Exhibit 99.1

EX-99.1 2 dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION

December 31, 2007

TABLE OF CONTENTS


1.	Fourth Quarter 2007 Earnings Press Release	3

2.	Financial Highlights
	Summarized Income Statements	8
	Summarized Balance Sheets	9
	Funds From Operations / Summary of Capital Expenditures	10
	Market Data	11
	Components of Rental Income	12

3.	Summary of Debt
	Summary of Outstanding Debt and Capital Lease Obligations	13
	Summary of Debt Maturities	14

4.	Summary of Redevelopment Opportunities	15

5.	2007 Significant Acquisitions and Dispositions	16

6.	Real Estate Status Report	17

7.	Retail Leasing Summary	19

8.	Lease Expirations	20

9.	Portfolio Leased Statistics	21

10.	Summary of Top 25 Tenants	22

11.	Reconciliation of Net Income to FFO Guidance	23

12.	Joint Venture Disclosure
	Summarized Income Statements and Balance Sheets	25
	Summary of Outstanding Debt and Debt Maturities	26
	Current Year Acquisitions and Dispositions	27
	Real Estate Status Report	28

13.	Glossary of Terms	29

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 March 1, 2007, and include the following:

•

risks that our tenants will not pay rent 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 redevelopments or renovations 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 partnership;

•

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 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 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 March 1, 2007.

LOGO

FOR IMMEDIATE RELEASE


Investor and Media Inquiries
Andrew Blocher		Vikki Kayne
Senior Vice President,		Vice President,
Capital Markets & Investor Relations		Marketing and Corporate Communications
301/998-8166		301/998-8178
ablocher@federalrealty.com		vkayne@federalrealty.com

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FOURTH QUARTER AND YEAR-END 2007 OPERATING RESULTS

ROCKVILLE, Md. (February 12, 2008) – Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its fourth quarter and year-ended December 31, 2007.

•

Funds from operations available for common shareholders (FFO) per diluted share was $0.92 and earnings per diluted share was $2.14 for fourth quarter 2007, compared to $0.86 (excluding the $0.09 per diluted share non-cash preferred share redemption charge in fourth quarter 2006) and $0.32, respectively, for fourth quarter 2006.

•

For year-end 2007, FFO per diluted share was $3.63 and earnings per diluted share were $3.45, compared to $3.35 (excluding the $0.09 per diluted share preferred share redemption charge) and $1.92, respectively, for 2006.

•

Same-center property operating income for fourth quarter 2007 increased 4.9% including redevelopments and expansions, and 4.2% excluding redevelopments and expansions, over fourth quarter 2006.

•

Rent increases on lease rollovers of comparable retail space for fourth quarter 2007 were 22% on a cash-basis and 31% on a GAAP-basis.

•

Guidance for 2008 FFO per diluted share remains unchanged at $3.89 to $3.94.

Financial Results

In fourth quarter 2007, Federal Realty generated FFO of $52.8 million, or $0.92 per diluted share. This compares to FFO of $48.0 million, or $0.86 per diluted share (excluding $4.8 million, or $0.09 per diluted share preferred share redemption charge), in fourth quarter 2006. For the year ended December 31, 2007, Federal Realty generated FFO of $206.8 million, or $3.63 per diluted share. This compares to FFO of $181.9 million, or $3.35 per diluted share (excluding the preferred share redemption charge), in 2006.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND

YEAR-END 2007 OPERATING RESULTS

February 12, 2008

Page 2

Net income available for common shareholders was $122.0 million and earnings per diluted share was $2.14 for the quarter ended December 31, 2007 versus $17.8 million and $0.32, respectively, for fourth quarter 2006. For the full year 2007, Federal Realty reported net income available for common shareholders of $195.1 million, or $3.45 per diluted share. This compares to net income available for common shareholders of $103.5 million, or $1.92 per diluted share, for the year ended December 31, 2006. The increases in net income available for common shareholders include an increase in gain on sale of real estate of $95.7 million ($1.68 per diluted share) for the quarter ended December 31, 2007 over the quarter ended December 31, 2006, and $70.8 million ($1.23 per diluted share) for the full year of 2007 over 2006.

FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. A reconciliation of FFO and FFO per diluted share to net income is attached to this press release.

Portfolio Results

In fourth quarter 2007, same-center property operating income, including redevelopment and expansion properties, increased 4.9% over fourth quarter 2006. When redevelopment and expansion properties are excluded from same-center results, property operating income for fourth quarter 2007 increased 4.2% compared to fourth quarter 2006. On an annual basis, same-center property operating income in 2007 increased 4.9% including redevelopments and expansions, and 3.5% excluding redevelopments and expansions.

The Trust’s overall portfolio was 96.7% leased as of December 31, 2007, compared to 96.5% on December 31, 2006. Federal Realty’s same-center portfolio was 96.7% leased on December 31, 2007, compared to 96.8% on December 31, 2006.

During fourth quarter 2007, the Trust signed 93 leases for 483,000 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), the Trust leased 472,000 square feet at an average cash-basis contractual rent increase per square foot (i.e., excluding the impact of straight-line rents) of 22%. The average contractual rent on this comparable space for the first year of the new lease is $19.65 per square foot compared to the average contractual rent of $16.04 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 the 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 31% for fourth quarter 2007.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND

YEAR-END 2007 OPERATING RESULTS

February 12, 2008

Page 3

For all of 2007, Federal Realty signed 312 leases representing 1.6 million square feet of comparable retail space at an average cash-basis contractual rent increase per square foot of 20%, and 30% on a GAAP-basis. The average cash-basis contractual rent on this comparable space for the first year of the new lease is $24.21 per square foot compared to the average cash-basis contractual rent of $20.24 per square foot for the last year of the prior lease. As of December 31, 2007, Federal Realty’s average contractual minimum rent for retail and commercial space in its portfolio is $20.42 per square foot.

“Federal Realty’s business strategy delivered another year of strong results in 2007 with significant contributions from leasing, development, acquisitions and improved operations,” commented Donald C. Wood, president and chief executive officer of Federal Realty Investment Trust. “Our high-quality portfolio of assets, low-risk operating strategy, and the strength of our balance sheet, including significant credit facility capacity, positions us to perform well in an uncertain economic environment.”

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. 61 per share on its common shares, resulting in an indicated annual rate of $2.44 per share. The regular common dividend will be payable on April 15, 2008 to common shareholders of record as of March 19, 2008.

Guidance

Federal Realty left its guidance for 2008 FFO per diluted share unchanged at a range of $3.89 to $3.94, and revised its 2008 earnings per diluted share guidance to a range of $2.08 to $2.13.

Summary of Other Quarterly Activities and Recent Developments

•

December 21, 2007 – Announced the pricing of a public offering of 2,000,000 common shares of beneficial interest at a price to the public of $81.21 per share, for net proceeds of approximately $162 million after deducting estimated offering expenses. Net proceeds from the offering will be used for general corporate purposes. The offering closed on December 27, 2007.

•

November 9, 2007 – The Company entered into a new $200 million unsecured term loan facility. The new facility has a one-year term with one one-year extension option and bears interest at LIBOR plus 57.5 basis points, based on the Company’s current credit ratings.

•

October 31, 2007 – Acquired the fee interest in Mid-Pike Plaza in Rockville, Maryland, and Huntington Shopping Center in Huntington, New York in exchange for leasehold interests of six

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND

YEAR-END 2007 OPERATING RESULTS

February 12, 2008

Page 4

retail properties in New Jersey (Allwood, Blue Star, Brunswick, Clifton, Hamilton and Rutgers Shopping Centers) via a Section 1031 tax-deferred exchange and $17.2 million of cash. Due to Mid-Pike Plaza’s proximity to Metrorail, the Montgomery County conference center and the desirable, in-fill nature of the site at the intersections of Rockville Pike, the new Montrose Parkway and Old Georgetown Road, the Trust anticipates seeking to entitle the approximately 20 acre site for high-density, mixed-use development, consistent with Montgomery County’s Smart Growth initiatives. The fully leased Huntington Shopping Center boasts strong household incomes and population density, consistent with Federal Realty’s sector leading demographics, and strong projected NOI growth over the next several years.

