FEDERAL REALTY INVESTMENT TRUST - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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Exhibit 99.1

FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION

March 31, 2011

TABLE OF CONTENTS


1.	First Quarter 2011 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.	2011 Significant Acquisition		15

6.	Real Estate Status Report		16

7.	Retail Leasing Summary		18

8.	Lease Expirations		19

9.	Portfolio Leased Statistics		20

10.	Summary of Top 25 Tenants		21

11.	Reconciliation of Net Income to FFO Guidance		22

12.	30% Owned Joint Venture Disclosure
		Summarized Income Statements and Balance Sheets	23
		Summary of Outstanding Debt and Debt Maturities	24
		Real Estate Status Report	25

13.	Glossary of Terms		26

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 15, 2011, 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 partnerships;

•

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 costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, 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 associated with general economic conditions, including local economic conditions in our geographic markets;

•

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 15, 2011.

LOGO

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 2011 OPERATING RESULTS

ROCKVILLE, Md. (May 5, 2011) – Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its first quarter ended March 31, 2011.

Financial Results

For first quarter 2011, Federal Realty generated funds from operations available for common shareholders (FFO) of $61.3 million, or $0.99 per diluted share, and net income available for common shareholders of $31.1 million, or earnings per diluted share of $0.50. This compares to FFO of $57.8 million, or $0.94 per share, and net income available to common shareholders of $29.1 million, or earnings per diluted share of $0.47, for the quarter ended March 31, 2010.

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 2011, same-center property operating income, excluding redevelopment and expansion properties, increased 1.8% over first quarter 2010. Including redevelopments and expansions, same-center property operating income decreased 1.1% compared to first quarter 2010. First quarter 2010 same-center results including redevelopments and expansions included $3.3 million of lease termination fee income relating to our Flourtown Shopping Center in Pennsylvania.

The overall portfolio was 93.8% leased as of March 31, 2011, compared to 93.9% on December 31, 2010 and 94.1% on March 31, 2010. Federal Realty’s same-center portfolio was 94.3% leased as of March 31, 2011, compared to 94.3% on December 31, 2010 and 94.6% on March 31, 2010.

During first quarter 2011, the Trust signed 96 leases for 382,000 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), the Trust leased 340,000 square feet at an average cash-basis contractual rent increase per square foot (i.e., excluding the impact of straight-line rents) of 11%. The average contractual rent on this comparable space for the

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2011 OPERATING RESULTS

May 5, 2011

Page 2

first year of the new lease is $30.52 per square foot compared to the average contractual rent of $27.55 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 24% for first quarter 2011. As of March 31, 2011, Federal Realty’s average contractual, cash basis minimum rent for retail and commercial space in its portfolio was $22.73 per square foot.

“Leasing velocity ramped up as healthy retailers are looking for innovative ways to grow their businesses,” commented Donald C. Wood, president and chief executive officer of the Trust. “Our portfolio includes all types of high-quality retail assets and has married well with retailers’ expansion plans. By continuing to enhance our tenant mix with strong national and local retailers, we can further improve the overall value of our portfolio.”

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 $0.67 per share on its common shares, resulting in an indicated annual rate of $2.68 per share. The regular common dividend will be payable on July 15, 2011 to common shareholders of record on June 23, 2011.

Guidance

Federal Realty maintained 2011 guidance for FFO per diluted share at a range of $3.95 to $4.02 and revised earnings per diluted share to a range of $1.96 to $2.03.

Summary of Other Quarterly Activities and Recent Developments

•

April 18, 2011 – Announced the addition of Michael Khouri to the Trust as director of leasing. Mr. Khouri will specialize in developing relationships with national and international tenants that have historically focused on mall and outlet center environments and will be based out of Federal Realty’s corporate headquarters in Rockville, Md. Mr. Khouri joins Federal Realty with 26 years of mall leasing experience at General Growth Properties and The Rouse Company. During his tenure at General Growth Properties, Mr. Khouri was responsible for the merchandising and strategic planning for a variety of malls in the mid-Atlantic region including The Mall in Columbia (Columbia, Md.), Tyson’s Galleria (McLean, Va.), White Marsh Mall (Baltimore, Md.) and Park City Center (Lancaster, Pa.). Mr. Khouri was also responsible for the recent expansion and remerchandising of Towson Town Center in Towson, Md.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2011 OPERATING RESULTS

May 5, 2011

Page 3

•

March 7, 2011 – Announced the addition of Lance Billingsley to the Trust as director of anchor tenant leasing. Mr. Billingsley will be based out of Federal Realty’s Northeast region office in Wynnewood, Pennsylvania and will specialize in leasing properties located in the Northeast and mid-Atlantic regions. Mr. Billingsley brings more than 20 years of retail real estate experience to the Trust and has executed over 1,000 leases for more than 15 million square feet with national retailers along the East Coast. Before joining the Trust, Mr. Billingsley served as vice president of leasing and development for Brandolini Companies and First Washington Realty Trust.

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of the Trust’s operating performance on its first quarter 2011 earnings conference call, which is scheduled for May 6, 2011, at 11 a.m. Eastern Daylight Time. To participate, please call (800) 659-1942 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 3, 2011, by dialing (888) 286-8010 and using the passcode 16096031.

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 18.6 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 93.8% leased to national, regional, and local retailers as of March 31, 2011, 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 43 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

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2011 OPERATING RESULTS

May 5, 2011

Page 4

include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 15, 2011, 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 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 partnerships;

•

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

•

risks associated with general economic conditions, including local economic conditions in our geographic markets;

•

Federal Realty Investment Trust

Summarized Income Statements

March 31, 2011


	Three months ended March 31,
	2011			2010
	(in thousands, except per share data) (unaudited)
Revenue
Rental income	$	135,270		$	131,348
Other property income		2,090			5,910
Mortgage interest income		1,121			1,066

Total revenue		138,481			138,324


Expenses
Rental expenses		29,599			29,904
Real estate taxes		15,508			15,088
General and administrative		6,051			5,489
Depreciation and amortization		30,569			28,861

Total operating expenses		81,727			79,342

Operating income		56,754			58,982

Other interest income		15			182
Interest expense		(25,044	)		(25,962	)
Early extinguishment of debt		296			(2,801	)
Income from real estate partnerships		323			193

Income from continuing operations		32,344			30,594

Discontinued operations
Income (loss) from discontinued operations		40			(40	)

Net income		32,384			30,554

Net income attributable to noncontrolling interests		(1,198	)		(1,334	)

