Federal Realty Investment Trust. 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
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		81,623,163
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	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Operating (including $2,013,166 and $1,997,583 of consolidated variable interest entities, respectively)	$ 9,848,565	$ 9,441,945
Construction-in-progress (including $11,030 and $8,477 of consolidated variable interest entities, respectively)	619,964	662,554
Real estate, at cost, total	10,468,529	10,104,499
Less accumulated depreciation and amortization (including $402,929 and $362,921 of consolidated variable interest entities, respectively)	(2,901,879)	(2,715,817)
Net real estate	7,566,650	7,388,682
Cash and cash equivalents	98,210	85,558
Accounts and notes receivable, net	192,066	197,648
Mortgage notes receivable, net	9,209	9,456
Investment in partnerships	35,463	145,205
Operating lease right of use assets, net	87,597	94,569
Finance lease right of use assets, net	44,762	45,467
Prepaid expenses and other assets	259,736	267,406
TOTAL ASSETS	8,293,693	8,233,991
Liabilities
Mortgages payable, net (including $189,928 and $191,827 of consolidated variable interest entities, respectively)	318,501	320,615
Notes payable, net	652,203	601,077
Senior notes and debentures, net	3,479,821	3,407,701
Accounts payable and accrued expenses	209,854	190,340
Dividends payable	91,372	90,263
Security deposits payable	30,180	28,508
Operating lease liabilities	76,413	77,743
Finance lease liabilities	67,813	67,660
Other liabilities and deferred credits	229,948	237,699
Total liabilities	5,156,105	5,021,606
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	176,539	178,370
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 200,000,000 and 100,000,000 shares authorized, respectively, 81,618,162 and 81,342,959 shares issued and outstanding, respectively	821	818
Additional paid-in capital	3,846,845	3,821,801
Accumulated dividends in excess of net income	(1,132,350)	(1,034,186)
Accumulated other comprehensive income	6,773	5,757
Total shareholders’ equity of the Trust	2,881,911	2,954,012
Noncontrolling interests	79,138	80,003
Total shareholders’ equity	2,961,049	3,034,015
Partner capital
Accumulated other comprehensive income	6,773	5,757
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,293,693	8,233,991
Federal Realty OP LP
ASSETS
Operating (including $2,013,166 and $1,997,583 of consolidated variable interest entities, respectively)	9,848,565	9,441,945
Construction-in-progress (including $11,030 and $8,477 of consolidated variable interest entities, respectively)	619,964	662,554
Real estate, at cost, total	10,468,529	10,104,499
Less accumulated depreciation and amortization (including $402,929 and $362,921 of consolidated variable interest entities, respectively)	(2,901,879)	(2,715,817)
Net real estate	7,566,650	7,388,682
Cash and cash equivalents	98,210	85,558
Accounts and notes receivable, net	192,066	197,648
Mortgage notes receivable, net	9,209	9,456
Investment in partnerships	35,463	145,205
Operating lease right of use assets, net	87,597	94,569
Finance lease right of use assets, net	44,762	45,467
Prepaid expenses and other assets	259,736	267,406
TOTAL ASSETS	8,293,693	8,233,991
Liabilities
Mortgages payable, net (including $189,928 and $191,827 of consolidated variable interest entities, respectively)	318,501	320,615
Notes payable, net	652,203	601,077
Senior notes and debentures, net	3,479,821	3,407,701
Accounts payable and accrued expenses	209,854	190,340
Dividends payable	91,372	90,263
Security deposits payable	30,180	28,508
Operating lease liabilities	76,413	77,743
Finance lease liabilities	67,813	67,660
Other liabilities and deferred credits	229,948	237,699
Total liabilities	5,156,105	5,021,606
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	176,539	178,370
Shareholders’ equity
Accumulated other comprehensive income	6,773	5,757
Partner capital
Preferred units, 398,878 units issued and outstanding	154,788	154,788
Common units, 81,618,162 and 81,342,959 units issued and outstanding, respectively	2,720,350	2,793,467
Accumulated other comprehensive income	6,773	5,757
Total partner capital	2,881,911	2,954,012
Noncontrolling interests in consolidated partnerships	79,138	80,003
Total capital	2,961,049	3,034,015
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,293,693	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	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Operating real estate, consolidated variable interest entities	$ 2,013,166	$ 2,013,166	$ 1,997,583
Construction-in-progress, consolidated variable interest entities	11,030	11,030	8,477
Accumulated depreciation and amortization, consolidated variable interest entities	402,929	402,929	362,921
Mortgages payable, consolidated variable interest entities	$ 189,928	$ 189,928	$ 191,827
Preferred shares, authorized	15,000,000	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01	$ 0.01
Common shares of beneficial interest, par value	$ 0.01	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	200,000,000	200,000,000	100,000,000
Common shares of beneficial interest, shares issued	81,618,162	81,618,162	81,342,959
Common shares of beneficial interest, shares outstanding	81,618,162	81,618,162	81,342,959
Federal Realty OP LP
Operating real estate, consolidated variable interest entities	$ 2,013,166	$ 2,013,166	$ 1,997,583
Construction-in-progress, consolidated variable interest entities	11,030	11,030	8,477
Accumulated depreciation and amortization, consolidated variable interest entities	402,929	402,929	362,921
Mortgages payable, consolidated variable interest entities	$ 189,928	$ 189,928	$ 191,827
Preferred units, issued	398,878	398,878	398,878
Preferred units, outstanding	398,878	398,878	398,878
Common units, issued	81,618,162	81,618,162	81,342,959
Common units, outstanding	81,618,162	81,618,162	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	$ 25,000
Preferred shares, shares issued	6,000	6,000	6,000
Preferred shares, shares outstanding	6,000	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%	5.417%
Preferred shares, liquidation preference per share	$ 25	$ 25	$ 25
Preferred shares, shares issued	392,878	392,878	392,878
Preferred shares, shares outstanding	392,878	392,878	392,878

