Exhibit 99.1

EX-99.1 2 dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION

June 30, 2009

TABLE OF CONTENTS


1.	Second Quarter 2009 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.	Real Estate Status Report	15

6.	Retail Leasing Summary	17

7.	Lease Expirations	18

8.	Portfolio Leased Statistics	19

9.	Summary of Top 25 Tenants	20

10.	Reconciliation of Net Income to FFO Guidance	21

11.	Joint Venture Disclosure
	Summarized Income Statements and Balance Sheets	22
	Summary of Outstanding Debt and Debt Maturities	23
	Real Estate Status Report	24

12.	Glossary of Terms	25

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 26, 2009 and amended on June 25, 2009, 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 February 26, 2009 and amended on June 25, 2009.

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 SECOND QUARTER 2009 OPERATING RESULTS

ROCKVILLE, Md. (August 4, 2009) – Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its second quarter ended June 30, 2009.

Financial Results

Federal Realty reported funds from operations available for common shareholders (FFO) of $57.4 million or $0.97 per diluted share, and net income available for common shareholders of $28.3 million or earnings per diluted share of $0.48 for the second quarter 2009. For the six months ended June 30, 2009, Federal Realty reported FFO of $95.4 million, or $1.61 per diluted share. Net income available for common shareholders was $38.6 million and earnings per diluted share was $0.65 for the six months ended June 30, 2009. Excluding the litigation provision, year-to-date FFO was $116.1 million, or $1.95 per diluted share, versus $111.7 million, or $1.89 per diluted share, for the same six-month period in 2008. Net income available for common shareholders excluding the litigation provision was $59.4 million and earnings per diluted share was $1.00 for the six months ended June 30, 2009 versus $58.7 million and $0.99, respectively, for the same six-month period in 2008.

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 attributable to the Trust is attached to this press release.

Portfolio Results

In second quarter 2009, same-center property operating income increased 1.6% over second quarter 2008. When redevelopment and expansion properties are excluded from same-center results, property operating income for second quarter 2009 decreased 1.4% compared to second quarter 2008.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

SECOND QUARTER 2009 OPERATING RESULTS

August 4, 2009

Page 2

The overall portfolio was 94.0% leased as of June 30, 2009, compared to 94.2% on March 31, 2009 and 95.8% on June 30, 2008. Federal Realty’s same-center portfolio was 94.2% leased on June 30, 2009, compared to 94.5% on March 31, 2009 and 96.1% on June 30, 2009.

During the second quarter of 2009, Federal Realty signed 71 leases for 319,000 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), the Trust leased 315,000 square feet at an average cash-basis contractual rent increase per square foot (i.e., excluding the impact of straight-line rents) of 16%. The average contractual rent on this comparable space for the first year of the new leases is $26.87 per square foot, compared to the average contractual rent of $23.25 per square foot for the last year of the prior leases. The previous average contractual rent was 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 29% for second quarter 2009. As of June 30, 2009, Federal Realty’s average contractual, cash basis minimum rent for retail and commercial space in its portfolio was $21.93 per square foot.

Regular Quarterly Dividends

Federal Realty also announced today that its Board of Trustees increased the dividend rate on its common shares, declaring a regular quarterly cash dividend of $0.66 per share, resulting in an indicated annual rate of $2.64 per share, an increase of $0.04 annually or 1.5%. The regular common dividend will be payable on October 15, 2009, to common shareholders of record as of September 23, 2009. This increase represents the 42nd consecutive year that Federal Realty has increased its common dividend, the longest record of consecutive annual dividend increases in the REIT sector.

“We believe that a cash dividend is essential to most REIT investors and we are proud to not only continue to pay a quarterly dividend in cash, but to increase that dividend for the 42^nd consecutive year,” said Donald C. Wood, president and chief executive officer of the Trust. “We would not be able to continue this record without a consistent earnings stream which comes from owning the highest quality properties with a steady focus on core operations. In addition, we have demonstrated significant access to capital which has strengthened our balance sheet and provides us the ability to pursue future growth opportunities.”

Guidance

Federal Realty narrowed guidance, excluding the provision for litigation, for 2009 FFO per diluted share to a range of $3.82 to $3.87, and provided 2009 earnings per diluted share guidance of $1.91 to $1.96.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

SECOND QUARTER 2009 OPERATING RESULTS

August 4, 2009

Page 3

Summary of Other Quarterly Activities and Recent Developments

•

June 4, 2009 – Completed a cash tender offer for its outstanding 8.75% Notes due 2009 (CUSIP No.313747AG2), purchasing an aggregate of $40,266,000 principal amount of the Securities (representing 24.6% of the outstanding Securities). The consideration paid for the Securities was $1,020 per $1,000 in principal amount, plus accrued and unpaid interest to, but not including, June 4, 2009. The aggregate consideration paid for the Securities tendered, exclusive of accrued interest and transaction costs, was approximately $41.1 million.

•

June 4, 2009 – Closed on a $139 million five-year loan secured by four retail assets located in Northern Virginia at an effective annual rate of 7.7%.

•

May 4, 2009 – Closed a new $372 million unsecured term loan, proceeds of which were utilized to retire the Trust’s outstanding $200 million unsecured term loan, pay down the outstanding balance on our revolving credit facility, and provide capital to retire the 8.75% Notes due December 1, 2009. The term loan, which bears interest at an annual rate of LIBOR (subject to a 1.5% floor) plus 300 basis points, will mature in July 2011. The term loan was increased from its initial size of $200 million, reflecting significant demand from high-quality financial institutions for the Trust’s credit at market leading terms.

•

April 14, 2009 – Closed a $24.1 million, ten-year loan secured by Rollingwood Apartments in Silver Spring, Maryland at an effective annual interest rate of 5.7%.

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of the Trust’s operating performance on its second quarter 2009 earnings conference call, which is scheduled for August 5, 2009, at 11 a.m. Eastern Daylight Time. To participate, please call (866) 783-2143 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 September 3, 2009, by dialing (888) 286-8010 and using the passcode 10487453.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

SECOND QUARTER 2009 OPERATING RESULTS

August 4, 2009

Page 4

About Federal Realty

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management 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 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 94.0% leased to national, regional, and local retailers as of June 30, 2009, 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 42 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. For more information, please visit www.federalrealty.com.

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 February 26, 2009 and amended on June 25, 2009, 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;

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 close any pending financing activities, 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

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 February 26, 2009 and amended on June 25, 2009.

