Federal Realty Investment Trust (FRT) 10-K 13 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 08, 2017	Jun. 30, 2016
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, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	FRT
Entity Common Stock, Shares Outstanding		72,105,659
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 11.8

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Operating (including $1,226,918 and $1,192,336 of consolidated variable interest entities, respectively)	$ 6,125,957	$ 5,630,771
Construction-in-progress	599,260	433,635
Assets held for sale	33,856	0
Real estate, at cost, total	6,759,073	6,064,406
Less accumulated depreciation and amortization (including $209,239 and $176,057 of consolidated variable interest entities, respectively)	(1,729,234)	(1,574,041)
Net real estate	5,029,839	4,490,365
Cash and cash equivalents	23,368	21,046
Accounts and notes receivable, net	116,749	110,402
Mortgage notes receivable, net	29,904	41,618
Investment in real estate partnerships	14,864	41,546
Prepaid expenses and other assets	208,555	191,582
TOTAL ASSETS	5,423,279	4,896,559
Liabilities
Mortgages payable (including $439,120 and $448,315 of consolidated variable interest entities, respectively)	471,117	481,084
Capital lease obligations	71,590	71,620
Notes payable	279,151	341,961
Senior notes and debentures	1,976,594	1,732,551
Accounts payable and accrued expenses	201,756	146,532
Dividends payable	71,440	66,338
Security deposits payable	16,285	15,439
Other liabilities and deferred credits	115,817	121,787
Total liabilities	3,203,750	2,977,312
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests	143,694	137,316
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, 71,995,897 and 69,493,392 shares issued and outstanding, respectively	722	696
Additional paid-in capital	2,718,325	2,381,867
Accumulated dividends in excess of net income	(749,734)	(724,701)
Accumulated other comprehensive loss	(2,577)	(4,110)
Total shareholders’ equity of the Trust	1,976,733	1,663,749
Noncontrolling interests	99,102	118,182
Total shareholders’ equity	2,075,835	1,781,931
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 5,423,279	$ 4,896,559

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Operating real estate, consolidated variable interest entities	$ 1,226,918	$ 1,192,336
Accumulated depreciation and amortization, consolidated variable interest entities	209,239	176,057
Mortgages payable, consolidated variable interest entities	$ 439,120	$ 448,315
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 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 value	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	71,995,897	69,493,392
Common shares of beneficial interest, shares outstanding	71,995,897	69,493,392

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUE
Rental Income	$ 786,583	$ 727,812	$ 666,322
Other property income	11,015	11,810	14,758
Mortgage interest income	3,993	4,390	5,010
Total revenue	801,591	744,012	686,090
EXPENSES
Rental expenses	158,326	147,593	135,417
Real estate taxes	95,286	85,824	76,506
General and administrative	33,399	35,645	32,316
Depreciation and amortization	193,585	174,796	170,814
Total operating expenses	480,596	443,858	415,053
OPERATING INCOME	320,995	300,154	271,037
Other interest income	374	149	94
Interest expense	(94,994)	(92,553)	(93,941)
Early extinguishment of debt	0	(19,072)	(10,545)
Income from real estate partnerships	50	1,416	1,243
INCOME FROM CONTINUING OPERATIONS	226,425	190,094	167,888
Gain on sale of real estate and change in control of interests	32,458	28,330	4,401
Net income	258,883	218,424	172,289
Net income attributable to noncontrolling interests	(8,973)	(8,205)	(7,754)
NET INCOME ATTRIBUTABLE TO THE TRUST	249,910	210,219	164,535
Dividends on preferred shares	(541)	(541)	(541)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 249,369	$ 209,678	$ 163,994
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$ 3.07	$ 2.63	$ 2.35
Gain on sale of real estate and change in control of interests, net	0.44	0.41	0.07
EARNINGS PER COMMON SHARE, BASIC	$ 3.51	$ 3.04	$ 2.42
Weighted average common shares outstanding, basic	70,877	68,797	67,322
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$ 3.06	$ 2.62	$ 2.34
Gain on sale of real estate and change in control of interests, net	0.44	0.41	0.07
EARNINGS PER COMMON SHARE, DILUTED	$ 3.50	$ 3.03	$ 2.41
Weighted average number of common shares, diluted	71,049	68,981	67,492
Comprehensive Income
Net income	$ 258,883	$ 218,424	$ 172,289
Other comprehensive income (loss) - change in value of interest rate swaps	1,533	(595)	(2,098)
COMPREHENSIVE INCOME	260,416	217,829	170,191
Comprehensive income attributable to noncontrolling interests	(8,973)	(8,205)	(7,754)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 251,443	$ 209,624	$ 162,437

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, 2013		399,896	66,701,422
Beginning 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 redeemable noncontrolling interests	168,837				164,535		4,302
Other comprehensive income (loss) - change in value of interest rate swaps	(2,098)					(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
Shares withheld for employee taxes (in shares)			(29,912)
Adjustments Related to Tax Withholding for Share-based Compensation				3,335
Shares withheld for employee taxes	(3,335)
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 redeemable noncontrolling interests	215,001				210,219		4,782
Other comprehensive income (loss) - change in value of interest rate swaps	(595)					(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
Exercise of stock options	$ 1,991			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
Shares withheld for employee taxes (in shares)			(64,227)
Adjustments Related to Tax Withholding for Share-based Compensation				9,211
Shares withheld for employee taxes	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to redeemable noncontrolling interests	256,170				249,910		6,260
Other comprehensive income (loss) - change in value of interest rate swaps	1,533					1,533
Dividends declared to common shareholders	(274,402)				(274,402)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(7,546)						(7,546)
Common shares issued (in shares)			2,156,671
Common shares issued	$ 324,191		$ 21	324,170
Exercise of stock options (in shares)	55,365		55,365
Exercise of stock options	$ 4,542		$ 1	4,541
Shares issued under dividend reinvestment plan (in shares)	15,619		15,619
Shares issued under dividend reinvestment plan	$ 2,387			2,387
Share-based compensation expense, net of forfeitures (in shares)			134,913
Share-based compensation expense, net of forfeitures	11,227		$ 2	11,225
Shares withheld for employee taxes (in shares)			(30,671)
Adjustments Related to Tax Withholding for Share-based Compensation				4,451
Shares withheld for employee taxes	(4,451)
Conversion and redemption of OP units (in shares)			170,608
Conversion and redemption of OP units	0		$ 2	18,677			18,679
Contributions from noncontrolling interests	885						885
Adjustment to redeemable noncontrolling interests	(20,091)			(20,091)
Ending balance (in shares) at Dec. 31, 2016		399,896	71,995,897
Ending balance at Dec. 31, 2016	$ 2,075,835	$ 9,997	$ 722	$ 2,718,325	$ (749,734)	$ (2,577)	$ 99,102

Consolidated Statement Of Shar6

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Amounts attributable to redeemable noncontrolling interest	$ 2,713	$ 3,423	$ 3,452

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES
Net income	$ 258,883	$ 218,424	$ 172,289
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	193,585	174,796	170,814
Gain on sale of real estate and change in control of interests	32,458	28,330	4,401
Early extinguishment of debt	0	19,072	10,545
Income from real estate partnerships	50	1,416	1,243
Other, net	(89)	177	733
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable, net	1,868	(9,200)	(3,063)
Increase in prepaid expenses and other assets	(5,241)	(7,422)	(4,222)
Increase (decrease) in accounts payable and accrued expenses	4,759	(9,995)	4,253
(Decrease) increase in security deposits and other liabilities	(2,003)	3,729	425
Net cash provided by operating activities	419,254	359,835	346,130
INVESTING ACTIVITIES
Acquisition of real estate	(142,958)	(154,313)	(9,154)
Capital expenditures - development and redevelopment	(379,720)	(236,437)	(314,654)
Capital expenditures - other	(57,560)	(46,096)	(46,304)
Proceeds from sale of real estate	0	97,422	10,406
Investment in real estate partnerships	(7,220)	(2,802)	(6,731)
Distribution from real estate partnership in excess of earnings	3,910	512	565
Leasing costs	(18,299)	(22,382)	(35,286)
Repayment of mortgage and other notes receivable, net	11,626	10,333	5,008
Net cash used in investing activities	(590,221)	(353,763)	(396,150)
FINANCING ACTIVITIES
Net (repayments) borrowings under revolving credit facility, net of costs	(56,916)	53,500	0
Issuance of senior notes, net of costs	241,795	456,151	244,579
Redemption and retirement of senior notes	0	(219,228)	(134,240)
Repayment of mortgages, capital leases, notes, and other payables	(49,559)	(181,315)	(94,422)
Issuance of common shares, net of costs	329,103	110,855	216,155
Dividends paid to common and preferred shareholders	(267,694)	(243,314)	(215,216)
Distributions to and redemptions of noncontrolling interests	(10,422)	(9,626)	(7,812)
Redemption of redeemable noncontrolling interests	13,018	0	0
Net cash provided by (used in) financing activities	173,289	(32,977)	9,044
Increase (decrease) in cash and cash equivalents	2,322	(26,905)	(40,976)
Cash and cash equivalents at beginning of year	21,046	47,951	88,927
Cash and cash equivalents at end of year	$ 23,368	$ 21,046	$ 47,951

Business And Organization

Business And Organization	12 Months Ended
	Dec. 31, 2016
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, California, and South Florida. As of December 31, 2016 , we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 96 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, 2016
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. Certain 2015 amounts have been reclassified to conform to current period presentation. 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, 2016 and 2015 , our allowance for doubtful accounts was $11.9 million and $11.7 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, 2016 and 2015 , accounts receivable include approximately $80.6 million and $72.7 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 2016 , 2015 and 2014 , real estate depreciation expense was $173.2 million , $156.5 million and $155.7 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. See "Recently Issued Accounting Pronouncements" for further discussion. 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. 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, 2016 , we had $19.7 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 deferred 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.” Effective January 1, 2016, we adopted ASU 2015-03 "Simplifying the Presentation of Debt Issuance Costs," and ASU 2015-15 "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements," which impacts the balance sheet presentation of debt issuance costs. See "Recently Adopted Accounting Pronouncements" for further discussion. 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 $2.1 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 2016 , 2015 or 2014 , 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. 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, 2016 and 2015 . 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 our loans are collateralized by a first 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 14 for further discussion regarding our share based compensation plans and policies. Variable Interest Entities Effective January 1, 2016, we adopted ASU 2015-02, "Amendments to the Consolidation Analysis," as further discussed in "Recently Adopted Accounting Pronouncements." 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 shopping center related ventures and identified 14 entities that meet the criteria of a VIE in which we hold a variable interest (including 10 entities newly deemed to be a VIE under ASU 2015-02, effective January 1, 2016). For each of these entities we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. As of December 31, 2016, net real estate assets and mortgage payables related to variable interest entities included in our consolidated balance sheet are approximately $1.0 billion and $439.1 million , respectively. In addition, our equity method investment in the Pike & Rose hotel joint venture is now considered a variable interest in a VIE under ASU 2015- 02 effective January 1, 2016. As we do not control the activities that most significantly impact the economic performance of the joint venture, we are not the primary beneficiary and do not consolidate. As of December 31, 2016 our investment in the joint venture and maximum exposure to loss was $13.5 million , which is our total required contribution to complete construction of the hotel. We have also evaluated our mortgage notes receivable investments and determined that the entities obligated under the mortgage notes are not VIEs. Our equity method investment and mortgage notes receivable balances are presented separately in our consolidated balance sheets. 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, 2016 2015 (In thousands) Beginning balance $ 137,316 $ 119,053 Net income 2,713 3,423 Distributions & Redemptions (16,426 ) (4,286 ) Contributions — 12 Change in redemption value 20,091 19,114 Ending balance $ 143,694 $ 137,316 On February 12, 2016 , we acquired the 10% noncontrolling interest in the partnership that owns our Hollywood Blvd project for $13.0 million , bringing our ownership interest to 100% . 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 2012 . As of December 31, 2016 and 2015 , 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 Adopted Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, which 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. We adopted the standard effective January 1, 2016, and as a result, partnerships controlling ten properties (previously consolidated as voting interest entities) are now considered to be variable interest entities. As we have the obligation to absorb losses and the right to receive benefits and control the activities that most significantly impact the economic performance of these entities, we are the primary beneficiary and we will continue to consolidate each of these entities. Net real estate assets of $566.1 million and mortgage payables of $194.9 million were included in our consolidated balance sheet at January 1, 2016 for these newly classified variable interest entities. In addition, our equity method investment in the Pike & Rose hotel joint venture is now considered a variable interest in a variable interest entity. As we do not control the activities that most significantly impact the economic performance of the joint venture, we are not the primary beneficiary and do not consolidate. Our investment in the joint venture was $6.6 million at January 1, 2016, and our maximum exposure to loss is approximately $13.5 million . In April 2015, the FASB issued ASU 2015-03, which 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, 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. We adopted the standards effective January 1, 2016 and have adjusted our balance sheet presentation in both periods to reflect the net debt issuance costs as a reduction of the respective liability. The adoption resulted in a $15.2 million decrease to total assets and liabilities at December 31, 2015, for this reclassification. Debt issuance costs related to our revolving credit facility continue to be classified as an asset and are included in "prepaids and other assets" in our consolidated balance sheets. Recently Issued Accounting Pronouncements In May 2014, the the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 to the first quarter of 2018. In March 2016, April 2016, May 2016, and December 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20, respectively, as clarifications to ASU 2014-09. ASU 2016-08 clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transactions, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. ASU 2016-10 clarifies the existing guidance on identifying performance obligations and licensing implementation. ASU 2016-12 adds practical expedients related to the transition for contract modifications and further defines a completed contract, clarifies the objective of the collectability assessment and how revenue is recognized if collectability is not probable, and when non-cash considerations should be measured. ASU 2016-20 corrects or improves guidance in thirteen narrow focus aspects of the guidance. ASU 2014-09, including all of the various ASUs noted above clarifying the revenue recognition guidance, are effective for us in the first quarter of 2018. While we are still completing the assessment of the impact of this standard to our consolidated financial statements, we believe the majority of our revenue falls outside of the scope of this guidance.We intend to implement the standard retrospectively with the cumulative effect recognized in retained earnings at the date of initial application. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2016-02 is effective for us in the first quarter of 2019, and we are currently assessing the impact of this standard to our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation." ASU 2016-09 simplifies the accounting for share-based payment transactions, including a policy election option with respect to accounting for forfeitures either as they occur or estimating forfeitures (as is currently required), as well as increasing the amount an employer can withhold to cover income taxes on equity awards. ASU 2016-09 is effective for us in the first quarter of 2017. We plan on accounting for forfeitures as they occur, and we do not expect the adoption will have a material effect on our financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses." ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2016-13 is effective for us in the first quarter of 2020, and we are currently assessing the impact of this standard to our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides classification guidance for eight specific topics including debt extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. ASU 2016-15 is effective for us in the first quarter of 2018, and we are currently assessing the impact of this standard to our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows - Restricted Cash." ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents. Therefore, amounts generally described as restricted cash and equivalents should be included with cash and cash equivalents when reconciling the beginning and end of period total amounts on the statement of cash flows. Currently, there is no specific guidance to address how to classify or present these changes. ASU 2016-18 is effective for us in the first quarter of 2018, and we are currently assessing the impact of this standard to our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." ASU 2017-01 changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. Given this change in definition, we believe most of our shopping center acquisitions will no longer be considered business combinations but rather asset acquisitions. While there are various differences between the accounting for an asset acquisition and a business combination, we expect the largest impact will be that transaction costs are capitalized for asset acquisitions rather than currently expensed when they are considered business combinations. Based on acquisitions in the past several years, transactions costs for a single shopping center acquisition have typically ranged from $0.2 to $2.4 million with significantly higher transaction costs expected for an acquisition of a larger portfolio. The new guidance will be applied prospectively to any transactions occurring in the period of adoption. ASU 2017-01 is effective January 1, 2019, however, we expect to early adopt this standard in 2017. 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, 2016 2015 2014 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 113,016 $ 110,675 $ 114,912 Interest capitalized (18,022 ) (18,122 ) (20,971 ) Interest expense $ 94,994 $ 92,553 $ 93,941 Cash paid for interest, net of amounts capitalized $ 90,185 $ 116,335 $ 100,011 Cash paid for income taxes $ 296 $ 274 $ 278 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ 34,385 $ 89,516 $ 68,282 DownREIT operating partnership units redeemed for common shares $ 18,679 $ 4,114 $ — 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 $ 2,017 $ 1,977 $ 1,855 See Note 3 for additional disclosures relating to the Clarion Partners, 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

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2016
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, 2016 Retail and mixed-use properties $ 6,621,170 $ (1,677,938 ) $ 449,896 Retail properties under capital leases 127,359 (42,308 ) 71,590 Residential 10,544 (8,988 ) 21,221 $ 6,759,073 $ (1,729,234 ) $ 542,707 December 31, 2015 Retail and mixed-use properties $ 5,929,569 $ (1,526,934 ) $ 459,454 Retail properties under capital leases 124,590 (38,509 ) 71,620 Residential 10,247 (8,598 ) 21,630 $ 6,064,406 $ (1,574,041 ) $ 552,704 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. 2016 Property Acquisitions and Disposition On January 13, 2016 , we acquired our partner's 70% interest in our joint venture arrangement (the "Partnership") with affiliates of a discretionary fund created and advised by Clarion Partners ("Clarion") for $153.7 million , which included the payment of $130.0 million of cash and the assumption of mortgage loans totaling $34.4 million . As a result of the transaction, we gained control of the six underlying properties, and effective January 13, 2016, have consolidated the properties. We also recognized a gain on acquisition of the controlling interest of $25.7 million related to the difference between the carrying value and fair value of the previously held equity interest. Approximately $7.3 million and $4.9 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. We incurred $0.2 million of acquisition costs, of which $0.1 million were incurred in 2016, and included in "general and administrative expenses" on the consolidated statements of comprehensive income in 2016 and 2015 . On May 12, 2016 , an unconsolidated joint venture that we hold an interest in sold a building in Coconut Grove, Florida. Our share of the gain, net of noncontrolling interests, was $0.5 million . On July 26, 2016 , we acquired an additional building in the Coconut Grove neighborhood of Miami, Florida for $5.9 million through our CocoWalk LLC entity. We incurred $0.2 million in acquisition costs which are included in "general and administrative expenses" in 2016 . On November 7, 2016 , we acquired a building adjacent to our Barcroft Plaza property for $5.3 million , and incurred $0.1 million of acquisition costs which are included in "general and administrative expenses" in 2016 . 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 until it was settled in February 2015. 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 . Assets held for sale We lease three parcels of land at our Assembly Row property to two ground lessees. During 2016, both lessees exercised purchase options under the related ground leases. We expect the related sale transactions to close in 2017. The total cost basis of the related land is $33.9 million and is included in "assets held for sale" on our consolidated balance sheet as of December 31, 2016 .

