	248,000	87	%			TJ Maxx / Micro Center / Ross / Trader Joe’s
Friendship Center			Washington, DC-MD-VA	2001		33,454			118,000	66	%			Borders / Maggiano’s
Gaithersburg Square			Washington, DC-MD-VA	1993		24,084			209,000	78	%			Bed, Bath & Beyond / Ross
Idylwood Plaza			Washington, DC-MD-VA	1994		15,713		16,732	73,000	100	%	30,000	Whole Foods
Laurel			Washington, DC-MD-VA	1986		47,947			386,000	97	%	61,000	Giant Food	Marshalls
Leesburg Plaza	(6	)	Washington, DC-MD-VA	1998		34,531		29,114	236,000	98	%	55,000	Giant Food	Petsmart / Pier One / Office Depot
Loehmann’s Plaza			Washington, DC-MD-VA	1983		32,752		37,647	268,000	97	%	58,000	Giant Food	Bally Total Fitness / Loehmann’s Dress Shop
Mid-Pike Plaza			Washington, DC-MD-VA	1982/2007		46,004			309,000	75	%			Toys R Us / Bally Total Fitness / AC Moore
Mount Vernon/South Valley/7770 Richmond Hwy	(6	)	Washington, DC-MD-VA	2003-2006		77,644		11,210	565,000	96	%	62,000	Shoppers Food Warehouse	Bed, Bath & Beyond / Michaels / Home Depot / TJ Maxx / Gold’s Gym
Old Keene Mill			Washington, DC-MD-VA	1976		5,970			92,000	95	%	24,000	Whole Foods	Walgreens
Pan Am			Washington, DC-MD-VA	1993		28,341			227,000	100	%	63,000	Safeway	Micro Center / Michaels
Pentagon Row			Washington, DC-MD-VA	1998		87,899		54,045	296,000	98	%	45,000	Harris Teeter	Bally Total Fitness / Bed, Bath & Beyond / DSW
Pike 7			Washington, DC-MD-VA	1997		34,884			164,000	100	%			DSW / Staples / TJ Maxx
Quince Orchard			Washington, DC-MD-VA	1993		21,598			248,000	69	%	24,000	Magruders	Staples
Rockville Town Square			Washington, DC-MD-VA	2006-2007		37,369			182,000	97	%			CVS / Gold’s Gym
Rollingwood Apartments			Washington, DC-MD-VA	1971		7,758		23,799	N/A	96	%
Sam’s Park & Shop			Washington, DC-MD-VA	1995		12,243			49,000	100	%			Petco
Tower			Washington, DC-MD-VA	1998		20,279			112,000	91	%			Talbots
Tyson’s Station			Washington, DC-MD-VA	1978		3,684		5,853	49,000	100	%			Trader Joe’s
Village at Shirlington	(4	)	Washington, DC-MD-VA	1995		52,425		6,300	254,000	99	%	28,000	Harris Teeter	AMC Loews / Carlyle Grand Café
Wildwood			Washington, DC-MD-VA	1969		17,712		25,200	84,000	94	%	20,000	Balducci’s	CVS
			Total Washington Metropolitan Area			985,977			5,201,000	93	%
Philadelphia Metropolitan Area
Andorra			Philadelphia, PA-NJ	1988		23,306			267,000	94	%	24,000	Acme Markets	Kohl’s / Staples / L.A. Fitness
Bala Cynwyd			Philadelphia, PA-NJ	1993		34,597			282,000	100	%	45,000	Acme Markets	Lord & Taylor / L.A. Fitness
Ellisburg Circle			Philadelphia, PA-NJ	1992		27,728			268,000	98	%	47,000	Genuardi’s	Buy Buy Baby / Stein Mart
Feasterville			Philadelphia, PA-NJ	1980		11,906			111,000	91	%	53,000	Genuardi’s	OfficeMax
Flourtown			Philadelphia, PA-NJ	1980		15,670			164,000	49	%	42,000	Genuardi’s
Langhorne Square			Philadelphia, PA-NJ	1985		19,164			216,000	94	%	55,000	Redner’s Warehouse Mkts.	Marshalls