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of the Trust’s operating performance on its fourth quarter and year-end 2007 earnings conference call, which is scheduled for February 13, 2008, at 11 a.m. Eastern Standard Time. To participate, please call (866) 314-5232 five to ten minutes prior to the call’s start time and use the Passcode FRT EARNINGS (required). The conference leader is Andrew Blocher. Federal Realty will also provide an online Web Simulcast 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 March 13, 2008, by dialing (888) 286-8010 and using the Passcode 29366920.

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 18.2 million square feet located primarily in strategic 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 96.7% leased to national, regional, and local retailers as of December 31, 2007, with no single tenant accounting for more than approximately 2.5% 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 40 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.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND

YEAR-END 2007 OPERATING RESULTS

February 12, 2008

Page 5

Safe Harbor Language

Certain matters discussed within this press release 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 March 1, 2007 and include the following:

•

risks that our tenants will not pay rent 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 partnership;

•

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

•

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be 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 carefully review the risks and risk factors included in our Annual Report on Form 10-K filed March 1, 2007.

Federal Realty Investment Trust

Summarized Income Statements

December 31, 2007


	Three months ended December 31,						Year ended December 31,
	2007			2006			2007			2006
	(in thousands, except per share data)
	(unaudited)
Revenue
Rental income	$	122,936		$	109,667		$	468,498		$	414,979
Other property income		3,284			1,974			12,834			7,461
Mortgage interest income		1,174			1,317			4,560			5,095

Total revenue		127,394			112,958			485,892			427,535

Expenses
Rental		26,741			24,232			100,389			84,763
Real estate taxes		13,293			10,798			47,234			41,198
General and administrative		7,304			5,593			25,575			21,340
Depreciation and amortization		26,226			24,292			101,675			92,793

Total operating expenses		73,564			64,915			274,873			240,094

Operating income		53,830			48,043			211,019			187,441

Other interest income		298			331			921			2,042
Interest expense		(27,118	)		(25,545	)		(111,365	)		(95,234	)
Income from real estate partnership		275			122			1,395			656

Income from continuing operations before minority interests		27,285			22,951			101,970			94,905
Minority interests		(1,281	)		(870	)		(5,590	)		(4,353	)

Income from continuing operations		26,004			22,081			96,380			90,552
Discontinued operations
Discontinued Operations - Income		345			2,270			4,389			4,204
Discontinued Operations - Gain on sale of real estate		95,819			90			94,768			16,515

Results from discontinued operations		96,164			2,360			99,157			20,719

Income before gain on sale of real estate		122,168			24,441			195,537			111,271
Gain on sale of real estate		—			—			—			7,441

Net income		122,168			24,441			195,537			118,712

Dividends on preferred stock		(135	)		(1,817	)		(442	)		(10,423	)
Preferred stock redemption costs		—			(4,775	)		—			(4,775	)

Net income available for common shareholders	$	122,033		$	17,849		$	195,095		$	103,514

EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.46		$	0.28		$	1.71		$	1.41
Discontinued operations		1.70			0.04			1.77			0.39
Gain on sale of real estate		—			—			—			0.14

	$	2.16		$	0.32		$	3.48		$	1.94

Weighted average number of common shares, basic		56,526			55,092			56,108			53,469

EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.45		$	0.28		$	1.70		$	1.40
Discontinued operations		1.69			0.04			1.75			0.38
Gain on sale of real estate		—			—			—			0.14

	$	2.14		$	0.32		$	3.45		$	1.92

Weighted average number of common shares, diluted		56,955			55,576			56,543			53,962

Federal Realty Investment Trust

Summarized Balance Sheets

December 31, 2007


	December 31,
	2007			2006
	(in thousands)
	(unaudited)
ASSETS

Real estate, at cost
Operating	$	3,304,922		$	2,931,391
Construction-in-progress		147,925			99,774
Assets held for sale (discontinued operations)		—			173,093

		3,452,847			3,204,258
Less accumulated depreciation and amortization		(756,703	)		(740,507	)

Net real estate		2,696,144			2,463,751

Cash and cash equivalents		50,691			11,495
Accounts and notes receivable		61,108			47,493
Mortgage notes receivable		40,638			40,756
Investment in real estate partnership		29,646			10,322
Prepaid expenses and other assets		111,070			114,789

TOTAL ASSETS	$	2,989,297		$	2,688,606


LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities
Mortgages payable and capital lease obligations	$	450,084		$	406,153
Notes payable		210,820			109,024
Senior notes and debentures		977,556			1,127,508
Capital lease obligations of assets held for sale		—			54,245
Accounts payable and other liabilities		204,387			185,407

Total liabilities		1,842,847			1,882,337

Minority interests		31,818			22,191

Shareholders’ equity
Preferred stock		9,997			—
Common shares and other shareholders’ equity		1,104,635			784,078

Total shareholders’ equity		1,114,632			784,078

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,989,297		$	2,688,606

Federal Realty Investment Trust

Funds From Operations / Summary of Capital Expenditures

December 31, 2007


	Three months ended December 31,						Year ended December 31,
	2007			2006			2007			2006
	(in thousands, except per share data)						(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income		122,168			24,441			195,537			118,712
Gain on sale of real estate		(95,819	)		(90	)		(94,768	)		(23,956	)
Depreciation and amortization of real estate assets		23,656			23,196			95,565			88,649
Amortization of initial direct costs of leases		2,361			2,013			8,473			7,390
Depreciation of real estate partnership assets		326			214			1,241			768

Funds from operations		52,692			49,774			206,048			191,563
Dividends on preferred stock		(135	)		(1,817	)		(442	)		(10,423	)
Income attributable to operating partnership units		232			88			1,156			748
Preferred stock redemption costs		—			(4,775	)		—			(4,775	)

FFO	$	52,789		$	43,270		$	206,762		$	177,113

FFO per diluted share	$	0.92		$	0.77		$	3.63		$	3.26
Preferred stock redemption costs per diluted share		—			0.09			—			0.09

FFO per diluted share before preferred stock redemption costs	$	0.92		$	0.86		$	3.63		$	3.35

Weighted average number of common shares, diluted		57,336			55,941			56,999			54,351



Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions	$	27,009		$	35,746		$	102,929		$	97,939
Tenant improvements and incentives		3,048			3,447		$	17,855			14,618

Total non-maintenance capital expenditures		30,057			39,193			120,784			112,557
Maintenance capital expenditures		4,667			3,735		$	11,054			7,319

Total capital expenditures	$	34,724		$	42,928		$	131,838		$	119,876



Dividends and Payout Ratios
Regular common dividends declared	$	35,774		$	31,809		$	135,102		$	122,459
Special common dividends declared (2)		—			—			—			10,606

Common dividends declared	$	35,774		$	31,809		$	135,102		$	133,065

Dividend payout ratio as a percentage of FFO (excluding special dividends) (2)		68	%		74	%		65	%		69	%
Dividend payout ratio as a percentage of FFO (excluding special dividends and preferred redemption costs) (2) (3)		68	%		66	%		65	%		67	%

Notes:

(1)	See Glossary of Terms.

(2)	The sale of condominiums at Santana Row resulted in special dividends in the first quarter of 2006.

(3)	In the fourth quarter of 2006, the Trust redeemed its Series B Preferred Shares and incurred a charge of $4.8 million in preferred stock redemption costs.

Federal Realty Investment Trust

Market Data

December 31, 2007


	December 31,
	2007			2006
	(in thousands, except per share data)
Market data
Common shares outstanding (1)		58,646			55,321
Market price per common share	$	82.15		$	85.00

Common equity market capitalization	$	4,817,769		$	4,702,285

Series 1 preferred shares outstanding (2)		400			—
Liquidation price per Series 1 preferred share	$	25.00		$	—

Series 1 preferred equity market capitalization	$	10,000		$	—

Equity market capitalization	$	4,827,769		$	4,702,285
Total debt (3)		1,638,460			1,696,930

Total market capitalization	$	6,466,229		$	6,399,215

Total debt to market capitalization at then current market price		25	%		27	%

Total debt to market capitalization at constant common share price of $85.00		25	%		27	%

Fixed rate debt ratio:
Fixed rate debt and capital lease obligations		87	%		94	%
Variable rate debt		13	%		6	%

		100	%		100	%

Notes:

(1)

Consists of 60,133,270 shares issued net of 1,487,605 shares held in Treasury as of December 31, 2007. As of December 31, 2006, consists of 56,805,816 shares issued net of 1,485,279 shares held in Treasury. Amounts do not include 380,938 and 377,210 Operating Partnership Units outstanding at December 31, 2007 and 2006, 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 the $24.5 million which is the Trust’s 30% share of the total $81.5 million debt of the partnership with Clarion Lion Properties Fund.

