Federal Realty and Zipcar Announce Program to Offer Environmentally-Friendly Car Sharing Service to Patrons in Washington, D.C. Metro Area

ROCKVILLE, Md., May 18, 2011 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) and Zipcar, Inc. (Nasdaq: ZIP) today announced a new program to provide patrons in Washington, D.C. and the metropolitan area access to the world's leading car-sharing network from the Trust's shopping centers. The cost-effective and convenient transportation amenity is available 24 hours a day, seven days a week to members of the community, ages 21 and older.  

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"This new program with Federal Realty and Zipcar is a unique and tremendous offering for our shoppers: an emerging transportation concept that is convenient, environmentally-friendly and smart," said Mike Kelleher, director of asset management for Federal Realty. "This program promotes Zipcar use from the convenience of Federal Realty's properties which have great proximity to public transportation. We look forward to the expansion of this program at many of our properties across the country."

Federal Realty will provide dedicated spaces for Zipcar vehicles at four locations in the metropolitan area, including:

Maryland

• Bethesda Row located at Woodmont Ave & Arlington Road Bethesda Ave. in Bethesda, Maryland
• Congressional Plaza located at Rockville Pike (Route 355) & Halpine Road in Rockville, Maryland

Virginia

• Pentagon Row located at Army Navy Drive & South Joyce in Arlington, Virginia

Washington, D.C.

• Sam's Park and Shop located at Connecticut Ave & Ordway St NW in Washington, D.C.

"Car sharing is an extremely cost-effective, convenient and environmentally-friendly way for people who don't own cars, or who sometimes need an extra set of wheels, to run errands, go shopping or go out to dinner," said Ellice Perez, general manager, Zipcar Washington, D.C.  "This new program with Federal Realty allows us to offer a new level of service in Washington, D.C. and across the Mid-Atlantic area by providing area residents with convenient access to car sharing right at the shopping centers they frequent."

The program with Zipcar gives shoppers, diners and visitors to Federal Realty's shopping centers a new flexible and convenient transportation option, and expands Zipcar's footprint in Washington, D.C. and across the Mid-Atlantic.  Zipcar vehicles can be reserved for as short as an hour or for up to four days. Gas, up to 180 miles of driving per day, insurance, reserved parking spots and roadside assistance are included in the hourly and daily Zipcar rates, which start as low as $7.50 per hour and $69 per day.  Zipcar also offers a fun and functional iPhone app, along with a recently unveiled Android app, both of which will honk the horn to locate a Zipcar and lock and unlock the doors for members.  For more information on Zipcar or to become a member, visit www.zipcar.com.  

About Zipcar

Zipcar is the world's leading car sharing network with more than 575,000 members and over 8,000 vehicles in urban areas and college campuses throughout the United States, Canada and the United Kingdom. Zipcar offers more than 30 makes and models of self-service vehicles by the hour or day to residents and businesses looking for an alternative to the high costs and hassles of owning a car. More information is available at www.zipcar.com. Photos and b-roll footage are available for media purposes at www.zipcar.mediaroom.com.  

Zipcar and the Zipcar logo are trademarks of Zipcar, Inc.

About Federal Realty

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.6 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 93.8% leased to national, regional, and local retailers as of March 31, 2011, with no single tenant accounting for more than approximately 2.6% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 43 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT. For more information, please visit federalrealty.com.

SOURCE Federal Realty Investment Trust