<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>dex51.txt
<DESCRIPTION>EXHIBIT 5.1
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                                                                     Exhibit 5.1


                                August 12, 2002

Board of Trustees
Federal Realty Investment Trust
1626 East Jefferson Street
Rockville, Maryland  20852

Ladies and Gentlemen:

         This firm has acted as counsel to Federal Realty Investment Trust, a
Maryland real estate investment trust (the "Trust"), in connection with the
Trust's Registration Statement on Form S-3 (the "Registration Statement"), filed
with the Securities and Exchange Commission pursuant to Rule 462(b) under the
Securities Act of 1933, as amended (the "Act"), relating to the proposed public
offering of up to $26,419,500 in aggregate amount of one or more series of (i)
common shares of beneficial interest, $.01 par value per share (the "Common
Shares"), (ii) preferred shares of beneficial interest, $.01 par value per share
(the "Preferred Shares"), and (iii) unsecured debt securities (the "Debt
Securities" and, together with the Common Shares and Preferred Shares, the
"Securities"), all of which Securities may be offered and sold by the Trust from
time to time as set forth in the prospectus which forms a part of the
Registration Statement (the "Prospectus"), and as to be set forth in one or more
supplements to the Prospectus (each, a "Prospectus Supplement"). This opinion
letter is furnished to you at your request to enable you to fulfill the
requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. ss. 229.601(b)(5),
in connection with the Registration Statement.

         For purposes of this opinion letter, we have examined copies of the
following documents (the "Documents"):

         1. An executed copy of the Registration Statement.

         2. An executed copy of the Trust's Registration Statement on Form S-3
            (Reg. No. 333-63619) (the "Original Registration Statement"), and a
            memorandum to the file confirming the effectiveness of the same.

         3. The Declaration of Trust of the Trust, as certified by the Maryland
            State Department of Assessments and Taxation on




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Board of Trustees
Federal Realty Investment Trust
August 12, 2002
Page 2


            May 3, 2002 and the Secretary of the Trust on the date hereof as
            being complete, accurate and in effect.

         4. The Bylaws of the Trust, as certified by the Secretary of the Trust
            on the date hereof as being complete, accurate and in effect.

         5. The Indenture, dated as of September 1, 1998, between the Trust and
            First Union National Bank (the "Indenture").

         6. Certain resolutions of the Board of Trustees of the Trust adopted by
            written consent on August 12, 2002, as certified by the Secretary of
            the Trust on the date hereof as being complete, accurate and in
            effect, relating to, among other things, the filing of the
            Registration Statement and arrangements in connection therewith.

         In our examination of the Documents, we have assumed the genuineness of
all signatures, the legal capacity of all natural persons, the accuracy and
completeness of all of the Documents, the authenticity of all original of the
Documents and the conformity to authentic original documents of all of the
Documents submitted to us as copies (including telecopies). We have also assumed
the validity and constitutionality of each relevant statute, rule, regulation
and agency action covered by this opinion letter. In addition, we further have
assumed that none of the Securities will be issued in violation of the ownership
limit contained in the Declaration of Trust. As to matters of fact relevant to
the opinions expressed herein, we have relied on the representations and
statements of fact made in the Documents, we have not independently established
the facts so relied on, and we have not made any investigation or inquiry other
than our examination of the Documents. The opinions are given in the context of
the foregoing.

         For purposes of this opinion letter, we have assumed that (i) at the
time of the offer, issuance and sale of any of the Securities, no stop order
suspending the effectivness of the Original Registration Statement will have
been issued and remain in effect; (ii) concurrently with the offer, issuance and
sale of any of the Securities, the Trust offers, issues and sells Securities
under the Original Registration Statement with an aggregate offering price at
least equal to the remaining amount available for sale under the Original
Registration Statement; (iii) the issuance, sale, amount and terms of the
Securities to be offered from time to time will be duly authorized and
established by proper action of the Board of Trustees of the Trust (each, a
"Board Action") and in accordance with the Trust's Declaration of Trust and
applicable Maryland law; (iv) prior to any issuance of Preferred Shares,


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Board of Trustees
Federal Realty Investment Trust
August 12, 2002
Page 3


appropriate articles supplementary shall be filed for recordation with the
Maryland State Department of Assessments and Taxation (each, "Articles
Supplementary"), and (v) any Debt Securities will be issued pursuant to the
Indenture.

         This opinion letter is based as to matters of law solely on applicable
provisions of Maryland law and the contract law of the State of New York (but
not including any statutes, ordinances, administrative decisions, rules, or
regulations of any political subdivision of the State of New York). We express
no opinion herein as to any other laws, statutes, regulations or ordinances or
as to compliance with the securities (or "blue sky") laws or the real estate
syndication laws of Maryland.

