Federal Realty Investment Trust is a United States-based equity real estate investment trust (REIT). The Trust operates through a single segment, being the ownership, management and redevelopment of retail and mixed-use properties. The Trust�s portfolio (excluding joint venture properties) contains approximately 20 million square feet located in metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, Federal Realty Investment Trust has an ownership interest in approximately one million square feet of retail space through a joint venture in which the Trust owns a 30% interest and Clarion Partners owns a 70% interest. The Trust owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties, which are operated as 89 retail real estate projects.