Federal Realty Investment Trust (FRT) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	34,903
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		72,238,754

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Operating (including $1,235,147 and $1,226,918 of consolidated variable interest entities, respectively)	$ 6,294,142	$ 6,125,957
Construction-in-progress	687,356	599,260
Asset held for sale	33,856	33,856
Real estate, at cost, total	7,015,354	6,759,073
Less accumulated depreciation and amortization (including $217,449 and $209,239 of consolidated variable interest entities, respectively)	(1,766,239)	(1,729,234)
Net real estate	5,249,115	5,029,839
Cash and cash equivalents	20,112	23,368
Accounts and notes receivable, net	115,775	116,749
Mortgage notes receivable, net	29,904	29,904
Investment in real estate partnerships	14,540	14,864
Prepaid expenses and other assets	226,754	208,555
TOTAL ASSETS	5,656,200	5,423,279
Liabilities
Mortgages payable (including $436,494 and $439,120 of consolidated variable interest entities, respectively)	468,284	471,117
Capital lease obligations	71,582	71,590
Notes payable	496,311	279,151
Senior notes and debentures	1,977,192	1,976,594
Accounts payable and accrued expenses	191,901	201,756
Dividends payable	71,647	71,440
Security deposits payable	16,499	16,285
Other liabilities and deferred credits	144,979	115,817
Total liabilities	3,438,395	3,203,750
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	141,003	143,694
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, 72,236,981 and 71,995,897 shares issued and outstanding, respectively	725	722
Additional paid-in capital	2,736,921	2,718,325
Accumulated dividends in excess of net income	(764,458)	(749,734)
Accumulated other comprehensive loss	(1,493)	(2,577)
Total shareholders’ equity of the Trust	1,981,692	1,976,733
Noncontrolling interests	95,110	99,102
Total shareholders’ equity	2,076,802	2,075,835
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 5,656,200	$ 5,423,279

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Operating real estate, consolidated variable interest entities	$ 1,235,147	$ 1,226,918
Accumulated depreciation and amortization, consolidated variable interest entities	217,449	209,239
Mortgages payable, consolidated variable interest entities	$ 436,494	$ 439,120
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Series 1 Cumulative Convertible Preferred Shares 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	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	72,236,981	71,995,897
Common shares of beneficial interest, shares outstanding	72,236,981	71,995,897

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUE
Rental income	$ 204,447	$ 195,308
Other property income	2,190	2,312
Mortgage interest income	752	724
Total revenue	207,389	198,344
EXPENSES
Rental expenses	41,109	42,819
Real estate taxes	25,090	22,794
General and administrative	8,267	8,010
Depreciation and amortization	51,379	47,799
Total operating expenses	125,845	121,422
OPERATING INCOME	81,544	76,922
Other interest income	106	103
Interest expense	(23,758)	(23,729)
Income from real estate partnerships	0	41
INCOME FROM CONTINUING OPERATIONS	57,892	53,337
Gain on sale of real estate and change in control of interests	178	25,726
NET INCOME	58,070	79,063
Net income attributable to noncontrolling interests	(1,880)	(2,108)
NET INCOME ATTRIBUTABLE TO THE TRUST	56,190	76,955
Dividends on preferred shares	(135)	(135)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 56,055	$ 76,820
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$ 0.78	$ 0.73
Gain on sale of real estate and change in control of interests, net	0	0.37
Earnings per common share, basic	$ 0.78	$ 1.10
Weighted average number of common shares, basic	71,862	69,771
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$ 0.78	$ 0.73
Gain on sale of real estate and change in control of interests, net	0	0.37
Earnings per common share, diluted	$ 0.78	$ 1.10
Weighted average number of common shares, diluted	72,005	69,957
COMPREHENSIVE INCOME	$ 59,154	$ 76,288
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 57,274	$ 74,180

