Federal Realty Investment Trust (FRT) 10-Q 4 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	34,903
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		69,423,577

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Operating (including $365,318 and $282,303 of consolidated variable interest entities, respectively)	$ 5,423,981	$ 5,128,757
Construction-in-progress	492,865	480,241
Real estate, at cost, total	5,916,846	5,608,998
Less accumulated depreciation and amortization (including $32,566 and $26,618 of consolidated variable interest entities, respectively)	(1,546,176)	(1,467,050)
Net real estate	4,370,670	4,141,948
Cash and cash equivalents	12,864	47,951
Accounts and notes receivable, net	112,267	93,291
Mortgage notes receivable, net	41,250	50,988
Investment in real estate partnerships	41,329	37,457
Prepaid expenses and other assets	188,503	160,167
Debt issuance costs, net of accumulated amortization of $10,453 and $11,441, respectively	16,920	15,068
TOTAL ASSETS	4,783,803	4,546,870
Liabilities
Mortgages payable (including $178,811 and $187,632 of consolidated variable interest entities, respectively)	426,871	563,698
Capital lease obligations	71,627	71,647
Notes payable	290,207	290,519
Senior notes and debentures	1,744,120	1,483,813
Accounts payable and accrued expenses	154,763	145,685
Dividends payable	66,296	60,620
Security deposits payable	15,872	14,115
Other liabilities and deferred credits	115,300	105,164
Total liabilities	$ 2,885,056	$ 2,735,261
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	$ 121,172	$ 119,053
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, 69,448,874 and 68,605,783 shares issued and outstanding, respectively	696	687
Additional paid-in capital	2,389,344	2,281,223
Accumulated dividends in excess of net income	(727,203)	(683,991)
Accumulated other comprehensive loss	(7,130)	(3,515)
Total shareholders’ equity of the Trust	1,665,704	1,604,401
Noncontrolling interests	111,871	88,155
Total shareholders’ equity	1,777,575	1,692,556
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 4,783,803	$ 4,546,870

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Operating (including $365,318 and $282,303 of consolidated variable interest entities, respectively)	$ 365,318	$ 282,303
Less accumulated depreciation and amortization (including $32,566 and $26,618 of consolidated variable interest entities, respectively)	32,566	26,618
Debt issuance costs, net of accumulated amortization of $10,453 and $11,441, respectively	10,453	11,441
Mortgages payable (including $178,811 and $187,632 of consolidated variable interest entities, respectively)	$ 178,811	$ 187,632
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par	$ 0.01	$ 0.01
Preferred Shares, percentage	5.417%	5.417%
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	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	69,448,874	68,605,783
Common shares of beneficial interest, shares outstanding	69,448,874	68,605,783

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE
Rental income	$ 181,562	$ 166,112	$ 538,612	$ 494,688
Other property income	2,479	3,622	9,364	11,347
Mortgage interest income	1,211	1,204	3,529	3,678
Total revenue	185,252	170,938	551,505	509,713
EXPENSES
Rental expenses	34,439	31,908	108,501	100,443
Real estate taxes	21,804	20,374	62,865	58,238
General and administrative	9,374	8,374	27,526	24,202
Depreciation and amortization	43,718	42,660	128,373	127,403
Total operating expenses	109,335	103,316	327,265	310,286
OPERATING INCOME	75,917	67,622	224,240	199,427
Other interest income	6	2	109	45
Interest expense	(21,733)	(23,422)	(69,346)	(69,772)
Early extinguishment of debt	0	0	(19,072)	0
Income from real estate partnerships	360	446	986	909
INCOME FROM CONTINUING OPERATIONS	54,550	44,648	136,917	130,609
Gain on sale of real estate	0	4,401	11,509	4,401
NET INCOME	54,550	49,049	148,426	135,010
Net income attributable to noncontrolling interests	(2,103)	(1,974)	(6,161)	(5,637)
NET INCOME ATTRIBUTABLE TO THE TRUST	52,447	47,075	142,265	129,373
Dividends on preferred shares	(136)	(136)	(406)	(406)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 52,311	$ 46,939	$ 141,859	$ 128,967
EARNINGS PER COMMON SHARE, BASIC
Continuing operations (in usd per share)	$ 0.75	$ 0.62	$ 1.89	$ 1.84
Gain on sale of real estate (in usd per share)	0	0.07	0.17	0.07
Earnings per common share, basic (in usd per share)	$ 0.75	$ 0.69	$ 2.06	$ 1.91
Weighted average number of common shares, basic (in shares)	69,006	67,559	68,637	67,095
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations (in usd per share)	$ 0.75	$ 0.62	$ 1.88	$ 1.84
Gain on sale of real estate (in usd per share)	0	0.07	0.17	0.07
Earnings per common share, diluted (in usd per share)	$ 0.75	$ 0.69	$ 2.05	$ 1.91
Weighted average number of common shares, diluted (in shares)	69,181	67,732	68,821	67,261
COMPREHENSIVE INCOME	$ 52,329	$ 51,349	$ 144,811	$ 134,667
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 50,226	$ 49,375	$ 138,650	$ 129,030