Federal Realty Investment Trust

Summarized Income Statements

June 30, 2009


	Three months ended June 30,						Six months ended June 30,
	2009			2008			2009			2008
	(in thousands, except per share data)
	(unaudited)
Revenue
Rental income	$	126,090		$	122,970		$	253,296		$	244,710
Other property income		2,941			4,624			5,544			8,010
Mortgage interest income		1,307			1,118			2,574			2,234

Total revenue		130,338			128,712			261,414			254,954

Expenses
Rental expenses		25,080			26,183			53,777			53,446
Real estate taxes		14,821			14,112			28,653			26,440
General and administrative		5,276			7,118			10,421			14,060
Litigation provision		125			—			20,757			—
Depreciation and amortization		29,633			27,784			58,225			53,174

Total operating expenses		74,935			75,197			171,833			147,120

Operating income		55,403			53,515			89,581			107,834

Other interest income		260			208			350			547
Interest expense		(25,830	)		(24,476	)		(49,413	)		(48,829	)
Early extinguishment of senior notes		(982	)		—			(968	)		—
Income from real estate partnership		399			442			601			773

Income from continuing operations		29,250			29,689			40,151			60,325

Discontinued operations
Income from discontinued operations		161			694			218			1,376
Gain on sale of real estate from discontinued operations		383			—			1,298			—

Results from discontinued operations		544			694			1,516			1,376

Net income		29,794			30,383			41,667			61,701
Net income attributable to noncontrolling interests		(1,377	)		(1,409	)		(2,766	)		(2,741	)

Net income attributable to the Trust		28,417			28,974			38,901			58,960

Dividends on preferred stock		(135	)		(135	)		(271	)		(271	)

Net income available for common shareholders	$	28,282		$	28,839		$	38,630		$	58,689

EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.47		$	0.48		$	0.62		$	0.98
Discontinued operations		0.01			0.01			0.03			0.02

	$	0.48		$	0.49		$	0.65		$	1.00

Weighted average number of common shares, basic		58,917			58,636			58,882			58,570

EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.47		$	0.48		$	0.62		$	0.97
Discontinued operations		0.01			0.01			0.03			0.02

	$	0.48		$	0.49		$	0.65		$	0.99

Weighted average number of common shares, diluted		59,042			58,906			59,004			58,843

Federal Realty Investment Trust

Summarized Balance Sheets

June 30, 2009


	June 30, 2009			December 31, 2008
	(in thousands)
	(unaudited)
ASSETS

Real estate, at cost
Operating	$	3,576,472		$	3,567,035
Construction-in-progress		131,506			106,650

		3,707,978			3,673,685
Less accumulated depreciation and amortization		(889,316	)		(846,258	)

Net real estate		2,818,662			2,827,427

Cash and cash equivalents		170,059			15,223
Accounts and notes receivable		68,726			73,688
Mortgage notes receivable		48,464			45,780
Investment in real estate partnership		28,801			29,252
Prepaid expenses and other assets		100,244			101,406

TOTAL ASSETS	$	3,234,956		$	3,092,776

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities
Mortgages payable and capital lease obligations	$	607,291		$	452,810
Notes payable		383,828			336,391
Senior notes and debentures		905,114			956,584
Accounts payable and other liabilities		223,994			200,037

Total liabilities		2,120,227			1,945,822

Shareholders’ equity
Preferred stock		9,997			9,997
Common shares and other shareholders’ equity		1,072,919			1,104,605

Total shareholders’ equity of the Trust		1,082,916			1,114,602
Noncontrolling interest		31,813			32,352

Total shareholders’ equity		1,114,729			1,146,954

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,234,956		$	3,092,776

Federal Realty Investment Trust

Funds From Operations / Summary of Capital Expenditures

June 30, 2009


	Three months ended June 30,						Six months ended June 30,
	2009			2008			2009			2008
	(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income attributable to the Trust	$	28,417		$	28,974		$	38,901		$	58,960
Gain on sale of real estate		(383	)		—			(1,298	)		—
Depreciation and amortization of real estate assets		26,563			25,050			51,999			48,000
Amortization of initial direct costs of leases		2,515			2,283			5,182			4,305
Depreciation of joint venture real estate assets		337			331			691			661

Funds from operations		57,449			56,638			95,475			111,926
Dividends on preferred stock		(135	)		(135	)		(271	)		(271	)
Income attributable to operating partnership units		241			231			484			463
Income attributable to unvested shares		(189	)		(201	)		(314	)		(389	)

FFO (2)		57,366			56,533			95,374			111,729
Litigation provision, net of allocation to unvested shares (2)		124			—			20,689			—

FFO excluding litigation provision (2)	$	57,490		$	56,533		$	116,063		$	111,729


FFO per diluted share (3)	$	0.97		$	0.95		$	1.61		$	1.89
Litigation provision per diluted share (2)		—			—			0.34			—

FFO per diluted share excluding litigation provision (2) (3)	$	0.97		$	0.95		$	1.95		$	1.89

Weighted average number of common shares, diluted		59,414			59,284			59,377			59,222

Summary of Capital Expenditures
Non-maintenance capital expenditures
Redevelopment and expansions	$	19,138		$	21,488		$	39,965		$	50,410
Tenant improvements and incentives		1,310			3,974			5,077			9,383

Total non-maintenance capital expenditures		20,448			25,462			45,042			59,793
Maintenance capital expenditures		1,865			2,819			3,185			5,355

Total capital expenditures	$	22,313		$	28,281		$	48,227		$	65,148

Dividends and Payout Ratios

Regular common dividends declared	$	38,444		$	35,931		$	76,848		$	71,782
Dividend payout ratio as a percentage of FFO		67	%		64	%		81	%		64	%
Dividend payout ratio as a percentage of FFO excluding litigation provision (3)		67	%		64	%		66	%		64	%

Notes:

(1)	See Glossary of Terms.

(2)

For the three and six months ended June 30, 2009, FFO includes a $0.1 million and a $20.8 million, respectively, charge for litigation regarding a parcel of land located adjacent to Santana Row as well as other costs related to the litigation and appeal process. FFO excluding litigation provision excludes this charge.

(3)

Effective January 1, 2009, we adopted FSP EITF No. 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities”, and consequently have calculated FFO per diluted share under the two-class method, as defined in SFAS No. 128, for all periods presented. The implementation resulted in a decrease of $0.01 to FFO per diluted share for the three months ended June 30, 2008.

Federal Realty Investment Trust

Market Data

June 30, 2009


	June 30,
	2009			2008
	(in thousands, except per share data)
Market data
Common shares outstanding (1)		59,157			58,904
Market price per common share	$	51.52		$	69.00

Common equity market capitalization	$	3,047,769		$	4,064,376

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	$	3,057,769		$	4,074,376

Total debt (3)		1,896,233			1,665,934

Total market capitalization	$	4,954,002		$	5,740,310

Total debt to market capitalization at then current market price		38	%		29	%

Total debt to market capitalization at constant common share price of $69.00		32	%		29	%

Fixed rate debt ratio:
Fixed rate debt and capital lease obligations		80	%		98	%
Variable rate debt		20	%		2	%

		100	%		100	%

Notes:

(1)	Amounts do not include 371,260 and 376,260 Operating Partnership Units outstanding at June 30, 2009 and 2008, 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 $24.4 million which is the Trust’s 30% share of the total mortgages payable of $81.3 million and $81.5 million at June 30, 2009 and 2008, respectively, of the partnership with a discretionary fund created and advised by ING Clarion Partners.