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - 3 months ended Mar. 31, 2017 - 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, 2016		399,896	71,995,897
Beginning balance at Dec. 31, 2016	$ 2,075,835	$ 9,997	$ 722	$ 2,718,325	$ (749,734)	$ (2,577)	$ 99,102
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 1, 2017 adoption of new accounting standard - See Note 2	0			83	(83)
Net income, excluding $806 attributable to redeemable noncontrolling interests	57,264				56,190		1,074
Other comprehensive income - change in value of interest rate swaps	1,084					1,084
Dividends declared to common shareholders	(70,696)				(70,696)
Dividends declared to preferred shareholders	(135)				(135)
Distributions declared to noncontrolling interests	(1,482)						(1,482)
Common shares issued (in shares)			98,674
Common shares issued	13,415		$ 1	13,414
Exercise of stock options (in shares)			52,307
Exercise of stock options	3,831		$ 1	3,830
Shares issued under dividend reinvestment plan (in shares)			4,660
Shares issued under dividend reinvestment plan	654			654
Share-based compensation expense, net of forfeitures (in shares)			105,824
Share-based compensation expense, net of forfeitures	3,549		$ 1	3,548
Shares withheld for employee taxes (in shares)			(28,411)
Shares withheld for employee taxes	4,061			4,061
Conversion and redemption of OP units (in shares)			8,030
Conversion and redemption of OP units	0			951			951
Contributions from noncontrolling interests	114						114
Purchase of noncontrolling interest	(2,570)			177			(2,747)
Ending balance (in shares) at Mar. 31, 2017		399,896	72,236,981
Ending balance at Mar. 31, 2017	$ 2,076,802	$ 9,997	$ 725	$ 2,736,921	$ (764,458)	$ (1,493)	$ 95,110

Consolidated Statement Of Shar6

Consolidated Statement Of Shareholders' Equity (Parentheticals) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 806

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATING ACTIVITIES
Net income	$ 58,070	$ 79,063
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51,379	47,799
Gain on sale of real estate and change in control of interests	(178)	(25,726)
Income from real estate partnerships	0	(41)
Other, net	(1,524)	698
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable	4,390	(836)
Decrease in prepaid expenses and other assets	297	1,181
Increase in accounts payable and accrued expenses	4,359	5,066
Increase (decrease) in security deposits and other liabilities	4,273	(2,325)
Net cash provided by operating activities	121,066	104,879
INVESTING ACTIVITIES
Acquisition of real estate	(140,222)	(129,776)
Capital expenditures - development and redevelopment	(119,084)	(55,554)
Capital expenditures - other	(16,366)	(12,377)
Proceeds from sale of real estate partnership interests	622	0
Investment in real estate partnerships	(118)	(697)
Leasing costs	(3,113)	(3,285)
Repayment of mortgage and other notes receivable, net	5	2
Net cash used in investing activities	(278,276)	(201,687)
FINANCING ACTIVITIES
Net borrowings (repayments) under revolving credit facility, net of costs	217,000	(500)
Repayment of mortgages and capital leases	(1,567)	(1,423)
Issuance of common shares, net of costs	17,359	181,757
Dividends paid to common and preferred shareholders	(70,117)	(64,884)
Shares withheld for employee taxes	(4,061)	(4,353)
Distributions to and redemptions of noncontrolling interests, net	(4,660)	(2,096)
Redemption of redeemable noncontrolling interests	0	(13,023)
Net cash provided by financing activities	153,954	95,478
Decrease in cash and cash equivalents	(3,256)	(1,330)
Cash and cash equivalents at beginning of year	23,368	21,046
Cash and cash equivalents at end of period	$ 20,112	$ 19,716