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2014		399,896	68,605,783
Beginning balance at Dec. 31, 2014	$ 1,692,556	$ 9,997	$ 687	$ 2,281,223	$ (683,991)	$ (3,515)	$ 88,155
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding $2,622 attributable to redeemable noncontrolling interests	145,804				142,265		3,539
Other comprehensive loss - change in value of interest rate swaps	(3,615)					(3,615)
Dividends declared to common shareholders	(185,071)				(185,071)
Dividends declared to preferred shareholders	(406)				(406)
Distributions declared to noncontrolling interests	(4,043)						(4,043)
Common shares issued (in shares)			750,503
Common shares issued	99,573		$ 8	99,565
Exercise of stock options (in shares)			20,739
Exercise of stock options	1,318		$ 0	1,318
Shares issued under dividend reinvestment plan (in shares)			12,423
Shares issued under dividend reinvestment plan	1,717			1,717
Share-based compensation expense, net of forfeitures (in shares)			54,978
Share-based compensation expense, net of forfeitures	9,451		$ 1	9,450
Shares withheld for employee taxes (in shares)			(35,163)
Shares withheld for employee taxes	(5,082)		$ 0	(5,082)
Conversion and redemption of OP units (in shares)			39,611
Conversion and redemption of OP units	(151)			4,072			(4,223)
Contributions from noncontrolling interests	28,443						28,443
Adjustment to redeemable noncontrolling interests	(2,919)			(2,919)
Ending balance (in shares) at Sep. 30, 2015		399,896	69,448,874
Ending balance at Sep. 30, 2015	$ 1,777,575	$ 9,997	$ 696	$ 2,389,344	$ (727,203)	$ (7,130)	$ 111,871

Consolidated Statement Of Shar6

Consolidated Statement Of Shareholders' Equity (Parentheticals) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Statement of Stockholders' Equity [Abstract]
Net income, excluding $2,622 attributable to redeemable noncontrolling interests	$ 2,622

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net income	$ 148,426	$ 135,010
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	128,373	127,403
Gain on sale of real estate	(11,509)	(4,401)
Early extinguishment of debt	19,072	0
Income from real estate partnerships	(986)	(909)
Other, net	1,082	2,146
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable	(14,750)	(16,114)
Increase in prepaid expenses and other assets	(11,106)	(7,537)
(Decrease) increase in accounts payable and accrued expenses	(16)	4,884
Increase in security deposits and other liabilities	2,564	1,364
Net cash provided by operating activities	261,150	241,846
INVESTING ACTIVITIES
Acquisition of real estate	(121,130)	(4,352)
Capital expenditures - development and redevelopment	(176,856)	(236,780)
Capital expenditures - other	(28,125)	(33,381)
Proceeds from sale of real estate	45,821	10,406
Investment in real estate partnerships	(1,555)	(6,731)
Distribution from real estate partnership in excess of earnings	0	221
Leasing costs	(15,327)	(14,882)
Repayment of mortgage and other notes receivable, net	10,693	4,575
Net cash used in investing activities	(286,479)	(280,924)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility, net of costs	0	11,000
Issuance of senior notes, net of costs	456,192	0
Redemption and retirement of senior notes	(219,228)	0
Repayment of mortgages, capital leases and notes and other payables	(161,901)	(29,304)
Issuance of common shares	101,140	154,250
Dividends paid to common and preferred shareholders	(178,413)	(156,312)
Distributions to and redemptions of noncontrolling interests	(7,548)	(5,566)
Net cash used in financing activities	(9,758)	(25,932)
Decrease in cash and cash equivalents	(35,087)	(65,010)
Cash and cash equivalents at beginning of year	47,951	88,927
Cash and cash equivalents at end of period	$ 12,864	$ 23,917

Business And Organization

Business And Organization	9 Months Ended
	Sep. 30, 2015
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, 2015 , we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 90 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 Accounti

Summary Of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
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 Issued Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved in variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that operate as registered money market funds. ASU 2015-02 is effective for us in the first quarter of 2016, and we are currently assessing the impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires debt issuance costs related to a debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, rather than classified as an asset. Recognition and measurement of debt issuance costs are not affected. Subsequently, in August 2015, the FASB issued ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements," which allows an entity to present the costs related to securing a line-of- credit arrangement as an asset, regardless of whether there are any outstanding borrowings. ASU 2015-03 and ASU 2015-15 are effective for us in the first quarter of 2016 and are not expected to have a significant impact on our consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09, "Revenue from Contracts with Customers," which will now be effective for us in the first quarter of 2018. We are currently assessing the impact of this standard to our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires that, if the initial accounting for the business combination is incomplete as of the end of the reporting period in which the acquisition occurs, the acquirer records provisional amounts based on information available at the acquisition date. The acquirer would then adjust these amounts in the current period, as it obtains more information about facts and circumstances that existed as of the acquisition date. Under the current guidance, an acquirer must revise comparative information on the income statement and balance sheet for any prior periods affected. ASU 2015-16 is effective for us in the first quarter of 2016, and is not expected to have a significant impact on our consolidated 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, 2015 2014 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 83,485 $ 85,740 Interest capitalized (14,139 ) (15,968 ) Interest expense $ 69,346 $ 69,772 Cash paid for interest, net of amounts capitalized (1) $ 91,319 $ 69,112 Cash paid for income taxes $ 274 $ 328 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ 18,666 $ 68,282 DownREIT operating partnership units issued with acquisition $ 7,742 $ 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 $ 1,468 $ 1,355 (1) 2015 includes $19.2 million related to early extinguishment of debt. See Note 3 for additional disclosures relating to the San Antonio Center acquisition.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE In January 2015, we acquired a controlling interest in San Antonio Center, a 376,000 square foot shopping center in Mountain View, California based on a total value of $62.2 million . Our effective interest approximate s 80% and was funded by the assumption of our share of $18.7 million of mortgage debt, 58,000 downREIT operating partnership units, and $27 million of cash. A portion of the land is controlled under a long-term ground lease. Approximately $8.1 million of assets acquired were allocated to lease intangibles and included within other assets. Approximately $19.1 million was allocated to lease intangibles primarily related to "below market leases," and is included within other liabilities. Additionally, $16.3 million was allocated to noncontrolling interests. We incurred $1.8 million of acquisition costs, of which $1.1 million were incurred in 2015 and included in "general and administrative expense" for the nine months ended September 30, 2015 . On February 25, 2015, we acquired the interest of one of the noncontrolling interest holders in The Grove at Shrewsbury for $8.8 million . As this noncontrolling interest was mandatorily redeemable, it was classified as a liability and was included in "other liabilities and deferred credits" on the accompanying December 31, 2014 consolidated balance sheet. On April 24, 2015, we sold our Houston Street property in San Antonio, Texas for a sales price of $46.1 million , resulting in a gain of $11.5 million . On May 4, 2015, we acquired CocoWalk, a 198,000 square foot retail property located in the Coconut Grove neighborhood of Miami, Florida for $87.5 million . The acquisition was completed through a newly formed entity ("CocoWalk LLC") for which we own a preferred interest and an 80% common interest. Approxima tely $1.5 million and $4.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. Additionally, approximately $6.9 million was allocated to noncontrolling interests. On July 1, 2015, we acquired partial interests in seven buildings in the Coconut Grove neighborhood of Miami, Florida for $5.8 million through our CocoWalk LLC entity. In total, w e incurred $1.0 million in acquisition costs which are included in "general and administrative expenses" for the nine months ended September 30, 2015 . CocoWalk LLC is a variable interest entity for which we are the primary beneficiary, and consequently, the entity is consolidated in our financial statements effective May 4, 2015. As of September 30, 2015 net real estate assets related to CocoWalk LLC included in our consolidated balance sheet are $95.1 million . On July 8, 2015 we acquired a parcel of land adjacent to our Pike 7 Plaza property for $5.0 million .

