Federal Realty Investment Trust (FRT) 10-Q 30 Oct 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	9 Months Ended
	Sep. 30, 2014	Oct. 27, 2014
Document And Entity Information [Abstract]	'	'
Entity Registrant Name	'FEDERAL REALTY INVESTMENT TRUST	'
Entity Central Index Key	'0000034903	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	68,132,622

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Operating (including $281,960 and $265,138 of consolidated variable interest entities, respectively)	$5,052,378	$4,618,258
Construction-in-progress	484,414	531,205
Real Estate Investment Property, at Cost, total	5,536,792	5,149,463
Less accumulated depreciation and amortization (including $24,714 and $19,086 of consolidated variable interest entities, respectively)	1,431,466	1,350,471
Net real estate	4,105,326	3,798,992
Cash and cash equivalents	23,917	88,927
Accounts and notes receivable, net	104,746	84,838
Mortgage notes receivable, net	51,191	55,155
Investment in real estate partnership	32,717	32,264
Prepaid expenses and other assets	148,427	145,062
Debt issuance costs, net of accumulated amortization of $11,653 and $9,535, respectively	13,074	14,056
TOTAL ASSETS	4,479,398	4,219,294
Liabilities	'	'
Mortgages payable (including $188,189 and $202,782 of consolidated variable interest entities)	630,261	588,456
Capital lease obligations	71,653	71,671
Notes payable	301,556	300,822
Senior notes and debentures	1,361,466	1,360,913
Accounts payable and accrued expenses	160,205	156,270
Dividends payable	60,205	52,385
Security deposits payable	13,729	12,772
Other liabilities and deferred credits	107,859	100,283
Total liabilities	2,706,934	2,643,572
Commitments and contingencies (Note 7)	'	'
Redeemable noncontrolling interests	110,865	104,425
Shareholders’ equity	'	'
Preferred shares, authorized 15,000,000 shares, $.01 par: 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding	9,997	9,997
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 68,128,519 and 66,701,422 shares issued and outstanding, respectively	682	667
Additional paid-in capital	2,223,737	2,062,708
Accumulated dividends in excess of net income	-659,334	-623,795
Accumulated other comprehensive loss	-1,760	-1,417
Total shareholders’ equity of the Trust	1,573,322	1,448,160
Noncontrolling interests	88,277	23,137
Total shareholders’ equity	1,661,599	1,471,297
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$4,479,398	$4,219,294

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	9 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Operating, consolidated variable interest entities	$281,960	$265,138
Accumulated depreciation and amortization, consolidated variable interest entities	24,714	19,086
Debt issuance costs, accumulated amortization	11,653	9,535
Mortgages payable, consolidated variable interest entities	$188,189	$202,782
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$0.01	$0.01
Preferred Shares, percentage	5.42%	5.42%
Preferred Shares, 5.417% Series 1 Cumulative Convertible liquidation preference	$25	$25
Preferred shares, shares issued	399,896	399,896
Preferred shares, shares outstanding	399,896	399,896
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	68,128,519	66,701,422
Common shares of beneficial interest, shares outstanding	68,128,519	66,701,422

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUE	'	'	'	'
Rental income	$166,112	$154,308	$494,688	$460,136
Other property income	3,622	3,480	11,347	9,661
Mortgage interest income	1,204	1,242	3,678	3,770
Total revenue	170,938	159,030	509,713	473,567
EXPENSES	'	'	'	'
Rental expenses	31,908	29,045	100,443	86,755
Real estate taxes	20,374	18,400	58,238	53,604
General and administrative	8,374	7,543	24,202	22,902
Depreciation and amortization	42,660	39,341	127,403	119,615
Total operating expenses	103,316	94,329	310,286	282,876
OPERATING INCOME	67,622	64,701	199,427	190,691
Other interest income	2	70	45	165
Interest expense	-23,422	-25,762	-69,772	-80,314
Early extinguishment of debt	0	0	0	-3,399
Income from real estate partnership	446	381	909	1,065
INCOME FROM CONTINUING OPERATIONS	44,648	39,390	130,609	108,208
DISCONTINUED OPERATIONS	'	'	'	'
Discontinued operations - income	0	115	0	942
Discontinued operations - gain on sale of real estate	0	23,861	0	23,861
Results from discontinued operations	0	23,976	0	24,803
INCOME BEFORE GAIN ON SALE OF REAL ESTATE	44,648	63,366	130,609	133,011
Gain on sale of real estate	0	0	0	4,994
Gain on sale of real estate in real estate partnership	4,401	0	4,401	0
NET INCOME	49,049	63,366	135,010	138,005
Net income attributable to noncontrolling interests	-1,974	-1,268	-5,637	-3,780
NET INCOME ATTRIBUTABLE TO THE TRUST	47,075	62,098	129,373	134,225
Dividends on preferred shares	-136	-136	-406	-406
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	46,939	61,962	128,967	133,819
EARNINGS PER COMMON SHARE, BASIC	'	'	'	'
Continuing operations	$0.62	$0.57	$1.84	$1.58
Discontinued operations	$0	$0.37	$0	$0.38
Gain on sale of real estate	$0.07	$0	$0.07	$0.08
Earnings per common share, basic, total	$0.69	$0.94	$1.91	$2.04
Weighted average number of common shares, basic	67,559	65,504	67,095	65,118
EARNINGS PER COMMON SHARE, DILUTED	'	'	'	'
Continuing operations	$0.62	$0.57	$1.84	$1.58
Discontinued operations	$0	$0.37	$0	$0.38
Gain on sale of real estate	$0.07	$0	$0.07	$0.08
Earnings per common share, diluted, total	$0.69	$0.94	$1.91	$2.04
Weighted average number of common shares, diluted	67,732	65,647	67,261	65,271
COMPREHENSIVE INCOME	51,349	62,195	134,667	146,854
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$49,375	$60,927	$129,030	$143,074