Business And Organization

Business And Organization	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 98 predominantly retail real estate projects. We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 2016 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. Recently Issued Accounting Pronouncements In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies that ASC 610-20 applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and also clarifies that all businesses are derecognized using the deconsolidation guidance. Additionally, it defines an insubstance nonfinancial asset as a financial asset that is promised to a counterparty in a contract in which substantially all of the fair value of the assets promised in the contract is concentrated in nonfinancial assets, which excludes cash or cash equivalents and liabilities. The new guidance is expected to impact the gain recognized when a real estate asset is sold to a non-customer and a noncontrolling interest is retained. Under the current guidance, a partial sale is recognized and carryover basis is used for the retained interest, however, the new guidance eliminates the use of carryover basis and generally requires a full gain to be recognized. ASU 2017-05 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. Recently Adopted Accounting Pronouncements 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. Additionally, ASU 2016-09 requires the cash paid to a taxing authority when shares are withheld to pay employee taxes to be classified as a "financing activity" rather than an "operating activity," as was done previously on the Statement of Cash Flows. We adopted this standard effective January 1, 2017, and as a result, we are now accounting for forfeitures as they occur, and have recorded the cumulative impact on the adoption date as a $0.1 million adjustment to additional paid in capital and retained earnings. The amount reclassified from "operating activities" to "financing activities" for shares withheld for employee taxes was $4.4 million . 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, the largest impact will be that transaction costs are capitalized for asset acquisitions rather than expensed when they were considered business combinations. Based on acquisitions in the past several years, transaction costs for a single shopping center acquisition have typically ranged from $0.2 million to $2.4 million with significantly higher transaction costs expected for an acquisition of a larger portfolio. We adopted this standard effective January 1, 2017, and are applying the new guidance prospectively. Our acquisitions in first quarter 2017 (further discussed in Note 3 below) both qualified as asset acquisitions and consequently, all transaction costs were capitalized. Consolidated Statements of Cash Flows—Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Three Months Ended March 31, 2017 2016 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 29,209 $ 27,559 Interest capitalized (5,451 ) (3,830 ) Interest expense $ 23,758 $ 23,729 Cash paid for interest, net of amounts capitalized $ 25,089 $ 20,635 Cash paid for income taxes $ 197 $ 141 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ — $ 34,385 DownREIT operating partnership units issued with acquisition of noncontrolling interest $ 5,918 $ — DownREIT operating partnership units redeemed for common shares $ 951 $ 4,281 Shares issued under dividend reinvestment plan $ 541 $ 537

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE 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 . The land is subject to a long-term ground lease that expires on April 30, 2054. Approximately $21.5 million of assets acquired were allocated to lease intangibles and included within other assets. Approximately $15.2 million of net assets acquired were allocated to lease liabilities and included in other liabilities. On March 31, 2017 , we acquired the fee interest in Riverpoint Center, a 211,000 square foot shopping center in the Lincoln Park neighborhood of Chicago, Illinois for $107.0 million . Approximately $1.0 million and $12.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. 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. The sale transaction related to one of the land parcels was completed on April 4, 2017 for a sales price of $36.0 million and the gain was approximately $18 million . We expect the other two sale transactions to close in the second quarter of 2017. The total cost basis of the related land at March 31, 2017 was $33.9 million , and is included in "assets held for sale" on our consolidated balance sheets.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Instruments [Abstract]
DEBT	DEBT During the three months ended March 31, 2017 , the maximum amount of borrowings outstanding under our $800.0 million revolving credit facility was $217.0 million , the weighted average borrowings outstanding was $ 93.4 million , and the weighted average interest rate, before amortization of debt fees, was 1.6% . At March 31, 2017 , the outstanding balance was $217.0 million . Our revolving credit facility, term loan and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of March 31, 2017 , we were in compliance with all debt covenants.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 964,595 $ 975,520 $ 750,268 $ 760,260 Senior notes and debentures $ 1,977,192 $ 2,020,304 $ 1,976,594 $ 2,015,973 As of March 31, 2017 , we have two interest rate swap agreements with a notional amount of $275.0 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the variable portion of our $275.0 million term loan at 1.72% through November 1, 2018. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Within the next 12 months, we expect to reclassify an estimated $1.3 million as an increase to interest expense. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit-worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings as of March 31, 2017 , and we do not anticipate it will have a significant effect in the future. The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at March 31, 2017 was a liability of $1.5 million and is included in "accounts payable and accrued expenses" on our consolidated balance sheet. For the three months ended March 31, 2017 , the change in valuation on our interest rate swaps resulted in a $1.1 million decrease in our derivative liability (including $0.6 million reclassified from other comprehensive loss to interest expense). The change in valuation on our interest rate swaps is included in "accumulated other comprehensive loss." A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 1,493 $ — $ 1,493 $ — $ 2,577 $ — $ 2,577