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUE
Rental income	$ 286,323	$ 273,179	$ 839,509	$ 793,516
Mortgage interest income	281	272	833	805
Total revenue	286,604	273,451	840,342	794,321
EXPENSES
Rental expenses	58,595	58,809	169,410	166,189
Real estate taxes	33,045	32,803	97,992	94,628
General and administrative	13,149	13,100	37,607	39,046
Depreciation and amortization	81,731	77,109	239,342	223,244
Total operating expenses	186,520	181,821	544,351	523,107
Gain on deconsolidation of VIE	0	70,374	0	70,374
Gain on sale of real estate	0	29,723	1,702	29,723
OPERATING INCOME	100,084	191,727	297,693	371,311
OTHER INCOME/(EXPENSE)
Other interest income	721	234	3,775	487
Interest expense	(42,726)	(35,060)	(124,835)	(98,707)
Income from partnerships	1,313	1,873	3,494	4,878
NET INCOME	59,392	158,774	180,127	277,969
Net income attributable to noncontrolling interests	(2,344)	(2,636)	(7,245)	(8,171)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	57,048	156,138	172,882	269,798
Dividends on preferred shares	(2,008)	(2,008)	(6,024)	(6,026)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 55,040	$ 154,130	$ 166,858	$ 263,772
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 0.67	$ 1.90	$ 2.04	$ 3.31
Weighted average number of common shares	81,274	80,765	81,210	79,480
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 0.67	$ 1.89	$ 2.04	$ 3.31
Weighted average number of common shares	81,274	81,511	81,210	80,137
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 60,787	$ 161,569	$ 181,248	$ 286,902
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	58,325	158,672	173,898	277,929
Federal Realty OP LP
REVENUE
Rental income	286,323	273,179	839,509	793,516
Mortgage interest income	281	272	833	805
Total revenue	286,604	273,451	840,342	794,321
EXPENSES
Rental expenses	58,595	58,809	169,410	166,189
Real estate taxes	33,045	32,803	97,992	94,628
General and administrative	13,149	13,100	37,607	39,046
Depreciation and amortization	81,731	77,109	239,342	223,244
Total operating expenses	186,520	181,821	544,351	523,107
Gain on deconsolidation of VIE	0	70,374	0	70,374
Gain on sale of real estate	0	29,723	1,702	29,723
OPERATING INCOME	100,084	191,727	297,693	371,311
OTHER INCOME/(EXPENSE)
Other interest income	721	234	3,775	487
Interest expense	(42,726)	(35,060)	(124,835)	(98,707)
Income from partnerships	1,313	1,873	3,494	4,878
NET INCOME	59,392	158,774	180,127	277,969
Net income attributable to noncontrolling interests	(2,344)	(2,636)	(7,245)	(8,171)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	57,048	156,138	172,882	269,798
Distributions declared to preferred unit holders	(2,008)	(2,008)	(6,024)	(6,026)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS	$ 55,040	$ 154,130	$ 166,858	$ 263,772
EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders	$ 0.67	$ 1.90	$ 2.04	$ 3.31
Weighted average common units outstanding	81,274	80,765	81,210	79,480
EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$ 0.67	$ 1.89	$ 2.04	$ 3.31
Weighted average common units outstanding	81,274	81,511	81,210	80,137
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 60,787	$ 161,569	$ 181,248	$ 286,902
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$ 58,325	$ 158,672	$ 173,898	$ 277,929

