Federal Realty Investment Trust (FRT) 10-K 9 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 05, 2016	Jun. 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-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	FRT
Entity Common Stock, Shares Outstanding		69,669,864
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 8.9

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Operating (including $485,971 and $282,303 of consolidated variable interest entities, respectively)	$ 5,630,771	$ 5,128,757
Construction-in-progress	433,635	480,241
Real estate, at cost	6,064,406	5,608,998
Less accumulated depreciation and amortization (including $35,782 and $26,618 of consolidated variable interest entities, respectively)	(1,574,041)	(1,467,050)
Net real estate	4,490,365	4,141,948
Cash and cash equivalents	21,046	47,951
Accounts and notes receivable, net	110,402	93,291
Mortgage notes receivable, net	41,618	50,988
Investment in real estate partnerships	41,546	37,457
Prepaid expenses and other assets	190,203	160,167
Debt issuance costs, net of accumulated amortization of $11,092 and $11,441, respectively	16,529	15,068
Total assets	4,911,709	4,546,870
Liabilities
Mortgages payable (including $254,241 and $187,632 of consolidated variable interest entities, respectively)	482,822	563,698
Capital lease obligations	71,620	71,647
Notes payable	343,600	290,519
Senior notes and debentures	1,744,324	1,483,813
Accounts payable and accrued expenses	146,532	145,685
Dividends payable	66,338	60,620
Security deposits payable	15,439	14,115
Other liabilities and deferred credits	121,787	105,164
Total liabilities	$ 2,992,462	$ 2,735,261
Commitments and Contingencies (Note 9)
Redeemable noncontrolling interests	$ 137,316	$ 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, 69,493,392 and 68,605,783 shares issued and outstanding, respectively	696	687
Additional paid-in capital	2,381,867	2,281,223
Accumulated dividends in excess of net income	(724,701)	(683,991)
Accumulated other comprehensive loss	(4,110)	(3,515)
Total shareholders’ equity of the Trust	1,663,749	1,604,401
Noncontrolling interests	118,182	88,155
Total shareholders’ equity	1,781,931	1,692,556
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 4,911,709	$ 4,546,870

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Operating - consolidated variable interest entities	$ 485,971	$ 282,303
Accumulated depreciation and amortization of consolidated variable interest entities	35,782	26,618
Accumulated amortization of debt issuance costs	11,092	11,441
Mortgages payable - consolidated variable interest entities	$ 254,241	$ 187,632
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par	$ 0.01	$ 0.01
Series 1 Cumulative Convertible Preferred interest rate	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	69,493,392	68,605,783
Common shares of beneficial interest, shares outstanding	69,493,392	68,605,783

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUE
Rental income	$ 727,812	$ 666,322	$ 620,089
Other property income	11,810	14,758	12,169
Mortgage interest income	4,390	5,010	5,155
Total revenue	744,012	686,090	637,413
EXPENSES
Rental expenses	147,593	135,417	118,695
Real estate taxes	85,824	76,506	71,759
General and administrative	35,645	32,316	31,970
Depreciation and amortization	174,796	170,814	160,828
Total operating expenses	443,858	415,053	383,252
OPERATING INCOME	300,154	271,037	254,161
Other interest income	149	94	433
Interest expense	(92,553)	(93,941)	(104,977)
Early extinguishment of debt	(19,072)	(10,545)	(13,304)
Income from real estate partnerships	1,416	1,243	1,498
INCOME FROM CONTINUING OPERATIONS	190,094	167,888	137,811
DISCONTINUED OPERATIONS
Discontinued operations - income	0	0	942
Discontinued operations - gain on sale of real estate	0	0	23,861
Results from discontinued operations	0	0	24,803
Income before gain on sale of real estate	190,094	167,888	162,614
Gain on sale of real estate	28,330	4,401	4,994
Net income	218,424	172,289	167,608
Net income attributable to noncontrolling interests	(8,205)	(7,754)	(4,927)
NET INCOME ATTRIBUTABLE TO THE TRUST	210,219	164,535	162,681
Dividends on preferred shares	(541)	(541)	(541)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 209,678	$ 163,994	$ 162,140
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$ 2.63	$ 2.35	$ 2.01
Discontinued operations	0	0	0.38
Gain on sale of real estate	0.41	0.07	0.08
EARNINGS PER COMMON SHARE, BASIC	$ 3.04	$ 2.42	$ 2.47
Weighted average common shares outstanding, basic	68,797	67,322	65,331
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$ 2.62	$ 2.34	$ 2
Discontinued operations	0	0	0.38
Gain on sale of real estate	0.41	0.07	0.08
EARNINGS PER COMMON SHARE, DILUTED	$ 3.03	$ 2.41	$ 2.46
Weighted average number of common shares, diluted	68,981	67,492	65,483
Comprehensive Income
Net income	$ 218,424	$ 172,289	$ 167,608
Other comprehensive (loss) income - change in value of interest rate swaps	(595)	(2,098)	10,971
COMPREHENSIVE INCOME	217,829	170,191	178,579
Comprehensive income attributable to noncontrolling interests	(8,205)	(7,754)	(4,927)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 209,624	$ 162,437	$ 173,652

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - 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, 2012		399,896	64,815,446
Beginning balance at Dec. 31, 2012	$ 1,310,593	$ 9,997	$ 648	$ 1,875,525	$ (586,970)	$ (12,388)	$ 23,781
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to noncontrolling interests	164,721				162,681		2,040
Other comprehensive (loss) income - change in value of interest rate swaps	10,971					10,971
Dividends declared to common shareholders	(198,965)				(198,965)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(1,887)						(1,887)
Common shares issued (in shares)			1,735,089
Common shares issued	185,182		$ 18	185,164
Exercise of stock options (in shares)			16,554
Exercise of stock options	$ 1,015		$ 0	1,015
Shares issued under dividend reinvestment plan (in shares)	20,026		20,026
Shares issued under dividend reinvestment plan	$ 2,130			2,130
Share-based compensation expense, net of forfeitures (in shares)			108,803
Share-based compensation expense, net of forfeitures	11,199		$ 1	11,198
Common Shares withheld for employee taxes (in shares)			(16,972)
Shares withheld for employee taxes (net value)				(1,842)
Conversion and redemption of OP units (in shares)			22,476
Conversion and redemption of OP units	1,422			625			797
Adjustment to redeemable noncontrolling interests	(9,857)			(9,857)
Ending balance (in shares) at Dec. 31, 2013		399,896	66,701,422
Ending balance at Dec. 31, 2013	1,471,297	$ 9,997	$ 667	2,062,708	(623,795)	(1,417)	23,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to noncontrolling interests	168,837				164,535		4,302
Other comprehensive (loss) income - change in value of interest rate swaps	(2,098)
Dividends declared to common shareholders	(224,190)				(224,190)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(4,620)						(4,620)
Common shares issued (in shares)			1,768,703
Common shares issued	213,580		$ 18	213,562
Exercise of stock options (in shares)			29,218
Exercise of stock options	$ 2,262		$ 1	2,261
Shares issued under dividend reinvestment plan (in shares)	18,705		18,705
Shares issued under dividend reinvestment plan	$ 2,168			2,168
Share-based compensation expense, net of forfeitures (in shares)			117,647
Share-based compensation expense, net of forfeitures	12,941		$ 1	12,940
Common Shares withheld for employee taxes (in shares)			(29,912)
Shares withheld for employee taxes (net value)				(3,335)
Conversion and redemption of OP units (in shares)			0
Conversion and redemption of OP units	63			49			14
Contributions from noncontrolling interests	65,350						65,350
Adjustment to redeemable noncontrolling interests	(9,032)			(9,032)
Ending balance (in shares) at Dec. 31, 2014		399,896	68,605,783
Ending 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 amount attributable to noncontrolling interests	215,001				210,219		4,782
Other comprehensive (loss) income - change in value of interest rate swaps	(595)
Dividends declared to common shareholders	(250,388)				(250,388)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(5,269)						(5,269)
Common shares issued (in shares)			813,548
Common shares issued	$ 108,545		$ 8	108,537
Exercise of stock options (in shares)	29,940		29,940
Exercise of stock options	$ 1,991		$ 0	1,991
Shares issued under dividend reinvestment plan (in shares)	16,524		16,524
Shares issued under dividend reinvestment plan	$ 2,296			2,296
Share-based compensation expense, net of forfeitures (in shares)			52,213
Share-based compensation expense, net of forfeitures	12,074		$ 1	12,073
Common Shares withheld for employee taxes (in shares)			(64,227)
Shares withheld for employee taxes (net value)				(9,211)
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	34,737						34,737
Adjustment to redeemable noncontrolling interests	(19,114)			(19,114)
Ending balance (in shares) at Dec. 31, 2015		399,896	69,493,392
Ending balance at Dec. 31, 2015	$ 1,781,931	$ 9,997	$ 696	$ 2,381,867	$ (724,701)	$ (4,110)	$ 118,182

Consolidated Statement Of Shar6

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Amounts attributable to redeemable noncontrolling interest	$ 3,423	$ 3,452	$ 2,887

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATING ACTIVITIES
Net income	$ 218,424	$ 172,289	$ 167,608
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization, including discontinued operations	174,796	170,814	161,099
Gain on sale of real estate	(28,330)	(4,401)	(28,855)
Early extinguishment of debt	19,072	10,545	13,304
Income from real estate partnerships	1,416	1,243	1,498
Other, net	177	733	2,704
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(9,200)	(3,063)	(6,321)
(Increase) decrease in prepaid expenses and other assets	(7,422)	(4,222)	69
(Decrease) increase in accounts payable and accrued expenses	(9,995)	4,253	5,325
Increase in security deposits and other liabilities	3,729	425	1,063
Net cash provided by operating activities	359,835	346,130	314,498
INVESTING ACTIVITIES
Acquisition of real estate	(154,313)	(9,154)	(87,276)
Capital expenditures - development and redevelopment	(236,437)	(314,654)	(243,073)
Capital expenditures - other	(46,096)	(46,304)	(47,069)
Proceeds from sale of real estate	97,422	10,406	42,866
Investment in real estate partnerships	(2,802)	(6,731)	0
Distribution from real estate partnership in excess of earnings	512	565	790
Leasing costs	(22,382)	(35,286)	(12,393)
Repayment of mortgage and other notes receivable, net	10,333	5,008	957
Net cash used in investing activities	(353,763)	(396,150)	(345,198)
FINANCING ACTIVITIES
Net borrowings (repayments) under revolving credit facility, net of costs	53,500	0	(1,929)
Issuance of senior notes, net of costs	456,151	244,579	564,389
Redemption and retirement of senior notes	(219,228)	(134,240)	(293,360)
Issuance of mortgages, capital leases and notes payable, net of costs	0	0	860
Repayment of mortgages, capital leases and notes payable	(181,315)	(94,422)	(173,735)
Issuance of common shares	110,855	216,155	186,548
Dividends paid to common and preferred shareholders	(243,314)	(215,216)	(193,016)
Distributions to and redemptions of noncontrolling interests	(9,626)	(7,812)	(7,118)
Net cash (used in) provided by financing activities	(32,977)	9,044	82,639
(Decrease) Increase in cash and cash equivalents	(26,905)	(40,976)	51,939
Cash and cash equivalents at beginning of year	47,951	88,927	36,988
Cash and cash equivalents at end of year	$ 21,046	$ 47,951	$ 88,927

Business And Organization

Business And Organization	12 Months Ended
	Dec. 31, 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, as well as in California and South Florida. As of December 31, 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.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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. Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management’s assessment of credit, collection and other business risk. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the termination date. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. We make estimates of the collectability of our accounts receivable related to minimum rents, straight-line rents, expense reimbursements and other revenue. Accounts receivable is carried net of this allowance for doubtful accounts. Our determination as to the collectability of accounts receivable and correspondingly, the adequacy of this allowance, is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The allowance for doubtful accounts is increased or decreased through bad debt expense. Accounts receivable are written-off when they are deemed to be uncollectible and we are no longer actively pursuing collection. At December 31, 2015 and 2014 , our allowance for doubtful accounts was $11.7 million and $12.4 million , respectively. In some cases, primarily relating to straight-line rents, the collection of accounts receivable extends beyond one year. Our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Accordingly, the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured. If our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized, the additional straight-line rental income is recognized as revenue. If our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible, a reserve and bad debt expense is recorded. At December 31, 2015 and 2014 , accounts receivable include approximately $72.7 million and $66.1 million , respectively, related to straight-line rents. Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2015 , 2014 and 2013 , real estate depreciation expense was $156.5 million , $155.7 million and $147.7 million , respectively, including amounts from real estate sold and assets under capital lease obligations. Sales of real estate are recognized only when sufficient down payments have been obtained, possession and other attributes of ownership have been transferred to the buyer and we have no significant continuing involvement. The application of these criteria can be complex and requires us to make assumptions. We believe these criteria were met for all real estate sold during the periods presented. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and/or appraised values. When we acquire operating real estate properties, the purchase price is allocated to land, building, improvements, leasing costs, intangibles such as in-place leases, assumed debt, if any, and to current assets and liabilities acquired, if any. The value allocated to in-place leases is amortized over the related lease term and reflected as rental income in the consolidated statements of comprehensive income. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of in-place lease value when we consider these to be bargain renewal options. If the value of below market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any in-place lease value is written off to rental income. Transaction costs related to the acquisition of a business, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and included in “general and administrative expenses” in our consolidated statements of comprehensive income. The acquisition of an operating shopping center typically qualifies as a business. For asset acquisitions not meeting the definition of a business, transaction costs are capitalized as part of the acquisition cost. When applicable, as lessee, we classify our leases of land and building as operating or capital leases. We are required to use judgment and make estimates in determining the lease term, the estimated economic life of the property and the interest rate to be used in determining whether or not the lease meets the qualification of a capital lease and is recorded as an asset. We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine the development or redevelopment is no longer probable of completion, we expense all capitalized costs which are not recoverable. We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Effective January 1, 2014, we adopted ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which amended 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 properties we have sold subsequent to January 1, 2014 do not qualify for discontinued operations presentation and thus, the results of those disposals are included in "income from continuing operations." Prior to January 1, 2014, the sale or disposal of a “component of an entity” was treated as discontinued operations. The operating properties sold by us prior to January 1, 2014 typically met the definition of a component of an entity and as such the revenues and expenses associated with sold properties were reclassified to discontinued operations for all periods presented. Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2015 , we had $18.1 million in excess of the FDIC insured limit. Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions and salaries and related costs of personnel directly related to time spent obtaining a lease. Capitalized lease costs are amortized over the life of the related lease. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any previously capitalized lease costs are written off. Debt Issuance Costs Costs related to the issuance of debt instruments are capitalized and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Derivative Instruments At times, we may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. 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 twelve months, we expect to reclassify an estimated $2.9 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 did not impact earnings in 2015 , 2014 or 2013 , and we do not anticipate it will have a significant effect in the future. See Note 8 for additional disclosures relating to our two existing interest rate swap agreements. Mortgage Notes Receivable We have made certain mortgage loans that, because of their nature, qualify as loan receivables. At the time the loans were made, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. On some of the loans we receive additional interest, however, we never receive in excess of 50% of the residual profit in the project, and because the borrower has either a substantial investment in the project or has guaranteed all or a portion of our loan (or a combination thereof), the loans qualify for loan accounting. The amounts under these arrangements are presented as mortgage notes receivable at December 31, 2015 and 2014 . Mortgage notes receivable are recorded at cost, net of any valuation adjustments. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the mortgage note receivable to the present value of expected future cash flows. Since all of our loans are collateralized by either a first or second mortgage, the loans have risk characteristics similar to the risks in owning commercial real estate. Share Based Compensation We grant share based compensation awards to employees and trustees typically in the form of restricted common shares, common shares, and options. We measure stock based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 15 for further discussion regarding our share based compensation plans and policies. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have evaluated our investments in certain joint ventures including our real estate partnership with affiliates of a discretionary fund created and advised by Clarion Partners as of December 31, 2015 and determined that these joint ventures do not meet the requirements of a variable interest entity and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method. See Note 19 for additional information regarding our January 13, 2016 acquisition of Clarion's 70% interest in this partnership. We have also determined that our hotel joint venture at our Pike & Rose project does not meet the requirement of a variable interest entity and have accounted for our related investment using the equity method. We have evaluated our mortgage loans receivable and determined that entities obligated under the mortgage loans are not VIEs for all periods presented. Our equity method investment balances and mortgage notes receivable are presented separately in our consolidated balance sheets. On October 16, 2006 , we acquired the leasehold interest in Melville Mall under a 20 year master lease. Additionally, we loaned the owner of Melville Mall $34.2 million secured by a second mortgage on the property. On June 3, 2014 , we repaid the third party mortgage loan, and effectively became the first mortgage lender on the property. We have an option to purchase the shopping center on or after October 16, 2021 for a price of $5.0 million plus the assumption/repayment of the first and second mortgages. If we fail to exercise our purchase option, the owner of Melville Mall has a put option which would require us to purchase Melville Mall in 2023 for $5.0 million and the assumption of the owner’s mortgage debt. We have determined that this property is held in a variable interest entity for which we are the primary beneficiary. Accordingly, beginning October 16, 2006 , we consolidated this property and its operations. At December 31, 2015 and 2014 , net real estate assets related to Melville Mall included in our consolidated balance sheets are approximately $65.0 million and $61.9 million , respectively. In conjunction with the acquisition of Darien Shopping Center, we entered into a Reverse Section 1031 like-kind exchange agreement with a third party intermediary. The exchange agreement was for a maximum of 180 days and allowed us, for tax purposes, to defer gains on sale of other properties sold within this period. From April 3, 2013 to September 10, 2013, the third party intermediary was the legal owner of the property, although we controlled the activities that most significantly impacted the property, retained all of the economic benefits and risks associated with the property, and were the primary beneficiary. Accordingly, effective April 3, 2013, we consolidated Darien Shopping Center and its operations even during the period it was held by a third party intermediary. We determined the joint venture that owns Plaza El Segundo is a variable interest entity for which we are the primary beneficiary. We are the managing member and own 48.2% of the entity. We control the significant operating decisions, consequently having the power to direct the activities that most significantly impact economic performance of the VIE, and have the obligation to absorb the majority of the losses and receive the majority of the benefits. Therefore, the entity is consolidated in our financial statements as of December 30, 2011. As of December 31, 2015 and 2014 , net real estate assets related to Plaza El Segundo included in our consolidated balance sheets are approximately $172.2 million and $178.1 million , respectively, and mortgages payable (net of unamortized premium) of $178.3 million and $180.3 million , respectively. Plaza El Segundo's creditors do not have recourse to our general credit. Our maximum exposure to loss is approximately $19.5 million . On January 1, 2014 we entered into an agreement to acquire the interest of one of the noncontrolling interest holders in The Grove at Shrewsbury in 2015. The entity that held this interest was a variable interest entity for which we were the primary beneficiary. As of December 31, 2014 , net real estate assets related to this entity's interest in The Grove at Shrewsbury included in our consolidated balance sheet were approximately $15.7 million , and a mortgage payable (net of unamortized premium) of $7.4 million . On February 25, 2015, we acquired the interest of the noncontrolling interest holder 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. We have determined the joint venture that owns CocoWalk and other partial interests in buildings in the Coconut Grove neighborhood of Miami, Florida, is a variable interest entity for which we are the primary beneficiary. We own an 80% common interest of the entity, as well as a preferred interest. We control the significant operating decisions, consequently having the power to direct the activities that most significantly impact economic performance of the entity, and have the obligation to absorb the majority of the losses and receive the majority of the benefits. Therefore, the entity is consolidated in our financial statements as of May 4, 2015. As of December 31, 2015 , net real estate assets related to CocoWalk included in our consolidated balance sheets are approximately $97.2 million . Our maximum exposure to loss is approximately $88.8 million . We have determined the joint venture that owns The Shops at Sunset Place is a variable interest entity for which we are the primary beneficiary. We own an 85% common interest of the entity. We control the significant operating decisions, consequently having the power to direct the activities that most significantly impact economic performance of the entity, and have the obligation to absorb the majority of the losses and receive the majority of the benefits. Therefore, the entity is consolidated in our financial statements as of October 1, 2015. As of December 31, 2015 , net real estate assets related to The Shops at Sunset Place included in our consolidated balance sheets are approximately $115.8 million , and the entity has a mortgage payable (net of unamortized premium) of $75.9 million . Our maximum exposure to loss is approximately $35.5 million . Redeemable Noncontrolling Interests We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity. We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date. Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity. These amounts are classified within the mezzanine section of the consolidated balance sheets. The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2015 2014 (In thousands) Beginning balance $ 119,053 $ 104,425 Net income 3,423 3,452 Distributions & Redemptions (4,286 ) (3,714 ) Contributions 12 5,858 Change in redemption value 19,114 9,032 Ending balance $ 137,316 $ 119,053 Income Taxes 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. We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS. In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). A TRS is subject to federal and state income taxes. Our TRS activities have not been material. With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2011 . As of December 31, 2015 and 2014 , we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense. Segment Information Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. We evaluate financial performance using property operating income, which consists of rental income, other property income and mortgage interest income, less rental expenses and real estate taxes. No individual property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America. Therefore, we have aggregated our properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. Recently Issued Accounting Pronouncements In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept, and related presentation and disclosure requirements, of an extraordinary item. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include those items that are both unusual in nature and infrequently occurring. ASU 2015-01 is effective for us in the first quarter of 2016 and is not expected to have a significant impact on our consolidated financial statements. 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 is not expected to have a significant 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: Year Ended December 31, 2015 2014 2013 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 110,675 $ 114,912 $ 121,158 Interest capitalized (18,122 ) (20,971 ) (16,181 ) Interest expense $ 92,553 $ 93,941 $ 104,977 Cash paid for interest, net of amounts capitalized $ 116,335 $ 100,011 $ 120,934 Cash paid for income taxes $ 274 $ 278 $ 410 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ 89,516 $ 68,282 $ — DownREIT operating partnership units issued with acquisition $ 7,742 $ 65,348 $ — Mortgage loans refinanced $ — $ 64,205 $ — Repayment of note payable with public funding/related construction-in-progress offset $ — $ 10,000 $ — Shares issued under dividend reinvestment plan $ 1,977 $ 1,855 $ 1,779 See Note 3 for additional disclosures relating to the San Antonio Center, CocoWalk, and The Shops at Sunset Place acquisitions. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions and salaries and personnel costs related to obtaining a lease. Capitalized lease costs are amortized over the initial term of the related lease which generally ranges from three to ten years. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow and therefore, we classify cash outflows related to leasing costs as an investing activity in our consolidated statements of cash flows.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE A summary of our real estate investments and related encumbrances is as follows: Cost Accumulated Depreciation and Amortization Encumbrances (In thousands) December 31, 2015 Retail and mixed-use properties $ 5,929,569 $ (1,526,934 ) $ 461,106 Retail properties under capital leases 124,590 (38,509 ) 71,620 Residential 10,247 (8,598 ) 21,716 $ 6,064,406 $ (1,574,041 ) $ 554,442 December 31, 2014 Retail and mixed-use properties $ 5,478,085 $ (1,423,682 ) $ 541,568 Retail properties under capital leases 121,069 (35,179 ) 71,647 Residential 9,844 (8,189 ) 22,130 $ 5,608,998 $ (1,467,050 ) $ 635,345 Retail and mixed-use properties includes the residential portion of Santana Row, Bethesda Row, Pike & Rose, Congressional Plaza and Chelsea Commons. The residential property investment is our investment in Rollingwood Apartments. 2015 Significant Property Acquisitions and Dispositions 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" in 2015 and 2014 . 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 and December 16, 2015 , we acquired partial interests in eight buildings in the Coconut Grove neighborhood of Miami, Florida for $7.8 million through our CocoWalk LLC entity. In total, w e incurred $1.1 million in acquisition costs which are included in "general and administrative expenses" in 2015 . On July 8, 2015 we acquired a parcel of land adjacent to our Pike 7 Plaza property for $5.0 million . On October 1, 2015 , we acquired 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 acquisition was completed through a newly formed entity for which we own an 85% interest. Approximately $4.8 million and $6.6 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. Additionally, approximately $6.3 million was allocated to noncontrolling interests. We incurred $0.9 million of acquisition costs, which are included in "general and administrative expenses" in 2015 . The transaction includes the assumption of an existing $70.8 million mortgage loan. On November 19, 2015 , we sold our Courtyard Shops property in Wellington, Florida for a sales price of $52.8 million , resulting in a gain of $16.8 million . 2014 Significant Property Acquisition 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 $1.0 million were incurred in 2014, and are included in "general and administrative expenses" in 2014 and 2013, on the accompanying consolidated statements of comprehensive income.