Mortgage Notes Receivable

Mortgage Notes Receivable	12 Months Ended
	Dec. 31, 2016
Mortgage Notes Receivable [Abstract]
MORTGAGE NOTES RECEIVABLE	MORTGAGE NOTES RECEIVABLE At December 31, 2016 and 2015 , we had two and three mortgage notes receivable, respectively, with aggregate carrying amounts of $29.9 million and $41.6 million , respectively, and a weighted average interest rate of 9.9% and 9.0% , respectively. The loans were secured by first mortgages on retail buildings. Under the terms of the two remaining 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, 2016
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. On January 13, 2016 , we acquired Clarion's 70% interest in the partnership, as further discussed in Note 3. The following tables provide summarized operating results and the financial position of the Partnership: Year Ended December 31, 2015 2014 OPERATING RESULTS Revenue $ 17,405 $ 18,329 Expenses Other operating expenses 5,992 5,948 Depreciation and amortization 4,974 5,678 Interest expense 2,062 2,759 Total expenses 13,028 14,385 Net income before gain on sale of real estate 4,377 3,944 Gain on sale of real estate — 14,507 Net income $ 4,377 $ 18,451 Our share of net income from real estate partnership before gain on sale of real estate $ 1,557 $ 1,423 Our share of gain on sale of real estate $ — $ 4,401 December 31, 2015 (In thousands) BALANCE SHEETS Real estate, net $ 146,906 Cash 2,690 Other assets 5,495 Total assets $ 155,091 Mortgages payable $ 34,385 Other liabilities 3,554 Partners’ capital 117,152 Total liabilities and partners’ capital $ 155,091 Our share of unconsolidated debt $ 10,316 Our investment in real estate partnership $ 31,745 In 2014, the Partnership repaid $22.4 million of mortgage loans at par, which were funded by capital contributions totaling $22.4 million , of which our contribution was $6.7 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 .

Acquired In-Place Leases

Acquired In-Place Leases	12 Months Ended
	Dec. 31, 2016
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 $45.3 million and $39.4 million and accumulated amortization of $28.1 million and $22.9 million at December 31, 2016 and 2015 , respectively. Acquired below market leases are included in other liabilities and deferred credits and had a balance of $138.3 million and $133.4 million and accumulated amortization of $48.9 million and $40.7 million at December 31, 2016 and 2015 , 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 $6.7 million , $4.4 million and $3.4 million in 2016 , 2015 and 2014 , respectively and amortization from acquired below market leases of $8.5 million , $7.1 million and $5.8 million in 2016 , 2015 and 2014 , respectively. The remaining weighted-average amortization period as of December 31, 2016 , is 4.7 years and 19.5 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, 2017 $ 4,468 $ 7,538 2018 3,013 6,345 2019 1,718 5,951 2020 1,356 4,993 2021 1,136 4,377 Thereafter 5,551 60,122 $ 17,242 $ 89,326

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Instruments [Abstract]
DEBT	DEBT The following is a summary of our total debt outstanding as of December 31, 2016 and 2015 : Principal Balance as of December 31, Stated Interest Rate as of Description of Debt 2016 2015 December 31, 2016 Stated Maturity Date Mortgages payable (Dollars in thousands) Plaza El Segundo $ 175,000 $ 175,000 6.33 % August 5, 2017 The Grove at Shrewsbury (East) 42,536 43,557 5.82 % October 1, 2017 The Grove at Shrewsbury (West) 10,792 11,024 6.38 % March 1, 2018 Rollingwood Apartments 21,283 21,716 5.54 % May 1, 2019 The Shops at Sunset Place 68,634 70,542 5.62 % September 1, 2020 29 th Place 4,553 4,753 5.91 % January 31, 2021 THE AVENUE at White Marsh 52,705 52,705 3.35 % January 1, 2022 Montrose Crossing 72,726 74,329 4.20 % January 10, 2022 Brook 35 11,500 11,500 4.65 % July 1, 2029 Chelsea 6,576 6,868 5.36 % January 15, 2031 Subtotal 466,305 471,994 Net unamortized premium and debt issuance costs 4,812 9,090 Total mortgages payable 471,117 481,084 Notes payable Escondido (municipal bonds) — 9,400 October 1, 2016 Revolving credit facility — 53,500 LIBOR + 0.825% April 20, 2020 Term loan 275,000 275,000 LIBOR + 0.90% November 21, 2018 Various 5,247 5,700 11.31 % Various through 2028 Subtotal 280,247 343,600 Net unamortized debt issuance costs (1,096 ) (1,639 ) Total notes payable 279,151 341,961 Senior notes and debentures 5.90% notes 150,000 150,000 5.90 % April 1, 2020 2.55% notes 250,000 250,000 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 450,000 450,000 4.50 % December 1, 2044 3.625% notes 250,000 — 3.625 % August 1, 2046 Subtotal 1,994,200 1,744,200 Net unamortized (discount)/premium and debt issuance costs (17,606 ) (11,649 ) Total senior notes and debentures 1,976,594 1,732,551 Capital lease obligations Various 71,590 71,620 Various Various through 2106 Total debt and capital lease obligations $ 2,798,452 $ 2,627,216 On January 13, 2016, in connection with the acquisition of our partner's 70% interest in our unconsolidated real estate partnership, we assumed interest only mortgage loans with a face amount of $34.4 million and a fair value of $34.7 million . These mortgage loans had a weighted average interest rate of 5.95% and were repaid at par on April 1, 2016 . On April 20, 2016 , we upsized our $600.0 million revolving credit facility to $800.0 million and extended the maturity date to April 20, 2020 , subject to two six-month extensions at our option. Under the amended credit facility, the spread over LIBOR is 82.5 basis points based on our current credit rating. In addition, we have an option (subject to bank approval) to increase the credit facility through an accordion feature to $1.5 billion . The revolving credit facility requires an annual facility fee of $1.0 million . During 2016 , 2015 and 2014 , the maximum amount of borrowings outstanding under our revolving credit facility was $251.5 million , $324.0 million and $79.5 million , respectively. The weighted average amount of borrowings outstanding was $77.3 million , $109.7 million and $12.5 million , respectively, and the weighted average interest rate, before amortization of debt fees, was 1.3% , 1.1% and 1.1% , respectively. At December 31, 2016 , our revolving credit facility had no balance outstanding, and had $53.5 million outstanding at December 31, 2015 . On July 12, 2016 , we issued $250.0 million of fixed rate senior unsecured notes that mature on August 1, 2046 and bear interest at 3.625% . The notes were offered at 97.756% of the principal amount with a yield to maturity of 3.75% . The net proceeds from this note offering after issuance discounts, underwriting fees, and other costs were $241.8 million . On October 1, 2016 we repaid the $9.4 million Escondido municipal bonds at par. 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, 2016 , we were in compliance with all loan covenants. Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2016 are as follows: Mortgages Payable Notes Payable Senior Notes and Debentures Total Principal (In thousands) Year ending December 31, 2017 $ 222,445 $ 462 $ — $ 222,907 2018 15,477 275,513 (1) — 290,990 2019 25,006 567 — 25,573 2020 64,687 629 (2) 150,000 215,316 2021 5,984 700 250,000 256,684 Thereafter 132,706 2,376 1,594,200 1,729,282 $ 466,305 $ 280,247 $ 1,994,200 $ 2,740,752 (3) _____________________ (1) Our $275.0 million unsecured term loan matures on November 21, 2018 , subject to a one -year extension at our option. (2) Our $800.0 million revolving credit facility matures on April 20, 2020 , subject to two six -month extensions at our option. As of December 31, 2016 , there was no outstanding balance under this credit facility. (3) The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2016 due to the unamortized premium/(discount) and debt issuance costs on certain mortgages payable, notes payable, and senior notes. Future minimum lease payments and their present value for property under capital leases as of December 31, 2016 , are as follows: (In thousands) Year ending December 31, 2017 $ 5,797 2018 5,800 2019 5,800 2020 5,800 2021 5,800 Thereafter 148,235 177,232 Less amount representing interest (105,642 ) Present value $ 71,590

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	12 Months Ended
	Dec. 31, 2016
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, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 750,268 $ 760,260 $ 823,045 $ 833,931 Senior notes and debentures $ 1,976,594 $ 2,015,973 $ 1,732,551 $ 1,786,758 As of December 31, 2016 , 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, 2016 and 2015 , was a liability of $2.6 million and $4.1 million , respectively, and are included in "accounts payable and accrued expenses" on our consolidated balance sheets. The value of our interest rate swaps increased $1.5 million and decreased $0.6 million (including $3.5 million and $4.3 million respectively, reclassified from other comprehensive loss to earnings) for 2016 and 2015 , respectively. These changes in value are included in "accumulated other comprehensive income/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, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 2,577 $ — $ 2,577 $ — $ 4,110 $ — $ 4,110

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
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. In November 2016, we were included as a defendant in a class action lawsuit related to predatory towing by a third party company we had retained to provide towing services at several of our properties in Montgomery County, Maryland. We were not named as a defendant in the litigation prior to the certification of the defendant class. In December 2015, the towing company defendant reached a settlement with the plaintiff class that resulted in a $22 million judgment being entered against them. After the judgment was entered, the Circuit Court for Montgomery County, Maryland certified a defendant class of approximately 600 property owners, including us. We believe this is the first time a Maryland court has certified a defendant class that has resulted in a complete denial of due process to the members of that class and together with others in the defendant class, filed a Writ of Mandamus challenging the certification of the defendant class. The hearing of the Writ by the Court of Appeals is discretionary. Because of the specific facts and circumstances of our contractual relationship with the towing company, we do not believe we should have been included in the defendant class nor do we believe we should have any liability in this matter. We are currently pursuing all available legal remedies and intend to vigorously defend ourselves in the matter, including defenses based on the total lack of due process afforded to us to present our unique facts and circumstances. We believe our potential loss in this matter ranges from $0 to an undetermined share of the $22 million judgment. The judgment does not provide any guidance for how the judgment amount is to be shared amongst the defendant class. 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. 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. During 2016, the legal liability period relating to our latent defect warranty on condominiums sold at Santana Row expired. Upon expiration, we released the remaining $4.9 million warranty reserve which is included in "gain on sale of real estate and change in control of interests" in the consolidated statement of comprehensive income for the year ended December 31, 2016 . At December 31, 2016 and 2015 , our reserves for warranties and general liability costs were $2.8 million and $7.7 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 2016 and 2015 , we made payments from these reserves of $2.0 million and $1.8 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, 2016 , we had letters of credit outstanding of approximately $1.3 million . As of December 31, 2016 in connection with capital improvement, development, and redevelopment projects, the Trust has contractual obligations of approximately $445.3 million . We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2016 : (In thousands) Year ending December 31, 2017 $ 2,070 2018 3,021 2019 3,174 2020 3,187 2021 3,195 Thereafter 170,698 $ 185,345 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, a minority partner 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, 2016 , our estimated maximum liability upon exercise of the put option would range from approximately $89 million to $93 million . 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, 2016 , our estimated maximum liability upon exercise of the put option would range from approximately $9 million to $10 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, 2016 , our estimated maximum liability upon exercise of the put option would range from approximately $21 million to $24 million . Also, we exercised our option to acquire the preferred interest of a member in our Plaza El Segundo partnership for $4.9 million . The transaction is expected to close in 2018. 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, 2016 , our estimated maximum liability upon exercise of the put option would range from $10 million to $11 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 763,797 downREIT operating partnership units are outstanding which have a total fair value of $108.5 million , based on our closing stock price on December 31, 2016 . On February 12, 2016 , we acquired the 10% noncontrolling interest of a partnership which owns a project in southern California for $13.0 million , bringing our ownership interest to 100% .

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2016
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 2016 , 2015 and 2014 , 15,619 shares, 16,524 shares and 18,705 shares, respectively, were issued under the Plan. As of December 31, 2016 , 2015 , and 2014 , 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 March 7, 2016 , we issued 1.0 million common shares at $149.43 per share, in an underwritten public offering, for cash proceeds of $149.3 million , net of expenses. On November 4, 2016, 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 $400.0 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, 2016 , we issued 1,156,571 common shares at a weighted average price per share of $152.92 for net cash proceeds of $174.8 million and paid $1.8 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, 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. As of December 31, 2016 , we had the capacity to issue up to $370.9 million in common shares under our ATM equity program.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2016
Dividends [Abstract]
DIVIDENDS	DIVIDENDS The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2016 2015 2014 Declared Paid Declared Paid Declared Paid Common shares $ 3.840 $ 3.800 $ 3.620 $ 3.550 $ 3.300 $ 3.210 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, 2016 2015 2014 Common shares Ordinary dividend $ 3.800 $ 3.515 $ 3.178 Capital gain — 0.035 0.032 $ 3.800 $ 3.550 $ 3.210 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.354 $ 1.340 $ 1.340 Capital gain — 0.014 0.014 $ 1.354 $ 1.354 $ 1.354 On November 2, 2016 , the Trustees declared a quarterly cash dividend of $0.98 per common share, payable January 17, 2017 to common shareholders of record on January 3, 2017 .

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES At December 31, 2016 , our 96 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 2,900 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 3.1% 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, 2016 , 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, 2017 $ 542,941 2018 488,668 2019 427,595 2020 365,231 2021 297,953 Thereafter 1,681,024 $ 3,803,412

Components Of Rental Income

Components Of Rental Income	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (In thousands) Minimum rents Retail and commercial $ 549,552 $ 509,825 $ 472,602 Residential 49,465 42,797 36,099 Cost reimbursement 158,042 148,110 135,592 Percentage rent 10,977 11,911 10,169 Other 18,547 15,169 11,860 Total rental income $ 786,583 $ 727,812 $ 666,322 Minimum rents include the following: Year Ended December 31, 2016 2015 2014 (In millions) Straight-line rents $ 8.1 $ 7.6 $ 5.1 Net amortization of above and below market leases $ 1.8 $ 2.7 $ 2.4 The principal components of rental expenses are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Repairs and maintenance $ 64,942 $ 62,420 $ 55,444 Utilities 24,968 23,003 20,499 Management fees and costs 20,823 18,639 17,416 Payroll 13,832 12,673 11,554 Marketing 8,520 9,046 9,532 Insurance 7,758 7,875 6,462 Ground rent 2,561 2,540 1,952 Bad debt expense 2,375 1,168 2,021 Other operating 12,547 10,229 10,537 Total rental expenses $ 158,326 $ 147,593 $ 135,417

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (In thousands) Grants of common shares and options $ 11,227 $ 12,074 $ 12,941 Capitalized share-based compensation (1,310 ) (868 ) (1,188 ) Share-based compensation expense $ 9,917 $ 11,206 $ 11,753 As of December 31, 2016 , 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 seven 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 and 2014 . The following table provides a summary of the weighted-average assumption used to value options granted in 2016: Volatility 18.8 % Expected dividend yield 2.8 % Expected term (in years) 6.0 Risk free interest rate 1.5 % The following table provides a summary of option activity for 2016 : Shares Under Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at December 31, 2015 313,802 $ 60.93 Granted 682 152.34 Exercised (55,365 ) 82.03 Forfeited or expired — — Outstanding at December 31, 2016 259,119 $ 56.66 1.7 $ 22,148 Exercisable at December 31, 2016 258,437 $ 56.41 1.7 $ 22,148 The weighted-average grant-date fair value of options granted during 2016 was $19.52 per share. The total cash received from options exercised during 2016 , 2015 and 2014 was $4.5 million , $2.0 million and $2.3 million , respectively. The total intrinsic value of options exercised during the years ended December 31, 2016 , 2015 and 2014 was $4.2 million , $2.1 million and $1.1 million , respectively. The following table provides a summary of restricted share activity for 2016 : Shares Weighted-Average Grant-Date Fair Value Unvested at December 31, 2015 177,214 $ 118.68 Granted 153,450 152.70 Vested (94,774 ) 116.62 Forfeited (18,537 ) 129.08 Unvested at December 31, 2016 217,353 $ 142.70 The weighted-average grant-date fair value of stock awarded in 2016 , 2015 and 2014 was $152.70 , $141.08 and $111.45 , respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2016 , 2015 and 2014 , was $13.8 million , $26.1 million and $12.1 million , respectively. As of December 31, 2016 , there was $15.0 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 7.4 years with a weighted-average period of 2.5 years . Subsequent to December 31, 2016 , common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 3, 2017 4,751 Shares Immediate Trustees February 7, 2017 101,009 Restricted shares 3-4 years Officers and key employees

Savings and Retirement Plans

Savings and Retirement Plans	12 Months Ended
	Dec. 31, 2016
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 2016 and 2015 , and $ 17,500 for 2014 . 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. Our expense for the years ended December 31, 2016 , 2015 and 2014 was approximately $602,000 , $504,000 and $442,000 , 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, 2016 and 2015 , we are liable to participants for approximately $10.5 million and $9.7 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, 2016
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 2016 and 2015 , we had 0.2 million weighted average unvested shares outstanding, respectively, and in 2014 , 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 2016 , 2015 , or 2014 . The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 226,425 $ 190,094 $ 167,888 Less: Preferred share dividends (541 ) (541 ) (541 ) Less: Income from continuing operations attributable to noncontrolling interests (7,648 ) (8,205 ) (7,754 ) Less: Earnings allocated to unvested shares (702 ) (797 ) (1,003 ) Income from continuing operations available for common shareholders 217,534 180,551 158,590 Gain on sale of real estate and change in control of interests, net 31,133 28,330 4,401 Net income available for common shareholders, basic and diluted $ 248,667 $ 208,881 $ 162,991 DENOMINATOR Weighted average common shares outstanding—basic 70,877 68,797 67,322 Effect of dilutive securities: Stock options 172 184 170 Weighted average common shares outstanding—diluted 71,049 68,981 67,492 EARNINGS PER COMMON SHARE, BASIC Continuing operations $ 3.07 $ 2.63 $ 2.35 Gain on sale of real estate and change in control of interests, net 0.44 0.41 0.07 $ 3.51 $ 3.04 $ 2.42 EARNINGS PER COMMON SHARE, DILUTED Continuing operations $ 3.06 $ 2.62 $ 2.34 Gain on sale of real estate and change in control of interests, net 0.44 0.41 0.07 $ 3.50 $ 3.03 $ 2.41 Income from continuing operations attributable to the Trust $ 218,777 $ 181,889 $ 160,134

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
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) 2016 Revenue $ 198,344 $ 197,981 $ 201,157 $ 204,109 Operating income $ 76,922 $ 80,135 $ 80,461 $ 83,477 Net income(1) $ 79,063 $ 58,898 $ 61,198 $ 59,724 Net income attributable to the Trust(1) $ 76,955 $ 55,941 $ 58,977 $ 58,037 Net income available for common shareholders(1) $ 76,820 $ 55,806 $ 58,841 $ 57,902 Earnings per common share—basic(1) $ 1.10 $ 0.79 $ 0.82 $ 0.81 Earnings per common share—diluted(1) $ 1.10 $ 0.78 $ 0.82 $ 0.80 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 (1) First quarter 2016 includes a $25.7 million gain on change in control of interests from our Clarion Partners acquisition as further discussed in Note 3. Third quarter 2016 includes a $4.9 million gain on sale from the reversal of our warranty reserve on condominiums sold at Santana Row as further discussed in Note 9. 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.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 12, 2017 , we exercised our purchase option on non-controlling interests in San Antonio Center for $2.6 million of cash and 44,195 of downREIT operating partnership units. On February 1, 2017 , we acquired a leasehold interest in Hastings Ranch Plaza, a 274,000 square foot shopping center in Pasadena, California for $29.5 million .