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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. 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 799,962 downREIT operating partnership units are outstanding which have a total fair value of $106.8 million , based on our closing stock price on March 31, 2017 . 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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY The following table provides a summary of dividends declared and paid per share: Three Months Ended March 31, 2017 2016 Declared Paid Declared Paid Common shares $ 0.980 $ 0.980 $ 0.940 $ 0.940 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.339 $ 0.339 $ 0.339 $ 0.339 We have an at the market (“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 outstanding under our revolving credit facility and/or for general corporate purposes. For the three months ended March 31, 2017 , we issued 98,658 common shares at a weighted average price per share of $137.90 for net cash proceeds of $13.4 million and paid $0.1 million in commissions and less than $0.1 million in additional offering expenses related to the sales of these common shares. As of March 31, 2017 , we had the capacity to issue up to $357.3 million in common shares under our ATM equity program.

Components Of Rental Income

Components Of Rental Income	3 Months Ended
	Mar. 31, 2017
Components Of Rental Income and Expense [Abstract]
COMPONENTS OF RENTAL INCOME	COMPONENTS OF RENTAL INCOME The principal components of rental income are as follows: Three Months Ended March 31, 2017 2016 (In thousands) Minimum rents Retail and commercial $ 142,143 $ 134,586 Residential 13,503 11,449 Cost reimbursement 41,518 41,802 Percentage rents 2,823 3,069 Other 4,460 4,402 Total rental income $ 204,447 $ 195,308 Minimum rents include the following: Three Months Ended March 31, 2017 2016 (In millions) Straight-line rents $ 3.6 $ 2.0 Amortization of above market leases $ (1.4 ) $ (1.9 ) Amortization of below market leases $ 2.5 $ 2.2

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANS A summary of share-based compensation expense included in net income is as follows: Three Months Ended March 31, 2017 2016 (In thousands) Grants of common shares and options $ 3,549 $ 3,529 Capitalized share-based compensation (317 ) (302 ) Share-based compensation expense $ 3,232 $ 3,227

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For the three months ended March 31, 2017 and 2016 , we had 0.2 million weighted average unvested shares outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below. In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options for the three months ended March 31, 2017 and 2016 . The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Three Months Ended March 31, 2017 2016 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 57,892 $ 53,337 Less: Preferred share dividends (135 ) (135 ) Less: Income from continuing operations attributable to noncontrolling interests (1,772 ) (2,108 ) Less: Earnings allocated to unvested shares (235 ) (236 ) Income from continuing operations available for common shareholders 55,750 50,858 Gain on sale of real estate and change in control of interests, net 70 25,726 Net income available for common shareholders, basic and diluted $ 55,820 $ 76,584 DENOMINATOR Weighted average common shares outstanding—basic 71,862 69,771 Stock options 143 186 Weighted average common shares outstanding—diluted 72,005 69,957 EARNINGS PER COMMON SHARE, BASIC Continuing operations $ 0.78 $ 0.73 Gain on sale of real estate and change in control of interests, net — 0.37 $ 0.78 $ 1.10 EARNINGS PER COMMON SHARE, DILUTED Continuing operations $ 0.78 $ 0.73 Gain on sale of real estate and change in control of interests, net — 0.37 $ 0.78 $ 1.10 Income from continuing operations attributable to the Trust $ 56,120 $ 51,229

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2017
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 2016 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies that ASC 610-20 applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and also clarifies that all businesses are derecognized using the deconsolidation guidance. Additionally, it defines an insubstance nonfinancial asset as a financial asset that is promised to a counterparty in a contract in which substantially all of the fair value of the assets promised in the contract is concentrated in nonfinancial assets, which excludes cash or cash equivalents and liabilities. The new guidance is expected to impact the gain recognized when a real estate asset is sold to a non-customer and a noncontrolling interest is retained. Under the current guidance, a partial sale is recognized and carryover basis is used for the retained interest, however, the new guidance eliminates the use of carryover basis and generally requires a full gain to be recognized. ASU 2017-05 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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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. Additionally, ASU 2016-09 requires the cash paid to a taxing authority when shares are withheld to pay employee taxes to be classified as a "financing activity" rather than an "operating activity," as was done previously on the Statement of Cash Flows. We adopted this standard effective January 1, 2017, and as a result, we are now accounting for forfeitures as they occur, and have recorded the cumulative impact on the adoption date as a $0.1 million adjustment to additional paid in capital and retained earnings. The amount reclassified from "operating activities" to "financing activities" for shares withheld for employee taxes was $4.4 million . 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, the largest impact will be that transaction costs are capitalized for asset acquisitions rather than expensed when they were considered business combinations. Based on acquisitions in the past several years, transaction costs for a single shopping center acquisition have typically ranged from $0.2 million to $2.4 million with significantly higher transaction costs expected for an acquisition of a larger portfolio. We adopted this standard effective January 1, 2017, and are applying the new guidance prospectively. Our acquisitions in first quarter 2017 (further discussed in Note 3 below) both qualified as asset acquisitions and consequently, all transaction costs were capitalized.

