Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LOEB WALTER F
  2. Issuer Name and Ticker or Trading Symbol
FEDERAL REALTY INVESTMENT TRUST [FRT]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
P.O. BOX 1155
3. Date of Earliest Transaction (Month/Day/Year)
12/08/2005
(Street)

NEW YORK, NY 10018
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common shares of beneficial interest 12/08/2005   M   2,500 A $ 27.125 16,315 D  
Common shares of beneficial interest 12/08/2005   M   2,500 A $ 25.25 18,815 D  
Common shares of beneficial interest 12/08/2005   M   2,500 A $ 23.75 21,315 D  
Common shares of beneficial interest 12/08/2005   M   2,500 A $ 22.0625 23,815 D  
Common shares of beneficial interest 12/08/2005   M   1,800 A $ 19.6 25,615 D  
Common shares of beneficial interest 12/08/2005   S   11,800 D $ 63.1 13,815 D  
Common shares of beneficial interest 12/09/2005   M   700 A $ 19.6 14,515 D  
Common shares of beneficial interest 12/09/2005   M   2,500 A $ 27.15 17,015 D  
Common shares of beneficial interest 12/09/2005   M   2,500 A $ 31.31 19,515 D  
Common shares of beneficial interest 12/09/2005   S   5,700 D $ 63.1 13,815 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Trustee stock options $ 27.125 12/08/2005   M     2,500 11/07/1997 05/07/2007 Common shares of beneficial interest 2,500 $ 0 15,000 D  
Trustee stock options $ 25.25 12/08/2005   M     2,500 11/06/1998 05/06/2008 Common shares of beneficial interest 2,500 $ 0 12,500 D  
Trustee stock options $ 23.75 12/08/2005   M     2,500 11/05/1999 05/05/2009 Common shares of beneficial interest 2,500 $ 0 10,000 D  
Trustee stock options $ 22.0625 12/08/2005   M     2,500 11/03/2000 05/03/2010 Common shares of beneficial interest 2,500 $ 0 7,500 D  
Trustee stock options $ 19.6 12/08/2005   M     1,800 11/02/2001 05/02/2011 Common shares of beneficial interest 1,800 $ 0 5,700 D  
Trustee stock options $ 19.6 12/09/2005   M     700 11/02/2001 05/02/2011 Common shares of beneficial interest 700 $ 0 5,000 D  
Trustee stock options $ 27.15 12/09/2005   M     2,500 11/01/2002 05/01/2012 Common shares of beneficial interest 2,500 $ 0 2,500 D  
Trustee stock options $ 31.31 12/09/2005   M     2,500 11/07/2003 05/07/2013 Common shares of beneficial interest 2,500 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LOEB WALTER F
P.O. BOX 1155
NEW YORK, NY 10018
  X      

Signatures

 Dawn M. Becker, by power of atty   12/09/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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