Filed Pursuant to Rule 433

Dated November 28, 2006

Registration Statement No. 333-135159

Supplementing Prospectus Supplement Dated November 28, 2006 and

Prospectus dated June 20, 2006

Federal Realty Investment Trust


5.40% Notes due 2013


Term sheet dated November 28, 2006






Coupon (Interest Rate):


5.40% per year


Yield to Maturity:


Spread to Benchmark Treasury:


90 basis points


Benchmark Treasury:


4.25% UST due November 15, 2013

Benchmark Treasury Yield and Price:


4.50%; 98-16+


Interest Payment Dates:


June 1 and December 1


First Payment Date:


June 1, 2007


Maturity Date:


December 1, 2013


Price to Public:

  100.000% of principal amount; plus accrued interest, if any, from December 1, 2006.

Settlement Date:


T+3; December 1, 2006


Record Dates:


May 15 and November 15


Aggregate Price to Public:


$135,000,000; plus accrued interest, if any, from December 1, 2006.

Underwriting Discount:




Net Proceeds to the Company

before Expenses:


$134,156,250; plus accrued interest, if any, from December 1, 2006.

Redemption Provision:

  Make-whole call at any time based on U.S. Treasury plus 0.15% (fifteen one-hundredths of one percent)

Dealer Concession:












Joint Book-Running Managers:


Wachovia Capital Markets, LLC

Citigroup Global Markets Inc.






Bear, Stearns & Co. Inc.

Banc of America Securities LLC

Commerzbank Capital Markets Corp.

J.P. Morgan Securities Inc.

Piper Jaffray & Co.

PNC Capital Markets LLC.

SunTrust Capital Markets, Inc.



$  6,750,000

$  6,750,000

$  6,750,000

$  6,750,000

$  6,750,000

$  6,750,000

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Wachovia Capital Markets, LLC toll-free at 1-866-289-1262 or Citigroup Global Markets, Inc. toll-free at 1-800-858-5407.

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.