Federal Realty Investment Trust

Components of Rental Income

December 31, 2007


	Three months ended December 31,				Year ended December 31,
	2007		2006		2007		2006
	(in thousands)				(in thousands)
Minimum rents
Retail and commercial properties (1)	$	89,721	$	81,188	$	347,938	$	311,631
Residential (2)		4,035		3,632		15,312		12,805
Cost reimbursements		24,416		20,655		91,482		77,659
Percentage rents		3,192		2,427		7,884		6,921
Other rental income		1,572		1,765		5,882		5,963

Total rental income	$	122,936	$	109,667	$	468,498	$	414,979

Notes:

(1)

Minimum rents include $2.0 million and $1.0 million for the three months ended December 31, 2007 and 2006, respectively, and $8.2 million and $5.7 million for the year ended December 31, 2007 and 2006, respectively, to recognize minimum rents on a straight-line basis as required by GAAP. In addition, minimum rents include $0.7 million and $0.9 million for the three months ended December 31, 2007 and 2006, respectively, and $2.9 million and $2.5 million for the year ended December 31, 2007 and 2006, respectively, to recognize income from the amortization of in-place leases in accordance with SFAS 141.

(2)	Residential minimum rents consist of the entire rental amounts at Rollingwood Apartments, the Crest at Congressional Apartments and the residential units at Santana Row.

Federal Realty Investment Trust

Summary of Outstanding Debt and Capital Lease Obligations

December 31, 2007


	Maturity date	Stated interest rate as of December 31, 2007		Balance as of December 31, 2007					Weighted average effective rate at December 31, 2007 (i)
				(in thousands)
Mortgage loans (a)
Secured fixed rate
Leesburg Plaza	10/01/08	6.510	%	$	9,631
164 E Houston Street	10/06/08	7.500	%		46
White Marsh Other	12/31/08	6.060	%		1,149
Mercer Mall	04/01/09	8.375	%		4,441
Federal Plaza	06/01/11	6.750	%		33,675
Tysons Station	09/01/11	7.400	%		6,217
White Marsh Plaza	04/01/13	6.040	%(b)		10,350
Crow Canyon	08/11/13	5.400	%		21,588
Melville Mall	09/01/14	5.250	%(c)		25,095
THE AVENUE at White Marsh	01/01/15	5.460	%		61,035
Barracks Road	11/01/15	7.950	%		41,988
Hauppauge	11/01/15	7.950	%		15,828
Lawrence Park	11/01/15	7.950	%		29,761
Wildwood	11/01/15	7.950	%		26,159
Wynnewood	11/01/15	7.950	%		30,330
Brick Plaza	11/01/15	7.415	%		31,128
Shoppers’ World	01/31/21	5.910	%		5,980
Mount Vernon	04/15/28	5.660	%(d)		11,962
Chelsea	01/15/31	5.360	%		8,240

Subtotal					374,603
Net unamortized discount					(628	)

Total mortgage loans					373,975				6.90	%

Notes payable
Unsecured fixed rate
Perring Plaza renovation	01/31/13	10.000	%		1,420
Unsecured variable rate
Term note	11/06/08	LIBOR + .575	%(e)		200,000
Revolving credit facility	07/27/10	LIBOR + .425	%(f)		—
Escondido (municipal bonds)	10/01/16	3.474	%(g)		9,400

Total notes payable					210,820

Senior notes and debentures
Unsecured fixed rate
8.75% notes	12/01/09	8.750	%		175,000
4.50% notes	02/15/11	4.500	%		75,000
6.00% notes	07/15/12	6.000	%		175,000
5.40% notes	12/01/13	5.400	%		135,000
5.65% notes	06/01/16	5.650	%		125,000
6.20% notes	01/15/17	6.200	%		200,000
7.48% debentures	08/15/26	7.480	%(h)		50,000
6.82% medium term notes	08/01/27	6.820	%		40,000

Subtotal					975,000
Net unamortized premium					2,556

Total senior notes and debentures					977,556				6.44	%

Capital lease obligations

Various	Various thru 2106	Various			76,109				7.44	%

Total debt and capital lease obligations				$	1,638,460



Total fixed rate debt and capital lease obligations				$	1,429,060		87	%	6.62	%
Total variable rate debt					209,400		13	%	5.97	%

TOTAL DEBT AND CAPITAL LEASES OBLIGATIONS				$	1,638,460		100	%	6.54	%

Three months ended

Year ended

December 31,

2007

2006

2006 (k)

2007

2006

2006 (k)

Operational Statistics

Ratio of EBITDA to combined fixed charges and preferred share dividends (j)

5.84x

2.11x

2.42x

3.26x

2.55x

2.65x

Ratio of adjusted EBITDA to combined fixed charges and preferred share dividends (j)

2.66x

2.11x

2.43x

2.52x

2.36x

2.45x

Notes:

(a)	Mortgage loans do not include the Trust’s 30% share ($24.5 million) of the $81.5 million debt of the partnership with Clarion Lion Properties Fund.

(b)	The stated interest rate represents the weighted average interest rate for two mortgage loans secured by this property. The loan balance represents an interest-only note of $4.35 million at a stated rate of 6.18% and the remaining balance at a stated rate of 5.96%.

(c)

The Trust acquired control of Melville Mall through a 20 year master lease and secondary financing. Because the Trust controls this property and retains 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 a legal obligation of the Trust.

(d)	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.

(e)	The Trust entered into this term note on November 9, 2007. The weighted average effective rate, before amortization of debt fees, was 5.3% from November 9, 2007 through December 31, 2007. This term note is subject to a one-year extension at our option.

(f)	The weighted average effective rate, before amortization of debt fees, was 5.4% and 5.6% for the three months and year ended December 31, 2007, respectively. This credit facility is subject to a one-year extension at our option.

(g)	The bonds bear interest at a variable rate determined weekly which would enable the bonds to be remarketed at 100% of their principal amount.

(h)	On August 15, 2008, the debentures are redeemable by the holders thereof at the original purchase price of $1,000 per debenture.

(i)	The weighted average effective interest rate includes the amortization of any deferred financing fees, discounts and premiums, if applicable, and excludes performance-based rent on capital lease obligations.

(j)

Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount or premium and expense and the portion of rent expense representing an interest factor. EBITDA includes $95.8 and $94.8 million in gain on sale for the three months and year ended December 31, 2007, respectively, and $0.1 million and $24.0 million in gain on sale for the three months and year ended December 31, 2006, respectively. Adjusted EBITDA is reconciled to net income in the Glossary of Terms.

(k)	Adjusted to exclude the preferred share redemption charges incurred in November 2006 from preferred share dividends.

Federal Realty Investment Trust

Summary of Debt Maturities

December 31, 2007

DEBT MATURITIES

(in thousands)


Year	Scheduled Amortization		Maturities		Total			Percent of Debt Maturing		Cumulative Percent of Debt Maturing
2008	$	7,509	$	210,651	$	218,160	(1)	13.4	%	13.4	%
2009		8,349		179,349		187,698		11.5	%	24.9	%
2010		8,924		—		8,924	(2)	0.5	%	25.4	%
2011		9,096		112,252		121,348		7.4	%	32.8	%
2012		9,296		175,000		184,296		11.3	%	44.1	%
2013		9,202		163,045		172,247		10.5	%	54.6	%
2014		9,164		20,127		29,291		1.8	%	56.4	%
2015		6,924		198,391		205,315		12.5	%	68.9	%
2016		2,976		134,400		137,376		8.4	%	77.3	%
2017		3,184		200,000		203,184		12.4	%	89.7	%
Thereafter		75,017		93,676		168,693		10.3	%	100.0	%

Total	$	149,641	$	1,486,891	$	1,636,532	(3)	100.0	%

Notes:

(1)	The Trust’s $200 million term note is subject to a one-year extension at our option.

(2)	The Trust’s $300 million four-year revolving credit facility is subject to a one-year extension at our option. As of December 31, 2007, there is $0 drawn under this credit facility.

(3)	The total debt maturities differs from the total reported on the consolidated balance sheet due to the unamortized discount or premium on certain senior notes, debentures and mortgage payables.