         Based upon, subject to and limited by the foregoing, we are of the
opinion that, as of the date hereof:

         (a) When (i) the Registration Statement has become effective under the
     Act, (ii) upon due authorization by Board Action of an issuance of Common
     Shares, and (iii) upon issuance and delivery of certificates for Common
     Shares against payment therefor in accordance with the terms of such Board
     Action and any applicable underwriting agreement or purchase agreement, and
     as contemplated by the Registration Statement and/or the applicable
     Prospectus Supplement, or conversion or exchange of Preferred Shares that,
     by their terms, are convertible into or exchangeable for Common Shares, and
     receipt by the Trust of any additional consideration payable upon such
     conversion, exchange or exercise, the Common Shares represented by such
     certificates will be validly issued, fully paid and non-assessable.

         (b) When (i) the Registration Statement has become effective under the
     Act, (ii) a series of the Preferred Shares has been duly authorized and
     established by applicable Board Action, in accordance with the terms of the
     Declaration of Trust and applicable law, (iii) appropriate Articles
     Supplementary have been filed, and (iv) the issuance of such Preferred
     Shares has been appropriately authorized by applicable Board Action, and,
     upon issuance and delivery of certificates for such series of Preferred
     Shares against payment therefor in accordance with the terms of such Board
     Action and any applicable underwriting or purchase agreement, and as
     contemplated by the Registration Statement and/or the applicable Prospectus


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Board of Trustees
Federal Realty Investment Trust
August 12, 2002
Page 4


     Supplement, such Preferred Shares will be validly issued, fully paid and
     non-assessable.

         (c) When (i) the Registration Statement has become effective under the
     Act, (ii) by applicable Board Action, the issuance of any series of Debt
     Securities has been duly authorized and the terms thereof have been duly
     established in accordance with the provisions of the Indenture, and (iii)
     such Debt Securities have been duly authenticated by the Trustee and duly
     executed and delivered on behalf of the Trust against payment therefor in
     accordance with the terms of such Board Action, any applicable underwriting
     agreement or purchase agreement, the Indenture and any applicable
     supplemental indenture, and as contemplated by the Registration Statement
     and/or the applicable Prospectus Supplement, the Debt Securities will
     constitute valid and binding obligations of the Trust, enforceable against
     the Trust in accordance with their terms, except as the enforcement thereof
     may be limited by bankruptcy, insolvency, reorganization, moratorium, or
     other laws affecting creditors' rights (including, without limitation, the
     effect of statutory and other law regarding fraudulent conveyances,
     fraudulent transfers, and preferential transfers) and as may be limited by
     the exercise of judicial discretion and the application of principles of
     equity, including, without limitation, requirements of good faith, fair
     dealing, conscionability, and materiality (regardless of whether
     enforcement is considered in a proceeding at law or in equity).

         To the extent that the obligations of the Trust under the Indenture may
be dependent upon such matters, we assume for purposes of this opinion that the
Trustee is duly organized, validly existing, and in good standing under the laws
of its jurisdiction of organization; that the Trustee is duly qualified to
engage in the activities contemplated by the Indenture; that the Indenture has
been duly authorized, executed, and delivered by the Trustee and constitutes the
valid and binding obligation of the Trustee enforceable against the Trustee in
accordance with its terms; that the Trustee is in compliance, with respect to
acting as a trustee under the Indenture, with all applicable laws and
regulations; and that the Trustee has the requisite organizational and legal
power and authority to perform its obligations under the Indenture.




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Board of Trustees
Federal Realty Investment Trust
August 12, 2002
Page 5


         The opinions expressed in Paragraph (c) above shall be understood to
mean only that if there is a default in performance of an obligation, (i) if a
failure to pay or other damage can be shown, and (ii) if the defaulting party
can be brought into a court which will hear the case and apply the governing
law, then, subject to the availability of defenses and to the exceptions set
forth in Paragraph (c), the court will provide a money damage (or perhaps
injunctive or specific performance) remedy.

         This opinion letter has been prepared for your use in connection with
the Registration Statement and speaks as of the date hereof. We assume no
obligation to advise you of any changes in the foregoing subsequent to the
delivery of this opinion letter.

         We hereby consent to the filing of this opinion letter as Exhibit 5.1
to the Registration Statement. In giving this consent, we do not thereby admit
that we are an "expert" within the meaning of the Securities Act of 1933, as
amended.

                                                  Very truly yours,

                                                  /s/ HOGAN & HARTSON L.L.P.

                                                  HOGAN & HARTSON L.L.P.

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