Mortgage Notes Receivable

Mortgage Notes Receivable	12 Months Ended
	Dec. 31, 2015
Mortgage Notes Receivable [Abstract]
MORTGAGE NOTES RECEIVABLE	MORTGAGE NOTES RECEIVABLE At December 31, 2015 and 2014 , we had three and four mortgage notes receivable, respectively, with aggregate carrying amounts of $41.6 million and $51.0 million , respectively. At December 31, 2015 , all of the loans were secured by first mortgages on retail buildings, and at December 31, 2014 , $41.2 million of the loans were secured by first mortgages on retail buildings. We have a note that matured on June 30, 2015 and is currently in default. The estimated net realizable value of the related collateral supports the carrying amount of the note. At December 31, 2015 and 2014 , our mortgages had a weighted average interest rate of 9.0% . Under the terms of certain of these mortgages, we receive additional interest based upon the gross income of the secured properties and upon sale, share in the appreciation of the properties.

Real Estate Partnerships

Real Estate Partnerships	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
REAL ESTATE PARTNERSHIPS	REAL ESTATE PARTNERSHIPS As of December 31, 2015 , we had a joint venture arrangement (the “Partnership”) with affiliates of a discretionary fund created and advised by Clarion Partners (“Clarion”). We owned 30% of the equity in the Partnership and Clarion owned 70% . We held a general partnership interest, however, Clarion also held a general partnership interest and had substantive participating rights. We could not make significant decisions without Clarion’s approval. Accordingly, we accounted for our interest in the Partnership using the equity method. As of December 31, 2015 , the Partnership owned six retail real estate properties. We were the manager of the Partnership and its properties, earning fees for acquisitions, dispositions, management, leasing, and financing. Intercompany profit generated from fees was eliminated in consolidation. We also had the opportunity to receive performance-based earnings through our Partnership interest. Accounting policies for the Partnership were similar to accounting policies followed by the Trust. As of December 31, 2015 , we made total contributions of $48.8 million and received total distributions of $32.4 million . On January 13, 2016 , we acquired Clarion's 70% interest in the partnership, as further discussed in Note 19. The following tables provide summarized operating results and the financial position of the Partnership: Year Ended December 31, 2015 2014 2013 (In thousands) OPERATING RESULTS Revenue $ 17,405 $ 18,329 $ 19,209 Expenses Other operating expenses 5,992 5,948 5,999 Depreciation and amortization 4,974 5,678 5,506 Interest expense 2,062 2,759 3,363 Total expenses 13,028 14,385 14,868 Net income before gain on sale of real estate 4,377 3,944 4,341 Gain on sale of real estate — 14,507 — Net income $ 4,377 $ 18,451 $ 4,341 Our share of net income from real estate partnership before gain on sale of real estate $ 1,557 $ 1,423 $ 1,498 Our share of gain on sale of real estate $ — $ 4,401 $ — December 31, 2015 2014 (In thousands) BALANCE SHEETS Real estate, net $ 146,906 $ 149,203 Cash 2,690 2,864 Other assets 5,495 5,346 Total assets $ 155,091 $ 157,413 Mortgages payable $ 34,385 $ 34,385 Other liabilities 3,554 3,673 Partners’ capital 117,152 119,355 Total liabilities and partners’ capital $ 155,091 $ 157,413 Our share of unconsolidated debt $ 10,316 $ 10,316 Our investment in real estate partnership $ 31,745 $ 32,367 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 .

Acquired In-Place Leases

Acquired In-Place Leases	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
ACQUIRED IN-PLACE LEASES	ACQUIRED IN-PLACE LEASES Acquired above market leases are included in prepaid expenses and other assets and had a balance of $39.4 million and $32.7 million and accumulated amortization of $22.9 million and $19.3 million at December 31, 2015 and 2014 , respectively. Acquired below market leases are included in other liabilities and deferred credits and had a balance of $133.4 million and $109.8 million and accumulated amortization of $40.7 million and $37.0 million at December 31, 2015 and 2014 , respectively. The value allocated to in-place leases is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. Rental income included amortization from acquired above market leases of $4.4 million , $3.4 million and $2.8 million in 2015 , 2014 and 2013 , respectively and amortization from acquired below market leases of $7.1 million , $5.8 million and $5.9 million in 2015 , 2014 and 2013 , respectively. The remaining weighted-average amortization period as of December 31, 2015 , is 4.4 years and 20.5 years for above market leases and below market leases, respectively. The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows: Above Market Leases Below Market Leases (In thousands) Year ending December 31, 2016 $ 4,629 $ 8,080 2017 3,189 7,036 2018 2,369 5,849 2019 1,236 5,469 2020 983 4,602 Thereafter 4,131 61,678 $ 16,537 $ 92,714

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Instruments [Abstract]
DEBT	DEBT The following is a summary of our total debt outstanding as of December 31, 2015 and 2014 : Principal Balance as of December 31, Stated Interest Rate as of Description of Debt 2015 2014 December 31, 2015 Stated Maturity Date Mortgages payable (Dollars in thousands) Barracks Road $ — $ 35,985 7.95 % November 1, 2015 Hauppauge — 13,566 7.95 % November 1, 2015 Lawrence Park — 25,507 7.95 % November 1, 2015 Wildwood — 22,420 7.95 % November 1, 2015 Wynnewood — 25,994 7.95 % November 1, 2015 Brick Plaza — 26,415 7.42 % November 1, 2015 Plaza El Segundo 175,000 175,000 6.33 % August 5, 2017 The Grove at Shrewsbury (East) 43,557 44,519 5.82 % October 1, 2017 The Grove at Shrewsbury (West) 11,024 11,242 6.38 % March 1, 2018 Rollingwood Apartments 21,716 22,130 5.54 % May 1, 2019 The Shops at Sunset Place 70,542 — 5.62 % September 1, 2020 29 th Place 4,753 4,941 5.91 % January 31, 2021 THE AVENUE at White Marsh 52,705 52,705 3.35 % January 1, 2022 Montrose Crossing 74,329 75,867 4.20 % January 10, 2022 Brook 35 11,500 11,500 4.65 % July 1, 2029 Chelsea 6,868 7,074 5.36 % January 15, 2031 Subtotal 471,994 554,865 Net unamortized premium 10,828 8,833 Total mortgages payable 482,822 563,698 Notes payable Escondido (municipal bonds) 9,400 9,400 0.03 % October 1, 2016 Revolving credit facility 53,500 — LIBOR + 0.90% April 21, 2017 Term loan 275,000 275,000 LIBOR + 0.90% November 21, 2018 Various 5,700 6,119 11.31 % Various through 2028 Total notes payable 343,600 290,519 Senior notes and debentures 6.20% notes — 200,000 6.20 % January 15, 2017 5.90% notes 150,000 150,000 5.90 % April 1, 2020 2.55% notes 250,000 — 2.55 % January 15, 2021 3.00% notes 250,000 250,000 3.00 % August 1, 2022 2.75% notes 275,000 275,000 2.75 % June 1, 2023 3.95% notes 300,000 300,000 3.95 % January 15, 2024 7.48% debentures 29,200 29,200 7.48 % August 15, 2026 6.82% medium term notes 40,000 40,000 6.82 % August 1, 2027 4.50% notes 450,000 250,000 4.50 % December 1, 2044 Subtotal 1,744,200 1,494,200 Net unamortized premium (discount) 124 (10,387 ) Total senior notes and debentures 1,744,324 1,483,813 Capital lease obligations Various 71,620 71,647 Various Various through 2106 Total debt and capital lease obligations $ 2,642,366 $ 2,409,677 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 had a stated interest rate of 5.27% , and had an original maturity date of January 1, 2016 . On November 2, 2015, we repaid the mortgage loan at par for $18.1 million . 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 year ended December 31, 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 . In connection with the acquisition of Sunset Place on October 1, 2015 , we assumed a mortgage loan with a face amount of $70.8 million and a fair value of $76.5 million . The mortgage loan bears interest at 5.62% and has a maturity date of September 1, 2020 . During 2015 , 2014 and 2013 , the maximum amount of borrowings outstanding under our revolving credit facility was $324.0 million , $79.5 million and $76.0 million , respectively. The weighted average amount of borrowings outstanding was $109.7 million , $12.5 million and $10.5 million , respectively, and the weighted average interest rate, before amortization of debt fees, was 1.1% , 1.1% and 1.3% , respectively. The revolving credit facility requires an annual facility fee of $0.9 million . At December 31, 2015 , our revolving credit facility had $53.5 million outstanding, and had no balance outstanding at December 31, 2014 . Our revolving credit facility 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 December 31, 2015 , we were in compliance with all loan covenants. Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2015 are as follows: Mortgages Payable Notes Payable Senior Notes and Debentures Total Principal (In thousands) Year ending December 31, 2016 $ 5,665 $ 9,812 $ — $ 15,477 2017 222,469 53,957 (1) — 276,426 2018 15,477 275,507 — 290,984 2019 25,006 561 — 25,567 2020 64,687 623 150,000 215,310 Thereafter 138,690 3,140 1,594,200 1,736,030 $ 471,994 $ 343,600 $ 1,744,200 $ 2,559,794 (2) _____________________ (1) Our $600.0 million revolving credit facility matures on April 21, 2017 , subject to a one -year extension at our option. As of December 31, 2015 , there was $53.5 million outstanding under this credit facility. (2) The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2015 due to the unamortized discount or premium on certain senior notes and mortgages payable. Future minimum lease payments and their present value for property under capital leases as of December 31, 2015 , are as follows: (In thousands) Year ending December 31, 2016 $ 5,788 2017 5,797 2018 5,800 2019 5,800 2020 5,800 Thereafter 154,410 183,395 Less amount representing interest (111,775 ) Present value $ 71,620

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8—FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. 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: December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 826,422 $ 833,931 $ 854,217 $ 880,866 Senior notes and debentures $ 1,744,324 $ 1,786,758 $ 1,483,813 $ 1,579,868 As of December 31, 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 . 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 December 31, 2015 and 2014 , was a liability of $4.1 million , and $3.5 million , respectively, and are included in "accounts payable and accrued expenses" on our consolidated balance sheets. The value of our interest rate swaps decreased $0.6 million and $2.1 million (including $4.3 million for both years reclassified from other comprehensive loss to earnings) for 2015 and 2014 , respectively. These decreases in value are 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: December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 4,110 $ — $ 4,110 $ — $ 3,515 $ — $ 3,515

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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. Other than as described below, 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. We reserve for estimated losses, if any, associated with warranties given to a buyer at the time real estate is sold or other potential liabilities relating to that sale, taking any insurance policies into account. These warranties may extend up to ten years and require significant judgment. If changes in facts and circumstances indicate that warranty reserves are understated, we will accrue additional reserves at such time a liability has been incurred and the costs can be reasonably estimated. Warranty reserves are released once the legal liability period has expired or all related work has been substantially completed. Any increases to our estimated warranty losses would usually result in a decrease in net income. We are self-insured for general liability costs up to predetermined retained amounts per claim, and we believe that we maintain adequate accruals to cover our retained liability. We currently do not maintain third party stop-loss insurance policies to cover liability costs in excess of predetermined retained amounts. Our accrual for self-insurance liability is determined by management and is based on claims filed and an estimate of claims incurred but not yet reported. Management considers a number of factors, including third-party actuarial analysis, previous experience in our portfolio, and future increases in costs of claims, when making these determinations. If our liability costs exceed these accruals, it will reduce our net income. At December 31, 2015 and 2014 , our reserves for warranties and general liability costs were $7.7 million and $7.2 million , respectively, and are included in “accounts payable and accrued expenses” in our consolidated balance sheets. Any potential losses which exceed our estimates would result in a decrease in our net income. During 2015 and 2014 , we made payments from these reserves of $1.8 million and $1.4 million , respectively. Although we consider the reserve to be adequate, there can be no assurance that the reserve will prove to be adequate over-time to cover losses due to the difference between the assumptions used to estimate the reserve and actual losses. At December 31, 2015 , we had letters of credit outstanding of approximately $13.0 million which are collateral for existing indebtedness and other obligations of the Trust. As of December 31, 2015 in connection with capital improvement, development, and redevelopment projects, the Trust has contractual obligations of approximately $381.1 million . We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2015 : (In thousands) Year ending December 31, 2016 $ 2,750 2017 2,785 2018 2,801 2019 2,988 2020 3,001 Thereafter 157,324 $ 171,649 A master lease for Mercer Mall includes a fixed purchase price option for $55 million in 2023 . If we fail to exercise our purchase option, the owner of Mercer Mall has a put option which would require us to purchase Mercer Mall for $60 million in 2025 . Under the terms of the Congressional Plaza partnership agreement, from and after January 1, 1986, an unaffiliated third party has the right to require us and the other minority partner to purchase its 29.47% interest in Congressional Plaza at the interest’s then-current fair market value. If the other minority partner defaults in their obligation, we must purchase the full interest. Based on management’s current estimate of fair market value as of December 31, 2015 , our estimated maximum liability upon exercise of the put option would range from approximately $78 million to $82 million . Under the terms of a partnership which owns a project in southern California, if certain leasing and revenue levels are obtained for the property owned by the partnership, the other partner may require us to purchase their 10% partnership interest at a formula price based upon property operating income. The purchase price for the partnership interest will be paid using our common shares or, subject to certain conditions, cash. If the other partner does not redeem their interest, we may choose to purchase the partnership interest upon the same terms. A master lease for Melville Mall includes a fixed purchase price option in 2021 for $5 million . If we fail to exercise our purchase option, the owner of Melville Mall has a put option which would require us to purchase Melville Mall in 2023 for $5 million . The other member in Montrose Crossing has the right to require us to purchase all of its 10.1% interest in Montrose Crossing at the interest's then-current fair market value. If the other member fails to exercise its put option, we have the right to purchase its interest on or after December 27, 2021 at fair market value. Based on management’s current estimate of fair market value as of December 31, 2015 , our estimated maximum liability upon exercise of the put option would range from approximately $8 million to $9 million . Two of the members in Plaza El Segundo have the right to require us to purchase their 10.0% and 11.8% ownership interests at the interests' then-current fair market value. If the members fail to exercise their put options, we have the right to purchase each of their interests on or after December 30, 2026 at fair market value. Based on management’s current estimate of fair market value as of December 31, 2015 , our estimated maximum liability upon exercise of the put option would range from approximately $21 million to $24 million . Also, between January 1, 2017 and February 1, 2017, we have an option to purchase the preferred interest of another member in Plaza El Segundo. The purchase price will be the lesser of fair value or the $4.9 million stated value of the preferred interest plus any accrued and unpaid preferred returns. Effective January 1, 2017 , the other member in The Grove at Shrewsbury and Brook 35 has the right to require us to purchase all of its approximately 4.8% interest in The Grove at Shrewsbury and approximately 8.8% interest in Brook 35 at the interests' then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2015 , our estimated maximum liability upon exercise of the put option would range from $9 million to $10 million . 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 operating partnership units are outstanding which have a total fair value of $136.5 million , based on our closing stock price on December 31, 2015 .

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares. In 2015 , 2014 and 2013 , 16,524 shares, 18,705 shares and 20,026 shares, respectively, were issued under the Plan. As of December 31, 2015 , 2014 , and 2013 , we had 399,896 shares of 5.417% Series 1 Cumulative Convertible Preferred Shares (“Series 1 Preferred Shares”) outstanding that have a liquidation preference of $25 per share and par value $0.01 per share. The Series 1 Preferred Shares accrue dividends at a rate of 5.417% per year and are convertible at any time by the holders to our common shares at a conversion rate of $104.69 per share. The Series 1 Preferred Shares are also convertible under certain circumstances at our election. The holders of the Series 1 Preferred Shares have no voting rights. 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 of outstanding under our revolving credit facility and/or for general corporate purposes. For the year ended December 31, 2015 , we issued 813,414 common shares at a weighted average price per share of $135.01 for net cash proceeds of $108.5 million and paid $1.1 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. For the year ended December 31, 2014 , we issued 1,768,583 common shares at a weighted average price per share of $122.09 for net cash proceeds of $213.6 million and paid $2.2 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. As of December 31, 2015 , we had the capacity to issue up to $190.2 million in common shares under our ATM equity program.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2015
Dividends [Abstract]
DIVIDENDS	DIVIDENDS The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2015 2014 2013 Declared Paid Declared Paid Declared Paid Common shares $ 3.620 $ 3.550 $ 3.300 $ 3.210 $ 3.020 $ 2.970 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2015 2014 2013 Common shares Ordinary dividend $ 3.515 $ 3.178 $ 2.911 Capital gain 0.035 0.032 0.059 $ 3.550 $ 3.210 $ 2.970 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.340 $ 1.340 $ 1.327 Capital gain 0.014 0.014 0.027 $ 1.354 $ 1.354 $ 1.354 On November 4, 2015 , the Trustees declared a quarterly cash dividend of $0.94 per common share, payable January 15, 2016 to common shareholders of record on January 4, 2016 .

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES At December 31, 2015 , our 90 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 2,700 leases with tenants providing a wide range of retail products and services. These tenants range from sole proprietorships to national retailers; no one tenant or corporate group of tenants accounts for more than 2.9% of annualized base rent. Our leases with commercial property and residential tenants are classified as operating leases. Commercial property leases generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, may provide for percentage rents based on the tenant’s level of sales achieved and cost recoveries for the tenant’s share of certain operating costs. Leases on apartments are generally for a period of 1 year or less. As of December 31, 2015 , minimum future commercial property rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our operating properties are as follows: (In thousands) Year ending December 31, 2016 $ 518,325 2017 470,881 2018 406,311 2019 348,429 2020 288,395 Thereafter 1,759,140 $ 3,791,481

Components Of Rental Income

Components Of Rental Income	12 Months Ended
	Dec. 31, 2015
Components Of Rental Income and Expense [Abstract]
COMPONENTS OF RENTAL INCOME AND EXPENSE	COMPONENTS OF RENTAL INCOME AND EXPENSE The principal components of rental income are as follows: Year Ended December 31, 2015 2014 2013 (In thousands) Minimum rents Retail and commercial $ 509,825 $ 472,602 $ 448,058 Residential 42,797 36,099 28,902 Cost reimbursement 148,110 135,592 122,578 Percentage rent 11,911 10,169 9,359 Other 15,169 11,860 11,192 Total rental income $ 727,812 $ 666,322 $ 620,089 Minimum rents include the following: Year Ended December 31, 2015 2014 2013 (In millions) Straight-line rents $ 7.6 $ 5.1 $ 5.4 Net amortization of above and below market leases $ 2.7 $ 2.4 $ 3.1 The principal components of rental expenses are as follows: Year Ended December 31, 2015 2014 2013 (In thousands) Repairs and maintenance $ 62,420 $ 55,444 $ 46,600 Utilities 23,003 20,499 19,219 Management fees and costs 18,639 17,416 16,250 Payroll 12,673 11,554 9,237 Marketing 9,046 9,532 8,664 Insurance 7,875 6,462 6,811 Ground Rent 2,540 1,952 1,916 Bad debt expense 1,168 2,021 442 Other operating 10,229 10,537 9,556 Total rental expenses $ 147,593 $ 135,417 $ 118,695

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2015
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 the discontinued operations is as follows: Year Ended December 31, 2013 Revenue from discontinued operations $ 1.5 Income from discontinued operations $ 0.9

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2015 2014 2013 (In thousands) Share-based compensation incurred Grants of common shares $ 12,074 $ 12,892 $ 10,907 Grants of options — 49 292 12,074 12,941 11,199 Capitalized share-based compensation (868 ) (1,188 ) (1,024 ) Share-based compensation expense $ 11,206 $ 11,753 $ 10,175 As of December 31, 2015 , we have grants outstanding under two share-based compensation plans. In May 2010, our shareholders approved the 2010 Performance Incentive Plan, as amended (“the 2010 Plan”), which authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest. Our 2001 Long Term Incentive Plan (the “2001 Plan”), which expired in May 2010, authorized the grant of share options, common shares and other share-based awards of 3,250,000 common shares of beneficial interest. Option awards under both plans are required to have an exercise price at least equal to the closing trading price of our common shares on the date of grant. Options and restricted share awards under these plans generally vest over three to six years and option awards typically have a ten -year contractual term. We pay dividends on unvested shares. Certain options and share awards provide for accelerated vesting if there is a change in control. Additionally, the vesting on certain option and share awards can accelerate in part or in full upon retirement based on the age of the retiree or upon termination without cause. The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Expected volatilities, term, dividend yields, employee exercises and estimated forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of each share award is determined based on the closing trading price of our common shares on the grant date. No options were granted in 2015 , 2014 and 2013 . The following table provides a summary of option activity for 2015 : Shares Under Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at December 31, 2014 343,742 $ 61.55 Granted — — Exercised (29,940 ) 68.04 Forfeited or expired — — Outstanding at December 31, 2015 313,802 $ 60.93 2.5 $ 26,726 Exercisable at December 31, 2015 313,802 $ 60.93 2.5 $ 26,726 The total cash received from options exercised during 2015 , 2014 and 2013 was $2.0 million , $2.3 million and $1.0 million , respectively. The total intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 was $2.1 million , $1.1 million and $0.7 million , respectively. The following table provides a summary of restricted share activity for 2015 : Shares Weighted-Average Grant-Date Fair Value Unvested at December 31, 2014 306,968 $ 100.45 Granted 62,128 141.08 Vested (181,967 ) 95.99 Forfeited (9,915 ) 111.21 Unvested at December 31, 2015 177,214 $ 118.68 The weighted-average grant-date fair value of stock awarded in 2015 , 2014 and 2013 was $141.08 , $111.45 and $106.70 , respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2015 , 2014 and 2013 , was $26.1 million , $12.1 million and $10.6 million , respectively. As of December 31, 2015 , there was $11.8 million of total unrecognized compensation cost related to unvested share-based compensation arrangements (i.e. options and unvested shares) granted under our plans. This cost is expected to be recognized over the next 8.4 years with a weighted-average period of 2.0 years . Subsequent to December 31, 2015 , common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 4, 2016 4,622 Shares Immediate Trustees February 3, 2016 135,063 Restricted shares 3-8 years Officers and key employees February 3, 2016 682 Options 5 years Officers and key employees

Savings and Retirement Plans

Savings and Retirement Plans	12 Months Ended
	Dec. 31, 2015
Savings and Retirement Plans [Abstract]
SAVINGS AND RETIREMENT PLANS	SAVINGS AND RETIREMENT PLANS We have a savings and retirement plan in accordance with the provisions of Section 401(k) of the Code. Generally, employees can elect, at their discretion, to contribute a portion of their compensation up to a maximum of $18,000 for 2015 , and $ 17,500 for 2014 and 2013 . Under the plan, we contribute 50% of each employee’s elective deferrals up to 5% of eligible earnings. In addition, we may make discretionary contributions within the limits of deductibility set forth by the Code. Our full-time employees are immediately eligible to become plan participants. Employees are eligible to receive matching contributions immediately on their participation; however, these matching payments will not vest until their third anniversary of employment for new employees who joined the Trust after December 31, 2011, and their first anniversary of employment for all other participants. Our expense for the years ended December 31, 2015 , 2014 and 2013 was approximately $504,000 , $442,000 and $384,000 , respectively. A non-qualified deferred compensation plan for our officers and certain other employees was established in 1994 that allows the participants to defer a portion of their income. As of December 31, 2015 and 2014 , we are liable to participants for approximately $9.7 million and $10.3 million , respectively, under this plan. Although this is an unfunded plan, we have purchased certain investments to match this obligation. Our obligation under this plan and the related investments are both included in the accompanying consolidated financial statements.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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 2015 , we had 0.2 million weighted average unvested shares outstanding, and in 2014 and 2013 , we had 0.3 million , 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 in 2015 , 2014 , or 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. Year Ended December 31, 2015 2014 2013 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 190,094 $ 167,888 $ 137,811 Less: Preferred share dividends (541 ) (541 ) (541 ) Less: Income from continuing operations attributable to noncontrolling interests (8,205 ) (7,754 ) (4,927 ) Less: Earnings allocated to unvested shares (797 ) (1,003 ) (889 ) Income from continuing operations available for common shareholders 180,551 158,590 131,454 Results from discontinued operations attributable to the Trust — — 24,803 Gain on sale of real estate 28,330 4,401 4,994 Net income available for common shareholders, basic and diluted $ 208,881 $ 162,991 $ 161,251 DENOMINATOR Weighted average common shares outstanding—basic 68,797 67,322 65,331 Effect of dilutive securities: Stock options 184 170 152 Weighted average common shares outstanding—diluted 68,981 67,492 65,483 EARNINGS PER COMMON SHARE, BASIC Continuing operations $ 2.63 $ 2.35 $ 2.01 Discontinued operations — — 0.38 Gain on sale of real estate 0.41 0.07 0.08 $ 3.04 $ 2.42 $ 2.47 EARNINGS PER COMMON SHARE, DILUTED Continuing operations $ 2.62 $ 2.34 $ 2.00 Discontinued operations — — 0.38 Gain on sale of real estate 0.41 0.07 0.08 $ 3.03 $ 2.41 $ 2.46 Income from continuing operations attributable to the Trust $ 181,889 $ 160,134 $ 132,884

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) 2015 Revenue $ 184,792 $ 181,461 $ 185,252 $ 192,507 Operating income $ 72,122 $ 76,201 $ 75,917 $ 75,914 Net income(1) $ 48,203 $ 45,673 $ 54,550 $ 69,998 Net income attributable to the Trust(1) $ 46,186 $ 43,632 $ 52,447 $ 67,954 Net income available for common shareholders(1) $ 46,051 $ 43,497 $ 52,311 $ 67,819 Earnings per common share—basic(1) $ 0.67 $ 0.63 $ 0.75 $ 0.98 Earnings per common share—diluted(1) $ 0.67 $ 0.63 $ 0.75 $ 0.97 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) 2014 Revenue $ 170,828 $ 167,947 $ 170,938 $ 176,377 Operating income $ 63,444 $ 68,361 $ 67,622 $ 71,610 Net income(1) $ 40,545 $ 45,416 $ 49,049 $ 37,279 Net income attributable to the Trust(1) $ 38,753 $ 43,545 $ 47,075 $ 35,162 Net income available for common shareholders(1) $ 38,618 $ 43,410 $ 46,939 $ 35,027 Earnings per common share—basic(1) $ 0.58 $ 0.64 $ 0.69 $ 0.51 Earnings per common share—diluted(1) $ 0.57 $ 0.64 $ 0.69 $ 0.51 (1) Second and fourth quarter 2015 include an $11.5 million and $16.8 million gain on sale, respectively, from our Houston Street and Courtyard Shops properties as further discussed in Note 3. Third quarter 2014 includes a $4.4 million gain on sale reflecting our share of the Partnership's sale of Pleasant Shops as further discussed in Note 5.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On January 13, 2016 , we acquired our partner's 70% equity interest in our unconsolidated real estate partnership further discussed in Note 5, for $153.7 million , which includes $130 million of cash and the assumption of three interest only mortgage loans with a total principal balance of $34.4 million . With the acquisition, we gained control of the six underlying properties, which will be consolidated as of the acquisition date.