Consolidated_Statement_Of_Shar

Consolidated Statement Of Shareholders' Equity (USD $)	Total	Preferred Shares	Common shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Loss	Noncontrolling Interests
In Thousands, except Share data, unless otherwise specified
Beginning balance at Dec. 31, 2013	$1,471,297	$9,997	$667	$2,062,708	($623,795)	($1,417)	$23,137
Beginning balance (in shares) at Dec. 31, 2013	'	399,896	66,701,422	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Net income, excluding $2,475 attributable to redeemable noncontrolling interests	132,535	'	'	'	129,373	'	3,162
Other comprehensive loss - change in value of interest rate swaps	-343	'	'	'	'	-343	'
Dividends declared to common shareholders	-164,506	'	'	'	-164,506	'	'
Dividends declared to preferred shareholders	-406	'	'	'	-406	'	'
Distributions declared to noncontrolling interests	-3,358	'	'	'	'	'	-3,358
Common shares issued (in shares)	'	'	1,299,470	'	'	'	'
Common shares issued	152,049	'	13	152,036	'	'	'
Exercise of stock options (in shares)	'	'	25,629	'	'	'	'
Exercise of stock options	1,962	'	1	1,961	'	'	'
Shares issued under dividend reinvestment plan (in shares)	'	'	14,019	'	'	'	'
Shares issued under dividend reinvestment plan	1,594	'	'	1,594	'	'	'
Share-based compensation expense, net of shares withheld for employee taxes (in shares)	'	'	87,979	'	'	'	'
Share-based compensation expense, net of shares withheld for employee taxes	6,400	'	1	6,399	'	'	'
Redemption of OP units (in shares)	'	'	0	'	'	'	'
Redemption of OP units	-53	'	'	-39	'	'	-14
Contributions from noncontrolling interests	65,350	'	'	'	'	'	65,350
Adjustment to redeemable noncontrolling interests	-922	'	'	-922	'	'	0
Ending balance at Sep. 30, 2014	$1,661,599	$9,997	$682	$2,223,737	($659,334)	($1,760)	$88,277
Ending balance (in shares) at Sep. 30, 2014	'	399,896	68,128,519	'	'	'	'

Consolidated_Statement_Of_Shar1

Consolidated Statement Of Shareholders' Equity (Parentheticals) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Statement of Stockholders' Equity [Abstract]	'
Net income attributable to redeemable noncontrolling interests	$2,475

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES	'	'
Net income	$135,010	$138,005
Adjustment to reconcile net income to net cash provided by operating activities	'	'
Depreciation and amortization, including discontinued operations	127,403	119,885
Gain on sale of real estate	0	-28,855
Gain on sale of real estate in real estate partnership	4,401	0
Income from real estate partnership	909	1,065
Other, net	2,146	2,578
Changes in assets and liabilities, net of effects of acquisitions and dispositions:	'	'
Increase in accounts receivable	-16,114	-10,182
Increase in prepaid expenses and other assets	-7,537	-949
Increase in accounts payable and accrued expenses	4,884	4,906
Increase in security deposits and other liabilities	1,364	2,405
Net cash provided by operating activities	241,846	226,728
INVESTING ACTIVITIES	'	'
Acquisition of real estate	-4,352	-47,202
Capital expenditures - development and redevelopment	-236,780	-156,651
Capital expenditures - other	-33,381	-32,200
Proceeds from sale of real estate	0	42,866
Proceeds from sale of real estate in real estate partnership	10,406	0
Investment in real estate partnership	-6,731	0
Distribution from real estate partnership in excess of earnings	221	93
Leasing costs	-14,882	-9,088
Repayment of mortgage and other notes receivable, net	4,575	695
Net cash used in investing activities	-280,924	-201,487
FINANCING ACTIVITIES	'	'
Net borrowings under revolving credit facility, net of costs	11,000	-1,929
Issuance of senior notes, net of costs	0	269,347
Redemption and retirement of senior notes	0	-135,000
Repayment of mortgages, capital leases and notes payable	-29,304	-37,375
Issuance of common shares	154,250	118,087
Dividends paid to common and preferred shareholders	-156,312	-141,849
Distributions to and redemptions of noncontrolling interests	-5,566	-5,679
Net cash (used in) provided by financing activities	-25,932	65,602
(Decrease) increase in cash and cash equivalents	-65,010	90,843
Cash and cash equivalents at beginning of year	88,927	36,988
Cash and cash equivalents at end of period	$23,917	$127,831

Business_And_Organization

Business And Organization	9 Months Ended
	Sep. 30, 2014
Nature Of Operations [Abstract]	'
BUSINESS AND ORGANIZATION	'
	BUSINESS AND ORGANIZATION
	Federal Realty Investment Trust (the “Trust”) is an equity real estate investment trust (“REIT”) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. Our properties are located primarily in densely populated and affluent communities in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, and California. As of September 30, 2014, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 89 predominantly retail real estate projects.
	We operate in a manner intended to enable us 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_Account

Summary Of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation
	Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). 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 Adopted Accounting Pronouncements
	In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 amends the definition of a discontinued operation to include only the disposal of a component of an entity that represents a strategic shift that has or will have a major impact on an entity’s operations and financial results. The standard also requires additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The standard is applicable prospectively for all disposals initially classified as held for sale in periods after adoption. We adopted the standard effective January 1, 2014, and there was no impact to the current period financial statements.  In future periods, the adoption will result in most individual property disposals not qualifying for discontinued operations presentation and thus, the results of those disposals will remain in “income from continuing operations.”  Properties sold prior to January 1, 2014, are not subject to ASU 2014-08 and therefore, continue to be classified as discontinued operations using the previous definition.
	Recently Issued Accounting Pronouncements
	In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. ASU 2014-09 will be effective for us in the first quarter of 2017 and allows for either full retrospective or modified retrospective adoption. We are currently assessing the impact of this standard to our consolidated financial statements.
	In August 2014, the FASB issued ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern.”  ASU 2014-15 provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and if such doubt exists, requires specific disclosures.  ASU 2014-15 is effective for us in the first quarter of 2017 and is not expected to have a significant impact on our financial statements.
	Consolidated Statements of Cash Flows—Supplemental Disclosures
	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:
		Nine Months Ended
		September 30,
		2014			2013
		(In thousands)
	SUPPLEMENTAL DISCLOSURES:
	Total interest costs incurred	$	85,740		$	91,208
	Interest capitalized	(15,968		)	(10,894		)
	Interest expense	$	69,772		$	80,314
	Cash paid for interest, net of amounts capitalized	$	69,112		$	85,240
	Cash paid for income taxes	$	328		$	408
	NON-CASH INVESTING AND FINANCING TRANSACTIONS:
	Mortgage loans assumed with acquisition	$	68,282		$	—
	DownREIT operating partnership units issued with acquisition	$	65,348		$	—
	Mortgage loan refinanced	$	11,500		$	—
	Repayment of note payable with public funding/related construction-in-progress offset	$	10,000		$	—
	Shares issued under dividend reinvestment plan	$	1,355		$	1,325
	See Note 3 for additional disclosures relating to The Grove at Shrewsbury and Brook 35 acquisition.

