<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET OF FEDERAL REALTY INVESTMENT TRUST AS OF MARCH 31,
1999 AND THE RELATED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS
ENDED MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.  CURRENT ASSETS AND CURRENT LIABILITIES ARE NOT LISTED 
SINCE FEDERAL REALTY DOES NOT PREPARE A CLASSIFIED BALANCE SHEET.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               MAR-31-1999
<CASH>                                         $12,547
<SECURITIES>                                         0
<RECEIVABLES>                                   17,492
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                       1,676,270
<DEPRECIATION>                               (297,221)
<TOTAL-ASSETS>                               1,503,096
<CURRENT-LIABILITIES>                                0
<BONDS>                                        875,426
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    100,000
<COMMON>                                       709,742
<OTHER-SE>                                   (284,450)
<TOTAL-LIABILITY-AND-EQUITY>                 1,503,096
<SALES>                                              0
<TOTAL-REVENUES>                                61,705
<CGS>                                                0
<TOTAL-COSTS>                                   19,660
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              15,133
<INCOME-PRETAX>                                 11,566
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    11,566
<EPS-PRIMARY>                                      .29
<EPS-DILUTED>                                      .29