Lawrence Park			Philadelphia, PA-NJ	1980		29,869		28,669	353,000	98	%	53,000	Acme Markets	CHI / TJ Maxx / HomeGoods
Northeast			Philadelphia, PA-NJ	1983		22,826			284,000	89	%			Burlington Coat / Marshalls
Town Center of New Britain			Philadelphia, PA-NJ	2006		14,388			125,000	86	%	36,000	Giant Food	Rite Aid
Willow Grove			Philadelphia, PA-NJ	1984		27,325			216,000	96	%			Barnes & Noble / Marshalls
Wynnewood			Philadelphia, PA-NJ	1996		36,675		29,217	255,000	97	%	98,000	Genuardi’s	Bed, Bath & Beyond / Borders / Old Navy
			Total Philadelphia Metropolitan Area			263,454			2,541,000	92	%
California
Colorado Blvd			Los Angeles-Long Beach, CA	1996-1998		16,633			69,000	96	%			Pottery Barn / Banana Republic
Crow Canyon			San Ramon, CA	2005-2007		65,079		20,709	242,000	91	%	58,000	Lucky	Loehmann’s / Rite Aid
Escondido	(7	)	San Diego, CA	1996		28,798			222,000	94	%			TJ Maxx / Toys R Us
Fifth Ave			San Diego, CA	1996-1997		12,969			51,000	93	%			Urban Outfitters
Hermosa Ave			Los Angeles-Long Beach, CA	1997		5,491			22,000	72	%
Hollywood Blvd	(8	)	Los Angeles-Long Beach, CA	1999		37,701			153,000	75	%			DSW / L.A. Fitness / Fresh & Easy
Kings Court	(6	)	San Jose, CA	1998		11,608			79,000	100	%	25,000	Lunardi’s Super Market	CVS
Old Town Center			San Jose, CA	1997		34,265			96,000	98	%			Borders / Gap Kids / Banana Republic
Santana Row			San Jose, CA	1997		536,962			582,000	98	%			Crate & Barrel / Container Store / Best Buy / Borders / CineArts Theatre / Hotel Valencia
Third St Promenade			Los Angeles-Long Beach, CA	1996-2000		77,955			209,000	98	%			J. Crew / Banana Republic / Old Navy / Abercrombie & Fitch
Westgate			San Jose, CA	2004		116,370			645,000	95	%	38,000	Safeway	Target / Burlington Coat Factory / Barnes & Noble / Ross / Michaels
150 Post Street			San Francisco, CA	1997		37,530			101,000	97	%			Brooks Brothers / H & M
			Total California			981,361			2,471,000	94	%
New York / New Jersey
Brick Plaza			Monmouth-Ocean, NJ	1989		57,095		29,901	409,000	97	%	66,000	A&P	AMC Loews / Barnes & Noble / Sports Authority
Forest Hills			New York, NY	1997		8,100			46,000	96	%			Midway Theatre
Fresh Meadows			New York, NY	1997		69,397			405,000	99	%			Kohl’s / AMC Loews
Hauppauge			Nassau-Suffolk, NY	1998		27,968		15,248	133,000	100	%	61,000	Shop Rite	AC Moore
Huntington			Nassau-Suffolk, NY	1988/2007		38,672			292,000	100	%			Buy Buy Baby / Toys R Us / Bed, Bath & Beyond / Barnes & Noble / Michaels
Melville Mall	(9	)	Nassau-Suffolk, NY	2006		68,643		23,609	248,000	100	%	54,000	Waldbaum’s	Kohl’s / Marshalls
Mercer Mall	(4	)	Trenton, NJ	2003		104,160		49,719	501,000	99	%	75,000	Shop Rite	Bed, Bath & Beyond / DSW / TJ Maxx / Raymour & Flanigan
Troy			Newark, NJ	1980		25,293			207,000	86	%	64,000	Pathmark	L.A. Fitness
			Total New York / New Jersey			399,328			2,241,000	97	%