Real Estate Partnerships

Real Estate Partnerships	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
REAL ESTATE PARTNERSHIPS	REAL ESTATE PARTNERSHIPS 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, 2015 , 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, 2015 2014 2015 2014 (In thousands) OPERATING RESULTS Revenue $ 4,125 $ 4,434 $ 13,142 $ 13,921 Expenses Other operating expenses 1,306 1,158 4,677 4,658 Depreciation and amortization 1,290 1,304 3,749 4,381 Interest expense 515 617 1,551 2,237 Total expenses 3,111 3,079 9,977 11,276 Net income before gain on sale of real estate 1,014 1,355 3,165 2,645 Gain on sale of real estate — 14,507 — 14,507 Net income $ 1,014 $ 15,862 $ 3,165 $ 17,152 Our share of net income from real estate partnership $ 374 $ 446 $ 1,096 $ 909 Our share of gain on sale of real estate $ — $ 4,401 $ — $ 4,401 September 30, December 31, 2015 2014 (In thousands) BALANCE SHEETS Real estate, net $ 146,715 $ 149,203 Cash 4,941 2,864 Other assets 6,191 5,346 Total assets $ 157,847 $ 157,413 Mortgages payable $ 34,385 $ 34,385 Other liabilities 2,865 3,673 Partners’ capital 120,597 119,355 Total liabilities and partners’ capital $ 157,847 $ 157,413 Our share of unconsolidated debt $ 10,316 $ 10,316 Our investment in real estate partnership $ 32,744 $ 32,367

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Instruments [Abstract]
DEBT	DEBT In connection with the acquisition of San Antonio Center in January 2015, we assumed a mortgage loan with a face amount of $18.7 million and a fair value of $19.3 million . The mortgage loan bears interest at 5.27% and matures on January 1, 2016 . On March 16, 2015, we issued $200.0 million aggregate principal amount of 4.50% senior unsecured notes due December 1, 2044. The notes were offered at 105.38% of the principal amount with a yield to maturity of 4.18% . The notes have the same terms and are of the same series as the $250.0 million senior notes issued on November 14, 2014. Our net proceeds from the March note offering after issuance premium, underwriting fees and other costs were $208.6 million . The proceeds were used on April 11, 2015 to repay our $200.0 million 6.20% notes prior to the original maturity date of January 15, 2017. The redemption price of $222.2 million included a make-whole premium of $19.2 million and accrued but unpaid interest of $3.0 million . The make-whole premium is included in "early extinguishment of debt" in the nine months ended September 30, 2015 . On August 3, 2015 we repaid the following mortgage loans, which had a weighted average interest rate of 7.9% , at par prior to their maturity date of November 1, 2015: Principal Payoff Amount (In millions) Barracks Road $ 35.3 Brick Plaza 25.9 Wynnewood 25.5 Lawrence Park 25.0 Wildwood 22.0 Hauppauge 13.3 $ 147.0 On September 28, 2015, we issued $250.0 million of fixed rate senior notes that mature on January 15, 2021 and bear interest at 2.55% . The net proceeds from this note offering after issuance discounts, underwriting fees, and other costs were approximately $247.5 million . During 2015 , the maximum amount of borrowings outstanding under our $600.0 million revolving credit facility was $324.0 million and the weighted average interest rate, before amortization of debt fees, was 1.1% . During the three and nine months ended September 30, 2015 , the weighted average borrowings outstanding were $219.2 million and $126.4 million , respectively. At September 30, 2015 , there was no outstanding balance. 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, 2015 , we were in compliance with all debt covenants.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	9 Months Ended
	Sep. 30, 2015
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, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 717,078 $ 725,895 $ 854,217 $ 880,866 Senior notes and debentures $ 1,744,120 $ 1,786,460 $ 1,483,813 $ 1,579,868 As of September 30, 2015 , 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, and effectively fix the rate of the term loan at 2.62% . 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 $3.7 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, 2015 , 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, 2015 was a liability of $7.1 million and is included in "accounts payable and accrued expenses" on our consolidated balance sheet. For the three and nine months ended September 30, 2015 , the change in valuation on our interest rate swaps resulted in a $2.2 million and $3.6 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, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 7,130 $ — $ 7,130 $ — $ 3,515 $ — $ 3,515