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	downREIT OP units	5.417% Series 1 Cumulative Convertible Preferred Shares	Preferred Shares	Preferred Shares 5.417% Series 1 Cumulative Convertible Preferred Shares	Common Shares	Common Shares downREIT OP units	Common Shares 5.417% Series 1 Cumulative Convertible Preferred Shares	Additional Paid-in Capital	Additional Paid-in Capital downREIT OP units	Additional Paid-in Capital 5.417% Series 1 Cumulative Convertible Preferred Shares	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	272,668											269,798		2,870
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	8,131												8,131
Dividends declared to common shareholders	(256,867)											(256,867)
Dividends declared to preferred shareholders	(6,026)											(6,026)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(4,066)													(4,066)
Common shares issued, net (in shares)						2,500,569
Common shares issued, net	292,344					$ 25			292,319
Exercise of stock options (in shares)						366
Exercise of stock options	35								35
Shares issued under dividend reinvestment plan (in shares)						13,832
Shares issued under dividend reinvestment plan	1,584								1,584
Share-based compensation expense, net of forfeitures (in shares)						110,915
Share-based compensation expense, net of forfeitures	11,258					$ 2			11,256
Shares withheld for employee taxes (in shares)						(40,974)
Shares withheld for employee taxes	(4,886)								(4,886)
Conversion of preferred shares (in shares)					(7,018)
Conversion of preferred shares					$ (175)
Conversion of preferred shares (in shares)								1,675
Conversion of preferred shares			$ 0								$ 175
Conversion of downREIT OP units (in Shares)							14,598
Conversion of downREIT OP units		$ 0					$ 0			$ 1,385
Conversion of downREIT OP units															$ (1,385)
Deconsolidation of VIE	972													972
Adjustment to redeemable noncontrolling interests	3,585								3,585
Ending balance (in shares) at Sep. 30, 2022				398,878		81,204,286
Ending balance at Sep. 30, 2022	2,981,880			$ 159,822		$ 817			3,794,247			(1,060,027)	6,084	80,937
Beginning balance (in shares) at Jun. 30, 2022				398,878		80,896,804
Beginning balance at Jun. 30, 2022	2,876,427			$ 159,822		$ 813			3,758,161			(1,126,463)	3,550	80,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	157,000											156,138		862
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,534												2,534
Dividends declared to common shareholders	(87,694)											(87,694)
Dividends declared to preferred shareholders	(2,008)											(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,441)													(1,441)
Common shares issued, net (in shares)						296,872
Common shares issued, net	32,892					$ 3			32,889
Exercise of stock options (in shares)						366
Exercise of stock options	35								35
Shares issued under dividend reinvestment plan (in shares)						5,832
Shares issued under dividend reinvestment plan	573								573
Share-based compensation expense, net of forfeitures (in shares)						6,810
Share-based compensation expense, net of forfeitures	3,579					$ 1			3,578
Shares withheld for employee taxes (in shares)						(2,398)
Shares withheld for employee taxes	(248)								(248)
Deconsolidation of VIE	972													972
Adjustment to redeemable noncontrolling interests	(741)								(741)
Ending balance (in shares) at Sep. 30, 2022				398,878		81,204,286
Ending balance at Sep. 30, 2022	2,981,880			$ 159,822		$ 817			3,794,247			(1,060,027)	6,084	80,937
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	175,091											172,882		2,209
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	1,016												1,016
Dividends declared to common shareholders	(265,022)											(265,022)
Dividends declared to preferred shareholders	(6,024)											(6,024)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(3,283)													(3,283)
Common shares issued, net (in shares)						152,141
Common shares issued, net	15,895					$ 2			15,893
Shares issued under dividend reinvestment plan (in shares)						14,398
Shares issued under dividend reinvestment plan	1,380								1,380
Share-based compensation expense, net of forfeitures (in shares)						145,156
Share-based compensation expense, net of forfeitures	11,868					$ 1			11,867
Shares withheld for employee taxes (in shares)						(45,615)
Shares withheld for employee taxes	(4,979)								(4,979)
Conversion of downREIT OP units (in Shares)							9,123
Conversion of downREIT OP units		0					$ 0			883
Conversion of downREIT OP units															(883)
Contributions from noncontrolling interests	1,092													1,092
Ending balance (in shares) at Sep. 30, 2023				398,878		81,618,162
Ending balance at Sep. 30, 2023	2,961,049			$ 159,822		$ 821			3,846,845			(1,132,350)	6,773	79,138
Beginning balance (in shares) at Jun. 30, 2023				398,878		81,515,511
Beginning balance at Jun. 30, 2023	2,980,431			$ 159,822		$ 820			3,832,983			(1,098,432)	5,496	79,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	57,575											57,048		527
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	1,277												1,277
Dividends declared to common shareholders	(88,958)											(88,958)
Dividends declared to preferred shareholders	(2,008)											(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,081)													(1,081)
Common shares issued, net (in shares)						95,045
Common shares issued, net	9,703					$ 1			9,702
Shares issued under dividend reinvestment plan (in shares)						4,767
Shares issued under dividend reinvestment plan	475								475
Share-based compensation expense, net of forfeitures (in shares)						3,922
Share-based compensation expense, net of forfeitures	3,738					$ 0			3,738
Shares withheld for employee taxes (in shares)						(2,683)
Shares withheld for employee taxes	(268)								(268)
Conversion of downREIT OP units (in Shares)							1,600
Conversion of downREIT OP units		$ 0					$ 0			$ 215
Conversion of downREIT OP units															$ (215)
Contributions from noncontrolling interests	165													165
Ending balance (in shares) at Sep. 30, 2023				398,878		81,618,162
Ending balance at Sep. 30, 2023	$ 2,961,049			$ 159,822		$ 821			$ 3,846,845			$ (1,132,350)	$ 6,773	$ 79,138

Consolidated Statement Of Sha_2

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,817	$ 1,774	$ 5,036	$ 5,301
Other comprehensive income attributable to redeemable noncontrolling interests	$ 118	$ 261	$ 105	$ 802
Dividends declared to common shareholders (in dollars per share)	$ 1.09	$ 1.08	$ 3.250	$ 3.220
Distributions declared to redeemable noncontrolling interests	$ 3,545	$ 1,974	$ 6,972	$ 6,112