Federal Realty Investment Trust

Components of Rental Income

June 30, 2009


	Three months ended June 30,				Six months ended June 30,
	2009		2008		2009		2008
	(in thousands)				(in thousands)
Minimum rents
Retail and commercial (1)	$	93,256	$	90,985	$	186,772	$	180,528
Residential (2)		5,345		4,112		10,617		8,125
Cost reimbursements		24,395		24,774		49,973		49,281
Percentage rents		1,146		1,751		2,647		4,130
Other		1,948		1,348		3,287		2,646

Total rental income	$	126,090	$	122,970	$	253,296	$	244,710

Notes:

(1)

Minimum rents include $1.2 million and $1.4 million for the three months ended June 30, 2009 and 2008, respectively, and $2.6 million and $2.9 million for the six months ended June 30, 2009 and 2008, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $0.4 million and $0.7 million for the three months ended June 30, 2009 and 2008, respectively, and $0.7 million and $1.3 million for the six months ended June 30, 2009 and 2008, respectively, to recognize income from the amortization of in-place leases in accordance with SFAS No. 141.

(2)	Residential minimum rents consist of the rental amounts for residential units at Rollingwood Apartments, the Crest at Congressional Plaza Apartments, Santana Row, and Arlington East (Bethesda Row). The first rental units at Arlington East were delivered and became rent paying in May 2008.

Federal Realty Investment Trust

Summary of Outstanding Debt and Capital Lease Obligations

June 30, 2009


	Maturity date	Stated interest rate as of June 30, 2009		Balance as of June 30, 2009					Weighted average effective rate at June 30, 2009 (i)
				(in thousands)
Mortgage loans (a)
Secured fixed rate
Federal Plaza	06/01/11	6.750	%	$	32,828
Tysons Station	09/01/11	7.400	%		5,986
Courtyard Shops	07/01/12	6.870	%		7,626
Bethesda Row	01/01/13	5.370	%		19,996
Bethesda Row	02/01/13	5.050	%		4,371
White Marsh Plaza (b)	04/01/13	6.040	%		9,993
Crow Canyon	08/11/13	5.400	%		21,016
Idylwood Plaza	06/05/14	7.500	%		16,910
Leesburg Plaza	06/05/14	7.500	%		29,423
Loehmann’s Plaza	06/05/14	7.500	%		38,047
Pentagon Row	06/05/14	7.500	%		54,619
Melville Mall (c)	09/01/14	5.250	%		24,124
THE AVENUE at White Marsh	01/01/15	5.460	%		59,485
Barracks Road	11/01/15	7.950	%		41,011
Hauppauge	11/01/15	7.950	%		15,460
Lawrence Park	11/01/15	7.950	%		29,069
Wildwood	11/01/15	7.950	%		25,551
Wynnewood	11/01/15	7.950	%		29,624
Brick Plaza	11/01/15	7.415	%		30,348
Rollingwood Apartments	05/01/19	5.540	%		24,028
Shoppers’ World	01/31/21	5.910	%		5,800
Mount Vernon (d)	04/15/28	5.660	%		11,471
Chelsea	01/15/31	5.360	%		8,025

Subtotal					544,811
Net unamortized discount					(414	)

Total mortgage loans					544,397				6.98	%

Notes payable
Unsecured fixed rate
Other	04/01/12	6.500	%		1,355
Perring Plaza renovation	01/31/13	10.000	%		1,073
Unsecured variable rate
Revolving credit facility (e)	07/27/10	LIBOR + 0.425	%		—
Term loan (f)	07/27/11	LIBOR + 3.000	%		372,000
Escondido (Municipal bonds) (g)	10/01/16	0.481	%		9,400

Total notes payable					383,828				5.38	%	(j)

Senior notes and debentures
Unsecured fixed rate
8.75% notes (h)	12/01/09	8.750	%		123,589
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	%		29,200
6.82% medium term notes	08/01/27	6.820	%		40,000

Subtotal					902,789
Net unamortized premium					2,325

Total senior notes and debentures					905,114				6.28	%

Capital lease obligations
Various	Various through 2106	Various			62,894				6.94	%

Total debt and capital lease obligations				$	1,896,233

Total fixed rate debt and capital lease obligations				$	1,514,833		80	%	6.56	%
Total variable rate debt					381,400		20	%	5.36	%	(j)

TOTAL DEBT AND CAPITAL LEASES OBLIGATIONS				$	1,896,233		100	%	6.32	%


	Three months ended June 30,		Six months ended June 30,
	2009	2008	2009	2008
Operational Statistics
Excluding litigation provision:
Ratio of EBITDA to combined fixed charges and preferred share dividends (k) (l)	2.93x	3.04x	3.09x	3.00x
Ratio of adjusted EBITDA to combined fixed charges and preferred share dividends (k) (l)	2.92x	3.04x	3.06x	3.00x
Including litigation provision:
Ratio of EBITDA to combined fixed charges and preferred share dividends (k)	2.93x	3.04x	2.71x	3.00x
Ratio of adjusted EBITDA to combined fixed charges and preferred share dividends (k)	2.91x	3.04x	2.68x	3.00x

Notes:

(a)	Mortgage loans do not include our 30% share ($24.4 million) of the $81.3 million debt of the partnership with a discretionary fund created and advised by ING Clarion Partners.

(b)	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 $4.35 million at a stated rate of 6.18% and the remaining balance at a stated rate of 5.96%.

(c)

We acquired control of Melville Mall through a 20-year master lease and secondary financing. Because we control 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.

(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 maximum amount drawn under our revolving credit facility during the three and six months ended June 30, 2009 was $156.0 million and $172.5 million, respectively. The weighted average effective interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 0.96% and 1.37% for the three and six months ended June 30, 2009, respectively. This credit facility matures on July 27, 2010, subject to a one-year extension at our option.

(f)	The $372 million term loan bears interest at LIBOR, subject to a 1.5% floor, plus 300 basis points. The weighted average effective interest rate, before amortization of debt fees, was 4.63% for the period from the inception of the loan of May 4, 2009 through June 30, 2009.

(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 various dates from January 12, 2009 to April 1, 2009, we purchased and retired $11.1 million of our 8.75% notes. On June 4, 2009, we purchased and retired $40.3 million of our 8.75% notes as a part of a cash tender offer whereby we repaid the note at a 2% premium to par value. These notes were repaid with funds borrowed on our $300 million revolving credit facility and our $372 million term loan.