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
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 934,405 downREIT operating partnership units are outstanding which have a total fair value of $127.5 million , based on our closing stock price on September 30, 2015 .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
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, 2015 2014 Declared Paid Declared Paid Common shares $ 2.680 $ 2.610 $ 2.430 $ 2.340 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.016 $ 1.016 $ 1.016 $ 1.016 On May 11, 2015, 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, 2015 , we issued 323,273 common shares at a weighted average price per share of $134.35 for net cash proceeds of $42.9 million and paid $0.4 million in commissions and less than $0.1 million in additional offering expenses related to the sale of these common shares. For the nine months ended September 30, 2015 , we issued 750,407 common shares at a weighted average price per share of $134.21 for net cash proceeds of $99.6 million and paid $1.0 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. As of September 30, 2015 , we had the capacity to issue up to $199.3 million in common shares under our ATM equity program.

Components of Rental Income

Components of Rental Income	9 Months Ended
	Sep. 30, 2015
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, 2015 2014 2015 2014 (In thousands) Minimum rents Retail and commercial $ 127,564 $ 118,412 $ 377,565 $ 351,317 Residential 10,752 9,640 31,693 25,994 Cost reimbursement 36,272 32,842 110,694 102,459 Percentage rent 3,374 2,363 8,641 6,531 Other 3,600 2,855 10,019 8,387 Total rental income $ 181,562 $ 166,112 $ 538,612 $ 494,688 Minimum rents include the following: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In millions) (In millions) Straight-line rents $ 1.9 $ 1.3 $ 5.0 $ 3.5 Amortization of above market leases $ (1.4 ) $ (0.8 ) $ (3.3 ) $ (2.6 ) Amortization of below market leases $ 2.0 $ 1.4 $ 5.2 $ 4.4

Share-Based Compensation Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 30, 2015
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, 2015 2014 2015 2014 (In thousands) Grants of shares and options $ 2,870 $ 3,107 $ 9,451 $ 9,735 Capitalized share-based compensation (212 ) (360 ) (660 ) (945 ) Share-based compensation expense $ 2,658 $ 2,747 $ 8,791 $ 8,790

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
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 months ended September 30, 2015 and 2014 , we had 0.2 million and 0.3 million weighted average unvested shares outstanding, respectively, which are considered participating securities. For the nine months ended September 30, 2015 and 2014 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 nine months ended September 30, 2015 and 2014 . 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, 2015 2014 2015 2014 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 54,550 44,648 $ 136,917 $ 130,609 Less: Preferred share dividends (136 ) (136 ) (406 ) (406 ) Less: Net income attributable to noncontrolling interests (2,103 ) (1,974 ) (6,161 ) (5,637 ) Less: Earnings allocated to unvested shares (221 ) (264 ) (638 ) (739 ) Income from continuing operations available for common shareholders 52,090 42,274 129,712 123,827 Gain on sale of real estate — 4,401 11,509 4,401 Net income available for common shareholders, basic and diluted $ 52,090 $ 46,675 $ 141,221 $ 128,228 DENOMINATOR Weighted average common shares outstanding—basic 69,006 67,559 68,637 67,095 Effect of dilutive securities: Stock options 175 173 184 166 Weighted average common shares outstanding—diluted 69,181 67,732 68,821 67,261 EARNINGS PER COMMON SHARE, BASIC Continuing operations $ 0.75 $ 0.62 $ 1.89 $ 1.84 Gain on sale of real estate — 0.07 0.17 0.07 $ 0.75 $ 0.69 $ 2.06 $ 1.91 EARNINGS PER COMMON SHARE, DILUTED Continuing operations $ 0.75 $ 0.62 $ 1.88 $ 1.84 Gain on sale of real estate — 0.07 0.17 0.07 $ 0.75 $ 0.69 $ 2.05 $ 1.91 Income from continuing operations attributable to the Trust $ 52,447 $ 42,674 $ 130,756 $ 124,972

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 1, 2015 , we acquired an 85% interest in The Shops at Sunset Place, a 515,000 square foot mixed-use property located in South Miami, Florida based on a gross value of $110.2 million . The transaction includes the assumption of an existing $ 70.8 million mortgage with an interest rate of 5.6% and a maturity date of September 1, 2020 . On November 2, 2015 we repaid the $18.1 million mortgage loan on San Antonio Center at par, prior to its original maturity date of January 1, 2016.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2015
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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved in variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that operate as registered money market funds. ASU 2015-02 is effective for us in the first quarter of 2016, and we are currently assessing the impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires debt issuance costs related to a debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, rather than classified as an asset. Recognition and measurement of debt issuance costs are not affected. Subsequently, in August 2015, the FASB issued ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements," which allows an entity to present the costs related to securing a line-of- credit arrangement as an asset, regardless of whether there are any outstanding borrowings. ASU 2015-03 and ASU 2015-15 are effective for us in the first quarter of 2016 and are not expected to have a significant impact on our consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09, "Revenue from Contracts with Customers," which will now be effective for us in the first quarter of 2018. We are currently assessing the impact of this standard to our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires that, if the initial accounting for the business combination is incomplete as of the end of the reporting period in which the acquisition occurs, the acquirer records provisional amounts based on information available at the acquisition date. The acquirer would then adjust these amounts in the current period, as it obtains more information about facts and circumstances that existed as of the acquisition date. Under the current guidance, an acquirer must revise comparative information on the income statement and balance sheet for any prior periods affected. ASU 2015-16 is effective for us in the first quarter of 2016, and is not expected to have a significant impact on our consolidated financial statements.

