<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET OF FEDERAL REALTY INVESTMENT TRUST AS OF DECEMBER 31,
1998 AND THE RELATED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE TWELVE MONTHS
ENDED DECEMBER 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                         $17,230
<SECURITIES>                                         0
<RECEIVABLES>                                   17,873
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                       1,642,136
<DEPRECIATION>                                (286,053)
<TOTAL-ASSETS>                               1,484,317
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                        846,928
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    100,000
<COMMON>                                       707,724
<OTHER-SE>                                    (277,777)
<TOTAL-LIABILITY-AND-EQUITY>                 1,484,317
<SALES>                                              0
<TOTAL-REVENUES>                               232,533
<CGS>                                                0
<TOTAL-COSTS>                                   72,761
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              55,125
<INCOME-PRETAX>                                 37,010
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    37,010
<EPS-PRIMARY>                                      .94
<EPS-DILUTED>                                      .94
        
<FN> 
<F1>Current assets and current liabilities are not listed since Federal Realty 
does not prepare a classified balance sheet.
</FN>