Federal Realty Investment Trust. 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-07533
Name of Registrant	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
State of Organization	MD
IRS Employer Identification No.	87-3916363
Entity Address, Address	909 Rose Avenue, Suite 200
Entity Address, City	North Bethesda
Entity Address, State	MD
Entity Address, Zip Code	20852
City Area Code	301
Registrant's Telephone Number	998-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		81,515,397
Federal Realty OP LP
Entity Information [Line Items]
Entity File Number	333-262016-01
Name of Registrant	FEDERAL REALTY OP LP
State of Organization	DE
IRS Employer Identification No.	52-0782497
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
New York Stock Exchange | Common Shares of Beneficial Interest
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	FRT
Security Exchange Name	NYSE
New York Stock Exchange | Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/1000 of a share of
Trading Symbol	FRT-C
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Operating (including $2,002,163 and $1,997,583 of consolidated variable interest entities, respectively)	$ 9,532,332	$ 9,441,945
Construction-in-progress (including $12,174 and $8,477 of consolidated variable interest entities, respectively)	664,184	662,554
Real estate, at cost, total	10,196,516	10,104,499
Less accumulated depreciation and amortization (including $376,441 and $362,921 of consolidated variable interest entities, respectively)	(2,771,150)	(2,715,817)
Net real estate	7,425,366	7,388,682
Cash and cash equivalents	99,449	85,558
Accounts and notes receivable, net	200,512	197,648
Mortgage notes receivable, net	9,443	9,456
Investment in partnerships	143,464	145,205
Operating lease right of use assets, net	88,831	94,569
Finance lease right of use assets, net	45,179	45,467
Prepaid expenses and other assets	257,050	267,406
TOTAL ASSETS	8,269,294	8,233,991
Liabilities
Mortgages payable, net (including $191,193 and $191,827 of consolidated variable interest entities, respectively)	319,910	320,615
Notes payable, net	661,391	601,077
Senior notes and debentures, net	3,408,104	3,407,701
Accounts payable and accrued expenses	196,092	190,340
Dividends payable	90,436	90,263
Security deposits payable	28,351	28,508
Operating lease liabilities	77,442	77,743
Finance lease liabilities	67,658	67,660
Other liabilities and deferred credits	237,316	237,699
Total liabilities	5,086,700	5,021,606
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	178,353	178,370
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 81,511,204 and 81,342,959 shares issued and outstanding, respectively	820	818
Additional paid-in capital	3,828,930	3,821,801
Accumulated dividends in excess of net income	(1,068,892)	(1,034,186)
Accumulated other comprehensive income	4,546	5,757
Total shareholders’ equity of the Trust	2,925,226	2,954,012
Noncontrolling interests	79,015	80,003
Total shareholders’ equity	3,004,241	3,034,015
Partner capital
Accumulated other comprehensive income	4,546	5,757
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,269,294	8,233,991
Federal Realty OP LP
ASSETS
Operating (including $2,002,163 and $1,997,583 of consolidated variable interest entities, respectively)	9,532,332	9,441,945
Construction-in-progress (including $12,174 and $8,477 of consolidated variable interest entities, respectively)	664,184	662,554
Real estate, at cost, total	10,196,516	10,104,499
Less accumulated depreciation and amortization (including $376,441 and $362,921 of consolidated variable interest entities, respectively)	(2,771,150)	(2,715,817)
Net real estate	7,425,366	7,388,682
Cash and cash equivalents	99,449	85,558
Accounts and notes receivable, net	200,512	197,648
Mortgage notes receivable, net	9,443	9,456
Investment in partnerships	143,464	145,205
Operating lease right of use assets, net	88,831	94,569
Finance lease right of use assets, net	45,179	45,467
Prepaid expenses and other assets	257,050	267,406
TOTAL ASSETS	8,269,294	8,233,991
Liabilities
Mortgages payable, net (including $191,193 and $191,827 of consolidated variable interest entities, respectively)	319,910	320,615
Notes payable, net	661,391	601,077
Senior notes and debentures, net	3,408,104	3,407,701
Accounts payable and accrued expenses	196,092	190,340
Dividends payable	90,436	90,263
Security deposits payable	28,351	28,508
Operating lease liabilities	77,442	77,743
Finance lease liabilities	67,658	67,660
Other liabilities and deferred credits	237,316	237,699
Total liabilities	5,086,700	5,021,606
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	178,353	178,370
Shareholders’ equity
Accumulated other comprehensive income	4,546	5,757
Partner capital
Preferred units, 398,878 units issued and outstanding	154,788	154,788
Common units, 81,511,204 and 81,342,959 units issued and outstanding, respectively	2,765,892	2,793,467
Accumulated other comprehensive income	4,546	5,757
Total partner capital	2,925,226	2,954,012
Noncontrolling interests in consolidated partnerships	79,015	80,003
Total capital	3,004,241	3,034,015
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,269,294	8,233,991
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	150,000	150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	$ 9,822	$ 9,822

