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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER RESULTS

 FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
 THIRD QUARTER RESULTS
 BETHESDA, Md., Nov. 12 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) reported today that funds from operations for the third quarter of 1992 rose 23 percent to $7.4 million compared to $6.0 million in the third quarter of 1991. On a per share basis, funds from operations decreased from 35 cents per share in the third quarter of 1991 to 30 cents per share in the current quarter.
 Commenting on the third quarter, Steven J. Guttman, president and chief executive officer, stated there is continued growth in operating results from the shopping center portfolio, but that funds from operations per share decreased. The decrease is attributable to the recent equity offerings which resulted in more shares outstanding and dilution while the proceeds are temporarily invested at low returns pending acquisitions of real estate. He noted that the trust anticipates that this dilution will continue until the proceeds are invested in shopping centers at higher yields. He added that the trust completed a shopping center acquisition in October and expects, given the number of properties currently under study, that the pace of acquisitions will accelerate over the next six months.
 Funds from operations for the nine months of 1992 increased 15 percent to $22.2 million ($1 per share) from $19.2 million ($1.13 per share) in the third quarter of 1991.
 A comparison of property results between the third quarters of 1992 and 1991 shows the following:
 -- At Sept. 30, 1992, the overall portfolio was 96 percent leased
 -- up 3 percent from a year ago. Shopping centers operating
 in both periods (excluding properties acquired, sold or under
 redevelopment) were 95 percent leased at Sept. 30, 1992, vs.
 93 percent leased a year ago.
 -- Rental income from the portfolio, (excluding properties which
 were sold) increased 3.5 percent in the third quarter.
 -- During the third quarter of 1992, the trust renewed or relet
 leases for 239,000 square feet of space at an average rent of
 $11.37 per square foot compared to previous average rent per
 square foot for the same spaces of $9.24.
 Federal Realty currently owns 42 neighborhood and community shopping centers in the Mid-Atlantic region between the New York metropolitan area and Richmond, Va. The trust specializes in the acquisition of older, well-located centers which can be enhanced through renovation, expansion, reconfiguration, releasing and re-merchandising programs. The trust has made 120 consecutive quarterly dividend payments and has increased its dividend rate for each of the last 25 consecutive years.
 FEDERAL REALTY INVESTMENT TRUST
 Financial Highlights
 (in thousands, except per share data)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 Operating Results 1992 1991 1992 1991
 Revenues $24,493 $23,882 $73,716 $71,926
 Income before gain
 on sale of real
 estate and
 extraordinary item 1,737 480 5,050 3,215
 Net income 3,580 632 7,527 3,229
 Funds from operations 7,384 6,023 22,226 19,245
 Per Share:
 Income before gain
 on sale of real
 estate and
 extraordinary item $0.07 $0.03 $0.23 $0.19
 Gain on sale of
 real estate 0.08 -- 0.11 --
 Extraordinary item -- 0.01 -- --
 Net income 0.15 0.04 0.34 0.19
 Funds from operations 0.30 0.35 1.00 1.13
 Nine Months Ended
 Sept. 30,
 Balance Sheet Data 1992 1991
 Real estate owned, at cost $575,665 $570,502
 Mortgages, other notes payable
 and capital lease obligations 253,132 244,448
 Senior Notes 50,000 50,000
 Convertible subordinated debentures 47,738 98,927
 Shareholders' equity 227,540 114,156
 Shares outstanding 24,583 17,182
 -0- 11/12/92
 /CONTACT: Mary Jane Morrow, vice president, finance, Federal Realty Investment Trust, 301-652-3360/
 (FRT) CO: Federal Realty Investment Trust ST: Maryland IN: FIN SU: ERN


TW -- DC007 -- 0093 11/12/92 10:14 EST
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Date:Nov 12, 1992
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