ADVISORY/REVISED: Federal Realty 2nd Quarter 2000 Announcement.

Assignment/News Editors

ADVISORY...for Thursday (July 27)

--(BUSINESS WIRE)

                                REVISED

                           2nd Quarter 2000
                             ANNOUNCEMENT

                Please note the change in time for the
                           conference call.
                The dial-in numbers have not changed.

                            CONFERENCE CALL

    We invite you to participate in our conference call to be held:

                        Thursday, July 27, 2000

                            11:30 a.m. EST
                                 -----

                             Please Call:

                             913/ 981-4903

      Please be sure to dial in 5 - 10 minutes prior to the call.

                        CONFERENCE CALL REPLAY

  For those that are unable to participate in the conference call, a
   recording of the call will be available at the following replay
 number: 719/457-0820. The passcode for the replay number is 416214.


                             PRESS RELEASE

    Federal Realty will be releasing the 2nd Quarter 2000 earnings
              press release on Wednesday, July 26, 2000

      The press release will be disseminated through First Call's
Corporate Release network. Those who are not subscribers will receive
                    the release via fax or e-mail.