15

Federal Realty Investment Trust

Real Estate Status Report

March 31, 2010

Property Name			MSA Description	Year Acquired	Real Estate at Cost		Mortgage and/or Capital Lease Obligation (1)		GLA (2)	% Leased		Grocery Anchor GLA (3)	Grocery Anchor (3)	Other Principal Tenants
					(in thousands)		(in thousands)
New England
Assembly Square			Boston-Cambridge-Quincy, MA-NH	2005-2009		173,430			332,000	100	%			AC Moore / Bed, Bath & Beyond / Christmas Tree Shops / Kmart / Staples / Sports Authority / TJ Maxx
Chelsea Commons			Boston-Cambridge-Quincy, MA-NH	2006-2008		29,832		7,912	222,000	99	%	16,000	Sav-A-Lot	Home Depot
Dedham Plaza			Boston-Cambridge-Quincy, MA-NH	1993		32,276			242,000	91	%	80,000	Star Market
Linden Square			Boston-Cambridge-Quincy, MA-NH	2006		143,022			218,000	91	%	50,000	Roche Brothers Supermarkets	CVS
North Dartmouth			Boston-Cambridge-Quincy, MA-NH	2006		9,368			48,000	100	%	48,000	Stop & Shop
Queen Anne Plaza			Boston-Cambridge-Quincy, MA-NH	1994		15,663			149,000	100	%	50,000	Hannaford	TJ Maxx
Saugus Plaza			Boston-Cambridge-Quincy, MA-NH	1996		13,594			170,000	91	%	55,000	Super Stop & Shop	Kmart
			Total New England			417,185			1,381,000	96	%
Baltimore
Governor Plaza			Baltimore, MD	1985		22,130			267,000	100	%	16,500	Aldi	Bally Total Fitness / Office Depot
Perring Plaza			Baltimore, MD	1985		27,125			401,000	98	%	58,000	Shoppers Food Warehouse	Home Depot / Burlington Coat Factory / Jo-Ann Stores
THE AVENUE at White Marsh	(10	)	Baltimore, MD	2007		94,555		58,661	298,000	100	%			AMC Loews / Old Navy / Barnes & Noble / AC Moore
The Shoppes at Nottingham Square			Baltimore, MD	2007		27,569			53,000	100	%
White Marsh Plaza			Baltimore, MD	2007		24,966		9,791	80,000	100	%	54,000	Giant Food
White Marsh Other			Baltimore, MD	2007		28,858			49,000	100	%
			Total Baltimore			225,203			1,148,000	99	%
Chicago
Crossroads			Chicago, IL	1993		24,273			168,000	93	%			Golfsmith / Guitar Center
Finley Square			Chicago, IL	1995		31,838			315,000	99	%			Bed, Bath & Beyond / Buy Buy Baby / Petsmart
Garden Market			Chicago, IL	1994		12,028			140,000	96	%	63,000	Dominick’s	Walgreens
North Lake Commons			Chicago, IL	1994		13,957			129,000	89	%	77,000	Dominick’s
			Total Chicago			82,096			752,000	95	%
South Florida
Courtyard Shops			Miami-Ft Lauderdale	2008		38,945		7,462	130,000	92	%	49,000	Publix
Del Mar Village			Miami-Ft Lauderdale	2008		54,608			178,000	93	%	44,000	Winn Dixie	CVS
			Total South Florida			93,553			308,000	92	%
Other
Barracks Road			Charlottesville, VA	1985		48,129		40,447	486,000	96	%	99,000	Harris Teeter / Kroger	Bed, Bath & Beyond / Barnes & Noble / Old Navy / Michaels
Bristol Plaza			Hartford, CT	1995		27,768			272,000	85	%	74,000	Stop & Shop	TJ Maxx
Eastgate			Raleigh-Durham-Chapel Hill, NC	1986		26,082			153,000	100	%			Stein Mart / Trader Joe’s
Gratiot Plaza			Detroit, MI	1973		18,687			217,000	99	%	69,000	Kroger	Bed, Bath & Beyond / Best Buy / DSW
Greenwich Avenue			New Haven-Bridgeport-Stamford-Waterbury	1995		13,969			36,000	100	%			Saks Fifth Avenue
Houston St			San Antonio, TX	1998		69,959			196,000	88	%			Hotel Valencia / Walgreens
Lancaster	(11	)	Lancaster, PA	1980		11,617		4,907	107,000	98	%	39,000	Giant Food	Michaels
Shoppers’ World			Charlottesville, VA	2007		30,072		5,699	169,000	94	%	28,000	Whole Foods	Staples
Shops at Willow Lawn			Richmond-Petersburg, VA	1983		76,531			476,000	87	%	60,000	Kroger	Old Navy / Staples / Ross
			Total Other			322,814			2,112,000	92	%
Grand Total					$	3,770,971	$	599,520	18,155,000	94	%

