Federal Realty Investment Trust (the Trust) is an equity real estate investment trust specializing in the ownership, management, development and redevelopment of high quality retail and mixed-use properties. At December 31, 2001 the Trust owned or had an interest in community and neighborhood shopping centers comprising over 12 million square feet, primarily located in densely populated and affluent communities throughout the Northeast and Mid-Atlantic United States. In addition, the Trust owns retail and urban mixed-use properties comprising over two million square feet located in strategic markets across the United States and one apartment complex.