Net income attributable to the Trust		31,186			29,220

Dividends on preferred shares		(135	)		(135	)

Net income available for common shareholders	$	31,051		$	29,085


EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.50		$	0.47
Discontinued operations		—			—

	$	0.50		$	0.47


Weighted average number of common shares, basic		61,471			61,089


EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.50		$	0.47
Discontinued operations		—			—

	$	0.50		$	0.47


Weighted average number of common shares, diluted		61,629			61,220

Federal Realty Investment Trust

Summarized Balance Sheets

March 31, 2011


	March 31, 2011			December 31, 2010
	(in thousands)
	(unaudited)
ASSETS

Real estate, at cost
Operating (including $157,443 and $97,157 of consolidated variable interest entities, respectively)	$	3,814,218		$	3,726,223
Construction-in-progress		167,332			163,200
Assets held for sale (discontinued operations)		6,519			6,519

		3,988,069			3,895,942
Less accumulated depreciation and amortization (including $4,978 and $4,431 of consolidated variable interest entities, respectively)		(1,060,218	)		(1,035,204	)

Net real estate		2,927,851			2,860,738

Cash and cash equivalents		10,001			15,797
Accounts and notes receivable, net		71,408			68,997
Mortgage notes receivable, net		44,925			44,813
Investment in real estate partnerships		51,270			51,606
Prepaid expenses and other assets		112,006			117,602

TOTAL ASSETS	$	3,217,461		$	3,159,553


LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities
Mortgages payable and capital lease obligations (including $22,621 and $22,785 of consolidated variable interest entities, respectively)	$	586,450		$	589,441
Notes payable		212,817			97,881
Senior notes and debentures		1,004,788			1,079,827
Accounts payable and other liabilities		191,737			211,274

Total liabilities		1,995,792			1,978,423

Shareholders’ equity
Preferred shares		9,997			9,997
Common shares and other shareholders’ equity		1,180,419			1,139,836

Total shareholders’ equity of the Trust		1,190,416			1,149,833
Noncontrolling interests		31,253			31,297

Total shareholders’ equity		1,221,669			1,181,130

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,217,461		$	3,159,553

Federal Realty Investment Trust

Funds From Operations / Summary of Capital Expenditures

March 31, 2011


	Three months ended March 31,
	2011			2010
	(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income	$	32,384		$	30,554
Net income attributable to noncontrolling interests		(1,198	)		(1,334	)
Depreciation and amortization of real estate assets		27,589			26,087
Amortization of initial direct costs of leases		2,240			2,236
Depreciation of joint venture real estate assets		427			351

Funds from operations		61,442			57,894
Dividends on preferred shares		(135	)		(135	)
Income attributable to operating partnership units		243			245
Income attributable to unvested shares		(280	)		(192	)

FFO	$	61,270		$	57,812


FFO per diluted share	$	0.99		$	0.94


Weighted average number of common shares, diluted		61,991			61,591


Summary of Capital Expenditures
Non-maintenance capital expenditures
Redevelopment and expansions	$	18,165		$	9,392
Tenant improvements and incentives		5,861			2,388

Total non-maintenance capital expenditures		24,026			11,780
Maintenance capital expenditures		2,601			1,246

Total capital expenditures	$	26,627		$	13,026


Dividends and Payout Ratios
Regular common dividends declared	$	41,669		$	40,479

Dividend payout ratio as a percentage of FFO		68	%		70	%

Notes:

(1)	See Glossary of Terms.

Federal Realty Investment Trust

Market Data

March 31, 2011


	March 31,
	2011			2010
	(in thousands, except per share data)
Market data
Common shares outstanding (1)		62,232			61,341
Market price per common share	$	81.56		$	72.81

Common equity market capitalization	$	5,075,642		$	4,466,238


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	$	5,085,642		$	4,476,238

Total debt (3)		1,804,055			1,690,687


Total market capitalization	$	6,889,697		$	6,166,925


Total debt to market capitalization at then current market price		26	%		27	%

Total debt to market capitalization at constant common share price of $72.81		28	%		27	%

Fixed rate debt ratio:
Fixed rate debt and capital lease obligations		89	%		99	%
Variable rate debt		11	%		1	%

		100	%		100	%

Notes:

(1)	Amounts do not include 362,314 and 371,260 Operating Partnership Units outstanding at March 31, 2011 and 2010, 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 $17.3 million which is the Trust’s 30% share of the total mortgages payable of $57.5 million and $57.7 million at March 31, 2011 and 2010, respectively, of the partnership with a discretionary fund created and advised by ING Clarion Partners. It also excludes the $8.8 million mortgage loan on our Newbury Street Partnership for which we are the lender.

Federal Realty Investment Trust

Components of Rental Income

March 31, 2011


	Three months ended March 31,
	2011		2010
	(in thousands)
Minimum rents
Retail and commercial (1)	$	97,313	$	93,843
Residential (2)		5,525		5,293
Cost reimbursements		29,065		28,919
Percentage rents		1,401		1,461
Other		1,966		1,832

Total rental income	$	135,270	$	131,348

Notes:

(1)

Minimum rents include $1.1 million for the three months ended March 31, 2011 and 2010, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $0.3 million and $0.4 million for the three months ended March 31, 2011 and 2010, respectively, 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.

Federal Realty Investment Trust

Summary of Outstanding Debt and Capital Lease Obligations

March 31, 2011


	Stated maturity date		Stated interest rate as of March 31, 2011			Balance as of March 31, 2011					Weighted average effective rate at March 31, 2011 (i)
						(in thousands)
Mortgages Payable (a)
Secured fixed rate
Federal Plaza (b)		06/01/11		6.75	%	$	31,728
Tysons Station		09/01/11		7.40	%		5,665
Courtyard Shops		07/01/12		6.87	%		7,230
Bethesda Row		01/01/13		5.37	%		19,994
Bethesda Row		02/01/13		5.05	%		4,127
White Marsh Plaza (c)		04/01/13		6.04	%		9,508
Crow Canyon		08/11/13		5.40	%		20,283
Idylwood Plaza		06/05/14		7.50	%		16,479
Leesburg Plaza		06/05/14		7.50	%		28,673
Loehmann’s Plaza		06/05/14		7.50	%		37,077
Pentagon Row		06/05/14		7.50	%		53,227
Melville Mall (d)		09/01/14		5.25	%		22,889
THE AVENUE at White Marsh		01/01/15		5.46	%		57,509
Barracks Road		11/01/15		7.95	%		39,642
Hauppauge		11/01/15		7.95	%		14,944
Lawrence Park		11/01/15		7.95	%		28,099
Wildwood		11/01/15		7.95	%		24,698
Wynnewood		11/01/15		7.95	%		28,636
Brick Plaza		11/01/15		7.42	%		29,265
Rollingwood Apartments		05/01/19		5.54	%		23,482
Shoppers’ World		01/31/21		5.91	%		5,556
Mount Vernon (e)		04/15/28		5.66	%		10,843
Chelsea		01/15/31		5.36	%		7,753

