FEDERAL REALTY INVESTMENT TRUST - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - FEDERAL REALTY INVESTMENT TRUST	d8k.htm

Exhibit 99.1

FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION

December 31, 2010

TABLE OF CONTENTS


1.	Fourth Quarter and Year-End 2010 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.	2010 Significant Acquisitions	15

6.	Real Estate Status Report	16

7.	Retail Leasing Summary	17

8.	Lease Expirations	19

9.	Portfolio Leased Statistics	20

10.	Summary of Top 25 Tenants	21

11.	Reconciliation of Net Income to FFO Guidance	22

12.	30% Owned Joint Venture Disclosure
	Summarized Income Statements and Balance Sheets	23
	Summary of Outstanding Debt and Debt Maturities	24
	Real Estate Status Report	25

13.	Glossary of Terms	26

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 15, 2011, and include the following:

•

risks that our tenants will not pay rent, may vacate early or may file for bankruptcy 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 redevelopment or renovation projects that we do pursue 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 partnerships;

•

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 15, 2011.

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 FOURTH QUARTER AND

YEAR-END 2010 OPERATING RESULTS

ROCKVILLE, Md. (February 15, 2011) – Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its fourth quarter and year-ended December 31, 2010.

Financial Results

Federal Realty generated funds from operations available for common shareholders (FFO) of $62.2 million, or $1.01 per diluted share for fourth quarter 2010. This compares to FFO of $60.1 million, or $0.98 per diluted share, in fourth quarter 2009 ($55.4 million or $0.90 per diluted share as adjusted for litigation provision – see below). For the year ending December 31, 2010, Federal Realty reported FFO of $239.2 million, or $3.88 per diluted share. This compares to $211.1 million, or $3.51 per diluted share, for the year ending December 31, 2009 ($227.4 million or $3.78 per diluted share as adjusted for litigation provision).

Net income available for common shareholders was $32.7 million and earnings per diluted share was $0.53 for fourth quarter 2010 versus $31.8 million and $0.52, respectively, for fourth quarter 2009 ($27.1 million or $0.44 per diluted share as adjusted for litigation provision). For the year ending December 31, 2010, Federal Realty reported net income available for common shareholders of $122.2 million and earnings per diluted share of $1.98. This compares to net income available for shareholders of $97.8 million and earnings per diluted share of $1.63 for the year ending December 31, 2009 ($114.1 million or $1.90 per diluted share as adjusted for litigation provision).

Federal Realty’s as adjusted financial results in the prior year exclude a $16.4 million litigation provision in 2009 (principally consisting of $20.6 million recorded in the first quarter and a reversal of $4.7 million recorded in the fourth quarter) reflecting the impact of a previously disclosed lawsuit involving a property adjacent to Santana Row. In February 2011, a final ruling on appeals from both Federal Realty and the plaintiff was issued, rejecting both appeals and affirming the final judgment. Payment is expected to be made on the judgment in first quarter 2011 with no further impact expected. See Note 8 of the Consolidated Financial Statements included in Form 10-K filed on February 15, 2011.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND

YEAR-END 2010 OPERATING RESULTS

February 15, 2011

Page 2

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 is attached to this press release.

Portfolio Results

Same-center property operating income in 2010 increased 2.3% including redevelopments and expansions, and increased 2.1% excluding redevelopments and expansions, compared to 2009. On a quarterly-basis, same-center property operating income in fourth quarter 2010 increased 0.8% including redevelopment and expansion properties, and increased 1.1% excluding redevelopment and expansion properties, compared to fourth quarter 2009.

The overall portfolio was 93.9% leased as of December 31, 2010, compared to 93.9% on September 30, 2010 and 94.5% on December 31, 2009. Federal Realty’s same-center portfolio was 94.3% leased on December 31, 2010, compared to 94.4% on September 30, 2010 and 94.6% on December 31, 2009.

During fourth quarter 2010, the Trust signed 89 leases for 493,000 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), the Trust leased 490,000 square feet at an average cash-basis contractual rent increase per square foot (i.e., excluding the impact of straight-line rents) of 7%. The average contractual rent on this comparable space for the first year of the new lease is $23.68 per square foot compared to the average contractual rent of $22.11 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 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 15% for fourth quarter 2010.

For all of 2010, Federal Realty signed 312 leases representing 1.5 million square feet of comparable retail space at an average cash-basis contractual rent increase per square foot of 8%, and 18% on a GAAP-basis. The average cash-basis contractual rent on this comparable space for the first year of the new lease is $26.04 per square foot compared to the average cash-basis contractual rent of $24.11 per square foot for the last year of the prior lease. As of December 31, 2010, Federal Realty’s average contractual minimum rent for retail and commercial space in its portfolio is $22.77 per square foot, as compared to $22.14 on December 31, 2009.

“Steady, solid, consistent growth from one of the best retail portfolios in the country,” commented Donald C. Wood, president and chief executive officer of Federal Realty Investment Trust. “Over the past several years, as the results of most commercial real estate portfolios in the U.S. have swung wildly, our consistency and predictability is especially appreciated. As the economy continues to improve, I would expect the same from Federal Realty.”

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND

YEAR-END 2010 OPERATING RESULTS

February 15, 2011

Page 3

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 $0.67 per share on its common shares, resulting in an indicated annual rate of $2.68 per share. The regular common dividend will be payable on April 15, 2011 to common shareholders of record on March 17, 2011.

Guidance

Federal Realty 2011 guidance for FFO per diluted share remained unchanged at a range of $3.95 to $4.02 and 2011 earnings per diluted share guidance of $2.00 to $2.07. 2011 guidance reflects record expectations for funds from operations per share.

Summary of Other Quarterly Activities and Recent Developments

•

January 19, 2011 – Acquired Tower Shops, a 372,000 square foot community center on 67 acres in Davie, Florida for $66.1 million. The property has significant opportunity for redevelopment and expansion and is well-positioned with a strong anchor tenant line-up including Ross, TJ Maxx, DSW, Michaels, Old Navy, Best Buy (opening fall 2011) and shadow-anchors Costco and Home Depot. The acquisition of Tower Shops expands the Trust’s portfolio in South Florida to 680,000 square feet of retail space which includes Del Mar Village in Boca Raton and Courtyard Shops in Wellington.

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 2010 earnings conference call, which is scheduled for February 16, 2011, at 11 a.m. Eastern Standard Time. To participate, please call (866) 788-0540 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 March 16, 2011, by dialing (888) 286-8010 and using the passcode 46183132.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND

YEAR-END 2010 OPERATING RESULTS

February 15, 2011

Page 4

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 18.3 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 93.9% leased to national, regional, and local retailers as of December 31, 2010, 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.

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 15, 2011, and include the following:

•

risks that our tenants will not pay rent, may vacate early or may file for bankruptcy 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 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 February 15, 2011.