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Operating real estate, consolidated variable interest entities	$ 2,002,163	$ 1,997,583
Construction-in-progress, consolidated variable interest entities	12,174	8,477
Accumulated depreciation and amortization, consolidated variable interest entities	376,441	362,921
Mortgages payable, consolidated variable interest entities	$ 191,193	$ 191,827
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	81,511,204	81,342,959
Common shares of beneficial interest, shares outstanding	81,511,204	81,342,959
Federal Realty OP LP
Operating real estate, consolidated variable interest entities	$ 2,002,163	$ 1,997,583
Construction-in-progress, consolidated variable interest entities	12,174	8,477
Accumulated depreciation and amortization, consolidated variable interest entities	376,441	362,921
Mortgages payable, consolidated variable interest entities	$ 191,193	$ 191,827
Preferred units, issued	398,878	398,878
Preferred units, outstanding	398,878	398,878
Common units, issued	81,511,204	81,342,959
Common units, outstanding	81,511,204	81,342,959
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Preferred shares, percentage	5%	5%
Preferred shares, liquidation preference per share	$ 25,000	$ 25,000
Preferred shares, shares issued	6,000	6,000
Preferred shares, shares outstanding	6,000	6,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
Preferred shares, percentage	5.417%	5.417%
Preferred shares, liquidation preference per share	$ 25	$ 25
Preferred shares, shares issued	392,878	392,878
Preferred shares, shares outstanding	392,878	392,878

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Rental income	$ 272,798	$ 256,507
Mortgage interest income	261	264
Total revenue	273,059	256,771
EXPENSES
Rental expenses	55,205	56,211
Real estate taxes	32,566	30,560
General and administrative	12,545	12,342
Depreciation and amortization	78,637	71,674
Total operating expenses	178,953	170,787
Gain on sale of real estate	1,702	0
OPERATING INCOME	95,808	85,984
OTHER INCOME/(EXPENSE)
Other interest income	632	120
Interest expense	(39,225)	(31,573)
Income from partnerships	516	197
NET INCOME	57,731	54,728
Net income attributable to noncontrolling interests	(2,396)	(2,744)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	55,335	51,984
Dividends on preferred shares	(2,008)	(2,010)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 53,327	$ 49,974
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 0.65	$ 0.63
Weighted average number of common shares	81,141	78,446
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 0.65	$ 0.63
Weighted average number of common shares	81,141	78,543
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 56,395	$ 58,644
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	54,124	55,556
Federal Realty OP LP
REVENUE
Rental income	272,798	256,507
Mortgage interest income	261	264
Total revenue	273,059	256,771
EXPENSES
Rental expenses	55,205	56,211
Real estate taxes	32,566	30,560
General and administrative	12,545	12,342
Depreciation and amortization	78,637	71,674
Total operating expenses	178,953	170,787
Gain on sale of real estate	1,702	0
OPERATING INCOME	95,808	85,984
OTHER INCOME/(EXPENSE)
Other interest income	632	120
Interest expense	(39,225)	(31,573)
Income from partnerships	516	197
NET INCOME	57,731	54,728
Net income attributable to noncontrolling interests	(2,396)	(2,744)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	55,335	51,984
Distributions declared to preferred unit holders	(2,008)	(2,010)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS	$ 53,327	$ 49,974
EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders	$ 0.65	$ 0.63
Weighted average common units outstanding	81,141	78,446
EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$ 0.65	$ 0.63
Weighted average common units outstanding	81,141	78,543
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 56,395	$ 58,644
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$ 54,124	$ 55,556