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 180,127	$ 277,969
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	239,342	223,244
Gain on deconsolidation of VIE	0	(70,374)
Gain on sale of real estate	(1,702)	(29,723)
Income from partnerships	(3,494)	(4,878)
Straight-line rent	(8,605)	(14,414)
Share-based compensation expense	10,831	10,255
Other, net	(3,891)	(3,509)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable, net	10,486	(5,519)
(Increase) decrease in prepaid expenses and other assets	(1,739)	1,361
Increase in accounts payable and accrued expenses	21,282	13,948
Increase in security deposits and other liabilities	578	10,933
Net cash provided by operating activities	443,215	409,293
INVESTING ACTIVITIES
Acquisition of real estate	(59,568)	(429,990)
Capital expenditures - development and redevelopment	(162,662)	(213,881)
Capital expenditures - other	(73,229)	(70,004)
Costs associated with property sold under threat of condemnation	(1,378)	(2,915)
Proceeds from sale of real estate	12,626	66,682
Change in cash from deconsolidation of VIE	0	(4,192)
Investment in partnerships	0	(417)
Distribution from partnerships in excess of earnings	9,314	5,076
Leasing costs	(13,741)	(17,039)
Issuance of mortgage and other notes receivable, net	0	(3,471)
Net cash used in investing activities	(288,638)	(670,151)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	50,500	267,000
Issuance of senior notes, net of costs	345,698	0
Repayment of senior notes	(275,000)	0
Repayment of mortgages, finance leases, and notes payable	(2,528)	(18,644)
Issuance of common shares, net of costs	16,000	292,671
Dividends paid to common and preferred shareholders	(268,658)	(258,009)
Shares withheld for employee taxes	(4,979)	(4,886)
Contributions from noncontrolling interests	1,092	0
Distributions to and redemptions of redeemable noncontrolling interests	(10,259)	(33,801)
Net cash (used in) provided by financing activities	(148,134)	244,331
Increase (decrease) in cash, cash equivalents and restricted cash	6,443	(16,527)
Cash, cash equivalents, and restricted cash at beginning of year	96,348	175,163
Cash, cash equivalents, and restricted cash at end of period	102,791	158,636
Federal Realty OP LP
OPERATING ACTIVITIES
Net income	180,127	277,969
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	239,342	223,244
Gain on deconsolidation of VIE	0	(70,374)
Gain on sale of real estate	(1,702)	(29,723)
Income from partnerships	(3,494)	(4,878)
Straight-line rent	(8,605)	(14,414)
Share-based compensation expense	10,831	10,255
Other, net	(3,891)	(3,509)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable, net	10,486	(5,519)
(Increase) decrease in prepaid expenses and other assets	(1,739)	1,361
Increase in accounts payable and accrued expenses	21,282	13,948
Increase in security deposits and other liabilities	578	10,933
Net cash provided by operating activities	443,215	409,293
INVESTING ACTIVITIES
Acquisition of real estate	(59,568)	(429,990)
Capital expenditures - development and redevelopment	(162,662)	(213,881)
Capital expenditures - other	(73,229)	(70,004)
Costs associated with property sold under threat of condemnation	(1,378)	(2,915)
Proceeds from sale of real estate	12,626	66,682
Change in cash from deconsolidation of VIE	0	(4,192)
Investment in partnerships	0	(417)
Distribution from partnerships in excess of earnings	9,314	5,076
Leasing costs	(13,741)	(17,039)
Issuance of mortgage and other notes receivable, net	0	(3,471)
Net cash used in investing activities	(288,638)	(670,151)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	50,500	267,000
Issuance of senior notes, net of costs	345,698	0
Repayment of senior notes	(275,000)	0
Repayment of mortgages, finance leases, and notes payable	(2,528)	(18,644)
Issuance of common shares, net of costs	16,000	292,671
Dividends paid to common and preferred shareholders	(268,658)	(258,009)
Shares withheld for employee taxes	(4,979)	(4,886)
Contributions from noncontrolling interests	1,092	0
Distributions to and redemptions of redeemable noncontrolling interests	(10,259)	(33,801)
Net cash (used in) provided by financing activities	(148,134)	244,331
Increase (decrease) in cash, cash equivalents and restricted cash	6,443	(16,527)
Cash, cash equivalents, and restricted cash at beginning of year	96,348	175,163
Cash, cash equivalents, and restricted cash at end of period	$ 102,791	$ 158,636

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	$ 57,575	$ 157,000	$ 175,091	$ 272,668
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	1,277	2,534	1,016	8,131
Contributions from noncontrolling interests	165		1,092
Deconsolidation of VIE		972		972
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	1,277	2,534	1,016	8,131
Federal Realty OP LP
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,980,431	2,876,427	3,034,015	2,663,148
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	57,575	157,000	175,091	272,668
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	1,277	2,534	1,016	8,131
Distributions declared to common unit holders	(88,958)	(87,694)	(265,022)	(256,867)
Distributions declared to preferred unit holders	(2,008)	(2,008)	(6,024)	(6,026)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(1,081)	(1,441)	(3,283)	(4,066)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	9,703	32,892	15,895	292,344
Exercise of stock options		35		35
Common units issued under dividend reinvestment plan	475	573	1,380	1,584
Share-based compensation expense, net of forfeitures	3,738	3,579	11,868	11,258
Common units withheld for employee taxes	(268)	(248)	(4,979)	(4,886)
Conversion of preferred units				0
Contributions from noncontrolling interests	165		1,092
Deconsolidation of VIE		972		972
Adjustment to redeemable noncontrolling interests		(741)		3,585
Ending balance	2,961,049	2,981,880	2,961,049	2,981,880
Federal Realty OP LP | Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	154,788	154,788	154,788	154,963
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	2,008	2,008	6,024	6,026
Distributions declared to preferred unit holders	(2,008)	(2,008)	(6,024)	(6,026)
Conversion of preferred units				(175)
Ending balance	154,788	154,788	154,788	154,788
Federal Realty OP LP | Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,740,405	2,637,545	2,793,467	2,427,686
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	55,040	154,130	166,858	263,772
Distributions declared to common unit holders	(88,958)	(87,694)	(265,022)	(256,867)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	9,703	32,892	15,895	292,344
Exercise of stock options		35		35
Common units issued under dividend reinvestment plan	475	573	1,380	1,584
Share-based compensation expense, net of forfeitures	3,738	3,579	11,868	11,258
Common units withheld for employee taxes	(268)	(248)	(4,979)	(4,886)
Conversion of preferred units				175
Adjustment to redeemable noncontrolling interests		(741)		3,585
Ending balance	2,720,350	2,740,071	2,720,350	2,740,071
Federal Realty OP LP | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	5,496	3,550	5,757	(2,047)
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	1,277	2,534	1,016	8,131
Ending balance	6,773	6,084	6,773	6,084
Federal Realty OP LP | Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,900,689	2,795,883	2,954,012	2,580,602
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	57,048	156,138	172,882	269,798
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	1,277	2,534	1,016	8,131
Distributions declared to common unit holders	(88,958)	(87,694)	(265,022)	(256,867)
Distributions declared to preferred unit holders	(2,008)	(2,008)	(6,024)	(6,026)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	9,703	32,892	15,895	292,344
Exercise of stock options		35		35
Common units issued under dividend reinvestment plan	475	573	1,380	1,584
Share-based compensation expense, net of forfeitures	3,738	3,579	11,868	11,258
Common units withheld for employee taxes	(268)	(248)	(4,979)	(4,886)
Adjustment to redeemable noncontrolling interests		(741)		3,585
Ending balance	2,881,911	2,900,943	2,881,911	2,900,943
Federal Realty OP LP | Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	79,742	80,544	80,003	82,546
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	527	862	2,209	2,870
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(1,081)	(1,441)	(3,283)	(4,066)
Contributions from noncontrolling interests	165		1,092
Deconsolidation of VIE		972		972
Ending balance	79,138	$ 80,937	79,138	80,937
Federal Realty OP LP | downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	0		0	0
Federal Realty OP LP | downREIT OP units | Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	215		883	1,385
Federal Realty OP LP | downREIT OP units | Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	215		883	1,385
Federal Realty OP LP | downREIT OP units | Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	$ (215)		$ (883)	$ (1,385)