Federal Realty Investment Trust

Summary of Redevelopment Opportunities

December 31, 2007

Current Redevelopment Opportunities (1) ($ millions)


Property	Location	Opportunity	Projected ROI (2)		Projected Cost (1)		Cost to Date
*Projects Stabilized in 2007 (3)*

Rockville Town Square	Rockville, MD	Ground floor retail as part of urban mixed-use development (by others)	14	%	$	42	$	36
Mercer Mall	Lawrenceville, NJ	Demolish, redevelop, and re-tenant.	11	%	$	23	$	21
Willow Lawn	Richmond, VA	Anchor re-tenanting, small shop demolition, façade renovation, and site improvements	10	%	$	19	$	18
Loehmann’s Plaza	Falls Church, VA	Grocer expansion, anchor relocation, façade renovation and site improvements	14	%	$	12	$	10
Village of Shirlington - Phase II	Arlington, VA	Ground floor retail and parking garage as part of urban mixed-use development (by others)	12	%	$	8	$	8
Leesburg Plaza - Pads	Leesburg, VA	Two new retail buildings and a bank pad site will be added	13	%	$	5	$	3

*Subtotal: Projects Anticipated to Stabilize in 2007 (3) (4)*			12	%	$	109	$	96


*Projects Anticipated to Stabilize in 2008 (3)*

Arlington East	Bethesda, MD	Ground floor retail, four levels of residential units above retail, two levels of below grade parking	9	%	$	79	$	58
Hollywood Galaxy Building	Hollywood, CA	Re-tenanting three level entertainment center and converting project into urban neighborhood community center	12	%	$	16	$	12
Eastgate	Chapel Hill, NC	Center redevelopment including new grocery anchor, façade renovation and site improvements.	10	%	$	9	$	4

*Subtotal: Projects Anticipated to Stabilize in 2008 (3) (4)*			10	%	$	104	$	74


*Projects Anticipated to Stabilize in 2009 (3) (5)*

Santana Row	San Jose. CA	5-story building with 15,000 square feet of ground level retail and 60,000 square feet of office space.	9	%	$	42	$	1
Village of Shirlington - Phase III & IV	Arlington, VA	Ground lease to hotel operator and ground floor retail as part of office building development (by others)	16	%	$	7	$	<1
Houston Street	San Antonio, TX	Construction of a new building with ground level leased to Walgreen’s pharmacy and office above.	10	%	$	6	$	1

*Subtotal: Projects Anticipated to Stabilize in 2009 (3) (4) (5)*			10	%	$	55	$	2

*Total: Projects Anticipated to Stabilize in 2007, 2008 and 2009 (3) (4)*			11	%	$	268	$	172


Potential future redevelopment pipeline includes (6):

Property	Location	Opportunity
Assembly Square	Somerville, MA	Potential substantial transit oriented mixed-use development
Bala Cynwyd	Bala Cynwyd, PA	Redevelopment of nine acres of land for a transit oriented mixed-use project or retail center
Bethesda Row	Bethesda, MD	Anchor re-tenanting and modifications of recently acquired building on Hampden Lane
Courthouse Center	Rockville, MD	Center redevelopment adjacent to Rockville Town Square
Flourtown	Flourtown, PA	Anchor re-tenanting, small shop demolition, new retail building, façade renovation, and site improvements.
Hollywood Peterson Building	Hollywood, CA	Co-terminus leases create potential for property redevelopment and expansion.
Linden Square	Wellesley, MA	Additional phases of infill redevelopment
Mercer Mall	Lawrenceville, NJ	Construction of new bank pad on outparcel.
Mid-Pike Plaza	Rockville, MD	Co-terminus leases create potential for retail redevelopment or transit oriented mixed-use development
Pike 7	Vienna, VA	Co-terminus leases create potential for retail redevelopment or mixed-use development
Santana Row	San Jose, CA	Future phases of mixed-use development
Westgate	San Jose, CA	Center redevelopment

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 reflects only the deal specific cash, unleveraged Incremental Property Operating Income (POI) generated by the redevelopment and is calculated as Incremental POI divided by cost. Incremental POI is the POI generated by the redevelopment after deducting rent being 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. ROI for Mercer Mall (property acquired on the basis of redevelopment potential) is calculated as the increase in POI between acquisition and stabilization divided by the increase in cost basis between acquisition and stabilization.

(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.

(5)	Excludes $55 million of development capital at Linden Square, anticipated at acquisition of this in-process development.

(6)	These future redevelopment opportunities are being explored by the Trust. There is no guaranty that the Trust will ultimately pursue or complete any or all of these opportunities.

Federal Realty Investment Trust

2007 Significant Acquisitions and Dispositions

Through December 31, 2007

Federal Realty Investment Trust Acquisitions

Date

Property

City / State

GLA

Purchase
price

Anchor tenants

(in millions)

February 28, 2007

Crow Canyon Crest

San Ramon, CA

17,000

10.9

March 8, 2007

White Marsh Portfolio:

White Marsh, MD

189.4

(1)

Loews Theatre, Barnes & Noble, A.C. Moore, Old Navy, Staples, Giant Food

THE AVENUE at White Marsh

296,000

White Marsh Plaza

79,000

The Shoppes at Nottingham Square

186,000

White Marsh Other

53,000

May 30, 2007

Shoppers’ World

Charlottesville, VA

169,000

27.2

Whole Foods, Advance Auto, Staples

October 26, 2007

Mid-Pike Plaza

Rockville, MD

—

45.2

(2)

Linens ‘n Things, Toys R Us, Bally’s, AC Moore, Filene’s Basement

October 26, 2007

Huntington Shopping Center

Huntington, NY

—

37.7

(2)

Buy Buy Baby, Toys R Us, Bed, Bath & Beyond, Barnes & Noble

Total

800,000

310.4

Federal Realty Investment Trust Dispositions


Date	Property	City / State	GLA	Sales price
				(in millions)
April 5, 2007	Bath Shopping Center	Bath, ME	101,000	$	21.8
June 20, 2007	Key Road Plaza	Keene, NH	76,000		15.3
June 20, 2007	Riverside Plaza	Keene, NH	218,000		25.9
October 11, 2007	Forest Hills Shopping Center	Forest Hills, NY	39,500		33.2
October 26, 2007	New Jersey Leasehold Interests:				65.7	(2)
	Allwood Shopping Center	Clifton, NJ	50,000
	Blue Star Shopping Center	Watchung, NJ	410,000
	Brunswick Shopping Center	North Brunswick, NJ	303,000
	Clifton Shopping Center	Clifton, NJ	80,000
	Hamilton Shopping Center	Hamilton, NJ	190,000
	Rutgers Shopping Center	Franklin, NJ	267,000

	Total		1,734,500	$	161.9

Notes:

(1)

The acquisition also included ground leases covering approximately 50,000 square feet of office space and a hotel, which are not included in the GLA. The White Marsh portfolio was purchased using a combination of common and convertible preferred stock, down REIT units, and the assumption of fixed rate debt through a merger with Nottingham Properties, Inc.

(2)

On October 26, 2007, we completed an exchange transaction whereby we sold our leasehold interest in six properties and acquired the fee interest in Mid-Pike Plaza and Huntington Shopping Center. The transaction was completed as a 1031 tax-deferred exchange and a cash payment of $17.2 million. All eight properties were previously encumbered by capital lease obligations which were extinguished as part of the transaction. Prior to this transaction, the square footage for Mid-Pike Plaza and Huntington Shopping Center was already included in our overall portfolio square footage.