Schedule III - Summary of Real

Schedule III - Summary of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Summary of Real Estate and Accumulated Depreciation	FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total 150 POST STREET (California) CA $ 11,685 $ 9,181 $ 16,200 $ 11,685 $ 25,381 $ 37,066 $ 17,181 1908/1965 10/23/1997 35 years 29TH PLACE (Virginia) VA 4,732 10,211 18,863 11,441 10,225 30,290 40,515 8,893 1975 - 2001 5/30/2007 35 years ANDORRA (Pennsylvania) PA 2,432 12,346 10,967 2,432 23,313 25,745 17,389 1953 1/12/1988 35 years ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) MA 93,252 34,196 346,444 93,252 380,640 473,892 28,839 2005, 2012-2014 2005-2013 35 years BALA CYNWYD (Pennsylvania) PA 3,565 14,466 23,077 3,566 37,542 41,108 17,580 1955 9/22/1993 35 years BARRACKS ROAD (Virginia) VA 4,363 16,459 40,076 4,363 56,535 60,898 39,146 1958 12/31/1985 35 years BETHESDA ROW (Maryland) MD 46,579 35,406 143,006 44,880 180,111 224,991 62,238 1945-2008 12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10 35 - 50 years BRICK PLAZA (New Jersey) NJ — 24,715 36,645 3,945 57,415 61,360 44,188 1958 12/28/1989 35 years BRISTOL PLAZA (Connecticut) CT 3,856 15,959 9,973 3,856 25,932 29,788 15,596 1959 9/22/1995 35 years BROOK 35 (New Jersey) NJ 11,500 7,128 38,355 1,334 7,128 39,689 46,817 2,662 1986/2004 1/1/2014 35 years CHELSEA COMMONS (Massachusetts) MA 6,602 9,417 19,466 13,853 9,396 33,340 42,736 6,482 1962/1969/2008 8/25/06, 1/30/07, & 7/16/08 35 years COCOWALK (Florida) FL 28,149 70,091 719 28,149 70,810 98,959 1,764 1990/1994, 1922-1973 5/4/15, 7/1/15, & 12/16/15 35 years COLORADO BLVD (California) CA 5,262 4,071 8,669 5,262 12,740 18,002 9,804 1905-1988 12/31/96 & 8/14/98 35 years CONGRESSIONAL PLAZA (Maryland) MD 2,793 7,424 80,282 1,020 89,479 90,499 48,023 1965/2003 4/1/1965 35 years COURTHOUSE CENTER (Maryland) MD 1,750 1,869 1,114 1,750 2,983 4,733 1,658 1975 12/17/1997 35 years CROSSROADS (Illinois) IL 4,635 11,611 15,188 4,635 26,799 31,434 14,909 1959 7/19/1993 35 years CROW CANYON COMMONS (California) CA 27,245 54,575 6,414 27,245 60,989 88,234 17,659 Late 1970's/ 12/29/05 & 2/28/07 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total DARIEN (Connecticut) CT 29,809 18,302 280 29,809 18,582 48,391 1,777 1920-2009 4/3/2013 35 years DEDHAM PLAZA (Massachusetts) MA 12,287 12,918 9,887 12,287 22,805 35,092 13,797 1959 12/31/1993 35 years DEL MAR VILLAGE (Florida) FL 15,624 41,712 3,063 15,587 44,812 60,399 17,250 1982/1994/2007 5/30/08, 7/11/08, & 10/14/14 35 years EAST BAY BRIDGE (California) CA 29,079 138,035 8,666 29,079 146,701 175,780 14,449 1994-2001, 2011/2012 12/21/2012 35 years EASTGATE (North Carolina) NC 1,608 5,775 20,754 1,608 26,529 28,137 18,307 1963 12/18/1986 35 years ELLISBURG (New Jersey) NJ 4,028 11,309 19,590 4,013 30,914 34,927 18,354 1959 10/16/1992 35 years ESCONDIDO PROMENADE (California) CA 19,117 15,829 12,158 19,117 27,987 47,104 13,477 1987 12/31/96 & 11/10/10 35 years FALLS PLAZA (Virginia) VA 1,798 1,270 9,779 1,819 11,028 12,847 7,928 1960/1962 9/30/67 & 10/05/72 25 years FEDERAL PLAZA (Maryland) MD 10,216 17,895 37,860 10,216 55,755 65,971 39,128 1970 6/29/1989 35 years FINLEY SQUARE (Illinois) IL 9,252 9,544 16,032 9,252 25,576 34,828 17,459 1974 4/27/1995 35 years FLOURTOWN (Pennsylvania) PA 1,345 3,943 11,353 1,345 15,296 16,641 4,886 1957 4/25/1980 35 years FRESH MEADOWS (New York) NY 24,625 25,255 31,046 24,633 56,293 80,926 33,120 1946-1949 12/5/1997 35 years FRIENDSHIP CENTER (District of Columbia) DC 12,696 20,803 4,020 12,696 24,823 37,519 9,900 1998 9/21/2001 35 years GAITHERSBURG SQUARE (Maryland) MD 7,701 5,271 13,702 5,973 20,701 26,674 16,778 1966 4/22/1993 35 years GARDEN MARKET (Illinois) IL 2,677 4,829 5,387 2,677 10,216 12,893 6,540 1958 7/28/1994 35 years GOVERNOR PLAZA (Maryland) MD 2,068 4,905 20,184 2,068 25,089 27,157 18,201 1963 10/1/1985 35 years GRAHAM PARK PLAZA (Virginia) VA 1,237 15,096 18,002 1,169 33,166 34,335 25,958 1971 7/21/1983 35 years GRATIOT PLAZA (Michigan) MI 525 1,601 17,439 525 19,040 19,565 16,001 1964 3/29/1973 25.75 years GREENWICH AVENUE (Connecticut) CT 7,484 5,444 1,169 7,484 6,613 14,097 3,782 1968 4/12/1995 35 years HAUPPAUGE (New York) NY 8,791 15,262 4,593 8,426 20,220 28,646 10,295 1963 8/6/1998 35 years HERMOSA AVENUE (California) CA 1,116 280 4,512 1,368 4,540 5,908 2,978 1922 9/17/1997 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total HOLLYWOOD BLVD (California) CA 8,300 16,920 21,199 8,300 38,119 46,419 11,765 1929/1991 3/22/99 & 6/18/99 35 years HUNTINGTON (New York) NY 12,195 16,008 16,134 12,195 32,142 44,337 13,323 1962 12/12/88, 10/26/07, & 11/24/15 35 years HUNTINGTON SQUARE (New York) NY — 10,075 2,164 — 12,239 12,239 2,236 1980/2004-2007 8/16/2010 35 years IDYLWOOD PLAZA (Virginia) VA 4,308 10,026 2,402 4,308 12,428 16,736 8,031 1991 4/15/1994 35 years KINGS COURT (California) CA — 10,714 898 — 11,612 11,612 7,881 1960 8/24/1998 26 years LANCASTER (Pennsylvania) PA 4,907 — 2,103 11,451 75 13,479 13,554 7,714 1958 4/24/1980 22 years LANGHORNE SQUARE (Pennsylvania) PA 720 2,974 18,068 720 21,042 21,762 13,690 1966 1/31/1985 35 years LAUREL (Maryland) MD 7,458 22,525 25,425 7,464 47,944 55,408 34,298 1956 8/15/1986 35 years LAWRENCE PARK (Pennsylvania) PA 5,723 7,160 19,371 5,734 26,520 32,254 23,597 1972 7/23/1980 22 years LEESBURG PLAZA (Virginia) VA 8,184 10,722 17,279 8,184 28,001 36,185 13,117 1967 9/15/1998 35 years LINDEN SQUARE (Massachusetts) MA 79,382 19,247 48,869 79,269 68,229 147,498 17,647 1960-2008 8/24/2006 35 years MELVILLE MALL (New York) NY 35,622 32,882 5,483 35,622 38,365 73,987 9,029 1974 10/16/2006 35 years MERCER MALL (New Jersey) NJ 55,682 28,684 48,028 42,395 28,684 90,423 119,107 33,853 1975 10/14/2003 25 - 35 years MONTROSE CROSSING (Maryland) MD 74,329 48,624 91,819 13,103 48,624 104,922 153,546 16,687 1960s, 1970s, 1996 & 2011 12/27/11, 12/19/13 35 years MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia) VA 10,068 33,501 39,297 10,230 72,636 82,866 28,716 1966/1972/1987/2001 3/31/03, 3/21/03, & 1/27/06 35 years TOWN CENTER OF NEW BRITAIN (Pennsylvania) PA 1,282 12,285 1,390 1,379 13,578 14,957 4,197 1969 6/29/2006 35 years NORTH DARTMOUTH (Massachusetts) MA 9,366 — — 9,366 — 9,366 — 2004 8/24/2006 NORTHEAST (Pennsylvania) PA 1,152 10,596 13,551 1,153 24,146 25,299 18,837 1959 8/30/1983 35 years NORTH LAKE COMMONS (Illinois) IL 2,782 8,604 5,044 2,628 13,802 16,430 7,557 1989 4/27/1994 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total OLD KEENE MILL (Virginia) VA 638 998 4,775 638 5,773 6,411 5,045 1968 6/15/1976 33.33 years OLD TOWN CENTER (California) CA 3,420 2,765 31,655 3,420 34,420 37,840 20,669 1962, 1997-1998 10/22/1997 35 years PAN AM (Virginia) VA 8,694 12,929 7,230 8,695 20,158 28,853 13,972 1979 2/5/1993 35 years PENTAGON ROW (Virginia) VA — 2,955 93,726 — 96,681 96,681 40,084 1999 - 2002 1998 & 11/22/10 35 years PERRING PLAZA (Maryland) MD 2,800 6,461 21,156 2,800 27,617 30,417 21,389 1963 10/1/1985 35 years PIKE & ROSE (Maryland) MD 31,471 10,335 324,723 26,199 340,330 366,529 5,488 1963 & 2012-2014 5/18/82, 10/26/07, & 7/31/12 50 years PIKE 7 PLAZA (Virginia) VA 14,970 22,799 3,945 14,914 26,800 41,714 14,907 1968 3/31/1997 & 7/8/2015 35 years PLAZA EL SEGUNDO/THE POINT (California) CA 178,313 62,127 153,556 55,296 62,127 208,852 270,979 24,548 2006 & 2007 12/30/11, 6/14/13, 7/26/13 & 12/27/13 35 years QUEEN ANNE PLAZA (Massachusetts) MA 3,319 8,457 6,421 3,319 14,878 18,197 8,908 1967 12/23/1994 35 years QUINCE ORCHARD (Maryland) MD 3,197 7,949 24,155 2,928 32,373 35,301 16,012 1975 4/22/1993 35 years ROCKVILLE TOWN SQUARE (Maryland) MD 4,492 — 8,092 41,995 — 50,087 50,087 13,887 2005 - 2007 2006 - 2007 50 years ROLLINGWOOD APTS. (Maryland) MD 21,716 552 2,246 7,449 572 9,675 10,247 8,598 1960 1/15/1971 25 years SAM'S PARK & SHOP (District of Columbia) DC 4,840 6,319 1,395 4,840 7,714 12,554 4,634 1930 12/1/1995 35 years SAN ANTONIO CENTER (California) CA 39,920 32,466 383 39,920 32,849 72,769 1,621 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015 35 years SANTANA ROW (California) CA 66,682 7,502 658,473 57,578 675,079 732,657 150,940 1999-2006, 2009, 2011, 2014 3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13 40 - 50 years SAUGUS PLAZA (Massachusetts) MA 4,383 8,291 2,581 4,383 10,872 15,255 5,846 1976 10/1/1996 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total THE AVENUE AT WHITE MARSH (Maryland) MD 52,705 20,682 72,432 7,028 20,685 79,457 100,142 25,294 1997 3/8/2007 35 years THE GROVE AT SHREWSBURY (New Jersey) NJ 56,997 18,016 103,115 995 18,021 104,105 122,126 6,980 1988/1993/2007 1/1/2014 & 10/6/14 35 years THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) MD 4,441 12,849 163 4,441 13,012 17,453 3,979 2005 - 2006 3/8/2007 35 years THE SHOPS AT SUNSET PLACE (Florida) FL 75,928 64,499 50,853 1,229 64,499 52,082 116,581 743 1999 10/1/2015 35 years THIRD STREET PROMENADE (California) CA 22,645 12,709 43,181 25,125 53,410 78,535 30,043 1888-2000 1996-2000 35 years TOWER (Virginia) VA 7,170 10,518 3,764 7,280 14,172 21,452 7,878 1953-1960 8/24/1998 35 years TOWER SHOPS (Florida) FL 29,940 43,390 20,045 29,962 63,413 93,375 10,777 1989 1/19/11 & 6/13/14 35 years TROY (New Jersey) NJ 3,126 5,193 26,281 4,311 30,289 34,600 19,580 1966 7/23/1980 22 years TYSON'S STATION (Virginia) VA 388 453 3,752 475 4,118 4,593 3,425 1954 1/17/1978 17 years VILLAGE AT SHIRLINGTON (Virginia) VA 6,539 9,761 14,808 36,838 4,234 57,173 61,407 22,623 1940, 2006-2009 12/21/1995 35 years WESTGATE CENTER (California) CA 6,319 107,284 32,392 6,319 139,676 145,995 37,056 1960-1966 3/31/2004 35 years WHITE MARSH PLAZA (Maryland) MD 3,478 21,413 262 3,478 21,675 25,153 7,123 1987 3/8/2007 35 years WHITE MARSH OTHER (Maryland) MD 34,281 1,843 925 34,311 2,738 37,049 673 1985 3/8/2007 35 years WILDWOOD (Maryland) MD 9,111 1,061 8,793 9,111 9,854 18,965 8,191 1958 5/5/1969 33.33 years WILLOW GROVE (Pennsylvania) PA 1,499 6,643 21,857 1,499 28,500 29,999 24,244 1953 11/20/1984 35 years WILLOW LAWN (Virginia) VA 3,192 7,723 79,673 7,790 82,798 90,588 52,272 1957 12/5/1983 35 years WYNNEWOOD (Pennsylvania) PA 8,055 13,759 19,912 8,055 33,671 41,726 20,061 1948 10/29/1996 35 years TOTALS $ 554,442 $ 1,222,871 $ 1,910,686 $ 2,930,849 $ 1,209,804 $ 4,854,602 $ 6,064,406 $ 1,574,041 FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2015 Reconciliation of Total Cost (in thousands) Balance, December 31, 2012 $ 4,779,674 Additions during period Acquisitions 76,359 Improvements 329,522 Deduction during period—dispositions and retirements of property (36,092 ) Balance, December 31, 2013 5,149,463 Additions during period Acquisitions 174,328 Improvements 329,674 Deduction during period—dispositions and retirements of property and transfer to joint venture (44,467 ) Balance, December 31, 2014 5,608,998 Additions during period Acquisitions 291,726 Improvements 281,471 Deduction during period—dispositions and retirements of property (117,789 ) Balance, December 31, 2015 $ 6,064,406 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $5.3 billion as of December 31, 2015 . FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2015 Reconciliation of Accumulated Depreciation and Amortization (in thousands) Balance, December 31, 2012 $ 1,224,295 Additions during period—depreciation and amortization expense 147,730 Deductions during period—dispositions and retirements of property (21,554 ) Balance, December 31, 2013 1,350,471 Additions during period—depreciation and amortization expense 155,662 Deductions during period—dispositions and retirements of property (39,083 ) Balance, December 31, 2014 1,467,050 Additions during period—depreciation and amortization expense 156,513 Deductions during period—dispositions and retirements of property (49,522 ) Balance, December 31, 2015 $ 1,574,041