Real_Estate

Real Estate	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
REAL ESTATE	'
	REAL ESTATE
	Effective January 1, 2014, we acquired a controlling interest in The Grove at Shrewsbury, a 187,000 square foot shopping center in Shrewsbury, New Jersey, and Brook 35, a 99,000 square foot shopping center in Sea Girt, New Jersey for a gross value of $161 million. Our effective economic interest approximates 84% and was funded by the assumption of our share of $68 million of mortgage debt, 632,000 downREIT operating partnership units, and $13 million of cash (which was in an escrow account at December 31, 2013). Approximately $1.7 million and $2.3 million of net assets acquired were allocated to other assets for "above market leases" and other liabilities for "below market leases," respectively. Additionally, $71.1 million was allocated to redeemable and nonredeemable noncontrolling interests. We incurred $2.0 million of acquisition costs, of which $0.9 million were incurred in 2014 and included in "general and administrative expense" for the nine months ended September 30, 2014.
	We have entered into an agreement to acquire the interest of one of the noncontrolling interest holders in The Grove at Shrewsbury in 2015. As this noncontrolling interest is mandatorily redeemable, it has been classified as a liability of approximately $9 million and is included in "other liabilities and deferred credits" on the September 30, 2014 consolidated balance sheet. An additional noncontrolling interest holder has the right to require us to acquire its interests in The Grove at Shrewsbury and Brook 35 at the then current fair market value beginning on January 1, 2017.

Real_Estate_Partnership

Real Estate Partnership	9 Months Ended
	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
REAL ESTATE PARTNERSHIP	'
	REAL ESTATE PARTNERSHIP
	We have a joint venture arrangement (the “Partnership”) with affiliates of a discretionary fund created and advised by ING Clarion Partners (“Clarion”). We own 30% of the equity in the Partnership and Clarion owns 70%. We hold a general partnership interest, however, Clarion also holds a general partnership interest and has substantive participating rights. We cannot make significant decisions without Clarion’s approval. Accordingly, we account for our interest in the Partnership using the equity method. As of September 30, 2014, the Partnership owned six retail real estate properties. We are the manager of the Partnership and its properties, earning fees for acquisitions, dispositions, management, leasing, and financing. Intercompany profit generated from fees is eliminated in consolidation. We also have the opportunity to receive performance-based earnings through our Partnership interest. Accounting policies for the Partnership are similar to accounting policies followed by the Trust. The Partnership is subject to a buy-sell provision which is customary for real estate joint venture agreements and the industry. Either partner may initiate this provision at any time, which could result in either the sale of our interest or the use of available cash or borrowings to acquire Clarion’s interest.
	The following tables provide summarized operating results and the financial position of the Partnership:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In thousands)
	OPERATING RESULTS
	Revenue	$	4,434	$	4,642	$	13,921	$	14,215
	Expenses
	Other operating expenses	1,158		1,321		4,658		4,456
	Depreciation and amortization	1,304		1,369		4,381		4,099
	Interest expense	617		840		2,237		2,523
	Total expenses	3,079		3,530		11,276		11,078
	Net income before gain on sale of real estate	1,355		1,112		2,645		3,137
	Gain on sale of real estate	14,507		—		14,507		—
	Net income	$	15,862	$	1,112	$	17,152	$	3,137
	Our share of net income before gain on sale of real estate in real estate partnership	$	446	$	381	$	909	$	1,065
	Our share of gain on sale of real estate	$	4,401	$	—	$	4,401	$	—
		September 30,		December 31,
		2014		2013
		(In thousands)
	BALANCE SHEETS
	Real estate, net	$	149,955	$	170,867
	Cash	2,515		2,210
	Other assets	6,020		5,668
	Total assets	$	158,490	$	178,745
	Mortgages payable	$	34,385	$	56,922
	Other liabilities	3,169		4,100
	Partners’ capital	120,936		117,723
	Total liabilities and partners’ capital	$	158,490	$	178,745
	Our share of unconsolidated debt	$	10,316	$	17,077
	Our investment in real estate partnership	$	32,717	$	32,264
	On June 5, 2014, the Partnership repaid an $11.9 million mortgage loan secured by one of its properties at par prior to the original maturity date of July 5, 2014. The partners made additional capital contributions totaling $11.9 million to repay the mortgage loan, of which our contribution was $3.6 million.
	On July 24, 2014, the Partnership sold the fee interest in Pleasant Shops in Weymouth, Massachusetts for a sales price of $34.3 million, resulting in a gain on sale of $14.5 million. Our share of the gain was $4.4 million. The partners received distributions totaling $32.8 million as a result of the sale, of which our distribution was $10.4 million.
	On September 2, 2014, the Partnership repaid a $10.5 million mortgage loan secured by one of its properties at par prior to the original maturity date of December 1, 2014. The partners made additional capital contributions totaling $10.5 million to repay the mortgage loan, of which our contribution was $3.2 million.

Debt

Debt	9 Months Ended
	Sep. 30, 2014
Debt Instruments [Abstract]	'
DEBT	'
	DEBT
	In connection with the acquisition of The Grove at Shrewsbury and Brook 35 on January 1, 2014, we assumed mortgage loans with a face amount of $68.3 million and a fair value of $73.8 million. The mortgage loans are secured by the individual properties with the following contractual terms:
		Principal		Stated Interest Rate		Maturity Date
		(In millions)
	Brook 35	$	11.5	5.46	%	July 1, 2014
	The Grove at Shrewsbury (East)	45.4		5.82	%	October 1, 2017
	The Grove at Shrewsbury (West)	11.4		6.38	%	March 1, 2018
	On June 2, 2014 we refinanced the above mortgage loan on Brook 35 at a face amount of $11.5 million. The new mortgage loan bears interest at 4.65% and matures on July 1, 2029.
	On June 3, 2014 we repaid the mortgage loan on Melville Mall prior to its original maturity date at par for $20.3 million. The loan had an original maturity date of September 1, 2014.
	On August 28, 2014, we amended our term loan agreement and lowered the spread over LIBOR by 40 basis points from 130 basis points to 90 basis points based on our current credit rating. The amendment also provides us the option to extend the maturity date by one year.
	During the three and nine months ended September 30, 2014, the maximum amount of borrowings outstanding under our $600.0 million revolving credit facility was $58.5 million, the weighted average borrowings outstanding was $24.1 million and $9.5 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 1.07%. At September 30, 2014, the outstanding balance was $11 million. 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, 2014, we were in compliance with all debt covenants.

