Filed Pursuant to Rule 433

Dated August 10, 2009

Registration Statement No. 333-160009

Relating to

Preliminary Prospectus Supplement Dated August 10, 2009 to

Prospectus dated June 16, 2009

Federal Realty Investment Trust

5.95% Notes due 2014

Term sheet dated August 10, 2009



   Federal Realty Investment Trust


   5.95% notes due August 15, 2014



Maturity Date:

   August 15, 2014

Interest Payment Dates:

   February 15 and August 15, beginning February 15, 2010

Benchmark Treasury:

   2.625% UST due July 31, 2014

Benchmark Treasury Yield and Price:

   2.774%; 99-10

Yield to Maturity:


Spread to Benchmark Treasury:

   337.5 basis points

Coupon (Interest Rate):

   5.95% per year

Price to Public:

   99.153% of principal amount, plus accrued interest, if any, from the Settlement Date

Trade Date:

   August 10, 2009

Settlement Date:

   T+3; August 13, 2009

Aggregate Price to Public:


Redemption Provision:

   Make-whole call at any time based on U.S. Treasury plus 50 basis points (0.50%)



Joint Book-Running Managers:

   J.P. Morgan Securities Inc.    $ 52,500,000
   Wells Fargo Securities, LLC    $ 52,500,000


   Citigroup Global Markets Inc.    $ 11,250,000
   PNC Capital Markets LLC    $ 11,250,000
   Morgan Keegan & Company, Inc.    $ 7,500,000
   SunTrust Robinson Humphrey, Inc.    $ 7,500,000
   Capital One Southcoast, Inc.    $ 4,500,000
   U.S. Bancorp Investments, Inc.    $ 3,000,000

The issuer has filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and 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 www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the preliminary prospectus supplement and the prospectus if you request it by calling J.P. Morgan Securities Inc. collect at 1-212-834-4533 or Wells Fargo Securities, LLC toll-free at 1-800-326-5897.

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.