Schedule III Part II - Summary

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Summary of Real Estate and Accumulated Depreciation	FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total 150 POST STREET (California) CA $ 11,685 $ 9,181 $ 16,200 $ 11,685 $ 25,381 $ 37,066 $ 17,181 1908/1965 10/23/1997 35 years 29TH PLACE (Virginia) VA 4,732 10,211 18,863 11,441 10,225 30,290 40,515 8,893 1975 - 2001 5/30/2007 35 years ANDORRA (Pennsylvania) PA 2,432 12,346 10,967 2,432 23,313 25,745 17,389 1953 1/12/1988 35 years ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) MA 93,252 34,196 346,444 93,252 380,640 473,892 28,839 2005, 2012-2014 2005-2013 35 years BALA CYNWYD (Pennsylvania) PA 3,565 14,466 23,077 3,566 37,542 41,108 17,580 1955 9/22/1993 35 years BARRACKS ROAD (Virginia) VA 4,363 16,459 40,076 4,363 56,535 60,898 39,146 1958 12/31/1985 35 years BETHESDA ROW (Maryland) MD 46,579 35,406 143,006 44,880 180,111 224,991 62,238 1945-2008 12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10 35 - 50 years BRICK PLAZA (New Jersey) NJ — 24,715 36,645 3,945 57,415 61,360 44,188 1958 12/28/1989 35 years BRISTOL PLAZA (Connecticut) CT 3,856 15,959 9,973 3,856 25,932 29,788 15,596 1959 9/22/1995 35 years BROOK 35 (New Jersey) NJ 11,500 7,128 38,355 1,334 7,128 39,689 46,817 2,662 1986/2004 1/1/2014 35 years CHELSEA COMMONS (Massachusetts) MA 6,602 9,417 19,466 13,853 9,396 33,340 42,736 6,482 1962/1969/2008 8/25/06, 1/30/07, & 7/16/08 35 years COCOWALK (Florida) FL 28,149 70,091 719 28,149 70,810 98,959 1,764 1990/1994, 1922-1973 5/4/15, 7/1/15, & 12/16/15 35 years COLORADO BLVD (California) CA 5,262 4,071 8,669 5,262 12,740 18,002 9,804 1905-1988 12/31/96 & 8/14/98 35 years CONGRESSIONAL PLAZA (Maryland) MD 2,793 7,424 80,282 1,020 89,479 90,499 48,023 1965/2003 4/1/1965 35 years COURTHOUSE CENTER (Maryland) MD 1,750 1,869 1,114 1,750 2,983 4,733 1,658 1975 12/17/1997 35 years CROSSROADS (Illinois) IL 4,635 11,611 15,188 4,635 26,799 31,434 14,909 1959 7/19/1993 35 years CROW CANYON COMMONS (California) CA 27,245 54,575 6,414 27,245 60,989 88,234 17,659 Late 1970's/ 12/29/05 & 2/28/07 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total DARIEN (Connecticut) CT 29,809 18,302 280 29,809 18,582 48,391 1,777 1920-2009 4/3/2013 35 years DEDHAM PLAZA (Massachusetts) MA 12,287 12,918 9,887 12,287 22,805 35,092 13,797 1959 12/31/1993 35 years DEL MAR VILLAGE (Florida) FL 15,624 41,712 3,063 15,587 44,812 60,399 17,250 1982/1994/2007 5/30/08, 7/11/08, & 10/14/14 35 years EAST BAY BRIDGE (California) CA 29,079 138,035 8,666 29,079 146,701 175,780 14,449 1994-2001, 2011/2012 12/21/2012 35 years EASTGATE (North Carolina) NC 1,608 5,775 20,754 1,608 26,529 28,137 18,307 1963 12/18/1986 35 years ELLISBURG (New Jersey) NJ 4,028 11,309 19,590 4,013 30,914 34,927 18,354 1959 10/16/1992 35 years ESCONDIDO PROMENADE (California) CA 19,117 15,829 12,158 19,117 27,987 47,104 13,477 1987 12/31/96 & 11/10/10 35 years FALLS PLAZA (Virginia) VA 1,798 1,270 9,779 1,819 11,028 12,847 7,928 1960/1962 9/30/67 & 10/05/72 25 years FEDERAL PLAZA (Maryland) MD 10,216 17,895 37,860 10,216 55,755 65,971 39,128 1970 6/29/1989 35 years FINLEY SQUARE (Illinois) IL 9,252 9,544 16,032 9,252 25,576 34,828 17,459 1974 4/27/1995 35 years FLOURTOWN (Pennsylvania) PA 1,345 3,943 11,353 1,345 15,296 16,641 4,886 1957 4/25/1980 35 years FRESH MEADOWS (New York) NY 24,625 25,255 31,046 24,633 56,293 80,926 33,120 1946-1949 12/5/1997 35 years FRIENDSHIP CENTER (District of Columbia) DC 12,696 20,803 4,020 12,696 24,823 37,519 9,900 1998 9/21/2001 35 years GAITHERSBURG SQUARE (Maryland) MD 7,701 5,271 13,702 5,973 20,701 26,674 16,778 1966 4/22/1993 35 years GARDEN MARKET (Illinois) IL 2,677 4,829 5,387 2,677 10,216 12,893 6,540 1958 7/28/1994 35 years GOVERNOR PLAZA (Maryland) MD 2,068 4,905 20,184 2,068 25,089 27,157 18,201 1963 10/1/1985 35 years GRAHAM PARK PLAZA (Virginia) VA 1,237 15,096 18,002 1,169 33,166 34,335 25,958 1971 7/21/1983 35 years GRATIOT PLAZA (Michigan) MI 525 1,601 17,439 525 19,040 19,565 16,001 1964 3/29/1973 25.75 years GREENWICH AVENUE (Connecticut) CT 7,484 5,444 1,169 7,484 6,613 14,097 3,782 1968 4/12/1995 35 years HAUPPAUGE (New York) NY 8,791 15,262 4,593 8,426 20,220 28,646 10,295 1963 8/6/1998 35 years HERMOSA AVENUE (California) CA 1,116 280 4,512 1,368 4,540 5,908 2,978 1922 9/17/1997 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total HOLLYWOOD BLVD (California) CA 8,300 16,920 21,199 8,300 38,119 46,419 11,765 1929/1991 3/22/99 & 6/18/99 35 years HUNTINGTON (New York) NY 12,195 16,008 16,134 12,195 32,142 44,337 13,323 1962 12/12/88, 10/26/07, & 11/24/15 35 years HUNTINGTON SQUARE (New York) NY — 10,075 2,164 — 12,239 12,239 2,236 1980/2004-2007 8/16/2010 35 years IDYLWOOD PLAZA (Virginia) VA 4,308 10,026 2,402 4,308 12,428 16,736 8,031 1991 4/15/1994 35 years KINGS COURT (California) CA — 10,714 898 — 11,612 11,612 7,881 1960 8/24/1998 26 years LANCASTER (Pennsylvania) PA 4,907 — 2,103 11,451 75 13,479 13,554 7,714 1958 4/24/1980 22 years LANGHORNE SQUARE (Pennsylvania) PA 720 2,974 18,068 720 21,042 21,762 13,690 1966 1/31/1985 35 years LAUREL (Maryland) MD 7,458 22,525 25,425 7,464 47,944 55,408 34,298 1956 8/15/1986 35 years LAWRENCE PARK (Pennsylvania) PA 5,723 7,160 19,371 5,734 26,520 32,254 23,597 1972 7/23/1980 22 years LEESBURG PLAZA (Virginia) VA 8,184 10,722 17,279 8,184 28,001 36,185 13,117 1967 9/15/1998 35 years LINDEN SQUARE (Massachusetts) MA 79,382 19,247 48,869 79,269 68,229 147,498 17,647 1960-2008 8/24/2006 35 years MELVILLE MALL (New York) NY 35,622 32,882 5,483 35,622 38,365 73,987 9,029 1974 10/16/2006 35 years MERCER MALL (New Jersey) NJ 55,682 28,684 48,028 42,395 28,684 90,423 119,107 33,853 1975 10/14/2003 25 - 35 years MONTROSE CROSSING (Maryland) MD 74,329 48,624 91,819 13,103 48,624 104,922 153,546 16,687 1960s, 1970s, 1996 & 2011 12/27/11, 12/19/13 35 years MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia) VA 10,068 33,501 39,297 10,230 72,636 82,866 28,716 1966/1972/1987/2001 3/31/03, 3/21/03, & 1/27/06 35 years TOWN CENTER OF NEW BRITAIN (Pennsylvania) PA 1,282 12,285 1,390 1,379 13,578 14,957 4,197 1969 6/29/2006 35 years NORTH DARTMOUTH (Massachusetts) MA 9,366 — — 9,366 — 9,366 — 2004 8/24/2006 NORTHEAST (Pennsylvania) PA 1,152 10,596 13,551 1,153 24,146 25,299 18,837 1959 8/30/1983 35 years NORTH LAKE COMMONS (Illinois) IL 2,782 8,604 5,044 2,628 13,802 16,430 7,557 1989 4/27/1994 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total OLD KEENE MILL (Virginia) VA 638 998 4,775 638 5,773 6,411 5,045 1968 6/15/1976 33.33 years OLD TOWN CENTER (California) CA 3,420 2,765 31,655 3,420 34,420 37,840 20,669 1962, 1997-1998 10/22/1997 35 years PAN AM (Virginia) VA 8,694 12,929 7,230 8,695 20,158 28,853 13,972 1979 2/5/1993 35 years PENTAGON ROW (Virginia) VA — 2,955 93,726 — 96,681 96,681 40,084 1999 - 2002 1998 & 11/22/10 35 years PERRING PLAZA (Maryland) MD 2,800 6,461 21,156 2,800 27,617 30,417 21,389 1963 10/1/1985 35 years PIKE & ROSE (Maryland) MD 31,471 10,335 324,723 26,199 340,330 366,529 5,488 1963 & 2012-2014 5/18/82, 10/26/07, & 7/31/12 50 years PIKE 7 PLAZA (Virginia) VA 14,970 22,799 3,945 14,914 26,800 41,714 14,907 1968 3/31/1997 & 7/8/2015 35 years PLAZA EL SEGUNDO/THE POINT (California) CA 178,313 62,127 153,556 55,296 62,127 208,852 270,979 24,548 2006 & 2007 12/30/11, 6/14/13, 7/26/13 & 12/27/13 35 years QUEEN ANNE PLAZA (Massachusetts) MA 3,319 8,457 6,421 3,319 14,878 18,197 8,908 1967 12/23/1994 35 years QUINCE ORCHARD (Maryland) MD 3,197 7,949 24,155 2,928 32,373 35,301 16,012 1975 4/22/1993 35 years ROCKVILLE TOWN SQUARE (Maryland) MD 4,492 — 8,092 41,995 — 50,087 50,087 13,887 2005 - 2007 2006 - 2007 50 years ROLLINGWOOD APTS. (Maryland) MD 21,716 552 2,246 7,449 572 9,675 10,247 8,598 1960 1/15/1971 25 years SAM'S PARK & SHOP (District of Columbia) DC 4,840 6,319 1,395 4,840 7,714 12,554 4,634 1930 12/1/1995 35 years SAN ANTONIO CENTER (California) CA 39,920 32,466 383 39,920 32,849 72,769 1,621 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015 35 years SANTANA ROW (California) CA 66,682 7,502 658,473 57,578 675,079 732,657 150,940 1999-2006, 2009, 2011, 2014 3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13 40 - 50 years SAUGUS PLAZA (Massachusetts) MA 4,383 8,291 2,581 4,383 10,872 15,255 5,846 1976 10/1/1996 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total THE AVENUE AT WHITE MARSH (Maryland) MD 52,705 20,682 72,432 7,028 20,685 79,457 100,142 25,294 1997 3/8/2007 35 years THE GROVE AT SHREWSBURY (New Jersey) NJ 56,997 18,016 103,115 995 18,021 104,105 122,126 6,980 1988/1993/2007 1/1/2014 & 10/6/14 35 years THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) MD 4,441 12,849 163 4,441 13,012 17,453 3,979 2005 - 2006 3/8/2007 35 years THE SHOPS AT SUNSET PLACE (Florida) FL 75,928 64,499 50,853 1,229 64,499 52,082 116,581 743 1999 10/1/2015 35 years THIRD STREET PROMENADE (California) CA 22,645 12,709 43,181 25,125 53,410 78,535 30,043 1888-2000 1996-2000 35 years TOWER (Virginia) VA 7,170 10,518 3,764 7,280 14,172 21,452 7,878 1953-1960 8/24/1998 35 years TOWER SHOPS (Florida) FL 29,940 43,390 20,045 29,962 63,413 93,375 10,777 1989 1/19/11 & 6/13/14 35 years TROY (New Jersey) NJ 3,126 5,193 26,281 4,311 30,289 34,600 19,580 1966 7/23/1980 22 years TYSON'S STATION (Virginia) VA 388 453 3,752 475 4,118 4,593 3,425 1954 1/17/1978 17 years VILLAGE AT SHIRLINGTON (Virginia) VA 6,539 9,761 14,808 36,838 4,234 57,173 61,407 22,623 1940, 2006-2009 12/21/1995 35 years WESTGATE CENTER (California) CA 6,319 107,284 32,392 6,319 139,676 145,995 37,056 1960-1966 3/31/2004 35 years WHITE MARSH PLAZA (Maryland) MD 3,478 21,413 262 3,478 21,675 25,153 7,123 1987 3/8/2007 35 years WHITE MARSH OTHER (Maryland) MD 34,281 1,843 925 34,311 2,738 37,049 673 1985 3/8/2007 35 years WILDWOOD (Maryland) MD 9,111 1,061 8,793 9,111 9,854 18,965 8,191 1958 5/5/1969 33.33 years WILLOW GROVE (Pennsylvania) PA 1,499 6,643 21,857 1,499 28,500 29,999 24,244 1953 11/20/1984 35 years WILLOW LAWN (Virginia) VA 3,192 7,723 79,673 7,790 82,798 90,588 52,272 1957 12/5/1983 35 years WYNNEWOOD (Pennsylvania) PA 8,055 13,759 19,912 8,055 33,671 41,726 20,061 1948 10/29/1996 35 years TOTALS $ 554,442 $ 1,222,871 $ 1,910,686 $ 2,930,849 $ 1,209,804 $ 4,854,602 $ 6,064,406 $ 1,574,041 FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2015 Reconciliation of Total Cost (in thousands) Balance, December 31, 2012 $ 4,779,674 Additions during period Acquisitions 76,359 Improvements 329,522 Deduction during period—dispositions and retirements of property (36,092 ) Balance, December 31, 2013 5,149,463 Additions during period Acquisitions 174,328 Improvements 329,674 Deduction during period—dispositions and retirements of property and transfer to joint venture (44,467 ) Balance, December 31, 2014 5,608,998 Additions during period Acquisitions 291,726 Improvements 281,471 Deduction during period—dispositions and retirements of property (117,789 ) Balance, December 31, 2015 $ 6,064,406 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $5.3 billion as of December 31, 2015 . FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2015 Reconciliation of Accumulated Depreciation and Amortization (in thousands) Balance, December 31, 2012 $ 1,224,295 Additions during period—depreciation and amortization expense 147,730 Deductions during period—dispositions and retirements of property (21,554 ) Balance, December 31, 2013 1,350,471 Additions during period—depreciation and amortization expense 155,662 Deductions during period—dispositions and retirements of property (39,083 ) Balance, December 31, 2014 1,467,050 Additions during period—depreciation and amortization expense 156,513 Deductions during period—dispositions and retirements of property (49,522 ) Balance, December 31, 2015 $ 1,574,041

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2015 (Dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Description of Lien Interest Rate Maturity Date Periodic Payment Prior Face Amount Carrying Principal Mortgage on 8% or 10% May 2021 Interest only $ — $ 20,653 $ 20,653 (2) $ — Mortgage on retail buildings in Philadelphia, PA 10% plus participation May 2021 Interest only monthly; — 9,250 9,250 — Mortgage on retail building in Norwalk, CT 7% June 2015 Interest only; balloon payment due at maturity — 11,715 11,715 11,715 (3 ) $ — $ 41,618 $ 41,618 $ 11,715 _____________________ (1) For Federal tax purposes, the aggregate tax basis is approximately $41.6 million as of December 31, 2015 . (2) This mortgage is available for up to $25.0 million . (3) This note matured on June 30, 2015, is currently in default, and we have initiated foreclosure proceedings. The estimated net realizable value of the related collateral supports the carrying amount of the note. FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - CONTINUED Three Years Ended December 31, 2015 Reconciliation of Carrying Amount (in thousands) Balance, December 31, 2012 $ 55,648 Deductions during period: Collection and satisfaction of loans (1,057 ) Amortization of discount 564 Balance, December 31, 2013 55,155 Deductions during period: Collection and satisfaction of loans (4,778 ) Amortization of discount 611 Balance, December 31, 2014 50,988 Additions during period: Issuance of loans 368 Deductions during period: Collection and satisfaction of loans (10,692 ) Amortization of discount 954 Balance, December 31, 2015 $ 41,618

Summary Of Significant Accoun30

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 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.
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management’s assessment of credit, collection and other business risk. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the termination date. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. We make estimates of the collectability of our accounts receivable related to minimum rents, straight-line rents, expense reimbursements and other revenue. Accounts receivable is carried net of this allowance for doubtful accounts. Our determination as to the collectability of accounts receivable and correspondingly, the adequacy of this allowance, is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The allowance for doubtful accounts is increased or decreased through bad debt expense. Accounts receivable are written-off when they are deemed to be uncollectible and we are no longer actively pursuing collection. At December 31, 2015 and 2014 , our allowance for doubtful accounts was $11.7 million and $12.4 million , respectively. In some cases, primarily relating to straight-line rents, the collection of accounts receivable extends beyond one year. Our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Accordingly, the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured. If our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized, the additional straight-line rental income is recognized as revenue. If our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible, a reserve and bad debt expense is recorded. At December 31, 2015 and 2014 , accounts receivable include approximately $72.7 million and $66.1 million , respectively, related to straight-line rents.
Real Estate	Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2015 , 2014 and 2013 , real estate depreciation expense was $156.5 million , $155.7 million and $147.7 million , respectively, including amounts from real estate sold and assets under capital lease obligations. Sales of real estate are recognized only when sufficient down payments have been obtained, possession and other attributes of ownership have been transferred to the buyer and we have no significant continuing involvement. The application of these criteria can be complex and requires us to make assumptions. We believe these criteria were met for all real estate sold during the periods presented. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and/or appraised values. When we acquire operating real estate properties, the purchase price is allocated to land, building, improvements, leasing costs, intangibles such as in-place leases, assumed debt, if any, and to current assets and liabilities acquired, if any. The value allocated to in-place leases is amortized over the related lease term and reflected as rental income in the consolidated statements of comprehensive income. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of in-place lease value when we consider these to be bargain renewal options. If the value of below market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any in-place lease value is written off to rental income. Transaction costs related to the acquisition of a business, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and included in “general and administrative expenses” in our consolidated statements of comprehensive income. The acquisition of an operating shopping center typically qualifies as a business. For asset acquisitions not meeting the definition of a business, transaction costs are capitalized as part of the acquisition cost. When applicable, as lessee, we classify our leases of land and building as operating or capital leases. We are required to use judgment and make estimates in determining the lease term, the estimated economic life of the property and the interest rate to be used in determining whether or not the lease meets the qualification of a capital lease and is recorded as an asset. We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine the development or redevelopment is no longer probable of completion, we expense all capitalized costs which are not recoverable. We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Effective January 1, 2014, we adopted ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which amended 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 properties we have sold subsequent to January 1, 2014 do not qualify for discontinued operations presentation and thus, the results of those disposals are included in "income from continuing operations." Prior to January 1, 2014, the sale or disposal of a “component of an entity” was treated as discontinued operations. The operating properties sold by us prior to January 1, 2014 typically met the definition of a component of an entity and as such the revenues and expenses associated with sold properties were reclassified to discontinued operations for all periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2015 , we had $18.1 million in excess of the FDIC insured limit.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions and salaries and related costs of personnel directly related to time spent obtaining a lease. Capitalized lease costs are amortized over the life of the related lease. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any previously capitalized lease costs are written off.
Debt Issuance Costs	Debt Issuance Costs Costs related to the issuance of debt instruments are capitalized and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.”
Derivative Instruments	Derivative Instruments At times, we may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. 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 twelve months, we expect to reclassify an estimated $2.9 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 did not impact earnings in 2015 , 2014 or 2013 , and we do not anticipate it will have a significant effect in the future. See Note 8 for additional disclosures relating to our two existing interest rate swap agreements.
Mortgage Notes Receivable	Mortgage Notes Receivable We have made certain mortgage loans that, because of their nature, qualify as loan receivables. At the time the loans were made, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. On some of the loans we receive additional interest, however, we never receive in excess of 50% of the residual profit in the project, and because the borrower has either a substantial investment in the project or has guaranteed all or a portion of our loan (or a combination thereof), the loans qualify for loan accounting. The amounts under these arrangements are presented as mortgage notes receivable at December 31, 2015 and 2014 . Mortgage notes receivable are recorded at cost, net of any valuation adjustments. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the mortgage note receivable to the present value of expected future cash flows. Since all of our loans are collateralized by either a first or second mortgage, the loans have risk characteristics similar to the risks in owning commercial real estate.
Share Based Compensation	Share Based Compensation We grant share based compensation awards to employees and trustees typically in the form of restricted common shares, common shares, and options. We measure stock based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 15 for further discussion regarding our share based compensation plans and policies.
Variable Interest Entities	Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have evaluated our investments in certain joint ventures including our real estate partnership with affiliates of a discretionary fund created and advised by Clarion Partners as of December 31, 2015 and determined that these joint ventures do not meet the requirements of a variable interest entity and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method. See Note 19 for additional information regarding our January 13, 2016 acquisition of Clarion's 70% interest in this partnership. We have also determined that our hotel joint venture at our Pike & Rose project does not meet the requirement of a variable interest entity and have accounted for our related investment using the equity method. We have evaluated our mortgage loans receivable and determined that entities obligated under the mortgage loans are not VIEs for all periods presented. Our equity method investment balances and mortgage notes receivable are presented separately in our consolidated balance sheets. On October 16, 2006 , we acquired the leasehold interest in Melville Mall under a 20 year master lease. Additionally, we loaned the owner of Melville Mall $34.2 million secured by a second mortgage on the property. On June 3, 2014 , we repaid the third party mortgage loan, and effectively became the first mortgage lender on the property. We have an option to purchase the shopping center on or after October 16, 2021 for a price of $5.0 million plus the assumption/repayment of the first and second mortgages. If we fail to exercise our purchase option, the owner of Melville Mall has a put option which would require us to purchase Melville Mall in 2023 for $5.0 million and the assumption of the owner’s mortgage debt. We have determined that this property is held in a variable interest entity for which we are the primary beneficiary. Accordingly, beginning October 16, 2006 , we consolidated this property and its operations. At December 31, 2015 and 2014 , net real estate assets related to Melville Mall included in our consolidated balance sheets are approximately $65.0 million and $61.9 million , respectively. In conjunction with the acquisition of Darien Shopping Center, we entered into a Reverse Section 1031 like-kind exchange agreement with a third party intermediary. The exchange agreement was for a maximum of 180 days and allowed us, for tax purposes, to defer gains on sale of other properties sold within this period. From April 3, 2013 to September 10, 2013, the third party intermediary was the legal owner of the property, although we controlled the activities that most significantly impacted the property, retained all of the economic benefits and risks associated with the property, and were the primary beneficiary. Accordingly, effective April 3, 2013, we consolidated Darien Shopping Center and its operations even during the period it was held by a third party intermediary. We determined the joint venture that owns Plaza El Segundo is a variable interest entity for which we are the primary beneficiary. We are the managing member and own 48.2% of the entity. We control the significant operating decisions, consequently having the power to direct the activities that most significantly impact economic performance of the VIE, and have the obligation to absorb the majority of the losses and receive the majority of the benefits. Therefore, the entity is consolidated in our financial statements as of December 30, 2011. As of December 31, 2015 and 2014 , net real estate assets related to Plaza El Segundo included in our consolidated balance sheets are approximately $172.2 million and $178.1 million , respectively, and mortgages payable (net of unamortized premium) of $178.3 million and $180.3 million , respectively. Plaza El Segundo's creditors do not have recourse to our general credit. Our maximum exposure to loss is approximately $19.5 million . On January 1, 2014 we entered into an agreement to acquire the interest of one of the noncontrolling interest holders in The Grove at Shrewsbury in 2015. The entity that held this interest was a variable interest entity for which we were the primary beneficiary. As of December 31, 2014 , net real estate assets related to this entity's interest in The Grove at Shrewsbury included in our consolidated balance sheet were approximately $15.7 million , and a mortgage payable (net of unamortized premium) of $7.4 million . On February 25, 2015, we acquired the interest of the noncontrolling interest holder 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. We have determined the joint venture that owns CocoWalk and other partial interests in buildings in the Coconut Grove neighborhood of Miami, Florida, is a variable interest entity for which we are the primary beneficiary. We own an 80% common interest of the entity, as well as a preferred interest. We control the significant operating decisions, consequently having the power to direct the activities that most significantly impact economic performance of the entity, and have the obligation to absorb the majority of the losses and receive the majority of the benefits. Therefore, the entity is consolidated in our financial statements as of May 4, 2015. As of December 31, 2015 , net real estate assets related to CocoWalk included in our consolidated balance sheets are approximately $97.2 million . Our maximum exposure to loss is approximately $88.8 million . We have determined the joint venture that owns The Shops at Sunset Place is a variable interest entity for which we are the primary beneficiary. We own an 85% common interest of the entity. We control the significant operating decisions, consequently having the power to direct the activities that most significantly impact economic performance of the entity, and have the obligation to absorb the majority of the losses and receive the majority of the benefits. Therefore, the entity is consolidated in our financial statements as of October 1, 2015. As of December 31, 2015 , net real estate assets related to The Shops at Sunset Place included in our consolidated balance sheets are approximately $115.8 million , and the entity has a mortgage payable (net of unamortized premium) of $75.9 million . Our maximum exposure to loss is approximately $35.5 million .
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity. We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date. Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity. These amounts are classified within the mezzanine section of the consolidated balance sheets. The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2015 2014 (In thousands) Beginning balance $ 119,053 $ 104,425 Net income 3,423 3,452 Distributions & Redemptions (4,286 ) (3,714 ) Contributions 12 5,858 Change in redemption value 19,114 9,032 Ending balance $ 137,316 $ 119,053
Income Taxes	Income Taxes 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. We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS. In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). A TRS is subject to federal and state income taxes. Our TRS activities have not been material. With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2011 . As of December 31, 2015 and 2014 , we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense.
Segment Information	Segment Information Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. We evaluate financial performance using property operating income, which consists of rental income, other property income and mortgage interest income, less rental expenses and real estate taxes. No individual property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America. Therefore, we have aggregated our properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes.
Recently Adopted and Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept, and related presentation and disclosure requirements, of an extraordinary item. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include those items that are both unusual in nature and infrequently occurring. ASU 2015-01 is effective for us in the first quarter of 2016 and is not expected to have a significant impact on our consolidated financial statements. 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 is not expected to have a significant 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 Accoun31

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Rollforward table of the redeemable noncontrolling interest	The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2015 2014 (In thousands) Beginning balance $ 119,053 $ 104,425 Net income 3,423 3,452 Distributions & Redemptions (4,286 ) (3,714 ) Contributions 12 5,858 Change in redemption value 19,114 9,032 Ending balance $ 137,316 $ 119,053
Schedule of supplemental disclosures related to the Consolidated Statements Of Cash Flows	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Year Ended December 31, 2015 2014 2013 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 110,675 $ 114,912 $ 121,158 Interest capitalized (18,122 ) (20,971 ) (16,181 ) Interest expense $ 92,553 $ 93,941 $ 104,977 Cash paid for interest, net of amounts capitalized $ 116,335 $ 100,011 $ 120,934 Cash paid for income taxes $ 274 $ 278 $ 410 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ 89,516 $ 68,282 $ — DownREIT operating partnership units issued with acquisition $ 7,742 $ 65,348 $ — Mortgage loans refinanced $ — $ 64,205 $ — Repayment of note payable with public funding/related construction-in-progress offset $ — $ 10,000 $ — Shares issued under dividend reinvestment plan $ 1,977 $ 1,855 $ 1,779 See Note 3 for additional disclosures relating to the San Antonio Center, CocoWalk, and The Shops at Sunset Place acquisitions.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Summary of real estate investments and related encumbrances	A summary of our real estate investments and related encumbrances is as follows: Cost Accumulated Depreciation and Amortization Encumbrances (In thousands) December 31, 2015 Retail and mixed-use properties $ 5,929,569 $ (1,526,934 ) $ 461,106 Retail properties under capital leases 124,590 (38,509 ) 71,620 Residential 10,247 (8,598 ) 21,716 $ 6,064,406 $ (1,574,041 ) $ 554,442 December 31, 2014 Retail and mixed-use properties $ 5,478,085 $ (1,423,682 ) $ 541,568 Retail properties under capital leases 121,069 (35,179 ) 71,647 Residential 9,844 (8,189 ) 22,130 $ 5,608,998 $ (1,467,050 ) $ 635,345 Retail and mixed-use properties includes the residential portion of Santana Row, Bethesda Row, Pike & Rose, Congressional Plaza and Chelsea Commons. The residential property investment is our investment in Rollingwood Apartments.