Summary Of Significant Accoun21

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2015 2014 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 83,485 $ 85,740 Interest capitalized (14,139 ) (15,968 ) Interest expense $ 69,346 $ 69,772 Cash paid for interest, net of amounts capitalized (1) $ 91,319 $ 69,112 Cash paid for income taxes $ 274 $ 328 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ 18,666 $ 68,282 DownREIT operating partnership units issued with acquisition $ 7,742 $ 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 $ 1,468 $ 1,355 (1) 2015 includes $19.2 million related to early extinguishment of debt.

Real Estate Partnerships (Table

Real Estate Partnerships (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 2014 2015 2014 (In thousands) OPERATING RESULTS Revenue $ 4,125 $ 4,434 $ 13,142 $ 13,921 Expenses Other operating expenses 1,306 1,158 4,677 4,658 Depreciation and amortization 1,290 1,304 3,749 4,381 Interest expense 515 617 1,551 2,237 Total expenses 3,111 3,079 9,977 11,276 Net income before gain on sale of real estate 1,014 1,355 3,165 2,645 Gain on sale of real estate — 14,507 — 14,507 Net income $ 1,014 $ 15,862 $ 3,165 $ 17,152 Our share of net income from real estate partnership $ 374 $ 446 $ 1,096 $ 909 Our share of gain on sale of real estate $ — $ 4,401 $ — $ 4,401 September 30, December 31, 2015 2014 (In thousands) BALANCE SHEETS Real estate, net $ 146,715 $ 149,203 Cash 4,941 2,864 Other assets 6,191 5,346 Total assets $ 157,847 $ 157,413 Mortgages payable $ 34,385 $ 34,385 Other liabilities 2,865 3,673 Partners’ capital 120,597 119,355 Total liabilities and partners’ capital $ 157,847 $ 157,413 Our share of unconsolidated debt $ 10,316 $ 10,316 Our investment in real estate partnership $ 32,744 $ 32,367

Debt Schedule of Extinguishment

Debt Schedule of Extinguishment of Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Extinguishment of Debt [Line Items]
Schedule of Extinguishment of Debt	On August 3, 2015 we repaid the following mortgage loans, which had a weighted average interest rate of 7.9% , at par prior to their maturity date of November 1, 2015: Principal Payoff Amount (In millions) Barracks Road $ 35.3 Brick Plaza 25.9 Wynnewood 25.5 Lawrence Park 25.0 Wildwood 22.0 Hauppauge 13.3 $ 147.0

Fair Value Of Financial Instr24

Fair Value Of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Summary of Carrying Value 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, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 717,078 $ 725,895 $ 854,217 $ 880,866 Senior notes and debentures $ 1,744,120 $ 1,786,460 $ 1,483,813 $ 1,579,868
Summary of Financial Liabilities Measured 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, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 7,130 $ — $ 7,130 $ — $ 3,515 $ — $ 3,515

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 2014 Declared Paid Declared Paid Common shares $ 2.680 $ 2.610 $ 2.430 $ 2.340 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, 2015
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, 2015 2014 2015 2014 (In thousands) Minimum rents Retail and commercial $ 127,564 $ 118,412 $ 377,565 $ 351,317 Residential 10,752 9,640 31,693 25,994 Cost reimbursement 36,272 32,842 110,694 102,459 Percentage rent 3,374 2,363 8,641 6,531 Other 3,600 2,855 10,019 8,387 Total rental income $ 181,562 $ 166,112 $ 538,612 $ 494,688
Schedule of Minimum Rents	Minimum rents include the following: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In millions) (In millions) Straight-line rents $ 1.9 $ 1.3 $ 5.0 $ 3.5 Amortization of above market leases $ (1.4 ) $ (0.8 ) $ (3.3 ) $ (2.6 ) Amortization of below market leases $ 2.0 $ 1.4 $ 5.2 $ 4.4

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Share-Based Compensation Expense	A summary of share-based compensation expense included in net income is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Grants of shares and options $ 2,870 $ 3,107 $ 9,451 $ 9,735 Capitalized share-based compensation (212 ) (360 ) (660 ) (945 ) Share-based compensation expense $ 2,658 $ 2,747 $ 8,791 $ 8,790

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
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 nine months ended September 30, 2015 and 2014 . 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, 2015 2014 2015 2014 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 54,550 44,648 $ 136,917 $ 130,609 Less: Preferred share dividends (136 ) (136 ) (406 ) (406 ) Less: Net income attributable to noncontrolling interests (2,103 ) (1,974 ) (6,161 ) (5,637 ) Less: Earnings allocated to unvested shares (221 ) (264 ) (638 ) (739 ) Income from continuing operations available for common shareholders 52,090 42,274 129,712 123,827 Gain on sale of real estate — 4,401 11,509 4,401 Net income available for common shareholders, basic and diluted $ 52,090 $ 46,675 $ 141,221 $ 128,228 DENOMINATOR Weighted average common shares outstanding—basic 69,006 67,559 68,637 67,095 Effect of dilutive securities: Stock options 175 173 184 166 Weighted average common shares outstanding—diluted 69,181 67,732 68,821 67,261 EARNINGS PER COMMON SHARE, BASIC Continuing operations $ 0.75 $ 0.62 $ 1.89 $ 1.84 Gain on sale of real estate — 0.07 0.17 0.07 $ 0.75 $ 0.69 $ 2.06 $ 1.91 EARNINGS PER COMMON SHARE, DILUTED Continuing operations $ 0.75 $ 0.62 $ 1.88 $ 1.84 Gain on sale of real estate — 0.07 0.17 0.07 $ 0.75 $ 0.69 $ 2.05 $ 1.91 Income from continuing operations attributable to the Trust $ 52,447 $ 42,674 $ 130,756 $ 124,972

