Federal Realty Investment Trust (FRT) 10-K 13 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 08, 2018	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	FRT
Entity Common Stock, Shares Outstanding		73,192,726
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 9.1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Operating (including $1,639,486 and $1,211,605 of consolidated variable interest entities, respectively)	$ 6,950,188	$ 6,125,957
Construction-in-progress (including $43,393 and $15,313 of consolidated variable interest entities, respectively)	684,873	599,260
Assets held for sale	0	33,856
Real estate, at cost, total	7,635,061	6,759,073
Less accumulated depreciation and amortization (including $247,410 and $209,239 of consolidated variable interest entities, respectively)	(1,876,544)	(1,729,234)
Net real estate	5,758,517	5,029,839
Cash and cash equivalents	15,188	23,368
Accounts and notes receivable	209,877	116,749
Mortgage notes receivable, net	30,429	29,904
Investment in real estate partnerships	23,941	14,864
Prepaid expenses and other assets	237,803	208,555
TOTAL ASSETS	6,275,755	5,423,279
Liabilities
Mortgages payable (including $460,372 and $439,120 of consolidated variable interest entities, respectively)	491,505	471,117
Capital lease obligations	71,556	71,590
Notes payable	320,265	279,151
Senior notes and debentures	2,401,440	1,976,594
Accounts payable and accrued expenses	196,332	201,756
Dividends payable	75,931	71,440
Security deposits payable	16,667	16,285
Other liabilities and deferred credits	169,388	115,817
Total liabilities	3,743,084	3,203,750
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	141,157	143,694
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 73,090,877 and 71,995,897 shares issued and outstanding, respectively	733	722
Additional paid-in capital	2,855,321	2,718,325
Accumulated dividends in excess of net income	(749,367)	(749,734)
Accumulated other comprehensive income (loss)	22	(2,577)
Total shareholders’ equity of the Trust	2,266,706	1,976,733
Noncontrolling interests	124,808	99,102
Total shareholders’ equity	2,391,514	2,075,835
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	6,275,755	5,423,279
5.0% Series C Cumulative Redeemable Preferred shares
Shareholders’ equity
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding	150,000	0
5.417% Series 1 Cumulative Convertible Preferred shares
Shareholders’ equity
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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating real estate, consolidated variable interest entities	$ 1,639,496	$ 1,211,605
Construction-in-progress, consolidated variable interest entities	43,393	15,313
Accumulated depreciation and amortization, consolidated variable interest entities	247,410	209,239
Mortgages payable, consolidated variable interest entities	$ 460,372	$ 439,120
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
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	73,090,877	71,995,897
Common shares of beneficial interest, shares outstanding	73,090,877	71,995,897
5.417% Series 1 Cumulative Convertible Preferred Shares
Preferred shares, percentage	5.417%	5.417%
Preferred Shares, liquidation preference per share	$ 25	$ 25
Preferred shares, shares issued	399,896	399,896
Preferred shares, shares outstanding	399,896	399,896
5.0% Series C Cumulative Redeemable Preferred Shares
Preferred shares, percentage	5.00%	5.00%
Preferred Shares, liquidation preference per share	$ 25,000
Preferred shares, shares issued	6,000	0
Preferred shares, shares outstanding	6,000	0

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUE
Rental Income	$ 841,461	$ 786,583	$ 727,812
Other property income	12,825	11,015	11,810
Mortgage interest income	3,062	3,993	4,390
Total revenue	857,348	801,591	744,012
EXPENSES
Rental expenses	164,890	158,326	147,593
Real estate taxes	107,839	95,286	85,824
General and administrative	36,281	33,399	35,645
Depreciation and amortization	216,050	193,585	174,796
Total operating expenses	525,060	480,596	443,858
OPERATING INCOME	332,288	320,995	300,154
Other interest income	475	374	149
Interest expense	(100,125)	(94,994)	(92,553)
Early extinguishment of debt	(12,273)	0	(19,072)
(Loss) income from real estate partnerships	(417)	50	1,416
INCOME FROM CONTINUING OPERATIONS	219,948	226,425	190,094
Gain on sale of real estate and change in control of interests, net	77,922	32,458	28,330
Net income	297,870	258,883	218,424
Net income attributable to noncontrolling interests	(7,956)	(8,973)	(8,205)
NET INCOME ATTRIBUTABLE TO THE TRUST	289,914	249,910	210,219
Dividends on preferred shares	(2,458)	(541)	(541)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 287,456	$ 249,369	$ 209,678
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders	$ 3.97	$ 3.51	$ 3.04
Weighted average common shares outstanding, basic	72,117	70,877	68,797
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders	$ 3.97	$ 3.50	$ 3.03
Weighted average number of common shares, diluted	72,233	71,049	68,981
Comprehensive Income
Net income	$ 297,870	$ 258,883	$ 218,424
Other comprehensive income (loss) - change in value of interest rate swaps	2,599	1,533	(595)
COMPREHENSIVE INCOME	300,469	260,416	217,829
Comprehensive income attributable to noncontrolling interests	(7,956)	(8,973)	(8,205)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 292,513	$ 251,443	$ 209,624

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)/Income	Noncontrolling Interests	Common shares	Preferred Shares	Preferred SharesAdditional Paid-in Capital
Beginning balance (in shares) at Dec. 31, 2014		399,896	68,605,783
Beginning balance at Dec. 31, 2014	$ 1,692,556	$ 9,997	$ 687	$ 2,281,223	$ (683,991)	$ (3,515)	$ 88,155
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding 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)
Shares issued (in shares)			813,548
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)
Shares withheld for employee taxes	(9,211)			(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)
Shares issued (in shares)			2,156,671
Shares issued	324,191		$ 21	324,170
Exercise of stock options (in shares)			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)
Shares withheld for employee taxes	(4,451)			(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 1, 2017 adoption of new accounting standard - See Note 2	0			83	(83)
Net income, excluding amount attributable to redeemable noncontrolling interests	293,996				289,914		4,082
Other comprehensive income (loss) - change in value of interest rate swaps	2,599					2,599
Dividends declared to common shareholders	(287,006)				(287,006)
Dividends declared to preferred shareholders	(2,458)				(2,458)
Distributions declared to noncontrolling interests	$ (5,560)						(5,560)
Shares issued (in shares)		6,000	826,592
Shares issued		$ 150,000	$ 8	108,240				$ 108,248	$ 144,965	$ (5,035)
Exercise of stock options (in shares)	152,634		152,634
Exercise of stock options	$ 9,979		$ 2	9,977
Shares issued under dividend reinvestment plan (in shares)	17,911		17,911
Shares issued under dividend reinvestment plan	$ 2,373			2,373
Share-based compensation expense, net of forfeitures (in shares)			107,522
Share-based compensation expense, net of forfeitures	12,371		$ 1	12,370
Shares withheld for employee taxes (in shares)			(29,709)
Shares withheld for employee taxes	(4,229)			(4,229)
Conversion and redemption of OP units (in shares)			20,030
Conversion and redemption of OP units	0		$ 0	2,569			(2,569)
Contributions from noncontrolling interests	35,331						35,331
Purchase of noncontrolling interests	(5,536)			42			(5,578)
Adjustment to redeemable noncontrolling interests	10,606			10,606
Ending balance (in shares) at Dec. 31, 2017		405,896	73,090,877
Ending balance at Dec. 31, 2017	$ 2,391,514	$ 159,997	$ 733	$ 2,855,321	$ (749,367)	$ 22	$ 124,808

Consolidated Statement Of Shar6

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Amounts attributable to redeemable noncontrolling interest	$ 3,874	$ 2,713	$ 3,423

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Net income	$ 297,870	$ 258,883	$ 218,424
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	216,050	193,585	174,796
Gain on sale of real estate and change in control of interests, net	(77,922)	(32,458)	(28,330)
Early extinguishment of debt	12,273	0	19,072
Loss (income) from real estate partnerships	417	(50)	(1,416)
Other, net	(2,674)	474	(29)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable, net	2,059	1,868	(9,200)
Increase in prepaid expenses and other assets	(3,346)	(3,753)	(6,695)
Increase (decrease) in accounts payable and accrued expenses	14,242	7,159	(1,305)
Increase (decrease) in security deposits and other liabilities	208	(2,003)	3,729
Net cash provided by operating activities	459,177	423,705	369,046
INVESTING ACTIVITIES
Acquisition of real estate	(436,652)	(142,958)	(154,313)
Capital expenditures - development and redevelopment	(441,984)	(379,720)	(236,437)
Capital expenditures - other	(76,952)	(57,560)	(46,096)
Proceeds from sale of real estate and real estate partnership interests	136,055	0	97,422
Investment in real estate partnerships	(696)	(7,220)	(2,802)
Distribution from real estate partnership in excess of earnings	1,729	3,910	512
Leasing costs	(16,656)	(18,299)	(22,382)
(Issuance) repayment of mortgage and other notes receivable, net	(1,646)	11,626	10,333
Net cash used in investing activities	(836,802)	(590,221)	(353,763)
FINANCING ACTIVITIES
Net borrowings (repayment) under revolving credit facility, net of costs	41,000	(56,916)	53,500
Issuance of senior notes, net of costs	572,134	241,795	456,151
Redemption and retirement of senior notes	(161,930)	0	(219,228)
Repayment of mortgages, capital leases, and notes payable	(56,328)	(49,559)	(181,315)
Issuance of common shares, net of costs	118,583	329,103	110,855
Issuance of preferred shares, net of costs	144,991	0	0
Dividends paid to common and preferred shareholders	(282,995)	(267,694)	(243,314)
Shares withheld for employee taxes	(4,229)	(4,451)	(9,211)
Contributions from noncontrolling interests	13,449	662	0
Distributions to and redemptions of noncontrolling interests	(15,230)	(24,102)	(9,626)
Net cash provided by (used in) financing activities	369,445	168,838	(42,188)
(Decrease) increase in cash and cash equivalents	(8,180)	2,322	(26,905)
Cash and cash equivalents at beginning of year	23,368	21,046	47,951
Cash and cash equivalents at end of year	$ 15,188	$ 23,368	$ 21,046