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

(j)	The weighted average effective interest rate excludes $0.1 million in quarterly financing fees on our revolving credit facility which had a $0 balance on June 30, 2009.

(k)

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 $0.4 million and $1.3 million in gain on sale for the three and six months ended June 30, 2009, respectively. Fixed charges include a $1.0 million net loss on early extinguishment of senior notes for the three and six months ended June 30, 2009, primarily related to the cash tender offer for our 8.75% senior notes. Adjusted EBITDA is reconciled to net income attributable to the Trust in the Glossary of Terms.

(l)	Adjusted to exclude a $0.1 million and $20.8 million litigation provision charge for the three and six months ended June 30, 2009, respectively, related to litigation regarding a parcel of land located adjacent to Santana Row as well as other costs related to the litigation and the appeal process.

Federal Realty Investment Trust

Summary of Debt Maturities

June 30, 2009

DEBT MATURITIES

(in thousands)

The following table reflects contractual debt maturities as of June 30, 2009. The pro-forma total debt maturity columns reflect repayment of the $123.6 million of 8.75% notes that are due on December 1, 2009 using proceeds we received from the $535 million of financings executed during the three months ended June 30, 2009, $170 million of which was held as cash on our balance sheet as of June 30, 2009.


	As of June 30, 2009								Pro-forma
Year	Scheduled Amortization		Maturities			Total			Maturities		Total
2009	$	5,279	$	123,589		$	128,868		$	—	$	5,279
2010		12,235		—	(1)		12,235			—		12,235
2011		12,438		484,252			496,690			484,252		496,690
2012		12,691		181,916			194,607			181,916		194,607
2013		11,853		196,893			208,746			196,893		208,746
2014		10,225		147,864			158,089			147,864		158,089
2015		6,858		198,391			205,249			198,391		205,249
2016		2,902		134,400			137,302			134,400		137,302
2017		3,110		200,000			203,110			200,000		203,110
2018		3,321		—			3,321			—		3,321
Thereafter		53,067		93,038			146,105			93,038		146,105

Total	$	133,979	$	1,760,343		$	1,894,322	(2)	$	1,636,754	$	1,770,733

Notes:

(1)	Our $300 million four-year revolving credit facility matures on July 27, 2010, subject to a one-year extension at our option. As of June 30, 2009, there was $0 drawn under this 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 June 30, 2009.

Federal Realty Investment Trust

Summary of Redevelopment Opportunities

June 30, 2009

Current Redevelopment Opportunities (1) ($ millions)

Property

Location

Opportunity

Projected
ROI (2)

Projected
Cost (1)

Cost
to
Date

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

Hollywood Galaxy Building

Hollywood, CA

Re-tenanting three level entertainment center and converting project into urban neighborhood community center

Houston Street

San Antonio, TX

Construction of a new building with ground level leased to Walgreen’s pharmacy and office above

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)

Subtotal: Projects Anticipated to Stabilize in 2009 (3) (4) (5)

Projects Anticipated to Stabilize in 2010 (3)

Santana Row

San Jose, CA

5-story building with 15,000 square feet of ground level retail and 65,000 square feet of office space

Lancaster

Lancaster, PA

Renovation and expansion of existing grocer, new bank pad, and façade renovation

Bethesda Row (Hampden Lane)

Bethesda, MD

Construction of new three level building leased to fitness center and 2 additional ground level retail spaces.

Subtotal: Projects Anticipated to Stabilize in 2010 (3) (4)

Total: Projects Anticipated to Stabilize in 2009 and 2010 (3) (4)

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

Barracks Road

Charlottesville, VA

Anchor expansion, pad re-tenanting, façade renovation, and site improvements

Bethesda Row

Bethesda, MD

Acquire and develop ground floor retail space in a new Class A office building

Brick Plaza

Brick, NJ

Redevelopment and expansion of existing pad site, plus additional pad site

Crossroads

Highland Park, IL

Backfill vacant anchor space and 3 small shop spaces with LA Fitness, and add a bank pad.

Federal Plaza

Rockville, MD

Pad building opportunities

Flourtown

Flourtown, PA

Anchor re-tenanting, small shop renovation, and site improvements

Hollywood Peterson Building

Hollywood, CA

Co-terminus leases create potential for property redevelopment and expansion

Huntington

Huntington, NY

Pad site additions

Langhorne

Levittown, PA

Pad site addition

Linden Square

Wellesley, MA

Additional phases of infill redevelopment

Mercer Mall

Lawrenceville, NJ

Construction of new 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 transit oriented mixed-use development

Santana Row

San Jose, CA

Future phases of mixed-use development

Town Center of New Britain

New Britain, PA

Renovation and expansion of existing grocer

Troy

Parsippany, NJ

Pad site addition

Westgate

San Jose, CA

Convert 30,000 square feet of basement space to leasable area

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.

(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

Real Estate Status Report

June 30, 2009


Property Name		MSA Description	Year Acquired	Real Estate at Cost		Mortgage and/or Capital Lease Obligation (1)		GLA (2)	% Leased		Grocery Anchor GLA (3)	Grocery Anchor (3)	Other Principal Tenants
				(in thousands)		(in thousands)
Washington Metropolitan Area
Bethesda Row	(4)	Washington, DC-MD- VA	1993-2006/2008	$	187,856	$	25,398	519,000	95	%	40,000	Giant Food	Barnes & Noble / Landmark Theater
Congressional Plaza	(5)	Washington, DC-MD-VA	1965		70,163			334,000	96	%	28,000	Whole Foods	Buy Buy Baby / Container Store
Courthouse Center		Washington, DC-MD-VA	1997		4,229			37,000	87	%
Falls Plaza/Falls Plaza-East		Washington, DC-MD-VA	1967-1972		11,906			144,000	100	%	51,000	Giant Food	CVS / Staples
Federal Plaza		Washington, DC-MD-VA	1989		61,909		32,828	248,000	97	%			TJ Maxx / Micro Center / Ross
Friendship Center		Washington, DC-MD-VA	2001		33,390			119,000	66	%			Borders / Maggiano’s
Gaithersburg Square		Washington, DC-MD-VA	1993		24,080			209,000	76	%			Bed, Bath & Beyond / Ross
Idylwood Plaza		Washington, DC-MD-VA	1994		15,702		16,910	73,000	89	%	30,000	Whole Foods
Laurel		Washington, DC-MD-VA	1986		47,811			386,000	100	%	61,000	Giant Food	Marshalls
Leesburg Plaza	(6)	Washington, DC-MD-VA	1998		34,472		29,423	236,000	98	%	55,000	Giant Food	Petsmart / Pier One / Office Depot
Loehmann’s Plaza		Washington, DC-MD-VA	1983		32,618		38,047	268,000	95	%	58,000	Giant Food	Bally Total Fitness / Loehmann’s
Mid-Pike Plaza		Washington, DC-MD-VA	1982/2007		44,565			309,000	98	%			Toys R Us / Bally Total Fitness / AC Moore
Mount Vernon/South Valley/7770 Richmond Hwy	(6)	Washington, DC-MD-VA	2003-2006		77,351		11,471	565,000	95	%	62,000	Shoppers Food Warehouse	Bed, Bath & Beyond / Michaels / Home Depot / TJ Maxx / Gold’s Gym
Old Keene Mill		Washington, DC-MD-VA	1976		5,803			92,000	93	%	24,000	Whole Foods
Pan Am		Washington, DC-MD-VA	1993		28,181			227,000	99	%	63,000	Safeway	Micro Center / Michaels
Pentagon Row		Washington, DC-MD-VA	1998		87,866		54,619	296,000	99	%	45,000	Harris Teeter	Bally Total Fitness / Bed, Bath & Beyond / DSW / Cost Plus World Market
Pike 7		Washington, DC-MD-VA	1997		34,843			164,000	95	%			DSW / Staples / TJ Maxx
Quince Orchard		Washington, DC-MD-VA	1993		21,153			248,000	73	%	24,000	Magruders	Staples
Rockville Town Square		Washington, DC-MD-VA	2006-2007		37,076			182,000	95	%			CVS / Gold’s Gym
Rollingwood Apartments		Washington, DC-MD-VA	1971		7,332		24,028	N/A	95	%
Sam’s Park & Shop		Washington, DC-MD-VA	1995		12,079			49,000	91	%			Petco
Tower		Washington, DC-MD-VA	1998		20,028			112,000	69	%			Talbots
Tyson’s Station		Washington, DC-MD-VA	1978		3,668		5,986	49,000	98	%			Trader Joes
Village at Shirlington	(4)	Washington, DC-MD-VA	1995		51,478		6,275	244,000	98	%	28,000	Harris Teeter	AMC Loews / Carlyle Grand Café
Wildwood		Washington, DC-MD-VA	1969		17,553		25,551	84,000	97	%	20,000	Balducci’s	CVS