Business And Organization (Deta

Business And Organization (Details)	9 Months Ended
	Sep. 30, 2015project
Nature Of Operations [Abstract]
Number of Real Estate Properties	90
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accoun30

Summary Of Significant Accounting Policies - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred			$ 83,485		$ 85,740
Interest capitalized			(14,139)		(15,968)
Interest expense	$ 21,733	$ 23,422	69,346		69,772
Cash paid for interest, net of amounts capitalized			91,319	[1]	69,112
Cash paid for income taxes			274		328
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition			18,666		68,282
DownREIT operating partnership units issued with acquisition			7,742		65,348
Mortgage loan refinanced			0		11,500
Repayment of note payable with public funding/related construction-in-progress offset			0		10,000
Shares issued under dividend reinvestment plan			1,468		$ 1,355
Prepayment premium on senior note			$ 19,200
[1]	2015 includes $19.2 million related to early extinguishment of debt.

Real Estate (Details)

Real Estate (Details) $ in Thousands	Jul. 08, 2015USD ($)	Jul. 01, 2015USD ($)building	May. 04, 2015USD ($)ft²	Apr. 24, 2015USD ($)	Jan. 09, 2015USD ($)ft²shares	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Feb. 25, 2015USD ($)	Dec. 31, 2014USD ($)
Significant Acquisitions & Dispositions
Mortgage loans assumed with acquisition						$ 18,666	$ 68,282
Contributions from noncontrolling interests						28,443
Net real estate						4,370,670		$ 4,370,670		$ 4,141,948
Houston Street
Significant Acquisitions & Dispositions
Proceeds from sale				$ 46,100
Gain on sale of real estate				$ 11,500
San Antonio Center
Significant Acquisitions & Dispositions
Square footage of real estate property | ft²					376,000
Gross value of business acquisition					$ 62,200
Effective interest of acquisition					80.00%
Mortgage loans assumed with acquisition					$ 18,700
Number of downREIT operating partnership units assumed in acquisition | shares					58,000
Cash paid in acquisition					$ 27,000
Contributions from noncontrolling interests					16,300
San Antonio Center | General and Administrative Expenses
Significant Acquisitions & Dispositions
Acquisition costs						1,100		1,800
The Grove at Shrewsbury
Significant Acquisitions & Dispositions
Price to acquire non-controlling interest									$ 8,800
CocoWalk
Significant Acquisitions & Dispositions
Square footage of real estate property | ft²			198,000
Contributions from noncontrolling interests			$ 6,900
Purchase price			$ 87,500
Common Interest Acquisition			80.00%
Net real estate						95,100		$ 95,100
CocoWalk | General and Administrative Expenses
Significant Acquisitions & Dispositions
Acquisition costs						$ 1,000
Coconut Grove | Subsidiaries
Significant Acquisitions & Dispositions
Purchase price		$ 5,800
Number Of Buildings | building		7
Land | Pike Seven Plaza
Significant Acquisitions & Dispositions
Purchase price	$ 5,000
Other Liabilities | San Antonio Center
Significant Acquisitions & Dispositions
Acquired below market leases					19,100
Other Liabilities | CocoWalk
Significant Acquisitions & Dispositions
Acquired below market leases			$ 4,300
Other Assets | Above Market Leases | San Antonio Center
Significant Acquisitions & Dispositions
Acquired above market leases					$ 8,100
Other Assets | Above Market Leases | CocoWalk
Significant Acquisitions & Dispositions
Acquired above market leases			$ 1,500

Real Estate Partnerships (Detai

Real Estate Partnerships (Details)	Sep. 30, 2015projectproperty
Schedule of Equity Method Investments
Number of real estate properties owned by partnership	90
Federal Realty Investment Trust / ING Clarion Partners Partnership
Schedule of Equity Method Investments
Number of real estate properties owned by partnership | property	6
Federal Realty Investment Trust | Federal Realty Investment Trust / ING Clarion Partners Partnership
Schedule of Equity Method Investments
Ownership interest in Partnership	30.00%
ING Clarion Partners | Federal Realty Investment Trust / ING Clarion Partners Partnership
Schedule of Equity Method Investments
Ownership interest in Partnership	70.00%