Business And Organization

Business And Organization	12 Months Ended
	Dec. 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 December 31, 2017 , we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 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, 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 and 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, 2017 and 2016 , our allowance for doubtful accounts was $11.8 million and $11.9 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, 2017 and 2016 , accounts receivable include approximately $93.1 million and $80.6 million , respectively, related to straight-line rents. We are currently under construction on 221 condominium units at our Assembly Row and Pike & Rose properties. Gains or losses on the sale of these condominium units are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sales.” We account for contracted condominium sales under the percentage-of completion method, based on an evaluation of the criteria specified in ASC Topic 360-20 including: the legal commitment of the purchaser in the real estate contract, whether the construction of the project is beyond a preliminary phase, whether sufficient units have been contracted to ensure the project will not revert to a rental project, the ability to reasonably estimate the aggregate project sale proceeds and aggregate project costs, and the determination that the buyer has made an adequate initial and continuing cash investment under the contract. When the percentage-of-completion criteria have not been met, no profit is recognized. The application of these criteria can be complex and requires us to make assumptions. See "Recent Accounting Pronouncements," for discussion of change in timing of revenue recognition with the adoption of ASU 2014-09 on January 1, 2018. 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 2017 , 2016 and 2015 , real estate depreciation expense was $193.3 million , $173.2 million and $156.5 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 asset acquisitions, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are capitalized as part of the acquisition cost. The acquisition of an operating shopping center typically qualifies as an asset acquisition. See "Recent 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, 2017 , we had $19.6 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.” Debt issuance costs related to our revolving credit facility are classified as an asset and are included in "prepaid expenses and other assets" in our consolidated balance sheets. All other debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability. 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 less than an estimated $0.1 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 2017 , 2016 or 2015 , and we do not anticipate it will have a significant effect in the future. See Note 6 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, 2017 and 2016 . 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. At December 31, 2017 and 2016 , we had two mortgage notes receivable, with aggregate carrying amounts of $30.4 million and $29.9 million , respectively, with a weighted average interest rate of 10.0% and 9.9% , respectively, which were secured by first mortgages on retail buildings. 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 share 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 12 for further discussion regarding our share based compensation plans and policies. Effective January 1, 2017, we adopted ASU 2016-09, "Compensation-Stock Compensation," which impacts accounting for forfeitures and the classification for shares withheld for employee taxes on the Statement of Cash Flows. See "Recent Accounting Pronouncements" for further discussion. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have 17 entities that meet the criteria of a VIE in which we hold a variable interest. 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. Net real estate assets and mortgage payables related to variable interest entities included in our consolidated balance sheets were approximately $1.4 billion and $460.4 million , respectively, as of December 31, 2017 , and $1.0 billion and $439.1 million , respectively, as of December 31, 2016 . In addition, our equity method investments in the Pike & Rose hotel joint venture and the La Alameda shopping center are also considered variable interests in a VIE. As we do not control the activities that most significantly impact the economic performance of the joint ventures, we are not the primary beneficiary and do not consolidate. As of December 31, 2017 and 2016 our investment in the joint ventures and maximum exposure to loss was $23.9 million and $13.5 million , respectively. 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 investments 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, 2017 2016 (In thousands) Beginning balance $ 143,694 $ 137,316 Contributions 11,109 — Net income 3,874 2,713 Distributions & Redemptions (6,914 ) (16,426 ) Change in redemption value (10,606 ) 20,091 Ending balance $ 141,157 $ 143,694 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 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 2013 . As of December 31, 2017 and 2016 , 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. Recent Accounting Pronouncements Standard Description Date of Adoption Effect on the financial statements or significant matters Recently adopted: ASU 2016-09, March 2016, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting This ASU 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 was previously required), as well as increasing the amount an employer can withhold to cover income taxes on equity awards. Additionally, it 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. January 2017 The adoption of this standard resulted in accounting for forfeitures as they occur, and we have recorded the cumulative impact on the adoption date as a $0.1 million adjustment to additional paid-in capital and accumulated dividends in excess of net income. The amounts reclassified from "operating activities" to "financing activities" for shares withheld for employee taxes was $4.5 million and $9.2 million, respectively, for 2016 and 2015. ASU 2017-01, January 2017, Business Combinations (Topic 805): Clarifying the Definition of a Business This ASU 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. January 2017 The largest impact of this standard is that transaction costs are capitalized for asset acquisitions rather than expensed when they are considered business combinations. Based on acquisitions in the last 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 are applying the new guidance prospectively. Our acquisitions during the year ended December 31, 2017 (further discussed in Note 3) qualified as asset acquisitions and consequently, all transaction costs were capitalized after the adoption date. Adopted Subsequent to December 31, 2017: ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU 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. January 2018 This standard will require classification changes, however, it is not expected to have a significant impact to our consolidated financial statements. ASU 2016-18, November 2016, Statement of Cash Flows (Topic 203) - Restricted Cash This ASU 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. 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. January 2018 This standard will require reclassification of certain restricted cash amounts on the consolidated statement of cash flows, but is not expected to have a significant impact to our consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements or significant matters Revenue from Contracts with Customers (Topic 606) and related updates: ASU 2014-09, May 2014, Revenue from Contracts with Customers ASU 2015-14, August 2015, Revenue from Contracts with Customers: Deferral of the Effective Date ASU 2016-08 , March 2016 , Revenue from Contracts with Customers: Principal versus Agent Considerations ASU 2016-10 , April 2016 , Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ASU 2016-12 , May 2016 , Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ASU 2016-20 , December 2016, Revenue from Contracts with Customers: Technical Corrections and Improvements In May 2014, the the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 as amended and interpreted by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20, supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. ASU 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 narrowly focused aspects of the guidance. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the cumulative impact of applying the standard is recognized in accumulated dividends in excess of net income on the date of application. January 2018 Currently, gains on contracted condominium sales are recognized using the percentage-of-completion method, with the gain recognized once certain criteria have been met in advance of legal closing (see further discussion in the "Revenue Recognition" section of Note 2 to the consolidated financial statements). Under the new guidance, condominium sale gains will be recognized as the condominium units are legally sold, which will typically be upon closing. The reversal of the gain will be recognized through equity, and will be reflected in accumulated dividends in excess of net income. Most of our revenue is accounted for under the leasing standard, and therefore is not subject to this standard. With the exception of condominium sales, the adoption of the standard will not have a significant impact on our consolidated financial statements. We will implement the new revenue recognition guidance retrospectively with the cumulative effect recognized in accumulated dividends in excess of net income at the date of initial application. Standard Description Date of Adoption Effect on the financial statements or significant matters ASU 2017-05, February 2017, Other Income - Gains and Losses from the Recognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This ASU 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. 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 for prospective disposals of nonfinancial assets. January 2018 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. Based on our historical transactions, this standard is not expected to have a significant impact to our consolidated financial statements. ASU 2017-09, May 2017, Compensation-Stock Compensation (Topic 718): Scope of Modification Accoutning The ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, an entity will not apply modification accounting if the awards' fair value, vesting conditions, and the classification of the award as equity or a liability are the same immediately before and after the change. The new guidance is applied prospectively to awards granted or modified a