Fair_Value_Of_Financial_Instru

Fair Value Of Financial Instruments	9 Months Ended
	Sep. 30, 2014
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, 2014				December 31, 2013
		Carrying		Fair Value		Carrying		Fair Value
		Value				Value
		(In thousands)
	Mortgages and notes payable	$	931,817	$	949,166	$	889,278	$	912,251
	Senior notes and debentures	$	1,361,466	$	1,432,160	$	1,360,913	$	1,397,731
	As of September 30, 2014, we have two interest rate swap agreements with a notional amount of $275.0 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the variable portion of our $275.0 million term loan at 1.72% through November 1, 2018. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Within the next 12 months, we expect to reclassify an estimated $4.0 million as an increase to interest expense. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit-worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings as of September 30, 2014, and we do not anticipate it will have a significant effect in the future.
	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, 2014 was a liability of $1.8 million and is included in "accounts payable and accrued expenses" on our consolidated balance sheet. For the three and nine months ended September 30, 2014, the change in valuation on our interest rate swaps resulted in a $2.3 million decrease in our derivative liability and a $0.3 million increase in our derivative liability, respectively, (including $1.1 million and $3.2 million, respectively, reclassified from other comprehensive loss to interest expense). The change in valuation on our interest rate swaps is included in "accumulated other comprehensive loss."
	A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:
		September 30, 2014								December 31, 2013
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
		(In thousands)
	Interest rate swaps	$	—	$	1,760	$	—	$	1,760	$	—	$	1,417	$	—	$	1,417

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
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 the same number of our common shares, at our option. A total of 917,255 downREIT operating partnership units are outstanding which have a total fair value of $108.7 million, based on our closing stock price on September 30, 2014.

Shareholders_Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2014
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,
		2014				2013
		Declared		Paid		Declared		Paid
	Common shares	$	2.43	$	2.34	$	2.24	$	2.19
	5.417% Series 1 Cumulative Convertible Preferred shares	$	1.016	$	1.016	$	1.016	$	1.016
	On February 12, 2014 we replaced our existing at the market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $300.0 million. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay amounts outstanding under our revolving credit facility and/or for general corporate purposes. For the three months ended September 30, 2014, we issued 402,893 common shares at a weighted average price per share of $124.71 for net cash proceeds of $49.7 million and paid $0.5 million in commissions and less than $0.1 million in additional offering expenses related to the sales of these common shares. For the nine months ended September 30, 2014, we issued 1,299,383 common shares at a weighted average price per share of $118.31 for net cash proceeds of $152.0 million and paid $1.5 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. As of September 30, 2014, we had the capacity to issue up to $146.3 million in common shares under our ATM equity program.

Components_Of_Rental_Income

Components Of Rental Income	9 Months Ended
	Sep. 30, 2014
Components Of Rental Income and Expense [Abstract]	'
COMPONENTS OF RENTAL INCOME	'
	COMPONENTS OF RENTAL INCOME
	The principal components of rental income are as follows:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
		(In thousands)
	Minimum rents
	Retail and commercial	$	118,412		$	111,928		$	351,317		$	334,628
	Residential	9,640			7,196			25,994			21,525
	Cost reimbursement	32,842			30,364			102,459			89,850
	Percentage rent	2,363			1,912			6,531			6,036
	Other	2,855			2,908			8,387			8,097
	Total rental income	$	166,112		$	154,308		$	494,688		$	460,136
	Minimum rents include the following:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
		(In millions)
	Straight-line rents	$	1.3		$	1.1		$	3.5		$	3.7
	Amortization of above market leases	$	(0.8	)	$	(0.5	)	$	(2.6	)	$	(2.0	)
	Amortization of below market leases	$	1.4		$	1.3		$	4.4		$	4.3

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
DISCONTINUED OPERATIONS	'
	DISCONTINUED OPERATIONS
	During 2013 and prior to our adoption of ASU 2014-08 as further discussed in Note 2, certain disposal transactions were considered discontinued operations. A summary of the financial information for these discontinued operations is as follows:
		Three Months Ended September 30,		Nine Months Ended September 30,
		2013		2013
		(In millions)
	Revenue from discontinued operations	$	0.4	$	1.5
	Income from discontinued operations	$	0.1	$	0.9

ShareBased_Compensation_Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [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,
		2014			2013			2014			2013
		(In thousands)
	Share-based compensation incurred
	Grants of common shares	$	3,107		$	2,671		$	9,699		$	8,284
	Grants of options	—			69			36			223
		3,107			2,740			9,735			8,507
	Capitalized share-based compensation	(360		)	(405		)	(945		)	(793		)
	Share-based compensation expense	$	2,747		$	2,335		$	8,790		$	7,714

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
EARNINGS PER SHARE	'
	EARNINGS PER SHARE
	We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For the three and nine months ended September 30, 2014 and 2013, we had 0.3 million weighted average unvested shares outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below.
	In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options for the three and nine months ended September 30, 2014 and 2013. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
		(In thousands, except per share data)
	NUMERATOR
	Income from continuing operations	$	44,648		$	39,390		$	130,609		$	108,208
	Less: Preferred share dividends	(136		)	(136		)	(406		)	(406		)
	Less: Income from continuing operations attributable to noncontrolling interests	(1,974		)	(1,268		)	(5,637		)	(3,780		)
	Less: Earnings allocated to unvested shares	(264		)	(278		)	(739		)	(659		)
	Income from continuing operations available for common shareholders	42,274			37,708			123,827			103,363
	Results from discontinued operations attributable to the Trust	—			23,976			—			24,803
	Gain on sale of real estate	4,401			—			4,401			4,994
	Net income available for common shareholders, basic and diluted	$	46,675		$	61,684		$	128,228		$	133,160
	DENOMINATOR
	Weighted average common shares outstanding—basic	67,559			65,504			67,095			65,118
	Effect of dilutive securities:
	Stock options	173			143			166			153
	Weighted average common shares outstanding—diluted	67,732			65,647			67,261			65,271
	EARNINGS PER COMMON SHARE, BASIC
	Continuing operations	$	0.62		$	0.57		$	1.84		$	1.58
	Discontinued operations	—			0.37			—			0.38
	Gain on sale of real estate	0.07			—			0.07			0.08
		$	0.69		$	0.94		$	1.91		$	2.04
	EARNINGS PER COMMON SHARE, DILUTED
	Continuing operations	$	0.62		$	0.57		$	1.84		$	1.58
	Discontinued operations	—			0.37			—			0.38
	Gain on sale of real estate	0.07			—			0.07			0.08
		$	0.69		$	0.94		$	1.91		$	2.04
	Income from continuing operations attributable to the Trust	$	42,674		$	38,122		$	124,972		$	104,428

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Principles of Consolidation	'
	Principles of Consolidation
	Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). 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.
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity	'
	In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 amends the definition of a discontinued operation to include only the disposal of a component of an entity that represents a strategic shift that has or will have a major impact on an entity’s operations and financial results. The standard also requires additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The standard is applicable prospectively for all disposals initially classified as held for sale in periods after adoption. We adopted the standard effective January 1, 2014, and there was no impact to the current period financial statements.  In future periods, the adoption will result in most individual property disposals not qualifying for discontinued operations presentation and thus, the results of those disposals will remain in “income from continuing operations.”  Properties sold prior to January 1, 2014, are not subject to ASU 2014-08 and therefore, continue to be classified as discontinued operations using the previous definition.
Recently Issued Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. ASU 2014-09 will be effective for us in the first quarter of 2017 and allows for either full retrospective or modified retrospective adoption. We are currently assessing the impact of this standard to our consolidated financial statements.
	In August 2014, the FASB issued ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern.”  ASU 2014-15 provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and if such doubt exists, requires specific disclosures.  ASU 2014-15 is effective for us in the first quarter of 2017 and is not expected to have a significant impact on our financial statements.