Real Estate Partnerships (Table

Real Estate Partnerships (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Summarized operating results and the financial position of Partnership	The following tables provide summarized operating results and the financial position of the Partnership: Year Ended December 31, 2015 2014 2013 (In thousands) OPERATING RESULTS Revenue $ 17,405 $ 18,329 $ 19,209 Expenses Other operating expenses 5,992 5,948 5,999 Depreciation and amortization 4,974 5,678 5,506 Interest expense 2,062 2,759 3,363 Total expenses 13,028 14,385 14,868 Net income before gain on sale of real estate 4,377 3,944 4,341 Gain on sale of real estate — 14,507 — Net income $ 4,377 $ 18,451 $ 4,341 Our share of net income from real estate partnership before gain on sale of real estate $ 1,557 $ 1,423 $ 1,498 Our share of gain on sale of real estate $ — $ 4,401 $ — December 31, 2015 2014 (In thousands) BALANCE SHEETS Real estate, net $ 146,906 $ 149,203 Cash 2,690 2,864 Other assets 5,495 5,346 Total assets $ 155,091 $ 157,413 Mortgages payable $ 34,385 $ 34,385 Other liabilities 3,554 3,673 Partners’ capital 117,152 119,355 Total liabilities and partners’ capital $ 155,091 $ 157,413 Our share of unconsolidated debt $ 10,316 $ 10,316 Our investment in real estate partnership $ 31,745 $ 32,367

Acquired In-Place Leases (Table

Acquired In-Place Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization for acquired in-place leases during the next five years and thereafter	The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows: Above Market Leases Below Market Leases (In thousands) Year ending December 31, 2016 $ 4,629 $ 8,080 2017 3,189 7,036 2018 2,369 5,849 2019 1,236 5,469 2020 983 4,602 Thereafter 4,131 61,678 $ 16,537 $ 92,714

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Instrument [Line Items]
Summary of total debt outstanding	The following is a summary of our total debt outstanding as of December 31, 2015 and 2014 : Principal Balance as of December 31, Stated Interest Rate as of Description of Debt 2015 2014 December 31, 2015 Stated Maturity Date Mortgages payable (Dollars in thousands) Barracks Road $ — $ 35,985 7.95 % November 1, 2015 Hauppauge — 13,566 7.95 % November 1, 2015 Lawrence Park — 25,507 7.95 % November 1, 2015 Wildwood — 22,420 7.95 % November 1, 2015 Wynnewood — 25,994 7.95 % November 1, 2015 Brick Plaza — 26,415 7.42 % November 1, 2015 Plaza El Segundo 175,000 175,000 6.33 % August 5, 2017 The Grove at Shrewsbury (East) 43,557 44,519 5.82 % October 1, 2017 The Grove at Shrewsbury (West) 11,024 11,242 6.38 % March 1, 2018 Rollingwood Apartments 21,716 22,130 5.54 % May 1, 2019 The Shops at Sunset Place 70,542 — 5.62 % September 1, 2020 29 th Place 4,753 4,941 5.91 % January 31, 2021 THE AVENUE at White Marsh 52,705 52,705 3.35 % January 1, 2022 Montrose Crossing 74,329 75,867 4.20 % January 10, 2022 Brook 35 11,500 11,500 4.65 % July 1, 2029 Chelsea 6,868 7,074 5.36 % January 15, 2031 Subtotal 471,994 554,865 Net unamortized premium 10,828 8,833 Total mortgages payable 482,822 563,698 Notes payable Escondido (municipal bonds) 9,400 9,400 0.03 % October 1, 2016 Revolving credit facility 53,500 — LIBOR + 0.90% April 21, 2017 Term loan 275,000 275,000 LIBOR + 0.90% November 21, 2018 Various 5,700 6,119 11.31 % Various through 2028 Total notes payable 343,600 290,519 Senior notes and debentures 6.20% notes — 200,000 6.20 % January 15, 2017 5.90% notes 150,000 150,000 5.90 % April 1, 2020 2.55% notes 250,000 — 2.55 % January 15, 2021 3.00% notes 250,000 250,000 3.00 % August 1, 2022 2.75% notes 275,000 275,000 2.75 % June 1, 2023 3.95% notes 300,000 300,000 3.95 % January 15, 2024 7.48% debentures 29,200 29,200 7.48 % August 15, 2026 6.82% medium term notes 40,000 40,000 6.82 % August 1, 2027 4.50% notes 450,000 250,000 4.50 % December 1, 2044 Subtotal 1,744,200 1,494,200 Net unamortized premium (discount) 124 (10,387 ) Total senior notes and debentures 1,744,324 1,483,813 Capital lease obligations Various 71,620 71,647 Various Various through 2106 Total debt and capital lease obligations $ 2,642,366 $ 2,409,677
Schedule of repaid loans or debt securities	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
Schedule of principal payments on mortgages payable, notes payable, senior notes and debentures	Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2015 are as follows: Mortgages Payable Notes Payable Senior Notes and Debentures Total Principal (In thousands) Year ending December 31, 2016 $ 5,665 $ 9,812 $ — $ 15,477 2017 222,469 53,957 (1) — 276,426 2018 15,477 275,507 — 290,984 2019 25,006 561 — 25,567 2020 64,687 623 150,000 215,310 Thereafter 138,690 3,140 1,594,200 1,736,030 $ 471,994 $ 343,600 $ 1,744,200 $ 2,559,794 (2) _____________________ (1) Our $600.0 million revolving credit facility matures on April 21, 2017 , subject to a one -year extension at our option. As of December 31, 2015 , there was $53.5 million outstanding under this credit facility. (2) The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2015 due to the unamortized discount or premium on certain senior notes and mortgages payable.
Schedule of future minimum lease payments and their present value for property under capital leases	Future minimum lease payments and their present value for property under capital leases as of December 31, 2015 , are as follows: (In thousands) Year ending December 31, 2016 $ 5,788 2017 5,797 2018 5,800 2019 5,800 2020 5,800 Thereafter 154,410 183,395 Less amount representing interest (111,775 ) Present value $ 71,620

Fair Value Of Financial Instr36

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Summary of carrying amount and fair value of financial instruments	A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 826,422 $ 833,931 $ 854,217 $ 880,866 Senior notes and debentures $ 1,744,324 $ 1,786,758 $ 1,483,813 $ 1,579,868
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: December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 4,110 $ — $ 4,110 $ — $ 3,515 $ — $ 3,515

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Minimum annual payments	We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2015 : (In thousands) Year ending December 31, 2016 $ 2,750 2017 2,785 2018 2,801 2019 2,988 2020 3,001 Thereafter 157,324 $ 171,649

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2015
Dividends [Abstract]
Summary of dividends declared and paid per share	The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2015 2014 2013 Declared Paid Declared Paid Declared Paid Common shares $ 3.620 $ 3.550 $ 3.300 $ 3.210 $ 3.020 $ 2.970 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354
Summary of income tax status of dividends per share paid	A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2015 2014 2013 Common shares Ordinary dividend $ 3.515 $ 3.178 $ 2.911 Capital gain 0.035 0.032 0.059 $ 3.550 $ 3.210 $ 2.970 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.340 $ 1.340 $ 1.327 Capital gain 0.014 0.014 0.027 $ 1.354 $ 1.354 $ 1.354

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of minimum future commercial property rentals from noncancelable operating leases	As of December 31, 2015 , minimum future commercial property rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our operating properties are as follows: (In thousands) Year ending December 31, 2016 $ 518,325 2017 470,881 2018 406,311 2019 348,429 2020 288,395 Thereafter 1,759,140 $ 3,791,481

Components of Rental Income and

Components of Rental Income and Expense (Tables)	12 Months Ended
	Dec. 31, 2015
Components Of Rental Income and Expense [Abstract]
Schedule of principal components of rental income	The principal components of rental income are as follows: Year Ended December 31, 2015 2014 2013 (In thousands) Minimum rents Retail and commercial $ 509,825 $ 472,602 $ 448,058 Residential 42,797 36,099 28,902 Cost reimbursement 148,110 135,592 122,578 Percentage rent 11,911 10,169 9,359 Other 15,169 11,860 11,192 Total rental income $ 727,812 $ 666,322 $ 620,089
Schedule of minimum rents	Minimum rents include the following: Year Ended December 31, 2015 2014 2013 (In millions) Straight-line rents $ 7.6 $ 5.1 $ 5.4 Net amortization of above and below market leases $ 2.7 $ 2.4 $ 3.1
Schedule of principal components of rental expenses	The principal components of rental expenses are as follows: Year Ended December 31, 2015 2014 2013 (In thousands) Repairs and maintenance $ 62,420 $ 55,444 $ 46,600 Utilities 23,003 20,499 19,219 Management fees and costs 18,639 17,416 16,250 Payroll 12,673 11,554 9,237 Marketing 9,046 9,532 8,664 Insurance 7,875 6,462 6,811 Ground Rent 2,540 1,952 1,916 Bad debt expense 1,168 2,021 442 Other operating 10,229 10,537 9,556 Total rental expenses $ 147,593 $ 135,417 $ 118,695

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Summary of the financial information for the discontinued operations	A summary of the financial information for the discontinued operations is as follows: Year Ended December 31, 2013 Revenue from discontinued operations $ 1.5 Income from discontinued operations $ 0.9

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2015 2014 2013 (In thousands) Share-based compensation incurred Grants of common shares $ 12,074 $ 12,892 $ 10,907 Grants of options — 49 292 12,074 12,941 11,199 Capitalized share-based compensation (868 ) (1,188 ) (1,024 ) Share-based compensation expense $ 11,206 $ 11,753 $ 10,175
Summary of option activity	The following table provides a summary of option activity for 2015 : Shares Under Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at December 31, 2014 343,742 $ 61.55 Granted — — Exercised (29,940 ) 68.04 Forfeited or expired — — Outstanding at December 31, 2015 313,802 $ 60.93 2.5 $ 26,726 Exercisable at December 31, 2015 313,802 $ 60.93 2.5 $ 26,726
Summary of restricted share activity	The following table provides a summary of restricted share activity for 2015 : Shares Weighted-Average Grant-Date Fair Value Unvested at December 31, 2014 306,968 $ 100.45 Granted 62,128 141.08 Vested (181,967 ) 95.99 Forfeited (9,915 ) 111.21 Unvested at December 31, 2015 177,214 $ 118.68
Schedule of common shares awarded under various compensation plans	Subsequent to December 31, 2015 , common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 4, 2016 4,622 Shares Immediate Trustees February 3, 2016 135,063 Restricted shares 3-8 years Officers and key employees February 3, 2016 682 Options 5 years Officers and key employees

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 in 2015 , 2014 , or 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. Year Ended December 31, 2015 2014 2013 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 190,094 $ 167,888 $ 137,811 Less: Preferred share dividends (541 ) (541 ) (541 ) Less: Income from continuing operations attributable to noncontrolling interests (8,205 ) (7,754 ) (4,927 ) Less: Earnings allocated to unvested shares (797 ) (1,003 ) (889 ) Income from continuing operations available for common shareholders 180,551 158,590 131,454 Results from discontinued operations attributable to the Trust — — 24,803 Gain on sale of real estate 28,330 4,401 4,994 Net income available for common shareholders, basic and diluted $ 208,881 $ 162,991 $ 161,251 DENOMINATOR Weighted average common shares outstanding—basic 68,797 67,322 65,331 Effect of dilutive securities: Stock options 184 170 152 Weighted average common shares outstanding—diluted 68,981 67,492 65,483 EARNINGS PER COMMON SHARE, BASIC Continuing operations $ 2.63 $ 2.35 $ 2.01 Discontinued operations — — 0.38 Gain on sale of real estate 0.41 0.07 0.08 $ 3.04 $ 2.42 $ 2.47 EARNINGS PER COMMON SHARE, DILUTED Continuing operations $ 2.62 $ 2.34 $ 2.00 Discontinued operations — — 0.38 Gain on sale of real estate 0.41 0.07 0.08 $ 3.03 $ 2.41 $ 2.46 Income from continuing operations attributable to the Trust $ 181,889 $ 160,134 $ 132,884

Selected Quarterly Financial 44

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of quarterly financial data	Summarized quarterly financial data is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) 2015 Revenue $ 184,792 $ 181,461 $ 185,252 $ 192,507 Operating income $ 72,122 $ 76,201 $ 75,917 $ 75,914 Net income(1) $ 48,203 $ 45,673 $ 54,550 $ 69,998 Net income attributable to the Trust(1) $ 46,186 $ 43,632 $ 52,447 $ 67,954 Net income available for common shareholders(1) $ 46,051 $ 43,497 $ 52,311 $ 67,819 Earnings per common share—basic(1) $ 0.67 $ 0.63 $ 0.75 $ 0.98 Earnings per common share—diluted(1) $ 0.67 $ 0.63 $ 0.75 $ 0.97 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) 2014 Revenue $ 170,828 $ 167,947 $ 170,938 $ 176,377 Operating income $ 63,444 $ 68,361 $ 67,622 $ 71,610 Net income(1) $ 40,545 $ 45,416 $ 49,049 $ 37,279 Net income attributable to the Trust(1) $ 38,753 $ 43,545 $ 47,075 $ 35,162 Net income available for common shareholders(1) $ 38,618 $ 43,410 $ 46,939 $ 35,027 Earnings per common share—basic(1) $ 0.58 $ 0.64 $ 0.69 $ 0.51 Earnings per common share—diluted(1) $ 0.57 $ 0.64 $ 0.69 $ 0.51 (1) Second and fourth quarter 2015 include an $11.5 million and $16.8 million gain on sale, respectively, from our Houston Street and Courtyard Shops properties as further discussed in Note 3. Third quarter 2014 includes a $4.4 million gain on sale reflecting our share of the Partnership's sale of Pleasant Shops as further discussed in Note 5.

Business And Organization (Deta

Business And Organization (Details)	12 Months Ended
	Dec. 31, 2015project
Nature Of Operations [Abstract]
Number of real estate properties	90
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accoun46

Summary Of Significant Accounting Policies (Revenue Recognition and Accounts Receivable) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 11.7	$ 12.4
Collection of accounts receivable, period	1 year
Accounts receivable related to straight-line rents	$ 72.7	$ 66.1

Summary Of Significant Accoun47

Summary Of Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Real estate depreciation expense	$ 156.5	$ 155.7	$ 147.7
Building and Building Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	35 years
Building and Building Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Minor Improvements, Furniture and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minor Improvements, Furniture and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years

Summary Of Significant Accoun48

Summary Of Significant Accounting Policies (Cash and Cash Equivalents) (Details) $ in Millions	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Cash in excess of the FDIC insured limit	$ 18.1

Summary Of Significant Accoun49

Summary Of Significant Accounting Policies (Derivative Instruments and Mortgage Notes Receivable) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Interest rate swaps associated with cash flow hedges to be reclassified within the next twelve months	$ 2.9
Residual profit maximum	50.00%

Summary Of Significant Accoun50

Summary Of Significant Accounting Policies (Variable Interest Entities) (Details) - USD ($) $ in Thousands	Oct. 16, 2006	Dec. 31, 2015	Oct. 16, 2023	Oct. 16, 2021	Oct. 01, 2015	May. 04, 2015	Feb. 25, 2015	Dec. 31, 2014	Dec. 30, 2011
Variable Interest Entity [Line Items]
Mortgages payable		$ 482,822						$ 563,698
Real estate, net		4,490,365						4,141,948
Melville Mall
Variable Interest Entity [Line Items]
Master lease term	20 years
Real estate, net		65,000						61,900
Melville Mall | Scenario, Forecast
Variable Interest Entity [Line Items]
Purchase price under option			$ 5,000	$ 5,000
Plaza El Segundo
Variable Interest Entity [Line Items]
Mortgages payable		178,300						180,300
Real estate, net		172,200						178,100
Ownership percentage									48.20%
Real Estate Maximum Exposure to Loss		19,500
The Grove at Shrewsbury (East)
Variable Interest Entity [Line Items]
Mortgages payable								7,400
Real estate, net								15,700
Price to acquire non controlling interest							$ 8,800
CocoWalk
Variable Interest Entity [Line Items]
Real estate, net		97,200
Real Estate Maximum Exposure to Loss		88,800
Common interest percentage						80.00%
The Shops at Sunset Place
Variable Interest Entity [Line Items]
Mortgages payable		75,900
Real estate, net		115,800
Real Estate Maximum Exposure to Loss		$ 35,500
Common interest percentage					85.00%
Second Mortgage | Melville Mall
Variable Interest Entity [Line Items]
Mortgages payable	$ 34,200
Darien
Variable Interest Entity [Line Items]
Maximum period of sale to defer gain on sale of other property, days		180 days
Federal Realty Investment Trust/Clarion Partners Partnership
Variable Interest Entity [Line Items]
Mortgages payable		$ 34,385						34,385
Real estate, net		$ 146,906						$ 149,203
Federal Realty Investment Trust/Clarion Partners Partnership | Clarion
Variable Interest Entity [Line Items]
Ownership percentage in partnership		70.00%

Summary Of Significant Accoun51

Summary Of Significant Accounting Policies (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Rollforward of Redeemable Noncontrolling Interests
Beginning balance	$ 119,053	$ 104,425
Net income	3,423	3,452	$ 2,887
Distributions & Redemptions	(4,286)	(3,714)
Contributions	12	5,858
Change in redemption value	19,114	9,032
Ending balance	$ 137,316	$ 119,053	$ 104,425

Summary Of Significant Accoun52

Summary Of Significant Accounting Policies (Income Taxes and Segments) (Details)	12 Months Ended
	Dec. 31, 2015segmentproperty
Accounting Policies [Abstract]
Minimum percentage of taxable income distributed to shareholders	90.00%
Number of properties exceeding segment reporting threshold | property	0
Segment reporting threshold	10% of our revenues or property operating income
Number of segments | segment	1

Summary Of Significant Accoun53

Summary Of Significant Accounting Policies (Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$ 110,675	$ 114,912	$ 121,158
Interest capitalized	18,122	20,971	16,181
Interest expense	92,553	93,941	104,977
Cash paid for interest, net of amounts capitalized	116,335	100,011	120,934
Cash paid for income taxes	274	278	410
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition	89,516	68,282	0
DownREIT operating partnership units issued with acquisition	7,742	65,348	0
Mortgage loans refinanced	0	64,205	0
Shares issued under dividend reinvestment plan	1,977	1,855	1,779
Repayment of note payable with public funding/related construction-in-progress offset	$ 0	$ 10,000	$ 0
Minimum | Retail and commercial
Operating Leased Assets [Line Items]
Operating lease, term	3 years
Maximum | Retail and commercial
Operating Leased Assets [Line Items]
Operating lease, term	10 years

Real Estate (Summary Of Real Es

Real Estate (Summary Of Real Estate Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Cost	$ 6,064,406	$ 5,608,998
Accumulated Depreciation and Amortization	(1,574,041)	(1,467,050)
Encumbrances	554,442	635,345
Retail and mixed-use properties
Real Estate Properties [Line Items]
Cost	5,929,569	5,478,085
Accumulated Depreciation and Amortization	(1,526,934)	(1,423,682)
Encumbrances	461,106	541,568
Retail properties under capital leases
Real Estate Properties [Line Items]
Cost	124,590	121,069
Accumulated Depreciation and Amortization	(38,509)	(35,179)
Encumbrances	71,620	71,647
Residential
Real Estate Properties [Line Items]
Cost	10,247	9,844
Accumulated Depreciation and Amortization	(8,598)	(8,189)
Encumbrances	$ 21,716	$ 22,130

Real Estate (Significant Acquis

Real Estate (Significant Acquisitions and Dispositions) (Details) $ in Thousands

Nov. 19, 2015USD ($)

Oct. 01, 2015USD ($)ft²

Jul. 08, 2015USD ($)

May. 04, 2015USD ($)ft²

Apr. 24, 2015USD ($)

Jan. 09, 2015USD ($)ft²shares

Jan. 02, 2014USD ($)ft²

Dec. 31, 2015USD ($)

Jun. 30, 2015USD ($)

Dec. 16, 2015USD ($)building

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Feb. 25, 2015USD ($)

Business Acquisition and Disposition [Line Items]

Mortgage loans assumed with acquisition

$ 89,516

$ 68,282

$ 0

Contributions from noncontrolling interests

34,737

65,350

Gain on sale of real estate

28,330

4,401

4,994

Houston Street

Business Acquisition and Disposition [Line Items]

Proceeds from sale

$ 46,100

Gain on sale of real estate

$ 11,500

$ 11,500

Courtyard Shops

Business Acquisition and Disposition [Line Items]

Proceeds from sale

$ 52,800

Gain on sale of real estate

$ 16,800

$ 16,800

San Antonio Center

Business Acquisition and Disposition [Line Items]

Square footage of real estate property | ft²

376,000

Gross value

$ 62,200

Mortgage loans assumed with acquisition

$ 18,700

Number of downREIT Operating Partnership Units Issued in Connection with Business Acquisition | shares

58,000

Cash paid in acquisition

$ 27,000

Contributions from noncontrolling interests

$ 16,300

Effective interest percentage

80.00%

CocoWalk

Business Acquisition and Disposition [Line Items]

Square footage of real estate property | ft²

198,000

Purchase Price

$ 87,500

Contributions from noncontrolling interests

6,900

The Shops at Sunset Place

Business Acquisition and Disposition [Line Items]

Square footage of real estate property | ft²

515,000

Mortgage loans assumed with acquisition

$ 70,800

Purchase Price

110,200

Contributions from noncontrolling interests

6,300

The Grove at Shrewsbury

Business Acquisition and Disposition [Line Items]

Square footage of real estate property | ft²

187,000

Brook 35

Business Acquisition and Disposition [Line Items]

Square footage of real estate property | ft²

99,000

Grove at Shrewsbury and Brook 35

Business Acquisition and Disposition [Line Items]

Gross value

$ 161,000

Effective economic interest percentage

84.00%

Mortgage loans assumed with acquisition

$ 68,000

Number of downREIT operating partnership units

632,000

Cash paid in acquisition

$ 13,000

Net assets acquired allocated to below market leases

2,300

Contributions from noncontrolling interests

71,100

Acquisition costs

$ 1,000

$ 1,000

$ 2,000

Above Market Leases | Grove at Shrewsbury and Brook 35

Business Acquisition and Disposition [Line Items]

Net assets acquired allocated to above market leases

$ 1,700

Other Liabilities | San Antonio Center

Business Acquisition and Disposition [Line Items]

Net assets acquired allocated to below market leases

$ 19,100

Other Liabilities | CocoWalk

Business Acquisition and Disposition [Line Items]

Net assets acquired allocated to below market leases

4,300

Other Liabilities | The Shops at Sunset Place

Business Acquisition and Disposition [Line Items]

Net assets acquired allocated to below market leases

6,600

Other Assets | Above Market Leases | San Antonio Center

Business Acquisition and Disposition [Line Items]

Net assets acquired allocated to above market leases

$ 8,100

Other Assets | Above Market Leases | CocoWalk

Business Acquisition and Disposition [Line Items]

Net assets acquired allocated to above market leases

$ 1,500

Other Assets | Above Market Leases | The Shops at Sunset Place

Business Acquisition and Disposition [Line Items]

Net assets acquired allocated to above market leases

$ 4,800

General and Administrative Expense | San Antonio Center

Business Acquisition and Disposition [Line Items]

Acquisition costs

1,100

$ 1,800

General and Administrative Expense | CocoWalk

Business Acquisition and Disposition [Line Items]

Acquisition costs

1,100

General and Administrative Expense | The Shops at Sunset Place

Business Acquisition and Disposition [Line Items]

Acquisition costs

$ 900

CocoWalk | Coconut Grove

Business Acquisition and Disposition [Line Items]

Purchase Price

$ 7,800

Number Of Buildings | building

8

Land | Pike Seven Plaza

Business Acquisition and Disposition [Line Items]

Purchase Price

$ 5,000

The Grove at Shrewsbury (East)

Business Acquisition and Disposition [Line Items]

Price to acquire non controlling interest

$ 8,800

CocoWalk

Business Acquisition and Disposition [Line Items]

Common interest percentage

80.00%

The Shops at Sunset Place

Business Acquisition and Disposition [Line Items]

Common interest percentage

85.00%

Mortgage Notes Receivable (Deta

Mortgage Notes Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loan		Dec. 31, 2014USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Number of mortgage notes receivable | loan	3		4
Carrying amount of mortgage notes receivable	$ 41,618	[1]	$ 51,000
Principal balance of first mortgage loan	$ 41,618
Weighted average interest rate	9.00%		9.00%
First Mortgage
Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgage notes receivable			$ 41,200
[1]	For Federal tax purposes, the aggregate tax basis is approximately $41.6 million as of December 31, 2015.