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2017
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, 2017 Retail and mixed-use properties $ 7,500,929 $ (1,821,046 ) $ 470,720 Retail properties under capital leases 123,346 (46,140 ) 71,556 Residential 10,786 (9,358 ) 20,785 $ 7,635,061 $ (1,876,544 ) $ 563,061 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 Retail and mixed-use properties includes the residential portion of Assembly Row, Bethesda Row, Chelsea Commons, Congressional Plaza, Pike & Rose, Santana Row, and Towson Residential (Flats 703). The residential property investment is our investment in Rollingwood Apartments. 2017 Property Acquisitions and Dispositions 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. We leased three parcels of land at our Assembly Row property to two ground lessees. Both lessees exercised purchase options under the related ground leases. The sale transaction related to the purchase option on one of our ground leases was completed on April 4, 2017 for a sales price of $36.0 million . On June 28, 2017 , the sale transactions related to the purchase options on our other two ground lease parcels were completed for a total sales price of $17.3 million . The net gain recognized in connection with these transactions was approximately $15.4 million . At December 31, 2016 , the total cost basis of the related land was $33.9 million and is included in "assets held for sale" on our consolidated balance sheet. On May 19, 2017 , we acquired the fee interest in a 71,000 square foot, mixed-use property located in Berkeley, California based on a gross value of $23.9 million . The acquisition was completed through a newly formed entity for which we own a 90% controlling interest. Approximately $0.8 million and $0.3 million of net assets acquired were allocated to other assets for "above market leases" and other liabilities for "below market leases," respectively, and approximately $2.4 million was allocated to noncontrolling interests. On August 2, 2017 , we acquired an approximately 90% interest in a joint venture that owns six shopping centers in Los Angeles County, California based on a gross value of $357 million , including the assumption of $79.4 million of mortgage debt. Approximately $7.8 million of assets acquired were allocated to lease intangibles and included within other assets, approximately $36.2 million of net assets acquired were allocated to lease liabilities and included in other liabilities, and approximately $30.6 million was allocated to noncontrolling interests. That joint venture also acquired a 24.5% interest in La Alameda, a shopping center in Walnut Park, California for $19.8 million . The property has $41.0 million of mortgage debt, of which the joint venture's share is approximately $10 million . Additional information on the properties is listed below: Property City/State GLA (in square feet) Azalea South Gate, CA 222,000 Bell Gardens Bell Gardens, CA 330,000 La Alameda Walnut Park, CA 245,000 Olivo at Mission Hills (1) Mission Hills, CA 155,000 Plaza Del Sol South El Monte, CA 48,000 Plaza Pacoima Pacoima, CA 204,000 Sylmar Towne Center Sylmar, CA 148,000 1,352,000 (1) Property is currently being redeveloped. GLA reflects approximate square footage once the property is open and operating. The following unaudited pro forma financial data includes the total revenues, operating expenses (including approximately $11.5 million and $11.4 million of depreciation and amortization expense for the years ended December 31, 2017 and 2016 , respectively), and interest expense/financing costs related to the properties acquired on August 2, 2017 as if they had occurred on January 1, 2016. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it represent the results of income for future periods. Year Ended December 31, 2017 2016 (in millions) (unaudited) Total revenue $ 872.9 $ 826.6 Net income available for common shareholders 284.6 244.3 On August 25, 2017 , we sold our property located at 150 Post Street in San Francisco, California for a sales price of $69.3 million , resulting in a gain of $45.2 million . On September 25, 2017 , we sold our North Lake Commons property in Lake Zurich, Illinois for a sales price of $15.6 million , resulting in a gain of $4.9 million . On December 28, 2017 , we sold a parcel of land at our Bethesda Row property in Bethesda, Maryland for a sales price of $8.5 million , resulting in a gain of $6.5 million . For the year ended December 31, 2017 , we recognized a $5.4 million gain, net of $1.4 million of income taxes, related to the sale of condominiums at our Assembly Row property based on the percentage-of-completion method. In connection with recording the gain, we recognized a receivable of $67.1 million as of December 31, 2017 . The closing of the Assembly Row condominium sales is expected to commence in 2018. As of December 31, 2017 , no gain has been recognized for contracted condominium sales at Pike & Rose, as not all of the criteria necessary for profit recognition have been met. 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 .

Acquired In-Place Leases

Acquired In-Place Leases	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
ACQUIRED IN-PLACE LEASES	ACQUIRED IN-PLACE LEASES Acquired lease assets are included in prepaid expenses and other assets and comprise above market leases where we are the lessor and below market leases where we are the lessee. Acquired lease liabilities are included in other liabilities and deferred credits and comprise below market leases where we are the lessor and above market leases where we are the lessee. The following is a summary of our acquired lease assets and liabilities: December 31, 2017 December 31, 2016 Cost Accumulated Amortization Cost Accumulated Amortization (in thousands) Above market leases, lessor $ 52,393 $ (31,406 ) $ 45,327 $ (28,085 ) Below market leases, lessee 34,604 (1,705 ) 13,237 (924 ) Total $ 86,997 $ (33,111 ) $ 58,564 $ (29,009 ) Below market leases, lessor $ (193,085 ) $ 56,716 $ (138,253 ) $ 48,928 Above market leases, lessee (9,084 ) 560 (2,796 ) 271 Total $ (202,169 ) $ 57,276 $ (141,049 ) $ 49,199 The value allocated to in-place leases where we are the lessor 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. The related amortization of in-place leases where we are the lessee is reflected as additional rental expense for below market leases or a reduction of rental expenses for above market leases in the consolidated statements of comprehensive income. The following is a summary of acquired lease amortization: Year Ended December 31, 2017 2016 2015 (in thousands) Amortization of above market leases, lessor $ (6,005 ) $ (6,726 ) $ (4,425 ) Amortization of below market leases, lessor 10,726 8,551 7,130 Net increase in rental income $ 4,721 $ 1,825 $ 2,705 Amortization of below market leases, lessee $ 781 $ 255 $ 255 Amortization of above market leases, lessee (290 ) (135 ) (135 ) Net increase in rental expense $ 491 $ 120 $ 120 The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities: December 31, 2017 Above market leases, lessor 4.7 years Below market leases, lessee 41.6 years Below market leases, lessor 19.8 years Above market leases, lessee 16.9 years The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows: Acquired Lease Assets Acquired Lease Liabilities (In thousands) Year ending December 31, 2018 $ 5,810 $ 9,990 2019 3,829 9,488 2020 3,182 8,494 2021 2,804 7,869 2022 2,381 7,484 Thereafter 35,880 101,568 $ 53,886 $ 144,893

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Instruments [Abstract]
DEBT	DEBT The following is a summary of our total debt outstanding as of December 31, 2017 and 2016 : Principal Balance as of December 31, Stated Interest Rate as of Stated Maturity Date as of Description of Debt 2017 2016 December 31, 2017 December 31, 2017 Mortgages payable (Dollars in thousands) The Grove at Shrewsbury (West) $ 10,545 $ 10,792 6.38 % March 1, 2018 Rollingwood Apartments 20,820 21,283 5.54 % May 1, 2019 The Shops at Sunset Place 66,603 68,634 5.62 % September 1, 2020 29th Place 4,341 4,553 5.91 % January 31, 2021 Sylmar Towne Center 17,362 — 5.39 % June 6, 2021 Plaza Del Sol 8,579 — 5.23 % December 1, 2021 THE AVENUE at White Marsh 52,705 52,705 3.35 % January 1, 2022 Montrose Crossing 71,054 72,726 4.20 % January 10, 2022 Azalea 40,000 — 3.73 % November 1, 2025 Bell Gardens 13,184 — 4.06 % August 1, 2026 Plaza El Segundo 125,000 175,000 3.83 % June 5, 2027 The Grove at Shrewsbury (East) 43,600 42,536 3.77 % September 1, 2027 Brook 35 11,500 11,500 4.65 % July 1, 2029 Chelsea 6,268 6,576 5.36 % January 15, 2031 Subtotal 491,561 466,305 Net unamortized premium and debt issuance costs (56 ) 4,812 Total mortgages payable 491,505 471,117 Notes payable Term loan 275,000 275,000 LIBOR + 0.90% November 21, 2018 Revolving credit facility 41,000 — LIBOR + 0.825% April 20, 2020 Various 4,819 5,247 11.31 % Various through 2028 Subtotal 320,819 280,247 Net unamortized debt issuance costs (554 ) (1,096 ) Total notes payable 320,265 279,151 Senior notes and debentures 5.90% notes — 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 3.25% notes 475,000 — 3.25 % July 15, 2027 6.82% medium term notes 40,000 40,000 6.82 % August 1, 2027 4.50% notes 550,000 450,000 4.50 % December 1, 2044 3.625% notes 250,000 250,000 3.625 % August 1, 2046 Subtotal 2,419,200 1,994,200 Net unamortized discount and debt issuance costs (17,760 ) (17,606 ) Total senior notes and debentures 2,401,440 1,976,594 Capital lease obligations Various 71,556 71,590 Various Various through 2106 Total debt and capital lease obligations $ 3,284,766 $ 2,798,452 On June 5, 2017 we refinanced the $175.0 million mortgage loan on Plaza El Segundo at a face amount of $125.0 million and repaid the remaining $50.0 million at par. The new mortgage loan bears interest at 3.83% and matures on June 5, 2027 . On June 23, 2017 , we issued $400.0 million aggregate principal amount of fixed rate senior unsecured notes in two separate series. We issued $300.0 million of 3.25% notes that mature on July 15, 2027 , which were offered at 99.083% of the principal amount, with a yield to maturity of 3.358% . Additionally, we issued $100.0 million of 4.50% notes due December 1, 2044 . The 4.50% notes were offered at 105.760% of the principal amount, with a yield to maturity of 4.143% , and have the same terms and are of the same series as the senior notes first issued on November 14, 2014 . Our net proceeds from the June note offering after net issuance premium, underwriting fees and other costs was approximately $399.5 million . In connection with the acquisition of six shopping centers in Los Angeles County, California on August 2, 2017 (as further discussed in Note 3), we assumed mortgage loans with a face amount of $79.4 million and a fair value of $80.1 million . The mortgage loans are secured by the individual properties with the following contractual terms: Principal Stated Interest Rate Maturity Date (in millions) Sylmar Towne Center $ 17.5 5.39 % June 6, 2021 Plaza Del Sol 8.6 5.23 % December 1, 2021 Azalea 40.0 3.73 % November 1, 2025 Bell Gardens 13.3 4.06 % August 1, 2026 On August 31, 2017 , we refinanced the $41.8 million mortgage loan on The Grove at Shrewsbury (East) at a face amount of $43.6 million . The new mortgage loan bears interest at 3.77% and matures on September 1, 2027 . On December 21, 2017 , we issued $175.0 million aggregate principal amount of 3.25% senior unsecured notes due July 15, 2027 . The notes have the same terms and are of the same series as the $300.0 million senior notes issued on June 23, 2017 . The notes were offered at 99.404% of the principal amount, with a yield to maturity of 3.323% . Our net proceeds from the December note offering after issuance discount, underwriting fees and other costs were approximately $172.5 million . The proceeds were used on December 31, 2017 to repay our $150.0 million 5.90% notes prior to the original maturity date of April 1, 2020 . The redemption price of $164.1 million included a make-whole premium of $11.9 million and accrued but unpaid interest of $2.2 million . The make-whole premium is included in "early extinguishment of debt" in 2017. During 2017 , 2016 and 2015 , the maximum amount of borrowings outstanding under our $800.0 million revolving credit facility was $344.0 million , $251.5 million and $324.0 million , respectively. The weighted average amount of borrowings outstanding was $147.5 million , $77.3 million and $109.7 million , respectively, and the weighted average interest rate, before amortization of debt fees, was 1.9% , 1.3% and 1.1% , respectively. The revolving credit facility requires an annual facility fee of $1.0 million . At December 31, 2017 , our revolving credit facility had $41.0 million outstanding, and had no balance outstanding at December 31, 2016 . 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 December 31, 2017 , we were in compliance with all default related debt covenants. Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2017 are as follows: Mortgages Payable Notes Payable Senior Notes and Debentures Total Principal (In thousands) Year ending December 31, 2018 $ 16,228 $ 275,506 (1) $ — $ 291,734 2019 25,820 563 — 26,383 2020 65,539 41,624 (2) — 107,163 2021 30,541 694 250,000 281,235 2022 117,018 771 250,000 367,789 Thereafter 236,415 1,661 1,919,200 2,157,276 $ 491,561 $ 320,819 $ 2,419,200 $ 3,231,580 (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, 2017 , there was $41.0 million outstanding under this credit facility. (3) The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2017 due to the unamortized premium/(discount) and debt issuance costs on mortgage loans, notes payable, and senior notes. Future minimum lease payments and their present value for property under capital leases as of December 31, 2017 , are as follows: (In thousands) Year ending December 31, 2018 $ 5,800 2019 5,800 2020 5,800 2021 5,800 2022 5,810 Thereafter 142,425 171,435 Less amount representing interest (99,879 ) Present value $ 71,556