Summary Of Significant Accoun19

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Supplemental disclosures related to the Consolidated Statements Of Cash Flows	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Three Months Ended March 31, 2017 2016 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 29,209 $ 27,559 Interest capitalized (5,451 ) (3,830 ) Interest expense $ 23,758 $ 23,729 Cash paid for interest, net of amounts capitalized $ 25,089 $ 20,635 Cash paid for income taxes $ 197 $ 141 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ — $ 34,385 DownREIT operating partnership units issued with acquisition of noncontrolling interest $ 5,918 $ — DownREIT operating partnership units redeemed for common shares $ 951 $ 4,281 Shares issued under dividend reinvestment plan $ 541 $ 537

Fair Value Of Financial Instr20

Fair Value Of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 964,595 $ 975,520 $ 750,268 $ 760,260 Senior notes and debentures $ 1,977,192 $ 2,020,304 $ 1,976,594 $ 2,015,973
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: March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 1,493 $ — $ 1,493 $ — $ 2,577 $ — $ 2,577

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Summary of dividends declared and paid per share	The following table provides a summary of dividends declared and paid per share: Three Months Ended March 31, 2017 2016 Declared Paid Declared Paid Common shares $ 0.980 $ 0.980 $ 0.940 $ 0.940 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.339 $ 0.339 $ 0.339 $ 0.339

Components Of Rental Income (Ta

Components Of Rental Income (Tables)	3 Months Ended
	Mar. 31, 2017
Components Of Rental Income and Expense [Abstract]
Principal components of rental income	The principal components of rental income are as follows: Three Months Ended March 31, 2017 2016 (In thousands) Minimum rents Retail and commercial $ 142,143 $ 134,586 Residential 13,503 11,449 Cost reimbursement 41,518 41,802 Percentage rents 2,823 3,069 Other 4,460 4,402 Total rental income $ 204,447 $ 195,308
Minimum rents	Minimum rents include the following: Three Months Ended March 31, 2017 2016 (In millions) Straight-line rents $ 3.6 $ 2.0 Amortization of above market leases $ (1.4 ) $ (1.9 ) Amortization of below market leases $ 2.5 $ 2.2

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of share-based compensation expense included in net income	A summary of share-based compensation expense included in net income is as follows: Three Months Ended March 31, 2017 2016 (In thousands) Grants of common shares and options $ 3,549 $ 3,529 Capitalized share-based compensation (317 ) (302 ) Share-based compensation expense $ 3,232 $ 3,227

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of earnings per share	In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options for the three months ended March 31, 2017 and 2016 . The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Three Months Ended March 31, 2017 2016 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 57,892 $ 53,337 Less: Preferred share dividends (135 ) (135 ) Less: Income from continuing operations attributable to noncontrolling interests (1,772 ) (2,108 ) Less: Earnings allocated to unvested shares (235 ) (236 ) Income from continuing operations available for common shareholders 55,750 50,858 Gain on sale of real estate and change in control of interests, net 70 25,726 Net income available for common shareholders, basic and diluted $ 55,820 $ 76,584 DENOMINATOR Weighted average common shares outstanding—basic 71,862 69,771 Stock options 143 186 Weighted average common shares outstanding—diluted 72,005 69,957 EARNINGS PER COMMON SHARE, BASIC Continuing operations $ 0.78 $ 0.73 Gain on sale of real estate and change in control of interests, net — 0.37 $ 0.78 $ 1.10 EARNINGS PER COMMON SHARE, DILUTED Continuing operations $ 0.78 $ 0.73 Gain on sale of real estate and change in control of interests, net — 0.37 $ 0.78 $ 1.10 Income from continuing operations attributable to the Trust $ 56,120 $ 51,229