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	downREIT OP units	Preferred Shares	Common Shares	Common Shares downREIT OP units	Additional Paid-in Capital	Additional Paid-in Capital downREIT OP units	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Noncontrolling Interest downREIT OP units
Beginning balance (in shares) at Dec. 31, 2021			405,896	78,603,305
Beginning balance at Dec. 31, 2021	$ 2,663,148		$ 159,997	$ 790		$ 3,488,794		$ (1,066,932)	$ (2,047)	$ 82,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	52,993							51,984		1,009
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	3,572								3,572
Dividends declared to common shareholders	(84,196)							(84,196)
Dividends declared to preferred shareholders	(2,010)							(2,010)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,759)									(1,759)
Common shares issued, net (in shares)				729,769
Common shares issued, net	82,749			$ 8		82,741
Shares issued under dividend reinvestment plan (in shares)				3,770
Shares issued under dividend reinvestment plan	502					502
Share-based compensation expense, net of forfeitures (in shares)				108,891
Share-based compensation expense, net of forfeitures	4,179			$ 1		4,178
Shares withheld for employee taxes (in shares)				(38,270)
Shares withheld for employee taxes	(4,601)					(4,601)
Conversion and redemption of downREIT OP units (in Shares)					10,007
Conversion and redemption of downREIT OP units		$ 0			$ 0		$ 977
Conversion and redemption of downREIT OP units											$ (977)
Ending balance (in shares) at Mar. 31, 2022			405,896	79,417,472
Ending balance at Mar. 31, 2022	2,714,577		$ 159,997	$ 799		3,572,591		(1,101,154)	1,525	80,819
Beginning balance (in shares) at Dec. 31, 2022			398,878	81,342,959
Beginning balance at Dec. 31, 2022	3,034,015		$ 159,822	$ 818		3,821,801		(1,034,186)	5,757	80,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	56,063							55,335		728
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(1,211)								(1,211)
Dividends declared to common shareholders	(88,033)							(88,033)
Dividends declared to preferred shareholders	(2,008)							(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,048)									(1,048)
Common shares issued, net (in shares)				57,064
Common shares issued, net	6,251			$ 1		6,250
Shares issued under dividend reinvestment plan (in shares)				4,664
Shares issued under dividend reinvestment plan	423					423
Share-based compensation expense, net of forfeitures (in shares)				141,234
Share-based compensation expense, net of forfeitures	4,434			$ 1		4,433
Shares withheld for employee taxes (in shares)				(42,240)
Shares withheld for employee taxes	(4,645)					(4,645)
Conversion and redemption of downREIT OP units (in Shares)					7,523
Conversion and redemption of downREIT OP units		$ 0			$ 0		$ 668
Conversion and redemption of downREIT OP units											$ (668)
Ending balance (in shares) at Mar. 31, 2023			398,878	81,511,204
Ending balance at Mar. 31, 2023	$ 3,004,241		$ 159,822	$ 820		$ 3,828,930		$ (1,068,892)	$ 4,546	$ 79,015

Consolidated Statement Of Sha_2

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,668	$ 1,735
Other comprehensive (loss) income attributable to redeemable noncontrolling interests	$ (125)	$ 344
Dividends declared to common shareholders (in dollars per share)	$ 1.080	$ 1.07
Distributions declared to redeemable noncontrolling interests	$ 1,560	$ 1,744

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income	$ 57,731	$ 54,728
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	78,637	71,674
Gain on sale of real estate	(1,702)	0
Income from partnerships	(516)	(197)
Straight-line rent	(2,478)	(4,962)
Share-based compensation expense	4,097	3,820
Other, net	(1,277)	(494)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(466)	(11,257)
Decrease (increase) in prepaid expenses and other assets	3,563	(4,577)
Increase (decrease) in accounts payable and accrued expenses	1,941	(5,419)
Increase (decrease) in security deposits and other liabilities	3,477	(247)
Net cash provided by operating activities	143,007	103,069
INVESTING ACTIVITIES
Acquisition of real estate	(35,340)	0
Capital expenditures - development and redevelopment	(50,780)	(66,610)
Capital expenditures - other	(25,737)	(18,409)
Proceeds from sale of real estate	12,626	874
Distribution from partnerships in excess of earnings	2,174	517
Leasing costs	(3,754)	(4,577)
Repayment of mortgage and other notes receivable, net	0	11
Net cash used in investing activities	(100,811)	(88,194)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	60,000	0
Repayment of mortgages, finance leases and notes payable	(819)	(869)
Issuance of common shares, net of costs	6,245	82,819
Dividends paid to common and preferred shareholders	(89,431)	(85,684)
Shares withheld for employee taxes	(4,645)	(4,601)
Distributions to and redemptions of redeemable noncontrolling interests	(2,616)	(3,514)
Net cash used in financing activities	(31,266)	(11,849)
Increase in cash, cash equivalents and restricted cash	10,930	3,026
Cash, cash equivalents, and restricted cash at beginning of year	96,348	175,163
Cash, cash equivalents, and restricted cash at end of period	107,278	178,189
Federal Realty OP LP
OPERATING ACTIVITIES
Net income	57,731	54,728
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	78,637	71,674
Gain on sale of real estate	(1,702)	0
Income from partnerships	(516)	(197)
Straight-line rent	(2,478)	(4,962)
Share-based compensation expense	4,097	3,820
Other, net	(1,277)	(494)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(466)	(11,257)
Decrease (increase) in prepaid expenses and other assets	3,563	(4,577)
Increase (decrease) in accounts payable and accrued expenses	1,941	(5,419)
Increase (decrease) in security deposits and other liabilities	3,477	(247)
Net cash provided by operating activities	143,007	103,069
INVESTING ACTIVITIES
Acquisition of real estate	(35,340)	0
Capital expenditures - development and redevelopment	(50,780)	(66,610)
Capital expenditures - other	(25,737)	(18,409)
Proceeds from sale of real estate	12,626	874
Distribution from partnerships in excess of earnings	2,174	517
Leasing costs	(3,754)	(4,577)
Repayment of mortgage and other notes receivable, net	0	11
Net cash used in investing activities	(100,811)	(88,194)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	60,000	0
Repayment of mortgages, finance leases and notes payable	(819)	(869)
Issuance of common shares, net of costs	6,245	82,819
Dividends paid to common and preferred shareholders	(89,431)	(85,684)
Shares withheld for employee taxes	(4,645)	(4,601)
Distributions to and redemptions of redeemable noncontrolling interests	(2,616)	(3,514)
Net cash used in financing activities	(31,266)	(11,849)
Increase in cash, cash equivalents and restricted cash	10,930	3,026
Cash, cash equivalents, and restricted cash at beginning of year	96,348	175,163
Cash, cash equivalents, and restricted cash at end of period	$ 107,278	$ 178,189