		Total Washington Metropolitan Area			973,112			5,194,000	93	%
Philadelphia Metropolitan Area
Andorra		Philadelphia, PA-NJ	1988		23,080			267,000	94	%	24,000	Acme Markets	Kohl’s / Staples / L.A. Fitness
Bala Cynwyd		Philadelphia, PA-NJ	1993		34,183			282,000	100	%	45,000	Acme Markets	Lord & Taylor / L.A. Fitness
Ellisburg Circle		Philadelphia, PA-NJ	1992		27,679			268,000	99	%	47,000	Genuardi’s	Buy Buy Baby / Stein Mart
Feasterville		Philadelphia, PA-NJ	1980		11,882			111,000	89	%	53,000	Genuardi’s	OfficeMax
Flourtown		Philadelphia, PA-NJ	1980		15,378			191,000	85	%	42,000	Genuardi’s
Langhorne Square		Philadelphia, PA-NJ	1985		18,992			216,000	97	%	55,000	Redner’s Warehouse Mkts.	Marshalls
Lawrence Park		Philadelphia, PA-NJ	1980		29,630		29,069	353,000	98	%	53,000	Acme Markets	CHI / TJ Maxx / HomeGoods
Northeast		Philadelphia, PA-NJ	1983		22,606			285,000	89	%			Burlington Coat / Marshalls
Town Center of New Britain		Philadelphia, PA-NJ	2006		14,359			125,000	81	%	36,000	Giant Food	Rite Aid
Willow Grove		Philadelphia, PA-NJ	1984		27,161			216,000	97	%			Barnes & Noble / Marshalls
Wynnewood		Philadelphia, PA-NJ	1996		36,347		29,624	255,000	97	%	98,000	Genuardi’s	Bed, Bath & Beyond / Borders / Old Navy

		Total Philadelphia Metropolitan Area			261,297			2,569,000	95	%
California
Colorado Blvd		Los Angeles-Long Beach, CA	1996-1998		16,556			68,000	99	%			Pottery Barn / Banana Republic
Crow Canyon		San Ramon, CA	2005-2007		64,969		21,016	242,000	95	%	58,000	Save Mart	Loehmann’s / Rite Aid
Escondido	(7)	San Diego, CA	1996		28,627			222,000	95	%			Cost Plus World Market / TJ Maxx / Toys R Us
Fifth Ave		San Diego, CA	1996-1997		12,969			51,000	95	%			Urban Outfitters
Hermosa Ave		Los Angeles-Long Beach, CA	1997		5,423			23,000	50	%
Hollywood Blvd	(8)	Los Angeles-Long Beach, CA	1999		37,669			153,000	85	%			DSW / L.A. Fitness
Kings Court	(6)	San Jose, CA	1998		11,581			79,000	100	%	25,000	Lunardi’s Super Market	CVS
Old Town Center		San Jose, CA	1997		34,056			96,000	95	%			Borders / Gap Kids / Banana Republic
Santana Row		San Jose, CA	1997		528,461			565,000	97	%			Crate & Barrel / Container Store / Best Buy / Borders / CineArts Theatre
Third St Promenade		Los Angeles-Long Beach, CA	1996-2000		78,288			211,000	100	%			J. Crew / Banana Republic / Old Navy / Abercrombie & Fitch
Westgate		San Jose, CA	2004		116,315			645,000	95	%	38,000	Safeway	Target / Burlington Coat Factory / Barnes & Noble / Ross
150 Post Street		San Francisco, CA	1997		37,553			102,000	98	%			Brooks Brothers / H & M

		Total California			972,467			2,457,000	95	%
New York / New Jersey
Brick Plaza		Monmouth-Ocean, NJ	1989		56,721		30,348	409,000	100	%	66,000	A&P	AMC Loews / Barnes & Noble / Sports Authority
Forest Hills		New York, NY	1997		8,098			46,000	100	%			Midway Theatre
Fresh Meadows		New York, NY	1997		69,125			403,000	97	%	15,000	Island of Gold	Kohl’s / AMC Loews
Hauppauge		Nassau-Suffolk, NY	1998		27,844		15,460	133,000	100	%	61,000	Shop Rite	AC Moore
Huntington		Nassau-Suffolk, NY	1988/2007		38,658			292,000	100	%			Buy Buy Baby / Toys R Us / Bed, Bath & Beyond / Barnes & Noble
Melville Mall	(9)	Nassau-Suffolk, NY	2006		68,631		24,124	248,000	100	%	54,000	Waldbaum’s	Kohl’s / Marshalls
Mercer Mall	(4)	Trenton, NJ	2003		103,836		50,681	501,000	93	%	75,000	Shop Rite	Bed, Bath & Beyond / DSW / TJ Maxx / Raymour & Flanigan
Troy		Newark, NJ	1980		24,743			207,000	86	%	64,000	Pathmark	L.A. Fitness