Federal Realty Investment Trust

Real Estate Status Report

December 31, 2007


Property Name		MSA Description	Year Acquired	Real Estate at Cost		Mortgage or Capital Lease Obligation (1)		GLA (2)	% Leased		% Occupied (3)		Average Rent PSF (4)		Grocery Anchor GLA (5)	Grocery Anchor (5)	Other Principal Tenants
				(in thousands)		(in thousands)
East Region

Washington Metropolitan Area
Bethesda Row	(6)	Washington, DC- MD-VA	1993-2006	$	151,892	$	12,576	477,000	92	%	90	%	$	37.08	40,000	Giant Food	Barnes & Noble / Landmark Theater
Congressional Plaza	(7)	Washington, DC- MD-VA	1965		68,203			338,000	91	%	91	%		29.04	28,000	Whole Foods	Buy Buy Baby / Container Store
Courthouse Center	(8)	Washington, DC- MD-VA	1997		4,349			37,000	81	%	81	%		18.65
Falls Plaza/Falls Plaza-East		Washington, DC- MD-VA	1967-1972		11,590			144,000	99	%	97	%		26.19	51,000	Giant Food	CVS / Staples
Federal Plaza		Washington, DC- MD-VA	1989		62,113		33,675	248,000	99	%	99	%		28.79			TJ Maxx / Micro Center / Ross
Friendship Center		Washington, DC- MD-VA	2001		33,329			119,000	100	%	100	%		27.91			Borders / Linens 'n Things / Maggiano's
Gaithersburg Square		Washington, DC- MD-VA	1993		23,849			209,000	99	%	99	%		20.36			Bed, Bath & Beyond / Borders / Ross
Idylwood Plaza		Washington, DC- MD-VA	1994		15,539			73,000	100	%	100	%		40.32	30,000	Whole Foods
Laurel		Washington, DC- MD-VA	1986		47,374			386,000	99	%	99	%		17.01	61,000	Giant Food	Marshalls
Leesburg Plaza	(8)	Washington, DC- MD-VA	1998		33,856		9,631	236,000	99	%	99	%		20.66	55,000	Giant Food	Petsmart / Pier One / Office Depot
Loehmann’s Plaza		Washington, DC- MD-VA	1983		30,730			268,000	96	%	96	%		24.28			Bally's / Loehmann's
Mid-Pike Plaza		Washington, DC- MD-VA	1982		43,803			309,000	100	%	100	%		21.76			Linens 'n Things / Toys R Us / Bally's / AC Moore / Filene's Basement

Mount Vernon/South Valley/7770 Richmond Hwy	(8)	Washington, DC- MD-VA	2003-2006		76,828		11,962	566,000	97	%	97	%		14.57	62,000	Shoppers Food Warehouse	Bed, Bath & Beyond / Michaels / Home Depot / TJ Maxx / Gold's Gym
Old Keene Mill		Washington, DC- MD-VA	1976		5,707			92,000	100	%	100	%		25.27	24,000	Whole Foods
Pan Am		Washington, DC- MD-VA	1993		27,845			227,000	100	%	100	%		16.29	63,000	Safeway	Micro Center / Michaels
Pentagon Row		Washington, DC- MD-VA	1999		87,897			296,000	100	%	100	%		32.25	45,000	Harris Teeter	Bally's / Bed, Bath & Beyond / DSW / Cost Plus
Pike 7		Washington, DC- MD-VA	1997		34,647			164,000	100	%	100	%		32.48			DSW / Staples / TJ Maxx
Quince Orchard		Washington, DC- MD-VA	1993		20,258			253,000	98	%	98	%		19.83	24,000	Magruders	Circuit City / Staples
Rockville Town Square		Washington, DC- MD-VA	2006-2007		27,432			182,000	100	%	100	%		31.81			CVS / Gold's Gym
Rollingwood Apartments		Washington, DC- MD-VA	1971		7,066			N/A	96	%	96	%		N/A
Sam’s Park & Shop		Washington, DC- MD-VA	1995		12,226			49,000	90	%	90	%		34.69			Petco
Tower		Washington, DC- MD-VA	1998		19,756			112,000	71	%	71	%		25.04			Talbots
Tyson’s Station		Washington, DC- MD-VA	1978		3,499		6,217	49,000	100	%	100	%		35.54			Trader Joes
Village at Shirlington	(6)	Washington, DC- MD-VA	1995		45,876		6,240	245,000	99	%	99	%		28.18	28,000	Harris Teeter	AMC Loews / Carlyle Grand Café
Wildwood		Washington, DC- MD-VA	1969		17,650		26,159	85,000	98	%	98	%		67.08	20,000	Balducci's	CVS

		Total Washington Metropolitan Area			913,314			5,164,000	97	%	97	%		25.75

New York / New Jersey
Brick Plaza		Monmouth-Ocean, NJ	1989		56,000		31,128	409,000	100	%	100	%		14.70	66,000	A&P	AMC Loews / Barnes & Noble / Sports Authority
Forest Hills		New York, NY	1997		8,079			46,000	100	%	100	%		23.38			Midway Theatre
Fresh Meadows		New York, NY	1997		68,120			403,000	95	%	95	%		23.45	15,000	Associated Food Stores	Filene's Basement / Kohl's / AMC Loews
Hauppauge		Nassau-Suffolk, NY	1998		27,511		15,828	133,000	99	%	99	%		22.20	61,000	Shop Rite	AC Moore
Huntington		Nassau-Suffolk, NY	1988		37,755			279,000	100	%	100	%		18.85			Buy Buy Baby /Toys R Us / Bed, Bath & Beyond / Barnes & Noble
Melville Mall	(9)	Nassau-Suffolk, NY	2006		68,510		25,095	248,000	100	%	100	%		15.85	54,000	Waldbaum's	Kohl's / Marshalls
Mercer Mall	(10)	Trenton, NJ	2003		104,046		56,827	501,000	100	%	96	%		19.73	75,000	Shop Rite	Bed, Bath & Beyond / DSW / TJ Maxx / Raymour & Flanigan
Troy		Newark, NJ	1980		22,514			207,000	88	%	86	%		16.86	64,000	Pathmark	AC Moore

		Total New York / New Jersey			392,535			2,226,000	98	%	97	%		18.91

Philadelphia Metropolitan Area
Andorra		Philadelphia, PA-NJ	1988		22,997			267,000	99	%	99	%		12.95	24,000	Acme Markets	Kohl's / Staples / L.A. Fitness
Bala Cynwyd		Philadelphia, PA-NJ	1993		26,551			280,000	100	%	100	%		14.80	45,000	Acme Markets	Lord & Taylor / L.A. Fitness
Ellisburg Circle		Philadelphia, PA-NJ	1992		27,249			268,000	99	%	99	%		13.57	47,000	Genuardi's	Stein Mart
Feasterville		Philadelphia, PA-NJ	1980		11,764			111,000	100	%	100	%		13.52	53,000	Genuardi's	OfficeMax
Flourtown		Philadelphia, PA-NJ	1980		13,037			180,000	89	%	44	%		19.69	42,000	Genuardi's
Langhorne Square		Philadelphia, PA-NJ	1985		18,676			216,000	100	%	100	%		13.83	55,000	Redner's Warehouse Mkts.	Marshalls
Lawrence Park		Philadelphia, PA-NJ	1980		29,053		29,761	353,000	100	%	100	%		16.63	53,000	Acme Markets	CHI / TJ Maxx / HomeGoods
Northeast		Philadelphia, PA-NJ	1983		21,691			285,000	93	%	86	%		10.51			Burlington Coat / Marshalls
Town Center of New Britain		Philadelphia, PA-NJ	2006		13,951			124,000	88	%	88	%		9.47	36,000	Giant Food	Rite Aid
Willow Grove		Philadelphia, PA-NJ	1984		26,819			215,000	99	%	99	%		18.26			Barnes & Noble / Marshalls / Toys R Us
Wynnewood		Philadelphia, PA-NJ	1996		36,053		30,330	255,000	96	%	96	%		22.24	98,000	Genuardi's	Bed, Bath & Beyond / Borders / Old Navy

		Total Philadelphia Metropolitan Area			247,841			2,554,000	97	%	93	%		15.12

New England
Assembly Square/Sturtevant Street		Boston-Cambridge- Quincy, MA-NH	2005-2006		122,894			554,000	100	%	100	%		13.41			AC Moore / Bed, Bath & Beyond / Christmas Tree Shops / Kmart / Staples / Sports Authority / TJ Maxx
Chelsea Commons		Boston-Cambridge- Quincy, MA-NH	2006-2007		20,642		8,240	196,000	91	%	91	%		8.68	16,000	Sav-A-Lot	Home Depot
Dedham Plaza		Boston-Cambridge- Quincy, MA-NH	1993		30,315			242,000	91	%	91	%		15.16	80,000	Star Market
Linden Square		Boston-Cambridge- Quincy, MA-NH	2006-2007		131,799			156,000	93	%	89	%		42.68	33,000	Roche Brothers Supermarkets	CVS / Fitness Club for Women / Wellesley Volkswagen, Buick
North Dartmouth		Boston-Cambridge- Quincy, MA-NH	2006		27,214			183,000	100	%	100	%		9.60	48,000	Stop & Shop	Lowe's Home Center
Queen Anne Plaza		Boston-Cambridge- Quincy, MA-NH	1994		15,032			149,000	100	%	100	%		15.01	50,000	Hannaford	TJ Maxx
Saugus Plaza		Boston-Cambridge- Quincy, MA-NH	1996		13,610			171,000	94	%	94	%		10.36	55,000	Super Stop & Shop	Kmart