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	$ 56,063	$ 52,993
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(1,211)	3,572
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(1,211)	3,572
Federal Realty OP LP
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	3,034,015	2,663,148
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	56,063	52,993
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(1,211)	3,572
Distributions declared to common unit holders	(88,033)	(84,196)
Distributions declared to preferred unit holders	(2,008)	(2,010)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(1,048)	(1,759)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	6,251	82,749
Common units issued under dividend reinvestment plan	423	502
Share-based compensation expense, net of forfeitures	4,434	4,179
Common units withheld for employee taxes	(4,645)	(4,601)
Ending balance	3,004,241	2,714,577
Federal Realty OP LP | Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	154,788	154,963
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	2,008	2,010
Distributions declared to preferred unit holders	(2,008)	(2,010)
Ending balance	154,788	154,963
Federal Realty OP LP | Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,793,467	2,427,686
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	53,327	49,974
Distributions declared to common unit holders	(88,033)	(84,196)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	6,251	82,749
Common units issued under dividend reinvestment plan	423	502
Share-based compensation expense, net of forfeitures	4,434	4,179
Common units withheld for employee taxes	(4,645)	(4,601)
Ending balance	2,765,892	2,477,270
Federal Realty OP LP | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	5,757	(2,047)
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(1,211)	3,572
Ending balance	4,546	1,525
Federal Realty OP LP | Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,954,012	2,580,602
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	55,335	51,984
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(1,211)	3,572
Distributions declared to common unit holders	(88,033)	(84,196)
Distributions declared to preferred unit holders	(2,008)	(2,010)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	6,251	82,749
Common units issued under dividend reinvestment plan	423	502
Share-based compensation expense, net of forfeitures	4,434	4,179
Common units withheld for employee taxes	(4,645)	(4,601)
Ending balance	2,925,226	2,633,758
Federal Realty OP LP | Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	80,003	82,546
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	728	1,009
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(1,048)	(1,759)
Ending balance	79,015	80,819
Federal Realty OP LP | downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	0	0
Federal Realty OP LP | downREIT OP units | Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	668	977
Federal Realty OP LP | downREIT OP units | Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	668	977
Federal Realty OP LP | downREIT OP units | Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	$ (668)	$ (977)

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income attributable to redeemable noncontrolling interests	$ 1,668	$ 1,735
Other comprehensive (loss) income attributable to redeemable noncontrolling interests	(125)	344
Distributions declared to redeemable noncontrolling interests	1,560	1,744
Federal Realty OP LP
Net income attributable to redeemable noncontrolling interests	1,668	1,735
Other comprehensive (loss) income attributable to redeemable noncontrolling interests	(125)	344
Distributions declared to redeemable noncontrolling interests	$ 1,560	$ 1,744