Summary_Of_Significant_Account2

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Supplemental disclosures related to the Consolidated Statements Of Cash Flows	'
	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:
		Nine Months Ended
		September 30,
		2014			2013
		(In thousands)
	SUPPLEMENTAL DISCLOSURES:
	Total interest costs incurred	$	85,740		$	91,208
	Interest capitalized	(15,968		)	(10,894		)
	Interest expense	$	69,772		$	80,314
	Cash paid for interest, net of amounts capitalized	$	69,112		$	85,240
	Cash paid for income taxes	$	328		$	408
	NON-CASH INVESTING AND FINANCING TRANSACTIONS:
	Mortgage loans assumed with acquisition	$	68,282		$	—
	DownREIT operating partnership units issued with acquisition	$	65,348		$	—
	Mortgage loan refinanced	$	11,500		$	—
	Repayment of note payable with public funding/related construction-in-progress offset	$	10,000		$	—
	Shares issued under dividend reinvestment plan	$	1,355		$	1,325
	See Note 3 for additional disclosures relating to The Grove at Shrewsbury and Brook 35 acquisition.

Real_Estate_Partnership_Tables

Real Estate Partnership (Tables)	9 Months Ended
	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Summarized operating results and financial position of the Partnership	'
	The following tables provide summarized operating results and the financial position of the Partnership:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In thousands)
	OPERATING RESULTS
	Revenue	$	4,434	$	4,642	$	13,921	$	14,215
	Expenses
	Other operating expenses	1,158		1,321		4,658		4,456
	Depreciation and amortization	1,304		1,369		4,381		4,099
	Interest expense	617		840		2,237		2,523
	Total expenses	3,079		3,530		11,276		11,078
	Net income before gain on sale of real estate	1,355		1,112		2,645		3,137
	Gain on sale of real estate	14,507		—		14,507		—
	Net income	$	15,862	$	1,112	$	17,152	$	3,137
	Our share of net income before gain on sale of real estate in real estate partnership	$	446	$	381	$	909	$	1,065
	Our share of gain on sale of real estate	$	4,401	$	—	$	4,401	$	—
		September 30,		December 31,
		2014		2013
		(In thousands)
	BALANCE SHEETS
	Real estate, net	$	149,955	$	170,867
	Cash	2,515		2,210
	Other assets	6,020		5,668
	Total assets	$	158,490	$	178,745
	Mortgages payable	$	34,385	$	56,922
	Other liabilities	3,169		4,100
	Partners’ capital	120,936		117,723
	Total liabilities and partners’ capital	$	158,490	$	178,745
	Our share of unconsolidated debt	$	10,316	$	17,077
	Our investment in real estate partnership	$	32,717	$	32,264

Debt_Tables

Debt (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Instruments [Abstract]	'
Contractual terms of secured mortgage loans assumed in acquisition	'
	In connection with the acquisition of The Grove at Shrewsbury and Brook 35 on January 1, 2014, we assumed mortgage loans with a face amount of $68.3 million and a fair value of $73.8 million. The mortgage loans are secured by the individual properties with the following contractual terms:
		Principal		Stated Interest Rate		Maturity Date
		(In millions)
	Brook 35	$	11.5	5.46	%	July 1, 2014
	The Grove at Shrewsbury (East)	45.4		5.82	%	October 1, 2017
	The Grove at Shrewsbury (West)	11.4		6.38	%	March 1, 2018

Fair_Value_Of_Financial_Instru1

Fair Value Of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Summary of carrying amount and 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, 2014				December 31, 2013
		Carrying		Fair Value		Carrying		Fair Value
		Value				Value
		(In thousands)
	Mortgages and notes payable	$	931,817	$	949,166	$	889,278	$	912,251
	Senior notes and debentures	$	1,361,466	$	1,432,160	$	1,360,913	$	1,397,731
Summary of financial liabilities measured at fair value on a recurring basis	'
	A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:
		September 30, 2014								December 31, 2013
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
		(In thousands)
	Interest rate swaps	$	—	$	1,760	$	—	$	1,760	$	—	$	1,417	$	—	$	1,417

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2014
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,
		2014				2013
		Declared		Paid		Declared		Paid
	Common shares	$	2.43	$	2.34	$	2.24	$	2.19
	5.417% Series 1 Cumulative Convertible Preferred shares	$	1.016	$	1.016	$	1.016	$	1.016

Components_Of_Rental_Income_Ta

Components Of Rental Income (Tables)	9 Months Ended
	Sep. 30, 2014
Components Of Rental Income and Expense [Abstract]	'
Principal components of rental income	'
	The principal components of rental income are as follows:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
		(In thousands)
	Minimum rents
	Retail and commercial	$	118,412		$	111,928		$	351,317		$	334,628
	Residential	9,640			7,196			25,994			21,525
	Cost reimbursement	32,842			30,364			102,459			89,850
	Percentage rent	2,363			1,912			6,531			6,036
	Other	2,855			2,908			8,387			8,097
	Total rental income	$	166,112		$	154,308		$	494,688		$	460,136
Minimum rents	'
	Minimum rents include the following:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
		(In millions)
	Straight-line rents	$	1.3		$	1.1		$	3.5		$	3.7
	Amortization of above market leases	$	(0.8	)	$	(0.5	)	$	(2.6	)	$	(2.0	)
	Amortization of below market leases	$	1.4		$	1.3		$	4.4		$	4.3

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Summary of financial information for discontinued operations	'
	During 2013 and prior to our adoption of ASU 2014-08 as further discussed in Note 2, certain disposal transactions were considered discontinued operations. A summary of the financial information for these discontinued operations is as follows:
		Three Months Ended September 30,		Nine Months Ended September 30,
		2013		2013
		(In millions)
	Revenue from discontinued operations	$	0.4	$	1.5
	Income from discontinued operations	$	0.1	$	0.9