		Total New England			361,506			1,651,000	96	%	96	%		15.10

Baltimore
Governor Plaza		Baltimore, MD	1985		21,007			269,000	100	%	91	%		15.18	16,500	Aldi	Bally's / Office Depot
Perring Plaza		Baltimore, MD	1985		26,418			402,000	99	%	99	%		12.10	58,000	Shoppers Food Warehouse	Home Depot / Burlington Coat Factory / Jo-Ann Stores
THE AVENUE at White Marsh	(11)	Baltimore, MD	2007		93,320		61,035	298,000	98	%	97	%		19.07			AMC Loews / Old Navy / Barnes & Noble / AC Moore
The Shoppes at Nottingham Square		Baltimore, MD	2007		15,783			186,000	100	%	100	%		14.91			Lowe's Home Center
White Marsh Plaza		Baltimore, MD	2007		24,897		10,350	80,000	98	%	98	%		18.18	54,000	Giant Food
White Marsh Other		Baltimore, MD	2007		63,757		1,149	52,000	100	%	92	%		21.82

		Total Baltimore			245,182			1,287,000	99	%	97	%		15.41

Federal Realty Investment Trust

Real Estate Status Report

December 31, 2007


Property Name			MSA Description	Year Acquired	Real Estate at Cost		Mortgage or Capital Lease Obligation (1)		GLA (2)	% Leased		% Occupied (3)		Average Rent PSF (4)		Grocery Anchor GLA (5)	Grocery Anchor (5)	Other Principal Tenants
					(in thousands)		(in thousands)
Chicago
Crossroads			Chicago, IL	1993		22,919			173,000	89	%	88	%		18.78			Golfsmith / Guitar Center
Finley Square			Chicago, IL	1995		29,216			315,000	98	%	87	%		9.00			Bed, Bath & Beyond / Petsmart
Garden Market			Chicago, IL	1994		11,515			140,000	96	%	96	%		12.27	63,000	Dominick's	Walgreens
North Lake Commons			Chicago, IL	1994		13,407			129,000	93	%	93	%		13.37	77,000	Dominick's

			Total Chicago			77,057			757,000	95	%	90	%		12.65

East Region - Other
Barracks Road			Charlottesville, VA	1985		43,832		41,988	488,000	100	%	100	%		18.60	99,000	Harris Teeter / Kroger	Bed, Bath & Beyond /Barnes & Noble / Old Navy
Bristol Plaza			Hartford, CT	1995		24,516			273,000	98	%	98	%		10.61	74,000	Stop & Shop	TJ Maxx
Eastgate			Raleigh-Durham- Chapel Hill, NC	1986		22,759			156,000	97	%	87	%		17.91			Stein Mart
Gratiot Plaza			Detroit, MI	1973		18,133			217,000	100	%	100	%		11.18	69,000	Kroger	Bed, Bath & Beyond / Best Buy / DSW
Greenwich Avenue			New Haven-Bridgeport- Stamford-Waterbury	1995		15,998			42,000	100	%	100	%		51.26			Saks Fifth Avenue
Lancaster	(10	)	Lancaster, PA	1980		10,872		4,907	107,000	99	%	99	%		13.11	39,000	Giant Food	Michaels
Shoppers’ World			Charlottesville, VA	2007		29,089		5,980	170,000	96	%	96	%		11.16	28,000	Whole Foods	Staples
Shops at Willow Lawn			Richmond-Petersburg, VA	1983		75,124			476,000	91	%	91	%		16.03	60,000	Kroger	Old Navy / Staples / Ross

			Total East Region - Other			240,323			1,929,000	97	%	96	%		15.72

			Total East Region			2,477,758			15,568,000	97	%	96	%		19.23


West Region

California
Colorado Blvd			Los Angeles-Long Beach, CA	1996-1998		16,604			69,000	100	%	100	%		33.92			Pottery Barn / Banana Republic
Crow Canyon			San Ramon, CA	2005-2007		64,472		21,588	242,000	91	%	90	%		18.66	58,000	Albertson's	Loehmann's / Rite Aid
Escondido	(12	)	San Diego, CA	1996		28,006			222,000	98	%	98	%		21.74			Cost Plus / TJ Maxx / Toys R Us
Fifth Ave			San Diego, CA	1996-1997		12,938			51,000	83	%	83	%		28.13			Urban Outfitters
Hermosa Ave			Los Angeles-Long Beach, CA	1997		5,395			22,000	100	%	100	%		32.06
Hollywood Blvd	(13	)	Los Angeles-Long Beach, CA	1999		36,945			150,000	85	%	85	%		22.04			DSW / L.A. Fitness
Kings Court	(8	)	San Jose, CA	1998		11,523			79,000	100	%	100	%		24.97	25,000	Lunardi's Super Market	Longs Drug Store
Old Town Center			San Jose, CA	1997		33,657			95,000	96	%	96	%		29.69			Borders / Gap Kids / Banana Republic
Santana Row			San Jose, CA	1997		471,216			562,000	100	%	100	%		41.74			Crate & Barrel / Container Store / Best Buy / Borders / CineArts Theatre
Third St Promenade			Los Angeles-Long Beach, CA	1996-2000		78,989			211,000	98	%	98	%		54.14			J. Crew / Banana Republic / Old Navy / Abercrombie & Fitch
Westgate			San Jose, CA	2004		115,761			645,000	99	%	99	%		12.29	38,000	Safeway	Target / Burlington Coat Factory / Barnes & Noble / Ross
150 Post Street			San Francisco, CA	1997		37,216			102,000	96	%	92	%		39.38			Brooks Brothers / H & M

			Total California			912,722			2,450,000	97	%	96	%		28.10

West Region - Other
Houston St			San Antonio, TX	1998		62,367		46	177,000	73	%	73	%		16.79			Hotel Valencia

			Total West Region			975,089			2,627,000	95	%	95	%		27.52

Grand Total					$	3,452,847	$	450,712	18,195,000	97	%	95	%	$	20.42

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)	For purposes of this schedule, “occupied” refers to spaces where the lease term and obligation to pay rent have commenced.

(4)	Calculated as the aggregate, annualized in-place contractual (cash basis) minimum rent for all occupied spaces divided by the aggregate GLA of all occupied spaces.

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

(6)	Portion of property subject to capital lease obligation.

(7)	Total investment includes dollars associated with the 146 units of The Crest at Congressional. The Trust has a 64.1% ownership interest in the property.

(8)	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.

(9)	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.

(10)	Property subject to capital lease obligation.

(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)	The Trust has a 70% ownership interest in the property.

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

Federal Realty Investment Trust

Retail Leasing Summary (1)

December 31, 2007

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.
4th Quarter 2007	87	100	%		471,853	$	19.65	$	16.04	$	1,701,647	22	%	31	%	4.7	$	2,360,410	$	5.00
3rd Quarter 2007	71	100	%		410,312	$	23.36	$	19.65	$	1,519,764	19	%	31	%	7.4	$	4,764,140	$	11.61
2nd Quarter 2007	73	100	%		340,579	$	26.70	$	22.52	$	1,423,650	19	%	29	%	7.0	$	4,799,408	$	14.09
1st Quarter 2007	81	100	%		333,563	$	29.18	$	24.59	$	1,532,269	19	%	30	%	6.3	$	2,988,801	$	8.96

Total - 12 months	312	100	%		1,556,307	$	24.21	$	20.24	$	6,177,330	20	%	30	%	6.4	$	14,912,759	$	9.58


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.
4th Quarter 2007	23	26	%		118,389	$	20.47	$	16.35	$	487,942	25	%	40	%	7.4	$	2,345,410	$	19.81
3rd Quarter 2007	26	37	%		199,685	$	21.79	$	18.89	$	578,760	15	%	27	%	10.2	$	4,730,710	$	23.69
2nd Quarter 2007	26	36	%		194,278	$	24.01	$	19.81	$	815,119	21	%	32	%	9.0	$	4,774,408	$	24.58
1st Quarter 2007	35	43	%		160,286	$	32.46	$	26.23	$	997,918	24	%	33	%	8.2	$	2,937,651	$	18.33