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 6 —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, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 811,770 $ 824,419 $ 750,268 $ 760,260 Senior notes and debentures $ 2,401,440 $ 2,498,445 $ 1,976,594 $ 2,015,973 As of December 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 . 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, 2017 was an asset of less than $0.1 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets, and at December 31, 2016 was a liability of $2.6 million , and is included in "accounts payable and accrued expenses." The value of our interest rate swaps increased $2.6 million and $1.5 million (including $1.8 million and $3.5 million respectively, reclassified from other comprehensive income/(loss) to earnings) for 2017 and 2016 , respectively. These changes in value are included in "accumulated other comprehensive income (loss)." A summary of our financial assets/(liabilities) that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 22 $ — $ 22 $ — $ (2,577 ) $ — $ (2,577 )

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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. In November 2016, we were included as a defendant in a class action lawsuit, in the circuit court for Montgomery County, Maryland, 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, individually and collectively with other members of the more than 500 property owner defendant class, have undertaken numerous legal actions to challenge property owner liability in this case, including challenging the certification of the class as a matter of law; however, all of these legal actions have been unsuccessful. Given the costs and risks of continuing litigation on this matter, we elected to participate in a settlement for which our share is approximately $0.4 million . We expect that this settlement amount will be reimbursed by insurance. The settlement did not cover liability for certain tows that were included in the lawsuit that the defendant class believes cannot be pursued because of the statute of limitations. Accordingly, we do not believe we should have any additional liability for these remaining tows; however, if we are unsuccessful in dismissing these tows from the litigation, our liability would be approximately $0.2 million assuming payment on the same terms as the settlement. 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, 2017 and 2016 , our reserves for general liability costs were $3.3 million and $2.8 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 2017 and 2016 , we made payments from these reserves of $1.4 million and $2.0 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, 2017 , we had letters of credit outstanding of approximately $1.3 million . As of December 31, 2017 in connection with capital improvement, development, and redevelopment projects, the Trust has contractual obligations of approximately $326.6 million . We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2017 : (In thousands) Year ending December 31, 2018 $ 4,583 2019 4,737 2020 4,749 2021 4,757 2022 4,873 Thereafter 188,132 $ 211,831 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 26.63% 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, 2017 , our estimated maximum liability upon exercise of the put option would range from approximately $81 million to $85 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, 2017 , our estimated maximum liability upon exercise of the put option would range from approximately $12 million to $13 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, 2017 , our estimated maximum liability upon exercise of the put option would range from approximately $26 million to $29 million . 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, 2017 , our estimated maximum liability upon exercise of the put option would range from $9 million to $10 million . Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option. A total of 787,962 downREIT operating partnership units are outstanding which have a total fair value of $104.6 million , based on our closing stock price on December 31, 2017 .

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2017
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 2017 , 2016 and 2015 , 17,911 shares, 15,619 shares and 16,524 shares, respectively, were issued under the Plan. On September 29, 2017 , we issued 6,000,000 Depository Shares, each representing 1/1000th interest of 5.0% Series C Cumulative Redeemable Preferred Share, par value $0.01 per share ("Series C Preferred Shares"), at the liquidation preference of $25.00 per depository share (or $25,000 per Series C Preferred share) in an underwritten public offering. The Series C Preferred Shares accrue dividends at a rate of 5.0% of the $25,000 liquidation preference per year and are redeemable at our option on or after September 29, 2022 . Additionally, they are not convertible and holders of these shares generally have no voting rights, unless we fail to pay dividends for six or more quarters. The net proceeds after underwriting fees and other costs were approximately $145.0 million . As of December 31, 2017 , 2016 , and 2015 , 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 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, 2017 , we issued 826,517 common shares at a weighted average price per share of $132.56 for net cash proceeds of $108.3 million and paid $1.1 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. For the year ended December 31, 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. As of December 31, 2017 , we had the capacity to issue up to $261.3 million in common shares under our ATM equity program.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2017
Dividends [Abstract]
DIVIDENDS	DIVIDENDS The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2017 2016 2015 Declared Paid Declared Paid Declared Paid Common shares $ 3.960 $ 3.940 $ 3.840 $ 3.800 $ 3.620 $ 3.550 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.368 $ — $ — $ — $ — $ — (1) Amount represents dividends per depository share, each representing 1/1000th of a share. A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2017 2016 2015 Common shares Ordinary dividend $ 3.940 $ 3.800 $ 3.515 Capital gain — — 0.035 $ 3.940 $ 3.800 $ 3.550 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.354 $ 1.354 $ 1.340 Capital gain — — 0.014 $ 1.354 $ 1.354 $ 1.354 On November 1, 2017 , the Trustees declared a quarterly cash dividend of $1.00 per common share, payable January 16, 2018 to common shareholders of record on January 2, 2018 .

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES At December 31, 2017 , our 104 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 3,000 leases with tenants providing a wide range of retail products and services. These tenants range from sole proprietorships to national retailers; no one tenant or corporate group of tenants accounts for more than 2.9% of annualized base rent. Our leases with commercial property and residential tenants are classified as operating leases. Commercial property leases generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, may provide for percentage rents based on the tenant’s level of sales achieved and cost recoveries for the tenant’s share of certain operating costs. Leases on apartments are generally for a period of 1 year or less. As of December 31, 2017 , 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, 2018 $ 593,461 2019 537,822 2020 474,369 2021 401,869 2022 328,302 Thereafter 1,402,509 $ 3,738,332

Components Of Rental Income

Components Of Rental Income	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 (In thousands) Minimum rents Retail and commercial $ 585,178 $ 549,552 $ 509,825 Residential 55,416 49,465 42,797 Cost reimbursement 171,528 158,042 148,110 Percentage rent 11,148 10,977 11,911 Other 18,191 18,547 15,169 Total rental income $ 841,461 $ 786,583 $ 727,812 Minimum rents include the following: Year Ended December 31, 2017 2016 2015 (In millions) Straight-line rents $ 12.9 $ 8.1 $ 7.6 Net amortization of above and below market leases $ 4.7 $ 1.8 $ 2.7 The principal components of rental expenses are as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Repairs and maintenance $ 67,996 $ 64,942 $ 62,420 Utilities 25,763 24,968 23,003 Management fees and costs 22,297 20,823 18,639 Payroll 14,922 13,832 12,673 Marketing 9,007 8,520 9,046 Insurance 7,762 7,758 7,875 Ground rent 3,826 2,561 2,540 Bad debt expense 2,591 2,375 1,168 Other operating 10,726 12,547 10,229 Total rental expenses $ 164,890 $ 158,326 $ 147,593

