Federal Realty Investment Trust (Trust) is an equity real estate investment trust (REIT) specializing in the ownership, management, development and redevelopment of retail and mixed-use properties located primarily in densely populated and communities in metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, as well as in California. As of December 31, 2008, the Company owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties, which are operated as 84 predominantly retail real estate projects comprising approximately 18.1 million square feet. In total, the real estate projects were 95.0% leased and 94.3% occupied at December 31, 2008. A joint venture in which the Company owns a 30% interest owned seven retail real estate projects totaling approximately 1.0 million square feet as of December 31, 2008.