Real Estate Partnerships - Summ

Real Estate Partnerships - Summarized Operating Results and Financial Position of the Partnership (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
OPERATING RESULTS
Revenue	$ 185,252	$ 170,938	$ 551,505	$ 509,713
Our share of net income from real estate partnership	360	446	986	909
Expenses
Depreciation and amortization	43,718	42,660	128,373	127,403
Interest expense	21,733	23,422	69,346	69,772
Gain on sale of real estate	0	4,401	11,509	4,401
NET INCOME	54,550	49,049	148,426	135,010
BALANCE SHEETS
Real estate, net	4,370,670		4,370,670		$ 4,141,948
Cash	12,864	23,917	12,864	23,917	47,951	$ 88,927
TOTAL ASSETS	4,783,803		4,783,803		4,546,870
Mortgages payable	426,871		426,871		563,698
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	4,783,803		4,783,803		4,546,870
Our investment in real estate partnership	41,329		41,329		37,457
Federal Realty Investment Trust / ING Clarion Partners Partnership
OPERATING RESULTS
Revenue	4,125	4,434	13,142	13,921
Expenses
Other operating expenses	1,306	1,158	4,677	4,658
Depreciation and amortization	1,290	1,304	3,749	4,381
Interest expense	515	617	1,551	2,237
Total expenses	3,111	3,079	9,977	11,276
Net income before gain on sale of real estate	1,014	1,355	3,165	2,645
Gain on sale of real estate	0	14,507	0	14,507
NET INCOME	1,014	15,862	3,165	17,152
BALANCE SHEETS
Real estate, net	146,715		146,715		149,203
Cash	4,941		4,941		2,864
Other assets	6,191		6,191		5,346
TOTAL ASSETS	157,847		157,847		157,413
Mortgages payable	34,385		34,385		34,385
Other liabilities	2,865		2,865		3,673
Partners’ capital	120,597		120,597		119,355
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	157,847		157,847		157,413
Federal Realty Investment Trust | Federal Realty Investment Trust / ING Clarion Partners Partnership
OPERATING RESULTS
Our share of net income from real estate partnership	374	446	1,096	909
Our share of gain on sale of real estate	0	$ 4,401	0	$ 4,401
BALANCE SHEETS
Our share of unconsolidated debt	10,316		10,316		10,316
Our investment in real estate partnership	$ 32,744		$ 32,744		$ 32,367

Debt (Details)

Debt (Details) - USD ($)	Sep. 28, 2015	Aug. 03, 2015	Apr. 11, 2015	Mar. 16, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Jan. 09, 2015	Nov. 14, 2014
Debt Instrument
Issuance of senior notes, net of costs						$ 456,192,000	$ 0
Mortgages
Debt Instrument
Extinguishment of Debt, Amount		$ 147,000,000
Weighted Average Interest Rate of Debt Retired - Metlife Loans		7.90%
Senior Notes | 4.50% Senior notes
Debt Instrument
Principal				$ 200,000,000					$ 250,000,000
Stated interest rate				4.50%
Note offering percent of principal amount				105.38%
Debt yield to maturity percent				4.18%
Issuance of senior notes, net of costs				$ 208,600,000
Senior Notes | 6.20% Senior Notes
Debt Instrument
Stated interest rate			6.20%
Repayments of Debt			$ 200,000,000
Redemption price			222,200,000
Make-whole premium			19,200,000
Accrued but unpaid interest			$ 3,000,000
Senior Notes | 2.55% Senior Notes
Debt Instrument
Principal	$ 250,000,000
Stated interest rate	2.55%
Issuance of senior notes, net of costs	$ 247,500,000
Line of Credit | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity under revolving credit facility					$ 600,000,000	600,000,000
Maximum amount outstanding under revolving credit facility						$ 324,000,000
Weighted average interest rate, before amortization of debt fees						1.10%
Weighted average borrowings outstanding					219,200,000	$ 126,400,000
Outstanding balance of revolving credit facility					$ 0	$ 0
San Antonio Center | Mortgages
Debt Instrument
Principal								$ 18,700,000
Fair value								$ 19,300,000
Stated interest rate								5.27%
Barracks Road | Mortgages
Debt Instrument
Extinguishment of Debt, Amount		$ 35,300,000
Brick Plaza | Mortgages
Debt Instrument
Extinguishment of Debt, Amount		25,900,000
Wynnewood | Mortgages
Debt Instrument
Extinguishment of Debt, Amount		25,500,000
Lawrence Park | Mortgages
Debt Instrument
Extinguishment of Debt, Amount		25,000,000
Wildwood | Mortgages
Debt Instrument
Extinguishment of Debt, Amount		22,000,000
Hauppauge | Mortgages
Debt Instrument
Extinguishment of Debt, Amount		$ 13,300,000

Fair Value Of Financial Instr35

Fair Value Of Financial Instruments (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)agreement	Sep. 30, 2015USD ($)agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest rate cash flow hedge loss to be reclassified within next 12 months, net	$ 3,700,000	$ 3,700,000
Other comprehensive income (loss) - change in value of interest rate swaps	(2,200,000)	(3,615,000)
Interest expense reclassified from other comprehensive loss	$ 1,100,000	$ 3,200,000
Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements | agreement	2	2
Notional amount of interest rate swap agreements	$ 275,000,000	$ 275,000,000
Fair Value, Measurements, Recurring | Interest Rate Swap | Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Principal amount of term loan	$ 275,000,000	$ 275,000,000
Variable portion of interest rate	1.72%	1.72%
Effective interest rate	2.62%	2.62%
Level 2 | Accounts Payable and Accrued Expenses | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	$ 7,130,000	$ 7,130,000

Fair Value Of Financial Instr36

Fair Value Of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Mortgages and Notes Payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 717,078	$ 854,217
Mortgages and Notes Payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	725,895	880,866
Senior Notes and Debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,744,120	1,483,813
Senior Notes and Debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 1,786,460	$ 1,579,868

Fair Value of Financial Instr37

Fair Value of Financial Instruments - Summary of Financial Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	$ 7,130	$ 3,515
Interest Rate Swap | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	0	0
Interest Rate Swap | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	7,130	3,515
Interest Rate Swap | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	0	$ 0
Accounts Payable and Accrued Expenses | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	$ 7,130