		Total New York / New Jersey			397,656			2,239,000	97	%

Federal Realty Investment Trust

Real Estate Status Report

June 30, 2009


Property Name		MSA Description	Year Acquired	Real Estate at Cost		Mortgage and/or Capital Lease Obligation (1)		GLA (2)	% Leased		Grocery Anchor GLA (3)	Grocery Anchor (3)	Other Principal Tenants
New England
Assembly Square		Boston-Cambridge-Quincy, MA-NH	2005-2008		147,586			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		29,073		8,025	222,000	91	%	16,000	Sav-A-Lot	Home Depot
Dedham Plaza		Boston-Cambridge-Quincy, MA-NH	1993		31,439			242,000	89	%	80,000	Star Market
Linden Square		Boston-Cambridge-Quincy, MA-NH	2006-2007		141,927			217,000	84	%	50,000	Roche Brothers Supermarkets	CVS / Fitness Club for Women / Wellesley Volkswagen, Buick
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		15,659			149,000	100	%	50,000	Hannaford	TJ Maxx
Saugus Plaza		Boston-Cambridge-Quincy, MA-NH	1996		13,701			171,000	94	%	55,000	Super Stop & Shop	Kmart

		Total New England			388,753			1,381,000	93	%
Baltimore
Governor Plaza		Baltimore, MD	1985		22,025			269,000	100	%	16,500	Aldi	Bally Total Fitness / Office Depot
Perring Plaza		Baltimore, MD	1985		26,770			401,000	98	%	58,000	Shoppers Food Warehouse	Home Depot / Burlington Coat Factory / Jo-Ann Stores
THE AVENUE at White Marsh	(10)	Baltimore, MD	2007		94,560		59,485	298,000	99	%			AMC Loews / Old Navy / Barnes & Noble / AC Moore
The Shoppes at Nottingham Square		Baltimore, MD	2007		27,568			52,000	100	%
White Marsh Plaza		Baltimore, MD	2007		24,927		9,993	80,000	98	%	54,000	Giant Food
White Marsh Other		Baltimore, MD	2007		28,893			49,000	100	%

		Total Baltimore			224,743			1,149,000	99	%
Chicago
Crossroads		Chicago, IL	1993		23,866			173,000	67	%			Golfsmith / Guitar Center
Finley Square		Chicago, IL	1995		31,309			315,000	97	%			Bed, Bath & Beyond / Buy Buy Baby / Petsmart
Garden Market		Chicago, IL	1994		11,536			140,000	100	%	63,000	Dominick’s	Walgreens
North Lake Commons		Chicago, IL	1994		13,699			129,000	90	%	77,000	Dominick’s

		Total Chicago			80,410			757,000	90	%
South Florida
Courtyard Shops		Miami-Ft Lauderdale	2008		38,792		7,626	130,000	94	%	49,000	Publix
Del Mar Village		Miami-Ft Lauderdale	2008		53,858			178,000	94	%	44,000	Winn Dixie	CVS

		Total South Florida			92,650			308,000	93	%
Other
Barracks Road		Charlottesville, VA	1985		45,392		41,011	488,000	94	%	99,000	Harris Teeter / Kroger	Bed, Bath & Beyond / Barnes & Noble / Old Navy
Bristol Plaza		Hartford, CT	1995		27,336			272,000	84	%	74,000	Stop & Shop	TJ Maxx
Eastgate		Raleigh-Durham-Chapel Hill, NC	1986		25,655			153,000	99	%			Stein Mart
Gratiot Plaza		Detroit, MI	1973		18,674			217,000	99	%	69,000	Kroger	Bed, Bath & Beyond / Best Buy / DSW
Greenwich Avenue		New Haven-Bridgeport-Stamford-Waterbury	1995		13,936			36,000	100	%			Saks Fifth Avenue
Houston St		San Antonio, TX	1998		69,550			196,000	78	%			Hotel Valencia
Lancaster	(11)	Lancaster, PA	1980		10,905		4,907	107,000	98	%	39,000	Giant Food	Michaels
Shoppers’ World		Charlottesville, VA	2007		29,549		5,800	169,000	95	%	28,000	Whole Foods	Staples
Shops at Willow Lawn		Richmond-Petersburg, VA	1983		75,893			476,000	86	%	60,000	Kroger	Old Navy / Staples / Ross

		Total Other			316,890			2,114,000	91	%

Grand Total				$	3,707,978	$	607,705	18,168,000	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)	Grocery anchor is defined as a grocery tenant leasing 15,000 square feet or more.

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

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

(6)	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.

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

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

(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)	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.

(11)	Property subject to capital lease obligation.

Federal Realty Investment Trust

Retail Leasing Summary (1)

June 30, 2009

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.
2nd Quarter 2009	69	100	%	315,214	$	26.87	$	23.25	$	1,141,114	16	%	29	%	5.9	$	1,194,192	$	3.79
1st Quarter 2009	68	100	%	232,105	$	31.42	$	26.99	$	1,029,234	16	%	26	%	6.1	$	2,413,756	$	10.40
4th Quarter 2008	74	100	%	329,622	$	21.62	$	19.18	$	803,054	13	%	24	%	5.0	$	1,733,441	$	5.26
3rd Quarter 2008	68	100	%	351,310	$	25.03	$	20.28	$	1,669,056	23	%	42	%	7.8	$	2,728,958	$	7.77

Total - 12 months	279	100	%	1,228,251	$	25.79	$	22.01	$	4,642,458	17	%	31	%	6.3	$	8,070,347	$	6.57

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.
2nd Quarter 2009	26	38	%	73,693	$	24.27	$	27.68	$	(251,200	)	-12	%	6	%	6.8	$	1,194,192	$	16.20
1st Quarter 2009	24	35	%	73,535	$	32.54	$	32.28	$	19,630		1	%	12	%	9.2	$	2,398,456	$	32.62
4th Quarter 2008	15	20	%	67,903	$	28.76	$	24.20	$	309,271		19	%	37	%	8.7	$	1,583,441	$	23.32
3rd Quarter 2008	26	38	%	93,768	$	43.16	$	29.76	$	1,257,073		45	%	65	%	9.0	$	2,224,958	$	23.73

Total - 12 months	91	33	%	308,899	$	32.96	$	28.64	$	1,334,774		15	%	32	%	8.6	$	7,401,047	$	23.96

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.
2nd Quarter 2009	43	62	%	241,521	$	27.66	$	21.89	$	1,392,314	26	%	38	%	5.6	$	—	$	—
1st Quarter 2009	44	65	%	158,570	$	30.90	$	24.53	$	1,009,604	26	%	35	%	4.6	$	15,300	$	0.10
4th Quarter 2008	59	80	%	261,719	$	19.76	$	17.88	$	493,783	11	%	20	%	3.6	$	150,000	$	0.57
3rd Quarter 2008	42	62	%	257,542	$	18.43	$	16.83	$	411,983	10	%	25	%	6.7	$	504,000	$	1.96