Real Estate Partnerships (Summa

Real Estate Partnerships (Summarized Operating Results and Financial Position of Partnership) (Details) - USD ($) $ in Thousands	Jul. 24, 2014	Dec. 31, 2015		Sep. 30, 2015	Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
OPERATING RESULTS
Revenue		$ 192,507		$ 185,252	$ 181,461		$ 184,792	$ 176,377	$ 170,938		$ 167,947	$ 170,828	$ 744,012	$ 686,090	$ 637,413
Depreciation and amortization													174,796	170,814	160,828
Interest expense													92,553	93,941	104,977
Income before gain on sale of real estate													190,094	167,888	162,614
Gain on sale of real estate													28,330	4,401	4,994
Net income		69,998	[1]	$ 54,550	$ 45,673	[1]	$ 48,203	37,279	49,049	[1]	$ 45,416	$ 40,545	218,424	172,289	167,608
ASSETS
Real estate, net		4,490,365						4,141,948					4,490,365	4,141,948
Cash		21,046						47,951					21,046	47,951	88,927	$ 36,988
Total assets		4,911,709						4,546,870					4,911,709	4,546,870
LIABILITIES AND PARTNERS' CAPITAL
Mortgages payable		482,822						563,698					482,822	563,698
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		4,911,709						4,546,870					4,911,709	4,546,870
Our investment in real estate partnership		41,546						37,457					41,546	37,457
Federal Realty Investment Trust/Clarion Partners Partnership
OPERATING RESULTS
Revenue													17,405	18,329	19,209
Other operating expenses													5,992	5,948	5,999
Depreciation and amortization													4,974	5,678	5,506
Interest expense													2,062	2,759	3,363
Total expenses													13,028	14,385	14,868
Income before gain on sale of real estate													4,377	3,944	4,341
Gain on sale of real estate	$ 14,500												0	14,507	0
Net income													4,377	18,451	4,341
ASSETS
Real estate, net		146,906						149,203					146,906	149,203
Cash		2,690						2,864					2,690	2,864
Other assets		5,495						5,346					5,495	5,346
Total assets		155,091						157,413					155,091	157,413
LIABILITIES AND PARTNERS' CAPITAL
Mortgages payable		34,385						34,385					34,385	34,385
Other liabilities		3,554						3,673					3,554	3,673
Partners’ capital		117,152						119,355					117,152	119,355
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		155,091						157,413					155,091	157,413
Our share of unconsolidated debt		10,316						10,316					10,316	10,316
Our investment in real estate partnership		$ 31,745						$ 32,367					31,745	32,367
Federal Realty Investment Trust | Federal Realty Investment Trust/Clarion Partners Partnership
OPERATING RESULTS
Gain on sale of real estate	$ 4,400								$ 4,400
Our share of net income from real estate partnership before gain on sale of real estate													1,557	1,423	1,498
Our share of gain on sale of real estate													$ 0	$ 4,401	$ 0
[1]	(1)Second and fourth quarter 2015 include an $11.5 million and $16.8 million gain on sale, respectively, from our Houston Street and Courtyard Shops properties as further discussed in Note 3. Third quarter 2014 includes a $4.4 million gain on sale reflecting our share of the Partnership's sale of Pleasant Shops as further discussed in Note 5.

Real Estate Partnerships (Narra

Real Estate Partnerships (Narrative) (Details) $ in Thousands	Sep. 02, 2014USD ($)	Jul. 24, 2014USD ($)	Jun. 05, 2014USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2015USD ($)projectproperty	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)projectproperty	Jan. 13, 2016property
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | project					90			90
Gain on sale of real estate					$ 28,330	$ 4,401	$ 4,994
Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property					6			6
Sales price		$ 34,300
Gain on sale of real estate		14,500			$ 0	$ 14,507	$ 0
Gain on sale of portfolio		32,800
Clarion | Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Ownership percentage in partnership					70.00%			70.00%
Federal Realty Investment Trust | Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Ownership percentage in partnership					30.00%			30.00%
Contributions								$ 48,800
Distributions								$ 32,400
Capital contribution to repay mortgage loan	$ 3,200		$ 3,600
Gain on sale of real estate		4,400		$ 4,400
Gain on sale of portfolio		$ 10,400
Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Capital contributions from partners			11,900
Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Repayments of mortgage loans	10,500		$ 11,900
Capital contributions from partners	$ 10,500
Subsequent Event | Clarion
Schedule of Equity Method Investments [Line Items]
Ownership percentage in partnership									70.00%
Number of real estate properties | property									6

Acquired In-Place Leases (Detai

Acquired In-Place Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Acquired Finite-Lived Intangible Assets [Line Items]
Balance of acquired below market leases	$ 133,400	$ 109,800
Accumulated amortization of below market leases	40,700	37,000
Amortization from acquired below market lease	7,100	5,800	$ 5,900
Below Market Leases
2,016	8,080
2,017	7,036
2,018	5,849
2,019	5,469
2,020	4,602
Thereafter	61,678
Total future amortization expense from acquired below market leases	92,714
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Balance of acquired above market leases	39,400	32,700
Accumulated amortization of acquired above market leases	22,900	19,300
Amortization from acquired above market leases	$ 4,400	$ 3,400	$ 2,800
Weighted-average amortization period	4 years 5 months
Above Market Leases
2,016	$ 4,629
2,017	3,189
2,018	2,369
2,019	1,236
2,020	983
Thereafter	4,131
Total future amortization expense from acquired above market leases	$ 16,537
Below Market Lease [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	20 years 6 months

Debt (Summary Of Debt Outstandi

Debt (Summary Of Debt Outstanding) (Details) - USD ($)	Dec. 31, 2015	Sep. 28, 2015	Mar. 16, 2015	Dec. 31, 2014	Nov. 14, 2014
Debt Instrument [Line Items]
Mortgages payable	$ 482,822,000			$ 563,698,000
Notes payable	343,600,000			290,519,000
Senior notes and debentures	1,744,324,000			1,483,813,000
Capital lease obligations	71,620,000			71,647,000
Total debt and capital lease obligations	2,642,366,000			2,409,677,000
Mortgages Payable
Debt Instrument [Line Items]
Principal balance	471,994,000			554,865,000
Net unamortized premium (discount)	10,828,000			8,833,000
Notes Payable
Debt Instrument [Line Items]
Notes payable	343,600,000			290,519,000
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	1,744,200,000			1,494,200,000
Net unamortized premium (discount)	124,000			(10,387,000)
Barracks Road | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 0			35,985,000
Interest rate	7.95%
Hauppauge | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 0			13,566,000
Interest rate	7.95%
Lawrence Park | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 0			25,507,000
Interest rate	7.95%
Wildwood | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 0			22,420,000
Interest rate	7.95%
Wynnewood | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 0			25,994,000
Interest rate	7.95%
Brick Plaza | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 0			26,415,000
Interest rate	7.42%
Plaza El Segundo | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 175,000,000			175,000,000
Interest rate	6.33%
The Grove at Shrewsbury (East) | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 43,557,000			44,519,000
Interest rate	5.82%
The Grove at Shrewsbury (West) | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 11,024,000			11,242,000
Interest rate	6.38%
Rollingwood Apartments | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 21,716,000			22,130,000
Interest rate	5.54%
The Shops at Sunset Place | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 70,542,000			0
Interest rate	5.624%
29th Place | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 4,753,000			4,941,000
Interest rate	5.91%
THE AVENUE at White Marsh | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 52,705,000			52,705,000
Interest rate	3.35%
Montrose Crossing | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 74,329,000			75,867,000
Interest rate	4.20%
Brook 35 | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 11,500,000			11,500,000
Interest rate	4.65%
Chelsea | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 6,868,000			7,074,000
Interest rate	5.36%
Escondido Promenade | Notes Payable
Debt Instrument [Line Items]
Interest rate	0.03%
Municipal bond	$ 9,400,000			9,400,000
Revolving credit facility | Notes Payable
Debt Instrument [Line Items]
Revolving credit facility	$ 53,500,000			0
Term Loan | Notes Payable
Debt Instrument [Line Items]
Other Notes Payable				275,000,000
Various | Notes Payable
Debt Instrument [Line Items]
Interest rate	11.31%
Other Notes Payable	$ 5,700,000			6,119,000
6.20% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 0			200,000,000
Interest rate	6.20%
5.90% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 150,000,000			150,000,000
Interest rate	5.90%
2.55% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000,000	$ 250,000,000		0
Interest rate	2.55%	2.55%
3.00% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000,000			250,000,000
Interest rate	3.00%
2.75% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 275,000,000			275,000,000
Interest rate	2.75%
3.95% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 300,000,000			300,000,000
Interest rate	3.95%
7.48% debentures | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 29,200,000			29,200,000
Interest rate	7.48%
6.82% medium term notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 40,000,000			40,000,000
Interest rate	6.82%
4.50% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 450,000,000		$ 200,000,000	$ 250,000,000	$ 250,000,000
Interest rate	4.50%		4.50%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Sep. 28, 2015	Apr. 11, 2015	Mar. 16, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 14, 2014
Debt Instrument [Line Items]
Maximum amount of borrowings outstanding				$ 324,000,000	$ 79,500,000	$ 76,000,000
Weighted average amount of borrowings outstanding				$ 109,700,000	$ 12,500,000	$ 10,500,000
Weighted average interest rate before amortization of debt fees				1.10%	1.10%	1.30%
Annual facility fee				$ 900,000
Revolving credit facility, max capacity				600,000,000
Issuance of senior notes, net of costs				456,151,000	$ 244,579,000	$ 564,389,000
Senior Notes
Debt Instrument [Line Items]
Principal balance				1,744,200,000	1,494,200,000
4.50% notes | Senior Notes
Debt Instrument [Line Items]
Principal balance			$ 200,000,000	$ 450,000,000	250,000,000		$ 250,000,000
Interest rate			4.50%	4.50%
Note Offering Percent			105.38%
Debt yield to maturity percent			4.18%
Issuance of senior notes, net of costs			$ 208,600,000
6.20% Senior notes | Senior Notes
Debt Instrument [Line Items]
Early Repayment of Senior Debt		$ 222,200,000
Prepayment premium on senior note		19,200,000
Accrued but unpaid interest		$ 3,000,000
Interest rate		6.20%
Repayments of Debt		$ 200,000,000
2.55% notes | Senior Notes
Debt Instrument [Line Items]
Principal balance	$ 250,000,000			$ 250,000,000	$ 0
Interest rate	2.55%			2.55%
Issuance of senior notes, net of costs	$ 247,500,000

Debt (Acquired Through Acquisit

Debt (Acquired Through Acquisition) (Details) - USD ($) $ in Thousands	Nov. 02, 2015	Oct. 01, 2015	Aug. 03, 2015	Jan. 09, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition					$ 89,516	$ 68,282	$ 0
San Antonio Center
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition				$ 18,700
The Shops at Sunset Place
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition		$ 70,800
Mortgages | San Antonio Center
Debt Instrument [Line Items]
Principal				$ 18,700
Stated Interest Rate				5.27%
Debt Instrument, Fair Value Disclosure				$ 19,300
Mortgages | The Shops at Sunset Place
Debt Instrument [Line Items]
Stated Interest Rate		5.60%
Debt Instrument, Fair Value Disclosure		$ 76,500
Mortgages
Debt Instrument [Line Items]
Extinguishment of Debt, Amount			$ 147,000
San Antonio Center | Mortgages
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	$ 18,100

Debt (Debt Repayments-Mortgage

Debt (Debt Repayments-Mortgage Loans) (Details) - Mortgages $ in Millions	Aug. 03, 2015USD ($)
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	7.90%
Extinguishment of Debt, Amount	$ 147
Barracks Road
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	35.3
Brick Plaza
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	25.9
Wynnewood
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	25.5
Lawrence Park
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	25
Wildwood
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	22
Hauppauge
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	$ 13.3

Debt (Principal Payments On Mor

Debt (Principal Payments On Mortgage Payable, Notes Payable, Senior Notes and Debentures) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
2,016	$ 15,477
2,017	276,426
2,018	290,984
2,019	25,567
2,020	215,310
Thereafter	1,736,030
Long-term debt	2,559,794	[1]
Mortgages Payable
Debt Instrument [Line Items]
2,016	5,665
2,017	222,469
2,018	15,477
2,019	25,006
2,020	64,687
Thereafter	138,690
Long-term debt	471,994
Notes Payable
Debt Instrument [Line Items]
2,016	9,812
2,017	53,957	[2]
2,018	275,507
2,019	561
2,020	623
Thereafter	3,140
Long-term debt	343,600
Senior Notes and Debentures
Debt Instrument [Line Items]
2,016	0
2,017	0
2,018	0
2,019	0
2,020	150,000
Thereafter	1,594,200
Long-term debt	$ 1,744,200
[1]	The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2015 due to the unamortized discount or premium on certain senior notes and mortgages payable.
[2]	Our $600.0 million revolving credit facility matures on April 21, 2017, subject to a one-year extension at our option. As of December 31, 2015, there was $53.5 million outstanding under this credit facility.

Debt (Future Minimum Lease Paym

Debt (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Debt Disclosure [Abstract]
2,016	$ 5,788
2,017	5,797
2,018	5,800
2,019	5,800
2,020	5,800
Thereafter	154,410
Future minimum lease payments	183,395
Less amount representing interest	(111,775)
Present value	$ 71,620

Fair Value Of Financial Instr66

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Mortgages Payable And Notes Payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 826,422	$ 854,217
Mortgages Payable And Notes Payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	833,931	880,866
Senior Notes And Debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	1,744,324	1,483,813
Senior Notes And Debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 1,786,758	$ 1,579,868

Fair Value Of Financial Instr67

Fair Value Of Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2015USD ($)agreement	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other comprehensive (loss) income - change in value of interest rate swaps	$ (595,000)	$ (2,098,000)	$ 10,971,000
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	(4,300,000)	(4,300,000)
Accounts Payable and Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	$ 4,110,000	$ 3,515,000
Interest Rate Swap | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of interest rate swap agreements | agreement	2
Notional Amount	$ 275,000,000
Interest Rate Swap | Term Loan | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable portion of interest rate	1.72%
Other Notes Payable	$ 275,000,000

Fair Value Of Financial Instr68

Fair Value Of Financial Instruments (Summary of Financial Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 4,110	$ 3,515
Interest Rate Swap | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0	0
Interest Rate Swap | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0	0
Accounts Payable and Accrued Liabilities [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 4,110	$ 3,515

Commitments and Contingencies69

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Sep. 30, 2025USD ($)	Oct. 16, 2023USD ($)	Sep. 30, 2023USD ($)	Oct. 16, 2021USD ($)	Jan. 01, 2017USD ($)
Loss Contingencies [Line Items]
Reserves for warranties and general liability	$ 7.7	$ 7.2
Payments from reserves	1.8	$ 1.4
Letters of credit outstanding, amount	$ 13
Operating partnership units, outstanding | shares	934,405
Operating partnership units outstanding, fair value	$ 136.5
Congressional Plaza | Put Option
Loss Contingencies [Line Items]
Maximum partnership percentage required to purchase	100.00%
Indexed ownership interest percentage	29.47%
Congressional Plaza | Put Option | Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 78
Congressional Plaza | Put Option | Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 82
Project In Southern California | Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	10.00%
Montrose Crossing | Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 8
Montrose Crossing | Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 9
Montrose Crossing | Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	10.10%
Plaza El Segundo | Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 21
Plaza El Segundo | Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 24
Plaza El Segundo | Put Option
Loss Contingencies [Line Items]
Number of members with purchase options	2
Grove at Shrewsbury and Brook 35 | Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 9
Grove at Shrewsbury and Brook 35 | Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	10
Scenario, Forecast | Mercer Mall
Loss Contingencies [Line Items]
Purchase price under option					$ 55
Scenario, Forecast | Mercer Mall | Put Option
Loss Contingencies [Line Items]
Purchase price under option			$ 60
Scenario, Forecast | Plaza El Segundo | Maximum
Loss Contingencies [Line Items]
Purchase price under option							$ 4.9
Scenario, Forecast | The Grove at Shrewsbury | Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage							4.80%
Scenario, Forecast | Brook 35 | Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage							8.80%
Scenario, Forecast | Melville Mall
Loss Contingencies [Line Items]
Purchase price under option				$ 5		$ 5
Capital improvement, development, and redevelopment projects
Loss Contingencies [Line Items]
Contractual obligations	$ 381.1
Member One In Plaza El Segundo | Plaza El Segundo | Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	10.00%
Member Two In Plaza El Segundo | Plaza El Segundo | Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	11.80%

Commitments and Contingencies70

Commitments and Contingencies (Schedule of Lease Payments) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 2,750
2,017	2,785
2,018	2,801
2,019	2,988
2,020	3,001
Thereafter	157,324
Total	$ 171,649

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 11, 2015
Class of Stock [Line Items]
Shares issued under dividend reinvestment plan (in shares)	16,524	18,705	20,026
Preferred shares, shares outstanding	399,896	399,896	399,896
Series 1 Cumulative Convertible Preferred interest rate	5.417%	5.417%	5.417%
Preferred shares, liquidation preference per share	$ 25	$ 25	$ 25
Preferred shares, par value	0.01	$ 0.01	$ 0.01
Conversion price per share	$ 104.69
Net cash proceeds of common stock	$ 110,855	$ 216,155	$ 186,548
Common shares of beneficial interest, par	$ 0.01	$ 0.01
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common shares				$ 300,000
Shares issued under equity program	813,414	1,768,583
Weighted average price per common share	$ 135.01	$ 122.09
Net cash proceeds of common stock	$ 108,500	$ 213,600
Remaining capacity to issue	190,200
At The Market Equity Program | Commissions
Class of Stock [Line Items]
Commissions related to sales of common shares	1,100	2,200
At The Market Equity Program | Other Offering Costs
Class of Stock [Line Items]
Commissions related to sales of common shares	$ 200	$ 200

Dividends (Details)

Dividends (Details) - $ / shares	Nov. 04, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends [Abstract]
Common shares, declared	$ 0.94	$ 3.620	$ 3.300	$ 3.020
5.417% Series 1 Cumulative Convertible Preferred shares, declared		1.354	1.354	1.354
Common shares, paid		3.550	3.210	2.970
5.417% Series 1 Cumulative Convertible Preferred shares, paid		1.354	1.354	1.354
Common shares, ordinary dividend		3.515	3.178	2.911
Common shares, capital gain		0.035	0.032	0.059
5.417% Series 1 Cumulative Convertible Preferred shares, ordinary dividend		1.340	1.340	1.327
5.417% Series 1 Cumulative Convertible Preferred shares, capital gain		$ 0.014	$ 0.014	$ 0.027
Series 1 Cumulative Convertible Preferred interest rate		5.417%	5.417%	5.417%
Common Stock, Ordinary Dividends, Tax Rate		15.00%	15.00%	15.00%
Preferred Stock, Ordinary Dividends, Tax Rate		15.00%	15.00%	15.00%

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)projectleasestate
Property Subject to or Available for Operating Lease [Line Items]
Number of real estate properties | project	90
Number of states in which entity has properties | state	12
Number of leases | lease	2,700
Percent of annualized base rent	2.90%
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,016	$ 518,325
2,017	470,881
2,018	406,311
2,019	348,429
2,020	288,395
Thereafter	1,759,140
Total	$ 3,791,481
Retail and commercial | Minimum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	3 years
Retail and commercial | Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	10 years
Residential | Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	1 year

Components of Rental Income a74

Components of Rental Income and Expense (Schedule Of Principal Components Of Rental Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leases, Income Statement, Lease Revenue [Abstract]
Cost reimbursement	$ 148,110	$ 135,592	$ 122,578
Percentage rent	11,911	10,169	9,359
Other	15,169	11,860	11,192
Total rental income	727,812	666,322	620,089
Retail and commercial
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	509,825	472,602	448,058
Residential
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	$ 42,797	$ 36,099	$ 28,902

Components of Rental Income a75

Components of Rental Income and Expense (Schedule Of Minimum Rent) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components Of Rental Income and Expense [Abstract]
Straight-line rents	$ 7.6	$ 5.1	$ 5.4
Net amortization of above and below market leases	$ 2.7	$ 2.4	$ 3.1

Components of Rental Income a76

Components of Rental Income and Expense (Components Of Rental Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components Of Rental Income and Expense [Abstract]
Repairs and maintenance	$ 62,420	$ 55,444	$ 46,600
Utilities	23,003	20,499	19,219
Management fees and costs	18,639	17,416	16,250
Payroll	12,673	11,554	9,237
Marketing	9,046	9,532	8,664
Insurance	7,875	6,462	6,811
Ground Rent	2,540	1,952	1,916
Bad debt expense	1,168	2,021	442
Other operating	10,229	10,537	9,556
Total rental expenses	$ 147,593	$ 135,417	$ 118,695

Discontinued Operations (Summar

Discontinued Operations (Summary Of The Financial Information For The Discontinued Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
Revenue from discontinued operations			$ 1,500
Income from discontinued operations	$ 0	$ 0	$ 942

Share-Based Compensation Plan78

Share-Based Compensation Plans (Allocated Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	$ 12,074	$ 12,941	$ 11,199
Capitalized share-based compensation	(868)	(1,188)	(1,024)
Share-based compensation expense	11,206	11,753	10,175
Restricted Stock
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	12,074	12,892	10,907
Employee Stock Option
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	$ 0	$ 49	$ 292

Share-Based Compensation Plan79

Share-Based Compensation Plans (Schedule of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of year (in shares)	343,742
Granted (in shares)	0	0	0
Exercised (in shares)	(29,940)
Forfeited or expired (in shares)	0
Outstanding at the end of year (in shares)	313,802	343,742
Exercisable at the end of year (in shares)	313,802
Outstanding at the beginning of year, Weighted-Average Exercise Price (in dollars per share)	$ 61.55
Granted, Weighted-Average Exercise Price (in dollars per share)	0
Exercised, Weighted-Average Exercise Price (in dollars per share)	68.04
Forfeited or Expired, Weighted-Average Exercise Price (in dollars per share)	0
Outstanding at the end of year, Weighted-Average Exercise Price (in dollars per share)	60.93	$ 61.55
Exercisable at the end of the year, Weighted-Average Exercise Price (in dollars per share)	$ 60.93
Outstanding at the end of year, Weighted-Average Remaining Contractual Term (in years)	2 years 6 months
Exercisable at the end of year, Weighted-Average Remaining Contractual Term (in years)	2 years 6 months
Outstanding at the end of year, Aggregate Intrinsic Value	$ 26,726
Exercisable at the end of year, Aggregate Intrinsic Value	$ 26,726

Share-Based Compensation Plan80

Share-Based Compensation Plans (Restricted Share Activity) (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at the beginning of year (in shares)	306,968
Granted (in shares)	62,128
Vested (in shares)	(181,967)
Forfeited (in shares)	(9,915)
Unvested at the end of year (in shares)	177,214	306,968
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 100.45
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	141.08	$ 111.45	$ 106.70
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)	95.99
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)	111.21
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 118.68	$ 100.45

Share-Based Compensation Plan81

Share-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions	Feb. 03, 2016shares	Jan. 04, 2016shares	Dec. 31, 2015USD ($)plans$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans | plans			2
Number of options granted in period			0	0	0
Total cash received from options exercised | $			$ 2	$ 2.3	$ 1
Total unrecognized compensation cost related to unvested share-based compensation arrangements | $			$ 11.8
Period for recognition (in years)			8 years 5 months
Weighted-average period for recognition			2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $			$ 2.1	$ 1.1	$ 0.7
Performance Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			2,450,000
Long Term Incentive Plan 2001
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			3,250,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			62,128
Weighted-average grant-date fair value of stock awarded | $ / shares			$ 141.08	$ 111.45	$ 106.70
Total vesting-date fair value of shares vested during the year | $			$ 26.1	$ 12.1	$ 10.6
Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			6 years
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)			10 years
Employee Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Employee Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			6 years
Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		4,622
Stock Award | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	135,063
Stock Award | Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Stock Award | Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	8 years
Stock Award | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	682
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years

Savings and Retirement Plans (D

Savings and Retirement Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension Plan
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Maximum annual contribution per employee	$ 18,000	$ 17,500	$ 17,500
Employer match as a percent	50.00%	50.00%	50.00%
Employer contribution expense	$ 504,000	$ 442,000	$ 384,000
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Liability to participants	$ 9,700,000	$ 10,300,000
Maximum | Pension Plan
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Maximum of employer match as a percentage of employee eligible earnings	5.00%	5.00%	5.00%

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Weighted average unvested shares outstanding	200,000	300,000	300,000
Anti-dilutive stock options excluded from dilutive earnings per share calculation	0	0	0
Cumulative convertible preferred share, dividend rate	5.417%	5.417%	5.417%

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended											12 Months Ended
	Dec. 31, 2015	[1]	Sep. 30, 2015	Jun. 30, 2015	[1]	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	[1]	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Income from continuing operations												$ 190,094	$ 167,888	$ 137,811
Less: Preferred share dividends												(541)	(541)	(541)
Less: Income from continuing operations attributable to noncontrolling interests												(8,205)	(7,754)	(4,927)
Less: Earnings allocated to unvested shares												(797)	(1,003)	(889)
Income from continuing operations available for common shareholders												180,551	158,590	131,454
Results from discontinued operations attributable to the Trust												0	0	24,803
Gain on sale of real estate												28,330	4,401	4,994
Net income available for common shareholders, basic and diluted												$ 208,881	$ 162,991	$ 161,251
Weighted average common shares outstanding—basic												68,797	67,322	65,331
Stock options												184	170	152
Weighted average common shares outstanding—diluted												68,981	67,492	65,483
Continuing operations												$ 2.63	$ 2.35	$ 2.01
Discontinued operations												0	0	0.38
Gain on sale of real estate												0.41	0.07	0.08
EARNINGS PER COMMON SHARE, BASIC	$ 0.98		$ 0.75	$ 0.63		$ 0.67	$ 0.51	$ 0.69		$ 0.64	$ 0.58	3.04	2.42	2.47
Continuing operations												2.62	2.34	2
Discontinued operations												0	0	0.38
Gain on sale of real estate												0.41	0.07	0.08
EARNINGS PER COMMON SHARE, DILUTED	$ 0.97		$ 0.75	$ 0.63		$ 0.67	$ 0.51	$ 0.69		$ 0.64	$ 0.57	$ 3.03	$ 2.41	$ 2.46
Income from continuing operations attributable to the Trust												$ 181,889	$ 160,134	$ 132,884
[1]	(1)Second and fourth quarter 2015 include an $11.5 million and $16.8 million gain on sale, respectively, from our Houston Street and Courtyard Shops properties as further discussed in Note 3. Third quarter 2014 includes a $4.4 million gain on sale reflecting our share of the Partnership's sale of Pleasant Shops as further discussed in Note 5.