Subtotal							527,307
Net unamortized discount							(456	)

Total mortgages payable							526,851					6.99	%


Notes payable
Unsecured fixed rate
Various (f)		Various through 2013		3.53	%		11,417
Unsecured variable rate
Revolving credit facility (g)		07/27/11		LIBOR + 0.425	%		192,000
Escondido (Municipal bonds) (h)		10/01/16		0.42	%		9,400

Total notes payable							212,817					0.87	% (j)


Senior notes and debentures
Unsecured fixed rate
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							1,004,200
Net unamortized premium							588

Total senior notes and debentures							1,004,788					6.04	%


Capital lease obligations
Various		Various through 2106		Various			59,599					6.91	%


Total debt and capital lease obligations						$	1,804,055


Total fixed rate debt and capital lease obligations						$	1,602,655		89	%		6.37	%
Total variable rate debt							201,400		11	%		0.70	% (j)

TOTAL DEBT AND CAPITAL LEASES OBLIGATIONS						$	1,804,055		100	%		5.74	% (j)


	Three months ended March 31,
	2011		2010
Operational Statistics
Ratio of EBITDA to combined fixed charges and preferred share dividends (k)		3.28x		2.86x
Ratio of adjusted EBITDA to combined fixed charges and preferred share dividends (k)		3.28x		2.86x

Notes:

(a)	Mortgage loans do not include our 30% share ($17.3 million) of the $57.5 million debt of the partnership with a discretionary fund created and advised by ING Clarion Partners. It also excludes the $8.8 million mortgage loan on our Newbury Street Partnership for which we are the lender.

(b)	We repaid this mortgage loan on April 29, 2011.

(c)	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%.

(d)

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.

(e)	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.

(f)	The interest rate of 3.53% represents the weighted average interest rate for three unsecured fixed rate notes payable. These notes mature between April 1, 2012 and January 31, 2013.

(g)	The maximum amount drawn under our revolving credit facility for the three months ended March 31, 2011 was $222.0 million, and the weighted average effective interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 0.71%.

(h)	The bonds require monthly interest only payments through maturity. The bonds bear interest at a variable rate determined weekly which would enable the bonds to be remarketed at 100% of their principal amount. The property is not encumbered by a lien.

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

(j)	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 $192.0 million balance on March 31, 2011.

(k)

Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount/premium and debt costs and the portion of rent expense representing an interest factor. Fixed charges for the three months ended March 31, 2011 include $0.3 million of income from early extinguishment of debt due to the write-off of the unamortized debt premium net of a 3% prepayment premium and unamortized debt fees related to the payoff of our mortgage loan on Tower Shops prior to its contractual prepayment date. Fixed charges for the three months ended March 31, 2010 include $2.8 million of early extinguishment of debt expense 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 in the Glossary of Terms.

Federal Realty Investment Trust

Summary of Debt Maturities

March 31, 2011

DEBT MATURITIES

(in thousands)


Year	Scheduled Amortization		Maturities			Total			Percent of Debt Maturing			Cumulative Percent of Debt Maturing			Weighted Average Rate (3)
2011	$	9,173	$	229,252	(1)	$	238,425			13.2	%		13.2	%		1.7	%(4)
2012		12,691		191,916			204,607			11.3	%		24.5	%		5.8	%
2013		11,853		196,893			208,746			11.6	%		36.1	%		5.5	%
2014		10,225		297,864			308,089			17.1	%		53.2	%		6.9	%
2015		6,858		198,391			205,249			11.4	%		64.6	%		7.3	%
2016		2,902		134,400			137,302			7.6	%		72.2	%		5.4	%
2017		3,110		200,000			203,110			11.2	%		83.4	%		6.1	%
2018		3,321		—			3,321			0.2	%		83.6	%		0.0	%
2019		3,200		20,160			23,360			1.3	%		84.9	%		5.6	%
2020		3,239		150,000			153,239			8.5	%		93.4	%		6.0	%
Thereafter		45,597		72,878			118,475			6.6	%		100.0	%		6.9	%


Total	$	112,169	$	1,691,754		$	1,803,923	(2)		100.0	%

Notes:

(1)	Our $300 million revolving credit facility matures on July 27, 2011. As of March 31, 2011 there was $192.0 million outstanding on our revolving 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, 2011.

(3)	The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.

(4)	The weighted average rate excludes $0.2 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.

Federal Realty Investment Trust

Summary of Redevelopment Opportunities

March 31, 2011

Current Redevelopment Opportunities (1) ($ millions)


Property	Location	Opportunity	Projected ROI (2)		Projected Cost (1)		Cost to Date

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	$	38
Crossroads	Highland Park, IL	Combine four spaces in preparation for new fitness operator, replacing vacant anchor and small shop space.		11%	$	2	$	2
Brick	Brick, NJ	Redevelopment and expansion of existing pad site		14%	$	1	$	0


Subtotal: Projects Anticipated to Stabilize in 2011 (3) (4)				6%	$	47	$	40


Projects Anticipated to Stabilize in 2012 (3)
Santana Row	San Jose, CA	109 unit residential building		8%	$	34	$	17
Shops at Willow Lawn	Richmond, VA	Demo interior mall, relocate mall tenants, construct new exterior GLA, new pad buildings, and gas station		10%	$	13	$	3
Fresh Meadows	Queens, NY	Conversion of 2nd floor office space for new sporting goods retailer.		9%	$	3	$	1
Assembly Square Marketplace	Somerville, MA	Restaurant pad site		8%	$	2	$	0


Subtotal: Projects Anticipated to Stabilize in 2012 (3) (4)				8%	$	52	$	21


Total: Projects Anticipated to Stabilize in 2011 and 2012 (3) (4)				7%	$	99	$	61

A recent review of our portfolio has generated numerous potential opportunities to create future shareholder value, many of which were previously disclosed as future redevelopment opportunities on this schedule. Executing these opportunities could be subject government approvals, tenant consents, market conditions, etc. Work on many of these new opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time.