Business And Organization

Business And Organization	3 Months Ended
	Mar. 31, 2023
Nature Of Operations [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the "Parent Company" and the “Trust”) is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of and exercises exclusive control over Federal Realty GP LLC ("the General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of March 31, 2023, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects. We operate in a manner intended to enable the Trust to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year. Principles of Consolidation As discussed in the Explanatory Note , we have combined the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent Company, through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures which we do not control using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Recently Issued Accounting Pronouncements Standard Description Effect on the financial statements or significant matters ASU 2023-01, March 2023, Leases (Topic 842) Common Control Arrangements This ASU requires all lessees in a lease with a lessor under common control to (1) amortize leasehold improvements over their useful life to the common control group, as long as the lessee controls the use of the underlying asset through a lease and (2) account for the leasehold improvements as a transfer of assets between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The guidance may be applied prospectively to new and existing leasehold improvements, with the remaining balance of existing leasehold improvements amortized over their remaining useful life to the common control group or retrospectively, through a cumulative-effect adjustment to opening retained earnings. The guidance is effective in fiscal years beginning after December 15, 2023, and interim periods withing those fiscal years. Early adoption is permitted. We do not expect this ASU to have an impact on our consolidated financial statements. ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. ASU 2022-06 extended the period for which this guidance can be immediately applied through December 24, 2024. We expect to apply some of the practical expedients, as we are in the process of transitioning the $54.7 million mortgage loan at Hoboken and the $37.7 million mortgage loan related to the unconsolidated Assembly Row hotel (of which our share is $18.8 million) from LIBOR to alternative interest rates. We do not expect a significant impact to our financial results, financial position, or cash flows from this transition. Consolidated Statements of Cash Flows—Supplemental Disclosures The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows: Three Months Ended March 31, 2023 2022 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 44,606 $ 36,188 Interest capitalized (5,381) (4,615) Interest expense $ 39,225 $ 31,573 Cash paid for interest, net of amounts capitalized $ 37,136 $ 30,436 Cash paid for income taxes $ — $ 4 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units redeemed for common shares $ 668 $ 977 Shares issued under dividend reinvestment plan $ 429 $ 432 March 31, December 31, 2023 2022 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 99,449 $ 85,558 Restricted cash (1) 7,829 10,790 Total cash, cash equivalents, and restricted cash $ 107,278 $ 96,348 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Real Estate Disclosure	REAL ESTATEOn January 31, 2023, we acquired the 168,000 square foot portion of Huntington Square shopping center that was not previously owned, as well as the fee interest in the land underneath the portion of the shopping center which we controlled under a long-term ground lease for $35.5 million. As a result of this transaction, we now own the entire fee interest in this property and the "operating lease right of use assets, net" on our consolidated balance sheet decreased by $5.3 million. Approximately $4.1 million and $1.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively.During the three months ended March 31, 2023, we sold one retail property for $13.2 million, resulting in a gain on sale of $1.6 million.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Instruments [Abstract]
DEBT	DEBT During the three months ended March 31, 2023, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $80.5 million. The weighted average amount of borrowings outstanding was $49.7 million, and the weighted average interest rate, before amortization of debt fees, was 5.4%, for the three months ended March 31, 2023. At March 31, 2023, our revolving credit facility had $60.0 million outstanding. Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of March 31, 2023, we were in compliance with all default related debt covenants.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: March 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable, net $ 981,301 $ 959,730 $ 921,692 $ 895,654 Senior notes and debentures, net $ 3,408,104 $ 3,097,830 $ 3,407,701 $ 3,048,456 As of March 31, 2023, we have two interest rate swap agreements with notional amounts of $54.7 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the interest rate on $54.7 million of mortgage payables at 3.67% through December 15, 2029. The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at March 31, 2023 was an asset of $4.9 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three months ended March 31, 2023, the value of our interest rate swaps decreased $1.3 million (including $0.4 million reclassified from other comprehensive income as a decrease to interest expense). A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 4,891 $ — $ 4,891 $ — $ 6,144 $ — $ 6,144

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us. On August 25, 2022, we entered into a purchase option agreement to acquire the tenancy in common interest from our co-owner at Escondido Promenade, as discussed in our Annual Report on Form 10-K for the year ended December 31, 2022. Our agreement, as amended on February 28, 2023, allows us to exercise the option between May 1, 2023 and May 31, 2023. Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or common shares, at our option. A total of 637,031 downREIT operating partnership units are outstanding which have a total fair value of approximately $63.0 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on March 31, 2023.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY The following table provides a summary of dividends declared and paid per share: Three Months Ended March 31, 2023 2022 Declared Paid Declared Paid Common shares $ 1.080 $ 1.080 $ 1.070 $ 1.070 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.339 $ 0.339 $ 0.339 $ 0.339 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.313 $ 0.313 $ 0.313 $ 0.313 (1) Amount represents dividends per depository share, each representing 1/1000th of a share. We have an at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes. For the three months ended March 31, 2023, we issued 57,034 common shares at a weighted average price per share of $111.64 for net cash proceeds of $6.2 million including paying $0.1 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. We have the remaining capacity to issue up to $445.6 million in common shares under our ATM equity program as of March 31, 2023.