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 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: Year Ended December 31, 2017 2016 2015 (In thousands) Grants of common shares and options $ 12,371 $ 11,227 $ 12,074 Capitalized share-based compensation (1,385 ) (1,310 ) (868 ) Share-based compensation expense $ 10,986 $ 9,917 $ 11,206 As of December 31, 2017 , 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 2017 and 2015 . 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 2017 : Shares Under Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at December 31, 2016 259,119 $ 56.66 Granted — — Exercised (152,634 ) 65.37 Forfeited or expired — — Outstanding at December 31, 2017 106,485 $ 44.18 1.2 $ 9,451 Exercisable at December 31, 2017 105,939 $ 43.62 1.1 $ 9,451 The weighted-average grant-date fair value of options granted in 2016 was $19.52 per share. The total cash received from options exercised during 2017 , 2016 and 2015 was $10.0 million , $4.5 million and $2.0 million , respectively. The total intrinsic value of options exercised during the years ended December 31, 2017 , 2016 and 2015 was $10.7 million , $4.2 million and $2.1 million , respectively. The following table provides a summary of restricted share activity for 2017 : Shares Weighted-Average Grant-Date Fair Value Unvested at December 31, 2016 217,353 $ 142.70 Granted 109,815 139.31 Vested (87,704 ) 131.55 Forfeited (2,293 ) 142.09 Unvested at December 31, 2017 237,171 The weighted-average grant-date fair value of stock awarded in 2017 , 2016 and 2015 was $139.31 , $152.70 and $141.08 , respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2017 , 2016 and 2015 , was $12.5 million , $13.8 million and $26.1 million , respectively. As of December 31, 2017 , there was $17.6 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 6.4 years with a weighted-average period of 2.2 years . Subsequent to December 31, 2017 , common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 2, 2018 5,416 Shares Immediate Trustees February 7, 2018 92,552 Restricted shares 3-4 years Officers and key employees February 7, 2018 488 Options 5 years Officers and key employees

Savings and Retirement Plans

Savings and Retirement Plans	12 Months Ended
	Dec. 31, 2017
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 2017 , 2016 , and 2015 . 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, 2017 , 2016 and 2015 was approximately $632,000 , $602,000 and $504,000 , 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, 2017 and 2016 , we are liable to participants for approximately $12.8 million and $10.5 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, 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 2017 , 2016 , and 2015 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 682 anti-dilutive stock options in 2017 , and no anti-dilutive stock options in 2016 or 2015 . 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, 2017 2016 2015 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 219,948 $ 226,425 $ 190,094 Less: Preferred share dividends (2,458 ) (541 ) (541 ) Less: Income from continuing operations attributable to noncontrolling interests (7,666 ) (7,648 ) (8,205 ) Less: Earnings allocated to unvested shares (942 ) (702 ) (797 ) Income from continuing operations available for common shareholders 208,882 217,534 180,551 Gain on sale of real estate and change in control of interests, net 77,632 31,133 28,330 Net income available for common shareholders, basic and diluted $ 286,514 $ 248,667 $ 208,881 DENOMINATOR Weighted average common shares outstanding—basic 72,117 70,877 68,797 Effect of dilutive securities: Stock options 116 172 184 Weighted average common shares outstanding—diluted 72,233 71,049 68,981 EARNINGS PER COMMON SHARE, BASIC Net income available for common shareholders $ 3.97 $ 3.51 $ 3.04 EARNINGS PER COMMON SHARE, DILUTED Net income available for common shareholders $ 3.97 $ 3.50 $ 3.03 Income from continuing operations attributable to the Trust $ 212,282 $ 218,777 $ 181,889

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
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) 2017 Revenue $ 207,389 $ 208,049 $ 217,953 $ 223,957 Operating income $ 81,544 $ 83,090 $ 84,497 $ 83,157 Net income(1) $ 58,070 $ 78,133 $ 108,882 $ 52,785 Net income attributable to the Trust(1) $ 56,190 $ 76,291 $ 106,777 $ 50,656 Net income available for common shareholders(1) $ 56,055 $ 76,156 $ 106,600 $ 48,645 Earnings per common share—basic(1) $ 0.78 $ 1.05 $ 1.47 $ 0.67 Earnings per common share—diluted(1) $ 0.78 $ 1.05 $ 1.47 $ 0.67 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(2) $ 79,063 $ 58,898 $ 61,198 $ 59,724 Net income attributable to the Trust(2) $ 76,955 $ 55,941 $ 58,977 $ 58,037 Net income available for common shareholders(2) $ 76,820 $ 55,806 $ 58,841 $ 57,902 Earnings per common share—basic(2) $ 1.10 $ 0.79 $ 0.82 $ 0.81 Earnings per common share—diluted(2) $ 1.10 $ 0.78 $ 0.82 $ 0.80 (1) Second quarter 2017 includes a $15.4 million gain related to the sale of three ground lease parcels at our Assembly Row property in Somerville, Massachusetts. Third quarter 2017 includes a $50.8 million gain on sale of real estate from our 150 Post Street and North Lake Commons properties. Fourth quarter 2017 includes a $6.5 million gain related to the sale of a parcel of land at our Bethesda Row property. Additionally, second, third, and fourth quarter 2017 include net percentage-of-completion gains of $3.3 million , $0.6 million , and $1.5 million , respectively, related to condominiums under binding contract at our Assembly Row property. All of these transactions are further discussed in Note 3. Fourth quarter 2017 includes a $12.3 million early extinguishment of debt charge as further discussed in Note 5. (2) 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 7.