Federal Realty Investment Trust

Summarized Income Statements

December 31, 2010


	Three months ended December 31,						Year ended December 31,
	2010			2009			2010			2009
	(in thousands, except per share data)
Revenue
Rental income	$	134,077		$	133,573		$	525,528		$	512,725
Other property income		3,302			3,588			14,545			12,850
Mortgage interest income		1,369			1,260			4,601			4,943

Total revenue		138,748			138,421			544,674			530,518

Expenses
Rental expenses		28,494			30,580			111,034			108,627
Real estate taxes		13,885			15,019			59,108			58,109
General and administrative		7,127			5,862			24,189			22,032
Litigation provision		(17	)		(4,732	)		330			16,355
Depreciation and amortization		30,047			28,388			119,539			114,812

Total operating expenses		79,536			75,117			314,200			319,935

Operating income		59,212			63,304			230,474			210,583
Other interest income		23			620			256			1,894
Interest expense		(25,203	)		(29,159	)		(101,882	)		(108,781	)
Early extinguishment of debt		—			(1,671	)		(2,801	)		(2,639	)
Income from real estate partnerships		554			248			1,060			1,322

Income from continuing operations		34,586			33,342			127,107			102,379

Discontinued operations
Discontinued operations - (loss) income		(281	)		24			(280	)		195
Discontinued operations - gain on sale of real estate		—			—			1,000			1,298

Results from discontinued operations		(281	)		24			720			1,493

Income before gain on sale of real estate		34,305			33,366			127,827			103,872
Gain on sale of real estate		—			—			410			—

Net income		34,305			33,366			128,237			103,872
Net income attributable to noncontrolling interests		(1,489	)		(1,396	)		(5,447	)		(5,568	)

Net income attributable to the Trust		32,816			31,970			122,790			98,304
Dividends on preferred shares		(135	)		(135	)		(541	)		(541	)

Net income available for common shareholders	$	32,681		$	31,835		$	122,249		$	97,763

EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.53		$	0.52		$	1.97		$	1.60
Discontinued operations		—			—			0.01			0.03
Gain on sale of real estate		—			—			0.01			—

	$	0.53		$	0.52		$	1.99		$	1.63

Weighted average number of common shares, basic		61,251			61,008			61,182			59,704

EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.53		$	0.52		$	1.96		$	1.60
Discontinued operations		—			—			0.01			0.03
Gain on sale of real estate		—			—			0.01			—

	$	0.53		$	0.52		$	1.98		$	1.63

Weighted average number of common shares, diluted		61,405			61,142			61,324			59,830

Federal Realty Investment Trust

Summarized Balance Sheets

December 31, 2010


	December 31,
	2010			2009
	(in thousands)
ASSETS

Real estate, at cost
Operating (including $97,157 and $68,643 of consolidated variable interest entities, respectively)	$	3,726,223		$	3,619,562
Construction-in-progress		163,200			132,758
Assets held for sale (discontinued operations)		6,519			6,914

		3,895,942			3,759,234
Less accumulated depreciation and amortization (including $4,431 and $3,053 of consolidated variable interest entities, respectively)		(1,035,204	)		(938,087	)

Net real estate		2,860,738			2,821,147

Cash and cash equivalents		15,797			135,389
Accounts and notes receivable, net		68,997			72,191
Mortgage notes receivable, net		44,813			48,336
Investment in real estate partnerships		51,606			35,633
Prepaid expenses and other assets		117,602			109,613

TOTAL ASSETS	$	3,159,553		$	3,222,309

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities
Mortgages payable and capital lease obligations (including $22,785 and $23,417 of consolidated variable interest entities, respectively)	$	589,441		$	601,884
Notes payable		97,881			261,745
Senior notes and debentures		1,079,827			930,219
Accounts payable and other liabilities		211,274			219,398

Total liabilities		1,978,423			2,013,246

Shareholders’ equity
Preferred shares		9,997			9,997
Common shares and other shareholders’ equity		1,139,836			1,167,340

Total shareholders’ equity of the Trust		1,149,833			1,177,337
Noncontrolling interests		31,297			31,726

Total shareholders’ equity		1,181,130			1,209,063

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,159,553		$	3,222,309

Federal Realty Investment Trust

Funds From Operations / Summary of Capital Expenditures

December 31, 2010


	Three months ended December 31,						Year ended December 31,
	2010			2009			2010			2009
	(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income (2)	$	34,305		$	33,366		$	128,237		$	103,872
Net income attributable to noncontrolling interests		(1,489	)		(1,396	)		(5,447	)		(5,568	)
Gain on sale of real estate		—			—			(1,410	)		(1,298	)
Depreciation and amortization of real estate assets		26,812			25,423			107,187			103,104
Amortization of initial direct costs of leases		2,326			2,443			9,552			9,821
Depreciation of joint venture real estate assets		435			342			1,499			1,388

Funds from operations		62,389			60,178			239,618			211,319
Dividends on preferred shares		(135	)		(135	)		(541	)		(541	)
Income attributable to operating partnership units		244			245			980			974
Income attributable to unvested shares		(259	)		(193	)		(847	)		(687	)

FFO		62,239			60,095			239,210			211,065
Litigation provision, net of allocation to unvested shares		(17	)		(4,718	)		329			16,301

FFO excluding litigation provision	$	62,222		$	55,377		$	239,539		$	227,366

FFO per diluted share	$	1.01		$	0.98		$	3.88		$	3.51
Litigation provision per diluted share		—			(0.08	)		—			0.27

FFO per diluted share excluding litigation provision	$	1.01		$	0.90		$	3.88		$	3.78

Weighted average number of common shares, diluted		61,769			61,513			61,693			60,201

Summary of Capital Expenditures
Non-maintenance capital expenditures
Redevelopment and expansions	$	13,568		$	13,792		$	57,792		$	68,481
Tenant improvements and incentives		11,333			3,486			22,618			11,965

Total non-maintenance capital expenditures		24,901			17,278			80,410			80,446
Maintenance capital expenditures		5,651			7,138			17,121			14,629

Total capital expenditures	$	30,552		$	24,416		$	97,531		$	95,075

Dividends and Payout Ratios
Regular common dividends declared	$	41,213		$	40,416		$	163,382		$	157,638

Dividend payout ratio as a percentage of FFO		66	%		67	%		68	%		75	%
Dividend payout ratio as a percentage of FFO excluding litigation provision (2)		66	%		73	%		68	%		69	%

Notes:

(1)	See Glossary of Terms.

(2)

Net income includes a charge of $0.3 million and $16.4 million in 2010 and 2009, respectively, for adjusting the accrual for litigation regarding a parcel of land located adjacent to Santana Row as well as certain costs related to the litigation and appeal process. A final ruling on the appeal was issued in February 2011 rejecting the appeals and affirming the final judgment against us. We believe FFO excluding this litigation provision provides a more meaningful evaluation of operations, and therefore, have included FFO and FFO per share excluding the related charges.

Federal Realty Investment Trust

Market Data

December 31, 2010


	December 31,
	2010			2009
	(in thousands, except per share data)
Market data
Common shares outstanding (1)		61,526			61,242
Market price per common share	$	77.93		$	67.72

Common equity market capitalization	$	4,794,721		$	4,147,308

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	$	4,804,721		$	4,157,308

Total debt (3)		1,767,149			1,793,848

Total market capitalization	$	6,571,870		$	5,951,156

Total debt to market capitalization at then current market price		27	%		30	%

Total debt to market capitalization at constant common share price of $67.72		30	%		30	%

Fixed rate debt ratio:
Fixed rate debt and capital lease obligations		95	%		86	%
Variable rate debt		5	%		14	%

		100	%		100	%

Notes:

(1)	Amounts do not include 362,314 and 371,260 Operating Partnership Units outstanding at December 31, 2010 and 2009, 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 $17.3 million which is the Trust’s 30% share of the total mortgages payable of $57.6 million and $57.8 million at December 31, 2010 and 2009, respectively, of the partnership with a discretionary fund created and advised by ING Clarion Partners. It also excludes the $8.8 million mortgage loan on our Newbury Street Partnership for which we are the lender.

Federal Realty Investment Trust

Components of Rental Income

December 31, 2010


	Three months ended December 31,				Year ended December 31,
	2010		2009		2010		2009
	(in thousands)				(in thousands)
Minimum rents
Retail and commercial (1)	$	97,156	$	93,706	$	381,012	$	373,506
Residential (2)		5,458		5,175		21,583		21,093
Cost reimbursements		26,505		29,804		107,658		104,052
Percentage rents		2,596		2,697		6,374		6,508
Other		2,362		2,191		8,901		7,566

Total rental income	$	134,077	$	133,573	$	525,528	$	512,725

Notes:

(1)

Minimum rents include $1.1 million and $1.4 million for the three months ended December 31, 2010 and 2009, respectively, and $4.6 million and $5.4 million for the year ended December 31, 2010 and 2009, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $0.3 million and $0.6 million for the three months ended December 31, 2010 and 2009, respectively, and $1.6 million and $1.7 million for the year ended December 31, 2010 and 2009, respectively, to recognize income from the amortization of in-place leases.