Total - 12 months	188	67	%	919,352	$	23.38	$	19.79	$	3,307,684	18	%	30	%	5.1	$	669,300	$	0.73

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.
2nd Quarter 2009	71	318,703	$	27.03	5.9	$	1,503,836	$	4.72
1st Quarter 2009	69	233,172	$	31.35	6.1	$	2,430,940	$	10.43
4th Quarter 2008	78	334,127	$	21.92	5.0	$	1,898,706	$	5.68
3rd Quarter 2008	76	369,323	$	26.12	8.1	$	3,721,035	$	10.08

Total - 12 months	294	1,255,325	$	26.21	6.4	$	9,554,517	$	7.61

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

June 30, 2009

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)
2009	75,000	1	%	$	18.75	385,000	5	%	$	26.53	461,000	3	%	$	25.20
2010	516,000	5	%	$	11.67	833,000	11	%	$	28.70	1,349,000	8	%	$	22.18
2011	869,000	9	%	$	13.89	1,132,000	15	%	$	30.48	2,001,000	12	%	$	23.27
2012	978,000	10	%	$	13.16	1,097,000	15	%	$	30.99	2,074,000	12	%	$	22.60
2013	1,100,000	11	%	$	15.15	1,012,000	14	%	$	31.58	2,111,000	12	%	$	23.04
2014	1,398,000	15	%	$	15.68	755,000	10	%	$	32.16	2,153,000	13	%	$	21.46
2015	571,000	6	%	$	15.23	515,000	7	%	$	28.09	1,086,000	6	%	$	21.33
2016	464,000	5	%	$	17.42	442,000	6	%	$	30.88	905,000	5	%	$	24.01
2017	648,000	7	%	$	17.14	406,000	5	%	$	30.68	1,054,000	6	%	$	22.35
2018	640,000	7	%	$	11.35	298,000	4	%	$	34.84	938,000	6	%	$	18.81
Thereafter	2,309,000	24	%	$	16.58	540,000	8	%	$	33.85	2,849,000	17	%	$	19.85

Total (3)	9,568,000	100	%	$	15.09	7,415,000	100	%	$	30.76	16,981,000	100	%	$	21.93

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)
2009	59,000	1	%	$	18.68	247,000	3	%	$	26.38	306,000	2	%	$	24.90
2010	166,000	2	%	$	11.46	530,000	7	%	$	29.68	696,000	4	%	$	25.33
2011	203,000	2	%	$	9.03	654,000	9	%	$	29.05	858,000	5	%	$	24.28
2012	218,000	2	%	$	16.15	635,000	9	%	$	32.12	853,000	5	%	$	28.04
2013	173,000	2	%	$	13.29	526,000	7	%	$	32.13	698,000	4	%	$	27.51
2014	225,000	2	%	$	10.20	508,000	7	%	$	33.55	732,000	4	%	$	26.42
2015	134,000	1	%	$	18.04	407,000	5	%	$	27.43	541,000	3	%	$	25.10
2016	205,000	2	%	$	18.70	426,000	6	%	$	31.90	630,000	4	%	$	27.66
2017	152,000	2	%	$	24.42	542,000	7	%	$	30.27	695,000	4	%	$	28.95
2018	305,000	3	%	$	14.59	456,000	6	%	$	34.98	761,000	4	%	$	26.80
Thereafter	7,728,000	81	%	$	15.14	2,484,000	34	%	$	30.35	10,211,000	61	%	$	18.84

Total (3)	9,568,000	100	%	$	15.09	7,415,000	100	%	$	30.76	16,981,000	100	%	$	21.93

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 June 30, 2009.

(3)	Represents occupied square footage as of June 30, 2009.

Federal Realty Investment Trust

Portfolio Leased Statistics

June 30, 2009

Overall Portfolio Statistics (1)


	At June 30, 2009				At June 30, 2008
Type	Size	Leased	Leased %		Size	Leased	Leased %
Retail Properties (2) (sf)	18,168,000	17,084,000	94.0	%	18,399,000	17,634,000	95.8	%
Residential Properties (3) (units)	903	871	96.5	%	723	692	95.7	%

Same Center Statistics (1)


	At June 30, 2009				At June 30, 2008
Type	Size	Leased	Leased %		Size	Leased	Leased %
Retail Properties (2) (4) (sf)	16,946,000	15,961,000	94.2	%	17,207,000	16,543,000	96.1	%
Residential Properties (3) (units)	723	694	96.0	%	723	692	95.7	%

Notes:

(1)	See Glossary of Terms.

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

(3)

Overall portfolio and Same Center statistics at June 30, 2009 and 2008 include Rollingwood, The Crest at Congressional and the residential rental units at Santana Row. Overall portfolio statistics as of June 30, 2009, include the 180 residential units at Arlington East (Bethesda Row) which were first delivered in May 2008 and continued to be delivered through 2008.

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

Federal Realty Investment Trust

Summary of Top 25 Tenants

June 30, 2009


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.	$	9,751,000		2.62	%	647,000		3.56	%	15
2	Ahold USA, Inc.	$	8,406,000		2.26	%	571,000		3.14	%	11
3	TJX Companies	$	7,029,000		1.89	%	540,000		2.97	%	15
4	Safeway, Inc.	$	6,751,000		1.81	%	481,000		2.65	%	9
5	Gap, Inc.	$	6,438,000		1.73	%	220,000		1.21	%	11
6	CVS Corporation	$	6,219,000		1.67	%	205,000		1.13	%	18
7	Barnes & Noble, Inc.	$	4,725,000		1.27	%	201,000		1.11	%	8
8	OPNET Technologies, Inc.	$	3,754,000		1.01	%	83,000		0.46	%	2
9	Staples, Inc.	$	3,479,000		0.93	%	187,000		1.03	%	9
10	Best Buy Stores, L.P.	$	3,459,000		0.93	%	99,000		0.54	%	3
11	DSW, Inc	$	3,263,000		0.88	%	125,000		0.69	%	5
12	Supervalu Inc.(Acme/Sav-A- Lot/Star Mkt/Shoppers Food)	$	3,227,000		0.87	%	338,000		1.86	%	7
13	Wells Fargo Bank, N.A. (includes Wachovia Corporation)	$	3,200,000		0.86	%	73,000		0.40	%	16
14	L.A. Fitness International LLC	$	3,061,000		0.82	%	178,000		0.98	%	4
15	Home Depot, Inc.	$	2,832,000		0.76	%	335,000		1.84	%	4
16	Ross Stores, Inc.	$	2,810,000		0.75	%	149,000		0.82	%	5
17	Kohl’s Corporation	$	2,793,000		0.75	%	322,000		1.77	%	3
18	Wakefern Food Corporation	$	2,783,000		0.75	%	136,000		0.75	%	2
19	Bank of America, N.A.	$	2,673,000		0.72	%	64,000		0.35	%	19
20	Great Atlantic & Pacific Tea Co	$	2,517,000		0.68	%	217,000		1.19	%	4
21	Container Store, Inc.	$	2,496,000		0.67	%	52,000		0.29	%	2
22	A.C. Moore, Inc.	$	2,483,000		0.67	%	141,000		0.78	%	6
23	AMC Entertainment Inc.	$	2,378,000		0.64	%	166,000		0.91	%	4
24	Dollar Tree Stores, Inc.	$	2,357,000		0.63	%	158,000		0.87	%	14
25	PETsMART, Inc.	$	2,317,000		0.62	%	130,000		0.72	%	5

	Totals - Top 25 Tenants	$	101,201,000		27.19	%	5,818,000		32.02	%	201

	Total: (1)	$	372,476,000	(2)			18,168,000	(3)			2,430

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 June 30, 2009.