Schedule III - Summary of Real

Schedule III - Summary of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
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, 2016 (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 $ 15,243 $ 11,685 $ 24,424 $ 36,109 $ 16,232 1908/1965 10/23/1997 35 years 29TH PLACE (Virginia) VA 4,514 10,211 18,863 11,730 10,195 30,609 40,804 10,522 1975 - 2001 5/30/2007 35 years ANDORRA (Pennsylvania) PA 2,432 12,346 11,013 2,432 23,359 25,791 18,269 1953 1/12/1988 35 years ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) MA 93,252 34,196 500,278 94,552 533,174 627,726 36,044 2005, 2012-2014 2005-2013 35 years ATLANTIC PLAZA (Massachusetts) MA 6,293 17,109 1,780 6,293 18,889 25,182 885 1960 1/13/2016 35 years BALA CYNWYD (Pennsylvania) PA 3,565 14,466 22,502 2,581 37,952 40,533 18,950 1955 9/22/1993 35 years BARCROFT PLAZA (Virginia) VA 12,617 29,603 630 12,617 30,233 42,850 984 1963, 1972, 1990, & 2000 1/13/16 & 11/7/16 35 years BARRACKS ROAD (Virginia) VA 4,363 16,459 42,978 4,363 59,437 63,800 39,882 1958 12/31/1985 35 years BETHESDA ROW (Maryland) MD 46,579 35,406 144,090 44,880 181,195 226,075 67,697 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 45,437 3,945 66,207 70,152 45,645 1958 12/28/1989 35 years BRISTOL PLAZA (Connecticut) CT 3,856 15,959 10,963 3,856 26,922 30,778 16,623 1959 9/22/1995 35 years BROOK 35 (New Jersey) NJ 11,242 7,128 38,355 1,635 7,128 39,990 47,118 4,070 1986/2004 1/1/2014 35 years CAMPUS PLAZA (Massachusetts) MA 16,710 13,412 265 16,710 13,677 30,387 611 1970 1/13/2016 35 years CHELSEA COMMONS (Massachusetts) MA 6,328 9,417 19,466 13,958 9,396 33,445 42,841 7,486 1962/1969/2008 8/25/06, 1/30/07, & 7/16/08 35 years COCOWALK (Florida) FL 33,160 71,001 2,716 32,504 74,373 106,877 4,276 1990/1994, 1922-1973 5/4/15, 7/1/15, 12/16/15, & 7/26/16 35 years COLORADO BLVD (California) CA 5,262 4,071 10,032 5,262 14,103 19,365 10,262 1905-1988 12/31/96 & 8/14/98 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 CONGRESSIONAL PLAZA (Maryland) MD 2,793 7,424 90,748 1,020 99,945 100,965 50,640 1965/2003 4/1/1965 35 years COURTHOUSE CENTER (Maryland) MD 1,750 1,869 1,286 1,750 3,155 4,905 1,793 1975 12/17/1997 35 years CROSSROADS (Illinois) IL 4,635 11,611 15,879 4,635 27,490 32,125 15,719 1959 7/19/1993 35 years CROW CANYON COMMONS (California) CA 27,245 54,575 7,679 27,245 62,254 89,499 19,516 Late 1970's/ 12/29/05 & 2/28/07 35 years DARIEN (Connecticut) CT 29,809 18,302 810 29,809 19,112 48,921 2,424 1920-2009 4/3/2013 35 years DEDHAM PLAZA (Massachusetts) MA 14,834 12,918 10,564 14,834 23,482 38,316 14,734 1959 12/31/93 & 12/14/16 35 years DEL MAR VILLAGE (Florida) FL 15,624 41,712 5,252 15,587 47,001 62,588 18,573 1982/1994/2007 5/30/08, 7/11/08, & 10/14/14 35 years EAST BAY BRIDGE (California) CA 29,079 138,035 10,487 29,079 148,522 177,601 19,797 1994-2001, 2011/2012 12/21/2012 35 years EASTGATE CROSSING (North Carolina) NC 1,608 5,775 23,647 1,608 29,422 31,030 18,859 1963 12/18/1986 35 years ELLISBURG (New Jersey) NJ 4,028 11,309 19,112 4,013 30,436 34,449 19,374 1959 10/16/1992 35 years ESCONDIDO PROMENADE (California) CA 19,117 15,829 12,402 19,117 28,231 47,348 14,590 1987 12/31/96 & 11/10/10 35 years FALLS PLAZA (Virginia) VA 1,798 1,270 10,900 1,819 12,149 13,968 8,287 1960/1962 9/30/67 & 10/05/72 25 years FEDERAL PLAZA (Maryland) MD 10,216 17,895 39,531 10,216 57,426 67,642 40,896 1970 6/29/1989 35 years FINLEY SQUARE (Illinois) IL 9,252 9,544 17,995 9,252 27,539 36,791 18,537 1974 4/27/1995 35 years FLOURTOWN (Pennsylvania) PA 1,345 3,943 11,604 1,345 15,547 16,892 5,424 1957 4/25/1980 35 years FREE STATE SHOPPING CENTER (Maryland) MD 18,581 41,658 3,739 18,581 45,397 63,978 1,864 1970 1/13/2016 35 years FRESH MEADOWS (New York) NY 24,625 25,255 36,465 24,633 61,712 86,345 35,528 1946-1949 12/5/1997 35 years FRIENDSHIP CENTER (District of Columbia) DC 12,696 20,803 4,071 12,696 24,874 37,570 10,909 1998 9/21/2001 35 years GAITHERSBURG SQUARE (Maryland) MD 7,701 5,271 13,929 5,973 20,928 26,901 17,291 1966 4/22/1993 35 years GARDEN MARKET (Illinois) IL 2,677 4,829 6,089 2,677 10,918 13,595 7,016 1958 7/28/1994 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 GOVERNOR PLAZA (Maryland) MD 2,068 4,905 20,401 2,068 25,306 27,374 19,389 1963 10/1/1985 35 years GRAHAM PARK PLAZA (Virginia) VA 1,237 15,096 18,523 1,169 33,687 34,856 27,137 1971 7/21/1983 35 years GRATIOT PLAZA (Michigan) MI 525 1,601 17,694 525 19,295 19,820 16,620 1964 3/29/1973 25.75 years GREENLAWN PLAZA (New York) NY 10,590 20,869 213 10,590 21,082 31,672 875 1975/2004 1/13/2016 35 years GREENWICH AVENUE (Connecticut) CT 7,484 5,444 1,199 7,484 6,643 14,127 3,980 1968 4/12/1995 35 years HAUPPAUGE (New York) NY 8,791 15,262 4,577 8,419 20,211 28,630 10,977 1963 8/6/1998 35 years HERMOSA AVENUE (California) CA 1,116 280 4,459 1,368 4,487 5,855 3,129 1922 9/17/1997 35 years HOLLYWOOD BLVD (California) CA 8,300 16,920 21,502 8,370 38,352 46,722 13,294 1929/1991 3/22/99 & 6/18/99 35 years HUNTINGTON (New York) NY 12,195 16,008 18,372 12,195 34,380 46,575 14,516 1962 12/12/88, 10/26/07, & 11/24/15 35 years HUNTINGTON SQUARE (New York) NY — 10,075 2,101 — 12,176 12,176 2,777 1980/2004-2007 8/16/2010 35 years IDYLWOOD PLAZA (Virginia) VA 4,308 10,026 2,453 4,308 12,479 16,787 8,505 1991 4/15/1994 35 years KINGS COURT (California) CA — 10,714 952 — 11,666 11,666 8,331 1960 8/24/1998 26 years LANCASTER (Pennsylvania) PA 4,907 — 2,103 11,759 75 13,787 13,862 7,992 1958 4/24/1980 22 years LANGHORNE SQUARE (Pennsylvania) PA 720 2,974 18,236 720 21,210 21,930 14,439 1966 1/31/1985 35 years LAUREL (Maryland) MD 7,458 22,525 25,986 7,464 48,505 55,969 35,839 1956 8/15/1986 35 years LAWRENCE PARK (Pennsylvania) PA 5,723 7,160 20,117 5,734 27,266 33,000 24,029 1972 7/23/1980 22 years LEESBURG PLAZA (Virginia) VA 8,184 10,722 17,120 8,184 27,842 36,026 13,920 1967 9/15/1998 35 years LINDEN SQUARE (Massachusetts) MA 79,382 19,247 49,410 79,269 68,770 148,039 19,737 1960-2008 8/24/2006 35 years MELVILLE MALL (New York) NY 35,622 32,882 15,370 35,622 48,252 83,874 10,403 1974 10/16/2006 35 years MERCER MALL (New Jersey) NJ 55,618 28,684 48,028 44,258 28,717 92,253 120,970 37,484 1975 10/14/2003 25 - 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 MONTROSE CROSSING (Maryland) MD 72,726 48,624 91,819 13,772 48,624 105,591 154,215 20,987 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 40,545 10,230 73,884 84,114 31,396 1966/1972/1987/2001 3/31/03, 3/21/03, & 1/27/06 35 years NORTH DARTMOUTH (Massachusetts) MA 9,366 — 2 9,366 2 9,368 — 2004 8/24/2006 NORTHEAST (Pennsylvania) PA 1,152 10,596 16,482 1,153 27,077 28,230 19,721 1959 8/30/1983 35 years NORTH LAKE COMMONS (Illinois) IL 2,782 8,604 5,638 2,628 14,396 17,024 8,106 1989 4/27/1994 35 years OLD KEENE MILL (Virginia) VA 638 998 5,625 638 6,623 7,261 5,159 1968 6/15/1976 33.33 years OLD TOWN CENTER (California) CA 3,420 2,765 30,571 3,420 33,336 36,756 20,065 1962, 1997-1998 10/22/1997 35 years PAN AM (Virginia) VA 8,694 12,929 7,262 8,695 20,190 28,885 14,504 1979 2/5/1993 35 years PENTAGON ROW (Virginia) VA — 2,955 95,154 — 98,109 98,109 42,881 1999 - 2002 1998 & 11/22/10 35 years PERRING PLAZA (Maryland) MD 2,800 6,461 21,677 2,800 28,138 30,938 22,232 1963 10/1/1985 35 years PIKE & ROSE (Maryland) MD 31,471 10,335 427,582 26,199 443,189 469,388 13,498 1963 & 2012-2014 5/18/82, 10/26/07, & 7/31/12 50 years PIKE 7 PLAZA (Virginia) VA 14,970 22,799 4,564 14,914 27,419 42,333 15,818 1968 3/31/1997 & 7/8/2015 35 years PLAZA DEL MERCADO (Maryland) MD 10,305 21,553 10,558 10,305 32,111 42,416 853 1969 1/13/2016 35 years PLAZA EL SEGUNDO/THE POINT (California) CA 176,209 62,127 153,556 63,039 64,463 214,259 278,722 32,104 2006/2007/2016 12/30/11, 6/14/13, 7/26/13 & 12/27/13 35 years QUEEN ANNE PLAZA (Massachusetts) MA 3,319 8,457 6,504 3,319 14,961 18,280 9,386 1967 12/23/1994 35 years QUINCE ORCHARD (Maryland) MD 3,197 7,949 26,927 2,928 35,145 38,073 17,738 1975 4/22/1993 35 years ROCKVILLE TOWN SQUARE (Maryland) MD 4,474 — 8,092 41,924 — 50,016 50,016 14,806 2005 - 2007 2006 - 2007 50 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 ROLLINGWOOD APTS. (Maryland) MD 21,221 552 2,246 7,746 572 9,972 10,544 8,988 1960 1/15/1971 25 years SAM'S PARK & SHOP (District of Columbia) DC 4,840 6,319 1,585 4,840 7,904 12,744 4,925 1930 12/1/1995 35 years SAN ANTONIO CENTER (California) CA 39,920 32,466 1,114 39,920 33,580 73,500 3,206 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015 35 years SANTANA ROW (California) CA 66,682 7,502 732,733 57,578 749,339 806,917 166,872 1999-2006, 2009, 2011, 2014, 2016 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 2,583 4,383 10,874 15,257 6,274 1976 10/1/1996 35 years THE AVENUE AT WHITE MARSH (Maryland) MD 52,436 20,682 72,432 12,961 20,685 85,390 106,075 28,432 1997 3/8/2007 35 years THE GROVE AT SHREWSBURY (New Jersey) NJ 54,212 18,016 103,115 2,625 18,021 105,735 123,756 10,395 1988/1993/2007 1/1/2014 & 10/6/14 35 years THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) MD 4,441 12,849 170 4,441 13,019 17,460 4,447 2005 - 2006 3/8/2007 35 years THE SHOPS AT SUNSET PLACE (Florida) FL 72,229 64,499 50,853 5,425 64,499 56,278 120,777 3,697 1999 10/1/2015 35 years THIRD STREET PROMENADE (California) CA 22,645 12,709 43,693 25,125 53,922 79,047 31,389 1888-2000 1996-2000 35 years TOWER (Virginia) VA 7,170 10,518 4,019 7,280 14,427 21,707 8,465 1953-1960 8/24/1998 35 years TOWER SHOPS (Florida) FL 29,940 43,390 22,840 29,962 66,208 96,170 13,142 1989 1/19/11 & 6/13/14 35 years TOWN CENTER OF NEW BRITAIN (Pennsylvania) PA 1,282 12,285 1,575 1,470 13,672 15,142 4,659 1969 6/29/2006 35 years TROY (New Jersey) NJ 3,126 5,193 26,770 4,501 30,588 35,089 20,415 1966 7/23/1980 22 years TYSON'S STATION (Virginia) VA 388 453 3,782 475 4,148 4,623 3,583 1954 1/17/1978 17 years VILLAGE AT SHIRLINGTON (Virginia) VA 6,591 9,761 14,808 38,650 4,234 58,985 63,219 24,877 1940, 2006-2009 12/21/1995 35 years WESTGATE CENTER (California) CA 6,319 107,284 35,823 6,319 143,107 149,426 42,865 1960-1966 3/31/2004 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 WHITE MARSH PLAZA (Maryland) MD 3,478 21,413 337 3,478 21,750 25,228 7,932 1987 3/8/2007 35 years WHITE MARSH OTHER (Maryland) MD 34,281 1,843 8,432 34,311 10,245 44,556 752 1985 3/8/2007 35 years WILDWOOD (Maryland) MD 9,111 1,061 9,484 9,111 10,545 19,656 8,484 1958 5/5/1969 33.33 years WILLOW GROVE (Pennsylvania) PA 1,499 6,643 21,954 1,499 28,597 30,096 25,190 1953 11/20/1984 35 years WILLOW LAWN (Virginia) VA 3,192 7,723 82,479 7,790 85,604 93,394 55,812 1957 12/5/1983 35 years WYNNEWOOD (Pennsylvania) PA 8,055 13,759 21,001 8,055 34,760 42,815 21,597 1948 10/29/1996 35 years TOTALS $ 542,707 $ 1,305,525 $ 2,055,800 $ 3,397,748 $ 1,294,800 $ 5,464,273 $ 6,759,073 $ 1,729,234 FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Total Cost (in thousands) 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 Additions during period Acquisitions 229,296 Improvements 483,932 Deduction during period—dispositions and retirements of property (18,561 ) Balance, December 31, 2016 $ 6,759,073 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $6.0 billion as of December 31, 2016 . FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Accumulated Depreciation and Amortization (in thousands) 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 Additions during period—depreciation and amortization expense 173,244 Deductions during period—dispositions and retirements of property (18,051 ) Balance, December 31, 2016 $ 1,729,234