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income attributable to redeemable noncontrolling interests	$ 1,817	$ 1,774	$ 5,036	$ 5,301
Other comprehensive income attributable to redeemable noncontrolling interests	118	261	105	802
Distributions declared to redeemable noncontrolling interests	3,545	1,974	6,972	6,112
Federal Realty OP LP
Net income attributable to redeemable noncontrolling interests	1,817	1,774	5,036	5,301
Other comprehensive income attributable to redeemable noncontrolling interests	118	261	105	802
Distributions declared to redeemable noncontrolling interests	$ 3,545	$ 1,974	$ 6,972	$ 6,112

Business And Organization

Business And Organization	9 Months Ended
	Sep. 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 2023-06, October 2023, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standard Codification (the "Codification"). The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will be removed from the Codification and will not be effective. We do not expect this ASU to have an impact on our consolidated financial statements. 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. During the second quarter of 2023, the LIBOR based mortgage loan related to our unconsolidated Assembly Row hotel investment was refinanced. The resulting new mortgage loan and related swaps are SOFR based. The mortgage loan at Hoboken and related interest rate swaps were transitioned from LIBOR to SOFR effective July 1, 2023. Consequently, we applied the related practical expedients to the hedging relationship for the Hoboken loan and continue to apply hedge accounting. The critical terms of the loan and interest rate swaps continue to match subsequent to the transition from LIBOR to SOFR and the transition did not have a significant impact to our financial results, financial position, or cash flows. Consolidated Statements of Cash Flows—Supplemental Disclosures The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2023 2022 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 141,994 $ 112,596 Interest capitalized (17,159) (13,889) Interest expense $ 124,835 $ 98,707 Cash paid for interest, net of amounts capitalized $ 113,414 $ 94,712 Cash paid for income taxes $ 778 $ 616 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Shares issued under dividend reinvestment plan $ 1,275 $ 1,292 DownREIT operating partnership units redeemed for common shares $ 883 $ 1,385 5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares $ — $ 175 September 30, December 31, 2023 2022 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 98,210 $ 85,558 Restricted cash (1) 4,581 10,790 Total cash, cash equivalents, and restricted cash $ 102,791 $ 96,348 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Disclosure	REAL ESTATE On 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 243,000 square foot 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. On May 26, 2023, we exercised our option and acquired the 22.3% tenancy in common ("TIC") interest from our co-owner at Escondido Promenade for $30.5 million, bringing our ownership interest to 100%. As a result of the transaction, we gained control of this property, and effective May 26, 2023, we have consolidated this property. Approximately $1.8 million and $0.2 million of net assets associated with the 22.3% interest acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $1.1 million of net assets associated with the 22.3% interest acquired were allocated to other liabilities for "below market leases."

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Instruments [Abstract]
DEBT	DEBT On 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%. The net proceeds, after issuance discount, underwriting fees, and other costs were $345.7 million. On June 1, 2023, we repaid our $275.0 million 2.75% senior unsecured notes at maturity. During the three and nine months ended September 30, 2023, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $63.5 million and $80.5 million, respectively. The weighted average amount of borrowings outstanding was $37.3 million and $34.9 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 6.1% and 5.7%, respectively, for the three and nine months ended September 30, 2023. At September 30, 2023, our revolving credit facility had $50.5 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 September 30, 2023, we were in compliance with all default related debt covenants.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	9 Months Ended
	Sep. 30, 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: September 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable, net $ 970,704 $ 939,732 $ 921,692 $ 895,654 Senior notes and debentures, net $ 3,479,821 $ 3,041,015 $ 3,407,701 $ 3,048,456 As of September 30, 2023, we have two interest rate swap agreements with notional amounts of $54.0 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the interest rate on $54.0 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 September 30, 2023 was an asset of $7.2 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three and nine months ended September 30, 2023, the value of our interest rate swaps increased $1.2 million and $1.0 million, respectively (including $0.5 million and $1.3 million, respectively, 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: September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 7,190 $ — $ 7,190 $ — $ 6,144 $ — $ 6,144

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. 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 635,431 downREIT operating partnership units are outstanding which have a total fair value of approximately $57.6 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on September 30, 2023.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY The following table provides a summary of dividends declared and paid per share: Nine Months Ended September 30, 2023 2022 Declared Paid Declared Paid Common shares $ 3.250 $ 3.240 $ 3.220 $ 3.210 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.016 $ 1.016 $ 1.016 $ 1.016 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.938 $ 0.938 $ 0.938 $ 0.938 (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 September 30, 2023, we issued 95,013 common shares at a weighted average price per share of $103.69 for net cash proceeds of $9.7 million including paying $0.1 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. For the nine months ended September 30, 2023, we issued 152,047 common shares at a weighted average price per share of $106.67 for net cash proceeds of $15.9 million including paying $0.2 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. We have the remaining capacity to issue up to $435.8 million in common shares under our ATM equity program as of September 30, 2023. Effective May 4, 2023, our Declaration of Trust was amended to increase the number of authorized common shares of beneficial interest to 200,000,000.