Pad Site Opportunities - Opportunity to invest a total of up to $15-$20 million to add both single tenant and multi-tenant stand alone pad buildings at existing retail properties. Many of these opportunities are “by right” and construction is awaiting appropriate retailer demand.


Bala Cynwyd	Bala Cynwyd, PA	Melville Mall	Huntington, NY
Brick Plaza	Brick, NJ	Mercer Mall	Lawrenceville, NJ
Dedham Plaza	Dedham, MA	Troy	Parsippany, NJ
Escondido	Escondido, CA	Westgate	San Jose, CA
Federal Plaza	Rockville, MD	Wildwood	Bethesda, MD
Flourtown	Flourtown, PA

Property Expansion or Conversion - Opportunity to invest a total of up to $15-$20 million at successful retail properties to convert previously unusable space into new GLA and to convert other existing uses into additional retail GLA.


Fresh Meadows	Queens, NY	Shoppers’ World	Charlottesville, VA
Hollywood Blvd	Hollywood, CA	Third Street Promenade	Santa Monica, CA
Pentagon Row	Arlington, VA	Wildwood	Bethesda, MD

Residential Opportunities - Opportunity to invest $150-$200 million to add more than 500 residential units to existing retail and mixed-use properties.


Barracks Road	Charlottesville, VA	Santana Row	San Jose, CA
Congressional Plaza	Rockville, MD	Village of Shirlington	Arlington, VA

Near Term Mixed-Use Opportunities


Assembly Row	Somerville, MA	First Phase of approximately 280,000 sf of retail space and 419 apartments (to be built by AVB), plus new T-stop; anticipated construction start 2011/2012 and anticipated stabilization 2014/2015. Approximate Phase 1 cost - $100-$125 million.
Mid-Pike Plaza	Rockville, MD	First phase of approximately 230,000 sf of retail and office space and 400 residential units; anticipated construction start 2012 and anticipated stabilization 2014/2015. Approximate Phase 1cost - $200-$225 million.

Longer Term Mixed-Use Opportunities


Bala Cynwyd	Bala Cynwyd, PA	Pike 7	Vienna, VA
Forest Hills	Forest Hills, NY	Santana Row	San Jose, CA

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.

Federal Realty Investment Trust

2011 Significant Acquisition

Through March 31, 2011

Federal Realty Investment Trust Significant Acquisition

Date

Property

City / State

GLA

Purchase price

Anchor tenants

(in square feet)

(in millions)

January 19, 2011

Tower Shops

Davie, FL

372,000

(1)

66.1

Best Buy / DSW / Old Navy /

Ross Dress For Less / TJ Maxx

Notes:

(1)	This property is on 67 acres and is shadow-anchored by Costco and Home Depot.

Federal Realty Investment Trust

Real Estate Status Report

March 31, 2011


Property Name			MSA Description	Year Acquired		Real Estate at Cost		Mortgage and/or Capital Lease Obligation (1)		GLA (2)		% Leased			Grocery Anchor GLA		Grocery Anchor	Other Principal Tenants
						(in thousands)		(in thousands)

Washington Metropolitan Area
Bethesda Row			Washington, DC-MD-VA		1993-2006/ 2008/2010	$	207,442	$	24,121		533,000		95	%		40,000	Giant Food	Barnes & Noble / Landmark Theater / Apple Computer
Congressional Plaza	(4	)	Washington, DC-MD-VA		1965		71,391				332,000		100	%				Buy Buy Baby / Container Store
Courthouse Center			Washington, DC-MD-VA		1997		4,399				36,000		93	%
Falls Plaza/Falls Plaza-East			Washington, DC-MD-VA		1967-1972		12,310				144,000		100	%		51,000	Giant Food	CVS / Staples
Federal Plaza			Washington, DC-MD-VA		1989		62,693		31,728		248,000		82	%		10,000	Trader Joe’s	TJ Maxx / Micro Center / Ross Dress For Less
Friendship Center			Washington, DC-MD-VA		2001		34,359				119,000		100	%				Maggiano’s
Gaithersburg Square			Washington, DC-MD-VA		1993		24,973				207,000		78	%				Bed, Bath & Beyond / Ross Dress For Less
Idylwood Plaza			Washington, DC-MD-VA		1994		15,975		16,479		73,000		100	%		30,000	Whole Foods
Laurel			Washington, DC-MD-VA		1986		47,625				388,000		84	%		61,000	Giant Food	Marshalls
Leesburg Plaza	(5	)	Washington, DC-MD-VA		1998		34,526		28,673		236,000		98	%		55,000	Giant Food	Petsmart / Pier 1 Imports / Office Depot
Loehmann’s Plaza			Washington, DC-MD-VA		1983		32,674		37,077		268,000		97	%		58,000	Giant Food	Bally Total Fitness / Loehmann’s Dress Shop
Mid-Pike Plaza			Washington, DC-MD-VA		1982/2007		48,705				271,000		83	%				Toys R Us / Bally Total Fitness / AC Moore
Mount Vernon/South Valley/7770 Richmond Hwy	(5	)	Washington, DC-MD-VA		2003-2006		78,271		10,843		571,000		93	%		62,000	Shoppers Food Warehouse	Bed, Bath & Beyond / Michaels / Home Depot / TJ Maxx / Gold’s Gym
Old Keene Mill			Washington, DC-MD-VA		1976		5,972				92,000		93	%		24,000	Whole Foods	Walgreens
Pan Am			Washington, DC-MD-VA		1993		28,524				227,000		100	%		63,000	Safeway	Micro Center / Michaels
Pentagon Row			Washington, DC-MD-VA		1998/2010		88,773		53,227		297,000		99	%		45,000	Harris Teeter	Bally Total Fitness / Bed, Bath & Beyond / DSW
Pike 7			Washington, DC-MD-VA		1997		35,506				164,000		100	%				DSW / Staples / TJ Maxx
Quince Orchard			Washington, DC-MD-VA		1993		22,009				248,000		63	%		24,000	Magruders	Staples
Rockville Town Square			Washington, DC-MD-VA		2006-2007		37,191				182,000		79	%				CVS / Gold’s Gym
Rollingwood Apartments			Washington, DC-MD-VA		1971		8,407		23,482		N/A		98	%
Sam’s Park & Shop			Washington, DC-MD-VA		1995		12,571				49,000		100	%				Petco
Tower			Washington, DC-MD-VA		1998		20,479				112,000		88	%				Talbots
Tyson’s Station			Washington, DC-MD-VA		1978		3,944		5,665		49,000		96	%		11,000	Trader Joe’s
Village at Shirlington	(3	)	Washington, DC-MD-VA		1995		54,246		6,336		257,000		98	%		28,000	Harris Teeter	AMC Loews / Carlyle Grand Café
Wildwood			Washington, DC-MD-VA		1969		18,268		24,698		85,000		94	%		20,000	Balducci’s	CVS