Schedule III Part II - Summary

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
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, 2016 (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 $ 15,243 $ 11,685 $ 24,424 $ 36,109 $ 16,232 1908/1965 10/23/1997 35 years 29TH PLACE (Virginia) VA 4,514 10,211 18,863 11,730 10,195 30,609 40,804 10,522 1975 - 2001 5/30/2007 35 years ANDORRA (Pennsylvania) PA 2,432 12,346 11,013 2,432 23,359 25,791 18,269 1953 1/12/1988 35 years ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) MA 93,252 34,196 500,278 94,552 533,174 627,726 36,044 2005, 2012-2014 2005-2013 35 years ATLANTIC PLAZA (Massachusetts) MA 6,293 17,109 1,780 6,293 18,889 25,182 885 1960 1/13/2016 35 years BALA CYNWYD (Pennsylvania) PA 3,565 14,466 22,502 2,581 37,952 40,533 18,950 1955 9/22/1993 35 years BARCROFT PLAZA (Virginia) VA 12,617 29,603 630 12,617 30,233 42,850 984 1963, 1972, 1990, & 2000 1/13/16 & 11/7/16 35 years BARRACKS ROAD (Virginia) VA 4,363 16,459 42,978 4,363 59,437 63,800 39,882 1958 12/31/1985 35 years BETHESDA ROW (Maryland) MD 46,579 35,406 144,090 44,880 181,195 226,075 67,697 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 45,437 3,945 66,207 70,152 45,645 1958 12/28/1989 35 years BRISTOL PLAZA (Connecticut) CT 3,856 15,959 10,963 3,856 26,922 30,778 16,623 1959 9/22/1995 35 years BROOK 35 (New Jersey) NJ 11,242 7,128 38,355 1,635 7,128 39,990 47,118 4,070 1986/2004 1/1/2014 35 years CAMPUS PLAZA (Massachusetts) MA 16,710 13,412 265 16,710 13,677 30,387 611 1970 1/13/2016 35 years CHELSEA COMMONS (Massachusetts) MA 6,328 9,417 19,466 13,958 9,396 33,445 42,841 7,486 1962/1969/2008 8/25/06, 1/30/07, & 7/16/08 35 years COCOWALK (Florida) FL 33,160 71,001 2,716 32,504 74,373 106,877 4,276 1990/1994, 1922-1973 5/4/15, 7/1/15, 12/16/15, & 7/26/16 35 years COLORADO BLVD (California) CA 5,262 4,071 10,032 5,262 14,103 19,365 10,262 1905-1988 12/31/96 & 8/14/98 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 CONGRESSIONAL PLAZA (Maryland) MD 2,793 7,424 90,748 1,020 99,945 100,965 50,640 1965/2003 4/1/1965 35 years COURTHOUSE CENTER (Maryland) MD 1,750 1,869 1,286 1,750 3,155 4,905 1,793 1975 12/17/1997 35 years CROSSROADS (Illinois) IL 4,635 11,611 15,879 4,635 27,490 32,125 15,719 1959 7/19/1993 35 years CROW CANYON COMMONS (California) CA 27,245 54,575 7,679 27,245 62,254 89,499 19,516 Late 1970's/ 12/29/05 & 2/28/07 35 years DARIEN (Connecticut) CT 29,809 18,302 810 29,809 19,112 48,921 2,424 1920-2009 4/3/2013 35 years DEDHAM PLAZA (Massachusetts) MA 14,834 12,918 10,564 14,834 23,482 38,316 14,734 1959 12/31/93 & 12/14/16 35 years DEL MAR VILLAGE (Florida) FL 15,624 41,712 5,252 15,587 47,001 62,588 18,573 1982/1994/2007 5/30/08, 7/11/08, & 10/14/14 35 years EAST BAY BRIDGE (California) CA 29,079 138,035 10,487 29,079 148,522 177,601 19,797 1994-2001, 2011/2012 12/21/2012 35 years EASTGATE CROSSING (North Carolina) NC 1,608 5,775 23,647 1,608 29,422 31,030 18,859 1963 12/18/1986 35 years ELLISBURG (New Jersey) NJ 4,028 11,309 19,112 4,013 30,436 34,449 19,374 1959 10/16/1992 35 years ESCONDIDO PROMENADE (California) CA 19,117 15,829 12,402 19,117 28,231 47,348 14,590 1987 12/31/96 & 11/10/10 35 years FALLS PLAZA (Virginia) VA 1,798 1,270 10,900 1,819 12,149 13,968 8,287 1960/1962 9/30/67 & 10/05/72 25 years FEDERAL PLAZA (Maryland) MD 10,216 17,895 39,531 10,216 57,426 67,642 40,896 1970 6/29/1989 35 years FINLEY SQUARE (Illinois) IL 9,252 9,544 17,995 9,252 27,539 36,791 18,537 1974 4/27/1995 35 years FLOURTOWN (Pennsylvania) PA 1,345 3,943 11,604 1,345 15,547 16,892 5,424 1957 4/25/1980 35 years FREE STATE SHOPPING CENTER (Maryland) MD 18,581 41,658 3,739 18,581 45,397 63,978 1,864 1970 1/13/2016 35 years FRESH MEADOWS (New York) NY 24,625 25,255 36,465 24,633 61,712 86,345 35,528 1946-1949 12/5/1997 35 years FRIENDSHIP CENTER (District of Columbia) DC 12,696 20,803 4,071 12,696 24,874 37,570 10,909 1998 9/21/2001 35 years GAITHERSBURG SQUARE (Maryland) MD 7,701 5,271 13,929 5,973 20,928 26,901 17,291 1966 4/22/1993 35 years GARDEN MARKET (Illinois) IL 2,677 4,829 6,089 2,677 10,918 13,595 7,016 1958 7/28/1994 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 GOVERNOR PLAZA (Maryland) MD 2,068 4,905 20,401 2,068 25,306 27,374 19,389 1963 10/1/1985 35 years GRAHAM PARK PLAZA (Virginia) VA 1,237 15,096 18,523 1,169 33,687 34,856 27,137 1971 7/21/1983 35 years GRATIOT PLAZA (Michigan) MI 525 1,601 17,694 525 19,295 19,820 16,620 1964 3/29/1973 25.75 years GREENLAWN PLAZA (New York) NY 10,590 20,869 213 10,590 21,082 31,672 875 1975/2004 1/13/2016 35 years GREENWICH AVENUE (Connecticut) CT 7,484 5,444 1,199 7,484 6,643 14,127 3,980 1968 4/12/1995 35 years HAUPPAUGE (New York) NY 8,791 15,262 4,577 8,419 20,211 28,630 10,977 1963 8/6/1998 35 years HERMOSA AVENUE (California) CA 1,116 280 4,459 1,368 4,487 5,855 3,129 1922 9/17/1997 35 years HOLLYWOOD BLVD (California) CA 8,300 16,920 21,502 8,370 38,352 46,722 13,294 1929/1991 3/22/99 & 6/18/99 35 years HUNTINGTON (New York) NY 12,195 16,008 18,372 12,195 34,380 46,575 14,516 1962 12/12/88, 10/26/07, & 11/24/15 35 years HUNTINGTON SQUARE (New York) NY — 10,075 2,101 — 12,176 12,176 2,777 1980/2004-2007 8/16/2010 35 years IDYLWOOD PLAZA (Virginia) VA 4,308 10,026 2,453 4,308 12,479 16,787 8,505 1991 4/15/1994 35 years KINGS COURT (California) CA — 10,714 952 — 11,666 11,666 8,331 1960 8/24/1998 26 years LANCASTER (Pennsylvania) PA 4,907 — 2,103 11,759 75 13,787 13,862 7,992 1958 4/24/1980 22 years LANGHORNE SQUARE (Pennsylvania) PA 720 2,974 18,236 720 21,210 21,930 14,439 1966 1/31/1985 35 years LAUREL (Maryland) MD 7,458 22,525 25,986 7,464 48,505 55,969 35,839 1956 8/15/1986 35 years LAWRENCE PARK (Pennsylvania) PA 5,723 7,160 20,117 5,734 27,266 33,000 24,029 1972 7/23/1980 22 years LEESBURG PLAZA (Virginia) VA 8,184 10,722 17,120 8,184 27,842 36,026 13,920 1967 9/15/1998 35 years LINDEN SQUARE (Massachusetts) MA 79,382 19,247 49,410 79,269 68,770 148,039 19,737 1960-2008 8/24/2006 35 years MELVILLE MALL (New York) NY 35,622 32,882 15,370 35,622 48,252 83,874 10,403 1974 10/16/2006 35 years MERCER MALL (New Jersey) NJ 55,618 28,684 48,028 44,258 28,717 92,253 120,970 37,484 1975 10/14/2003 25 - 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 MONTROSE CROSSING (Maryland) MD 72,726 48,624 91,819 13,772 48,624 105,591 154,215 20,987 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 40,545 10,230 73,884 84,114 31,396 1966/1972/1987/2001 3/31/03, 3/21/03, & 1/27/06 35 years NORTH DARTMOUTH (Massachusetts) MA 9,366 — 2 9,366 2 9,368 — 2004 8/24/2006 NORTHEAST (Pennsylvania) PA 1,152 10,596 16,482 1,153 27,077 28,230 19,721 1959 8/30/1983 35 years NORTH LAKE COMMONS (Illinois) IL 2,782 8,604 5,638 2,628 14,396 17,024 8,106 1989 4/27/1994 35 years OLD KEENE MILL (Virginia) VA 638 998 5,625 638 6,623 7,261 5,159 1968 6/15/1976 33.33 years OLD TOWN CENTER (California) CA 3,420 2,765 30,571 3,420 33,336 36,756 20,065 1962, 1997-1998 10/22/1997 35 years PAN AM (Virginia) VA 8,694 12,929 7,262 8,695 20,190 28,885 14,504 1979 2/5/1993 35 years PENTAGON ROW (Virginia) VA — 2,955 95,154 — 98,109 98,109 42,881 1999 - 2002 1998 & 11/22/10 35 years PERRING PLAZA (Maryland) MD 2,800 6,461 21,677 2,800 28,138 30,938 22,232 1963 10/1/1985 35 years PIKE & ROSE (Maryland) MD 31,471 10,335 427,582 26,199 443,189 469,388 13,498 1963 & 2012-2014 5/18/82, 10/26/07, & 7/31/12 50 years PIKE 7 PLAZA (Virginia) VA 14,970 22,799 4,564 14,914 27,419 42,333 15,818 1968 3/31/1997 & 7/8/2015 35 years PLAZA DEL MERCADO (Maryland) MD 10,305 21,553 10,558 10,305 32,111 42,416 853 1969 1/13/2016 35 years PLAZA EL SEGUNDO/THE POINT (California) CA 176,209 62,127 153,556 63,039 64,463 214,259 278,722 32,104 2006/2007/2016 12/30/11, 6/14/13, 7/26/13 & 12/27/13 35 years QUEEN ANNE PLAZA (Massachusetts) MA 3,319 8,457 6,504 3,319 14,961 18,280 9,386 1967 12/23/1994 35 years QUINCE ORCHARD (Maryland) MD 3,197 7,949 26,927 2,928 35,145 38,073 17,738 1975 4/22/1993 35 years ROCKVILLE TOWN SQUARE (Maryland) MD 4,474 — 8,092 41,924 — 50,016 50,016 14,806 2005 - 2007 2006 - 2007 50 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 ROLLINGWOOD APTS. (Maryland) MD 21,221 552 2,246 7,746 572 9,972 10,544 8,988 1960 1/15/1971 25 years SAM'S PARK & SHOP (District of Columbia) DC 4,840 6,319 1,585 4,840 7,904 12,744 4,925 1930 12/1/1995 35 years SAN ANTONIO CENTER (California) CA 39,920 32,466 1,114 39,920 33,580 73,500 3,206 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015 35 years SANTANA ROW (California) CA 66,682 7,502 732,733 57,578 749,339 806,917 166,872 1999-2006, 2009, 2011, 2014, 2016 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 2,583 4,383 10,874 15,257 6,274 1976 10/1/1996 35 years THE AVENUE AT WHITE MARSH (Maryland) MD 52,436 20,682 72,432 12,961 20,685 85,390 106,075 28,432 1997 3/8/2007 35 years THE GROVE AT SHREWSBURY (New Jersey) NJ 54,212 18,016 103,115 2,625 18,021 105,735 123,756 10,395 1988/1993/2007 1/1/2014 & 10/6/14 35 years THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) MD 4,441 12,849 170 4,441 13,019 17,460 4,447 2005 - 2006 3/8/2007 35 years THE SHOPS AT SUNSET PLACE (Florida) FL 72,229 64,499 50,853 5,425 64,499 56,278 120,777 3,697 1999 10/1/2015 35 years THIRD STREET PROMENADE (California) CA 22,645 12,709 43,693 25,125 53,922 79,047 31,389 1888-2000 1996-2000 35 years TOWER (Virginia) VA 7,170 10,518 4,019 7,280 14,427 21,707 8,465 1953-1960 8/24/1998 35 years TOWER SHOPS (Florida) FL 29,940 43,390 22,840 29,962 66,208 96,170 13,142 1989 1/19/11 & 6/13/14 35 years TOWN CENTER OF NEW BRITAIN (Pennsylvania) PA 1,282 12,285 1,575 1,470 13,672 15,142 4,659 1969 6/29/2006 35 years TROY (New Jersey) NJ 3,126 5,193 26,770 4,501 30,588 35,089 20,415 1966 7/23/1980 22 years TYSON'S STATION (Virginia) VA 388 453 3,782 475 4,148 4,623 3,583 1954 1/17/1978 17 years VILLAGE AT SHIRLINGTON (Virginia) VA 6,591 9,761 14,808 38,650 4,234 58,985 63,219 24,877 1940, 2006-2009 12/21/1995 35 years WESTGATE CENTER (California) CA 6,319 107,284 35,823 6,319 143,107 149,426 42,865 1960-1966 3/31/2004 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 WHITE MARSH PLAZA (Maryland) MD 3,478 21,413 337 3,478 21,750 25,228 7,932 1987 3/8/2007 35 years WHITE MARSH OTHER (Maryland) MD 34,281 1,843 8,432 34,311 10,245 44,556 752 1985 3/8/2007 35 years WILDWOOD (Maryland) MD 9,111 1,061 9,484 9,111 10,545 19,656 8,484 1958 5/5/1969 33.33 years WILLOW GROVE (Pennsylvania) PA 1,499 6,643 21,954 1,499 28,597 30,096 25,190 1953 11/20/1984 35 years WILLOW LAWN (Virginia) VA 3,192 7,723 82,479 7,790 85,604 93,394 55,812 1957 12/5/1983 35 years WYNNEWOOD (Pennsylvania) PA 8,055 13,759 21,001 8,055 34,760 42,815 21,597 1948 10/29/1996 35 years TOTALS $ 542,707 $ 1,305,525 $ 2,055,800 $ 3,397,748 $ 1,294,800 $ 5,464,273 $ 6,759,073 $ 1,729,234 FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Total Cost (in thousands) 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 Additions during period Acquisitions 229,296 Improvements 483,932 Deduction during period—dispositions and retirements of property (18,561 ) Balance, December 31, 2016 $ 6,759,073 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $6.0 billion as of December 31, 2016 . FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Accumulated Depreciation and Amortization (in thousands) 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 Additions during period—depreciation and amortization expense 173,244 Deductions during period—dispositions and retirements of property (18,051 ) Balance, December 31, 2016 $ 1,729,234

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2016
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, 2016 (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 $ — $ 20,654 $ 20,654 (2) $ — Mortgage on retail buildings in Philadelphia, PA 10% plus participation May 2021 Interest only monthly; — 9,250 9,250 — $ — $ 29,904 $ 29,904 $ — _____________________ (1) For Federal tax purposes, the aggregate tax basis is approximately $29.9 million as of December 31, 2016 . (2) This mortgage is available for up to $25.0 million . FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Carrying Amount (in thousands) 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 Deductions during period: Collection and satisfaction of loans (11,714 ) Balance, December 31, 2016 $ 29,904

Summary Of Significant Accoun29

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2016
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. Certain 2015 amounts have been reclassified to conform to current period presentation.
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, 2016 and 2015 , our allowance for doubtful accounts was $11.9 million and $11.7 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, 2016 and 2015 , accounts receivable include approximately $80.6 million and $72.7 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 2016 , 2015 and 2014 , real estate depreciation expense was $173.2 million , $156.5 million and $155.7 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. See "Recently Issued Accounting Pronouncements" for further discussion. 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.
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, 2016 , we had $19.7 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 deferred 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.” Effective January 1, 2016, we adopted ASU 2015-03 "Simplifying the Presentation of Debt Issuance Costs," and ASU 2015-15 "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements," which impacts the balance sheet presentation of debt issuance costs. See "Recently Adopted Accounting Pronouncements" for further discussion.
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 $2.1 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 2016 , 2015 or 2014 , 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. 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, 2016 and 2015 . 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 our loans are collateralized by a first 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 14 for further discussion regarding our share based compensation plans and policies.
Variable Interest Entities	Variable Interest Entities Effective January 1, 2016, we adopted ASU 2015-02, "Amendments to the Consolidation Analysis," as further discussed in "Recently Adopted Accounting Pronouncements." 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 shopping center related ventures and identified 14 entities that meet the criteria of a VIE in which we hold a variable interest (including 10 entities newly deemed to be a VIE under ASU 2015-02, effective January 1, 2016). For each of these entities we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. As of December 31, 2016, net real estate assets and mortgage payables related to variable interest entities included in our consolidated balance sheet are approximately $1.0 billion and $439.1 million , respectively. In addition, our equity method investment in the Pike & Rose hotel joint venture is now considered a variable interest in a VIE under ASU 2015- 02 effective January 1, 2016. As we do not control the activities that most significantly impact the economic performance of the joint venture, we are not the primary beneficiary and do not consolidate. As of December 31, 2016 our investment in the joint venture and maximum exposure to loss was $13.5 million , which is our total required contribution to complete construction of the hotel. We have also evaluated our mortgage notes receivable investments and determined that the entities obligated under the mortgage notes are not VIEs. Our equity method investment and mortgage notes receivable balances are presented separately in our consolidated balance sheets
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, 2016 2015 (In thousands) Beginning balance $ 137,316 $ 119,053 Net income 2,713 3,423 Distributions & Redemptions (16,426 ) (4,286 ) Contributions — 12 Change in redemption value 20,091 19,114 Ending balance $ 143,694 $ 137,316 On February 12, 2016 , we acquired the 10% noncontrolling interest in the partnership that owns our Hollywood Blvd project for $13.0 million , bringing our ownership interest to 100% .
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 2012 . As of December 31, 2016 and 2015 , 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 Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, which 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. We adopted the standard effective January 1, 2016, and as a result, partnerships controlling ten properties (previously consolidated as voting interest entities) are now considered to be variable interest entities. As we have the obligation to absorb losses and the right to receive benefits and control the activities that most significantly impact the economic performance of these entities, we are the primary beneficiary and we will continue to consolidate each of these entities. Net real estate assets of $566.1 million and mortgage payables of $194.9 million were included in our consolidated balance sheet at January 1, 2016 for these newly classified variable interest entities. In addition, our equity method investment in the Pike & Rose hotel joint venture is now considered a variable interest in a variable interest entity. As we do not control the activities that most significantly impact the economic performance of the joint venture, we are not the primary beneficiary and do not consolidate. Our investment in the joint venture was $6.6 million at January 1, 2016, and our maximum exposure to loss is approximately $13.5 million . In April 2015, the FASB issued ASU 2015-03, which 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, 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. We adopted the standards effective January 1, 2016 and have adjusted our balance sheet presentation in both periods to reflect the net debt issuance costs as a reduction of the respective liability. The adoption resulted in a $15.2 million decrease to total assets and liabilities at December 31, 2015, for this reclassification. Debt issuance costs related to our revolving credit facility continue to be classified as an asset and are included in "prepaids and other assets" in our consolidated balance sheets.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 to the first quarter of 2018. In March 2016, April 2016, May 2016, and December 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20, respectively, as clarifications to ASU 2014-09. ASU 2016-08 clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transactions, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. ASU 2016-10 clarifies the existing guidance on identifying performance obligations and licensing implementation. ASU 2016-12 adds practical expedients related to the transition for contract modifications and further defines a completed contract, clarifies the objective of the collectability assessment and how revenue is recognized if collectability is not probable, and when non-cash considerations should be measured. ASU 2016-20 corrects or improves guidance in thirteen narrow focus aspects of the guidance. ASU 2014-09, including all of the various ASUs noted above clarifying the revenue recognition guidance, are effective for us in the first quarter of 2018. While we are still completing the assessment of the impact of this standard to our consolidated financial statements, we believe the majority of our revenue falls outside of the scope of this guidance.We intend to implement the standard retrospectively with the cumulative effect recognized in retained earnings at the date of initial application. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2016-02 is effective for us in the first quarter of 2019, and we are currently assessing the impact of this standard to our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation." ASU 2016-09 simplifies the accounting for share-based payment transactions, including a policy election option with respect to accounting for forfeitures either as they occur or estimating forfeitures (as is currently required), as well as increasing the amount an employer can withhold to cover income taxes on equity awards. ASU 2016-09 is effective for us in the first quarter of 2017. We plan on accounting for forfeitures as they occur, and we do not expect the adoption will have a material effect on our financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses." ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2016-13 is effective for us in the first quarter of 2020, and we are currently assessing the impact of this standard to our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides classification guidance for eight specific topics including debt extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. ASU 2016-15 is effective for us in the first quarter of 2018, and we are currently assessing the impact of this standard to our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows - Restricted Cash." ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents. Therefore, amounts generally described as restricted cash and equivalents should be included with cash and cash equivalents when reconciling the beginning and end of period total amounts on the statement of cash flows. Currently, there is no specific guidance to address how to classify or present these changes. ASU 2016-18 is effective for us in the first quarter of 2018, and we are currently assessing the impact of this standard to our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." ASU 2017-01 changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. Given this change in definition, we believe most of our shopping center acquisitions will no longer be considered business combinations but rather asset acquisitions. While there are various differences between the accounting for an asset acquisition and a business combination, we expect the largest impact will be that transaction costs are capitalized for asset acquisitions rather than currently expensed when they are considered business combinations. Based on acquisitions in the past several years, transactions costs for a single shopping center acquisition have typically ranged from $0.2 to $2.4 million with significantly higher transaction costs expected for an acquisition of a larger portfolio. The new guidance will be applied prospectively to any transactions occurring in the period of adoption. ASU 2017-01 is effective January 1, 2019, however, we expect to early adopt this standard in 2017.