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

Federal Realty Investment Trust

Summary of Outstanding Debt and Capital Lease Obligations

December 31, 2010


	Stated maturity date		Stated interest rate as of December 31, 2010			Balance as of December 31, 2010					Weighted average effective rate at December 31, 2010 (h)
						(in thousands)
Mortgages Payable (a)
Secured fixed rate
Federal Plaza		06/01/11		6.75	%	$	31,901
Tysons Station		09/01/11		7.40	%		5,713
Courtyard Shops		07/01/12		6.87	%		7,289
Bethesda Row		01/01/13		5.37	%		19,994
Bethesda Row		02/01/13		5.05	%		4,163
White Marsh Plaza (b)		04/01/13		6.04	%		9,580
Crow Canyon		08/11/13		5.40	%		20,395
Idylwood Plaza		06/05/14		7.50	%		16,544
Leesburg Plaza		06/05/14		7.50	%		28,786
Loehmann’s Plaza		06/05/14		7.50	%		37,224
Pentagon Row		06/05/14		7.50	%		53,437
Melville Mall (c)		09/01/14		5.25	%		23,073
THE AVENUE at White Marsh		01/01/15		5.46	%		57,803
Barracks Road		11/01/15		7.95	%		39,850
Hauppauge		11/01/15		7.95	%		15,022
Lawrence Park		11/01/15		7.95	%		28,246
Wildwood		11/01/15		7.95	%		24,827
Wynnewood		11/01/15		7.95	%		28,785
Brick Plaza		11/01/15		7.42	%		29,429
Rollingwood Apartments		05/01/19		5.54	%		23,567
Shoppers’ World		01/31/21		5.91	%		5,593
Mount Vernon (d)		04/15/28		5.66	%		10,937
Chelsea		01/15/31		5.36	%		7,795

Subtotal							529,953
Net unamortized discount							(452	)

Total mortgages payable							529,501					6.98	%

Notes payable
Unsecured fixed rate
Various (e)		Various through 2013		3.57	%		11,481
Unsecured variable rate
Revolving credit facility (f)		07/27/11		LIBOR + 0.425	%		77,000
Escondido (Municipal bonds) (g)		10/01/16		0.51	%		9,400

Total notes payable							97,881					1.13	% (i)

Senior notes and debentures
Unsecured fixed rate
4.50% notes		02/15/11		4.50	%		75,000
6.00% notes		07/15/12		6.00	%		175,000
5.40% notes		12/01/13		5.40	%		135,000
5.95% notes		08/15/14		5.95	%		150,000
5.65% notes		06/01/16		5.65	%		125,000
6.20% notes		01/15/17		6.20	%		200,000
5.90% notes		04/01/20		5.90	%		150,000
7.48% debentures		08/15/26		7.48	%		29,200
6.82% medium term notes		08/01/27		6.82	%		40,000

Subtotal							1,079,200
Net unamortized premium							627

Total senior notes and debentures							1,079,827					5.95	%

Capital lease obligations
Various		Various through 2106		Various			59,940					6.91	%

Total debt and capital lease obligations						$	1,767,149

Total fixed rate debt and capital lease obligations						$	1,680,749		95	%		6.29	%
Total variable rate debt							86,400		5	%		0.78	% (i)

TOTAL DEBT AND CAPITAL LEASES OBLIGATIONS						$	1,767,149		100	%		6.02	% (i)

Three months ended
December 31,

Year ended
December 31,

2010

2009

2010

2009

Operational Statistics

Excluding litigation provision:

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

3.33x

2.67x

3.14x

2.90x

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

3.33x

2.67x

3.12x

2.89x

Including litigation provision:

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

3.33x

2.82x

3.13x

2.76x

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

3.33x

2.82x

3.12x

2.75x

Notes:

(a)	Mortgage loans do not include our 30% share ($17.3 million) of the $57.6 million debt of the partnership with a discretionary fund created and advised by ING Clarion Partners. It also excludes the $8.8 million mortgage loan on our Newbury Street Partnership for which we are the lender.

(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 $4.4 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 the activities that most significantly impact 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 interest rate of 3.57% represents the weighted average interest rate for three unsecured fixed rate notes payable. These notes mature between April 1, 2012 and January 31, 2013.

(f)

The maximum amount drawn under our revolving credit facility for the three months and year ended December 31, 2010 was $82.0 million, and the weighted average effective interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 0.71% and 0.72% for the three months and year ended December 31, 2010, respectively.

(g)	The bonds require monthly interest only payments through maturity. The bonds bear interest at a variable rate determined weekly which would enable the bonds to be remarketed at 100% of their principal amount. The property is not encumbered by a lien.

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

(i)	The weighted average effective interest rate excludes $0.2 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility which had a $77.0 million balance on December 31, 2010.

(j)

Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount/premium and debt costs and the portion of rent expense representing an interest factor. EBITDA includes a $1.4 million and $1.3 million gain on sale for the years ended December 31, 2010 and 2009, respectively. Fixed charges include $2.8 million of early extinguishment of debt for the year ended December 31, 2010, due to the write-off of unamortized debt fees related to the $250 million payoff of the term loan prior to its maturity date. Fixed charges include $1.7 million and $2.6 million of early extinguishment of debt for the quarter and year ended December 31, 2009, respectively, primarily related to the write-off of debt fees related to the paydown of the term loan and the cash tender offer for our 8.75% senior notes. Adjusted EBITDA is reconciled to net income in the Glossary of Terms.

(k)

Adjusted to exclude less than ($0.1) million and ($4.7) million litigation provision charge for the three months ended December 31, 2010 and 2009, respectively, and $0.3 million and $16.4 million litigation provision charge for the years ended December 31, 2010 and 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

December 31, 2010



DEBT MATURITIES

(in thousands)
Year	Scheduled Amortization		Maturities			Total			Percent of Debt Maturing			Cumulative Percent of Debt Maturing			Weighted Average Rate (3)
2011	$	12,224	$	189,252	(1)	$	201,476			11.4	%		11.4	%		3.5	%(4)
2012		12,691		191,916			204,607			11.6	%		23.0	%		5.8	%
2013		11,853		196,893			208,746			11.8	%		34.8	%		5.5	%
2014		10,225		297,864			308,089			17.4	%		52.2	%		6.9	%
2015		6,858		198,391			205,249			11.6	%		63.8	%		7.3	%
2016		2,902		134,400			137,302			7.8	%		71.6	%		5.4	%
2017		3,110		200,000			203,110			11.5	%		83.1	%		6.1	%
2018		3,321		—			3,321			0.2	%		83.3	%		0.0	%
2019		3,200		20,160			23,360			1.3	%		84.6	%		5.6	%
2020		3,239		150,000			153,239			8.7	%		93.3	%		6.0	%
Thereafter		45,597		72,878			118,475			6.7	%		100.0	%		6.9	%

Total	$	115,220	$	1,651,754		$	1,766,974	(2)		100.0	%

Notes:

(1)	Our $300 million revolving credit facility matures on July 27, 2011. As of December 31, 2010, there was $77.0 million outstanding on our revolving 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 December 31, 2010.

(3)	The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.

(4)	The weighted average rate excludes $0.2 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.