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

Federal Realty Investment Trust

Reconciliation of Net Income to FFO Guidance

June 30, 2009


	2009 Guidance
	(Dollars in millions except per share amounts) (1)
Funds from Operations available for common shareholders (FFO)
Net income attributable to the Trust	$	93		$	96
Gain on sale of real estate		(1	)		(1	)
Depreciation and amortization of real estate & real estate partnership assets		105			105
Amortization of initial direct costs of leases		9			9

Funds from operations		206			209
Dividends on preferred stock		(1	)		(1	)
Income attributable to operating partnerships units		1			1
Income attributable to unvested shares		(1	)		(1	)

FFO		206			209
Litigation provision (2)		21			21

FFO excluding litigation provision	$	227		$	230


Weighted average number of common shares, diluted		59.4			59.4

FFO per diluted share	$	3.47		$	3.52
Litigation provision (2)		0.35			0.35

FFO per diluted share excluding litigation provision	$	3.82		$	3.87

Notes:

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

(2)	Amount represents a charge for litigation regarding a parcel of land located adjacent to Santana Row as well as other costs related to the litigation and appeal process.

Federal Realty Investment Trust

Summarized Income Statements and Balance Sheets - Joint Venture

June 30, 2009

CONSOLIDATED INCOME STATEMENTS


	Three months ended June 30,						Six months ended June 30,
	2009			2008			2009			2008
	(in thousands)						(in thousands)
Revenues
Rental income	$	4,790		$	4,760		$	9,455		$	9,377
Other property income		18			46			41			109

		4,808			4,806			9,496			9,486
Expenses
Rental		806			671			1,912			1,545
Real estate taxes		522			495			1,072			960
Depreciation and amortization		1,215			1,192			2,486			2,377

		2,543			2,358			5,470			4,882

Operating income		2,265			2,448			4,026			4,604
Interest expense		(1,132	)		(1,135	)		(2,265	)		(2,270	)

Net income	$	1,133		$	1,313		$	1,761		$	2,334

CONSOLIDATED BALANCE SHEETS


	June 30, 2009			December 31, 2008
	(in thousands)
ASSETS
Real estate, at cost	$	202,781		$	202,519
Less accumulated depreciation and amortization		(16,988	)		(14,609	)

Net real estate		185,793			187,910
Cash and cash equivalents		3,149			2,604
Other assets		6,014			7,066

TOTAL ASSETS	$	194,956		$	197,580

LIABILITIES AND PARTNERS’ CAPITAL
Liabilities
Mortgages payable	$	81,274		$	81,365
Other liabilities		6,543			7,363

Total liabilities		87,817			88,728
Partners’ capital		107,139			108,852

TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	194,956		$	197,580

Federal Realty Investment Trust

Summary of Outstanding Debt and Debt Maturities - Joint Venture

June 30, 2009

OUTSTANDING DEBT


	Maturity	Stated Interest Rate as of June 30, 2009		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)		12,989
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			$	81,274

Debt Maturities

(in thousands)


Year	Scheduled Amortization		Maturities		Total		Percent of Debt Maturing		Cumulative Percent of Debt Maturing
2009	$	94	$	23,400	$	23,494	28.9	%	28.9	%
2010		196		—		196	0.2	%	29.1	%
2011		208		—		208	0.3	%	29.4	%
2012		220		—		220	0.3	%	29.7	%
2013		233		—		233	0.3	%	30.0	%
2014		142		22,396		22,538	27.7	%	57.7	%
2015		—		—		—	0.0	%	57.7	%
2016		—		34,385		34,385	42.3	%	100.0	%

Total	$	1,093	$	80,181	$	81,274	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

Real Estate Status Report - Joint Venture

June 30, 2009


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	$	34,059	$	20,785	100,000	90	%	46,000	Harris Teeter	Bank of America
Free State Shopping Center	Washington, DC-MD-VA	2007		65,837			279,000	99	%	73,000	Giant Food	TJ Maxx /Ross/ Office Depot
Plaza del Mercado	Washington, DC-MD-VA	2004		21,175		12,989	96,000	93	%	25,000	Giant Food	CVS

	Total Washington Metropolitan Area			121,071			475,000	96	%
New York / New Jersey
Greenlawn Plaza	Nassau-Suffolk, NY	2006		19,983		13,600	106,000	99	%	46,000	Waldbaum’s	Tuesday Morning

	Total New York / New Jersey			19,983			106,000	99	%
New England
Atlantic Plaza	Boston-Worcester- Lawrence-Lowell- Brockton, MA	2004		16,521		10,500	124,000	96	%	63,000	Shaw’s Supermarket	Sears
Campus Plaza	Boston-Worcester- Lawrence-Lowell- Brockton, MA	2004		22,202		11,000	116,000	95	%	46,000	Roche Brothers	Burlington Coat Factory
Pleasant Shops	Boston-Worcester- Lawrence-Lowell- Brockton, MA	2004		23,004		12,400	129,000	96	%	38,000	Foodmaster	Marshalls

	Total New England			61,727			369,000	96	%

Grand Totals			$	202,781	$	81,274	950,000	96	%

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 attributable to the Trust 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 Adjusted EBITDA to net income attributable to the Trust for the three and six months ended June 30, 2009 and 2008 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
	(in thousands)						(in thousands)
Net income attributable to the Trust	$	28,417		$	28,974		$	38,901		$	58,960
Depreciation and amortization		29,633			27,795			58,225			53,195
Interest expense		25,830			24,476			49,413			48,829
Early extinguishment of senior notes		982			—			968			—
Other interest income		(260	)		(209	)		(350	)		(550	)

EBITDA		84,602			81,036			147,157			160,434
Gain on sale of real estate		(383	)		—			(1,298	)		—

Adjusted EBITDA	$	84,219		$	81,036		$	145,859		$	160,434

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.