Summary Of Significant Accoun30

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 (In thousands) Beginning balance $ 137,316 $ 119,053 Net income 2,713 3,423 Distributions & Redemptions (16,426 ) (4,286 ) Contributions — 12 Change in redemption value 20,091 19,114 Ending balance $ 143,694 $ 137,316
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, 2016 2015 2014 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 113,016 $ 110,675 $ 114,912 Interest capitalized (18,022 ) (18,122 ) (20,971 ) Interest expense $ 94,994 $ 92,553 $ 93,941 Cash paid for interest, net of amounts capitalized $ 90,185 $ 116,335 $ 100,011 Cash paid for income taxes $ 296 $ 274 $ 278 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ 34,385 $ 89,516 $ 68,282 DownREIT operating partnership units redeemed for common shares $ 18,679 $ 4,114 $ — 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 $ 2,017 $ 1,977 $ 1,855 See Note 3 for additional disclosures relating to the Clarion Partners, San Antonio Center, CocoWalk, and The Shops at Sunset Place acquisitions.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 Retail and mixed-use properties $ 6,621,170 $ (1,677,938 ) $ 449,896 Retail properties under capital leases 127,359 (42,308 ) 71,590 Residential 10,544 (8,988 ) 21,221 $ 6,759,073 $ (1,729,234 ) $ 542,707 December 31, 2015 Retail and mixed-use properties $ 5,929,569 $ (1,526,934 ) $ 459,454 Retail properties under capital leases 124,590 (38,509 ) 71,620 Residential 10,247 (8,598 ) 21,630 $ 6,064,406 $ (1,574,041 ) $ 552,704 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, 2016
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 OPERATING RESULTS Revenue $ 17,405 $ 18,329 Expenses Other operating expenses 5,992 5,948 Depreciation and amortization 4,974 5,678 Interest expense 2,062 2,759 Total expenses 13,028 14,385 Net income before gain on sale of real estate 4,377 3,944 Gain on sale of real estate — 14,507 Net income $ 4,377 $ 18,451 Our share of net income from real estate partnership before gain on sale of real estate $ 1,557 $ 1,423 Our share of gain on sale of real estate $ — $ 4,401 December 31, 2015 (In thousands) BALANCE SHEETS Real estate, net $ 146,906 Cash 2,690 Other assets 5,495 Total assets $ 155,091 Mortgages payable $ 34,385 Other liabilities 3,554 Partners’ capital 117,152 Total liabilities and partners’ capital $ 155,091 Our share of unconsolidated debt $ 10,316 Our investment in real estate partnership $ 31,745

Acquired In-Place Leases (Table

Acquired In-Place Leases (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2017 $ 4,468 $ 7,538 2018 3,013 6,345 2019 1,718 5,951 2020 1,356 4,993 2021 1,136 4,377 Thereafter 5,551 60,122 $ 17,242 $ 89,326

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Instrument [Line Items]
Summary of total debt outstanding	The following is a summary of our total debt outstanding as of December 31, 2016 and 2015 : Principal Balance as of December 31, Stated Interest Rate as of Description of Debt 2016 2015 December 31, 2016 Stated Maturity Date Mortgages payable (Dollars in thousands) Plaza El Segundo $ 175,000 $ 175,000 6.33 % August 5, 2017 The Grove at Shrewsbury (East) 42,536 43,557 5.82 % October 1, 2017 The Grove at Shrewsbury (West) 10,792 11,024 6.38 % March 1, 2018 Rollingwood Apartments 21,283 21,716 5.54 % May 1, 2019 The Shops at Sunset Place 68,634 70,542 5.62 % September 1, 2020 29 th Place 4,553 4,753 5.91 % January 31, 2021 THE AVENUE at White Marsh 52,705 52,705 3.35 % January 1, 2022 Montrose Crossing 72,726 74,329 4.20 % January 10, 2022 Brook 35 11,500 11,500 4.65 % July 1, 2029 Chelsea 6,576 6,868 5.36 % January 15, 2031 Subtotal 466,305 471,994 Net unamortized premium and debt issuance costs 4,812 9,090 Total mortgages payable 471,117 481,084 Notes payable Escondido (municipal bonds) — 9,400 October 1, 2016 Revolving credit facility — 53,500 LIBOR + 0.825% April 20, 2020 Term loan 275,000 275,000 LIBOR + 0.90% November 21, 2018 Various 5,247 5,700 11.31 % Various through 2028 Subtotal 280,247 343,600 Net unamortized debt issuance costs (1,096 ) (1,639 ) Total notes payable 279,151 341,961 Senior notes and debentures 5.90% notes 150,000 150,000 5.90 % April 1, 2020 2.55% notes 250,000 250,000 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 450,000 450,000 4.50 % December 1, 2044 3.625% notes 250,000 — 3.625 % August 1, 2046 Subtotal 1,994,200 1,744,200 Net unamortized (discount)/premium and debt issuance costs (17,606 ) (11,649 ) Total senior notes and debentures 1,976,594 1,732,551 Capital lease obligations Various 71,590 71,620 Various Various through 2106 Total debt and capital lease obligations $ 2,798,452 $ 2,627,216
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, 2016 are as follows: Mortgages Payable Notes Payable Senior Notes and Debentures Total Principal (In thousands) Year ending December 31, 2017 $ 222,445 $ 462 $ — $ 222,907 2018 15,477 275,513 (1) — 290,990 2019 25,006 567 — 25,573 2020 64,687 629 (2) 150,000 215,316 2021 5,984 700 250,000 256,684 Thereafter 132,706 2,376 1,594,200 1,729,282 $ 466,305 $ 280,247 $ 1,994,200 $ 2,740,752 (3) _____________________ (1) Our $275.0 million unsecured term loan matures on November 21, 2018 , subject to a one -year extension at our option. (2) Our $800.0 million revolving credit facility matures on April 20, 2020 , subject to two six -month extensions at our option. As of December 31, 2016 , there was no outstanding balance under this credit facility. (3) The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2016 due to the unamortized premium/(discount) and debt issuance costs on certain mortgages payable, notes payable, and senior notes.
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, 2016 , are as follows: (In thousands) Year ending December 31, 2017 $ 5,797 2018 5,800 2019 5,800 2020 5,800 2021 5,800 Thereafter 148,235 177,232 Less amount representing interest (105,642 ) Present value $ 71,590

Fair Value Of Financial Instr35

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 750,268 $ 760,260 $ 823,045 $ 833,931 Senior notes and debentures $ 1,976,594 $ 2,015,973 $ 1,732,551 $ 1,786,758
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, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 2,577 $ — $ 2,577 $ — $ 4,110 $ — $ 4,110

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 : (In thousands) Year ending December 31, 2017 $ 2,070 2018 3,021 2019 3,174 2020 3,187 2021 3,195 Thereafter 170,698 $ 185,345

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 Declared Paid Declared Paid Declared Paid Common shares $ 3.840 $ 3.800 $ 3.620 $ 3.550 $ 3.300 $ 3.210 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, 2016 2015 2014 Common shares Ordinary dividend $ 3.800 $ 3.515 $ 3.178 Capital gain — 0.035 0.032 $ 3.800 $ 3.550 $ 3.210 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.354 $ 1.340 $ 1.340 Capital gain — 0.014 0.014 $ 1.354 $ 1.354 $ 1.354

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Schedule of minimum future commercial property rentals from noncancelable operating leases	As of December 31, 2016 , 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, 2017 $ 542,941 2018 488,668 2019 427,595 2020 365,231 2021 297,953 Thereafter 1,681,024 $ 3,803,412

Components of Rental Income and

Components of Rental Income and Expense (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (In thousands) Minimum rents Retail and commercial $ 549,552 $ 509,825 $ 472,602 Residential 49,465 42,797 36,099 Cost reimbursement 158,042 148,110 135,592 Percentage rent 10,977 11,911 10,169 Other 18,547 15,169 11,860 Total rental income $ 786,583 $ 727,812 $ 666,322
Schedule of minimum rents	Minimum rents include the following: Year Ended December 31, 2016 2015 2014 (In millions) Straight-line rents $ 8.1 $ 7.6 $ 5.1 Net amortization of above and below market leases $ 1.8 $ 2.7 $ 2.4
Schedule of principal components of rental expenses	The principal components of rental expenses are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Repairs and maintenance $ 64,942 $ 62,420 $ 55,444 Utilities 24,968 23,003 20,499 Management fees and costs 20,823 18,639 17,416 Payroll 13,832 12,673 11,554 Marketing 8,520 9,046 9,532 Insurance 7,758 7,875 6,462 Ground rent 2,561 2,540 1,952 Bad debt expense 2,375 1,168 2,021 Other operating 12,547 10,229 10,537 Total rental expenses $ 158,326 $ 147,593 $ 135,417

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (In thousands) Grants of common shares and options $ 11,227 $ 12,074 $ 12,941 Capitalized share-based compensation (1,310 ) (868 ) (1,188 ) Share-based compensation expense $ 9,917 $ 11,206 $ 11,753
Summary of weighted average assumptions used to value options granted	The following table provides a summary of the weighted-average assumption used to value options granted in 2016: Volatility 18.8 % Expected dividend yield 2.8 % Expected term (in years) 6.0 Risk free interest rate 1.5 %
Summary of option activity	The following table provides a summary of option activity for 2016 : Shares Under Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at December 31, 2015 313,802 $ 60.93 Granted 682 152.34 Exercised (55,365 ) 82.03 Forfeited or expired — — Outstanding at December 31, 2016 259,119 $ 56.66 1.7 $ 22,148 Exercisable at December 31, 2016 258,437 $ 56.41 1.7 $ 22,148
Summary of restricted share activity	The following table provides a summary of restricted share activity for 2016 : Shares Weighted-Average Grant-Date Fair Value Unvested at December 31, 2015 177,214 $ 118.68 Granted 153,450 152.70 Vested (94,774 ) 116.62 Forfeited (18,537 ) 129.08 Unvested at December 31, 2016 217,353 $ 142.70
Schedule of common shares awarded under various compensation plans	Subsequent to December 31, 2016 , common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 3, 2017 4,751 Shares Immediate Trustees February 7, 2017 101,009 Restricted shares 3-4 years Officers and key employees

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
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 2016 , 2015 , or 2014 . The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 226,425 $ 190,094 $ 167,888 Less: Preferred share dividends (541 ) (541 ) (541 ) Less: Income from continuing operations attributable to noncontrolling interests (7,648 ) (8,205 ) (7,754 ) Less: Earnings allocated to unvested shares (702 ) (797 ) (1,003 ) Income from continuing operations available for common shareholders 217,534 180,551 158,590 Gain on sale of real estate and change in control of interests, net 31,133 28,330 4,401 Net income available for common shareholders, basic and diluted $ 248,667 $ 208,881 $ 162,991 DENOMINATOR Weighted average common shares outstanding—basic 70,877 68,797 67,322 Effect of dilutive securities: Stock options 172 184 170 Weighted average common shares outstanding—diluted 71,049 68,981 67,492 EARNINGS PER COMMON SHARE, BASIC Continuing operations $ 3.07 $ 2.63 $ 2.35 Gain on sale of real estate and change in control of interests, net 0.44 0.41 0.07 $ 3.51 $ 3.04 $ 2.42 EARNINGS PER COMMON SHARE, DILUTED Continuing operations $ 3.06 $ 2.62 $ 2.34 Gain on sale of real estate and change in control of interests, net 0.44 0.41 0.07 $ 3.50 $ 3.03 $ 2.41 Income from continuing operations attributable to the Trust $ 218,777 $ 181,889 $ 160,134

Selected Quarterly Financial 42

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
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) 2016 Revenue $ 198,344 $ 197,981 $ 201,157 $ 204,109 Operating income $ 76,922 $ 80,135 $ 80,461 $ 83,477 Net income(1) $ 79,063 $ 58,898 $ 61,198 $ 59,724 Net income attributable to the Trust(1) $ 76,955 $ 55,941 $ 58,977 $ 58,037 Net income available for common shareholders(1) $ 76,820 $ 55,806 $ 58,841 $ 57,902 Earnings per common share—basic(1) $ 1.10 $ 0.79 $ 0.82 $ 0.81 Earnings per common share—diluted(1) $ 1.10 $ 0.78 $ 0.82 $ 0.80 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 (1) First quarter 2016 includes a $25.7 million gain on change in control of interests from our Clarion Partners acquisition as further discussed in Note 3. Third quarter 2016 includes a $4.9 million gain on sale from the reversal of our warranty reserve on condominiums sold at Santana Row as further discussed in Note 9. 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.

Business And Organization (Deta

Business And Organization (Details)	12 Months Ended
	Dec. 31, 2016project
Nature Of Operations [Abstract]
Number of real estate properties	96
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accoun44

Summary Of Significant Accounting Policies (Revenue Recognition and Accounts Receivable) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 11.9	$ 11.7
Collection of accounts receivable, period	1 year
Accounts receivable related to straight-line rents	$ 80.6	$ 72.7

Summary Of Significant Accoun45

Summary Of Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Real estate depreciation expense	$ 173.2	$ 156.5	$ 155.7
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 Accoun46

Summary Of Significant Accounting Policies (Cash and Cash Equivalents) (Details) $ in Millions	Dec. 31, 2016USD ($)
Accounting Policies [Abstract]
Cash in excess of the FDIC insured limit	$ 19.7

Summary Of Significant Accoun47

Summary Of Significant Accounting Policies (Derivative Instruments and Mortgage Notes Receivable) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)agreement
Derivatives, Fair Value [Line Items]
Interest rate swaps associated with cash flow hedges to be reclassified within the next twelve months | $	$ 2.1
Residual profit maximum	50.00%
Interest Rate Swap | Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements | agreement	2

Summary Of Significant Accoun48

Summary Of Significant Accounting Policies (Variable Interest Entities) (Details) $ in Millions	Dec. 31, 2016USD ($)	Jan. 01, 2016USD ($)
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities	14
Net real estate assets of consolidated VIEs	$ 1,017.7
Maximum exposure to loss in variable interest entity	439.1
Pike and Rose Hotel JV
Variable Interest Entity [Line Items]
Maximum exposure to loss in variable interest entity	$ 13.5	$ 13.5
Adjustments for New Accounting Pronouncement | Previous voting interest entity
Variable Interest Entity [Line Items]
Number of variable interest entities previously consolidated as voting interest entities		10
Net real estate assets of consolidated VIEs		$ 566.1

Summary Of Significant Accoun49

Summary Of Significant Accounting Policies (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Rollforward of Redeemable Noncontrolling Interests
Beginning balance	$ 137,316	$ 119,053
Net income	2,713	3,423	$ 3,452
Distributions & Redemptions	(16,426)	(4,286)
Contributions	0	12
Change in redemption value	20,091	19,114
Ending balance	143,694	137,316	119,053
Redeemable Noncontrolling Interest [Line Items]
Redemption of redeemable noncontrolling interests	$ 13,018	$ 0	$ 0

Summary Of Significant Accoun50

Summary Of Significant Accounting Policies (Income Taxes and Segments) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)segmentproperty	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Minimum percentage of taxable income distributed to shareholders	90.00%
Material unrecognized tax benefits | $	$ 0	$ 0
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 Accoun51

Summary Of Significant Accounting Policies (Recently Adopted Accounting Pronouncements) (Details) $ in Thousands	Dec. 31, 2016USD ($)	Jan. 01, 2016USD ($)	Dec. 31, 2015USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net real estate assets of VIEs previously consolidated as voting interest entities	$ 1,017,700
Mortgage Payable From Consolidated Variable Interest Entities	439,120		$ 448,315
Maximum exposure to loss in variable interest entity	439,100
Pike and Rose Hotel JV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in variable interest entity		$ 6,600
Maximum exposure to loss in variable interest entity	$ 13,500	$ 13,500
Adjustments for New Accounting Pronouncement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs			$ 15,200
Adjustments for New Accounting Pronouncement | Previous voting interest entity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of variable interest entities previously consolidated as voting interest entities		10
Net real estate assets of VIEs previously consolidated as voting interest entities		$ 566,100
Mortgage Payable From Consolidated Variable Interest Entities		$ 194,900

Summary Of Significant Accoun52

Summary Of Significant Accounting Policies (Recently Issued Accounting Pronouncements) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Transaction costs for single shopping center acquisitions	$ 0.2
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Transaction costs for single shopping center acquisitions	$ 2.4

Summary Of Significant Accoun53

Summary Of Significant Accounting Policies (Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Information [Abstract]
Total interest costs incurred	$ 113,016	$ 110,675	$ 114,912
Interest capitalized	18,022	18,122	20,971
Interest expense	94,994	92,553	93,941
Cash paid for interest, net of amounts capitalized	90,185	116,335	100,011
Cash paid for income taxes	296	274	278
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition	34,385	89,516	68,282
DownREIT operating partnership units redeemed for common shares	18,679	4,114	0
DownREIT operating partnership units issued with acquisition	0	7,742	65,348
Mortgage loans refinanced	0	0	64,205
Repayment of note payable with public funding/related construction-in-progress offset	0	0	10,000
Shares issued under dividend reinvestment plan	$ 2,017	$ 1,977	$ 1,855
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, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Cost	$ 6,759,073	$ 6,064,406
Accumulated Depreciation and Amortization	(1,729,234)	(1,574,041)
Encumbrances	542,707	552,704
Retail and mixed-use properties
Real Estate Properties [Line Items]
Cost	6,621,170	5,929,569
Accumulated Depreciation and Amortization	(1,677,938)	(1,526,934)
Encumbrances	449,896	459,454
Retail properties under capital leases
Real Estate Properties [Line Items]
Cost	127,359	124,590
Accumulated Depreciation and Amortization	(42,308)	(38,509)
Encumbrances	71,590	71,620
Residential
Real Estate Properties [Line Items]
Cost	10,544	10,247
Accumulated Depreciation and Amortization	(8,988)	(8,598)
Encumbrances	$ 21,221	$ 21,630

Real Estate (Significant Acquis

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

Nov. 07, 2016USD ($)

Jul. 26, 2016USD ($)

May 12, 2016USD ($)

Jan. 13, 2016USD ($)property

Nov. 19, 2015USD ($)

Oct. 01, 2015USD ($)ft²

Jul. 08, 2015USD ($)

May 04, 2015USD ($)ft²

Apr. 24, 2015USD ($)

Jan. 09, 2015USD ($)ft²shares

Mar. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Jun. 30, 2015USD ($)

Dec. 16, 2015USD ($)building

Dec. 31, 2016USD ($)project

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2016USD ($)project

Dec. 31, 2015USD ($)

Feb. 25, 2015USD ($)

Business Acquisition and Disposition

Mortgage loans assumed with acquisition

$ 34,385

$ 89,516

$ 68,282

Number of real estate properties | project

96

96

Contributions from noncontrolling interests

$ 885

34,737

$ 65,350

Houston Street

Business Acquisition and Disposition

Proceeds from sale

$ 46,100

Gain on sale of real estate

$ 11,500

$ 11,500

Courtyard Shops

Business Acquisition and Disposition

Proceeds from sale

$ 52,800

Gain on sale of real estate

$ 16,800

$ 16,800

Clarion

Business Acquisition and Disposition

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

Gain on acquisition of controlling interest

$ 25,700

$ 25,700

A building adjacent to our Barcroft Plaza property

Business Acquisition and Disposition

Purchase Price

$ 5,300

San Antonio Center

Business Acquisition and Disposition

Square footage of real estate property | ft²

376,000

Gross value

$ 62,200

Effective interest percentage

80.00%

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

58,000

Cash paid in acquisition

$ 27,000

Mortgage loans assumed with acquisition

18,700

Contributions from noncontrolling interests

16,300

CocoWalk

Business Acquisition and Disposition

Square footage of real estate property | ft²

198,000

Purchase Price

$ 87,500

Common interest percentage

80.00%

Contributions from noncontrolling interests

$ 6,900

The Shops at Sunset Place

Business Acquisition and Disposition

Square footage of real estate property | ft²

515,000

Purchase Price

$ 110,200

Mortgage loans assumed with acquisition

$ 70,800

Ownership interest

85.00%

Contributions from noncontrolling interests

$ 6,300

Other Liabilities | Clarion

Business Acquisition and Disposition

Net assets acquired allocated to below market leases

4,900

Other Liabilities | San Antonio Center

Business Acquisition and Disposition

Net assets acquired allocated to below market leases

19,100

Other Liabilities | CocoWalk

Business Acquisition and Disposition

Net assets acquired allocated to below market leases

4,300

Other Liabilities | The Shops at Sunset Place

Business Acquisition and Disposition

Net assets acquired allocated to below market leases

6,600

Other Assets | Above Market Leases | Clarion

Business Acquisition and Disposition

Net assets acquired allocated to above market leases

$ 7,300

Other Assets | Above Market Leases | San Antonio Center

Business Acquisition and Disposition

Net assets acquired allocated to above market leases

$ 8,100

Other Assets | Above Market Leases | CocoWalk

Business Acquisition and Disposition

Net assets acquired allocated to above market leases

$ 1,500

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

Business Acquisition and Disposition

Net assets acquired allocated to above market leases

$ 4,800

General and Administrative Expense | Clarion

Business Acquisition and Disposition

Acquisition costs

100

$ 200

General and Administrative Expense | A building adjacent to our Barcroft Plaza property

Business Acquisition and Disposition

Acquisition costs

100

General and Administrative Expense | San Antonio Center

Business Acquisition and Disposition

Acquisition costs

1,100

$ 1,800

General and Administrative Expense | CocoWalk

Business Acquisition and Disposition

Acquisition costs

1,100

General and Administrative Expense | The Shops at Sunset Place

Business Acquisition and Disposition

Acquisition costs

$ 900

CocoWalk | Coconut Grove

Business Acquisition and Disposition

Gain on sale of real estate, net of noncontrolling interests

$ 500

CocoWalk | Coconut Grove

Business Acquisition and Disposition

Purchase Price

$ 5,900

$ 7,800

Number Of Buildings | building

8

CocoWalk | General and Administrative Expense | Coconut Grove

Business Acquisition and Disposition

Acquisition costs

$ 200

Land | Pike Seven Plaza

Business Acquisition and Disposition

Purchase Price

$ 5,000

The Grove at Shrewsbury (East)

Business Acquisition and Disposition

Price to acquire noncontrolling interest

$ 8,800

Real Estate (Assets Held for Sa

Real Estate (Assets Held for Sale) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 33,856	$ 0
Assembly Row | Land
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 33,900

Mortgage Notes Receivable (Deta

Mortgage Notes Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan		Dec. 31, 2015USD ($)loan
Mortgage Notes Receivable [Abstract]
Number of mortgage notes receivable | loan	2		3
Carrying amount of mortgage notes receivable | $	$ 29,904	[1]	$ 41,600
Weighted average interest rate	9.90%		9.00%
[1]	For Federal tax purposes, the aggregate tax basis is approximately $29.9 million as of December 31, 2016.