Notes:

(1) The mortgage or capital lease obligations differ from the total reported on the consolidated balance sheet due to the unamortized discount or premium on certain mortgage payables.

(2) Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage.

(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) The Trust has a 64.1% ownership interest in the property.

(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) The Trust has a 70% ownership interest in the property.

(8) The Trust has a 90% ownership interest in the property.

(9) On October 16, 2006, the Trust acquired control of Melville Mall through a 20 year master lease and secondary financing. Since the Trust controls this property and retains substantially all of the economic benefit and risks associated with it, we consolidate this property and its operations.

(10) 50% of the ownership of this property is 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.

(11) Property subject to capital lease obligation.

16

Federal Realty Investment Trust

Retail Leasing Summary (1)

March 31, 2010

Total Lease Summary - Comparable (2)

Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight- lined Basis % Increase Over Prior Rent		Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2010	69	100	%	307,962	$	29.19	$	25.11	$	1,255,084	16	%	27	%	6.5	$	6,909,627	$	22.44
4th Quarter 2009	82	100	%	360,218	$	27.58	$	26.64	$	337,501	4	%	13	%	7.0	$	4,550,199	$	12.63
3rd Quarter 2009	90	100	%	334,690	$	29.38	$	27.00	$	794,017	9	%	17	%	7.5	$	3,684,641	$	11.01
2nd Quarter 2009	69	100	%	315,214	$	26.87	$	23.25	$	1,141,114	16	%	29	%	5.9	$	1,194,192	$	3.79
Total -12 months	310	100	%	1,318,084	$	28.24	$	25.56	$	3,527,716	10	%	21	%	6.8	$	16,338,659	$	12.40

New Lease Summary - Comparable (2)

Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual Increase in Rent			Cash Basis % Increase Over Prior Rent		Straight- lined Basis % Increase Over Prior Rent		Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2010	29	42	%	157,619	$	23.00	$	20.98	$	318,458		10	%	17	%	8.9	$	6,828,877	$	43.33
4th Quarter 2009	32	39	%	176,966	$	24.89	$	24.77	$	20,465		0	%	10	%	10.6	$	4,328,199	$	24.46
3rd Quarter 2009	38	42	%	187,140	$	27.25	$	22.62	$	866,840		20	%	30	%	9.8	$	3,622,041	$	19.35
2nd Quarter 2009	26	38	%	73,693	$	24.27	$	27.68	$	(251,200	)	-12	%	6	%	6.8	$	1,194,192	$	16.20
Total -12 months	125	40	%	595,418	$	25.05	$	23.45	$	954,563		7	%	17	%	9.5	$	15,973,309	$	26.83

Renewal Lease Summary - - Comparable (2) (7)

Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual Increase in Rent			Cash Basis % Increase Over Prior Rent		Straight- lined Basis % Increase Over Prior Rent		Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2010	40	58	%	150,343	$	35.67	$	29.44	$	936,626		21	%	35	%	4.9	$	80,750	$	0.54
4th Quarter 2009	50	61	%	183,252	$	30.17	$	28.44	$	317,036		6	%	16	%	4.1	$	222,000	$	1.21
3rd Quarter 2009	52	58	%	147,550	$	32.08	$	32.57	$	(72,823	)	-2	%	5	%	5.1	$	62,600	$	0.42
2nd Quarter 2009	43	62	%	241,521	$	27.66	$	21.89	$	1,392,314		26	%	38	%	5.6	$	—	$	—
Total -12 months	185	60	%	722,666	$	30.87	$	27.30	$	2,573,153		13	%	23	%	5.0	$	365,350	$	0.51