Selected Quarterly Financial 85

Selected Quarterly Financial Data (Unaudited) Summary Of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended											12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015	Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 192,507		$ 185,252	$ 181,461		$ 184,792	$ 176,377	$ 170,938		$ 167,947	$ 170,828	$ 744,012	$ 686,090	$ 637,413
Operating income	75,914		75,917	76,201		72,122	71,610	67,622		68,361	63,444	300,154	271,037	254,161
Net income	69,998	[1]	54,550	45,673	[1]	48,203	37,279	49,049	[1]	45,416	40,545	218,424	172,289	167,608
NET INCOME ATTRIBUTABLE TO THE TRUST	67,954	[1]	52,447	43,632	[1]	46,186	35,162	47,075	[1]	43,545	38,753	210,219	164,535	162,681
Net income available for common shareholders	$ 67,819	[1]	$ 52,311	$ 43,497	[1]	$ 46,051	$ 35,027	$ 46,939	[1]	$ 43,410	$ 38,618	$ 209,678	$ 163,994	$ 162,140
Earnings per common share-basic	$ 0.98	[1]	$ 0.75	$ 0.63	[1]	$ 0.67	$ 0.51	$ 0.69	[1]	$ 0.64	$ 0.58	$ 3.04	$ 2.42	$ 2.47
Earnings per common share-diluted	$ 0.97	[1]	$ 0.75	$ 0.63	[1]	$ 0.67	$ 0.51	$ 0.69	[1]	$ 0.64	$ 0.57	$ 3.03	$ 2.41	$ 2.46
[1]	(1)Second and fourth quarter 2015 include an $11.5 million and $16.8 million gain on sale, respectively, from our Houston Street and Courtyard Shops properties as further discussed in Note 3. Third quarter 2014 includes a $4.4 million gain on sale reflecting our share of the Partnership's sale of Pleasant Shops as further discussed in Note 5.

Selected Quarterly Financial 86

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ in Thousands	Nov. 19, 2015	Apr. 24, 2015	Jul. 24, 2014	Dec. 31, 2015	Jun. 30, 2015	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate							$ 28,330	$ 4,401	$ 4,994
Federal Realty Investment Trust/Clarion Partners Partnership
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate			$ 14,500				$ 0	$ 14,507	$ 0
Federal Realty Investment Trust | Federal Realty Investment Trust/Clarion Partners Partnership
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate			$ 4,400			$ 4,400
Houston Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate		$ 11,500			$ 11,500
Courtyard Shops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate	$ 16,800			$ 16,800

Subsequent Event (Details)

Subsequent Event (Details) $ in Thousands	Jan. 13, 2016USD ($)property	Dec. 31, 2015USD ($)project	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Subsequent Event [Line Items]
Mortgage loans assumed with acquisition		$ 89,516	$ 68,282	$ 0
Number of real estate properties | project		90
Clarion | Subsequent Event
Subsequent Event [Line Items]
Ownership percentage in partnership	70.00%
Purchase Price	$ 153,700
Cash paid in acquisition	130,000
Mortgage loans assumed with acquisition	$ 34,400
Number of real estate properties | property	6