Schedule III - Summary of Real

Schedule III - Summary of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
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, 2017 (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 29TH PLACE (Virginia) VA $ 4,312 $ 10,211 $ 18,863 $ 11,973 $ 10,195 $ 30,852 $ 41,047 $ 12,144 1975 - 2001 5/30/2007 35 years ANDORRA (Pennsylvania) PA 2,432 12,346 11,161 2,432 23,507 25,939 19,028 1953 1/12/1988 35 years ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) MA 93,252 34,196 564,077 69,421 622,104 691,525 43,659 2005, 2012-2017 2005-2013 35 years ATLANTIC PLAZA (Massachusetts) MA 6,293 17,109 2,325 6,293 19,434 25,727 1,863 1960 1/13/2016 35 years AZALEA (California) CA 39,609 40,219 67,117 4 40,219 67,121 107,340 1,049 2014 8/2/2017 35 years BALA CYNWYD (Pennsylvania) PA 3,565 14,466 23,443 2,581 38,893 41,474 20,299 1955 9/22/1993 35 years BARCROFT PLAZA (Virginia) VA 12,617 29,603 3,279 12,617 32,882 45,499 2,030 1963, 1972, 1990, & 2000 1/13/16 & 11/7/16 35 years BARRACKS ROAD (Virginia) VA 4,363 16,459 47,088 4,363 63,547 67,910 42,077 1958 12/31/1985 35 years BELL GARDENS (California) CA 12,682 18,021 82,470 159 18,021 82,629 100,650 1,843 1990, 2003, 2006 8/2/2017 35 years BETHESDA ROW (Maryland) MD 46,579 35,406 144,089 43,896 182,178 226,074 73,883 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 51,757 3,945 72,527 76,472 47,932 1958 12/28/1989 35 years BRISTOL PLAZA (Connecticut) CT 3,856 15,959 11,849 3,856 27,808 31,664 17,680 1959 9/22/1995 35 years BROOK 35 (New Jersey) NJ 11,263 7,128 38,355 2,043 7,128 40,398 47,526 5,494 1986/2004 1/1/2014 35 years CAMPUS PLAZA (Massachusetts) MA 16,710 13,412 429 16,710 13,841 30,551 1,243 1970 1/13/2016 35 years CHELSEA COMMONS (Massachusetts) MA 6,037 9,417 19,466 14,015 9,396 33,502 42,898 8,509 1962/1969/2008 8/25/06, 1/30/07, & 7/16/08 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 COCOWALK (Florida) FL 35,063 71,476 9,881 34,406 82,014 116,420 6,536 1990/1994, 1922-1973 5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17 35 years COLORADO BLVD (California) CA 5,262 4,071 10,184 5,262 14,255 19,517 10,678 1905-1988 12/31/96 & 8/14/98 35 years CONGRESSIONAL PLAZA (Maryland) MD 2,793 7,424 92,104 1,020 101,301 102,321 53,731 1965/2003 4/1/1965 35 years COURTHOUSE CENTER (Maryland) MD 1,750 1,869 1,532 1,750 3,401 5,151 1,923 1975 12/17/1997 35 years CROSSROADS (Illinois) IL 4,635 11,611 16,882 4,635 28,493 33,128 16,494 1959 7/19/1993 35 years CROW CANYON COMMONS (California) CA 27,245 54,575 8,525 27,245 63,100 90,345 21,704 Late 1970's/ 12/29/05 & 2/28/07 35 years DARIEN (Connecticut) CT 29,809 18,302 1,862 29,809 20,164 49,973 3,075 1920-2009 4/3/2013 35 years DEDHAM PLAZA (Massachusetts) MA 14,841 12,918 13,317 14,841 26,235 41,076 15,380 1959 12/31/93 & 12/14/16 35 years DEL MAR VILLAGE (Florida) FL 15,624 41,712 8,057 15,587 49,806 65,393 20,432 1982/1994/2007 5/30/08, 7/11/08, & 10/14/14 35 years EAST BAY BRIDGE (California) CA 29,079 138,035 11,772 29,079 149,807 178,886 25,229 1994-2001, 2011/2012 12/21/2012 35 years EASTGATE CROSSING (North Carolina) NC 1,608 5,775 26,981 1,608 32,756 34,364 19,622 1963 12/18/1986 35 years ELLISBURG (New Jersey) NJ 4,028 11,309 19,211 4,013 30,535 34,548 20,099 1959 10/16/1992 35 years ESCONDIDO PROMENADE (California) CA 19,117 15,829 14,530 19,117 30,359 49,476 16,037 1987 12/31/96 & 11/10/10 35 years FALLS PLAZA (Virginia) VA 1,798 1,270 10,943 1,819 12,192 14,011 8,664 1960/1962 9/30/67 & 10/05/72 25 years FEDERAL PLAZA (Maryland) MD 10,216 17,895 41,769 10,216 59,664 69,880 42,794 1970 6/29/1989 35 years FINLEY SQUARE (Illinois) IL 9,252 9,544 19,604 9,252 29,148 38,400 19,836 1974 4/27/1995 35 years FLOURTOWN (Pennsylvania) PA 1,345 3,943 11,666 1,345 15,609 16,954 5,981 1957 4/25/1980 35 years FOURTH STREET (California) CA 13,928 9,909 39 13,928 9,948 23,876 248 1948,1975 5/19/2017 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 FREE STATE SHOPPING CENTER (Maryland) MD 18,581 41,658 4,538 18,581 46,196 64,777 3,741 1970 1/13/2016 35 years FRESH MEADOWS (New York) NY 24,625 25,255 40,395 24,633 65,642 90,275 37,948 1946-1949 12/5/1997 35 years FRIENDSHIP CENTER (District of Columbia) DC 12,696 20,803 4,616 12,696 25,419 38,115 11,917 1998 9/21/2001 35 years GAITHERSBURG SQUARE (Maryland) MD 7,701 5,271 14,468 5,973 21,467 27,440 17,830 1966 4/22/1993 35 years GARDEN MARKET (Illinois) IL 2,677 4,829 6,909 2,677 11,738 14,415 7,569 1958 7/28/1994 35 years GOVERNOR PLAZA (Maryland) MD 2,068 4,905 20,319 2,068 25,224 27,292 20,241 1963 10/1/1985 35 years GRAHAM PARK PLAZA (Virginia) VA 1,237 15,096 18,874 1,169 34,038 35,207 28,053 1971 7/21/1983 35 years GRATIOT PLAZA (Michigan) MI 525 1,601 17,702 525 19,303 19,828 17,270 1964 3/29/1973 25.75 years GREENLAWN PLAZA (New York) NY 10,590 20,869 245 10,590 21,114 31,704 1,756 1975/2004 1/13/2016 35 years GREENWICH AVENUE (Connecticut) CT 7,484 5,444 1,199 7,484 6,643 14,127 4,170 1968 4/12/1995 35 years HASTINGS RANCH PLAZA (California) CA — 22,393 236 — 22,629 22,629 699 1958, 1984, 2006, 2007 2/1/2017 35 years HAUPPAUGE (New York) NY 8,791 15,262 5,018 8,419 20,652 29,071 11,724 1963 8/6/1998 35 years HERMOSA AVENUE (California) CA 1,116 280 4,648 1,368 4,676 6,044 3,298 1922 9/17/1997 35 years HOLLYWOOD BLVD (California) CA 8,300 16,920 21,719 8,370 38,569 46,939 14,755 1929/1991 3/22/99 & 6/18/99 35 years HUNTINGTON (New York) NY 12,194 16,008 19,144 12,194 35,152 47,346 15,825 1962 12/12/88, 10/26/07, & 11/24/15 35 years HUNTINGTON SQUARE (New York) NY — 10,075 2,106 — 12,181 12,181 3,317 1980/2004-2007 8/16/2010 35 years IDYLWOOD PLAZA (Virginia) VA 4,308 10,026 2,579 4,308 12,605 16,913 8,928 1991 4/15/1994 35 years KINGS COURT (California) CA — 10,714 954 — 11,668 11,668 8,776 1960 8/24/1998 26 years LANCASTER (Pennsylvania) PA 4,907 — 2,103 12,010 75 14,038 14,113 8,212 1958 4/24/1980 22 years LANGHORNE SQUARE (Pennsylvania) PA 720 2,974 18,432 720 21,406 22,126 15,170 1966 1/31/1985 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 LAUREL (Maryland) MD 7,458 22,525 27,344 7,464 49,863 57,327 37,461 1956 8/15/1986 35 years LAWRENCE PARK (Pennsylvania) PA 6,150 8,491 20,524 6,161 29,004 35,165 24,693 1972 7/23/1980 & 4/3/17 22 years LEESBURG