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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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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