Total - 12 months	110	35	%		672,638	$	24.74	$	20.46	$	2,879,739	21	%	32	%	8.8	$	14,788,179	$	21.99


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.
4th Quarter 2007	64	74	%		353,464	$	19.37	$	15.94	$	1,213,705	22	%	28	%	3.8	$	15,000	$	0.04
3rd Quarter 2007	45	63	%		210,627	$	24.85	$	20.38	$	941,004	22	%	34	%	5.0	$	33,430	$	0.16
2nd Quarter 2007	47	64	%		146,301	$	30.27	$	26.11	$	608,531	16	%	27	%	4.9	$	25,000	$	0.17
1st Quarter 2007	46	57	%		173,277	$	26.15	$	23.06	$	534,351	13	%	27	%	4.2	$	51,150	$	0.30

Total - 12 months	202	65	%		883,669	$	23.81	$	20.08	$	3,297,591	19	%	29	%	4.4	$	124,580	$	0.14


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.
4th Quarter 2007	93	482,730		$	20.36		5.0	$	2,686,086	$	5.56
3rd Quarter 2007	80	442,942		$	24.35		7.6	$	6,450,056	$	14.56
2nd Quarter 2007	90	378,337		$	28.39		7.3	$	6,752,914	$	17.85
1st Quarter 2007	90	394,695		$	29.04		7.1	$	4,358,045	$	11.04

Total - 12 months	353	1,698,704		$	25.21		6.8	$	20,247,101	$	11.92

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

December 31, 2007

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	% of Total SF		Minimum Rent PSF (2)
2008	455,000	5	%	$	9.02	818,000	11	%	$	21.82	1,273,000	7	%	$	17.24
2009	1,086,000	11	%	$	11.94	964,000	13	%	$	27.04	2,050,000	12	%	$	19.04
2010	720,000	7	%	$	11.15	903,000	12	%	$	27.65	1,623,000	9	%	$	20.33
2011	691,000	7	%	$	15.03	1,097,000	15	%	$	30.10	1,788,000	10	%	$	24.28
2012	998,000	10	%	$	13.27	997,000	14	%	$	30.78	1,995,000	12	%	$	22.02
2013	955,000	10	%	$	13.93	577,000	8	%	$	30.52	1,532,000	9	%	$	20.18
2014	812,000	8	%	$	18.25	337,000	5	%	$	34.33	1,148,000	7	%	$	22.99
2015	438,000	4	%	$	16.12	371,000	5	%	$	27.36	809,000	5	%	$	21.27
2016	384,000	4	%	$	18.42	438,000	6	%	$	30.54	822,000	5	%	$	24.88
2017	605,000	6	%	$	16.76	422,000	6	%	$	30.94	1,027,000	6	%	$	22.58
Thereafter	2,879,000	28	%	$	14.65	341,000	5	%	$	33.42	3,221,000	18	%	$	16.63

Total (3)	10,023,000	100	%	$	14.30	7,265,000	100	%	$	28.87	17,288,000	100	%	$	20.42

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	% of Total SF		Minimum Rent PSF (2)
2008	212,000	2	%	$	9.41	572,000	8	%	$	21.88	784,000	5	%	$	18.51
2009	279,000	3	%	$	10.64	526,000	7	%	$	28.30	805,000	5	%	$	22.18
2010	239,000	2	%	$	5.97	495,000	7	%	$	29.39	734,000	4	%	$	21.77
2011	25,000	0	%	$	7.20	634,000	9	%	$	28.23	658,000	4	%	$	27.47
2012	256,000	3	%	$	15.12	596,000	8	%	$	31.14	852,000	5	%	$	26.32
2013	111,000	1	%	$	13.35	428,000	6	%	$	28.32	539,000	3	%	$	25.24
2014	332,000	3	%	$	13.99	431,000	6	%	$	31.68	763,000	4	%	$	23.98
2015	189,000	2	%	$	16.78	421,000	6	%	$	25.12	610,000	4	%	$	22.53
2016	125,000	1	%	$	20.71	410,000	6	%	$	30.85	535,000	3	%	$	28.48
2017	127,000	1	%	$	24.20	516,000	7	%	$	30.06	644,000	4	%	$	28.86
Thereafter	8,128,000	82	%	$	14.51	2,236,000	30	%	$	29.89	10,364,000	59	%	$	17.82

Total (3)	10,023,000	100	%	$	14.30	7,265,000	100	%	$	28.87	17,288,000	100	%	$	20.42

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 December 31, 2007.

(3)	Represents occupied square footage as of December 31, 2007.

Federal Realty Investment Trust

Portfolio Leased Statistics

December 31, 2007

Overall Portfolio Statistics (1)


	At December 31, 2007				At December 31, 2006
Type	Size	Leased	Leased %		Size	Leased	Leased %
Retail Properties (2) (sf)	18,195,000	17,595,000	96.7	%	18,800,000	18,141,000	96.5	%

Residential Properties (3) (units)	723	685	94.7	%	723	689	95.3	%

Same Center Statistics (1)


	At December 31, 2007				At December 31, 2006
Type	Size	Leased	Leased %		Size	Leased	Leased %
Retail Properties (2) (4) (sf)	14,488,000	14,010,000	96.7	%	14,453,000	13,997,000	96.8	%

Residential Properties (3) (units)	723	685	94.7	%	428	408	95.3	%

Notes:

(1)	See Glossary of Terms.

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

(3)	Overall portfolio statistics at December 31, 2007 and 2006 include Rollingwood, The Crest at Congressional and the residential rental units at Santana Row. Same center statistics at December 31, 2006 included only Rollingwood and The Crest at Congressional.

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

Federal Realty Investment Trust

Summary of Top 25 Tenants

December 31, 2007


Rank	Tenant Name	Annualized Base Rent			Percentage of Total Annualized Base Rent		Tenant GLA		Percentage of Total GLA		Number of Stores Leased
1	Bed, Bath & Beyond, Inc.	$	8,947,000		2.53	%	611,000		3.36	%	14
2	Ahold USA, Inc.	$	8,678,000		2.46	%	628,000		3.45	%	12
3	Safeway, Inc.	$	6,684,000		1.89	%	481,000		2.64	%	9
4	Gap, Inc.	$	6,364,000		1.80	%	220,000		1.21	%	11
5	TJX Companies	$	6,298,000		1.78	%	541,000		2.97	%	15
6	CVS Corporation	$	5,443,000		1.54	%	168,000		0.92	%	15
7	Barnes & Noble, Inc.	$	4,705,000		1.33	%	201,000		1.10	%	8
8	OPNET Technologies, Inc.	$	3,539,000		1.00	%	83,000		0.46	%	2
9	DSW, Inc	$	3,486,000		0.99	%	125,000		0.69	%	5
10	Best Buy Stores, L.P.	$	3,394,000		0.96	%	97,000		0.53	%	2
11	Staples, Inc.	$	3,376,000		0.96	%	187,000		1.03	%	9
12	Supervalu (Acme/Sav-A-Lot/Star Mkt/Shoppers Food)	$	3,204,000		0.91	%	338,000		1.86	%	7
13	Borders Group, Inc.	$	2,834,000		0.80	%	129,000		0.71	%	5
14	Home Depot, Inc.	$	2,832,000		0.80	%	335,000		1.84	%	4
15	Kohl’s Corporation	$	2,785,000		0.79	%	322,000		1.77	%	3
16	Wakefern Food Corporation	$	2,594,000		0.73	%	136,000		0.75	%	2
17	Wachovia Corporation	$	2,476,000		0.70	%	58,000		0.32	%	11
18	Michaels Stores, Inc.	$	2,468,000		0.70	%	168,000		0.92	%	8
19	Ross Stores, Inc.	$	2,432,000		0.69	%	149,000		0.82	%	5
20	L.A. Fitness International LLC	$	2,388,000		0.68	%	117,000		0.64	%	3
21	Container Store, Inc.	$	2,354,000		0.67	%	52,000		0.29	%	2
22	Loews Cineplex Entertainment	$	2,250,000		0.64	%	166,000		0.91	%	4
23	PETsMART, Inc.	$	2,224,000		0.63	%	130,000		0.71	%	5
24	Dollar Tree Stores, Inc.	$	2,174,000		0.62	%	147,000		0.81	%	13
25	Bally’s Health & Tennis	$	2,151,000		0.61	%	156,000		0.86	%	5

	Totals - Top 25 Tenants	$	96,080,000		27.21	%	5,745,000		31.57	%	179

	Total: (1)	$	353,161,000	(2)			18,195,000	(3)			2,368

Notes:

(1)

Does not include amounts related to leases these tenants have with our partnership with Clarion Lion Properties Fund.