Total Lease Summary - Comparable and Non-comparable (2)

Quarter	Number of Leases Signed	GLA Signed	Contractual Rent (3) Per Sq. Ft.		Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2010	72	317,932	$	28.62	6.5	$	6,986,698	$	21.98
4th Quarter 2009	89	396,709	$	27.12	7.4	$	4,900,788	$	12.35
3rd Quarter 2009	94	356,624	$	28.76	7.6	$	4,703,184	$	13.19
2nd Quarter 2009	71	318,703	$	27.03	5.9	$	1,503,836	$	4.72
Total - 12 months	326	1,389,968	$	27.86	6.9	$	18,094,506	$	13.02

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, if any, 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 in the same location. All other leases are categorized as new.

17

Federal Realty Investment Trust

Lease Expirations

March 31, 2010

Assumes no exercise of lease options

	Anchor Tenants (1)					Small Shop Tenants					Total
Year	Expiring SF	% of Anchor SF		Minimum Rent PSF (2)		Expiring SF	% of Small Shop SF		Minimum Rent PSF (2)		Expiring SF (4)	% of Total SF		Minimum Rent PSF (2)
2010	181,000	2	%	$	11.49	483,000	7	%	$	28.08	665,000	4	%	$	23.52
2011	938,000	10	%	$	14.30	1,144,000	16	%	$	29.37	2,082,000	12	%	$	22.58
2012	978,000	10	%	$	13.17	1,146,000	16	%	$	31.02	2,124,000	13	%	$	22.80
2013	1,040,000	11	%	$	15.30	1,008,000	13	%	$	32.33	2,048,000	12	%	$	23.68
2014	1,398,000	15	%	$	16.08	877,000	12	%	$	33.53	2,276,000	13	%	$	22.79
2015	778,000	8	%	$	14.21	766,000	10	%	$	29.43	1,544,000	9	%	$	21.76
2016	508,000	5	%	$	17.52	536,000	7	%	$	30.49	1,044,000	6	%	$	24.18
2017	620,000	6	%	$	17.25	429,000	6	%	$	29.92	1,048,000	6	%	$	22.45
2018	672,000	7	%	$	11.60	297,000	4	%	$	34.58	969,000	6	%	$	18.64
2019	487,000	5	%	$	17.27	202,000	3	%	$	41.62	690,000	4	%	$	24.38
Thereafter	2,010,000	21	%	$	17.11	461,000	6	%	$	35.61	2,469,000	15	%	$	20.58
Total (3)	9,610,000	100	%	$	15.40	7,349,000	100	%	$	31.50	16,959,000	100	%	$	22.38

Assumes all lease options are exercised

	Anchor Tenants (1)					Small Shop Tenants					Total
Year	Expiring SF	% of Anchor SF		Minimum Rent PSF (2)		Expiring SF	% of Small Shop SF		Minimum Rent PSF (2)		Expiring SF (4)	% of Total SF		Minimum Rent PSF (2)
2010	107,000	1	%	$	13.21	368,000	5	%	$	27.57	476,000	3	%	$	24.28
2011	278,000	3	%	$	12.25	658,000	9	%	$	28.77	935,000	6	%	$	23.89
2012	185,000	2	%	$	14.24	651,000	9	%	$	31.71	837,000	5	%	$	27.81
2013	156,000	2	%	$	15.34	526,000	7	%	$	32.89	682,000	4	%	$	28.88
2014	225,000	2	%	$	10.24	513,000	7	%	$	35.98	739,000	4	%	$	28.10
2015	134,000	1	%	$	18.90	465,000	6	%	$	29.73	599,000	4	%	$	27.31
2016	205,000	2	%	$	18.70	453,000	6	%	$	29.74	658,000	4	%	$	26.30
2017	152,000	2	%	$	24.97	534,000	7	%	$	31.37	686,000	4	%	$	29.96
2018	305,000	3	%	$	13.91	426,000	6	%	$	36.64	731,000	4	%	$	27.16
2019	353,000	4	%	$	19.06	353,000	5	%	$	34.02	706,000	4	%	$	26.54
Thereafter	7,510,000	78	%	$	15.28	2,402,000	33	%	$	30.96	9,910,000	58	%	$	19.08
Total (3)	9,610,000	100	%	$	15.40	7,349,000	100	%	$	31.50	16,959,000	100	%	$	22.38

Notes:

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

(2) Minimum Rent reflects in-place contractual (cash-basis) rent as of March 31, 2010.