ShareBased_Compensation_Plans_

Share-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [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,
		2014			2013			2014			2013
		(In thousands)
	Share-based compensation incurred
	Grants of common shares	$	3,107		$	2,671		$	9,699		$	8,284
	Grants of options	—			69			36			223
		3,107			2,740			9,735			8,507
	Capitalized share-based compensation	(360		)	(405		)	(945		)	(793		)
	Share-based compensation expense	$	2,747		$	2,335		$	8,790		$	7,714

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of earnings per share	'
	In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options for the three and nine months ended September 30, 2014 and 2013. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
		(In thousands, except per share data)
	NUMERATOR
	Income from continuing operations	$	44,648		$	39,390		$	130,609		$	108,208
	Less: Preferred share dividends	(136		)	(136		)	(406		)	(406		)
	Less: Income from continuing operations attributable to noncontrolling interests	(1,974		)	(1,268		)	(5,637		)	(3,780		)
	Less: Earnings allocated to unvested shares	(264		)	(278		)	(739		)	(659		)
	Income from continuing operations available for common shareholders	42,274			37,708			123,827			103,363
	Results from discontinued operations attributable to the Trust	—			23,976			—			24,803
	Gain on sale of real estate	4,401			—			4,401			4,994
	Net income available for common shareholders, basic and diluted	$	46,675		$	61,684		$	128,228		$	133,160
	DENOMINATOR
	Weighted average common shares outstanding—basic	67,559			65,504			67,095			65,118
	Effect of dilutive securities:
	Stock options	173			143			166			153
	Weighted average common shares outstanding—diluted	67,732			65,647			67,261			65,271
	EARNINGS PER COMMON SHARE, BASIC
	Continuing operations	$	0.62		$	0.57		$	1.84		$	1.58
	Discontinued operations	—			0.37			—			0.38
	Gain on sale of real estate	0.07			—			0.07			0.08
		$	0.69		$	0.94		$	1.91		$	2.04
	EARNINGS PER COMMON SHARE, DILUTED
	Continuing operations	$	0.62		$	0.57		$	1.84		$	1.58
	Discontinued operations	—			0.37			—			0.38
	Gain on sale of real estate	0.07			—			0.07			0.08
		$	0.69		$	0.94		$	1.91		$	2.04
	Income from continuing operations attributable to the Trust	$	42,674		$	38,122		$	124,972		$	104,428

Business_And_Organization_Deta

Business And Organization (Details)	9 Months Ended
	Sep. 30, 2014
	project
Nature Of Operations [Abstract]	'
Number of real estate properties owned or had a majority interest in	89
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary_Of_Significant_Account3

Summary Of Significant Accounting Policies (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Accounting Policies [Abstract]	'	'	'	'
Total interest costs incurred	'	'	$85,740	$91,208
Interest capitalized	'	'	-15,968	-10,894
Interest expense	23,422	25,762	69,772	80,314
Cash paid for interest, net of amounts capitalized	'	'	69,112	85,240
Cash paid for income taxes	'	'	328	408
Mortgage loans assumed with acquisition	'	'	68,282	0
DownREIT operating partnership units issued with acquisition	'	'	65,348	0
Mortgage loan refinanced	'	'	11,500	0
Repayment of note payable with public funding/related construction-in-progress offset	'	'	10,000	0
Shares issued under dividend reinvestment plan	'	'	$1,355	$1,325

Real_Estate_Details

Real Estate (Details) (USD $)	0 Months Ended	9 Months Ended	21 Months Ended
	Jan. 02, 2014	Sep. 30, 2014	Sep. 30, 2014
Significant Acquisitions and Disposals [Line Items]	'	'	'
Contributions from noncontrolling interests	'	$65,350,000	'
The Grove at Shrewsbury	'	'	'
Significant Acquisitions and Disposals [Line Items]	'	'	'
Square footage of real estate property	187,000	'	'
Price to acquire non-controlling interest	'	9,000,000	9,000,000
Brook 35	'	'	'
Significant Acquisitions and Disposals [Line Items]	'	'	'
Square footage of real estate property	99,000	'	'
The Grove at Shrewsbury & Brook 35	'	'	'
Significant Acquisitions and Disposals [Line Items]	'	'	'
Gross value of business acquisition	161,000,000	'	'
Effective economic interest of acquisition	84.00%	'	'
Mortgage debt assumed in acquisition	68,000,000	'	'
Number of downREIT operating partnership units assumed in acquisition	632,000	'	'
Cash paid in acquisition	13,000,000	'	'
Net assets acquired allocated to other liabilities for below market leases	2,300,000	'	'
Contributions from noncontrolling interests	71,100,000	'	'
Acquisition costs incurred	'	900,000	2,000,000
Amortization of above market leases | The Grove at Shrewsbury & Brook 35	'	'	'
Significant Acquisitions and Disposals [Line Items]	'	'	'
Net assets acquired allocated to other assets for above market leases	$1,700,000	'	'

Real_Estate_Partnership_Narrat

Real Estate Partnership (Narrative) (Details) (USD $)	0 Months Ended			3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 02, 2014	Jul. 24, 2014	Jun. 05, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'
Number of real estate properties owned or had a majority interest in	'	'	'	89	'	89	'
Gain on sale of real estate	'	'	'	$0	$0	$0	$4,994
Gain on sale of real estate in real estate partnership	'	'	'	4,401	0	4,401	0
Proceeds from sale of real estate in real estate partnership	'	'	'	'	'	10,406	0
Federal Realty Investment Trust / ING Clarion Partners Partnership	'	'	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'
Number of real estate properties owned or had a majority interest in	'	'	'	6	'	6	'
Gain on sale of real estate	'	14,500	'	14,507	0	14,507	0
Proceeds from sale of real estate in real estate partnership	'	32,800	'	'	'	'	'
Federal Realty Investment Trust | Federal Realty Investment Trust / ING Clarion Partners Partnership	'	'	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'
Ownership interest in Partnership	'	'	'	30.00%	'	30.00%	'
Capital contribution to repay mortgage loan	3,200	'	3,600	'	'	'	'
Gain on sale of real estate in real estate partnership	'	4,401	'	4,401	0	4,401	0
Proceeds from sale of real estate in real estate partnership	'	10,406	'	'	'	'	'
ING Clarion Partners | Federal Realty Investment Trust / ING Clarion Partners Partnership	'	'	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'
Ownership interest in Partnership	'	'	'	70.00%	'	70.00%	'
Federal Realty Investment Trust / ING Clarion Partners Partnership	'	'	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'
Total capital contributions from partners to repay mortgage loan	10,500	'	11,900	'	'	'	'
Federal Realty Investment Trust / ING Clarion Partners Partnership	'	'	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'
Repayments of secured mortgage loan	10,500	'	11,900	'	'	'	'
Pleasant Shops | Federal Realty Investment Trust / ING Clarion Partners Partnership	'	'	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'
Sales price of real estate	'	$34,300	'	'	'	'	'