PLAZA (Virginia) VA 8,184 10,722 17,582 8,184 28,304 36,488 14,689 1967 9/15/1998 35 years LINDEN SQUARE (Massachusetts) MA 79,382 19,247 50,074 79,347 69,356 148,703 22,208 1960-2008 8/24/2006 35 years MELVILLE MALL (New York) NY 35,622 32,882 20,096 35,622 52,978 88,600 12,458 1974 10/16/2006 35 years MERCER MALL (New Jersey) NJ 55,548 29,738 51,047 45,957 29,738 97,004 126,742 41,330 1975 10/14/03 & 1/31/17 25 - 35 years MONTROSE CROSSING (Maryland) MD 71,054 48,624 91,819 19,678 48,624 111,497 160,121 24,840 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 41,132 10,230 74,471 84,701 34,011 1966/1972/1987/2001 3/31/03, 3/21/03, & 1/27/06 35 years NORTH DARTMOUTH (Massachusetts) MA 9,366 — 3 9,366 3 9,369 — 2004 8/24/2006 NORTHEAST (Pennsylvania) PA 1,152 10,596 18,679 1,153 29,274 30,427 20,496 1959 8/30/1983 35 years OLD KEENE MILL (Virginia) VA 638 998 6,212 638 7,210 7,848 5,418 1968 6/15/1976 33.33 years OLD TOWN CENTER (California) CA 3,420 2,765 30,997 3,420 33,762 37,182 21,217 1962, 1997-1998 10/22/1997 35 years OLIVO AT MISSION HILLS (California) CA 15,048 46,732 10,358 15,048 57,090 72,138 213 2017 8/2/2017 35 years PAN AM (Virginia) VA 8,694 12,929 7,610 8,695 20,538 29,233 15,159 1979 2/5/1993 35 years PENTAGON ROW (Virginia) VA — 2,955 100,369 — 103,324 103,324 46,051 1999 - 2002 1998 & 11/22/10 35 years PERRING PLAZA (Maryland) MD 2,800 6,461 21,836 2,800 28,297 31,097 23,112 1963 10/1/1985 35 years PIKE & ROSE (Maryland) MD 31,471 10,335 543,484 29,903 555,387 585,290 23,148 1963, 2012-2017 5/18/82, 10/26/07, & 7/31/12 50 years PIKE 7 PLAZA (Virginia) VA 14,970 22,799 6,929 14,914 29,784 44,698 16,745 1968 3/31/97 & 7/8/15 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 PLAZA DEL MERCADO (Maryland) MD 10,305 21,553 14,329 10,305 35,882 46,187 2,341 1969 1/13/2016 35 years PLAZA DEL SOL (California) CA 8,746 5,605 12,331 — 5,605 12,331 17,936 212 2009 8/2/2017 35 years PLAZA EL SEGUNDO/THE POINT (California) CA 124,151 62,127 153,556 65,337 64,463 216,557 281,020 39,623 2006/2007/2016 12/30/11, 6/14/13, 7/26/13, & 12/27/13 35 years PLAZA PACOIMA (California) CA 38,138 12,227 — 38,138 12,227 50,365 225 2010 8/2/2017 35 years QUEEN ANNE PLAZA (Massachusetts) MA 3,319 8,457 6,519 3,319 14,976 18,295 9,881 1967 12/23/1994 35 years QUINCE ORCHARD (Maryland) MD 3,197 7,949 27,772 2,928 35,990 38,918 19,478 1975 4/22/1993 35 years RIVERPOINT CENTER (Illinois) IL 15,422 104,575 82 15,422 104,657 120,079 2,626 1989, 2012 3/31/2017 35 years ROCKVILLE TOWN SQUARE (Maryland) MD 4,455 — 8,092 43,010 — 51,102 51,102 16,823 2005 - 2007 2006 - 2007 50 years ROLLINGWOOD APTS. (Maryland) MD 20,785 552 2,246 7,988 572 10,214 10,786 9,358 1960 1/15/1971 25 years SAM'S PARK & SHOP (District of Columbia) DC 4,840 6,319 1,679 4,840 7,998 12,838 5,158 1930 12/1/1995 35 years SAN ANTONIO CENTER (California) CA 39,920 32,466 1,334 39,920 33,800 73,720 4,714 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015 35 years SANTANA ROW (California) CA 66,682 7,502 788,049 57,578 804,655 862,233 182,514 1999-2006, 2009, 2011, 2014, 2016-2017 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 2,588 4,383 10,879 15,262 6,702 1976 10/1/1996 35 years SYLMAR TOWNE CENTER (California) CA 18,010 18,522 24,636 376 18,522 25,012 43,534 389 1973 8/2/2017 35 years THE AVENUE AT WHITE MARSH (Maryland) MD 52,489 20,682 72,432 23,014 20,685 95,443 116,128 32,066 1997 3/8/2007 35 years THE GROVE AT SHREWSBURY (New Jersey) NJ 53,218 18,016 103,115 3,886 18,021 106,996 125,017 13,884 1988/1993/2007 1/1/2014 & 10/6/14 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) MD 4,441 12,849 254 4,441 13,103 17,544 4,912 2005 - 2006 3/8/2007 35 years THE SHOPS AT SUNSET PLACE (Florida) FL 69,149 64,499 50,853 8,160 64,499 59,013 123,512 6,629 1999 10/1/2015 35 years THIRD STREET PROMENADE (California) CA 22,645 12,709 43,309 25,125 53,538 78,663 32,281 1888-2000 1996-2000 35 years TOWER SHOPPNG CENTER (Virginia) VA 7,170 10,518 4,240 7,280 14,648 21,928 8,738 1953-1960 8/24/1998 35 years TOWER SHOPS (Florida) FL 29,940 43,390 24,219 29,962 67,587 97,549 15,761 1989 1/19/11 & 6/13/14 35 years TOWN CENTER OF NEW BRITAIN (Pennsylvania) PA 1,282 12,285 1,679 1,470 13,776 15,246 5,087 1969 6/29/2006 35 years TOWSON RESIDENTIAL (FLATS 703) (Maryland) MD 2,328 — 20,048 2,328 20,048 22,376 221 2016-2017 3/8/2007 35 years TROY (New Jersey) NJ 3,126 5,193 28,424 5,865 30,878 36,743 21,234 1966 7/23/1980 22 years TYSON'S STATION (Virginia) VA 388 453 3,825 475 4,191 4,666 3,737 1954 1/17/1978 17 years VILLAGE AT SHIRLINGTON (Virginia) VA 6,646 9,761 14,808 40,418 4,234 60,753 64,987 27,322 1940, 2006-2009 12/21/1995 35 years WESTGATE CENTER (California) CA 6,319 107,284 39,726 6,319 147,010 153,329 48,562 1960-1966 3/31/2004 35 years WHITE MARSH PLAZA (Maryland) MD 3,478 21,413 645 3,478 22,058 25,536 8,491 1987 3/8/2007 35 years WHITE MARSH OTHER (Maryland) MD 31,953 1,843 140 31,983 1,953 33,936 811 1985 3/8/2007 35 years WILDWOOD (Maryland) MD 9,111 1,061 10,291 9,111 11,352 20,463 8,839 1958 5/5/1969 33.33 years WILLOW GROVE (Pennsylvania) PA 1,499 6,643 22,115 1,499 28,758 30,257 26,206 1953 11/20/1984 35 years WILLOW LAWN (Virginia) VA 3,192 7,723 84,407 7,790 87,532 95,322 56,879 1957 12/5/1983 35 years WYNNEWOOD (Pennsylvania) PA 8,055 13,759 21,092 8,055 34,851 42,906 23,196 1948 10/29/1996 35 years TOTALS $ 563,061 $ 1,459,351 $ 2,425,230 $ 3,750,480 $ 1,427,777 $ 6,207,284 $ 7,635,061 $ 1,876,544 FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2017 Reconciliation of Total Cost (in thousands) 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 Additions during period Acquisitions 555,476 Improvements 492,541 Deduction during period—dispositions and retirements of property (172,029 ) Balance, December 31, 2017 (1) $ 7,635,061 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $6.7 billion as of December 31, 2017 . FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2017 Reconciliation of Accumulated Depreciation and Amortization (in thousands) 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 Additions during period—depreciation and amortization expense 193,340 Deductions during period—dispositions and retirements of property (46,030 ) Balance, December 31, 2017 $ 1,876,544