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANS A summary of share-based compensation expense included in net income is as follows: Three Months Ended March 31, 2023 2022 (In thousands) Grants of common shares, restricted stock units, and options $ 4,434 $ 4,179 Capitalized share-based compensation (337) (359) Share-based compensation expense $ 4,097 $ 3,820

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE AND UNIT We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For both the three months ended March 31, 2023 and 2022, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliations below. The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive: • exercise of 1,829 stock options for the three months ended March 31, 2023, • conversions of downREIT operating partnership units for both the three months ended March 31, 2023 and 2022, • conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three months ended March 31, 2023 and 2022, and • the issuance of 0.7 million shares and units issuable under common share forward sales agreements for the three months ended March 31, 2022. Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved. Federal Realty Investment Trust Earnings per Share Three Months Ended March 31, 2023 2022 (In thousands, except per share data) NUMERATOR Net income $ 57,731 $ 54,728 Less: Preferred share dividends (2,008) (2,010) Less: Income from operations attributable to noncontrolling interests (2,396) (2,744) Less: Earnings allocated to unvested shares (327) (307) Net income available for common shareholders, basic and diluted $ 53,000 $ 49,667 DENOMINATOR Weighted average common shares outstanding, basic 81,141 78,446 Effect of dilutive securities: Open forward contracts for share issuances — 97 Weighted average common shares outstanding, diluted 81,141 78,543 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.65 $ 0.63 Federal Realty OP LP Earnings per Unit Three Months Ended March 31, 2023 2022 (In thousands, except per unit data) NUMERATOR Net income $ 57,731 $ 54,728 Less: Preferred unit distributions (2,008) (2,010) Less: Income from operations attributable to noncontrolling interests (2,396) (2,744) Less: Earnings allocated to unvested units (327) (307) Net income available for common unit holders, basic and diluted $ 53,000 $ 49,667 DENOMINATOR Weighted average common units outstanding, basic 81,141 78,446 Effect of dilutive securities: Common unit issuances relating to open common share forward contracts — 97 Weighted average common units outstanding, diluted 81,141 78,543 EARNINGS PER COMMON UNIT, BASIC AND DILUTED: Net income available for common unit holders $ 0.65 $ 0.63

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTOn April 12, 2023, we issued $350.0 million of fixed rate senior unsecured notes that mature on May 1, 2028 and bear interest at 5.375%. The notes were offered at 99.590% of the principal amount with a yield to maturity of 5.468%.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentationThe accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year.
Principles of Consolidation	Principles of Consolidation As discussed in the Explanatory Note , we have combined the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent Company, through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures which we do not control using the equity method of accounting.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements Standard Description Effect on the financial statements or significant matters ASU 2023-01, March 2023, Leases (Topic 842) Common Control Arrangements This ASU requires all lessees in a lease with a lessor under common control to (1) amortize leasehold improvements over their useful life to the common control group, as long as the lessee controls the use of the underlying asset through a lease and (2) account for the leasehold improvements as a transfer of assets between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The guidance may be applied prospectively to new and existing leasehold improvements, with the remaining balance of existing leasehold improvements amortized over their remaining useful life to the common control group or retrospectively, through a cumulative-effect adjustment to opening retained earnings. The guidance is effective in fiscal years beginning after December 15, 2023, and interim periods withing those fiscal years. Early adoption is permitted. We do not expect this ASU to have an impact on our consolidated financial statements. ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. ASU 2022-06 extended the period for which this guidance can be immediately applied through December 24, 2024. We expect to apply some of the practical expedients, as we are in the process of transitioning the $54.7 million mortgage loan at Hoboken and the $37.7 million mortgage loan related to the unconsolidated Assembly Row hotel (of which our share is $18.8 million) from LIBOR to alternative interest rates. We do not expect a significant impact to our financial results, financial position, or cash flows from this transition.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Supplemental disclosures related to the Consolidated Statements Of Cash Flows	The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows: Three Months Ended March 31, 2023 2022 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 44,606 $ 36,188 Interest capitalized (5,381) (4,615) Interest expense $ 39,225 $ 31,573 Cash paid for interest, net of amounts capitalized $ 37,136 $ 30,436 Cash paid for income taxes $ — $ 4 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units redeemed for common shares $ 668 $ 977 Shares issued under dividend reinvestment plan $ 429 $ 432
Reconciliation of cash, cash equivalents, and restricted cash	March 31, December 31, 2023 2022 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 99,449 $ 85,558 Restricted cash (1) 7,829 10,790 Total cash, cash equivalents, and restricted cash $ 107,278 $ 96,348 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Fair Value Of Financial Instr_2

Fair Value Of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of carrying amount and fair value of financial instruments	A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: March 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable, net $ 981,301 $ 959,730 $ 921,692 $ 895,654 Senior notes and debentures, net $ 3,408,104 $ 3,097,830 $ 3,407,701 $ 3,048,456
Summary of financial assets that are measured at fair value on a recurring basis	A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 4,891 $ — $ 4,891 $ — $ 6,144 $ — $ 6,144

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Summary of dividends declared and paid per share	The following table provides a summary of dividends declared and paid per share: Three Months Ended March 31, 2023 2022 Declared Paid Declared Paid Common shares $ 1.080 $ 1.080 $ 1.070 $ 1.070 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.339 $ 0.339 $ 0.339 $ 0.339 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.313 $ 0.313 $ 0.313 $ 0.313 (1) Amount represents dividends per depository share, each representing 1/1000th of a share.