(3) Represents occupied square footage as of March 31, 2010.

(4) Individual items may not add up to total due to rounding.

18

Federal Realty Investment Trust

Portfolio Leased Statistics

March 31, 2010

Overall Portfolio Statistics (1) 

	At March 31, 2010				At March 31, 2009
Type	Size	Leased	Leased %		Size	Leased	Leased %
Retail Properties (2) (sf)	18,155,000	17,092,000	94.1	%	18,142,000	17,098,000	94.2	%
Residential Properties (3) (units)	903	880	97.5	%	903	850	94.1	%

Same Center Statistics (1)

	At March 31, 2010				At March 31, 2009
Type	Size	Leased	Leased %		Size	Leased	Leased %
Retail Properties (2) (4) (sf)	17,498,000	16,545,000	94.6	%	17,500,000	16,542,000	94.5	%
Residential Properties (3) (units)	903	880	97.5	%	903	850	94.1	%

Notes:

(1) See Glossary of Terms.

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

(3) Overall portfolio and Same Center statistics at March 31, 2010 and 2009 include Rollingwood, The Crest at Congressional and the residential rental units at Santana Row and Bethesda Row.

(4) Excludes properties purchased, sold or under redevelopment.

19

Federal Realty Investment Trust

Summary of Top 25 Tenants

March 31, 2010

Rank	Tenant Name	Annualized Base Rent			Percentage of Total Annualized Base Rent (4)		Tenant GLA		Percentage of Total GLA (4)		Number of Stores Leased
1	Bed, Bath & Beyond, Inc.	$	9,960,000		2.62	%	658,000		3.62	%	15
2	Ahold USA, Inc.	$	8,818,000		2.32	%	592,000		3.26	%	11
3	TJX Companies, The	$	7,649,000		2.02	%	540,000		2.97	%	15
4	Safeway, Inc.	$	6,971,000		1.84	%	481,000		2.65	%	9
5	Gap, Inc., The	$	6,737,000		1.78	%	220,000		1.21	%	11
6	CVS Corporation	$	6,255,000		1.65	%	205,000		1.13	%	18
7	Barnes & Noble, Inc.	$	4,725,000		1.24	%	201,000		1.11	%	8
8	OPNET Technologies, Inc.	$	3,840,000		1.01	%	83,000		0.46	%	2
9	L.A. Fitness International LLC	$	3,817,000		1.01	%	178,000		0.98	%	4
10	Best Buy Stores, L.P.	$	3,502,000		0.92	%	99,000		0.55	%	3
11	Staples, Inc.	$	3,479,000		0.92	%	187,000		1.03	%	9
12	DSW, Inc	$	3,294,000		0.87	%	125,000		0.69	%	5
13	Wells Fargo Bank, N.A. (includes Wachovia Corporation)	$	3,265,000		0.86	%	70,000		0.39	%	15
14	Supervalu Inc. (Acme/Sav-A-Lot/Star Mkt/Shoppers Food)	$	3,227,000		0.85	%	338,000		1.86	%	7
15	Bank of America, N.A.	$	2,989,000		0.79	%	68,000		0.37	%	20
16	Ross Stores, Inc.	$	2,895,000		0.76	%	149,000		0.82	%	5
17	Home Depot, Inc.	$	2,832,000		0.75	%	335,000		1.85	%	4
18	Kohl’s Corporation	$	2,793,000		0.74	%	322,000		1.77	%	3
19	Wakefern Food Corporation	$	2,783,000		0.73	%	136,000		0.75	%	2
20	Toys R Us, Inc.	$	2,708,000		0.71	%	198,000		1.09	%	5
21	Bally Total Fitness Corporation	$	2,608,000		0.69	%	156,000		0.86	%	5
22	Great Atlantic & Pacific Tea Co	$	2,517,000		0.66	%	217,000		1.20	%	4
23	Container Store, Inc., The	$	2,496,000		0.66	%	52,000		0.29	%	2
24	A.C. Moore, Inc.	$	2,483,000		0.65	%	141,000		0.78	%	6
25	AMC Entertainment Inc.	$	2,378,000		0.63	%	166,000		0.91	%	4
	Totals - Top 25 Tenants	$	105,021,000		27.68	%	5,917,000		32.60	%	192
	Total: (1)	$	379,525,000	(2)			18,155,000	(3)			2,415