Real Estate Partnerships (Summa

Real Estate Partnerships (Summarized Operating Results and Financial Position of Partnership) (Details) - USD ($) $ in Thousands	Jul. 24, 2014	Dec. 31, 2016	Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2015		Sep. 30, 2015	Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATING RESULTS
Revenue		$ 204,109	$ 201,157		$ 197,981		$ 198,344		$ 192,507		$ 185,252	$ 181,461		$ 184,792	$ 801,591	$ 744,012	$ 686,090
Depreciation and amortization															193,585	174,796	170,814
Interest expense															94,994	92,553	93,941
Net income		59,724	$ 61,198	[1]	$ 58,898	[1]	$ 79,063	[1]	69,998	[1]	$ 54,550	$ 45,673	[1]	$ 48,203	258,883	218,424	172,289
ASSETS
Real estate, net		5,029,839							4,490,365						5,029,839	4,490,365
Cash		23,368							21,046						23,368	21,046	47,951	$ 88,927
Total assets		5,423,279							4,896,559						5,423,279	4,896,559
LIABILITIES AND PARTNERS' CAPITAL
Mortgages payable		471,117							481,084						471,117	481,084
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		5,423,279							4,896,559						5,423,279	4,896,559
Our investment in real estate partnership		$ 14,864							41,546						$ 14,864	41,546
Federal Realty Investment Trust/Clarion Partners Partnership
OPERATING RESULTS
Revenue																17,405	18,329
Other operating expenses																5,992	5,948
Depreciation and amortization																4,974	5,678
Interest expense																2,062	2,759
Total expenses																13,028	14,385
Income before gain on sale of real estate																4,377	3,944
Gain on sale of real estate	$ 14,500															0	14,507
Net income																4,377	18,451
ASSETS
Real estate, net									146,906							146,906
Cash									2,690							2,690
Other assets									5,495							5,495
Total assets									155,091							155,091
LIABILITIES AND PARTNERS' CAPITAL
Mortgages payable									34,385							34,385
Other liabilities									3,554							3,554
Partners’ capital									117,152							117,152
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY									155,091							155,091
Our share of unconsolidated debt									10,316							10,316
Our investment in real estate partnership									$ 31,745							31,745
Federal Realty Investment Trust | Federal Realty Investment Trust/Clarion Partners Partnership
OPERATING RESULTS
Gain on sale of real estate	$ 4,400
Our share of net income from real estate partnership before gain on sale of real estate																1,557	1,423
Our share of gain on sale of real estate																$ 0	$ 4,401
[1]	(1)First quarter 2016 includes a $25.7 million gain on change in control of interests from our Clarion Partners acquisition as further discussed in Note 3. Third quarter 2016 includes a $4.9 million gain on sale from the reversal of our warranty reserve on condominiums sold at Santana Row as further discussed in Note 9. 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.

Real Estate Partnerships (Narra

Real Estate Partnerships (Narrative) (Details) $ in Thousands	Jul. 24, 2014USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2016project	Jan. 13, 2016property
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | project				96
Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property		6
Repayments of mortgage loans			$ 22,400
Capital contributions from partners			22,400
Sales price	$ 34,300
Gain on sale of real estate	14,500	$ 0	14,507
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%
Federal Realty Investment Trust | Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Ownership percentage in partnership		30.00%
Capital contribution to repay mortgage loan			$ 6,700
Gain on sale of real estate	4,400
Gain on sale of portfolio	$ 10,400
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Balance of acquired below market leases	$ 138,300	$ 133,400
Accumulated amortization of below market leases	48,900	40,700
Amortization from acquired below market lease	8,500	7,100	$ 5,800
Below Market Leases
2,017	7,538
2,018	6,345
2,019	5,951
2,020	4,993
2,021	4,377
Thereafter	60,122
Total future amortization expense from acquired below market leases	89,326
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Balance of acquired above market leases	45,300	39,400
Accumulated amortization of acquired above market leases	28,100	22,900
Amortization from acquired above market leases	$ 6,700	$ 4,400	$ 3,400
Weighted-average amortization period	4 years 8 months
Above Market Leases
2,017	$ 4,468
2,018	3,013
2,019	1,718
2,020	1,356
2,021	1,136
Thereafter	5,551
Total future amortization expense from acquired above market leases	$ 17,242
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	19 years 6 months

Debt (Summary Of Debt Outstandi

Debt (Summary Of Debt Outstanding) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 12, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgages payable	$ 471,117		$ 481,084
Notes payable	279,151		341,961
Net unamortized debt issuance costs	(1,096)		(1,639)
Senior notes and debentures	1,976,594		1,732,551
Capital lease obligations	71,590		71,620
Total debt and capital lease obligations	2,798,452		2,627,216
Mortgages Payable
Debt Instrument [Line Items]
Principal balance	466,305		471,994
Net unamortized (discount)/premium and debt issuance costs	4,812		9,090
Notes Payable
Debt Instrument [Line Items]
Notes payable	280,247		343,600
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	1,994,200		1,744,200
Net unamortized (discount)/premium and debt issuance costs	(17,606)		(11,649)
Plaza El Segundo | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 175,000		175,000
Interest rate	6.33%
The Grove at Shrewsbury (East) | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 42,536		43,557
Interest rate	5.82%
The Grove at Shrewsbury (West) | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 10,792		11,024
Interest rate	6.38%
Rollingwood Apartments | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 21,283		21,716
Interest rate	5.54%
The Shops at Sunset Place | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 68,634		70,542
Interest rate	5.624%
29th Place | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 4,553		4,753
Interest rate	5.91%
THE AVENUE at White Marsh | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 52,705		52,705
Interest rate	3.35%
Montrose Crossing | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 72,726		74,329
Interest rate	4.20%
Brook 35 | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 11,500		11,500
Interest rate	4.65%
Chelsea | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 6,576		6,868
Interest rate	5.36%
Escondido Promenade | Notes Payable
Debt Instrument [Line Items]
Municipal bond	$ 0		9,400
Revolving credit facility | Notes Payable
Debt Instrument [Line Items]
Revolving credit facility	0		53,500
Term Loan | Notes Payable
Debt Instrument [Line Items]
Other Notes Payable	$ 275,000		275,000
Various | Notes Payable
Debt Instrument [Line Items]
Interest rate	11.31%
Other Notes Payable	$ 5,247		5,700
5.90% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 150,000		150,000
Interest rate	5.90%
2.55% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000		250,000
Interest rate	2.55%
3.00% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000		250,000
Interest rate	3.00%
2.75% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 275,000		275,000
Interest rate	2.75%
3.95% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 300,000		300,000
Interest rate	3.95%
7.48% debentures | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 29,200		29,200
Interest rate	7.48%
6.82% medium term notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 40,000		40,000
Interest rate	6.82%
4.50% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 450,000		450,000
Interest rate	4.50%
3.625% Senior notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000	$ 250,000	$ 0
Interest rate	3.625%	3.625%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	Oct. 01, 2016	Jul. 12, 2016	Apr. 20, 2016	Jan. 13, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2016
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition					$ 34,385	$ 89,516	$ 68,282
Maximum amount of borrowings outstanding					251,500	324,000	79,500
Weighted average amount of borrowings outstanding					$ 77,300	$ 109,700	$ 12,500
Weighted average interest rate before amortization of debt fees					1.30%	1.10%	1.10%
Maximum outstanding under revolving credit facility			$ 800,000		$ 800,000			$ 600,000
Basis points spread on line of credit facility			0.825%
Line of credit facility, option to increase amount			$ 1,500,000
Line of credit facility, annual facility fee					1,000
Issuance of senior notes, net of costs					241,795	$ 456,151	$ 244,579
Senior Notes
Debt Instrument [Line Items]
Principal balance					1,994,200	1,744,200
Revolving credit facility | Notes Payable
Debt Instrument [Line Items]
Revolving credit facility					0	53,500
3.625% Senior notes | Senior Notes
Debt Instrument [Line Items]
Principal balance		$ 250,000			$ 250,000	$ 0
Interest rate		3.625%			3.625%
Note Offering Percent		97.756%
Debt yield to maturity percent		3.75%
Issuance of senior notes, net of costs		$ 241,800
Escondido Promenade | Municipal Bonds
Debt Instrument [Line Items]
Repayment of municipal bond	$ 9,400
Clarion
Debt Instrument [Line Items]
Ownership percentage in partnership				70.00%
Mortgage loans assumed with acquisition				$ 34,400
Clarion | Mortgages
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition				34,400
Fair value of mortgage loan				$ 34,700
Debt, Weighted Average Interest Rate				5.954%

Debt (Principal Payments On Mor

Debt (Principal Payments On Mortgage Payable, Notes Payable, Senior Notes and Debentures) (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
2,017		$ 222,907
2,018		290,990
2,019		25,573
2,020		215,316
2,021		256,684
Thereafter		1,729,282
Long-term debt	[1]	2,740,752
Mortgages Payable
Debt Instrument [Line Items]
Principal balance		466,305	$ 471,994
2,017		222,445
2,018		15,477
2,019		25,006
2,020		64,687
2,021		5,984
Thereafter		132,706
Long-term debt		466,305
Notes Payable
Debt Instrument [Line Items]
2,017		462
2,018	[2]	275,513
2,019		567
2,020	[3]	629
2,021		700
Thereafter		2,376
Long-term debt		280,247
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		1,994,200	1,744,200
2,017		0
2,018		0
2,019		0
2,020		150,000
2,021		250,000
Thereafter		1,594,200
Long-term debt		1,994,200
Revolving credit facility | Notes Payable
Debt Instrument [Line Items]
Revolving credit facility		0	53,500
Term Loan | Notes Payable
Debt Instrument [Line Items]
Other Notes Payable		$ 275,000	$ 275,000
[1]	The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2016 due to the unamortized premium/(discount) and debt issuance costs on certain mortgages payable, notes payable, and senior notes.
[2]	Our $275.0 million unsecured term loan matures on November 21, 2018, subject to a one-year extension at our option.
[3]	Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of December 31, 2016, there was no outstanding balance under this credit facility.

Debt (Future Minimum Lease Paym

Debt (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 5,797
2,018	5,800
2,019	5,800
2,020	5,800
2,021	5,800
Thereafter	148,235
Future minimum lease payments	177,232
Less amount representing interest	(105,642)
Present value	$ 71,590

Fair Value Of Financial Instr65

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgages payable and notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 750,268	$ 823,045
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	760,260	833,931
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,976,594	1,732,551
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 2,015,973	$ 1,786,758

Fair Value Of Financial Instr66

Fair Value Of Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)agreement	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss) - change in value of interest rate swaps	$ 1,533	$ (595)	$ (2,098)
Interest expense reclassified from other comprehensive loss	3,500	4,300
Interest Rate Swap | Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Term loan	$ 275,000
Interest rate of variable portion of term loan	1.72%
Fair Value, Measurements, Recurring | Accounts payable and accrued expenses
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	$ 2,600	4,100
Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements | agreement	2
Notional amount of interest rate swap agreements	$ 275,000
Fair value of interest rate swaps	2,577	4,110
Accumulated other comprehensive income (loss)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss) - change in value of interest rate swaps	$ 1,533	$ (595)	$ (2,098)

Fair Value Of Financial Instr67

Fair Value Of Financial Instruments (Summary of Financial Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 2,577	$ 4,110
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	2,577	4,110
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 0	$ 0

Commitments and Contingencies68

Commitments and Contingencies (Details) $ in Thousands

Feb. 12, 2016USD ($)

Dec. 31, 2015USD ($)

Sep. 30, 2016USD ($)

Dec. 31, 2016USD ($)shares

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Sep. 30, 2025USD ($)

Oct. 16, 2023USD ($)

Sep. 30, 2023USD ($)

Oct. 16, 2021USD ($)

Jan. 01, 2018USD ($)

Jan. 01, 2017

Loss Contingencies [Line Items]

Litigation Settlement, Amount

$ 22,000

Loss Contingency, Number of Defendants

600

Reserves for warranties and general liability

$ 7,700

$ 2,800

$ 7,700

Payments from reserves

2,000

1,800

Letters of credit outstanding, amount

$ 1,300

DownREIT operating partnership units, outstanding | shares

763,797

Operating partnership units outstanding, fair value

$ 108,500

Redemption of redeemable noncontrolling interests

13,018

$ 0

$ 0

Minimum

Loss Contingencies [Line Items]

Potential loss related to class action lawsuit

0

Maximum

Loss Contingencies [Line Items]

Potential loss related to class action lawsuit

$ 22,000

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

$ 89,000

Congressional Plaza | Put Option | Maximum

Loss Contingencies [Line Items]

Estimated maximum liability upon exercise of the put option

93,000

Montrose Crossing | Minimum

Loss Contingencies [Line Items]

Estimated maximum liability upon exercise of the put option

9,000

Montrose Crossing | Maximum

Loss Contingencies [Line Items]

Estimated maximum liability upon exercise of the put option

$ 10,000

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

$ 21,000

Plaza El Segundo | Maximum

Loss Contingencies [Line Items]

Estimated maximum liability upon exercise of the put option

$ 24,000

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

$ 10,000

Grove at Shrewsbury and Brook 35 | Maximum

Loss Contingencies [Line Items]

Estimated maximum liability upon exercise of the put option

11,000

Galaxy/Hollywood

Loss Contingencies [Line Items]

Noncontrolling interest percent acquired

10.00%

Redemption of redeemable noncontrolling interests

$ 13,000

Ownership interest

100.00%

Scenario, Forecast | Mercer Mall

Loss Contingencies [Line Items]

Purchase price under option

$ 55,000

Scenario, Forecast | Mercer Mall | Put Option

Loss Contingencies [Line Items]

Purchase price under option

$ 60,000

Scenario, Forecast | Plaza El Segundo | Maximum

Loss Contingencies [Line Items]

Purchase price under option

$ 4,900

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

$ 5,000

$ 5,000

Capital improvement, development, and redevelopment projects

Loss Contingencies [Line Items]

Contractual obligations

$ 445,300

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%

Santana Row | gain on sale of real estate

Loss Contingencies [Line Items]

Reversal of warranty reserve

$ 4,900

$ 4,900

Commitments and Contingencies69

Commitments and Contingencies (Schedule of Lease Payments) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,017	$ 2,070
2,018	3,021
2,019	3,174
2,020	3,187
2,021	3,195
Thereafter	170,698
Total	$ 185,345

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 07, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 04, 2016
Class of Stock [Line Items]
Shares issued under dividend reinvestment plan (in shares)		15,619	16,524	18,705
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		$ 329,103	$ 110,855	$ 216,155
Public Equity Offering
Class of Stock [Line Items]
Common shares issued	1,000,000
Price per share	$ 149.43
Net cash proceeds of common stock	$ 149,300
At The Market Equity Program
Class of Stock [Line Items]
Common shares issued		1,156,571	813,414
Net cash proceeds of common stock		$ 174,800	$ 108,500
Aggregate offering price of common shares					$ 400,000
Weighted average price per common share		$ 152.92	$ 135.01
Remaining capacity to issue		$ 370,900
At The Market Equity Program | Commissions
Class of Stock [Line Items]
Commissions related to sales of common shares		1,800	$ 1,100
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. 02, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends [Abstract]
Series 1 Cumulative Convertible Preferred interest rate		5.417%	5.417%	5.417%
Common shares, declared	$ 0.98	$ 3.840	$ 3.620	$ 3.300
5.417% Series 1 Cumulative Convertible Preferred shares, declared		1.354	1.354	1.354
Common shares, paid		3.800	3.550	3.210
5.417% Series 1 Cumulative Convertible Preferred shares, paid		1.354	1.354	1.354
Common shares, ordinary dividend		3.800	3.515	3.178
Common shares, capital gain		0	0.035	0.032
5.417% Series 1 Cumulative Convertible Preferred shares, ordinary dividend		1.354	1.340	1.340
5.417% Series 1 Cumulative Convertible Preferred shares, capital gain		$ 0	$ 0.014	$ 0.014
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, 2016USD ($)projectleasestate
Property Subject to or Available for Operating Lease [Line Items]
Number of real estate properties | project	96
Number of states in which entity has properties | state	12
Number of leases | lease	2,900
Percent of annualized base rent	3.06%
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,017	$ 542,941
2,018	488,668
2,019	427,595
2,020	365,231
2,021	297,953
Thereafter	1,681,024
Total	$ 3,803,412
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 a73

Components of Rental Income and Expense (Schedule Of Principal Components Of Rental Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Leases, Income Statement, Lease Revenue [Abstract]
Cost reimbursement	$ 158,042	$ 148,110	$ 135,592
Percentage rent	10,977	11,911	10,169
Other	18,547	15,169	11,860
Rental Income	786,583	727,812	666,322
Retail and commercial
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	549,552	509,825	472,602
Residential
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	$ 49,465	$ 42,797	$ 36,099

Components of Rental Income a74

Components of Rental Income and Expense (Schedule Of Minimum Rent) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components Of Rental Income and Expense [Abstract]
Straight-line rents	$ 8.1	$ 7.6	$ 5.1
Net amortization of above and below market leases	$ 1.8	$ 2.7	$ 2.4