(2)

Reflects annual in-place contractual (cash-basis) rent as of December 31, 2007.

(3)

Excludes redevelopment square footage not yet placed in service.

Federal Realty Investment Trust

Reconciliation of Net Income to FFO Guidance

December 31, 2007


	2008 Guidance
	($ millions except per share amounts) (1)
Net income	$	123		to	$	126
Gain on sale of real estate		0				0
Depreciation and amortization of real estate & real estate partnership assets		97				97
Amortization of initial direct costs of leases		10				10

Funds from operations		230				233
Income attributable to operating partnership units		1				1
Dividends on preferred stock		(1	)			(1	)

Funds from operations available for common shareholders		231		to		234

Weighted Average Shares (diluted)		59.4

Funds from operations available for common shareholders per diluted share	$	3.89			$	3.94

Note:

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

Federal Realty Investment Trust

Joint Venture Disclosure

December 31, 2007

Clarion Lion Properties Fund

Federal Realty Investment Trust

Summarized Income Statements and Balance Sheets - Joint Venture

December 31, 2007


	Three months ended December 31,						Year ended December 31,
	2007			2006			2007			2006
	(in thousands)						(in thousands)
	(unaudited)
CONSOLIDATED INCOME STATEMENTS
Revenues
Rental income	$	4,566		$	2,989		$	17,233		$	10,321
Other property income		97			45			333			202

		4,663			3,034			17,566			10,523

Expenses
Rental		911			709			2,864			1,870
Real estate taxes		431			283			1,614			958
Depreciation and amortization		1,171			795			4,471			2,767

		2,513			1,787			8,949			5,595

Operating income		2,150			1,247			8,617			4,928
Interest expense		(1,135	)		(1,073	)		(4,478	)		(3,506	)

Net income	$	1,015		$	174		$	4,139		$	1,422


	December 31,
	2007			2006
	(in thousands)
CONSOLIDATED BALANCE SHEETS
ASSETS
Real estate, at cost	$	201,641		$	128,946
Less accumulated depreciation and amortization		(9,894	)		(5,468	)

Net real estate		191,747			123,478

Cash and cash equivalents		1,453			2,116
Other assets		7,173			4,064

TOTAL ASSETS	$	200,373		$	129,658


LIABILITIES AND PARTNERS’ CAPITAL

Liabilities
Mortgages payable	$	81,540		$	77,425
Other liabilities		8,691			6,716

Total liabilities		90,231			84,141

Partners’ capital		110,142			45,517

TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	200,373		$	129,658

Federal Realty Investment Trust

Summary of Outstanding Debt and Debt Maturities - Joint Venture

December 31, 2007

OUTSTANDING DEBT


	Maturity	Stated Interest Rate as of December 31, 2007		Balance
				(in thousands)
Mortgage Loans
Secured Fixed Rate

Campus Plaza	12/01/09	4.530	% (a)	$	11,000
Pleasant Shops	12/01/09	4.530	% (a)		12,400
Plaza del Mercado	07/05/14	5.770	% (b)		13,255
Atlantic Plaza	12/01/14	5.120	% (a)		10,500
Barcroft Plaza	07/01/16	5.990	% (a)(c)		20,785
Greenlawn Plaza	07/01/16	5.900	% (a)		13,600

	Total Fixed Rate Debt			$	81,540

Debt Maturities

(in thousands)


Year	Scheduled Amortization		Maturities		Total		Percent of Debt Maturing		Cumulative Percent of Debt Maturing
2008	$	175	$	—	$	175	0.2	%	0.2	%
2009		185		23,400		23,585	28.9	%	29.1	%
2010		196		—		196	0.2	%	29.3	%
2011		208		—		208	0.3	%	29.6	%
2012		220		—		220	0.3	%	29.9	%
2013		233		—		233	0.3	%	30.2	%
2014		142		22,396		22,538	27.6	%	57.8	%
2015		—		—		—	0.0	%	57.8	%
2016		—		34,385		34,385	42.2	%	100.0	%

Total	$	1,359	$	80,181	$	81,540	100.0	%

Notes:

(a)	Interest only until maturity.

(b)	Effective July 5, 2007, principal and interest payments are due based on a 30-year amortization schedule.

(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

Current Year Acquisitions and Dispositions - Joint Venture

Through December 31, 2007

Joint Venture Acquisitions - Unconsolidated (30% owned)


Date	Property	City / State	GLA	Purchase price		Anchor tenants
				(in thousands)
February 15, 2007	Freestate Shopping Center	Bowie, MD	278,000	$	64.1	Super Giant, Ross, AMF Bowling, TJ Maxx, Office Depot
February 20, 2007	Lake Barcroft Shopping Center (1)	Falls Church, VA	9,000		6.0	Bank of America

	Total		287,000	$	70.1

Note:

(1)	Lake Barcroft Shopping Center is adjacent to and operated as part of Barcroft Plaza.

Federal Realty Investment Trust

Real Estate Status Report - Joint Venture

December 31, 2007


Property Name	MSA Description	Year Acquired	Real Estate at Cost		Mortgage or Capital Lease Obligation		GLA	% Leased		% Occupied		Average Rent PSF		Grocery Anchor GLA (1)	Grocery Anchor (1)	Other Principal Tenants
			(in thousands)		(in thousands)
East Region

Washington Metropolitan Area
Barcroft Plaza	Washington, DC-MD-VA	2006-2007		33,988	$	20,785	100,000	100	%	100	%	$	18.22	46,000	Harris Teeter	Bank of America
Free State Shopping Center	Washington, DC-MD-VA	2007		65,737			279,000	99	%	99	%		13.70	73,000	Giant Food	TJ Maxx / Ross / Office Depot
Plaza del Mercado	Washington, DC-MD-VA	2004		20,784		13,255	96,000	93	%	92	%		17.16	25,000	Giant Food	CVS

	Total Washington Metropolitan Area			120,509			475,000	98	%	98	%		15.30

New York / New Jersey
Greenlawn Plaza	Nassau-Suffolk, NY	2006		19,983		13,600	106,000	100	%	100	%		15.46	46,000	Waldbaum's	Tuesday Morning

	Total New York / New Jersey			19,983			106,000	100	%	100	%		15.46

New England
Atlantic Plaza	Boston-Worcester- Lawrence-Lowell- Brockton, MA	2004		16,361		10,500	123,000	100	%	100	%		12.98	63,000	Shaw's Supermarket	Sears
Campus Plaza	Boston-Worcester-Lawrence- Lowell-Brockton, MA	2004		22,101		11,000	116,000	100	%	100	%		12.10	46,000	Roche Brothers	Burlington Coat Factory
Pleasant Shops	Boston-Worcester-Lawrence- Lowell-Brockton, MA	2004		22,687		12,400	130,000	95	%	95	%		11.70	38,000	Foodmaster	Marshalls

	Total New England			61,149			369,000	98	%	98	%		12.26

	Total East Region			201,641			950,000	98	%	98	%		14.14

Grand Totals			$	201,641	$	81,540	950,000	98	%	98	%	$	14.14

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 we believe that it provides useful information to investors regarding our ability to service debt and because it approximates a key covenant in material notes. Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of Adjusted EBITDA, to net income for the three months and year ended December 31, 2007 and 2006 is as follows:


	For the Three Months Ended December 31,						For the Year Ended December 31,
	2007			2006			2007			2006
	(in thousands)						(in thousands)
Net income	$	122,168		$	24,441		$	195,537		$	118,712
Depreciation and amortization		26,509			25,561			105,966			97,879
Interest expense		27,642			27,625			117,394			102,808
Other interest income		(333	)		(489	)		(1,337	)		(2,616	)

EBITDA		175,986			77,138			417,560			316,783
Gain on sale of real estate		(95,819	)		(90	)		(94,768	)		(23,956	)

Adjusted EBITDA	$	80,167		$	77,048		$	322,792		$	292,827

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: income available for common shareholders before 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 because it primarily 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.