Notes:

(1) Does not include amounts related to leases these tenants have with our partnership with a discretionary fund created and advised by ING Clarion Partners.

(2) Reflects annual in-place contractual (cash-basis) rent as of March 31, 2010.

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

(4) Individual items may not add up to total due to rounding.

20

Federal Realty Investment Trust

Reconciliation of Net Income to FFO Guidance

March 31, 2010

	2010 Guidance
	(Dollars in millions except per share amounts) (1)
Funds from Operations available for common shareholders (FFO)
Net income	$	124		$	128
Net income attributable to noncontrolling interests		(5	)		(5	)
Gain on sale of real estate		—			—
Depreciation and amortization of real estate & real estate partnership assets		108			108
Amortization of initial direct costs of leases		9			9
Funds from operations		235			240
Dividends on preferred stock		(1	)		(1	)
Income attributable to operating partnership units		1			1
Income attributable to unvested shares		(1	)		(1	)
FFO		235			239
Litigation provision (2)		1			1
FFO excluding litigation provision	$	236		$	240
Weighted average number of common shares, diluted		61.7			61.7
FFO per diluted share	$	3.81		$	3.88
Litigation provision (2)		0.01			0.01
FFO per diluted share excluding litigation provision	$	3.82		$	3.89

Notes:

(1) Individual items may not add up to total due to rounding.

(2) Amount represents certain costs related to the litigation and appeal process over a parcel of land located adjacent to Santana Row.

21

Federal Realty Investment Trust

Summarized Income Statements and Balance Sheets - Joint Venture

March 31, 2010

CONSOLIDATED INCOME STATEMENTS

	Three months ended March 31,
	2010			2009
	(in thousands)
Revenues
Rental income	$	4,643		$	4,665
Other property income		12			23
		4,655			4,688
Expenses
Rental		1,355			1,106
Real estate taxes		607			550
Depreciation and amortization		1,268			1,271
		3,230			2,927
Operating income		1,425			1,761
Interest expense		(852	)		(1,133	)
Net income	$	573		$	628
CONSOLIDATED BALANCE SHEETS
	March 31, 2010			December 31, 2009
	(in thousands)
ASSETS
Real estate, at cost	$	203,399		$	203,122
Less accumulated depreciation and amortization		(20,604	)		(19,365	)
Net real estate		182,795			183,757
Cash and cash equivalents		3,614			2,959
Other assets		6,574			6,853
TOTAL ASSETS	$	192,983		$	193,569
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities
Mortgages payable	$	57,732		$	57,780
Other liabilities		6,108			6,101
Total liabilities		63,840			63,881
Partners’ capital		129,143			129,688
TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	192,983		$	193,569

22

Federal Realty Investment Trust

Summary of Outstanding Debt and Debt Maturities - Joint Venture

March 31, 2010

OUTSTANDING DEBT

	Maturity	Stated Interest Rate as of March 31, 2010		Balance
				(in thousands)
Mortgage Loans
Secured Fixed Rate
Plaza del Mercado	07/05/14	5.77	% (a)	$	12,847
Atlantic Plaza	12/01/14	5.12	% (b)		10,500
Barcroft Plaza	07/01/16	5.99	% (b)(c)		20,785
Greenlawn Plaza	07/01/16	5.90	% (b)		13,600
	Total Fixed Rate Debt			$	57,732

