<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET OF FEDERAL REALTY INVESTMENT TRUST AS OF MARCH 31,
1997 AND THE RELATED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS
ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS. IT HAS BEEN AMENDED FOR THE RESTATEMENT OF EARNINGS PER
SHARE CALCULATED UNDER SFAS 128.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                         $11,762
<SECURITIES>                                         0
<RECEIVABLES>                                   16,132
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                       1,251,867
<DEPRECIATION>                               (232,487)
<TOTAL-ASSETS>                               1,115,089
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                        585,902
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       684,853
<OTHER-SE>                                   (216,315)
<TOTAL-LIABILITY-AND-EQUITY>                 1,115,089
<SALES>                                              0
<TOTAL-REVENUES>                                47,147
<CGS>                                                0
<TOTAL-COSTS>                                   14,790
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              11,989
<INCOME-PRETAX>                                  9,311
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     9,311
<EPS-PRIMARY>                                      .25
<EPS-DILUTED>                                      .24
<FN>
<F1> Current assets and current liabilities are not listed since Federal Realty
does not prepare a classified balance sheet. </FN>