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2015USD ($)shares
Commitments and Contingencies Disclosure [Abstract]
downREIT operating partnership units, outstanding	934,405
downREIT operating partnership units outstanding, fair value | $	$ 127.5

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	May. 11, 2015
Class of Stock
Proceeds from issuance of stock		$ 101,140,000	$ 154,250,000
At The Market Equity Program
Class of Stock
Aggregate offering price (in usd)				$ 300,000,000
Common shares issued (in shares)	323,273	750,407
Weighted average price per share	$ 134.35	$ 134.21
Proceeds from issuance of stock	$ 42,900,000	$ 99,600,000
Remaining capacity to issue (in usd)	199,300,000	199,300,000
At The Market Equity Program | Commissions
Class of Stock
Payments of Stock Issuance Costs (less than for additional offering expenses for the three months ended September 30, 2015)	400,000	1,000,000
At The Market Equity Program | Other Offering Costs
Class of Stock
Payments of Stock Issuance Costs (less than for additional offering expenses for the three months ended September 30, 2015)	$ 100,000	$ 100,000

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Dividends Declared and Paid Per Share (Details) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Cumulative convertible preferred shares, dividend rate			5.417%		5.417%
Common Shares
Dividends declared per common share			$ 2.68	$ 2.430
Dividends paid per common share			2.61	2.34
5.417% Series 1 Cumulative Convertible Preferred Shares
Dividends declared per preferred share			1.016	1.016
Dividends paid per preferred share			$ 1.016	$ 1.016
Cumulative convertible preferred shares, dividend rate	5.417%	5.417%	5.417%	5.417%

Components of Rental Income - S

Components of Rental Income - Schedule of Principal Components of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cost reimbursement	$ 36,272	$ 32,842	$ 110,694	$ 102,459
Percentage rent	3,374	2,363	8,641	6,531
Other	3,600	2,855	10,019	8,387
Total rental income	181,562	166,112	538,612	494,688
Retail and Commercial
Minimum rents	127,564	118,412	377,565	351,317
Residential
Minimum rents	$ 10,752	$ 9,640	$ 31,693	$ 25,994

Components Of Rental Income -42

Components Of Rental Income - Schedule of Minimum Rents (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Minimum Rent
Straight-line rents	$ 1.9	$ 1.3	$ 5	$ 3.5
Amortization of above market leases
Minimum Rent
Amortization of above and below market leases	(1.4)	(0.8)	(3.3)	(2.6)
Amortization of below market leases
Minimum Rent
Amortization of above and below market leases	$ 2	$ 1.4	$ 5.2	$ 4.4

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Grants of shares and options	$ 2,870	$ 3,107	$ 9,451	$ 9,735
Capitalized share-based compensation	(212)	(360)	(660)	(945)
Share-based compensation expense	$ 2,658	$ 2,747	$ 8,791	$ 8,790

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Earnings Per Share Narrative
Weighted average unvested shares outstanding	200,000	300,000	300,000	300,000
Anti-dilutive stock options			0	0
Cumulative convertible preferred shares, dividend rate			5.417%		5.417%
5.417% Series 1 Cumulative Convertible Preferred Shares
Earnings Per Share Narrative
Cumulative convertible preferred shares, dividend rate	5.417%	5.417%	5.417%	5.417%

Earnings Per Share - Schedule O

Earnings Per Share - Schedule Of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
NUMERATOR
Income from continuing operations	$ 54,550	$ 44,648	$ 136,917	$ 130,609
Less: Preferred share dividends	(136)	(136)	(406)	(406)
Less: Net income attributable to noncontrolling interests	(2,103)	(1,974)	(6,161)	(5,637)
Less: Earnings allocated to unvested shares	(221)	(264)	(638)	(739)
Income from continuing operations available for common shareholders	52,090	42,274	129,712	123,827
Gain on sale of real estate	0	4,401	11,509	4,401
Net income available for common shareholders, basic and diluted	$ 52,090	$ 46,675	$ 141,221	$ 128,228
DENOMINATOR
Weighted average common shares outstanding—basic (in shares)	69,006	67,559	68,637	67,095
Stock options (in shares)	175	173	184	166
Weighted average common shares outstanding—diluted (in shares)	69,181	67,732	68,821	67,261
EARNINGS PER COMMON SHARE, BASIC
Continuing operations (in usd per share)	$ 0.75	$ 0.62	$ 1.89	$ 1.84
Gain on sale of real estate (in usd per share)	0	0.07	0.17	0.07
Earnings per common share, basic (in usd per share)	0.75	0.69	2.06	1.91
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations (in usd per share)	0.75	0.62	1.88	1.84
Gain on sale of real estate (in usd per share)	0	0.07	0.17	0.07
Earnings per common share, diluted (in usd per share)	$ 0.75	$ 0.69	$ 2.05	$ 1.91
Income from continuing operations attributable to the Trust	$ 52,447	$ 42,674	$ 130,756	$ 124,972

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Nov. 02, 2015USD ($)	Oct. 01, 2015USD ($)ft²	Aug. 03, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Subsequent Event
Mortgage loans assumed with acquisition				$ 18,666	$ 68,282
Subsequent Event | Sunset Place
Subsequent Event
Common Interest Acquisition		85.00%
Square footage of real estate property | ft²		515,000
Purchase price		$ 110,200
Mortgage loans assumed with acquisition		$ 70,800
Stated interest rate		5.60%
Mortgages
Subsequent Event
Extinguishment of Debt, Amount			$ 147,000
Mortgages | San Antonio Center | Subsequent Event
Subsequent Event
Extinguishment of Debt, Amount	$ 18,100