Share-Based Compensation Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In thousands) Grants of common shares, restricted stock units, and options $ 3,738 $ 3,579 $ 11,868 $ 11,258 Capitalized share-based compensation (352) (344) (1,037) (1,003) Share-based compensation expense $ 3,386 $ 3,235 $ 10,831 $ 10,255

Earnings Per Share And Unit

Earnings Per Share And Unit	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND UNIT	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 and nine months ended September 30, 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 and nine months ended September 30, 2023, • conversions of downREIT operating partnership units for the three and nine months ended September 30, 2023, • conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for the three and nine months ended September 30, 2023, and the nine months ended September 30, 2022. • the issuance of 1.8 million shares and units issuable under common share forward sales agreements for the nine months ended September 30, 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 Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In thousands, except per share data) NUMERATOR Net income $ 59,392 $ 158,774 $ 180,127 $ 277,969 Less: Preferred share dividends (2,008) (2,008) (6,024) (6,026) Less: Income from operations attributable to noncontrolling interests (2,344) (2,636) (7,245) (8,171) Less: Earnings allocated to unvested shares (323) (535) (974) (935) Net income available for common shareholders, basic 54,717 153,595 165,884 262,837 Add: Income attributable to downREIT operating partnership units — 704 — 2,111 Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Shares — 133 — — Net income available for common shareholders, diluted $ 54,717 $ 154,432 $ 165,884 $ 264,948 DENOMINATOR Weighted average common shares outstanding, basic 81,274 80,765 81,210 79,480 Effect of dilutive securities: Open forward contracts for share issuances — — — 1 DownREIT operating partnership units — 652 — 656 5.417% Series 1 Cumulative Convertible Preferred Shares — 94 — — Weighted average common shares outstanding, diluted 81,274 81,511 81,210 80,137 EARNINGS PER COMMON SHARE, BASIC: Net income available for common shareholders $ 0.67 $ 1.90 $ 2.04 $ 3.31 EARNINGS PER COMMON SHARE, DILUTED: Net income available for common shareholders $ 0.67 $ 1.89 $ 2.04 $ 3.31 Federal Realty OP LP Earnings per Unit Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In thousands, except per unit data) NUMERATOR Net income $ 59,392 $ 158,774 $ 180,127 $ 277,969 Less: Preferred unit distributions (2,008) (2,008) (6,024) (6,026) Less: Income from operations attributable to noncontrolling interests (2,344) (2,636) (7,245) (8,171) Less: Earnings allocated to unvested units (323) (535) (974) (935) Net income available for common unit holders, basic 54,717 153,595 165,884 262,837 Add: Income attributable to downREIT operating partnership units — 704 — 2,111 Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Units — 133 — — Net income available for common unit holders, diluted $ 54,717 $ 154,432 $ 165,884 $ 264,948 DENOMINATOR Weighted average common units outstanding, basic 81,274 80,765 81,210 79,480 Effect of dilutive securities: Common unit issuances relating to open common share forward contracts — — — 1 DownREIT operating partnership units — 652 — 656 5.417% Series 1 Cumulative Convertible Preferred Units — 94 — — Weighted average common units outstanding, diluted 81,274 81,511 81,210 80,137 EARNINGS PER COMMON UNIT, BASIC: Net income available for common unit holders $ 0.67 $ 1.90 $ 2.04 $ 3.31 EARNINGS PER COMMON UNIT, DILUTED: Net income available for common unit holders $ 0.67 $ 1.89 $ 2.04 $ 3.31

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTS On October 12, 2023, we acquired the fee interest under a portion of our Mercer on One (formerly known as Mercer Mall) property for $55.0 million pursuant to the purchase option included in the master lease. On October 27, 2023, we sold a building in Santa Monica, California for $17.2 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 2023-06, October 2023, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standard Codification (the "Codification"). The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will be removed from the Codification and will not be effective. We do not expect this ASU to have an impact on our consolidated financial statements. 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. During the second quarter of 2023, the LIBOR based mortgage loan related to our unconsolidated Assembly Row hotel investment was refinanced. The resulting new mortgage loan and related swaps are SOFR based. The mortgage loan at Hoboken and related interest rate swaps were transitioned from LIBOR to SOFR effective July 1, 2023. Consequently, we applied the related practical expedients to the hedging relationship for the Hoboken loan and continue to apply hedge accounting. The critical terms of the loan and interest rate swaps continue to match subsequent to the transition from LIBOR to SOFR and the transition did not have a significant impact to our financial results, financial position, or cash flows.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 2023 2022 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 141,994 $ 112,596 Interest capitalized (17,159) (13,889) Interest expense $ 124,835 $ 98,707 Cash paid for interest, net of amounts capitalized $ 113,414 $ 94,712 Cash paid for income taxes $ 778 $ 616 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Shares issued under dividend reinvestment plan $ 1,275 $ 1,292 DownREIT operating partnership units redeemed for common shares $ 883 $ 1,385 5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares $ — $ 175
Reconciliation of cash, cash equivalents, and restricted cash	September 30, December 31, 2023 2022 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 98,210 $ 85,558 Restricted cash (1) 4,581 10,790 Total cash, cash equivalents, and restricted cash $ 102,791 $ 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)	9 Months Ended
	Sep. 30, 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: September 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable, net $ 970,704 $ 939,732 $ 921,692 $ 895,654 Senior notes and debentures, net $ 3,479,821 $ 3,041,015 $ 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: September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 7,190 $ — $ 7,190 $ — $ 6,144 $ — $ 6,144

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 2023 2022 Declared Paid Declared Paid Common shares $ 3.250 $ 3.240 $ 3.220 $ 3.210 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.016 $ 1.016 $ 1.016 $ 1.016 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.938 $ 0.938 $ 0.938 $ 0.938 (1) Amount represents dividends per depository share, each representing 1/1000th of a share.