Federal Realty Investment Trust

Summary of Redevelopment Opportunities

December 31, 2010

Current Redevelopment Opportunities (1) ($ millions)


Property	Location	Opportunity	Projected ROI (2)			Projected Cost (1)		Cost to Date
Projects Stabilized in 2010 (3)
Bethesda Row (Hampden Lane)	Bethesda, MD	Construction of new three level building leased to fitness center and two additional ground level retail spaces.		10	%	$	14	$	12
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)		22	%	$	6	$	5
Barracks Road	Charlottesville, VA	Expansion of Bed, Bath and Beyond and creation of two additional small shop spaces, utilizing vacant anchor space.		11	%	$	3	$	3
Lancaster	Lancaster, PA	Renovation and expansion of existing grocer, new bank pad, and façade renovation		13	%	$	2	$	2
Langhorne	Levittown, PA	Pad site addition		15	%	$	1	$	1
Atlantic Plaza (JV Property) (5)	North Reading, MA	Property improvements, including façade renovation, in preparation for new lease with grocery store		22	%	$	1	$	1

Subtotal: Projects Stabilized in 2010 (3) (4)				14	%	$	27	$	24

Projects Anticipated to Stabilize in 2011 (3)
Santana Row	San Jose, CA	Five-story building with 15,000 square feet of ground level retail and 65,000 square feet of office space		6	%	$	44	$	36
Crossroads	Highland Park, IL	Combine four spaces in preparation for new fitness operator, replacing vacant anchor and small shop space.		9	%	$	3	$	2
Brick	Brick, NJ	Redevelopment and expansion of existing pad site		14	%	$	1	$	0

Subtotal: Projects Anticipated to Stabilize in 2011 (3) (4)				6	%	$	48	$	38

Projects Anticipated to Stabilize in 2012 (3)
Santana Row	San Jose, CA	109 unit residential building		7	%	$	34	$	10
Shops at Willow Lawn	Richmond, VA	Demo interior mall, relocate mall tenants, construct new exterior GLA, new pad buildings, and gas station		10	%	$	13	$	2
Fresh Meadows	Queens, NY	Conversion of 2nd floor office space for new sporting goods retailer.		9	%	$	3	$	0

Subtotal: Projects Anticipated to Stabilize in 2012 (3) (4)				8	%	$	50	$	12

Total: Projects Anticipated to Stabilize in 2010, 2011 and 2012 (3) (4)				8	%	$	125	$	74

A recent review of our portfolio has generated numerous potential opportunities to invest $350-$550 million to create future shareholder value, many of which were previously disclosed as future redevelopment opportunities on this schedule. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these new opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time.

Pad Site Opportunities – Opportunity to invest a total of up to $15-$20 million to add both single tenant and multi-tenant stand alone pad buildings at existing retail properties. Many of these opportunities are “by right” and construction is awaiting appropriate retailer demand.


Assembly Square Marketplace	Somerville, MA	Flourtown	Flourtown, PA
Bala Cynwyd	Bala Cynwyd, PA	Melville Mall	Huntington, NY
Brick Plaza	Brick, NJ	Mercer Mall	Lawrenceville, NJ
Dedham Plaza	Dedham, MA	Troy	Parsippany, NJ
Escondido	Escondido, CA	Westgate	San Jose, CA
Federal Plaza	Rockville, MD	Wildwood	Bethesda, MD

Property Expansion or Conversion – Opportunity to invest a total of up to $15-$20 million at successful retail properties to convert previously unusable space into new GLA and to convert other existing uses into additional retail GLA.


Fresh Meadows	Queens, NY	Shoppers’ World	Charlottesville, VA
Hollywood Blvd	Hollywood, CA	Third Street Promenade	Santa Monica, CA
Pentagon Row	Arlington, VA	Wildwood	Bethesda, MD

Residential Opportunities – Opportunity to invest $150-$200 million to add more than 500 residential units to existing retail and mixed-use properties.


Barracks Road	Charlottesville, VA	Santana Row	San Jose, CA
Congressional Plaza	Rockville, MD	Village of Shirlington	Arlington, VA

Near Term Mixed-Use Opportunities


Assembly Row	Somerville, MA	First Phase of approximately 280,000 sf of retail space and 419 apartments (to be built by AVB), plus new T-stop; anticipated construction start 2011/2012 and anticipated stabilization 2014/2015. Approximate Phase 1 cost - $100-$125 million.
Mid-Pike Plaza	Rockville, MD	First phase of approximately 230,000 sf of retail and office space and 400 residential units; anticipated construction start 2012 and anticipated stabilization 2014/2015. Approximate Phase 1cost - $200-$225 million.

Longer Term Mixed-Use Opportunities


Bala Cynwyd	Bala Cynwyd, PA	Pike 7	Vienna, VA
Forest Hills	Forest Hills, NY	Santana Row	San Jose, CA

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 generally reflects only the deal specific cash, unleveraged Incremental Property Operating Income (POI) generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management’s estimate of rent to be 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)	ROI and costs for Atlantic Plaza reflect our 30% JV interest in the costs and revenue associated with the redevelopment.

Federal Realty Investment Trust

2010 Significant Acquisitions

Through December 31, 2010

Federal Realty Investment Trust Significant Acquisitions

Date

Property

City / State

GLA

Purchase price

Anchor tenants

(in square feet)

(in millions)

May 26, 2010

Newbury Street

Boston, MA

32,000

17.5

(1)

Pierre Deux/Jonathan Adler

August 16, 2010

Huntington Square

East Northport, NY

74,000

17.6

(2)

Barnes & Noble

November 10, 2010

Former Mervyn’s Parcel (Escondido Promenade)

Escondido, CA

75,000

11.2

(3)

November 22, 2010

Pentagon Row

Arlington, VA

N/A

8.5

(4)

December 27, 2010

Bethesda Row

Bethesda, MD

N/A

9.4

(5)

181,000

64.2

Notes:

(1)

These two buildings were acquired by our Taurus Newbury Street JV II Limited Partnership in which we hold an 85% limited partnership interest and account for our investment under the equity method. We contributed $7.8 million towards this acquisition and provided an $8.8 million interest-only loan secured by the two buildings.

(2)	We acquired the leasehold interest in this property.

(3)	This property is adjacent to and operated as part of Escondido Promenade which is owned through a partnership in which we own the controlling interest.

(4)	We and a subsidiary of Post Properties, Inc. purchased the fee interest in the land under Pentagon Row. The land was purchased as a result of a favorable outcome to litigation.

(5)	We acquired the fee interest in approximately 2.1 acres of land under Bethesda Row. Prior to the transaction, the land parcel was owned pursuant to a ground lease and encumbered by a capital lease obligation which were terminated as part of the transaction.

Federal Realty Investment Trust

Real Estate Status Report

December 31, 2010


Property Name			MSA Description	Year Acquired		Real Estate at Cost		Mortgage and/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)