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of share-based compensation expense included in net income	A summary of share-based compensation expense included in net income is as follows: Three Months Ended March 31, 2023 2022 (In thousands) Grants of common shares, restricted stock units, and options $ 4,434 $ 4,179 Capitalized share-based compensation (337) (359) Share-based compensation expense $ 4,097 $ 3,820

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share	The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive: • exercise of 1,829 stock options for the three months ended March 31, 2023, • conversions of downREIT operating partnership units for both the three months ended March 31, 2023 and 2022, • conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three months ended March 31, 2023 and 2022, and • the issuance of 0.7 million shares and units issuable under common share forward sales agreements for the three months ended March 31, 2022. Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved. Federal Realty Investment Trust Earnings per Share Three Months Ended March 31, 2023 2022 (In thousands, except per share data) NUMERATOR Net income $ 57,731 $ 54,728 Less: Preferred share dividends (2,008) (2,010) Less: Income from operations attributable to noncontrolling interests (2,396) (2,744) Less: Earnings allocated to unvested shares (327) (307) Net income available for common shareholders, basic and diluted $ 53,000 $ 49,667 DENOMINATOR Weighted average common shares outstanding, basic 81,141 78,446 Effect of dilutive securities: Open forward contracts for share issuances — 97 Weighted average common shares outstanding, diluted 81,141 78,543 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.65 $ 0.63 Federal Realty OP LP Earnings per Unit Three Months Ended March 31, 2023 2022 (In thousands, except per unit data) NUMERATOR Net income $ 57,731 $ 54,728 Less: Preferred unit distributions (2,008) (2,010) Less: Income from operations attributable to noncontrolling interests (2,396) (2,744) Less: Earnings allocated to unvested units (327) (307) Net income available for common unit holders, basic and diluted $ 53,000 $ 49,667 DENOMINATOR Weighted average common units outstanding, basic 81,141 78,446 Effect of dilutive securities: Common unit issuances relating to open common share forward contracts — 97 Weighted average common units outstanding, diluted 81,141 78,543 EARNINGS PER COMMON UNIT, BASIC AND DILUTED: Net income available for common unit holders $ 0.65 $ 0.63

Business And Organization (Deta

Business And Organization (Details)	3 Months Ended
	Mar. 31, 2023 project
Nature of Operations
Number of real estate properties	102
Minimum percentage of taxable income distributed to shareholders	90%
Federal Realty GP LLC
Nature of Operations
Limited liability company ownership interest	100%

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies Recently Issued Accounting Pronouncements (Details) $ in Millions	Mar. 31, 2023 USD ($)
Assembly Row hotel
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mortgage loan on unconsolidated real estate properties	$ 37.7
Our share of unconsolidated mortgage debt	18.8
Hoboken | Secured Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Senior note	$ 54.7

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Total interest costs incurred	$ 44,606	$ 36,188
Interest capitalized	(5,381)	(4,615)
Interest expense	39,225	31,573
Cash paid for interest, net of amounts capitalized	37,136	30,436
Cash paid for income taxes	0	4
DownREIT operating partnership units redeemed for common shares	668	977
Shares issued under dividend reinvestment plan	$ 429	$ 432

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 99,449	$ 85,558
Restricted cash	[1]	7,829	10,790
Total cash, cash equivalents, and restricted cash		$ 107,278	$ 96,348	$ 178,189	$ 175,163
[1]Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate (Significant Acquis

Real Estate (Significant Acquisition and Disposition) (Details) $ in Thousands		3 Months Ended
	Jan. 31, 2023 USD ($) ft²	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Significant Acquisition and Disposition
Gain on sale of real estate		$ 1,702	$ 0
a portion of Huntington Square shopping center
Significant Acquisition and Disposition
Square footage of real estate property | ft²	168,000
Purchase price of real estate acquisition	$ 35,500
Operating lease right of use assets, net decrease	5,300
a portion of Huntington Square shopping center | Other Assets | Acquired lease costs
Significant Acquisition and Disposition
Acquired lease costs	4,100
a portion of Huntington Square shopping center | Other Assets | Above market leases
Significant Acquisition and Disposition
Above market leases	$ 1,300
One retail property
Significant Acquisition and Disposition
Sales price of real estate		13,200
Gain on sale of real estate		$ 1,600

