EX-99.1 3 dex991.txt EXHIBIT 99.1 Exhibit 99.1 NOTICE OF FULL REDEMPTION To the Holders of FEDERAL REALTY INVESTMENT TRUST 5-1/4% Convertible Subordinated Debentures due 2003 ISIN NUMBER XS0046430541 NOTICE IS HEREBY GIVEN pursuant to the terms of the Fiscal Agency Agreement, dated as of October 28, 1993, between Citibank, N.A (the "Fiscal Agent") and Federal Realty Investment Trust (the "Issuer"), under which the above-described 5-1/4% Convertible Subordinated Debentures due 2003 (the "Debentures") were issued, that the Issuer has elected to redeem all of the outstanding Debentures on June 23, 2003 (the "Redemption Date") at a redemption price of 100% of the principal amount thereof, together with accrued and unpaid interest from April 28, 2003 through the Redemption Date (the "Redemption Price"). The Redemption Price will become due and payable upon each Debenture on the Redemption Date. Interest on the Debentures will cease to accrue on and after the Redemption Date. Payment of the Redemption Price on each Debenture will be made on and after the Redemption Date UPON PRESENTATION AND SURRENDER of the Debentures together will all coupons maturing after April 28, 2003 to: Citibank, N.A. Citibank N.A Dexia Banque Internationale a 111 Wall Street-15th Floor PO Box 18055 Luxembourg New York, New York 10043 5 Carmelite Street 69 Route d'Esch Attention: Agency & Trust London EC4Y 0PA L-2953 Luxembourg CONVERSION RIGHTS The Debentures are convertible into common shares of beneficial interest of the Issuer, par value $.01 per share, at a conversion rate of 27.7778 shares per US$1,000 principal amount of Debentures, which is equivalent to a conversion price of US$36.00 per share. The conversion right will expire on the Redemption Date. Citibank, N.A., as Fiscal Agent May 23, 2003