Components of Rental Income a75

Components of Rental Income and Expense (Components Of Rental Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components Of Rental Income and Expense [Abstract]
Repairs and maintenance	$ 64,942	$ 62,420	$ 55,444
Utilities	24,968	23,003	20,499
Management fees and costs	20,823	18,639	17,416
Payroll	13,832	12,673	11,554
Marketing	8,520	9,046	9,532
Insurance	7,758	7,875	6,462
Ground rent	2,561	2,540	1,952
Bad debt expense	2,375	1,168	2,021
Other operating	12,547	10,229	10,537
Total rental expenses	$ 158,326	$ 147,593	$ 135,417

Share-Based Compensation Plan76

Share-Based Compensation Plans (Allocated Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	$ 11,227	$ 12,074	$ 12,941
Capitalized share-based compensation	(1,310)	(868)	(1,188)
Share-based compensation expense	$ 9,917	$ 11,206	$ 11,753

Share-Based Compensation Plan77

Share-Based Compensation Plans (Weighted Average Assumptions Used to Value Option Granted in 2016) (Details)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Volatility	18.80%
Expected dividend yield	2.80%
Expected term (in years)	6 years
Risk free interest rate	1.50%

Share-Based Compensation Plan78

Share-Based Compensation Plans (Schedule of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of year (in shares)	313,802
Granted (in shares)	682	0	0
Exercised (in shares)	(55,365)
Forfeited or expired (in shares)	0
Outstanding at the end of year (in shares)	259,119	313,802
Exercisable at the end of year (in shares)	258,437
Outstanding at the beginning of year, Weighted-Average Exercise Price (in dollars per share)	$ 60.93
Granted, Weighted-Average Exercise Price (in dollars per share)	152.34
Exercised, Weighted-Average Exercise Price (in dollars per share)	82.03
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)	56.66	$ 60.93
Exercisable at the end of the year, Weighted-Average Exercise Price (in dollars per share)	$ 56.41
Outstanding at the end of year, Weighted-Average Remaining Contractual Term (in years)	1 year 8 months
Exercisable at the end of year, Weighted-Average Remaining Contractual Term (in years)	1 year 8 months
Outstanding at the end of year, Aggregate Intrinsic Value	$ 22,148
Exercisable at the end of year, Aggregate Intrinsic Value	$ 22,148

Share-Based Compensation Plan79

Share-Based Compensation Plans (Restricted Share Activity) (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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)	177,214
Granted (in shares)	153,450
Vested (in shares)	(94,774)
Forfeited (in shares)	(18,537)
Unvested at the end of year (in shares)	217,353	177,214
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 118.68
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	152.70	$ 141.08	$ 111.45
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)	116.62
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)	129.08
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 142.70	$ 118.68

Share-Based Compensation Plan80

Share-Based Compensation Plans (Common Shares Awarded Under Various Compensation Plans) (Details) - Restricted Stock - shares	Feb. 07, 2017	Jan. 03, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			153,450
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	101,009	4,751
Subsequent Event | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	3 years
Subsequent Event | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	4 years

Share-Based Compensation Plan81

Share-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)plans$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / 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 | shares	682	0	0
Weighted average grant date fair value of options granted | $ / shares	$ 19.52
Total cash received from options exercised	$ 4.5	$ 2	$ 2.3
Total intrinsic value of options exercised	4.2	$ 2.1	$ 1.1
Total unrecognized compensation cost related to unvested share-based compensation arrangements	$ 15
Period for recognition (in years)	7 years 5 months
Weighted-average period for recognition	2 years 6 months
Performance Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized | shares	2,450,000
Long Term Incentive Plan 2001
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized | shares	3,250,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of stock awarded | $ / shares	$ 152.70	$ 141.08	$ 111.45
Total vesting-date fair value of shares vested during the year	$ 13.8	$ 26.1	$ 12.1
Grants of common shares and options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	3 years
Grants of common shares and options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	7 years
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)	10 years

Savings and Retirement Plans (D

Savings and Retirement Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension Plan
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Maximum annual contribution per employee	$ 18,000	$ 18,000	$ 17,500
Employer match as a percent	50.00%	50.00%	50.00%
Employer contribution expense	$ 602,000	$ 504,000	$ 442,000
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	$ 10,500,000	$ 9,700,000
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share Narrative [Line Items]
Weighted average unvested shares outstanding	200,000	200,000	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%
5.417% Series 1 Cumulative Convertible Preferred Shares
Earnings Per Share Narrative [Line Items]
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, 2016	Sep. 30, 2016	[1]	Jun. 30, 2016	[1]	Mar. 31, 2016	[1]	Dec. 31, 2015	[1]	Sep. 30, 2015	Jun. 30, 2015	[1]	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Income from continuing operations														$ 226,425	$ 190,094	$ 167,888
Less: Preferred share dividends														(541)	(541)	(541)
Less: Income from continuing operations attributable to noncontrolling interests														7,648	8,205	7,754
Less: Earnings allocated to unvested shares														(702)	(797)	(1,003)
Income from continuing operations available for common shareholders														217,534	180,551	158,590
Gain on sale of real estate and change in control of interests, net														31,133	28,330	4,401
Net income available for common shareholders, basic and diluted														$ 248,667	$ 208,881	$ 162,991
Weighted average common shares outstanding—basic														70,877	68,797	67,322
Stock options														172	184	170
Weighted average common shares outstanding—diluted														71,049	68,981	67,492
Continuing operations														$ 3.07	$ 2.63	$ 2.35
Gain on sale of real estate and change in control of interests, net														0.44	0.41	0.07
EARNINGS PER COMMON SHARE, BASIC	$ 0.81	$ 0.82		$ 0.79		$ 1.10		$ 0.98		$ 0.75	$ 0.63		$ 0.67	3.51	3.04	2.42
Continuing operations														3.06	2.62	2.34
Gain on sale of real estate and change in control of interests, net														0.44	0.41	0.07
EARNINGS PER COMMON SHARE, DILUTED	$ 0.80	$ 0.82		$ 0.78		$ 1.10		$ 0.97		$ 0.75	$ 0.63		$ 0.67	$ 3.50	$ 3.03	$ 2.41
Income from continuing operations attributable to the Trust														$ 218,777	$ 181,889	$ 160,134
[1]	(1)First quarter 2016 includes a $25.7 million gain on change in control of interests from our Clarion Partners acquisition as further discussed in Note 3. Third quarter 2016 includes a $4.9 million gain on sale from the reversal of our warranty reserve on condominiums sold at Santana Row as further discussed in Note 9. 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.

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, 2016	Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2015		Sep. 30, 2015	Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 204,109	$ 201,157		$ 197,981		$ 198,344		$ 192,507		$ 185,252	$ 181,461		$ 184,792	$ 801,591	$ 744,012	$ 686,090
Operating income	83,477	80,461		80,135		76,922		75,914		75,917	76,201		72,122	320,995	300,154	271,037
Net income	59,724	61,198	[1]	58,898	[1]	79,063	[1]	69,998	[1]	54,550	45,673	[1]	48,203	258,883	218,424	172,289
NET INCOME ATTRIBUTABLE TO THE TRUST	58,037	58,977	[1]	55,941	[1]	76,955	[1]	67,954	[1]	52,447	43,632	[1]	46,186	249,910	210,219	164,535
Net income available for common shareholders	$ 57,902	$ 58,841	[1]	$ 55,806	[1]	$ 76,820	[1]	$ 67,819	[1]	$ 52,311	$ 43,497	[1]	$ 46,051	$ 249,369	$ 209,678	$ 163,994
Earnings per common share-basic	$ 0.81	$ 0.82	[1]	$ 0.79	[1]	$ 1.10	[1]	$ 0.98	[1]	$ 0.75	$ 0.63	[1]	$ 0.67	$ 3.51	$ 3.04	$ 2.42
Earnings per common share-diluted	$ 0.80	$ 0.82	[1]	$ 0.78	[1]	$ 1.10	[1]	$ 0.97	[1]	$ 0.75	$ 0.63	[1]	$ 0.67	$ 3.50	$ 3.03	$ 2.41
[1]	(1)First quarter 2016 includes a $25.7 million gain on change in control of interests from our Clarion Partners acquisition as further discussed in Note 3. Third quarter 2016 includes a $4.9 million gain on sale from the reversal of our warranty reserve on condominiums sold at Santana Row as further discussed in Note 9. 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.

Selected Quarterly Financial 86

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ in Millions	May 12, 2016	Jan. 13, 2016	Nov. 19, 2015	Apr. 24, 2015	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2016
Coconut Grove | CocoWalk
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate, net of noncontrolling interests	$ 0.5
Houston Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate				$ 11.5				$ 11.5
Courtyard Shops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate			$ 16.8				$ 16.8
gain on sale of real estate | Santana Row
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reversal of warranty reserve					$ 4.9				$ 4.9
Clarion
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on acquisition of controlling interest		$ 25.7				$ 25.7

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Feb. 01, 2017USD ($)ft²	Jan. 12, 2017USD ($)shares	Jan. 09, 2015ft²
Remaining outstanding interests in San Antonio Center
Subsequent Event [Line Items]
Square footage of shopping center | ft²			376,000
Subsequent Event | Remaining outstanding interests in San Antonio Center
Subsequent Event [Line Items]
Cash paid on purchase option | $		$ 2.6
Number of downREIT units issued in connection with purchase option | shares		44,195
Subsequent Event | Leasehold interest in Hastings Ranch Plaza
Subsequent Event [Line Items]
Square footage of shopping center | ft²	274,000
Purchase Price | $	$ 29.5