Business And Organization (Deta

Business And Organization (Details)	3 Months Ended
	Mar. 31, 2017project
Nature Of Operations [Abstract]
Number of real estate properties	98
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accoun26

Summary Of Significant Accounting Policies Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings and Additional Paid in Capital	$ 100	$ 0
Payments Related to Tax Withholding for Share-based Compensation		$ 4,061	$ 4,353
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Acquisition related costs in the past several years				$ 200
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Acquisition related costs in the past several years				$ 2,400

Summary Of Significant Accoun27

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Total interest costs incurred	$ 29,209	$ 27,559
Interest capitalized	(5,451)	(3,830)
Interest expense	23,758	23,729
Cash paid for interest, net of amounts capitalized	25,089	20,635
Cash paid for income taxes	197	141
Mortgage loans assumed with acquisition	0	34,385
DownREIT operating partnership units issued with acquisition of noncontrolling interest	5,918	0
DownREIT operating partnership units redeemed for common shares	951	4,281
Shares issued under dividend reinvestment plan	$ 541	$ 537

Real Estate (Significant Acquis

Real Estate (Significant Acquisitions) (Details) $ in Millions	Mar. 31, 2017USD ($)ft²	Feb. 01, 2017USD ($)ft²
Hastings Ranch Plaza
Business Acquisitions [Line Items]
Square footage of shopping center | ft²		274,000
Purchase price		$ 29.5
Hastings Ranch Plaza | Other Assets | Lease intangibles
Business Acquisitions [Line Items]
Net assets acquired		21.5
Hastings Ranch Plaza | Other Liabilities | Lease liabilities
Business Acquisitions [Line Items]
Net assets acquired		$ 15.2
Riverpoint Center
Business Acquisitions [Line Items]
Square footage of shopping center | ft²	211,000
Purchase price	$ 107
Riverpoint Center | Other Assets | Above market leases
Business Acquisitions [Line Items]
Net assets acquired	1
Riverpoint Center | Other Liabilities
Business Acquisitions [Line Items]
Net assets acquired allocated to below market leases	$ 12.3

Real Estate (Assets Held for Sa

Real Estate (Assets Held for Sale) (Details) $ in Thousands	Apr. 04, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Long Lived Assets Held-for-sale [Line Items]
Asset held for sale		$ 33,856	$ 33,856
Assembly Row | Land
Long Lived Assets Held-for-sale [Line Items]
Number of ground lessees		2
Asset held for sale		$ 33,900
Assembly Row | Land | Subsequent Event
Long Lived Assets Held-for-sale [Line Items]
Proceeds from sale	$ 36,000
Gain on sale of real estate	$ 18,000

Debt (Details)

Debt (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 800
Maximum amount outstanding under revolving credit facility	217
Weighted average borrowings outstanding	$ 93.4
Weighted average interest rate, before amortization of debt fees	1.60%
Outstanding balance of revolving credit facility	$ 217

Fair Value of Financial Instr31

Fair Value of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Mortgages payable and notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 964,595	$ 750,268
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	975,520	760,260
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,977,192	1,976,594
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 2,020,304	$ 2,015,973

Fair Value Of Financial Instr32

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)agreement	Dec. 31, 2016USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest rate cash flow hedge to be reclassified within next 12 months, net	$ 1,300
Other comprehensive income - change in value of interest rate swaps	1,084
Interest expense reclassified from other comprehensive loss	600
Accumulated other comprehensive loss
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income - change in value of interest rate swaps	1,084
Fair Value, Measurements, Recurring | Accounts payable and accrued expenses
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	1,500
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%
Interest Rate Swap | Fair Value, Measurements, Recurring
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	1,493	$ 2,577
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	$ 1,493	$ 2,577