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In thousands) Grants of common shares, restricted stock units, and options $ 3,738 $ 3,579 $ 11,868 $ 11,258 Capitalized share-based compensation (352) (344) (1,037) (1,003) Share-based compensation expense $ 3,386 $ 3,235 $ 10,831 $ 10,255

Earnings Per Share And Unit (Ta

Earnings Per Share And Unit (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share and unit	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 and nine months ended September 30, 2023, • conversions of downREIT operating partnership units for the three and nine months ended September 30, 2023, • conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for the three and nine months ended September 30, 2023, and the nine months ended September 30, 2022. • the issuance of 1.8 million shares and units issuable under common share forward sales agreements for the nine months ended September 30, 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 Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In thousands, except per share data) NUMERATOR Net income $ 59,392 $ 158,774 $ 180,127 $ 277,969 Less: Preferred share dividends (2,008) (2,008) (6,024) (6,026) Less: Income from operations attributable to noncontrolling interests (2,344) (2,636) (7,245) (8,171) Less: Earnings allocated to unvested shares (323) (535) (974) (935) Net income available for common shareholders, basic 54,717 153,595 165,884 262,837 Add: Income attributable to downREIT operating partnership units — 704 — 2,111 Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Shares — 133 — — Net income available for common shareholders, diluted $ 54,717 $ 154,432 $ 165,884 $ 264,948 DENOMINATOR Weighted average common shares outstanding, basic 81,274 80,765 81,210 79,480 Effect of dilutive securities: Open forward contracts for share issuances — — — 1 DownREIT operating partnership units — 652 — 656 5.417% Series 1 Cumulative Convertible Preferred Shares — 94 — — Weighted average common shares outstanding, diluted 81,274 81,511 81,210 80,137 EARNINGS PER COMMON SHARE, BASIC: Net income available for common shareholders $ 0.67 $ 1.90 $ 2.04 $ 3.31 EARNINGS PER COMMON SHARE, DILUTED: Net income available for common shareholders $ 0.67 $ 1.89 $ 2.04 $ 3.31 Federal Realty OP LP Earnings per Unit Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In thousands, except per unit data) NUMERATOR Net income $ 59,392 $ 158,774 $ 180,127 $ 277,969 Less: Preferred unit distributions (2,008) (2,008) (6,024) (6,026) Less: Income from operations attributable to noncontrolling interests (2,344) (2,636) (7,245) (8,171) Less: Earnings allocated to unvested units (323) (535) (974) (935) Net income available for common unit holders, basic 54,717 153,595 165,884 262,837 Add: Income attributable to downREIT operating partnership units — 704 — 2,111 Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Units — 133 — — Net income available for common unit holders, diluted $ 54,717 $ 154,432 $ 165,884 $ 264,948 DENOMINATOR Weighted average common units outstanding, basic 81,274 80,765 81,210 79,480 Effect of dilutive securities: Common unit issuances relating to open common share forward contracts — — — 1 DownREIT operating partnership units — 652 — 656 5.417% Series 1 Cumulative Convertible Preferred Units — 94 — — Weighted average common units outstanding, diluted 81,274 81,511 81,210 80,137 EARNINGS PER COMMON UNIT, BASIC: Net income available for common unit holders $ 0.67 $ 1.90 $ 2.04 $ 3.31 EARNINGS PER COMMON UNIT, DILUTED: Net income available for common unit holders $ 0.67 $ 1.89 $ 2.04 $ 3.31

Business And Organization (Deta

Business And Organization (Details)	9 Months Ended
	Sep. 30, 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 Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Total interest costs incurred			$ 141,994	$ 112,596
Interest capitalized			(17,159)	(13,889)
Interest expense	$ 42,726	$ 35,060	124,835	98,707
Cash paid for interest, net of amounts capitalized			113,414	94,712
Cash paid for income taxes			778	616
Shares issued under dividend reinvestment plan			1,275	1,292
DownREIT operating partnership units redeemed for common shares			883	1,385
5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares			$ 0	$ 175

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 98,210	$ 85,558
Restricted cash	[1]	4,581	10,790
Total cash, cash equivalents, and restricted cash		$ 102,791	$ 96,348	$ 158,636	$ 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		9 Months Ended
	May 26, 2023 USD ($)	Jan. 31, 2023 USD ($) ft²	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Significant Acquisition and Disposition
Gain on sale of real estate			$ 0	$ 29,723	$ 1,702	$ 29,723
Escondido Promenade | TIC Interest
Significant Acquisition and Disposition
Ownership interest of partner	22.30%
Our ownership interest subsequent to acquisition	100%
Other Liabilities | Escondido Promenade
Significant Acquisition and Disposition
Below market leases	$ 1,100
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
Huntington Square shopping center
Significant Acquisition and Disposition
Square footage of real estate property | ft²		243,000
Escondido Promenade
Significant Acquisition and Disposition
Purchase price of real estate acquisition	30,500
Escondido Promenade | Other Assets | Acquired lease costs
Significant Acquisition and Disposition
Acquired lease costs	1,800
Escondido Promenade | Other Assets | Above market leases
Significant Acquisition and Disposition
Above market leases	$ 200
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) - USD ($) $ in Millions			3 Months Ended	9 Months Ended
	Jun. 01, 2023	Apr. 12, 2023	Sep. 30, 2023	Sep. 30, 2023
5.375% notes | Unsecured senior notes
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 350
Interest rate		5.375%
Note offering percent		99.59%
Debt yield to maturity		5.468%
Net proceeds		$ 345.7
2.75% notes | Unsecured senior notes
Debt Instrument [Line Items]
Interest rate	2.75%
Repayments of Unsecured Debt	$ 275
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility			$ 1,250	$ 1,250
Maximum amount outstanding under revolving credit facility			63.5	80.5
Weighted average borrowings outstanding			$ 37.3	$ 34.9
Weighted average interest rate, before amortization of debt fees			6.10%	5.70%
Revolving credit facility			$ 50.5	$ 50.5

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	Sep. 30, 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	$ 970,704	$ 921,692
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	939,732	895,654
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,479,821	3,407,701
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,041,015	$ 3,048,456