Debt (Details)

Debt (Details) - Revolving credit facility $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 1,250
Maximum amount outstanding under revolving credit facility	80.5
Weighted average borrowings outstanding	$ 49.7
Weighted average interest rate, before amortization of debt fees	5.40%
Revolving credit facility	$ 60

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Mortgages payable and notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 981,301	$ 921,692
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	959,730	895,654
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,408,104	3,407,701
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,097,830	$ 3,048,456

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 4,900
Amount reclassified from other comprehensive income to interest expense	(400)
Accumulated other comprehensive income | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income	(100)
Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 4,891	$ 6,144
Fair Value, recurring | Interest rate swap | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements | agreement	2
Mortgage payable | Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements | agreement	2
Notional amount of derivative	$ 54,700
Fixed interest rate on derivative	3.67%
Other comprehensive income	$ (1,300)
Secured Debt | Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior note	54,700
Fair Value, Inputs, Level 1 | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	0	0
Fair Value, Inputs, Level 2 | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	4,891	6,144
Fair Value, Inputs, Level 3 | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - downREIT OP units $ in Millions	Mar. 31, 2023 USD ($) shares
Commitments [Line Items]
downREIT operating partnership units, outstanding | shares	637,031
downREIT operating partnership units outstanding, fair value | $	$ 63

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Dividends
Divdends declared per common share		$ 1.080	$ 1.07
Dividends paid per common share		1.080	1.070
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
Dividends
Dividends declared per preferred share		0.339	0.339
Dividends paid per preferred share		0.339	0.339
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Dividends
Dividends declared per preferred share	[1]	0.313	0.313
Dividends paid per preferred share	[1]	$ 0.313	$ 0.313
[1]Amount represents dividends per depository share, each representing 1/1000th of a share.

Shareholders' Equity Narrative

Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Net proceeds from issuance of common shares	$ 6,245	$ 82,819
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share	$ 500,000
Shares issued	57,034
Weighted Average Price Per Common Share	$ 111.64
Net proceeds from issuance of common shares	$ 6,200
Remaining capacity to issue	445,600
At The Market Equity Program | Commissions
Class of Stock [Line Items]
Payments of Stock Issuance Costs	100
At The Market Equity Program | Other Offering Costs
Class of Stock [Line Items]
Payments of Stock Issuance Costs	$ 100

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 4,434	$ 4,179
Capitalized share-based compensation	(337)	(359)
Share-based compensation expense	$ 4,097	$ 3,820

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Weighted average unvested shares outstanding	300,000	300,000
Federal Realty OP LP
Weighted average unvested units outstanding	300,000	300,000
5.417% Series 1 Cumulative Convertible Preferred Shares
Preferred shares, percentage	5.417%	5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred Units
Preferred units, percentage	5.417%	5.417%
Stock Options
Anti-dilutive issuable shares	1,829
Stock Options | Federal Realty OP LP
Anti-dilutive issuable units	1,829
Forward Sales Contracts
Anti-dilutive issuable shares		700,000
Forward Sales Contracts | Federal Realty OP LP
Anti-dilutive issuable units		700,000
Unvested restricted stock units
Anti-dilutive issuable shares	10,441	10,441
Unvested restricted stock units | Federal Realty OP LP
Anti-dilutive issuable units	10,441	10,441

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 57,731	$ 54,728
Less: Preferred share dividends	(2,008)	(2,010)
Less: Income from operations attributable to noncontrolling interests	(2,396)	(2,744)
Less: Earnings allocated to unvested shares	(327)	(307)
Net income available for common shareholders, basic and diluted	$ 53,000	$ 49,667
Weighted average common shares outstanding, basic	81,141	78,446
Open forward contracts for share issuances	0	97
Weighted average common shares outstanding, diluted	81,141	78,543
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$ 0.65	$ 0.63
Federal Realty OP LP
Net income	$ 57,731	$ 54,728
Less: Preferred unit distributions	(2,008)	(2,010)
Less: Income from operations attributable to noncontrolling interests	(2,396)	(2,744)
Less: Earnings allocated to unvested units	(327)	(307)
Net income available to common unit holders, basic and diluted	$ 53,000	$ 49,667
Weighted average common units outstanding, basic	81,141	78,446
Common unit issuances relating to open common share forward contracts	0	97
Weighted average common units outstanding, diluted	81,141	78,543
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders	$ 0.65	$ 0.63

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - 5.375% notes - Unsecured senior notes $ in Millions	Apr. 12, 2023 USD ($)
Subsequent Event [Line Items]
Principal balance	$ 350
Interest rate	5.375%
Note offering percent	99.59%
Debt yield to maturity	5.468%