Washington Metropolitan Area
Bethesda Row			Washington, DC-MD-VA		1993/2006/ 2008/2010	$	207,148	$	24,157		521,000		96	%		96	%	$	43.21		40,000	Giant Food	Barnes & Noble / Landmark Theater / Apple Computer
Congressional Plaza	(7	)	Washington, DC-MD-VA		1965		71,299				332,000		100	%		100	%		31.88		28,000	Whole Foods	Buy Buy Baby / Container Store
Courthouse Center			Washington, DC-MD-VA		1997		4,366				36,000		93	%		93	%		17.67
Falls Plaza/Falls Plaza-East			Washington, DC-MD-VA		1967-1972		12,309				144,000		100	%		100	%		29.82		51,000	Giant Food	CVS / Staples
Federal Plaza			Washington, DC-MD-VA		1989		62,773		31,901		248,000		87	%		87	%		32.00				TJ Maxx / Micro Center / Ross Dress For Less / Trader Joe’s
Friendship Center			Washington, DC-MD-VA		2001		34,354				119,000		100	%		100	%		33.15				Borders Books / Maggiano’s
Gaithersburg Square			Washington, DC-MD-VA		1993		24,984				209,000		79	%		78	%		25.10				Bed, Bath & Beyond / Ross Dress For Less
Idylwood Plaza			Washington, DC-MD-VA		1994		15,971		16,544		73,000		100	%		100	%		41.81		30,000	Whole Foods
Laurel			Washington, DC-MD-VA		1986		47,609				388,000		85	%		85	%		18.35		61,000	Giant Food	Marshalls
Leesburg Plaza	(8	)	Washington, DC-MD-VA		1998		34,519		28,786		236,000		95	%		95	%		22.14		55,000	Giant Food	Petsmart / Pier 1 Imports / Office Depot
Loehmann’s Plaza			Washington, DC-MD-VA		1983		32,634		37,224		268,000		96	%		96	%		26.20		58,000	Giant Food	Bally Total Fitness / Loehmann’s Dress Shop
Mid-Pike Plaza			Washington, DC-MD-VA		1982/2007		47,674				309,000		73	%		73	%		27.12				Toys R Us / Bally Total Fitness / AC Moore
Mount Vernon/South Valley/7770 Richmond Hwy	(8	)	Washington, DC-MD-VA		2003-2006		78,312		10,937		565,000		95	%		95	%		15.32		62,000	Shoppers Food Warehouse	Bed, Bath & Beyond / Michaels / Home Depot / TJ Maxx / Gold’s Gym
Old Keene Mill			Washington, DC-MD-VA		1976		5,991				92,000		97	%		97	%		33.35		24,000	Whole Foods	Walgreens
Pan Am			Washington, DC-MD-VA		1993		28,524				227,000		100	%		100	%		18.41		63,000	Safeway	Micro Center / Michaels
Pentagon Row			Washington, DC-MD-VA		1998/2010		88,665		53,437		296,000		99	%		99	%		33.69		45,000	Harris Teeter	Bally Total Fitness / Bed, Bath & Beyond / DSW
Pike 7			Washington, DC-MD-VA		1997		35,464				164,000		100	%		100	%		38.11				DSW / Staples / TJ Maxx
Quince Orchard			Washington, DC-MD-VA		1993		21,799				248,000		63	%		63	%		20.07		24,000	Magruders	Staples
Rockville Town Square			Washington, DC-MD-VA		2006-2007		37,299				182,000		78	%		78	%		33.13				CVS / Gold’s Gym
Rollingwood Apartments			Washington, DC-MD-VA		1971		8,358		23,567		N/A		97	%		95	%		N/A
Sam’s Park & Shop			Washington, DC-MD-VA		1995		12,550				49,000		100	%		100	%		38.41				Petco
Tower			Washington, DC-MD-VA		1998		20,407				112,000		91	%		67	%		24.04				Talbots
Tyson’s Station			Washington, DC-MD-VA		1978		3,923		5,713		49,000		100	%		100	%		39.43				Trader Joe’s
Village at Shirlington	(6	)	Washington, DC-MD-VA		1995		53,774		6,327		255,000		98	%		96	%		33.22		28,000	Harris Teeter	AMC Loews / Carlyle Grand Café
Wildwood			Washington, DC-MD-VA		1969		18,008		24,827		85,000		97	%		97	%		82.52		20,000	Balducci’s	CVS

			Total Washington Metropolitan Area				1,008,714				5,207,000		91	%		91	%		29.37

Philadelphia Metropolitan Area
Andorra			Philadelphia, PA-NJ		1988		23,772				267,000		95	%		95	%		14.05		24,000	Acme Markets	Kohl’s / Staples / L.A. Fitness
Bala Cynwyd			Philadelphia, PA-NJ		1993		33,656				282,000		99	%		99	%		17.26		45,000	Acme Markets	Lord & Taylor / L.A. Fitness
Ellisburg Circle			Philadelphia, PA-NJ		1992		28,017				267,000		94	%		94	%		14.83		47,000	Genuardi’s	Buy Buy Baby / Stein Mart
Feasterville			Philadelphia, PA-NJ		1980		12,064				111,000		100	%		91	%		13.81		53,000	Giant Food	OfficeMax
Flourtown			Philadelphia, PA-NJ		1980		15,830				166,000		48	%		48	%		22.44		42,000	Genuardi’s
Langhorne Square			Philadelphia, PA-NJ		1985		20,310				219,000		96	%		93	%		14.76		55,000	Redner’s Warehouse Mkts.	Marshalls
Lawrence Park			Philadelphia, PA-NJ		1980		30,578		28,246		353,000		98	%		98	%		18.37		53,000	Acme Markets	CHI / TJ Maxx / HomeGoods
Northeast			Philadelphia, PA-NJ		1983		23,122				284,000		89	%		88	%		11.30				Burlington Coat Factory / Marshalls
Town Center of New Britain			Philadelphia, PA-NJ		2006		14,441				124,000		86	%		86	%		9.09		36,000	Giant Food	Rite Aid
Willow Grove			Philadelphia, PA-NJ		1984		27,903				216,000		90	%		89	%		19.21				Barnes & Noble / HomeGoods / Marshalls
Wynnewood			Philadelphia, PA-NJ		1996		37,333		28,785		257,000		96	%		96	%		24.74		98,000	Genuardi’s	Bed, Bath & Beyond / Borders Books / Old Navy

			Total Philadelphia Metropolitan Area				267,026				2,546,000		92	%		91	%		16.54

California
Colorado Blvd			Los Angeles-Long Beach, CA		1996-1998		16,704				69,000		99	%		99	%		37.58				Pottery Barn / Banana Republic
Crow Canyon			San Ramon, CA		2005-2007		65,263		20,395		242,000		89	%		89	%		19.02		58,000	Lucky	Loehmann’s / Rite Aid
Escondido	(9	)	San Diego, CA		1996/2010		43,667				222,000		98	%		98	%		23.76				TJ Maxx / Toys R Us
Fifth Ave			San Diego, CA		1996-1997		12,574				51,000		93	%		93	%		27.46				Urban Outfitters
Hermosa Ave			Los Angeles-Long Beach, CA		1997		5,609				23,000		100	%		100	%		31.59
Hollywood Blvd	(10	)	Los Angeles-Long Beach, CA		1999		39,176				153,000		75	%		75	%		21.90				DSW / L.A. Fitness / Fresh & Easy
Kings Court	(8	)	San Jose, CA		1998		11,600				79,000		97	%		97	%		28.43		25,000	Lunardi’s Super Market	CVS
Old Town Center			San Jose, CA		1997		34,312				95,000		97	%		97	%		30.04				Borders Books / Gap Kids / Banana Republic
Santana Row			San Jose, CA		1997		550,310				608,000		99	%		98	%		44.31				Crate & Barrel / Container Store / Best Buy / Borders Books / CineArts Theatre / Hotel Valencia

Third St Promenade			Los Angeles-Long Beach, CA		1996-2000		76,547				209,000		97	%		97	%		61.59				J. Crew / Banana Republic / Old Navy / Abercrombie & Fitch
Westgate			San Jose, CA		2004		117,187				644,000		95	%		94	%		12.96		38,000	Safeway	Target / Burlington Coat Factory / Barnes & Noble / Ross Dress For Less / Michaels
150 Post Street			San Francisco, CA		1997		37,861				102,000		100	%		99	%		42.36				Brooks Brothers / H & M