			Total Washington Metropolitan Area				1,011,233				5,188,000		91	%

Philadelphia Metropolitan Area
Andorra			Philadelphia, PA-NJ		1988		23,775				267,000		92	%		24,000	Acme Markets	Kohl’s / Staples / L.A. Fitness
Bala Cynwyd			Philadelphia, PA-NJ		1993		33,903				282,000		98	%		45,000	Acme Markets	Lord & Taylor / L.A. Fitness
Ellisburg Circle			Philadelphia, PA-NJ		1992		28,019				267,000		94	%		47,000	Genuardi’s	Buy Buy Baby / Stein Mart
Feasterville			Philadelphia, PA-NJ		1980		12,161				111,000		100	%		53,000	Giant Food	OfficeMax
Flourtown			Philadelphia, PA-NJ		1980		15,840				166,000		48	%		42,000	Genuardi’s
Langhorne Square			Philadelphia, PA-NJ		1985		20,306				219,000		95	%		55,000	Redner’s Warehouse Mkts.	Marshalls
Lawrence Park			Philadelphia, PA-NJ		1980		30,547		28,099		353,000		98	%		53,000	Acme Markets	CHI / TJ Maxx / HomeGoods
Northeast			Philadelphia, PA-NJ		1983		23,154				284,000		89	%				Burlington Coat Factory / Marshalls
Town Center of New Britain			Philadelphia, PA-NJ		2006		14,450				124,000		87	%		36,000	Giant Food	Rite Aid
Willow Grove			Philadelphia, PA-NJ		1984		27,941				216,000		90	%				Barnes & Noble / HomeGoods / Marshalls
Wynnewood			Philadelphia, PA-NJ		1996		37,306		28,636		257,000		96	%		98,000	Genuardi’s	Bed, Bath & Beyond / Old Navy

			Total Philadelphia Metropolitan Area				267,402				2,546,000		91	%

California
Colorado Blvd			Los Angeles-Long Beach, CA		1996-1998		16,642				69,000		83	%				Pottery Barn / Banana Republic
Crow Canyon			San Ramon, CA		2005-2007		65,214		20,283		242,000		90	%		58,000	Lucky	Loehmann’s Dress Shop / Rite Aid
Escondido	(6	)	San Diego, CA		1996/2010		44,001				222,000		98	%				TJ Maxx / Toys R Us / Dick’s Sporting Goods
Fifth Ave			San Diego, CA		1996-1997		12,574				51,000		97	%				Urban Outfitters
Hermosa Ave			Los Angeles-Long Beach, CA		1997		5,609				23,000		94	%
Hollywood Blvd	(7	)	Los Angeles-Long Beach, CA		1999		37,701				153,000		75	%		15,000	Fresh & Easy	DSW / L.A. Fitness
Kings Court	(5	)	San Jose, CA		1998		11,599				79,000		100	%		25,000	Lunardi’s Super Market	CVS
Old Town Center			San Jose, CA		1997		34,321				98,000		95	%				Gap Kids / Banana Republic
Santana Row			San Jose, CA		1997		559,994				608,000		99	%				Crate & Barrel / Container Store / Best Buy / CineArts Theatre / Hotel Valencia
Third St Promenade			Los Angeles-Long Beach, CA		1996-2000		78,016				209,000		100	%				J. Crew / Banana Republic / Old Navy / Abercrombie & Fitch
Westgate			San Jose, CA		2004		117,320				643,000		95	%				Target / Burlington Coat Factory / Barnes & Noble / Ross Dress For Less / Michaels
150 Post Street			San Francisco, CA		1997		37,656				102,000		99	%				Brooks Brothers / H & M

			Total California				1,020,647				2,499,000		95	%

New York / New Jersey
Brick Plaza			Monmouth-Ocean, NJ		1989		57,938		29,265		409,000		94	%		66,000	A&P	AMC Loews / Barnes & Noble / Sports Authority
Forest Hills			New York, NY		1997		8,110				48,000		97	%				Midway Theatre
Fresh Meadows			New York, NY		1997		70,590				405,000		98	%				Kohl’s / AMC Loews
Hauppauge			Nassau-Suffolk, NY		1998		27,986		14,944		133,000		100	%		61,000	Shop Rite	AC Moore
Huntington			Nassau-Suffolk, NY		1988/2007		38,773				292,000		99	%				Buy Buy Baby / Toys R Us / Bed, Bath & Beyond / Barnes & Noble / Michaels
Huntington Square			Nassau-Suffolk, NY		2010		10,078				74,000		89	%				Barnes & Noble
Melville Mall	(8	)	Nassau-Suffolk, NY		2006		68,767		22,889		248,000		100	%		54,000	Waldbaum’s	Kohl’s / Marshalls
Mercer Mall	(3	)	Trenton, NJ		2003		105,134		48,356		500,000		99	%		75,000	Shop Rite	Bed, Bath & Beyond / DSW / TJ Maxx / Raymour & Flanigan
Troy			Newark, NJ		1980		26,422				207,000		99	%		64,000	Pathmark	L.A. Fitness

			Total New York / New Jersey				413,798				2,316,000		98	%

Federal Realty Investment Trust

Real Estate Status Report

March 31, 2011


Property Name			MSA Description	Year Acquired		Real Estate at Cost		Mortgage and/or Capital Lease Obligation (1)		GLA (2)		% Leased			Grocery Anchor GLA		Grocery Anchor	Other Principal Tenants
						(in thousands)		(in thousands)

New England
Assembly Square Marketplace/Assembly Row			Boston-Cambridge-Quincy, MA-NH		2005-2010		198,596				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		30,271		7,753		222,000		99	%		16,000	Sav-A-Lot	Home Depot / Planet Fitness
Dedham Plaza			Boston-Cambridge-Quincy, MA-NH		1993		33,115				243,000		93	%		80,000	Star Market
Linden Square			Boston-Cambridge-Quincy, MA-NH		2006		145,353				218,000		94	%		50,000	Roche Brothers Supermarkets	CVS
Newbury Street	(9	)	Boston-Cambridge-Quincy, MA-NH		2010		17,241				32,000		54	%				Pierre Deux / Jonathan Adler
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		15,686				149,000		100	%		50,000	Hannaford	TJ Maxx
Saugus Plaza			Boston-Cambridge-Quincy, MA-NH		1996		14,224				170,000		96	%		55,000	Super Stop & Shop	Kmart