Debt Maturities

(in thousands)

Year	Scheduled Amortization		Maturities		Total		Percent of Debt Maturing		Cumulative Percent of Debt Maturing
2010	$	148	$	—	$	148	0.2	%	0.2	%
2011		208		—		208	0.4	%	0.6	%
2012		220		—		220	0.4	%	1.0	%
2013		233		—		233	0.4	%	1.4	%
2014		142		22,396		22,538	39.0	%	40.4	%
2015		—		—		—	0.0	%	40.4	%
2016		—		34,385		34,385	59.6	%	100.0	%
Total	$	951	$	56,781	$	57,732	100.0	%

Notes:

(a) Effective July 5, 2007, principal and interest payments are due based on a 30-year amortization schedule.

(b) Interest only until maturity.

(c) The stated interest rate represents the weighted average interest rate for two mortgage loans secured by this property. The loan balance represents a note of $16.6 million at a stated rate of 6.06% and a note of $4.2 million at a stated rate of 5.71%.

23

Federal Realty Investment Trust

Real Estate Status Report - Joint Venture

March 31, 2010

Property Name	MSA Description	Year Acquired	Real Estate at Cost		Mortgage or Capital Lease Obligation		GLA	% Leased		Grocery Anchor GLA (1)	Grocery Anchor (1)	Other Principal Tenants
			(in thousands)		(in thousands)
Washington Metropolitan Area
Barcroft Plaza	Washington, DC-MD-VA	2006- 2007		34,118	$	20,785	101,000	88	%	46,000	Harris Teeter	Bank of America
Free State Shopping Center	Washington, DC-MD-VA	2007		65,829			279,000	87	%	73,000	Giant Food	TJ Maxx / Ross / Office Depot
Plaza del Mercado	Washington, DC-MD-VA	2004		21,308		12,847	96,000	93	%	25,000	Giant Food	CVS
	Total Washington Metropolitan Area			121,255			476,000	89	%
New York / New Jersey
Greenlawn Plaza	Nassau-Suffolk, NY	2006		20,020		13,600	106,000	99	%	46,000	Waldbaum’s	Tuesday Morning
	Total New York / New Jersey			20,020			106,000	99	%
New England
Atlantic Plaza	Boston-Worcester-Lawrence-Lowell-Brockton, MA	2004		16,922		10,500	123,000	39	%			Sears
Campus Plaza	Boston-Worcester-Lawrence-Lowell-Brockton, MA	2004		22,196			116,000	95	%	46,000	Roche Brothers	Burlington Coat Factory
Pleasant Shops	Boston-Worcester-Lawrence-Lowell-Brockton, MA	2004		23,006			129,000	92	%	38,000	Foodmaster	Marshalls
	Total New England			62,124			368,000	75	%
Grand Totals			$	203,399	$	57,732	950,000	84	%

Note:

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

24

Glossary of Terms

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP measure that means net income or loss attributable to the Trust plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate and impairments of real estate, if any. Adjusted EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income attributable to the Trust to EBITDA and Adjusted EBITDA for the three months ended March 31, 2010 and 2009 is as follows:

	Three Months Ended March 31,
	2010			2009
	(in thousands)
Net income attributable to the Trust	$	29,220		$	10,484
Depreciation and amortization		28,932			28,592
Interest expense		25,962			23,583
Early extinguishment of debt		2,801			(14	)
Other interest income		(182	)		(90	)
EBITDA		86,733			62,555
Gain on sale of real estate		—			(915	)
Adjusted EBITDA	$	86,733		$	61,640

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: net income, computed in accordance with GAAP plus depreciation and amortization of real estate assets and excluding extraordinary items and 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 primarily because it 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:Rental income, other property income and mortgage interest income, less rental expenses and real estate taxes and excluding operating results from discontinued operations.

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

Same Center:Information provided on a same center basis is provided for only those properties that were owned and operated for the entirety of both periods being compared, excludes properties that were redeveloped, expanded or under development and properties purchased or sold at any time during the periods being compared.

Tenant Improvements and Incentives: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. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.