Exhibit 99



Investor Inquiries                                      Media Inquiries
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Andrew Blocher                                          Kristine Warner
Vice President, Investor Relations & Capital Markets    Director, Corporate Communications
301/998-8166                                            301/998-8212
ablocher@federalrealty.com                              kwarner@federalrealty.com
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                    FEDERAL REALTY INVESTMENT TRUST APPOINTS
                    GRANT THORNTON LLP AS INDEPENDENT AUDITOR

ROCKVILLE, MD (June 4, 2002) - Federal Realty Investment Trust (NYSE:FRT)
announced that the Board of Trustees ,upon the recommendation of the Trust's
Audit Committee, appointed Grant Thornton LLP as Federal Realty's independent
auditor for 2002, replacing Arthur Andersen LLP. Grant Thornton had previously
been the Trust's independent auditor for over 20 years between 1977 and 1998.

"The role of the independent audit committee is extremely important and the
selection of Grant Thornton followed a thorough evaluation of five major
accounting firms," said Walter F. Loeb, chairman of the Trust's audit committee.
"With the recently announced changes to a shopping center focused business plan,
our return to the proven capabilities and continuity of Grant Thornton was
compelling," Mr. Loeb concluded.

Donald C. Wood, president and chief operating officer added, "We appreciate the
dedication and professionalism Arthur Andersen brought to the Trust over the
past three years and thank both the firm and the individuals we have worked with
over that time."

With worldwide revenues in excess of $1.8 billion, Grant Thornton is a leading
provider of accounting, audit and tax services. Founded in 1924, Grant Thornton
serves over 10,000 clients worldwide including over 400 U.S. SEC registered
clients. Service is provided through 44 U.S. and over 600 international offices.

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Federal Realty Appoints Grant Thornton as Independent Auditor
June 4, 2002
Page 2

Federal Realty Investment Trust is an equity real estate investment trust
specializing in the ownership, management, development and re-development of
shopping center and street retail properties. Federal Realty's portfolio
contains 15.1 million square feet located in major metropolitan markets across
the United States. The operating portfolio is currently 95.5% leased to over
2,100 national, regional and local retailers 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 34 consecutive years, the longest consecutive
record in the REIT industry. Shares of Federal Realty are traded on the New York
Stock Exchange under the symbol FRT. Additional information about Federal Realty
can be found on the Internet at www.federalrealty.com.

Safe Harbor Language
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Certain matters discussed within this press release may be deemed to be forward
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Although Federal Realty Investment Trust believes the
expectations reflected in such forward looking statements are based on
reasonable assumptions, it can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially from
Federal's expectations are detailed from time to time in the Company's SEC
reports and filings, including its annual report on Form 10-K. Federal Realty
assumes no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.

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