	(10	)	Total New England				446,613				1,382,000		97	%

Baltimore
Governor Plaza			Baltimore, MD		1985		25,844				268,000		87	%		16,500	Aldi	Bally Total Fitness / Dick’s Sporting Goods
Perring Plaza			Baltimore, MD		1985		27,301				401,000		98	%		58,000	Shoppers Food Warehouse	Home Depot / Burlington Coat Factory / Jo-Ann Stores
THE AVENUE at White Marsh	(11	)	Baltimore, MD		2007		95,765		57,509		298,000		100	%				AMC Loews / Old Navy / Barnes & Noble / AC Moore
The Shoppes at Nottingham Square			Baltimore, MD		2007		27,573				52,000		100	%
White Marsh Plaza			Baltimore, MD		2007		25,022		9,508		80,000		100	%		54,000	Giant Food
White Marsh Other			Baltimore, MD		2007		28,884				49,000		100	%

			Total Baltimore				230,389				1,148,000		96	%

Chicago
Crossroads			Chicago, IL		1993		30,336				168,000		98	%				Golfsmith / Guitar Center / L.A. Fitness
Finley Square			Chicago, IL		1995		32,475				315,000		99	%				Bed, Bath & Beyond / Buy Buy Baby / Petsmart
Garden Market			Chicago, IL		1994		12,372				140,000		95	%		63,000	Dominick’s	Walgreens
North Lake Commons			Chicago, IL		1994		14,135				129,000		89	%		77,000	Dominick’s

			Total Chicago				89,318				752,000		96	%

South Florida
Courtyard Shops			Miami-Ft Lauderdale		2008		40,011		7,230		130,000		87	%		49,000	Publix
Del Mar Village			Miami-Ft Lauderdale		2008		54,965				179,000		88	%		44,000	Winn Dixie	CVS
Tower Shops			Miami-Ft Lauderdale		2011		70,365				372,000		90	%				Best Buy / DSW / Old Navy / Ross Dress For Less / TJ Maxx

			Total South Florida				165,341				681,000		89	%

Other
Barracks Road			Charlottesville, VA		1985		51,234		39,642		487,000		98	%		99,000	Harris Teeter / Kroger	Anthropologie / Bed, Bath & Beyond / Barnes & Noble / Old Navy / Michaels / Ulta
Bristol Plaza			Hartford, CT		1995		28,280				269,000		94	%		74,000	Stop & Shop	TJ Maxx
Eastgate			Raleigh-Durham-Chapel Hill, NC		1986		26,410				153,000		100	%		13,000	Trader Joe’s	Stein Mart
Gratiot Plaza			Detroit, MI		1973		18,887				217,000		99	%		69,000	Kroger	Bed, Bath & Beyond / Best Buy / DSW
Greenwich Avenue			New Haven-Bridgeport-Stamford-Waterbury		1995		13,970				36,000		100	%				Saks Fifth Avenue
Houston St			San Antonio, TX		1998		66,210				197,000		84	%				Hotel Valencia / Walgreens
Lancaster	(12	)	Lancaster, PA		1980		12,763		4,907		127,000		92	%		75,000	Giant Food	Michaels
Shoppers’ World			Charlottesville, VA		2007		30,392		5,556		169,000		91	%		28,000	Whole Foods	Staples
Shops at Willow Lawn			Richmond-Petersburg, VA		1983		76,871				437,000		92	%		60,000	Kroger	Old Navy / Staples / Ross Dress For Less

			Total Other				325,017				2,092,000		94	%

Grand Total	(10	)				$	3,969,758	$	586,906		18,604,000		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)	Portion of property subject to capital lease obligation.

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

(5)	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.

(6)	The Trust has a 70% ownership interest in the property. On November 10, 2010, we acquired an adjacent site to this property which totaled approximately 75,000 square feet, and we are in the process of preparing the space for lease.

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

(8)	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.

(9)	The Trust has an 85% ownership interest in the property which is accounted for on the equity method.

(10)	Aggregate information is calculated on a GLA weighted-average basis, excluding properties acquired through the Taurus Newbury Street JV II Limited Partnership.

(11)	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.

(12)	Property subject to capital lease obligation.

Federal Realty Investment Trust

Retail Leasing Summary (1)

March 31, 2011

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 2011		91		100	%		339,585	$	30.52	$	27.55	$	1,009,729		11	%		24	%		6.8	$	5,637,159	$	16.60
4th Quarter 2010		88		100	%		490,233	$	23.68	$	22.11	$	772,696		7	%		15	%		7.2	$	5,696,969	$	11.62
3rd Quarter 2010		75		100	%		349,489	$	25.17	$	23.83	$	467,613		6	%		17	%		7.1	$	6,199,555	$	17.74
2nd Quarter 2010		80		100	%		307,567	$	27.62	$	26.64	$	301,098		4	%		13	%		7.4	$	4,431,806	$	14.41

Total - 12 months		334		100	%		1,486,874	$	26.41	$	24.69	$	2,551,136		7	%		17	%		7.1	$	21,965,489	$	14.77

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 2011		37		41	%		144,836	$	27.82	$	23.31	$	653,430		19	%		34	%		9.4	$	5,561,459	$	38.40
4th Quarter 2010		45		51	%		200,350	$	25.05	$	24.07	$	195,237		4	%		12	%		8.2	$	5,443,775	$	27.17
3rd Quarter 2010		29		39	%		132,033	$	27.10	$	25.79	$	172,909		5	%		16	%		8.2	$	6,089,555	$	46.12
2nd Quarter 2010		31		39	%		149,562	$	25.01	$	23.20	$	270,375		8	%		16	%		9.4	$	4,409,306	$	29.48

Total - 12 months		142		43	%		626,781	$	26.11	$	24.05	$	1,291,951		9	%		19	%		8.8	$	21,504,095	$	34.31

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 2011		54		59	%		194,749	$	32.53	$	30.70	$	356,299		6	%		18	%		5.2	$	75,700	$	0.39
4th Quarter 2010		43		49	%		289,883	$	22.74	$	20.75	$	577,459		10	%		18	%		6.3	$	253,194	$	0.87
3rd Quarter 2010		46		61	%		217,456	$	23.99	$	22.64	$	294,704		6	%		18	%		6.3	$	110,000	$	0.51
2nd Quarter 2010		49		61	%		158,005	$	30.09	$	29.90	$	30,723		1	%		11	%		5.8	$	22,500	$	0.14

Total - 12 months		192		57	%		860,093	$	26.62	$	25.16	$	1,259,185		6	%		17	%		5.9	$	461,394	$	0.54

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 2011		96		381,594	$	29.63		7.1	$	6,439,592	$	16.88
4th Quarter 2010		89		493,039	$	23.80		7.2	$	5,696,969	$	11.55
3rd Quarter 2010		77		395,649	$	24.44		7.3	$	8,891,735	$	22.47
2nd Quarter 2010		82		318,931	$	28.20		7.5	$	5,978,306	$	18.74

Total - 12 months		344		1,589,213	$	26.24		7.3	$	27,006,602	$	16.99

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.