Fair Value of Financial Instr33

Fair Value of Financial Instruments - Summary of Financial Liabilities Measured on a Recurring Basis (Details) - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 1,493	$ 2,577
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	1,493	2,577
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jan. 12, 2017	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
downREIT operating partnership units, outstanding		799,962
downREIT operating partnership units outstanding, fair value		$ 106.8
San Antonio Center
Purchase option of non-controlling interest
Payments to Acquire Outstanding Interest	$ 2.6
Number of downREIT units issued in connection with purchase option	44,195

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Dividends [Line Items]
Series 1 Cumulative Convertible Preferred Shares Interest Rate	5.417%		5.417%
Common shares
Dividends [Line Items]
Dividends declared per common share	$ 0.98	$ 0.94
Dividends paid per common share	$ 0.98	$ 0.94
5.417% Series 1 Cumulative Convertible Preferred shares
Dividends [Line Items]
Series 1 Cumulative Convertible Preferred Shares Interest Rate	5.417%	5.417%
Dividends declared per preferred share	$ 0.339	$ 0.339
Dividends paid per preferred share	$ 0.339	$ 0.339

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Net cash proceeds of common stock	$ 17,359	$ 181,757
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common shares	$ 400,000
Common shares issued	98,658
Weighted average price per common share	$ 137.90
Net cash proceeds of common stock	$ 13,400
Remaining capacity to issue	357,300
At The Market Equity Program | Commissions
Class of Stock [Line Items]
Payments of stock issuance costs (less than for additional offering expenses for the three months ended March 31, 2017)	100
At The Market Equity Program | Other offering costs
Class of Stock [Line Items]
Payments of stock issuance costs (less than for additional offering expenses for the three months ended March 31, 2017)	$ 100

Components Of Rental Income (Sc

Components Of Rental Income (Schedule Of Principal Components Of Rental Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cost reimbursement	$ 41,518	$ 41,802
Percentage rents	2,823	3,069
Other	4,460	4,402
Total rental income	204,447	195,308
Retail and Commercial
Minimum rents	142,143	134,586
Residential
Minimum rents	$ 13,503	$ 11,449

Components Of Rental Income (38

Components Of Rental Income (Schedule Of Minimum Rent) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Minimum Rent [Line Items]
Straight-line rents	$ 3.6	$ 2
Amortization of above market leases
Minimum Rent [Line Items]
Amortization of above and below market leases	(1.4)	(1.9)
Amortization of below market leases
Minimum Rent [Line Items]
Amortization of above and below market leases	$ 2.5	$ 2.2

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Grants of common shares and options	$ 3,549	$ 3,529
Capitalized share-based compensation	(317)	(302)
Share-based compensation expense	$ 3,232	$ 3,227

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Earnings Per Share Narrative [Line Items]
Weighted average unvested shares outstanding	200,000	200,000
Anti-dilutive stock options	0	0
Cumulative convertible preferred shares, dividend rate	5.417%		5.417%
5.417% Series 1 Cumulative Convertible Preferred shares
Earnings Per Share Narrative [Line Items]
Cumulative convertible preferred shares, dividend rate	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
	Mar. 31, 2017	Mar. 31, 2016
INCOME FROM CONTINUING OPERATIONS	$ 57,892	$ 53,337
Less: Preferred share dividends	(135)	(135)
Less: Net income attributable to noncontrolling interests	(1,772)	(2,108)
Less: Earnings allocated to unvested shares	(235)	(236)
Income from continuing operations available for common shareholders	55,750	50,858
Gain on sale of real estate and change in control of interests, net	70	25,726
Net income available for common shareholders, basic and diluted	$ 55,820	$ 76,584
Weighted average common shares outstanding—basic	71,862	69,771
Stock options	143	186
Weighted average common shares outstanding—diluted	72,005	69,957
Continuing operations	$ 0.78	$ 0.73
Gain on sale of real estate and change in control of interests, net	0	0.37
Earnings per common share, basic	0.78	1.10
Continuing operations	0.78	0.73
Gain on sale of real estate and change in control of interests, net	0	0.37
Earnings per common share, diluted	$ 0.78	$ 1.10
Income from continuing operations attributable to the Trust	$ 56,120	$ 51,229