			Total California				1,010,810				2,497,000		95	%		95	%		30.51

New York / New Jersey
Brick Plaza			Monmouth-Ocean, NJ		1989		57,943		29,429		409,000		95	%		94	%		15.05		66,000	A&P	AMC Loews / Barnes & Noble / Sports Authority
Forest Hills			New York, NY		1997		8,104				46,000		96	%		93	%		20.04				Midway Theatre
Fresh Meadows			New York, NY		1997		70,216				405,000		98	%		98	%		25.16				Kohl’s / AMC Loews
Hauppauge			Nassau-Suffolk, NY		1998		27,983		15,022		133,000		100	%		100	%		24.39		61,000	Shop Rite	AC Moore
Huntington			Nassau-Suffolk, NY		1988/2007		38,784				292,000		99	%		99	%		20.94				Buy Buy Baby / Toys R Us / Bed, Bath & Beyond / Barnes & Noble / Michaels
Huntington Square			Nassau-Suffolk, NY		2010		10,079				74,000		89	%		89	%		24.98				Barnes & Noble
Melville Mall	(11	)	Nassau-Suffolk, NY		2006		68,767		23,073		248,000		100	%		100	%		17.98		54,000	Waldbaum’s	Kohl’s / Marshalls
Mercer Mall	(6	)	Trenton, NJ		2003		105,092		48,706		500,000		100	%		99	%		20.30		75,000	Shop Rite	Bed, Bath & Beyond / DSW / TJ Maxx / Raymour & Flanigan
Troy			Newark, NJ		1980		25,311				207,000		100	%		88	%		20.24		64,000	Pathmark	L.A. Fitness

			Total New York / New Jersey				412,279				2,314,000		98	%		97	%		20.45

New England
Assembly Square Marketplace/Assembly Row			Boston-Cambridge-Quincy, MA-NH		2005-2010		193,901				332,000		100	%		100	%		16.42				AC Moore / Bed, Bath & Beyond / Christmas Tree Shops / Kmart / Staples / Sports Authority / TJ Maxx
Chelsea Commons			Boston-Cambridge-Quincy, MA-NH		2006-2008		30,268		7,795		222,000		100	%		100	%		10.71		16,000	Sav-A-Lot	Home Depot / Planet Fitness
Dedham Plaza			Boston-Cambridge-Quincy, MA-NH		1993		33,008				243,000		93	%		93	%		15.79		80,000	Star Market
Linden Square			Boston-Cambridge-Quincy, MA-NH		2006		144,701				218,000		92	%		91	%		40.13		50,000	Roche Brothers Supermarkets	CVS
Newbury Street	(12	)	Boston-Cambridge-Quincy, MA-NH		2010		17,241				32,000		55	%		52	%		80.37				Pierre Deux / Jonathan Adler
North Dartmouth			Boston-Cambridge-Quincy, MA-NH		2006		9,368				48,000		100	%		100	%		13.80		48,000	Stop & Shop

Queen Anne Plaza			Boston-Cambridge-Quincy, MA-NH		1994		15,659				149,000		100	%		100	%		15.11		50,000	Hannaford	TJ Maxx
Saugus Plaza			Boston-Cambridge-Quincy, MA-NH		1996		13,892				170,000		94	%		92	%		10.81		55,000	Super Stop & Shop	Kmart

	(13	)	Total New England				440,797				1,382,000		97	%		96	%		18.17

Federal Realty Investment Trust

Retail Leasing Summary (1)

December 31, 2010


Property Name			MSA Description	Year Acquired	Real Estate at Cost		Mortgage and/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)

Baltimore
Governor Plaza			Baltimore, MD	1985		25,741				268,000		87	%		87	%		17.17		16,500	Aldi	Bally Total Fitness / Dick’s Sporting Goods
Perring Plaza			Baltimore, MD	1985		27,309				401,000		98	%		98	%		12.42		58,000	Shoppers Food Warehouse	Home Depot / Burlington Coat Factory / Jo-Ann Stores
THE AVENUE at White Marsh	(14	)	Baltimore, MD	2007		95,755		57,803		298,000		100	%		100	%		21.14				AMC Loews / Old Navy / Barnes & Noble / AC Moore
The Shoppes at Nottingham Square			Baltimore, MD	2007		27,570				52,000		100	%		100	%		37.54
White Marsh Plaza			Baltimore, MD	2007		25,022		9,580		80,000		100	%		100	%		20.12		54,000	Giant Food
White Marsh Other			Baltimore, MD	2007		28,883				49,000		100	%		100	%		28.05

			Total Baltimore			230,280				1,148,000		96	%		96	%		18.20

Chicago
Crossroads			Chicago, IL	1993		29,225				168,000		95	%		95	%		17.46				Golfsmith / Guitar Center / L.A. Fitness
Finley Square			Chicago, IL	1995		32,475				315,000		99	%		99	%		10.58				Bed, Bath & Beyond / Buy Buy Baby / Petsmart
Garden Market			Chicago, IL	1994		12,372				140,000		95	%		95	%		12.50		63,000	Dominick’s	Walgreens
North Lake Commons			Chicago, IL	1994		14,135				129,000		89	%		89	%		12.19		77,000	Dominick’s

			Total Chicago			88,207				752,000		96	%		96	%		12.73

South Florida
Courtyard Shops			Miami-Ft Lauderdale	2008		39,717		7,289		130,000		88	%		86	%		19.28		49,000	Publix
Del Mar Village			Miami-Ft Lauderdale	2008		54,880				178,000		90	%		90	%		17.24		44,000	Winn Dixie	CVS

			Total South Florida			94,597				308,000		90	%		89	%		18.05

Other
Barracks Road			Charlottesville, VA	1985		50,961		39,850		486,000		99	%		99	%		21.44		99,000	Harris Teeter / Kroger	Anthropologie / Bed, Bath & Beyond / Barnes & Noble / Old Navy / Michaels / Ulta
Bristol Plaza			Hartford, CT	1995		28,271				269,000		94	%		94	%		12.24		74,000	Stop & Shop	TJ Maxx
Eastgate			Raleigh-Durham-Chapel Hill, NC	1986		26,377				153,000		100	%		100	%		20.68				Stein Mart / Trader Joe’s
Gratiot Plaza			Detroit, MI	1973		18,887				217,000		99	%		99	%		11.73		69,000	Kroger	Bed, Bath & Beyond / Best Buy / DSW
Greenwich Avenue			New Haven-Bridgeport-Stamford-Waterbury	1995		13,969				36,000		100	%		100	%		53.00				Saks Fifth Avenue
Houston St			San Antonio, TX	1998		65,773				196,000		83	%		83	%		22.44				Hotel Valencia / Walgreens
Lancaster	(15	)	Lancaster, PA	1980		12,761		4,907		126,000		94	%		94	%		17.64		74,500	Giant Food	Michaels
Shoppers’ World			Charlottesville, VA	2007		30,221		5,593		169,000		94	%		94	%		11.92		28,000	Whole Foods	Staples
Shops at Willow Lawn			Richmond-Petersburg, VA	1983		77,701				480,000		88	%		87	%		16.02		60,000	Kroger	Old Navy / Staples / Ross Dress For Less

			Total Other			324,921				2,132,000		94	%		94	%		17.69

Grand Total	(13	)			$	3,877,631	$	589,893		18,286,000		94	%		93	%	$	22.77

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)	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)	The Trust has a 70% ownership interest in the property. On November 10, 2010, we acquired an adjacent site to this property which totaled approximately 75,000 square feet, and we are in the process of preparing the space for lease.

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

(11)

On October 16, 2006, the Trust acquired control of Melville Mall through a 20 year master lease and secondary financing. Since the Trust controls the activities that most significantly impact this property and retains substantially all of the economic benefit and risks associated with it, we consolidate this property and its operations.

(12)	The Trust has an 85% ownership interest in the property which is accounted for on the equity method.

(13)	Aggregate information is calculated on a GLA weighted-average basis, excluding properties acquired through the Taurus Newbury Street JV II Limited Partnership.

(14)	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.

(15)	Property subject to capital lease obligation.