Federal Realty Investment Trust

Lease Expirations

March 31, 2011

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)
2011		269,000		3	%	$	18.22		612,000		8	%	$	26.44		881,000		5	%	$	23.93
2012		1,051,000		11	%	$	13.42		1,188,000		16	%	$	29.75		2,239,000		13	%	$	22.09
2013		1,004,000		10	%	$	15.56		1,079,000		14	%	$	32.45		2,083,000		12	%	$	24.31
2014		1,396,000		14	%	$	15.88		917,000		12	%	$	32.56		2,313,000		13	%	$	22.49
2015		826,000		8	%	$	14.10		1,010,000		13	%	$	30.01		1,836,000		11	%	$	22.86
2016		750,000		8	%	$	17.59		931,000		12	%	$	29.67		1,681,000		10	%	$	24.28
2017		677,000		7	%	$	16.69		513,000		7	%	$	29.54		1,190,000		7	%	$	22.23
2018		657,000		7	%	$	11.68		316,000		4	%	$	37.72		973,000		6	%	$	20.14
2019		491,000		5	%	$	17.76		220,000		3	%	$	41.43		711,000		4	%	$	25.09
2020		384,000		4	%	$	21.05		362,000		5	%	$	32.78		746,000		4	%	$	26.74
Thereafter		2,213,000		23	%	$	15.80		479,000		6	%	$	40.62		2,692,000		15	%	$	20.21

Total (3)		9,718,000		100	%	$	15.68		7,627,000		100	%	$	31.71		17,345,000		100	%	$	22.73

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)
2011		47,000		0	%	$	13.11		440,000		6	%	$	26.76		487,000		3	%	$	25.44
2012		202,000		2	%	$	17.22		687,000		9	%	$	29.46		889,000		5	%	$	26.68
2013		172,000		2	%	$	15.64		532,000		7	%	$	33.58		704,000		4	%	$	29.19
2014		153,000		2	%	$	11.78		530,000		7	%	$	35.97		683,000		4	%	$	30.55
2015		109,000		1	%	$	20.24		523,000		7	%	$	31.65		632,000		4	%	$	29.68
2016		182,000		2	%	$	19.92		543,000		7	%	$	29.77		724,000		4	%	$	27.34
2017		152,000		2	%	$	25.08		559,000		7	%	$	31.37		712,000		4	%	$	29.98
2018		290,000		3	%	$	14.79		462,000		6	%	$	36.66		752,000		4	%	$	28.22
2019		423,000		4	%	$	16.43		351,000		5	%	$	31.81		774,000		5	%	$	23.41
2020		159,000		2	%	$	27.80		381,000		5	%	$	30.61		540,000		3	%	$	29.78
Thereafter		7,829,000		80	%	$	15.13		2,619,000		34	%	$	31.65		10,448,000		60	%	$	19.27

Total (3)		9,718,000		100	%	$	15.68		7,627,000		100	%	$	31.71		17,345,000		100	%	$	22.73

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, 2011.

(3)	Represents occupied square footage as of March 31, 2011.

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

Federal Realty Investment Trust

Portfolio Leased Statistics

March 31, 2011

Overall Portfolio Statistics (1)


	At March 31, 2011							At March 31, 2010
Type	Size		Leased		Leased %			Size		Leased		Leased %
Retail Properties (2) (sf)		18,604,000		17,455,000		93.8	%		18,155,000		17,092,000		94.1	%
Residential Properties (3) (units)		903		869		96.2	%		903		880		97.5	%

Same Center Statistics (1)

	At March 31, 2011							At March 31, 2010
Type	Size		Leased		Leased %			Size		Leased		Leased %
Retail Properties (2) (4) (sf)		16,798,000		15,841,000		94.3	%		16,800,000		15,925,000		94.8	%
Residential Properties (3) (units)		903		869		96.2	%		903		880		97.5	%

Notes:

(1)	See Glossary of Terms.

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

(3)	Includes Rollingwood, The Crest at Congressional and the residential rental units at Santana Row and Bethesda Row.

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

Federal Realty Investment Trust

Summary of Top 25 Tenants

March 31, 2011


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.	$	10,236,000			2.60	%		658,000			3.54	%		15
2	Ahold USA, Inc.	$	9,850,000			2.50	%		659,000			3.54	%		12
3	TJX Companies	$	8,230,000			2.09	%		595,000			3.20	%		17
4	Gap, Inc.	$	7,018,000			1.78	%		232,000			1.25	%		12
5	CVS Corporation	$	6,369,000			1.62	%		205,000			1.10	%		18
6	Safeway, Inc.	$	6,207,000			1.57	%		428,000			2.30	%		8
7	Barnes & Noble, Inc.	$	5,370,000			1.36	%		230,000			1.24	%		9
8	L.A. Fitness International LLC	$	4,283,000			1.09	%		222,000			1.19	%		5
9	DSW, Inc	$	3,738,000			0.95	%		150,000			0.81	%		6
10	Best Buy Stores, L.P.	$	3,504,000			0.89	%		99,000			0.53	%		3
11	Staples, Inc.	$	3,502,000			0.89	%		187,000			1.01	%		9
12	OPNET Technologies, Inc.	$	3,311,000			0.84	%		83,000			0.45	%		2
13	Supervalu Inc. (Acme/Sav-A-Lot/Star Mkt/Shoppers Food)	$	3,290,000			0.83	%		338,000			1.82	%		7
14	Ross Stores, Inc.	$	3,165,000			0.80	%		177,000			0.95	%		6
15	Bank of America, N.A.	$	3,122,000			0.79	%		68,000			0.37	%		20
16	Kohl’s Corporation	$	2,843,000			0.72	%		322,000			1.73	%		3
17	Home Depot, Inc.	$	2,832,000			0.72	%		335,000			1.80	%		4
18	Wells Fargo Bank, N.A. (includes Wachovia Corporation)	$	2,791,000			0.71	%		51,000			0.27	%		13
19	Wakefern Food Corporation	$	2,783,000			0.71	%		136,000			0.73	%		2
20	Michaels Stores, Inc.	$	2,642,000			0.67	%		201,000			1.08	%		8
21	Bally Total Fitness Corporation	$	2,618,000			0.66	%		156,000			0.84	%		5
22	Dress Barn, Inc.	$	2,560,000			0.65	%		110,000			0.59	%		15
23	Container Store, Inc.	$	2,544,000			0.65	%		52,000			0.28	%		2
24	A.C. Moore, Inc.	$	2,483,000			0.63	%		141,000			0.76	%		6
25	PETsMART, Inc.	$	2,418,000			0.61	%		130,000			0.70	%		5