Schedule III - Summary of Rea88

Schedule III - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 542,707	$ 552,704
Initial cost to company, Land	1,305,525
Initial cost to company, Buildings and Improvements	2,055,800
Cost Capitalized Subsequent to Acquisition	3,397,748
Gross amount at which carried at close of period, Land	1,294,800
Gross amount at which carried at close of period, Buildings and Improvements	5,464,273
Gross amount at which carried at close of period, Total	6,759,073	6,064,406	$ 5,608,998	$ 5,149,463
Accumulated Depreciation and Amortization	1,729,234	$ 1,574,041	$ 1,467,050	$ 1,350,471
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	15,243
Gross amount at which carried at close of period, Land	11,685
Gross amount at which carried at close of period, Buildings and Improvements	24,424
Gross amount at which carried at close of period, Total	36,109
Accumulated Depreciation and Amortization	$ 16,232
Life on which depreciation in latest income statements is computed	35 years
29th Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,514
Initial cost to company, Land	10,211
Initial cost to company, Buildings and Improvements	18,863
Cost Capitalized Subsequent to Acquisition	11,730
Gross amount at which carried at close of period, Land	10,195
Gross amount at which carried at close of period, Buildings and Improvements	30,609
Gross amount at which carried at close of period, Total	40,804
Accumulated Depreciation and Amortization	$ 10,522
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	11,013
Gross amount at which carried at close of period, Land	2,432
Gross amount at which carried at close of period, Buildings and Improvements	23,359
Gross amount at which carried at close of period, Total	25,791
Accumulated Depreciation and Amortization	$ 18,269
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	500,278
Gross amount at which carried at close of period, Land	94,552
Gross amount at which carried at close of period, Buildings and Improvements	533,174
Gross amount at which carried at close of period, Total	627,726
Accumulated Depreciation and Amortization	$ 36,044
Life on which depreciation in latest income statements is computed	35 years
Atlantic Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 6,293
Initial cost to company, Buildings and Improvements	17,109
Cost Capitalized Subsequent to Acquisition	1,780
Gross amount at which carried at close of period, Land	6,293
Gross amount at which carried at close of period, Buildings and Improvements	18,889
Gross amount at which carried at close of period, Total	25,182
Accumulated Depreciation and Amortization	$ 885
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	22,502
Gross amount at which carried at close of period, Land	2,581
Gross amount at which carried at close of period, Buildings and Improvements	37,952
Gross amount at which carried at close of period, Total	40,533
Accumulated Depreciation and Amortization	$ 18,950
Life on which depreciation in latest income statements is computed	35 years
Barcroft Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 12,617
Initial cost to company, Buildings and Improvements	29,603
Cost Capitalized Subsequent to Acquisition	630
Gross amount at which carried at close of period, Land	12,617
Gross amount at which carried at close of period, Buildings and Improvements	30,233
Gross amount at which carried at close of period, Total	42,850
Accumulated Depreciation and Amortization	$ 984
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	42,978
Gross amount at which carried at close of period, Land	4,363
Gross amount at which carried at close of period, Buildings and Improvements	59,437
Gross amount at which carried at close of period, Total	63,800
Accumulated Depreciation and Amortization	$ 39,882
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	144,090
Gross amount at which carried at close of period, Land	44,880
Gross amount at which carried at close of period, Buildings and Improvements	181,195
Gross amount at which carried at close of period, Total	226,075
Accumulated Depreciation and Amortization	$ 67,697
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	45,437
Gross amount at which carried at close of period, Land	3,945
Gross amount at which carried at close of period, Buildings and Improvements	66,207
Gross amount at which carried at close of period, Total	70,152
Accumulated Depreciation and Amortization	$ 45,645
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	10,963
Gross amount at which carried at close of period, Land	3,856
Gross amount at which carried at close of period, Buildings and Improvements	26,922
Gross amount at which carried at close of period, Total	30,778
Accumulated Depreciation and Amortization	$ 16,623
Life on which depreciation in latest income statements is computed	35 years
Brook 35
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,242
Initial cost to company, Land	7,128
Initial cost to company, Buildings and Improvements	38,355
Cost Capitalized Subsequent to Acquisition	1,635
Gross amount at which carried at close of period, Land	7,128
Gross amount at which carried at close of period, Buildings and Improvements	39,990
Gross amount at which carried at close of period, Total	47,118
Accumulated Depreciation and Amortization	$ 4,070
Life on which depreciation in latest income statements is computed	35 years
Campus Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 16,710
Initial cost to company, Buildings and Improvements	13,412
Cost Capitalized Subsequent to Acquisition	265
Gross amount at which carried at close of period, Land	16,710
Gross amount at which carried at close of period, Buildings and Improvements	13,677
Gross amount at which carried at close of period, Total	30,387
Accumulated Depreciation and Amortization	$ 611
Life on which depreciation in latest income statements is computed	35 years
Chelsea Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,328
Initial cost to company, Land	9,417
Initial cost to company, Buildings and Improvements	19,466
Cost Capitalized Subsequent to Acquisition	13,958
Gross amount at which carried at close of period, Land	9,396
Gross amount at which carried at close of period, Buildings and Improvements	33,445
Gross amount at which carried at close of period, Total	42,841
Accumulated Depreciation and Amortization	$ 7,486
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	$ 33,160
Initial cost to company, Buildings and Improvements	71,001
Cost Capitalized Subsequent to Acquisition	2,716
Gross amount at which carried at close of period, Land	32,504
Gross amount at which carried at close of period, Buildings and Improvements	74,373
Gross amount at which carried at close of period, Total	106,877
Accumulated Depreciation and Amortization	$ 4,276
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	10,032
Gross amount at which carried at close of period, Land	5,262
Gross amount at which carried at close of period, Buildings and Improvements	14,103
Gross amount at which carried at close of period, Total	19,365
Accumulated Depreciation and Amortization	$ 10,262
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	90,748
Gross amount at which carried at close of period, Land	1,020
Gross amount at which carried at close of period, Buildings and Improvements	99,945
Gross amount at which carried at close of period, Total	100,965
Accumulated Depreciation and Amortization	$ 50,640
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	1,286
Gross amount at which carried at close of period, Land	1,750
Gross amount at which carried at close of period, Buildings and Improvements	3,155
Gross amount at which carried at close of period, Total	4,905
Accumulated Depreciation and Amortization	$ 1,793
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	15,879
Gross amount at which carried at close of period, Land	4,635
Gross amount at which carried at close of period, Buildings and Improvements	27,490
Gross amount at which carried at close of period, Total	32,125
Accumulated Depreciation and Amortization	$ 15,719
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	7,679
Gross amount at which carried at close of period, Land	27,245
Gross amount at which carried at close of period, Buildings and Improvements	62,254
Gross amount at which carried at close of period, Total	89,499
Accumulated Depreciation and Amortization	$ 19,516
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	810
Gross amount at which carried at close of period, Land	29,809
Gross amount at which carried at close of period, Buildings and Improvements	19,112
Gross amount at which carried at close of period, Total	48,921
Accumulated Depreciation and Amortization	$ 2,424
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	$ 14,834
Initial cost to company, Buildings and Improvements	12,918
Cost Capitalized Subsequent to Acquisition	10,564
Gross amount at which carried at close of period, Land	14,834
Gross amount at which carried at close of period, Buildings and Improvements	23,482
Gross amount at which carried at close of period, Total	38,316
Accumulated Depreciation and Amortization	$ 14,734
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	5,252
Gross amount at which carried at close of period, Land	15,587
Gross amount at which carried at close of period, Buildings and Improvements	47,001
Gross amount at which carried at close of period, Total	62,588
Accumulated Depreciation and Amortization	$ 18,573
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	10,487
Gross amount at which carried at close of period, Land	29,079
Gross amount at which carried at close of period, Buildings and Improvements	148,522
Gross amount at which carried at close of period, Total	177,601
Accumulated Depreciation and Amortization	$ 19,797
Life on which depreciation in latest income statements is computed	35 years
Eastgate Crossing
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	23,647
Gross amount at which carried at close of period, Land	1,608
Gross amount at which carried at close of period, Buildings and Improvements	29,422
Gross amount at which carried at close of period, Total	31,030
Accumulated Depreciation and Amortization	$ 18,859
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	19,112
Gross amount at which carried at close of period, Land	4,013
Gross amount at which carried at close of period, Buildings and Improvements	30,436
Gross amount at which carried at close of period, Total	34,449
Accumulated Depreciation and Amortization	$ 19,374
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	12,402
Gross amount at which carried at close of period, Land	19,117
Gross amount at which carried at close of period, Buildings and Improvements	28,231
Gross amount at which carried at close of period, Total	47,348
Accumulated Depreciation and Amortization	$ 14,590
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	10,900
Gross amount at which carried at close of period, Land	1,819
Gross amount at which carried at close of period, Buildings and Improvements	12,149
Gross amount at which carried at close of period, Total	13,968
Accumulated Depreciation and Amortization	$ 8,287
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	39,531
Gross amount at which carried at close of period, Land	10,216
Gross amount at which carried at close of period, Buildings and Improvements	57,426
Gross amount at which carried at close of period, Total	67,642
Accumulated Depreciation and Amortization	$ 40,896
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	17,995
Gross amount at which carried at close of period, Land	9,252
Gross amount at which carried at close of period, Buildings and Improvements	27,539
Gross amount at which carried at close of period, Total	36,791
Accumulated Depreciation and Amortization	$ 18,537
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	11,604
Gross amount at which carried at close of period, Land	1,345
Gross amount at which carried at close of period, Buildings and Improvements	15,547
Gross amount at which carried at close of period, Total	16,892
Accumulated Depreciation and Amortization	$ 5,424
Life on which depreciation in latest income statements is computed	35 years
Free State Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 18,581
Initial cost to company, Buildings and Improvements	41,658
Cost Capitalized Subsequent to Acquisition	3,739
Gross amount at which carried at close of period, Land	18,581
Gross amount at which carried at close of period, Buildings and Improvements	45,397
Gross amount at which carried at close of period, Total	63,978
Accumulated Depreciation and Amortization	$ 1,864
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	36,465
Gross amount at which carried at close of period, Land	24,633
Gross amount at which carried at close of period, Buildings and Improvements	61,712
Gross amount at which carried at close of period, Total	86,345
Accumulated Depreciation and Amortization	$ 35,528
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	4,071
Gross amount at which carried at close of period, Land	12,696
Gross amount at which carried at close of period, Buildings and Improvements	24,874
Gross amount at which carried at close of period, Total	37,570
Accumulated Depreciation and Amortization	$ 10,909
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	13,929
Gross amount at which carried at close of period, Land	5,973
Gross amount at which carried at close of period, Buildings and Improvements	20,928
Gross amount at which carried at close of period, Total	26,901
Accumulated Depreciation and Amortization	$ 17,291
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	6,089
Gross amount at which carried at close of period, Land	2,677
Gross amount at which carried at close of period, Buildings and Improvements	10,918
Gross amount at which carried at close of period, Total	13,595
Accumulated Depreciation and Amortization	$ 7,016
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	20,401
Gross amount at which carried at close of period, Land	2,068
Gross amount at which carried at close of period, Buildings and Improvements	25,306
Gross amount at which carried at close of period, Total	27,374
Accumulated Depreciation and Amortization	$ 19,389
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	18,523
Gross amount at which carried at close of period, Land	1,169
Gross amount at which carried at close of period, Buildings and Improvements	33,687
Gross amount at which carried at close of period, Total	34,856
Accumulated Depreciation and Amortization	$ 27,137
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	17,694
Gross amount at which carried at close of period, Land	525
Gross amount at which carried at close of period, Buildings and Improvements	19,295
Gross amount at which carried at close of period, Total	19,820
Accumulated Depreciation and Amortization	$ 16,620
Life on which depreciation in latest income statements is computed	25 years 9 months
Greenlawn Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 10,590
Initial cost to company, Buildings and Improvements	20,869
Cost Capitalized Subsequent to Acquisition	213
Gross amount at which carried at close of period, Land	10,590
Gross amount at which carried at close of period, Buildings and Improvements	21,082
Gross amount at which carried at close of period, Total	31,672
Accumulated Depreciation and Amortization	$ 875
Life on which depreciation in latest income statements is computed	35 years
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	1,199
Gross amount at which carried at close of period, Land	7,484
Gross amount at which carried at close of period, Buildings and Improvements	6,643
Gross amount at which carried at close of period, Total	14,127
Accumulated Depreciation and Amortization	$ 3,980
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	4,577
Gross amount at which carried at close of period, Land	8,419
Gross amount at which carried at close of period, Buildings and Improvements	20,211
Gross amount at which carried at close of period, Total	28,630
Accumulated Depreciation and Amortization	$ 10,977
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	4,459
Gross amount at which carried at close of period, Land	1,368
Gross amount at which carried at close of period, Buildings and Improvements	4,487
Gross amount at which carried at close of period, Total	5,855
Accumulated Depreciation and Amortization	$ 3,129
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	21,502
Gross amount at which carried at close of period, Land	8,370
Gross amount at which carried at close of period, Buildings and Improvements	38,352
Gross amount at which carried at close of period, Total	46,722
Accumulated Depreciation and Amortization	$ 13,294
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	18,372
Gross amount at which carried at close of period, Land	12,195
Gross amount at which carried at close of period, Buildings and Improvements	34,380
Gross amount at which carried at close of period, Total	46,575
Accumulated Depreciation and Amortization	$ 14,516
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	2,101
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	12,176
Gross amount at which carried at close of period, Total	12,176
Accumulated Depreciation and Amortization	$ 2,777
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	2,453
Gross amount at which carried at close of period, Land	4,308
Gross amount at which carried at close of period, Buildings and Improvements	12,479
Gross amount at which carried at close of period, Total	16,787
Accumulated Depreciation and Amortization	$ 8,505
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	952
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	11,666
Gross amount at which carried at close of period, Total	11,666
Accumulated Depreciation and Amortization	$ 8,331
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	11,759
Gross amount at which carried at close of period, Land	75
Gross amount at which carried at close of period, Buildings and Improvements	13,787
Gross amount at which carried at close of period, Total	13,862
Accumulated Depreciation and Amortization	$ 7,992
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	18,236
Gross amount at which carried at close of period, Land	720
Gross amount at which carried at close of period, Buildings and Improvements	21,210
Gross amount at which carried at close of period, Total	21,930
Accumulated Depreciation and Amortization	$ 14,439
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	25,986
Gross amount at which carried at close of period, Land	7,464
Gross amount at which carried at close of period, Buildings and Improvements	48,505
Gross amount at which carried at close of period, Total	55,969
Accumulated Depreciation and Amortization	$ 35,839
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	20,117
Gross amount at which carried at close of period, Land	5,734
Gross amount at which carried at close of period, Buildings and Improvements	27,266
Gross amount at which carried at close of period, Total	33,000
Accumulated Depreciation and Amortization	$ 24,029
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	17,120
Gross amount at which carried at close of period, Land	8,184
Gross amount at which carried at close of period, Buildings and Improvements	27,842
Gross amount at which carried at close of period, Total	36,026
Accumulated Depreciation and Amortization	$ 13,920
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	49,410
Gross amount at which carried at close of period, Land	79,269
Gross amount at which carried at close of period, Buildings and Improvements	68,770
Gross amount at which carried at close of period, Total	148,039
Accumulated Depreciation and Amortization	$ 19,737
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	15,370
Gross amount at which carried at close of period, Land	35,622
Gross amount at which carried at close of period, Buildings and Improvements	48,252
Gross amount at which carried at close of period, Total	83,874
Accumulated Depreciation and Amortization	$ 10,403
Life on which depreciation in latest income statements is computed	35 years
Mercer Mall
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 55,618
Initial cost to company, Land	28,684
Initial cost to company, Buildings and Improvements	48,028
Cost Capitalized Subsequent to Acquisition	44,258
Gross amount at which carried at close of period, Land	28,717
Gross amount at which carried at close of period, Buildings and Improvements	92,253
Gross amount at which carried at close of period, Total	120,970
Accumulated Depreciation and Amortization	$ 37,484
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	$ 72,726
Initial cost to company, Land	48,624
Initial cost to company, Buildings and Improvements	91,819
Cost Capitalized Subsequent to Acquisition	13,772
Gross amount at which carried at close of period, Land	48,624
Gross amount at which carried at close of period, Buildings and Improvements	105,591
Gross amount at which carried at close of period, Total	154,215
Accumulated Depreciation and Amortization	$ 20,987
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	40,545
Gross amount at which carried at close of period, Land	10,230
Gross amount at which carried at close of period, Buildings and Improvements	73,884
Gross amount at which carried at close of period, Total	84,114
Accumulated Depreciation and Amortization	$ 31,396
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	2
Gross amount at which carried at close of period, Land	9,366
Gross amount at which carried at close of period, Buildings and Improvements	2
Gross amount at which carried at close of period, Total	9,368
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	16,482
Gross amount at which carried at close of period, Land	1,153
Gross amount at which carried at close of period, Buildings and Improvements	27,077
Gross amount at which carried at close of period, Total	28,230
Accumulated Depreciation and Amortization	$ 19,721
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	5,638
Gross amount at which carried at close of period, Land	2,628
Gross amount at which carried at close of period, Buildings and Improvements	14,396
Gross amount at which carried at close of period, Total	17,024
Accumulated Depreciation and Amortization	$ 8,106
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	5,625
Gross amount at which carried at close of period, Land	638
Gross amount at which carried at close of period, Buildings and Improvements	6,623
Gross amount at which carried at close of period, Total	7,261
Accumulated Depreciation and Amortization	$ 5,159
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	30,571
Gross amount at which carried at close of period, Land	3,420
Gross amount at which carried at close of period, Buildings and Improvements	33,336
Gross amount at which carried at close of period, Total	36,756
Accumulated Depreciation and Amortization	$ 20,065
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	7,262
Gross amount at which carried at close of period, Land	8,695
Gross amount at which carried at close of period, Buildings and Improvements	20,190
Gross amount at which carried at close of period, Total	28,885
Accumulated Depreciation and Amortization	$ 14,504
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	95,154
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	98,109
Gross amount at which carried at close of period, Total	98,109
Accumulated Depreciation and Amortization	$ 42,881
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	21,677
Gross amount at which carried at close of period, Land	2,800
Gross amount at which carried at close of period, Buildings and Improvements	28,138
Gross amount at which carried at close of period, Total	30,938
Accumulated Depreciation and Amortization	$ 22,232
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	427,582
Gross amount at which carried at close of period, Land	26,199
Gross amount at which carried at close of period, Buildings and Improvements	443,189
Gross amount at which carried at close of period, Total	469,388
Accumulated Depreciation and Amortization	$ 13,498
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	4,564
Gross amount at which carried at close of period, Land	14,914
Gross amount at which carried at close of period, Buildings and Improvements	27,419
Gross amount at which carried at close of period, Total	42,333
Accumulated Depreciation and Amortization	$ 15,818
Life on which depreciation in latest income statements is computed	35 years
Plaza Del Mercado
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 10,305
Initial cost to company, Buildings and Improvements	21,553
Cost Capitalized Subsequent to Acquisition	10,558
Gross amount at which carried at close of period, Land	10,305
Gross amount at which carried at close of period, Buildings and Improvements	32,111
Gross amount at which carried at close of period, Total	42,416
Accumulated Depreciation and Amortization	$ 853
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	$ 176,209
Initial cost to company, Land	62,127
Initial cost to company, Buildings and Improvements	153,556
Cost Capitalized Subsequent to Acquisition	63,039
Gross amount at which carried at close of period, Land	64,463
Gross amount at which carried at close of period, Buildings and Improvements	214,259
Gross amount at which carried at close of period, Total	278,722
Accumulated Depreciation and Amortization	$ 32,104
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	6,504
Gross amount at which carried at close of period, Land	3,319
Gross amount at which carried at close of period, Buildings and Improvements	14,961
Gross amount at which carried at close of period, Total	18,280
Accumulated Depreciation and Amortization	$ 9,386
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	26,927
Gross amount at which carried at close of period, Land	2,928
Gross amount at which carried at close of period, Buildings and Improvements	35,145
Gross amount at which carried at close of period, Total	38,073
Accumulated Depreciation and Amortization	$ 17,738
Life on which depreciation in latest income statements is computed	35 years
Rockville Town Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,474
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	8,092
Cost Capitalized Subsequent to Acquisition	41,924
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	50,016
Gross amount at which carried at close of period, Total	50,016
Accumulated Depreciation and Amortization	$ 14,806
Life on which depreciation in latest income statements is computed	50 years
Rollingwood Apts.
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,221
Initial cost to company, Land	552
Initial cost to company, Buildings and Improvements	2,246
Cost Capitalized Subsequent to Acquisition	7,746
Gross amount at which carried at close of period, Land	572
Gross amount at which carried at close of period, Buildings and Improvements	9,972
Gross amount at which carried at close of period, Total	10,544
Accumulated Depreciation and Amortization	$ 8,988
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	1,585
Gross amount at which carried at close of period, Land	4,840
Gross amount at which carried at close of period, Buildings and Improvements	7,904
Gross amount at which carried at close of period, Total	12,744
Accumulated Depreciation and Amortization	$ 4,925
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	1,114
Gross amount at which carried at close of period, Land	39,920
Gross amount at which carried at close of period, Buildings and Improvements	33,580
Gross amount at which carried at close of period, Total	73,500
Accumulated Depreciation and Amortization	$ 3,206
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	732,733
Gross amount at which carried at close of period, Land	57,578
Gross amount at which carried at close of period, Buildings and Improvements	749,339
Gross amount at which carried at close of period, Total	806,917
Accumulated Depreciation and Amortization	$ 166,872
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	2,583
Gross amount at which carried at close of period, Land	4,383
Gross amount at which carried at close of period, Buildings and Improvements	10,874
Gross amount at which carried at close of period, Total	15,257
Accumulated Depreciation and Amortization	$ 6,274
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	$ 52,436
Initial cost to company, Land	20,682
Initial cost to company, Buildings and Improvements	72,432
Cost Capitalized Subsequent to Acquisition	12,961
Gross amount at which carried at close of period, Land	20,685
Gross amount at which carried at close of period, Buildings and Improvements	85,390
Gross amount at which carried at close of period, Total	106,075
Accumulated Depreciation and Amortization	$ 28,432
Life on which depreciation in latest income statements is computed	35 years
The Grove at Shrewsbury
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 54,212
Initial cost to company, Land	18,016
Initial cost to company, Buildings and Improvements	103,115
Cost Capitalized Subsequent to Acquisition	2,625
Gross amount at which carried at close of period, Land	18,021
Gross amount at which carried at close of period, Buildings and Improvements	105,735
Gross amount at which carried at close of period, Total	123,756
Accumulated Depreciation and Amortization	$ 10,395
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	170
Gross amount at which carried at close of period, Land	4,441
Gross amount at which carried at close of period, Buildings and Improvements	13,019
Gross amount at which carried at close of period, Total	17,460
Accumulated Depreciation and Amortization	$ 4,447
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	$ 72,229
Initial cost to company, Land	64,499
Initial cost to company, Buildings and Improvements	50,853
Cost Capitalized Subsequent to Acquisition	5,425
Gross amount at which carried at close of period, Land	64,499
Gross amount at which carried at close of period, Buildings and Improvements	56,278
Gross amount at which carried at close of period, Total	120,777
Accumulated Depreciation and Amortization	$ 3,697
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	43,693
Gross amount at which carried at close of period, Land	25,125
Gross amount at which carried at close of period, Buildings and Improvements	53,922
Gross amount at which carried at close of period, Total	79,047
Accumulated Depreciation and Amortization	$ 31,389
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	4,019
Gross amount at which carried at close of period, Land	7,280
Gross amount at which carried at close of period, Buildings and Improvements	14,427
Gross amount at which carried at close of period, Total	21,707
Accumulated Depreciation and Amortization	$ 8,465
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	22,840
Gross amount at which carried at close of period, Land	29,962
Gross amount at which carried at close of period, Buildings and Improvements	66,208
Gross amount at which carried at close of period, Total	96,170
Accumulated Depreciation and Amortization	$ 13,142
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	1,575
Gross amount at which carried at close of period, Land	1,470
Gross amount at which carried at close of period, Buildings and Improvements	13,672
Gross amount at which carried at close of period, Total	15,142
Accumulated Depreciation and Amortization	$ 4,659
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	26,770
Gross amount at which carried at close of period, Land	4,501
Gross amount at which carried at close of period, Buildings and Improvements	30,588
Gross amount at which carried at close of period, Total	35,089
Accumulated Depreciation and Amortization	$ 20,415
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	3,782
Gross amount at which carried at close of period, Land	475
Gross amount at which carried at close of period, Buildings and Improvements	4,148
Gross amount at which carried at close of period, Total	4,623
Accumulated Depreciation and Amortization	$ 3,583
Life on which depreciation in latest income statements is computed	17 years
Village at Shirlington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,591
Initial cost to company, Land	9,761
Initial cost to company, Buildings and Improvements	14,808
Cost Capitalized Subsequent to Acquisition	38,650
Gross amount at which carried at close of period, Land	4,234
Gross amount at which carried at close of period, Buildings and Improvements	58,985
Gross amount at which carried at close of period, Total	63,219
Accumulated Depreciation and Amortization	$ 24,877
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	35,823
Gross amount at which carried at close of period, Land	6,319
Gross amount at which carried at close of period, Buildings and Improvements	143,107
Gross amount at which carried at close of period, Total	149,426
Accumulated Depreciation and Amortization	$ 42,865
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	337
Gross amount at which carried at close of period, Land	3,478
Gross amount at which carried at close of period, Buildings and Improvements	21,750
Gross amount at which carried at close of period, Total	25,228
Accumulated Depreciation and Amortization	$ 7,932
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	8,432
Gross amount at which carried at close of period, Land	34,311
Gross amount at which carried at close of period, Buildings and Improvements	10,245
Gross amount at which carried at close of period, Total	44,556
Accumulated Depreciation and Amortization	$ 752
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	9,484
Gross amount at which carried at close of period, Land	9,111
Gross amount at which carried at close of period, Buildings and Improvements	10,545
Gross amount at which carried at close of period, Total	19,656
Accumulated Depreciation and Amortization	$ 8,484
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	21,954
Gross amount at which carried at close of period, Land	1,499
Gross amount at which carried at close of period, Buildings and Improvements	28,597
Gross amount at which carried at close of period, Total	30,096
Accumulated Depreciation and Amortization	$ 25,190
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	82,479
Gross amount at which carried at close of period, Land	7,790
Gross amount at which carried at close of period, Buildings and Improvements	85,604
Gross amount at which carried at close of period, Total	93,394
Accumulated Depreciation and Amortization	$ 55,812
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	21,001
Gross amount at which carried at close of period, Land	8,055
Gross amount at which carried at close of period, Buildings and Improvements	34,760
Gross amount at which carried at close of period, Total	42,815
Accumulated Depreciation and Amortization	$ 21,597
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract]
Balance at beginning of year	$ 6,064,406	$ 5,608,998	$ 5,149,463
Acquisitions	229,296	291,726	174,328
Improvements	483,932	281,471	329,674
Deduction during period—dispositions and retirements of property and transfer to joint venture	18,561	117,789	44,467
Balance at end of year	6,759,073	6,064,406	5,608,998
Aggregate cost basis for Federal tax purposes	6,000,000
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	1,574,041	1,467,050	1,350,471
Additions during period—depreciation and amortization expense	173,244	156,513	155,662
Deductions during period—dispositions and retirements of property	18,051	49,522	39,083
Balance at end of year	$ 1,729,234	$ 1,574,041	$ 1,467,050

Schedule IV - Mortgage Loans 90

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Prior Liens		$ 0
Face Amount of Mortgages		29,904
Carrying Amount of Mortgages		29,904	[1]	$ 41,600
Principal Amount of Loans Subject to delinquent Principal or Interest		0
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]
Aggregate tax basis for Federal tax purposes		29,900
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year		41,618		50,988	$ 55,155
Issuance of loans				368
Collection and satisfaction of loans		(11,714)		(10,692)	(4,778)
Amortization of discount				954	611
Balance at end of year		29,904		$ 41,618	$ 50,988
Mortgage On Retail Buildings in Philadelphia, PA, Loan One
Mortgage Loans on Real Estate [Line Items]
Prior Liens		0
Face Amount of Mortgages		20,654
Carrying Amount of Mortgages	[2]	20,654
Principal Amount of Loans Subject to delinquent Principal or Interest		0
Mortgage On Retail Buildings in Philadelphia, PA, Loan One | Maximum
Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages		$ 25,000
Mortgage On Retail Buildings in Philadelphia, PA, Loan Two
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.00%
Prior Liens		$ 0
Face Amount of Mortgages		9,250
Carrying Amount of Mortgages		9,250
Principal Amount of Loans Subject to delinquent Principal or Interest		$ 0
Interest Rate One | Mortgage On Retail Buildings in Philadelphia, PA, Loan One
Mortgage Loans on Real Estate [Line Items]
Interest Rate		8.00%
Interest Rate Two | Mortgage On Retail Buildings in Philadelphia, PA, Loan One
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.00%
[1]	For Federal tax purposes, the aggregate tax basis is approximately $29.9 million as of December 31, 2016.
[2]	This mortgage is available for up to $25.0 million.