Schedule III - Summary of Rea88

Schedule III - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 554,442	$ 635,345
Initial cost to company, Land	1,222,871
Initial cost to company, Buildings and Improvements	1,910,686
Cost Capitalized Subsequent to Acquisition	2,930,849
Gross amount at which carried at close of period, Land	1,209,804
Gross amount at which carried at close of period, Buildings and Improvements	4,854,602
Gross amount at which carried at close of period, Total	6,064,406	5,608,998	$ 5,149,463	$ 4,779,674
Accumulated Depreciation and Amortization	1,574,041	$ 1,467,050	$ 1,350,471	$ 1,224,295
150 Post Street
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	11,685
Initial cost to company, Buildings and Improvements	9,181
Cost Capitalized Subsequent to Acquisition	16,200
Gross amount at which carried at close of period, Land	11,685
Gross amount at which carried at close of period, Buildings and Improvements	25,381
Gross amount at which carried at close of period, Total	37,066
Accumulated Depreciation and Amortization	$ 17,181
Life on which depreciation in latest income statements is computed	35 years
29th Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,732
Initial cost to company, Land	10,211
Initial cost to company, Buildings and Improvements	18,863
Cost Capitalized Subsequent to Acquisition	11,441
Gross amount at which carried at close of period, Land	10,225
Gross amount at which carried at close of period, Buildings and Improvements	30,290
Gross amount at which carried at close of period, Total	40,515
Accumulated Depreciation and Amortization	$ 8,893
Life on which depreciation in latest income statements is computed	35 years
Andorra
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 2,432
Initial cost to company, Buildings and Improvements	12,346
Cost Capitalized Subsequent to Acquisition	10,967
Gross amount at which carried at close of period, Land	2,432
Gross amount at which carried at close of period, Buildings and Improvements	23,313
Gross amount at which carried at close of period, Total	25,745
Accumulated Depreciation and Amortization	$ 17,389
Life on which depreciation in latest income statements is computed	35 years
Assembly Row/Assembly Square Market Place
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 93,252
Initial cost to company, Buildings and Improvements	34,196
Cost Capitalized Subsequent to Acquisition	346,444
Gross amount at which carried at close of period, Land	93,252
Gross amount at which carried at close of period, Buildings and Improvements	380,640
Gross amount at which carried at close of period, Total	473,892
Accumulated Depreciation and Amortization	$ 28,839
Life on which depreciation in latest income statements is computed	35 years
Bala Cynwyd
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 3,565
Initial cost to company, Buildings and Improvements	14,466
Cost Capitalized Subsequent to Acquisition	23,077
Gross amount at which carried at close of period, Land	3,566
Gross amount at which carried at close of period, Buildings and Improvements	37,542
Gross amount at which carried at close of period, Total	41,108
Accumulated Depreciation and Amortization	$ 17,580
Life on which depreciation in latest income statements is computed	35 years
Barracks Road
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 4,363
Initial cost to company, Buildings and Improvements	16,459
Cost Capitalized Subsequent to Acquisition	40,076
Gross amount at which carried at close of period, Land	4,363
Gross amount at which carried at close of period, Buildings and Improvements	56,535
Gross amount at which carried at close of period, Total	60,898
Accumulated Depreciation and Amortization	$ 39,146
Life on which depreciation in latest income statements is computed	35 years
Bethesda Row
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 46,579
Initial cost to company, Buildings and Improvements	35,406
Cost Capitalized Subsequent to Acquisition	143,006
Gross amount at which carried at close of period, Land	44,880
Gross amount at which carried at close of period, Buildings and Improvements	180,111
Gross amount at which carried at close of period, Total	224,991
Accumulated Depreciation and Amortization	$ 62,238
Bethesda Row | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statements is computed	35 years
Bethesda Row | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statements is computed	50 years
Brick Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 0
Initial cost to company, Buildings and Improvements	24,715
Cost Capitalized Subsequent to Acquisition	36,645
Gross amount at which carried at close of period, Land	3,945
Gross amount at which carried at close of period, Buildings and Improvements	57,415
Gross amount at which carried at close of period, Total	61,360
Accumulated Depreciation and Amortization	$ 44,188
Life on which depreciation in latest income statements is computed	35 years
Bristol Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 3,856
Initial cost to company, Buildings and Improvements	15,959
Cost Capitalized Subsequent to Acquisition	9,973
Gross amount at which carried at close of period, Land	3,856
Gross amount at which carried at close of period, Buildings and Improvements	25,932
Gross amount at which carried at close of period, Total	29,788
Accumulated Depreciation and Amortization	$ 15,596
Life on which depreciation in latest income statements is computed	35 years
Brook 35
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,500
Initial cost to company, Land	7,128
Initial cost to company, Buildings and Improvements	38,355
Cost Capitalized Subsequent to Acquisition	1,334
Gross amount at which carried at close of period, Land	7,128
Gross amount at which carried at close of period, Buildings and Improvements	39,689
Gross amount at which carried at close of period, Total	46,817
Accumulated Depreciation and Amortization	$ 2,662
Life on which depreciation in latest income statements is computed	35 years
Chelsea Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,602
Initial cost to company, Land	9,417
Initial cost to company, Buildings and Improvements	19,466
Cost Capitalized Subsequent to Acquisition	13,853
Gross amount at which carried at close of period, Land	9,396
Gross amount at which carried at close of period, Buildings and Improvements	33,340
Gross amount at which carried at close of period, Total	42,736
Accumulated Depreciation and Amortization	$ 6,482
Life on which depreciation in latest income statements is computed	35 years
CocoWalk
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 28,149
Initial cost to company, Buildings and Improvements	70,091
Cost Capitalized Subsequent to Acquisition	719
Gross amount at which carried at close of period, Land	28,149
Gross amount at which carried at close of period, Buildings and Improvements	70,810
Gross amount at which carried at close of period, Total	98,959
Accumulated Depreciation and Amortization	$ 1,764
Life on which depreciation in latest income statements is computed	35 years
Colorado Blvd
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 5,262
Initial cost to company, Buildings and Improvements	4,071
Cost Capitalized Subsequent to Acquisition	8,669
Gross amount at which carried at close of period, Land	5,262
Gross amount at which carried at close of period, Buildings and Improvements	12,740
Gross amount at which carried at close of period, Total	18,002
Accumulated Depreciation and Amortization	$ 9,804
Life on which depreciation in latest income statements is computed	35 years
Congressional Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 2,793
Initial cost to company, Buildings and Improvements	7,424
Cost Capitalized Subsequent to Acquisition	80,282
Gross amount at which carried at close of period, Land	1,020
Gross amount at which carried at close of period, Buildings and Improvements	89,479
Gross amount at which carried at close of period, Total	90,499
Accumulated Depreciation and Amortization	$ 48,023
Life on which depreciation in latest income statements is computed	35 years
Courthouse Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 1,750
Initial cost to company, Buildings and Improvements	1,869
Cost Capitalized Subsequent to Acquisition	1,114
Gross amount at which carried at close of period, Land	1,750
Gross amount at which carried at close of period, Buildings and Improvements	2,983
Gross amount at which carried at close of period, Total	4,733
Accumulated Depreciation and Amortization	$ 1,658
Life on which depreciation in latest income statements is computed	35 years
Crossroads
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 4,635
Initial cost to company, Buildings and Improvements	11,611
Cost Capitalized Subsequent to Acquisition	15,188
Gross amount at which carried at close of period, Land	4,635
Gross amount at which carried at close of period, Buildings and Improvements	26,799
Gross amount at which carried at close of period, Total	31,434
Accumulated Depreciation and Amortization	$ 14,909
Life on which depreciation in latest income statements is computed	35 years
Crow Canyon Commons
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 27,245
Initial cost to company, Buildings and Improvements	54,575
Cost Capitalized Subsequent to Acquisition	6,414
Gross amount at which carried at close of period, Land	27,245
Gross amount at which carried at close of period, Buildings and Improvements	60,989
Gross amount at which carried at close of period, Total	88,234
Accumulated Depreciation and Amortization	$ 17,659
Life on which depreciation in latest income statements is computed	35 years
Darien
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 29,809
Initial cost to company, Buildings and Improvements	18,302
Cost Capitalized Subsequent to Acquisition	280
Gross amount at which carried at close of period, Land	29,809
Gross amount at which carried at close of period, Buildings and Improvements	18,582
Gross amount at which carried at close of period, Total	48,391
Accumulated Depreciation and Amortization	$ 1,777
Life on which depreciation in latest income statements is computed	35 years
Dedham Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 12,287
Initial cost to company, Buildings and Improvements	12,918
Cost Capitalized Subsequent to Acquisition	9,887
Gross amount at which carried at close of period, Land	12,287
Gross amount at which carried at close of period, Buildings and Improvements	22,805
Gross amount at which carried at close of period, Total	35,092
Accumulated Depreciation and Amortization	$ 13,797
Life on which depreciation in latest income statements is computed	35 years
Del Mar Village
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 15,624
Initial cost to company, Buildings and Improvements	41,712
Cost Capitalized Subsequent to Acquisition	3,063
Gross amount at which carried at close of period, Land	15,587
Gross amount at which carried at close of period, Buildings and Improvements	44,812
Gross amount at which carried at close of period, Total	60,399
Accumulated Depreciation and Amortization	$ 17,250
Life on which depreciation in latest income statements is computed	35 years
East Bay Bridge
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 29,079
Initial cost to company, Buildings and Improvements	138,035
Cost Capitalized Subsequent to Acquisition	8,666
Gross amount at which carried at close of period, Land	29,079
Gross amount at which carried at close of period, Buildings and Improvements	146,701
Gross amount at which carried at close of period, Total	175,780
Accumulated Depreciation and Amortization	$ 14,449
Life on which depreciation in latest income statements is computed	35 years
Eastgate
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 1,608
Initial cost to company, Buildings and Improvements	5,775
Cost Capitalized Subsequent to Acquisition	20,754
Gross amount at which carried at close of period, Land	1,608
Gross amount at which carried at close of period, Buildings and Improvements	26,529
Gross amount at which carried at close of period, Total	28,137
Accumulated Depreciation and Amortization	$ 18,307
Life on which depreciation in latest income statements is computed	35 years
Elllisburg
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 4,028
Initial cost to company, Buildings and Improvements	11,309
Cost Capitalized Subsequent to Acquisition	19,590
Gross amount at which carried at close of period, Land	4,013
Gross amount at which carried at close of period, Buildings and Improvements	30,914
Gross amount at which carried at close of period, Total	34,927
Accumulated Depreciation and Amortization	$ 18,354
Life on which depreciation in latest income statements is computed	35 years
Escondido Promenade
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 19,117
Initial cost to company, Buildings and Improvements	15,829
Cost Capitalized Subsequent to Acquisition	12,158
Gross amount at which carried at close of period, Land	19,117
Gross amount at which carried at close of period, Buildings and Improvements	27,987
Gross amount at which carried at close of period, Total	47,104
Accumulated Depreciation and Amortization	$ 13,477
Life on which depreciation in latest income statements is computed	35 years
Falls Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 1,798
Initial cost to company, Buildings and Improvements	1,270
Cost Capitalized Subsequent to Acquisition	9,779
Gross amount at which carried at close of period, Land	1,819
Gross amount at which carried at close of period, Buildings and Improvements	11,028
Gross amount at which carried at close of period, Total	12,847
Accumulated Depreciation and Amortization	$ 7,928
Life on which depreciation in latest income statements is computed	25 years
Federal Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 10,216
Initial cost to company, Buildings and Improvements	17,895
Cost Capitalized Subsequent to Acquisition	37,860
Gross amount at which carried at close of period, Land	10,216
Gross amount at which carried at close of period, Buildings and Improvements	55,755
Gross amount at which carried at close of period, Total	65,971
Accumulated Depreciation and Amortization	$ 39,128
Life on which depreciation in latest income statements is computed	35 years
Finley Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 9,252
Initial cost to company, Buildings and Improvements	9,544
Cost Capitalized Subsequent to Acquisition	16,032
Gross amount at which carried at close of period, Land	9,252
Gross amount at which carried at close of period, Buildings and Improvements	25,576
Gross amount at which carried at close of period, Total	34,828
Accumulated Depreciation and Amortization	$ 17,459
Life on which depreciation in latest income statements is computed	35 years
Flourtown
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 1,345
Initial cost to company, Buildings and Improvements	3,943
Cost Capitalized Subsequent to Acquisition	11,353
Gross amount at which carried at close of period, Land	1,345
Gross amount at which carried at close of period, Buildings and Improvements	15,296
Gross amount at which carried at close of period, Total	16,641
Accumulated Depreciation and Amortization	$ 4,886
Life on which depreciation in latest income statements is computed	35 years
Fresh Meadows
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 24,625
Initial cost to company, Buildings and Improvements	25,255
Cost Capitalized Subsequent to Acquisition	31,046
Gross amount at which carried at close of period, Land	24,633
Gross amount at which carried at close of period, Buildings and Improvements	56,293
Gross amount at which carried at close of period, Total	80,926
Accumulated Depreciation and Amortization	$ 33,120
Life on which depreciation in latest income statements is computed	35 years
Friendship Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 12,696
Initial cost to company, Buildings and Improvements	20,803
Cost Capitalized Subsequent to Acquisition	4,020
Gross amount at which carried at close of period, Land	12,696
Gross amount at which carried at close of period, Buildings and Improvements	24,823
Gross amount at which carried at close of period, Total	37,519
Accumulated Depreciation and Amortization	$ 9,900
Life on which depreciation in latest income statements is computed	35 years
Gaithersburg Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 7,701
Initial cost to company, Buildings and Improvements	5,271
Cost Capitalized Subsequent to Acquisition	13,702
Gross amount at which carried at close of period, Land	5,973
Gross amount at which carried at close of period, Buildings and Improvements	20,701
Gross amount at which carried at close of period, Total	26,674
Accumulated Depreciation and Amortization	$ 16,778
Life on which depreciation in latest income statements is computed	35 years
Garden Market
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 2,677
Initial cost to company, Buildings and Improvements	4,829
Cost Capitalized Subsequent to Acquisition	5,387
Gross amount at which carried at close of period, Land	2,677
Gross amount at which carried at close of period, Buildings and Improvements	10,216
Gross amount at which carried at close of period, Total	12,893
Accumulated Depreciation and Amortization	$ 6,540
Life on which depreciation in latest income statements is computed	35 years
Governor Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 2,068
Initial cost to company, Buildings and Improvements	4,905
Cost Capitalized Subsequent to Acquisition	20,184
Gross amount at which carried at close of period, Land	2,068
Gross amount at which carried at close of period, Buildings and Improvements	25,089
Gross amount at which carried at close of period, Total	27,157
Accumulated Depreciation and Amortization	$ 18,201
Life on which depreciation in latest income statements is computed	35 years
Graham Park Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 1,237
Initial cost to company, Buildings and Improvements	15,096
Cost Capitalized Subsequent to Acquisition	18,002
Gross amount at which carried at close of period, Land	1,169
Gross amount at which carried at close of period, Buildings and Improvements	33,166
Gross amount at which carried at close of period, Total	34,335
Accumulated Depreciation and Amortization	$ 25,958
Life on which depreciation in latest income statements is computed	35 years
Gratiot Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 525
Initial cost to company, Buildings and Improvements	1,601
Cost Capitalized Subsequent to Acquisition	17,439
Gross amount at which carried at close of period, Land	525
Gross amount at which carried at close of period, Buildings and Improvements	19,040
Gross amount at which carried at close of period, Total	19,565
Accumulated Depreciation and Amortization	$ 16,001
Life on which depreciation in latest income statements is computed	25 years 9 months
Greenwich Avenue
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 7,484
Initial cost to company, Buildings and Improvements	5,444
Cost Capitalized Subsequent to Acquisition	1,169
Gross amount at which carried at close of period, Land	7,484
Gross amount at which carried at close of period, Buildings and Improvements	6,613
Gross amount at which carried at close of period, Total	14,097
Accumulated Depreciation and Amortization	$ 3,782
Life on which depreciation in latest income statements is computed	35 years
Hauppauge
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 8,791
Initial cost to company, Buildings and Improvements	15,262
Cost Capitalized Subsequent to Acquisition	4,593
Gross amount at which carried at close of period, Land	8,426
Gross amount at which carried at close of period, Buildings and Improvements	20,220
Gross amount at which carried at close of period, Total	28,646
Accumulated Depreciation and Amortization	$ 10,295
Life on which depreciation in latest income statements is computed	35 years
Hermosa Avenue
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 1,116
Initial cost to company, Buildings and Improvements	280
Cost Capitalized Subsequent to Acquisition	4,512
Gross amount at which carried at close of period, Land	1,368
Gross amount at which carried at close of period, Buildings and Improvements	4,540
Gross amount at which carried at close of period, Total	5,908
Accumulated Depreciation and Amortization	$ 2,978
Life on which depreciation in latest income statements is computed	35 years
Hollywood Blvd.
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 8,300
Initial cost to company, Buildings and Improvements	16,920
Cost Capitalized Subsequent to Acquisition	21,199
Gross amount at which carried at close of period, Land	8,300
Gross amount at which carried at close of period, Buildings and Improvements	38,119
Gross amount at which carried at close of period, Total	46,419
Accumulated Depreciation and Amortization	$ 11,765
Life on which depreciation in latest income statements is computed	35 years
Huntington
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 12,195
Initial cost to company, Buildings and Improvements	16,008
Cost Capitalized Subsequent to Acquisition	16,134
Gross amount at which carried at close of period, Land	12,195
Gross amount at which carried at close of period, Buildings and Improvements	32,142
Gross amount at which carried at close of period, Total	44,337
Accumulated Depreciation and Amortization	$ 13,323
Life on which depreciation in latest income statements is computed	35 years
Huntington Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 0
Initial cost to company, Buildings and Improvements	10,075
Cost Capitalized Subsequent to Acquisition	2,164
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	12,239
Gross amount at which carried at close of period, Total	12,239
Accumulated Depreciation and Amortization	$ 2,236
Life on which depreciation in latest income statements is computed	35 years
Idylwood Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 4,308
Initial cost to company, Buildings and Improvements	10,026
Cost Capitalized Subsequent to Acquisition	2,402
Gross amount at which carried at close of period, Land	4,308
Gross amount at which carried at close of period, Buildings and Improvements	12,428
Gross amount at which carried at close of period, Total	16,736
Accumulated Depreciation and Amortization	$ 8,031
Life on which depreciation in latest income statements is computed	35 years
Kings Court
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 0
Initial cost to company, Buildings and Improvements	10,714
Cost Capitalized Subsequent to Acquisition	898
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	11,612
Gross amount at which carried at close of period, Total	11,612
Accumulated Depreciation and Amortization	$ 7,881
Life on which depreciation in latest income statements is computed	26 years
Lancaster
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,907
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	2,103
Cost Capitalized Subsequent to Acquisition	11,451
Gross amount at which carried at close of period, Land	75
Gross amount at which carried at close of period, Buildings and Improvements	13,479
Gross amount at which carried at close of period, Total	13,554
Accumulated Depreciation and Amortization	$ 7,714
Life on which depreciation in latest income statements is computed	22 years
Langhorne Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 720
Initial cost to company, Buildings and Improvements	2,974
Cost Capitalized Subsequent to Acquisition	18,068
Gross amount at which carried at close of period, Land	720
Gross amount at which carried at close of period, Buildings and Improvements	21,042
Gross amount at which carried at close of period, Total	21,762
Accumulated Depreciation and Amortization	$ 13,690
Life on which depreciation in latest income statements is computed	35 years
Laurel
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 7,458
Initial cost to company, Buildings and Improvements	22,525
Cost Capitalized Subsequent to Acquisition	25,425
Gross amount at which carried at close of period, Land	7,464
Gross amount at which carried at close of period, Buildings and Improvements	47,944
Gross amount at which carried at close of period, Total	55,408
Accumulated Depreciation and Amortization	$ 34,298
Life on which depreciation in latest income statements is computed	35 years
Lawrence Park
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 5,723
Initial cost to company, Buildings and Improvements	7,160
Cost Capitalized Subsequent to Acquisition	19,371
Gross amount at which carried at close of period, Land	5,734
Gross amount at which carried at close of period, Buildings and Improvements	26,520
Gross amount at which carried at close of period, Total	32,254
Accumulated Depreciation and Amortization	$ 23,597
Life on which depreciation in latest income statements is computed	22 years
Leesburg Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 8,184
Initial cost to company, Buildings and Improvements	10,722
Cost Capitalized Subsequent to Acquisition	17,279
Gross amount at which carried at close of period, Land	8,184
Gross amount at which carried at close of period, Buildings and Improvements	28,001
Gross amount at which carried at close of period, Total	36,185
Accumulated Depreciation and Amortization	$ 13,117
Life on which depreciation in latest income statements is computed	35 years
Linden Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 79,382
Initial cost to company, Buildings and Improvements	19,247
Cost Capitalized Subsequent to Acquisition	48,869
Gross amount at which carried at close of period, Land	79,269
Gross amount at which carried at close of period, Buildings and Improvements	68,229
Gross amount at which carried at close of period, Total	147,498
Accumulated Depreciation and Amortization	$ 17,647
Life on which depreciation in latest income statements is computed	35 years
Melville Mall
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 35,622
Initial cost to company, Buildings and Improvements	32,882
Cost Capitalized Subsequent to Acquisition	5,483
Gross amount at which carried at close of period, Land	35,622
Gross amount at which carried at close of period, Buildings and Improvements	38,365
Gross amount at which carried at close of period, Total	73,987
Accumulated Depreciation and Amortization	$ 9,029
Life on which depreciation in latest income statements is computed	35 years
Mercer Mall
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 55,682
Initial cost to company, Land	28,684
Initial cost to company, Buildings and Improvements	48,028
Cost Capitalized Subsequent to Acquisition	42,395
Gross amount at which carried at close of period, Land	28,684
Gross amount at which carried at close of period, Buildings and Improvements	90,423
Gross amount at which carried at close of period, Total	119,107
Accumulated Depreciation and Amortization	$ 33,853
Mercer Mall | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statements is computed	25 years
Mercer Mall | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statements is computed	35 years
Montrose Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 74,329
Initial cost to company, Land	48,624
Initial cost to company, Buildings and Improvements	91,819
Cost Capitalized Subsequent to Acquisition	13,103
Gross amount at which carried at close of period, Land	48,624
Gross amount at which carried at close of period, Buildings and Improvements	104,922
Gross amount at which carried at close of period, Total	153,546
Accumulated Depreciation and Amortization	$ 16,687
Life on which depreciation in latest income statements is computed	35 years
Mount Vernon/South Valley/7770 Richmond Hwy,
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 10,068
Initial cost to company, Buildings and Improvements	33,501
Cost Capitalized Subsequent to Acquisition	39,297
Gross amount at which carried at close of period, Land	10,230
Gross amount at which carried at close of period, Buildings and Improvements	72,636
Gross amount at which carried at close of period, Total	82,866
Accumulated Depreciation and Amortization	$ 28,716
Life on which depreciation in latest income statements is computed	35 years
Town Center of New Britain
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 1,282
Initial cost to company, Buildings and Improvements	12,285
Cost Capitalized Subsequent to Acquisition	1,390
Gross amount at which carried at close of period, Land	1,379
Gross amount at which carried at close of period, Buildings and Improvements	13,578
Gross amount at which carried at close of period, Total	14,957
Accumulated Depreciation and Amortization	$ 4,197
Life on which depreciation in latest income statements is computed	35 years
North Dartmouth
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 9,366
Initial cost to company, Buildings and Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Gross amount at which carried at close of period, Land	9,366
Gross amount at which carried at close of period, Buildings and Improvements	0
Gross amount at which carried at close of period, Total	9,366
Accumulated Depreciation and Amortization	$ 0
Life on which depreciation in latest income statements is computed
Northeast
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 1,152
Initial cost to company, Buildings and Improvements	10,596
Cost Capitalized Subsequent to Acquisition	13,551
Gross amount at which carried at close of period, Land	1,153
Gross amount at which carried at close of period, Buildings and Improvements	24,146
Gross amount at which carried at close of period, Total	25,299
Accumulated Depreciation and Amortization	$ 18,837
Life on which depreciation in latest income statements is computed	35 years
North Lake Commons
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 2,782
Initial cost to company, Buildings and Improvements	8,604
Cost Capitalized Subsequent to Acquisition	5,044
Gross amount at which carried at close of period, Land	2,628
Gross amount at which carried at close of period, Buildings and Improvements	13,802
Gross amount at which carried at close of period, Total	16,430
Accumulated Depreciation and Amortization	$ 7,557
Life on which depreciation in latest income statements is computed	35 years
Old Keene Mill
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 638
Initial cost to company, Buildings and Improvements	998
Cost Capitalized Subsequent to Acquisition	4,775
Gross amount at which carried at close of period, Land	638
Gross amount at which carried at close of period, Buildings and Improvements	5,773
Gross amount at which carried at close of period, Total	6,411
Accumulated Depreciation and Amortization	$ 5,045
Life on which depreciation in latest income statements is computed	33 years 4 months
Old Town Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 3,420
Initial cost to company, Buildings and Improvements	2,765
Cost Capitalized Subsequent to Acquisition	31,655
Gross amount at which carried at close of period, Land	3,420
Gross amount at which carried at close of period, Buildings and Improvements	34,420
Gross amount at which carried at close of period, Total	37,840
Accumulated Depreciation and Amortization	$ 20,669
Life on which depreciation in latest income statements is computed	35 years
Pan Am Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 8,694
Initial cost to company, Buildings and Improvements	12,929
Cost Capitalized Subsequent to Acquisition	7,230
Gross amount at which carried at close of period, Land	8,695
Gross amount at which carried at close of period, Buildings and Improvements	20,158
Gross amount at which carried at close of period, Total	28,853
Accumulated Depreciation and Amortization	$ 13,972
Life on which depreciation in latest income statements is computed	35 years
Pentagon Row
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 0
Initial cost to company, Buildings and Improvements	2,955
Cost Capitalized Subsequent to Acquisition	93,726
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	96,681
Gross amount at which carried at close of period, Total	96,681
Accumulated Depreciation and Amortization	$ 40,084
Life on which depreciation in latest income statements is computed	35 years
Perring Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 2,800
Initial cost to company, Buildings and Improvements	6,461
Cost Capitalized Subsequent to Acquisition	21,156
Gross amount at which carried at close of period, Land	2,800
Gross amount at which carried at close of period, Buildings and Improvements	27,617
Gross amount at which carried at close of period, Total	30,417
Accumulated Depreciation and Amortization	$ 21,389
Life on which depreciation in latest income statements is computed	35 years
Pike & Rose
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 31,471
Initial cost to company, Buildings and Improvements	10,335
Cost Capitalized Subsequent to Acquisition	324,723
Gross amount at which carried at close of period, Land	26,199
Gross amount at which carried at close of period, Buildings and Improvements	340,330
Gross amount at which carried at close of period, Total	366,529
Accumulated Depreciation and Amortization	$ 5,488
Life on which depreciation in latest income statements is computed	50 years
Pike 7
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 14,970
Initial cost to company, Buildings and Improvements	22,799
Cost Capitalized Subsequent to Acquisition	3,945
Gross amount at which carried at close of period, Land	14,914
Gross amount at which carried at close of period, Buildings and Improvements	26,800
Gross amount at which carried at close of period, Total	41,714
Accumulated Depreciation and Amortization	$ 14,907
Life on which depreciation in latest income statements is computed	35 years
Plaza El Segundo/The Point
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 178,313
Initial cost to company, Land	62,127
Initial cost to company, Buildings and Improvements	153,556
Cost Capitalized Subsequent to Acquisition	55,296
Gross amount at which carried at close of period, Land	62,127
Gross amount at which carried at close of period, Buildings and Improvements	208,852
Gross amount at which carried at close of period, Total	270,979
Accumulated Depreciation and Amortization	$ 24,548
Life on which depreciation in latest income statements is computed	35 years
Queen Anne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 3,319
Initial cost to company, Buildings and Improvements	8,457
Cost Capitalized Subsequent to Acquisition	6,421
Gross amount at which carried at close of period, Land	3,319
Gross amount at which carried at close of period, Buildings and Improvements	14,878
Gross amount at which carried at close of period, Total	18,197
Accumulated Depreciation and Amortization	$ 8,908
Life on which depreciation in latest income statements is computed	35 years
Quince Orchard Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 3,197
Initial cost to company, Buildings and Improvements	7,949
Cost Capitalized Subsequent to Acquisition	24,155
Gross amount at which carried at close of period, Land	2,928
Gross amount at which carried at close of period, Buildings and Improvements	32,373
Gross amount at which carried at close of period, Total	35,301
Accumulated Depreciation and Amortization	$ 16,012
Life on which depreciation in latest income statements is computed	35 years
Rockville Town Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,492
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	8,092
Cost Capitalized Subsequent to Acquisition	41,995
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	50,087
Gross amount at which carried at close of period, Total	50,087
Accumulated Depreciation and Amortization	$ 13,887
Life on which depreciation in latest income statements is computed	50 years
Rollingwood Apts.
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,716
Initial cost to company, Land	552
Initial cost to company, Buildings and Improvements	2,246
Cost Capitalized Subsequent to Acquisition	7,449
Gross amount at which carried at close of period, Land	572
Gross amount at which carried at close of period, Buildings and Improvements	9,675
Gross amount at which carried at close of period, Total	10,247
Accumulated Depreciation and Amortization	$ 8,598
Life on which depreciation in latest income statements is computed	25 years
Sam's Park and Shop
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 4,840
Initial cost to company, Buildings and Improvements	6,319
Cost Capitalized Subsequent to Acquisition	1,395
Gross amount at which carried at close of period, Land	4,840
Gross amount at which carried at close of period, Buildings and Improvements	7,714
Gross amount at which carried at close of period, Total	12,554
Accumulated Depreciation and Amortization	$ 4,634
Life on which depreciation in latest income statements is computed	35 years
San Antonio Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 39,920
Initial cost to company, Buildings and Improvements	32,466
Cost Capitalized Subsequent to Acquisition	383
Gross amount at which carried at close of period, Land	39,920
Gross amount at which carried at close of period, Buildings and Improvements	32,849
Gross amount at which carried at close of period, Total	72,769
Accumulated Depreciation and Amortization	$ 1,621
Life on which depreciation in latest income statements is computed	35 years
Santana Row
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 66,682
Initial cost to company, Buildings and Improvements	7,502
Cost Capitalized Subsequent to Acquisition	658,473
Gross amount at which carried at close of period, Land	57,578
Gross amount at which carried at close of period, Buildings and Improvements	675,079
Gross amount at which carried at close of period, Total	732,657
Accumulated Depreciation and Amortization	$ 150,940
Santana Row | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statements is computed	40 years
Santana Row | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statements is computed	50 years
Saugus
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 4,383
Initial cost to company, Buildings and Improvements	8,291
Cost Capitalized Subsequent to Acquisition	2,581
Gross amount at which carried at close of period, Land	4,383
Gross amount at which carried at close of period, Buildings and Improvements	10,872
Gross amount at which carried at close of period, Total	15,255
Accumulated Depreciation and Amortization	$ 5,846
Life on which depreciation in latest income statements is computed	35 years
The Avenue at White Marsh
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 52,705
Initial cost to company, Land	20,682
Initial cost to company, Buildings and Improvements	72,432
Cost Capitalized Subsequent to Acquisition	7,028
Gross amount at which carried at close of period, Land	20,685
Gross amount at which carried at close of period, Buildings and Improvements	79,457
Gross amount at which carried at close of period, Total	100,142
Accumulated Depreciation and Amortization	$ 25,294
Life on which depreciation in latest income statements is computed	35 years
The Grove at Shrewsbury
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 56,997
Initial cost to company, Land	18,016
Initial cost to company, Buildings and Improvements	103,115
Cost Capitalized Subsequent to Acquisition	995
Gross amount at which carried at close of period, Land	18,021
Gross amount at which carried at close of period, Buildings and Improvements	104,105
Gross amount at which carried at close of period, Total	122,126
Accumulated Depreciation and Amortization	$ 6,980
Life on which depreciation in latest income statements is computed	35 years
The Shoppes At Nottingham Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 4,441
Initial cost to company, Buildings and Improvements	12,849
Cost Capitalized Subsequent to Acquisition	163
Gross amount at which carried at close of period, Land	4,441
Gross amount at which carried at close of period, Buildings and Improvements	13,012
Gross amount at which carried at close of period, Total	17,453
Accumulated Depreciation and Amortization	$ 3,979
Life on which depreciation in latest income statements is computed	35 years
The Shops at Sunset Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 75,928
Initial cost to company, Land	64,499
Initial cost to company, Buildings and Improvements	50,853
Cost Capitalized Subsequent to Acquisition	1,229
Gross amount at which carried at close of period, Land	64,499
Gross amount at which carried at close of period, Buildings and Improvements	52,082
Gross amount at which carried at close of period, Total	116,581
Accumulated Depreciation and Amortization	$ 743
Life on which depreciation in latest income statements is computed	35 years
Third Street Promenade
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 22,645
Initial cost to company, Buildings and Improvements	12,709
Cost Capitalized Subsequent to Acquisition	43,181
Gross amount at which carried at close of period, Land	25,125
Gross amount at which carried at close of period, Buildings and Improvements	53,410
Gross amount at which carried at close of period, Total	78,535
Accumulated Depreciation and Amortization	$ 30,043
Life on which depreciation in latest income statements is computed	35 years
Tower
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 7,170
Initial cost to company, Buildings and Improvements	10,518
Cost Capitalized Subsequent to Acquisition	3,764
Gross amount at which carried at close of period, Land	7,280
Gross amount at which carried at close of period, Buildings and Improvements	14,172
Gross amount at which carried at close of period, Total	21,452
Accumulated Depreciation and Amortization	$ 7,878
Life on which depreciation in latest income statements is computed	35 years
Tower Shops
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 29,940
Initial cost to company, Buildings and Improvements	43,390
Cost Capitalized Subsequent to Acquisition	20,045
Gross amount at which carried at close of period, Land	29,962
Gross amount at which carried at close of period, Buildings and Improvements	63,413
Gross amount at which carried at close of period, Total	93,375
Accumulated Depreciation and Amortization	$ 10,777
Life on which depreciation in latest income statements is computed	35 years
Troy
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 3,126
Initial cost to company, Buildings and Improvements	5,193
Cost Capitalized Subsequent to Acquisition	26,281
Gross amount at which carried at close of period, Land	4,311
Gross amount at which carried at close of period, Buildings and Improvements	30,289
Gross amount at which carried at close of period, Total	34,600
Accumulated Depreciation and Amortization	$ 19,580
Life on which depreciation in latest income statements is computed	22 years
Tyson's Station
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 388
Initial cost to company, Buildings and Improvements	453
Cost Capitalized Subsequent to Acquisition	3,752
Gross amount at which carried at close of period, Land	475
Gross amount at which carried at close of period, Buildings and Improvements	4,118
Gross amount at which carried at close of period, Total	4,593
Accumulated Depreciation and Amortization	$ 3,425
Life on which depreciation in latest income statements is computed	17 years
Village at Shirlington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,539
Initial cost to company, Land	9,761
Initial cost to company, Buildings and Improvements	14,808
Cost Capitalized Subsequent to Acquisition	36,838
Gross amount at which carried at close of period, Land	4,234
Gross amount at which carried at close of period, Buildings and Improvements	57,173
Gross amount at which carried at close of period, Total	61,407
Accumulated Depreciation and Amortization	$ 22,623
Life on which depreciation in latest income statements is computed	35 years
Westgate Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 6,319
Initial cost to company, Buildings and Improvements	107,284
Cost Capitalized Subsequent to Acquisition	32,392
Gross amount at which carried at close of period, Land	6,319
Gross amount at which carried at close of period, Buildings and Improvements	139,676
Gross amount at which carried at close of period, Total	145,995
Accumulated Depreciation and Amortization	$ 37,056
Life on which depreciation in latest income statements is computed	35 years
White Marsh Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 3,478
Initial cost to company, Buildings and Improvements	21,413
Cost Capitalized Subsequent to Acquisition	262
Gross amount at which carried at close of period, Land	3,478
Gross amount at which carried at close of period, Buildings and Improvements	21,675
Gross amount at which carried at close of period, Total	25,153
Accumulated Depreciation and Amortization	$ 7,123
Life on which depreciation in latest income statements is computed	35 years
White Marsh Other
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 34,281
Initial cost to company, Buildings and Improvements	1,843
Cost Capitalized Subsequent to Acquisition	925
Gross amount at which carried at close of period, Land	34,311
Gross amount at which carried at close of period, Buildings and Improvements	2,738
Gross amount at which carried at close of period, Total	37,049
Accumulated Depreciation and Amortization	$ 673
Life on which depreciation in latest income statements is computed	35 years
Wildwood
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 9,111
Initial cost to company, Buildings and Improvements	1,061
Cost Capitalized Subsequent to Acquisition	8,793
Gross amount at which carried at close of period, Land	9,111
Gross amount at which carried at close of period, Buildings and Improvements	9,854
Gross amount at which carried at close of period, Total	18,965
Accumulated Depreciation and Amortization	$ 8,191
Life on which depreciation in latest income statements is computed	33 years 4 months
Willow Grove
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 1,499
Initial cost to company, Buildings and Improvements	6,643
Cost Capitalized Subsequent to Acquisition	21,857
Gross amount at which carried at close of period, Land	1,499
Gross amount at which carried at close of period, Buildings and Improvements	28,500
Gross amount at which carried at close of period, Total	29,999
Accumulated Depreciation and Amortization	$ 24,244
Life on which depreciation in latest income statements is computed	35 years
Willow Lawn
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 3,192
Initial cost to company, Buildings and Improvements	7,723
Cost Capitalized Subsequent to Acquisition	79,673
Gross amount at which carried at close of period, Land	7,790
Gross amount at which carried at close of period, Buildings and Improvements	82,798
Gross amount at which carried at close of period, Total	90,588
Accumulated Depreciation and Amortization	$ 52,272
Life on which depreciation in latest income statements is computed	35 years
Wynnewood
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 8,055
Initial cost to company, Buildings and Improvements	13,759
Cost Capitalized Subsequent to Acquisition	19,912
Gross amount at which carried at close of period, Land	8,055
Gross amount at which carried at close of period, Buildings and Improvements	33,671
Gross amount at which carried at close of period, Total	41,726
Accumulated Depreciation and Amortization	$ 20,061
Life on which depreciation in latest income statements is computed	35 years

Schedule III Part II - Summar89

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost basis for Federal tax purposes	$ 5,300,000
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract]
Balance at beginning of year	5,608,998	$ 5,149,463	$ 4,779,674
Acquisitions	291,726	174,328	76,359
Improvements	281,471	329,674	329,522
Deduction during period—dispositions and retirements of property and transfer to joint venture	117,789	44,467	36,092
Balance at end of year	6,064,406	5,608,998	5,149,463
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	1,467,050	1,350,471	1,224,295
Additions during period—depreciation and amortization expense	156,513	155,662	147,730
Deductions during period—dispositions and retirements of property	49,522	39,083	21,554
Balance at end of year	$ 1,574,041	$ 1,467,050	$ 1,350,471

Schedule IV - Mortgage Loans 90

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]
Prior Liens		$ 0
Face Amount of Mortgages		41,618,000
Carrying Amount of Mortgages		41,618,000	[1]	$ 51,000,000
Principal Amount of Loans Subject to delinquent Principal or Interest		11,715,000
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]
Aggregate tax basis for Federal tax purposes		$ 41,600,000
Interest rate		9.00%		9.00%
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year		$ 50,988,000		$ 55,155,000	$ 55,648,000
Issuance of loans		368,000
Collection and satisfaction of loans		(10,692,000)		(4,778,000)	(1,057,000)
Amortization of discount		954,000		611,000	564,000
Balance at end of year		41,618,000		$ 50,988,000	$ 55,155,000
Mortgage On Retail Buildings in Philadelphia, PA, Loan One
Mortgage Loans on Real Estate [Line Items]
Prior Liens		0
Face Amount of Mortgages		20,653,000
Carrying Amount of Mortgages	[2]	20,653,000
Principal Amount of Loans Subject to delinquent Principal or Interest		$ 0
Mortgage On Retail Buildings in Philadelphia, PA, Loan One | Interest Rate One
Mortgage Loans on Real Estate [Line Items]
Interest Rate		8.00%
Mortgage On Retail Buildings in Philadelphia, PA, Loan One | Interest Rate Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.00%
Mortgage On Retail Buildings in Philadelphia, PA, Loan One | Maximum
Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages		$ 25,000,000
Mortgage On Retail Buildings in Philadelphia, PA, Loan Two
Mortgage Loans on Real Estate [Line Items]
Prior Liens		0
Face Amount of Mortgages		9,250,000
Carrying Amount of Mortgages		9,250,000
Principal Amount of Loans Subject to delinquent Principal or Interest		$ 0
Interest Rate		10.00%
Mortgage loan on a shopping center and an adjacent commercial building in Norwalk ,CT
Mortgage Loans on Real Estate [Line Items]
Prior Liens		$ 0
Face Amount of Mortgages		11,715,000
Carrying Amount of Mortgages		11,715,000
Principal Amount of Loans Subject to delinquent Principal or Interest	[3]	$ 11,715,000
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]
Interest rate		7.00%
[1]	For Federal tax purposes, the aggregate tax basis is approximately $41.6 million as of December 31, 2015.
[2]	This mortgage is available for up to $25.0 million.
[3]	This note matured on June 30, 2015, is currently in default, and we have initiated foreclosure proceedings. The estimated net realizable value of the related collateral supports the carrying amount of the note.