	Totals - Top 25 Tenants	$	107,709,000			27.33	%		5,965,000			32.08	%		212


	Total: (1)	$	394,220,000	(2)					18,604,000	(3)					2,442

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, 2011.

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

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

Federal Realty Investment Trust

Reconciliation of Net Income to FFO Guidance

March 31, 2011


	2011 Guidance
	(Dollars in millions except per share amounts) (1)
Funds from Operations available for common shareholders (FFO)
Net income	$	128		$	132
Net income attributable to noncontrolling interests		(5	)		(5	)
Gain on sale of real estate		—			—
Depreciation and amortization of real estate & joint venture real estate assets		115			115
Amortization of initial direct costs of leases		9			9

Funds from operations		247			252
Dividends on preferred shares		(1	)		(1	)
Income attributable to operating partnership units		1			1
Income attributable to unvested shares		(1	)		(1	)

FFO	$	246		$	251


Weighted average number of common shares, diluted		62.4			62.4

FFO per diluted share	$	3.95		$	4.02

Notes:

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

Federal Realty Investment Trust

Summarized Income Statements and Balance Sheets - 30% Owned Joint Venture

March 31, 2011

CONSOLIDATED INCOME STATEMENTS


	Three months ended March 31,
	2011			2010
	(in thousands)
Revenues
Rental income	$	4,941		$	4,643
Other property income		27			12

		4,968			4,655
Expenses
Rental		1,317			1,355
Real estate taxes		439			607
Depreciation and amortization		1,278			1,268

		3,034			3,230

Operating income		1,934			1,425

Interest expense		(848	)		(852	)


Net income	$	1,086		$	573


CONSOLIDATED BALANCE SHEETS

	March 31, 2011			December 31, 2010
	(in thousands)
ASSETS

Real estate, at cost	$	206,122		$	205,849
Less accumulated depreciation and amortization		(25,527	)		(24,284	)

Net real estate		180,595			181,565

Cash and cash equivalents		3,208			3,054
Other assets		6,548			7,336

TOTAL ASSETS	$	190,351		$	191,955


LIABILITIES AND PARTNERS’ CAPITAL

Liabilities
Mortgages payable	$	57,533		$	57,584
Other liabilities		4,936			5,439

Total liabilities		62,469			63,023

Partners’ capital		127,882			128,932

TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	190,351		$	191,955

Federal Realty Investment Trust

Summary of Outstanding Debt and Debt Maturities - 30% Owned Joint Venture

March 31, 2011

OUTSTANDING DEBT


	Maturity	Stated Interest Rate as of March 31, 2011			Balance
					(in thousands)
Mortgage Loans
Secured Fixed Rate

Plaza del Mercado	07/05/14		5.77	% (a)	$	12,648
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				$	57,533

Debt Maturities

(in thousands)


Year	Scheduled Amortization		Maturities		Total		Percent of Debt Maturing			Cumulative Percent of Debt Maturing
2011	$	157	$	—	$	157		0.3	%		0.3	%
2012		220		—		220		0.4	%		0.7	%
2013		233		—		233		0.4	%		1.1	%
2014		142		22,396		22,538		39.2	%		40.3	%
2015		—		—		—		0.0	%		40.3	%
2016		—		34,385		34,385		59.7	%		100.0	%

Total	$	752	$	56,781	$	57,533		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%.

Federal Realty Investment Trust

Real Estate Status Report - 30% Owned Joint Venture

March 31, 2011


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		34,284	$	20,785		100,000		88	%		46,000	Harris Teeter	Bank of America
Free State Shopping Center	Washington, DC-MD-VA		2007		66,040				279,000		85	%		73,000	Giant Food	TJ Maxx / Ross Dress For Less / Office Depot
Plaza del Mercado	Washington, DC-MD-VA		2004		21,499		12,648		96,000		93	%		25,000	Giant Food	CVS

	Total Washington Metropolitan Area				121,823				475,000		87	%

New York / New Jersey
Greenlawn Plaza	Nassau-Suffolk, NY		2006		20,268		13,600		106,000		97	%		46,000	Waldbaum’s	Tuesday Morning

	Total New York / New Jersey				20,268				106,000		97	%

New England
Atlantic Plaza	Boston-Worcester-Lawrence-Lowell- Brockton, MA		2004		18,528		10,500		124,000		87	%		64,000	Stop & Shop	Sears
Campus Plaza	Boston-Worcester-Lawrence-Lowell- Brockton, MA		2004		22,318				117,000		97	%		46,000	Roche Brothers	Burlington Coat Factory
Pleasant Shops	Boston-Worcester-Lawrence-Lowell- Brockton, MA		2004		23,185				129,000		94	%		38,000	Foodmaster	Marshalls

	Total New England				64,031				370,000		93	%


Grand Totals				$	206,122	$	57,533		951,000		91	%

Note:

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

Glossary of Terms

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP measure that means net income or loss 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 to EBITDA and Adjusted EBITDA for the three months ended March 31, 2011 and 2010 is as follows:


	Three Months Ended March 31,
	2011			2010
	(in thousands)
Net income	$	32,384		$	30,554
Depreciation and amortization		30,569			28,932
Interest expense		25,044			25,962
Early extinguishment of debt		(296	)		2,801
Other interest income		(15	)		(182	)

EBITDA		87,686			88,067
Gain on sale of real estate		—			—

Adjusted EBITDA	$	87,686		$	88,067

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.

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