Federal Realty Investment Trust

Retail Leasing Summary (1)

December 31, 2010

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 2010		88		100	%		490,233	$	23.68	$	22.11	$	772,696		7	%		15	%		7.2	$	5,696,969	$	11.62
3rd Quarter 2010		75		100	%		349,489	$	25.17	$	23.83	$	467,613		6	%		17	%		7.1	$	6,199,555	$	17.74
2nd Quarter 2010		80		100	%		307,567	$	27.62	$	26.64	$	301,098		4	%		13	%		7.4	$	4,431,806	$	14.41
1st Quarter 2010		69		100	%		307,962	$	29.19	$	25.11	$	1,255,084		16	%		27	%		6.5	$	6,919,627	$	22.47

Total - 12 months		312		100	%		1,455,251	$	26.04	$	24.11	$	2,796,491		8	%		18	%		7.0	$	23,247,957	$	15.98

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 2010		45		51	%		200,350	$	25.05	$	24.07	$	195,237		4	%		12	%		8.2	$	5,443,775	$	27.17
3rd Quarter 2010		29		39	%		132,033	$	27.10	$	25.79	$	172,909		5	%		16	%		8.2	$	6,089,555	$	46.12
2nd Quarter 2010		31		39	%		149,562	$	25.01	$	23.20	$	270,375		8	%		16	%		9.4	$	4,409,306	$	29.48
1st Quarter 2010		29		42	%		157,619	$	23.00	$	20.98	$	318,458		10	%		17	%		8.9	$	6,828,877	$	43.33

Total - 12 months		134		43	%		639,564	$	24.96	$	23.46	$	956,979		6	%		15	%		8.7	$	22,771,513	$	35.60

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 2010		43		49	%		289,883	$	22.74	$	20.75	$	577,459		10	%		18	%		6.3	$	253,194	$	0.87
3rd Quarter 2010		46		61	%		217,456	$	23.99	$	22.64	$	294,704		6	%		18	%		6.3	$	110,000	$	0.51
2nd Quarter 2010		49		61	%		158,005	$	30.09	$	29.90	$	30,723		1	%		11	%		5.8	$	22,500	$	0.14
1st Quarter 2010		40		58	%		150,343	$	35.67	$	29.44	$	936,626		21	%		35	%		4.9	$	90,750	$	0.60

Total - 12 months		178		57	%		815,687	$	26.88	$	24.63	$	1,839,512		9	%		20	%		5.9	$	476,444	$	0.58

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 2010		89		493,039	$	23.80		7.2	$	5,696,969	$	11.55
3rd Quarter 2010		77		395,649	$	24.44		7.3	$	8,891,735	$	22.47
2nd Quarter 2010		82		318,931	$	28.20		7.5	$	5,978,306	$	18.74
1st Quarter 2010		72		317,932	$	28.62		6.5	$	6,996,698	$	22.01

Total - 12 months		320		1,525,551	$	25.89		7.1	$	27,563,708	$	18.07

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, 2010

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 (4)		% of Total SF			Minimum Rent PSF (2)
2011		445,000		5	%	$	15.32		967,000		13	%	$	29.02		1,412,000		8	%	$	24.70
2012		1,051,000		11	%	$	13.34		1,191,000		16	%	$	30.28		2,242,000		13	%	$	22.34
2013		1,042,000		11	%	$	15.45		1,028,000		14	%	$	32.71		2,070,000		12	%	$	24.03
2014		1,378,000		14	%	$	16.07		866,000		12	%	$	33.57		2,244,000		13	%	$	22.82
2015		826,000		9	%	$	13.99		963,000		13	%	$	30.61		1,789,000		11	%	$	22.94
2016		635,000		7	%	$	18.27		762,000		10	%	$	30.33		1,397,000		8	%	$	24.84
2017		677,000		7	%	$	16.74		448,000		6	%	$	29.84		1,125,000		7	%	$	21.96
2018		657,000		7	%	$	11.66		308,000		4	%	$	36.86		965,000		6	%	$	19.70
2019		487,000		5	%	$	17.51		231,000		3	%	$	39.53		718,000		4	%	$	24.59
2020		358,000		4	%	$	21.22		347,000		5	%	$	33.40		705,000		4	%	$	27.21
Thereafter		2,036,000		20	%	$	15.69		322,000		4	%	$	41.97		2,358,000		14	%	$	19.27

Total (3)		9,592,000		100	%	$	15.57		7,433,000		100	%	$	32.07		17,025,000		100	%	$	22.77

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 (4)		% of Total SF			Minimum Rent PSF (2)
2011		82,000		1	%	$	12.88		642,000		9	%	$	27.57		724,000		4	%	$	25.91
2012		202,000		2	%	$	17.04		677,000		9	%	$	30.17		878,000		5	%	$	27.19
2013		156,000		2	%	$	15.34		513,000		7	%	$	33.26		669,000		4	%	$	29.08
2014		205,000		2	%	$	9.64		521,000		7	%	$	36.00		725,000		4	%	$	28.60
2015		109,000		1	%	$	20.24		521,000		7	%	$	30.65		630,000		4	%	$	28.85
2016		182,000		2	%	$	19.92		500,000		7	%	$	30.56		681,000		4	%	$	27.76
2017		152,000		2	%	$	25.03		533,000		7	%	$	31.53		686,000		4	%	$	30.04
2018		290,000		2	%	$	14.79		456,000		6	%	$	36.58		746,000		4	%	$	28.11
2019		353,000		4	%	$	19.19		319,000		4	%	$	34.13		672,000		4	%	$	26.28
2020		159,000		2	%	$	27.80		372,000		5	%	$	31.41		531,000		3	%	$	30.33
Thereafter		7,702,000		80	%	$	14.97		2,379,000		32	%	$	32.42		10,083,000		60	%	$	19.08

Total (3)		9,592,000		100	%	$	15.57		7,433,000		100	%	$	32.07		17,025,000		100	%	$	22.77

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, 2010.

(3)	Represents occupied square footage as of December 31, 2010.

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

Federal Realty Investment Trust

Portfolio Leased Statistics

December 31, 2010

Overall Portfolio Statistics (1)


	At December 31, 2010							At December 31, 2009
Type	Size		Leased		Leased %			Size		Leased		Leased %
Retail Properties (2) (sf)		18,286,000		17,166,000		93.9	%		18,169,000		17,167,000		94.5	%
Residential Properties (3) (units)		903		861		95.3	%		903		867		96.0	%

Same Center Statistics (1)

	At December 31, 2010							At December 31, 2009
Type	Size		Leased		Leased %			Size		Leased		Leased %
Retail Properties (2) (4) (sf)		17,526,000		16,533,000		94.3	%		17,502,000		16,562,000		94.6	%
Residential Properties (3) (units)		903		861		95.3	%		903		867		96.0	%

Notes:

(1)	See Glossary of Terms.

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

(3)	Includes Rollingwood, The Crest at Congressional and the residential rental units at Santana Row and Bethesda Row.