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) agreement	Sep. 30, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 7,200	$ 7,200
Amount reclassified from other comprehensive income to interest expense	(500)	(1,300)
Accumulated other comprehensive income | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income	200	100
Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 7,190	$ 7,190	$ 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	2
Mortgage payable | Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements | agreement	2	2
Notional amount of derivative	$ 54,000	$ 54,000
Fixed interest rate on derivative	3.67%	3.67%
Other comprehensive income	$ 1,200	$ 1,000
Secured Debt | Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgage payable	54,000	54,000
Fair Value, Inputs, Level 1 | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	0	0	0
Fair Value, Inputs, Level 2 | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	7,190	7,190	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	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - downREIT OP units $ in Millions	Sep. 30, 2023 USD ($) shares
Commitments [Line Items]
downREIT operating partnership units, outstanding | shares	635,431
downREIT operating partnership units outstanding, fair value | $	$ 57.6

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Dividends
Divdends declared per common share		$ 1.09	$ 1.08	$ 3.250	$ 3.220
Dividends paid per common share				3.240	3.210
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				1.016	1.016
Dividends paid per preferred share				1.016	1.016
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]			0.938	0.938
Dividends paid per preferred share	[1]			$ 0.938	$ 0.938
[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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	May 04, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Net proceeds from issuance of common shares		$ 16,000	$ 292,671
Common shares of beneficial interest, shares authorized	200,000,000	200,000,000		200,000,000	100,000,000
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share	$ 500,000	$ 500,000
Shares issued	95,013	152,047
Weighted Average Price Per Common Share	$ 103.69	$ 106.67
Net proceeds from issuance of common shares	$ 9,700	$ 15,900
Remaining capacity to issue	435,800	435,800
At The Market Equity Program | Commissions
Class of Stock [Line Items]
Payments of Stock Issuance Costs	100	200
At The Market Equity Program | Other Offering Costs
Class of Stock [Line Items]
Payments of Stock Issuance Costs	$ 100	$ 200

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 3,738	$ 3,579	$ 11,868	$ 11,258
Capitalized share-based compensation	(352)	(344)	(1,037)	(1,003)
Share-based compensation expense	$ 3,386	$ 3,235	$ 10,831	$ 10,255

Earnings Per Share And Unit (De

Earnings Per Share And Unit (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Weighted average unvested shares outstanding	300,000	300,000	300,000	300,000
Federal Realty OP LP
Weighted average unvested units outstanding	300,000	300,000	300,000	300,000
5.417% Series 1 Cumulative Convertible Preferred Shares
Preferred shares, percentage	5.417%		5.417%	5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred Units
Preferred units, percentage	5.417%		5.417%	5.417%
Stock Options
Anti-dilutive issuable shares	1,829		1,829
Stock Options | Federal Realty OP LP
Anti-dilutive issuable units	1,829		1,829
Forward Sales Contracts
Anti-dilutive issuable shares				1,800,000
Forward Sales Contracts | Federal Realty OP LP
Anti-dilutive issuable units				1,800,000
Unvested restricted stock units
Anti-dilutive issuable shares	10,441	10,441	10,441	10,441
Unvested restricted stock units | Federal Realty OP LP
Anti-dilutive issuable units	10,441	10,441	10,441	10,441

Earnings Per Share And Unit (Sc

Earnings Per Share And Unit (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 59,392	$ 158,774	$ 180,127	$ 277,969
Less: Preferred share dividends	(2,008)	(2,008)	(6,024)	(6,026)
Less: Income from operations attributable to noncontrolling interests	(2,344)	(2,636)	(7,245)	(8,171)
Less: Earnings allocated to unvested shares	(323)	(535)	(974)	(935)
Net income available for common shareholders, basic	54,717	153,595	165,884	262,837
Add: Income attributable to downREIT operating partnership units	0	704	0	2,111
Net income available for common shareholders, diluted	$ 54,717	$ 154,432	$ 165,884	$ 264,948
Weighted average common shares outstanding, basic	81,274	80,765	81,210	79,480
Open forward contracts for share issuances	0	0	0	1
DownREIT operating partnership units	0	652	0	656
Weighted average common shares outstanding, diluted	81,274	81,511	81,210	80,137
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 0.67	$ 1.90	$ 2.04	$ 3.31
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 0.67	$ 1.89	$ 2.04	$ 3.31
5.417% Series 1 Cumulative Convertible Preferred Shares
Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Shares	$ 0	$ 133	$ 0	$ 0
5.417% Series 1 Cumulative Convertible Preferred Shares	0	94	0	0
Federal Realty OP LP
Net income	$ 59,392	$ 158,774	$ 180,127	$ 277,969
Less: Preferred unit distributions	(2,008)	(2,008)	(6,024)	(6,026)
Less: Income from operations attributable to noncontrolling interests	(2,344)	(2,636)	(7,245)	(8,171)
Less: Earnings allocated to unvested units	(323)	(535)	(974)	(935)
Net income available for common unit holders, basic	54,717	153,595	165,884	262,837
Add: Income attributable to downREIT operating partnership units	0	704	0	2,111
Net income available for common unit holders, diluted	$ 54,717	$ 154,432	$ 165,884	$ 264,948
Weighted average common units outstanding, basic	81,274	80,765	81,210	79,480
Common unit issuances relating to open common share forward contracts	0	0	0	1
DownREIT operating partnership units	0	652	0	656
Weighted average common units outstanding, diluted	81,274	81,511	81,210	80,137
EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders	$ 0.67	$ 1.90	$ 2.04	$ 3.31
EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$ 0.67	$ 1.89	$ 2.04	$ 3.31
Federal Realty OP LP | Preferred Units
Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Units	$ 0	$ 133	$ 0	$ 0
5.417% Series 1 Cumulative Convertible Preferred Units	0	94	0	0

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - USD ($) $ in Millions	Oct. 27, 2023	Oct. 12, 2023
Mercer on One (formerly known as Mercer Mall)
Subsequent Event [Line Items]
Purchase price of real estate acquisition		$ 55
a building in Santa Monica, California
Subsequent Event [Line Items]
Sales price of real estate	$ 17.2