Real_Estate_Partnership_Summar

Real Estate Partnership (Summarized Operating Results and Financial Position of Partnership) (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Jul. 24, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jul. 24, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust

Federal Realty Investment Trust

Federal Realty Investment Trust

Federal Realty Investment Trust

Federal Realty Investment Trust

Federal Realty Investment Trust

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Federal Realty Investment Trust / ING Clarion Partners Partnership

Real Estate Partnership Operating Results [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on sale of real estate

'

'

$0

$28,855

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenue

170,938

159,030

509,713

473,567

'

'

'

4,434

4,642

13,921

14,215

'

'

'

'

'

'

'

Other operating expenses

'

'

'

'

'

'

'

1,158

1,321

4,658

4,456

'

'

'

'

'

'

'

Depreciation and amortization

42,660

39,341

127,403

119,615

'

'

'

1,304

1,369

4,381

4,099

'

'

'

'

'

'

'

Interest expense

23,422

25,762

69,772

80,314

'

'

'

617

840

2,237

2,523

'

'

'

'

'

'

'

Total expenses

'

'

'

'

'

'

'

3,079

3,530

11,276

11,078

'

'

'

'

'

'

'

Net income before gain on sale of real estate

44,648

63,366

130,609

133,011

'

'

'

1,355

1,112

2,645

3,137

'

'

'

'

'

'

'

Gain on sale of real estate

0

0

0

4,994

'

'

14,500

14,507

0

14,507

0

'

'

'

'

'

'

'

Net income

49,049

63,366

135,010

138,005

'

'

'

15,862

1,112

17,152

3,137

'

'

'

'

'

'

'

Our share of net income before gain on sale of real estate in real estate partnership

446

381

909

1,065

'

'

'

'

'

'

'

'

'

446

381

909

1,065

'

Gain on sale of real estate in real estate partnership

4,401

0

4,401

0

'

'

'

'

'

'

'

'

4,401

4,401

0

4,401

0

'

Real estate, net

4,105,326

'

4,105,326

'

3,798,992

'

'

149,955

'

149,955

'

170,867

'

'

'

'

'

'

Cash

23,917

127,831

23,917

127,831

88,927

36,988

'

2,515

'

2,515

'

2,210

'

'

'

'

'

'

Other assets

'

'

'

'

'

'

'

6,020

'

6,020

'

5,668

'

'

'

'

'

'

Total assets

4,479,398

'

4,479,398

'

4,219,294

'

'

158,490

'

158,490

'

178,745

'

'

'

'

'

'

Mortgages payable

630,261

'

630,261

'

588,456

'

'

34,385

'

34,385

'

56,922

'

'

'

'

'

'

Other liabilities

'

'

'

'

'

'

'

3,169

'

3,169

'

4,100

'

'

'

'

'

'

Partners’ capital

'

'

'

'

'

'

'

120,936

'

120,936

'

117,723

'

'

'

'

'

'

Total liabilities and partners’ capital

4,479,398

'

4,479,398

'

4,219,294

'

'

158,490

'

158,490

'

178,745

'

'

'

'

'

'

Our share of unconsolidated debt

'

'

'

'

'

'

'

'

'

'

'

'

'

10,316

'

10,316

'

17,077

Our investment in real estate partnership

$32,717

'

$32,717

'

$32,264

'

'

'

'

'

'

'

'

$32,717

'

$32,717

'

$32,264

Debt_Details

Debt (Details) (USD $)	3 Months Ended	9 Months Ended					0 Months Ended		0 Months Ended	8 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Jun. 02, 2014	Jan. 02, 2014	Jan. 02, 2014	Jan. 02, 2014	Jun. 03, 2014	Jan. 02, 2014	Aug. 28, 2014	Aug. 27, 2014
			Brook 35	Brook 35	The Grove at Shrewsbury (East)	The Grove at Shrewsbury (West)	Melville Mall	The Grove at Shrewsbury & Brook 35	Term loan	Term loan
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'	'
Principal	'	'	'	$11,500,000	$45,400,000	$11,400,000	'	$68,300,000	'	'
Fair value	'	'	'	'	'	'	'	73,800,000	'	'
Stated Interest Rate	'	'	4.65%	5.46%	5.82%	6.38%	'	'	'	'
Face amount	'	'	11,500,000	'	'	'	'	'	'	'
Repayments of secured mortgage loan	'	'	'	'	'	'	20,300,000	'	'	'
Change in Basis Points spread	'	'	'	'	'	'	'	'	0.40%	'
Debt Instrument, Basis Spread over LIBOR	'	'	'	'	'	'	'	'	0.90%	1.30%
Maximum borrowing capacity under revolving credit facility	600,000,000	600,000,000	'	'	'	'	'	'	'	'
Maximum amount outstanding under revolving credit facility	58,500,000	58,500,000	'	'	'	'	'	'	'	'
Weighted average borrowings outstanding	24,100,000	9,500,000	'	'	'	'	'	'	'	'
Weighted average interest rate, before amortization of debt fees	1.07%	1.07%	'	'	'	'	'	'	'	'
Outstanding balance of revolving credit facility	$11,000,000	$11,000,000	'	'	'	'	'	'	'	'

Fair_Value_Of_Financial_Instru2

Fair Value Of Financial Instruments (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Senior notes and debentures, carrying value	$1,361,466,000	$1,361,466,000	$1,360,913,000
Notional amount of interest rate swap agreements	275,000,000	275,000,000	'
Notes payable	301,556,000	301,556,000	300,822,000
Interest rate cash flow hedge to be reclassified within next 12 months, net	4,000,000	4,000,000	'
Other comprehensive income (loss) - change in value of interest rate swaps	2,300,000	-343,000	'
Interest expense reclassified from other comprehensive loss	1,100,000	3,200,000	'
Term loan	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Notes payable	275,000,000	275,000,000	'
Derivative, fixed interest rate	1.72%	1.72%	'
Fair value of interest rate swaps	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Number of interest rate swap agreements	2	2	'
Fair value of interest rate swaps | Fair value, measurements, recurring | Level 1	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Fair value of interest rate swaps	0	0	0
Fair value of interest rate swaps | Fair value, measurements, recurring | Level 2	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Fair value of interest rate swaps	1,760,000	1,760,000	1,417,000
Fair value of interest rate swaps | Fair value, measurements, recurring | Level 3	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Fair value of interest rate swaps	0	0	0
Carrying Value	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Mortgages and notes payable, carrying value	931,817,000	931,817,000	889,278,000
Senior notes and debentures, carrying value	1,361,466,000	1,361,466,000	1,360,913,000
Fair Value	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Mortgages and notes payable, fair value	949,166,000	949,166,000	912,251,000
Senior notes and debentures, fair value	$1,432,160,000	$1,432,160,000	$1,397,731,000