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

Federal Realty Investment Trust

Summary of Top 25 Tenants

December 31, 2010


Rank	Tenant Name	Annualized Base Rent			Percentage of Total Annualized Base Rent (4)			Tenant GLA			Percentage of Total GLA (4)			Number of Stores Leased
1	Bed, Bath & Beyond, Inc.	$	10,121,000			2.61	%		658,000			3.60	%		15
2	Ahold USA, Inc.	$	9,642,000			2.49	%		645,000			3.53	%		12
3	TJX Companies	$	8,026,000			2.07	%		570,000			3.12	%		16
4	Gap, Inc.	$	6,737,000			1.74	%		220,000			1.20	%		11
5	CVS Corporation	$	6,357,000			1.64	%		205,000			1.12	%		18
6	Safeway, Inc.	$	6,207,000			1.60	%		428,000			2.34	%		8
7	Barnes & Noble, Inc.	$	5,370,000			1.39	%		230,000			1.26	%		9
8	L.A. Fitness International LLC	$	4,283,000			1.10	%		222,000			1.21	%		5
9	OPNET Technologies, Inc.	$	3,866,000			1.00	%		83,000			0.45	%		2
10	Best Buy Stores, L.P.	$	3,502,000			0.90	%		99,000			0.54	%		3
11	Staples, Inc.	$	3,429,000			0.88	%		187,000			1.02	%		9
12	DSW, Inc	$	3,294,000			0.85	%		125,000			0.68	%		5
13	Supervalu Inc. (Acme/Sav-A-Lot/Star Mkt/Shoppers Food)	$	3,290,000			0.85	%		338,000			1.85	%		7
14	Wells Fargo Bank, N.A. (includes Wachovia Corporation)	$	3,267,000			0.84	%		68,000			0.37	%		14
15	Bank of America, N.A.	$	3,102,000			0.80	%		68,000			0.37	%		20
16	Ross Stores, Inc.	$	2,842,000			0.73	%		148,000			0.81	%		5
17	Home Depot, Inc.	$	2,832,000			0.73	%		335,000			1.83	%		4
18	Kohl’s Corporation	$	2,793,000			0.72	%		322,000			1.76	%		3
19	Wakefern Food Corporation	$	2,783,000			0.72	%		136,000			0.74	%		2
20	Bally Total Fitness Corporation	$	2,618,000			0.68	%		156,000			0.85	%		5
21	Container Store, Inc.	$	2,544,000			0.66	%		52,000			0.28	%		2
22	A.C. Moore, Inc.	$	2,483,000			0.64	%		141,000			0.77	%		6
23	Dollar Tree Stores, Inc.	$	2,380,000			0.61	%		158,000			0.86	%		14
24	PETsMART, Inc.	$	2,380,000			0.61	%		130,000			0.71	%		5
25	Dress Barn, Inc.	$	2,379,000			0.61	%		103,000			0.56	%		14

	Totals - Top 25 Tenants	$	106,527,000			27.47	%		5,827,000			31.83	%		214

	Total: (1)	$	387,673,000	(2)					18,286,000	(3)					2,417

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 December 31, 2010.

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

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

Federal Realty Investment Trust

Reconciliation of Net Income to FFO Guidance

December 31, 2010


	2011 Guidance
	(Dollars in millions except
	per share amounts) (1)
Funds from Operations available for common shareholders (FFO)
Net income	$	129		$	134
Net income attributable to noncontrolling interests		(5	)		(5	)
Gain on sale of real estate		(0	)		(0	)
Depreciation and amortization of real estate & joint venture real estate assets		112			112
Amortization of initial direct costs of leases		9			9

Funds from operations		245			250
Dividends on preferred shares		(1	)		(1	)
Income attributable to operating partnership units		1			1
Income attributable to unvested shares		(1	)		(1	)

FFO	$	245		$	249


Weighted average number of common shares, diluted		61.9			61.9

FFO per diluted share	$	3.95		$	4.02

Notes:

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

Federal Realty Investment Trust

Summarized Income Statements and Balance Sheets - 30% Owned Joint Venture

December 31, 2010

CONSOLIDATED INCOME STATEMENTS


	Three months ended December 31,						Year ended December 31,
	2010			2009			2010			2009
	(in thousands)						(in thousands)
Revenues
Rental income	$	4,938		$	4,577		$	18,575		$	18,409
Other property income		13			9			64			700

		4,951			4,586			18,639			19,109
Expenses
Rental		912			1,114			3,806			3,760
Real estate taxes		573			598			2,343			2,259
Depreciation and amortization		1,275			1,234			5,046			4,998

		2,760			2,946			11,195			11,017

Operating income		2,191			1,640			7,444			8,092
Interest expense		(849	)		(1,034	)		(3,400	)		(4,430	)

Net income	$	1,342		$	606		$	4,044		$	3,662

CONSOLIDATED BALANCE SHEETS


	December 31,
	2010			2009
	(in thousands)
ASSETS
Real estate, at cost	$	205,849		$	203,122
Less accumulated depreciation and amortization		(24,284	)		(19,365	)

Net real estate		181,565			183,757
Cash and cash equivalents		3,054			2,959
Other assets		7,336			6,853

TOTAL ASSETS	$	191,955		$	193,569

LIABILITIES AND PARTNERS’ CAPITAL
Liabilities
Mortgages payable	$	57,584		$	57,780
Other liabilities		5,439			6,101

Total liabilities		63,023			63,881
Partners’ capital		128,932			129,688

TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	191,955		$	193,569

Federal Realty Investment Trust

Summary of Outstanding Debt and Debt Maturities - 30% Owned Joint Venture

December 31, 2010

OUTSTANDING DEBT

Maturity

Stated
Interest Rate as of
December 31, 2010

Balance

(in thousands)

Mortgage Loans

Secured Fixed Rate

Plaza del Mercado

07/05/14

5.77

% (a)

12,699

Atlantic Plaza

12/01/14

5.12

% (b)

10,500

Barcroft Plaza

07/01/16

5.99

% (b)(c)

20,785

Greenlawn Plaza

07/01/16

5.90

% (b)

13,600

Total Fixed Rate Debt

57,584

Debt Maturities

(in thousands)


Year	Scheduled Amortization		Maturities		Total		Percent of Debt Maturing			Cumulative Percent of Debt Maturing
2011	$	208	$	—	$	208		0.4	%		0.4	%
2012		220		—		220		0.4	%		0.8	%
2013		233		—		233		0.4	%		1.2	%
2014		142		22,396		22,538		39.1	%		40.3	%
2015		—		—		—		0.0	%		40.3	%
2016		—		34,385		34,385		59.7	%		100.0	%

Total	$	803	$	56,781	$	57,584		100.0	%

Notes:

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

(b)	Interest only until maturity.

(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 - 30% Owned Joint Venture

December 31, 2010


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)
Washington Metropolitan Area
Barcroft Plaza	Washington, DC-MD-VA		2006-2007		34,282	$	20,785		101,000		88	%		88	%	$	22.48		46,000	Harris Teeter	Bank of America
Free State Shopping Center	Washington, DC-MD-VA		2007		66,039				279,000		88	%		86	%		15.21		73,000	Giant Food	TJ Maxx / Ross / Office Depot
Plaza del Mercado	Washington, DC-MD-VA		2004		21,499		12,699		96,000		93	%		93	%		19.64		25,000	Giant Food	CVS

	Total Washington Metropolitan Area				121,820				476,000		89	%		88	%		17.71
New York / New Jersey
Greenlawn Plaza	Nassau-Suffolk, NY		2006		20,268		13,600		106,000		99	%		99	%		16.00		46,000	Waldbaum’s	Tuesday Morning

	Total New York / New Jersey				20,268				106,000		99	%		99	%		16.00
New England
Atlantic Plaza	Boston-Worcester-Lawrence-Lowell-Brockton, MA		2004		18,482		10,500		123,000		87	%		87	%		17.05		64,000	Stop & Shop	Sears
Campus Plaza	Boston-Worcester-Lawrence-Lowell-Brockton, MA		2004		22,212				117,000		94	%		94	%		12.74		46,000	Roche Brothers Super markets	Burlington Coat Factory
Pleasant Shops	Boston-Worcester-Lawrence-Lowell-Brockton, MA		2004		23,067				129,000		94	%		93	%		13.60		38,000	Foodmaster	Marshalls

	Total New England				63,761				369,000		92	%		91	%		14.43

Grand Totals				$	205,849	$	57,584		951,000		91	%		90	%	$	16.19

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 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 net income to EBITDA and Adjusted EBITDA for the three months and year ended December 31, 2010 and 2009 is as follows:


	Three Months Ended December 31,						Year Ended December 31,
	2010			2009			2010			2009
	(in thousands)						(in thousands)
Net income	$	34,305		$	33,366		$	128,237		$	103,872
Depreciation and amortization		30,116			28,458			119,817			115,093
Interest expense		25,203			29,159			101,882			108,781
Early extinguishment of debt		—			1,671			2,801			2,639
Other interest income		(23	)		(620	)		(256	)		(1,894	)

EBITDA		89,601			92,034			352,481			328,491
Gain on sale of real estate		—			—			(1,410	)		(1,298	)

Adjusted EBITDA	$	89,601		$	92,034		$	351,071		$	327,193

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.

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