Federal Realty Investment Trust Announces Equinox Fitness Clubs to Join Bethesda Row

- State of the art fitness facility further enhances premier shopping, dining and living destination in the heart of Bethesda, Maryland -

ROCKVILLE, Md., March 5 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced that Equinox Fitness Clubs, one of the nation's premier fitness facilities, will join the tenant lineup at Bethesda Row in Bethesda, Maryland, at the intersection of Elm Street and Hampden Lane, with construction commencing late March 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO )

"We are thrilled to offer this incredible amenity to the community and are excited to welcome Equinox to Bethesda Row," said Deirdre Johnson, director of asset management for Federal Realty. "The addition of Equinox will truly enhance the quality of experience at Bethesda Row and is complimentary to our existing shopping, dining, office and residential components."

Voted "Best Gym in America" by Fitness Magazine with 46 locations in major markets nationwide, Equinox is known for delivering style as well as substance and offers industry-leading personal trainers, world-class group fitness programming, and award-winning design. The Bethesda Row location is expected to open in late 2010, and will occupy 31,000 square feet on four floors including amenities such as a full service spa, a pool, cafe/juice bar and five group exercise studios.

"Our aim in Bethesda is to meet the needs of a discriminating consumer who demands the best," said Harvey Spevak, chief executive officer for Equinox. "Bethesda Row is a premier location and we are excited to bring an innovative fitness facility to the community."

"Equinox is a tremendous addition to Bethesda Row," said Federal Realty vice president of leasing Wendy Seher. "The strength of their business strategy and creative approach to fitness offers the community a unique alternative to the traditional gym format. Equinox is a strong addition to our retail lineup, positioning Bethesda Row as a premier destination for our customers' living, shopping, and dining needs."

Equinox is the latest in a series of new premier retail and restaurants that continue to enhance Bethesda Row as a destination location to shop, dine, and live. Retailers that have recently opened on Bethesda Row include: Lebanese Taverna, Cacao, City Sports, Lou Lou and Amethyst.

Soon to open at Bethesda Row are sweetgreen, a new local restaurant that offers delicious, all-natural salads and frozen yogurt; and Organic To Go, the nation's first fast casual retailer to be certified organic by the USDA.

About Bethesda Row

Bethesda Row is a 521,000 square foot shopping, dining and living destination in the heart of Bethesda, Maryland. With a tremendous collection of national retailers, local boutiques, eclectic restaurants and 180 luxury apartments, Bethesda Row is the best of Bethesda, all in a row. For more information, please visit www.bethesdarow.com.

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 18.1 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 95.0% leased to national, regional, and local retailers as of December 31, 2008, 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 41 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.

    Media Inquiries
    Janelle Stevenson                  Sarah Braswell
    Corporate Communications           Powell Tate
    301/998-8185                       202/585-2903
    jmstevenson@federalrealty.com      sbraswell@powelltate.com

SOURCE Federal Realty Investment Trust