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Sep. 30, 2014
In Millions, except Share data, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]	'
downREIT operating partnership units, outstanding	917,255
downREIT operating partnership units outstanding, fair value	$108.70

Shareholders_Equity_Narrative_

Shareholders Equity (Narrative) (Details) (USD $)	9 Months Ended		3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Feb. 12, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
			At The Market Equity Program	At The Market Equity Program	At The Market Equity Program	At The Market Equity Program	At The Market Equity Program	At The Market Equity Program	At The Market Equity Program
						Commissions	Commissions	Additional offering expenses	Additional offering expenses
Aggregate offering price of common share	'	'	'	'	$300,000,000	'	'	'	'
Shares issued under equity program	'	'	402,893	1,299,383	'	'	'	'	'
Weighted average price per common share	'	'	$124.71	$118.31	'	'	'	'	'
Net cash proceeds of common stock	154,250,000	118,087,000	49,700,000	152,000,000	'	'	'	'	'
Payments of stock issuance costs	'	'	'	'	'	500,000	1,500,000	100,000	200,000
Remaining capacity of common shares to issue	'	'	$146,300,000	$146,300,000	'	'	'	'	'

Shareholders_Equity_Summary_of

Shareholders' Equity (Summary of Dividends) (Details) (USD $)	9 Months Ended	12 Months Ended	9 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
			Common shares	Common shares	5.417% Series 1 Cumulative Convertible Preferred shares	5.417% Series 1 Cumulative Convertible Preferred shares	5.417% Series 1 Cumulative Convertible Preferred shares	5.417% Series 1 Cumulative Convertible Preferred shares
Dividends [Line Items]	'	'	'	'	'	'	'	'
Preferred Shares, percentage	5.42%	5.42%	'	'	5.42%	5.42%	5.42%	5.42%
Dividends declared per common share	'	'	$2.43	$2.24	'	'	'	'
Dividends paid per common share	'	'	$2.34	$2.19	'	'	'	'
Dividends declared per preferred share	'	'	'	'	'	'	$1.02	$1.02
Dividends paid per preferred share	'	'	'	'	'	'	$1.02	$1.02

Components_Of_Rental_Income_Sc

Components Of Rental Income (Schedule Of Principal Components Of Rental Income) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Cost reimbursement	$32,842	$30,364	$102,459	$89,850
Percentage rent	2,363	1,912	6,531	6,036
Other	2,855	2,908	8,387	8,097
Total rental income	166,112	154,308	494,688	460,136
Retail and commercial	'	'	'	'
Minimum rents	118,412	111,928	351,317	334,628
Residential	'	'	'	'
Minimum rents	$9,640	$7,196	$25,994	$21,525

Components_Of_Rental_Income_Sc1

Components Of Rental Income (Schedule Of Minimum Rent) (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Minimum Rent [Line Items]	'	'	'	'
Straight-line rents	$1.30	$1.10	$3.50	$3.70
Amortization of above market leases	'	'	'	'
Minimum Rent [Line Items]	'	'	'	'
Amortization of above and below market leases	-0.8	-0.5	-2.6	-2
Amortization of below market leases	'	'	'	'
Minimum Rent [Line Items]	'	'	'	'
Amortization of above and below market leases	$1.40	$1.30	$4.40	$4.30

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'	'	'	'
Revenue from discontinued operations	'	$400,000	'	$1,500,000
Income from discontinued operations	$0	$115,000	$0	$942,000

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]	'	'	'	'
Share-based compensation incurred	$3,107	$2,740	$9,735	$8,507
Capitalized share-based compensation	-360	-405	-945	-793
Share-based compensation expense	2,747	2,335	8,790	7,714
Grants of common shares	'	'	'	'
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]	'	'	'	'
Share-based compensation incurred	3,107	2,671	9,699	8,284
Grants of options	'	'	'	'
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]	'	'	'	'
Share-based compensation incurred	$0	$69	$36	$223

Earnings_Per_Share_Narrative_D

Earnings Per Share (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Earnings Per Share Narrative [Line Items]	'	'	'	'	'
Weighted average unvested shares outstanding	300,000	300,000	300,000	300,000	'
Anti-dilutive stock options	0	0	0	0	'
Preferred Shares, percentage	'	'	5.42%	'	5.42%
5.417% Series 1 Cumulative Convertible Preferred shares	'	'	'	'	'
Earnings Per Share Narrative [Line Items]	'	'	'	'	'
Preferred Shares, percentage	5.42%	5.42%	5.42%	5.42%	'

Earnings_Per_Share_Schedule_Of

Earnings Per Share (Schedule Of Earnings Per Share) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Income from continuing operations	$44,648	$39,390	$130,609	$108,208
Less: Preferred share dividends	-136	-136	-406	-406
Less: Income from continuing operations attributable to noncontrolling interests	-1,974	-1,268	-5,637	-3,780
Less: Earnings allocated to unvested shares	-264	-278	-739	-659
Income from continuing operations available for common shareholders	42,274	37,708	123,827	103,363
Results from discontinued operations attributable to the Trust	0	23,976	0	24,803
Gain on sale of real estate	4,401	0	4,401	4,994
Net income available for common shareholders, basic and diluted	46,675	61,684	128,228	133,160
Weighted average common shares outstanding—basic	67,559	65,504	67,095	65,118
Stock options	173	143	166	153
Weighted average common shares outstanding—diluted	67,732	65,647	67,261	65,271
Continuing operations	$0.62	$0.57	$1.84	$1.58
Discontinued operations	$0	$0.37	$0	$0.38
Gain on sale of real estate	$0.07	$0	$0.07	$0.08
Earnings per common share, basic, total	$0.69	$0.94	$1.91	$2.04
Continuing operations	$0.62	$0.57	$1.84	$1.58
Discontinued operations	$0	$0.37	$0	$0.38
Gain on sale of real estate	$0.07	$0	$0.07	$0.08
Earnings per common share, diluted, total	$0.69	$0.94	$1.91	$2.04
Income from continuing operations attributable to the Trust	$42,674	$38,122	$124,972	$104,428