Schedule III Part II - Summary

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
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, 2017 (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 29TH PLACE (Virginia) VA $ 4,312 $ 10,211 $ 18,863 $ 11,973 $ 10,195 $ 30,852 $ 41,047 $ 12,144 1975 - 2001 5/30/2007 35 years ANDORRA (Pennsylvania) PA 2,432 12,346 11,161 2,432 23,507 25,939 19,028 1953 1/12/1988 35 years ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) MA 93,252 34,196 564,077 69,421 622,104 691,525 43,659 2005, 2012-2017 2005-2013 35 years ATLANTIC PLAZA (Massachusetts) MA 6,293 17,109 2,325 6,293 19,434 25,727 1,863 1960 1/13/2016 35 years AZALEA (California) CA 39,609 40,219 67,117 4 40,219 67,121 107,340 1,049 2014 8/2/2017 35 years BALA CYNWYD (Pennsylvania) PA 3,565 14,466 23,443 2,581 38,893 41,474 20,299 1955 9/22/1993 35 years BARCROFT PLAZA (Virginia) VA 12,617 29,603 3,279 12,617 32,882 45,499 2,030 1963, 1972, 1990, & 2000 1/13/16 & 11/7/16 35 years BARRACKS ROAD (Virginia) VA 4,363 16,459 47,088 4,363 63,547 67,910 42,077 1958 12/31/1985 35 years BELL GARDENS (California) CA 12,682 18,021 82,470 159 18,021 82,629 100,650 1,843 1990, 2003, 2006 8/2/2017 35 years BETHESDA ROW (Maryland) MD 46,579 35,406 144,089 43,896 182,178 226,074 73,883 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 51,757 3,945 72,527 76,472 47,932 1958 12/28/1989 35 years BRISTOL PLAZA (Connecticut) CT 3,856 15,959 11,849 3,856 27,808 31,664 17,680 1959 9/22/1995 35 years BROOK 35 (New Jersey) NJ 11,263 7,128 38,355 2,043 7,128 40,398 47,526 5,494 1986/2004 1/1/2014 35 years CAMPUS PLAZA (Massachusetts) MA 16,710 13,412 429 16,710 13,841 30,551 1,243 1970 1/13/2016 35 years CHELSEA COMMONS (Massachusetts) MA 6,037 9,417 19,466 14,015 9,396 33,502 42,898 8,509 1962/1969/2008 8/25/06, 1/30/07, & 7/16/08 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 COCOWALK (Florida) FL 35,063 71,476 9,881 34,406 82,014 116,420 6,536 1990/1994, 1922-1973 5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17 35 years COLORADO BLVD (California) CA 5,262 4,071 10,184 5,262 14,255 19,517 10,678 1905-1988 12/31/96 & 8/14/98 35 years CONGRESSIONAL PLAZA (Maryland) MD 2,793 7,424 92,104 1,020 101,301 102,321 53,731 1965/2003 4/1/1965 35 years COURTHOUSE CENTER (Maryland) MD 1,750 1,869 1,532 1,750 3,401 5,151 1,923 1975 12/17/1997 35 years CROSSROADS (Illinois) IL 4,635 11,611 16,882 4,635 28,493 33,128 16,494 1959 7/19/1993 35 years CROW CANYON COMMONS (California) CA 27,245 54,575 8,525 27,245 63,100 90,345 21,704 Late 1970's/ 12/29/05 & 2/28/07 35 years DARIEN (Connecticut) CT 29,809 18,302 1,862 29,809 20,164 49,973 3,075 1920-2009 4/3/2013 35 years DEDHAM PLAZA (Massachusetts) MA 14,841 12,918 13,317 14,841 26,235 41,076 15,380 1959 12/31/93 & 12/14/16 35 years DEL MAR VILLAGE (Florida) FL 15,624 41,712 8,057 15,587 49,806 65,393 20,432 1982/1994/2007 5/30/08, 7/11/08, & 10/14/14 35 years EAST BAY BRIDGE (California) CA 29,079 138,035 11,772 29,079 149,807 178,886 25,229 1994-2001, 2011/2012 12/21/2012 35 years EASTGATE CROSSING (North Carolina) NC 1,608 5,775 26,981 1,608 32,756 34,364 19,622 1963 12/18/1986 35 years ELLISBURG (New Jersey) NJ 4,028 11,309 19,211 4,013 30,535 34,548 20,099 1959 10/16/1992 35 years ESCONDIDO PROMENADE (California) CA 19,117 15,829 14,530 19,117 30,359 49,476 16,037 1987 12/31/96 & 11/10/10 35 years FALLS PLAZA (Virginia) VA 1,798 1,270 10,943 1,819 12,192 14,011 8,664 1960/1962 9/30/67 & 10/05/72 25 years FEDERAL PLAZA (Maryland) MD 10,216 17,895 41,769 10,216 59,664 69,880 42,794 1970 6/29/1989 35 years FINLEY SQUARE (Illinois) IL 9,252 9,544 19,604 9,252 29,148 38,400 19,836 1974 4/27/1995 35 years FLOURTOWN (Pennsylvania) PA 1,345 3,943 11,666 1,345 15,609 16,954 5,981 1957 4/25/1980 35 years FOURTH STREET (California) CA 13,928 9,909 39 13,928 9,948 23,876 248 1948,1975 5/19/2017 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 FREE STATE SHOPPING CENTER (Maryland) MD 18,581 41,658 4,538 18,581 46,196 64,777 3,741 1970 1/13/2016 35 years FRESH MEADOWS (New York) NY 24,625 25,255 40,395 24,633 65,642 90,275 37,948 1946-1949 12/5/1997 35 years FRIENDSHIP CENTER (District of Columbia) DC 12,696 20,803 4,616 12,696 25,419 38,115 11,917 1998 9/21/2001 35 years GAITHERSBURG SQUARE (Maryland) MD 7,701 5,271 14,468 5,973 21,467 27,440 17,830 1966 4/22/1993 35 years GARDEN MARKET (Illinois) IL 2,677 4,829 6,909 2,677 11,738 14,415 7,569 1958 7/28/1994 35 years GOVERNOR PLAZA (Maryland) MD 2,068 4,905 20,319 2,068 25,224 27,292 20,241 1963 10/1/1985 35 years GRAHAM PARK PLAZA (Virginia) VA 1,237 15,096 18,874 1,169 34,038 35,207 28,053 1971 7/21/1983 35 years GRATIOT PLAZA (Michigan) MI 525 1,601 17,702 525 19,303 19,828 17,270 1964 3/29/1973 25.75 years GREENLAWN PLAZA (New York) NY 10,590 20,869 245 10,590 21,114 31,704 1,756 1975/2004 1/13/2016 35 years GREENWICH AVENUE (Connecticut) CT 7,484 5,444 1,199 7,484 6,643 14,127 4,170 1968 4/12/1995 35 years HASTINGS RANCH PLAZA (California) CA — 22,393 236 — 22,629 22,629 699 1958, 1984, 2006, 2007 2/1/2017 35 years HAUPPAUGE (New York) NY 8,791 15,262 5,018 8,419 20,652 29,071 11,724 1963 8/6/1998 35 years HERMOSA AVENUE (California) CA 1,116 280 4,648 1,368 4,676 6,044 3,298 1922 9/17/1997 35 years HOLLYWOOD BLVD (California) CA 8,300 16,920 21,719 8,370 38,569 46,939 14,755 1929/1991 3/22/99 & 6/18/99 35 years HUNTINGTON (New York) NY 12,194 16,008 19,144 12,194 35,152 47,346 15,825 1962 12/12/88, 10/26/07, & 11/24/15 35 years HUNTINGTON SQUARE (New York) NY — 10,075 2,106 — 12,181 12,181 3,317 1980/2004-2007 8/16/2010 35 years IDYLWOOD PLAZA (Virginia) VA 4,308 10,026 2,579 4,308 12,605 16,913 8,928 1991 4/15/1994 35 years KINGS COURT (California) CA — 10,714 954 — 11,668 11,668 8,776 1960 8/24/1998 26 years LANCASTER (Pennsylvania) PA 4,907 — 2,103 12,010 75 14,038 14,113 8,212 1958 4/24/1980 22 years LANGHORNE SQUARE (Pennsylvania) PA 720 2,974 18,432 720 21,406 22,126 15,170 1966 1/31/1985 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 LAUREL (Maryland) MD 7,458 22,525 27,344 7,464 49,863 57,327 37,461 1956 8/15/1986 35 years LAWRENCE PARK (Pennsylvania) PA 6,150 8,491 20,524 6,161 29,004 35,165 24,693 1972 7/23/1980 & 4/3/17 22 years LEESBURG PLAZA (Virginia) VA 8,184 10,722 17,582 8,184 28,304 36,488 14,689 1967 9/15/1998 35 years LINDEN SQUARE (Massachusetts) MA 79,382 19,247 50,074 79,347 69,356 148,703 22,208 1960-2008 8/24/2006 35 years MELVILLE MALL (New York) NY 35,622 32,882 20,096 35,622 52,978 88,600 12,458 1974 10/16/2006 35 years MERCER MALL (New Jersey) NJ 55,548 29,738 51,047 45,957 29,738 97,004 126,742 41,330 1975 10/14/03 & 1/31/17 25 - 35 years MONTROSE CROSSING (Maryland) MD 71,054 48,624 91,819 19,678 48,624 111,497 160,121 24,840 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 41,132 10,230 74,471 84,701 34,011 1966/1972/1987/2001 3/31/03, 3/21/03, & 1/27/06 35 years NORTH DARTMOUTH (Massachusetts) MA 9,366 — 3 9,366 3 9,369 — 2004 8/24/2006 NORTHEAST (Pennsylvania) PA 1,152 10,596 18,679 1,153 29,274 30,427 20,496 1959 8/30/1983 35 years OLD KEENE MILL (Virginia) VA 638 998 6,212 638 7,210 7,848 5,418 1968 6/15/1976 33.33 years OLD TOWN CENTER (California) CA 3,420 2,765 30,997 3,420 33,762 37,182 21,217 1962, 1997-1998 10/22/1997 35 years OLIVO AT MISSION HILLS (California) CA 15,048 46,732 10,358 15,048 57,090 72,138 213 2017 8/2/2017 35 years PAN AM (Virginia) VA 8,694 12,929 7,610 8,695 20,538 29,233 15,159 1979 2/5/1993 35 years PENTAGON ROW (Virginia) VA — 2,955 100,369 — 103,324 103,324 46,051 1999 - 2002 1998 & 11/22/10 35 years PERRING PLAZA (Maryland) MD 2,800 6,461 21,836 2,800 28,297 31,097 23,112 1963 10/1/1985 35 years PIKE & ROSE (Maryland) MD 31,471 10,335 543,484 29,903 555,387 585,290 23,148 1963, 2012-2017 5/18/82, 10/26/07, & 7/31/12 50 years PIKE 7 PLAZA (Virginia) VA 14,970 22,799 6,929 14,914 29,784 44,698 16,745 1968 3/31/97 & 7/8/15 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (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 PLAZA DEL MERCADO (Maryland) MD 10,305 21,553 14,329 10,305 35,882 46,187 2,341 1969 1/13/2016 35 years PLAZA DEL SOL (California) CA 8,746 5,605 12,331 — 5,605 12,331 17,936 212 2009 8/2/2017 35 years PLAZA EL SEGUNDO/THE POINT (California) CA 124,151 62,127 153,556 65,337 64,463 216,557 281,020 39,623 2006/2007/2016 12/30/11, 6/14/13, 7/26/13, & 12/27/13 35 years PLAZA PACOIMA (California) CA 38,138 12,227 — 38,138 12,227 50,365 225 2010 8/2/2017 35 years QUEEN ANNE PLAZA (Massachusetts) MA 3,319 8,457 6,519 3,319 14,976 18,295 9,881 1967 12/23/1994 35 years QUINCE ORCHARD (Maryland) MD 3,197 7,949 27,772 2,928 35,990 38,918 19,478 1975 4/22/1993 35 years RIVERPOINT CENTER (Illinois) IL 15,422 104,575 82 15,422 104,657 120,079 2,626 1989, 2012 3/31/2017 35 years ROCKVILLE TOWN SQUARE (Maryland) MD 4,455 — 8,092 43,010 — 51,102 51,102 16,823 2005 - 2007 2006 - 2007 50 years ROLLINGWOOD APTS. (Maryland) MD 20,785 552 2,246 7,988 572 10,214 10,786 9,358 1960 1/15/1971 25 years SAM'S PARK & SHOP (District of Columbia) DC 4,840 6,319 1,679 4,840 7,998 12,838 5,158 1930 12/1/1995 35 years SAN ANTONIO CENTER (California) CA 39,920 32,466 1,334 39,920 33,800 73,720 4,714 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015 35 years SANTANA ROW (California) CA 66,682 7,502 788,049 57,578 804,655 862,233 182,514 1999-2006, 2009, 2011, 2014, 2016-2017 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 2,588 4,383 10,879 15,262 6,702 1976 10/1/1996 35 years SYLMAR TOWNE CENTER (California) CA 18,010 18,522 24,636 376 18,522 25,012 43,534 389 1973 8/2/2017 35 years THE AVENUE AT WHITE MARSH (Maryland) MD 52,489 20,682 72,432 23,014 20,685 95,443 116,128 32,066 1997 3/8/2007 35 years THE GROVE AT SHREWSBURY (New Jersey) NJ 53,218 18,016 103,115 3,886 18,021 106,996 125,017 13,884 1988/1993/2007 1/1/2014 & 10/6/14 35 years FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) MD 4,441 12,849 254 4,441 13,103 17,544 4,912 2005 - 2006 3/8/2007 35 years THE SHOPS AT SUNSET PLACE (Florida) FL 69,149 64,499 50,853 8,160 64,499 59,013 123,512 6,629 1999 10/1/2015 35 years THIRD STREET PROMENADE (California) CA 22,645 12,709 43,309 25,125 53,538 78,663 32,281 1888-2000 1996-2000 35 years TOWER SHOPPNG CENTER (Virginia) VA 7,170 10,518 4,240 7,280 14,648 21,928 8,738 1953-1960 8/24/1998 35 years TOWER SHOPS (Florida) FL 29,940 43,390 24,219 29,962 67,587 97,549 15,761 1989 1/19/11 & 6/13/14 35 years TOWN CENTER OF NEW BRITAIN (Pennsylvania) PA 1,282 12,285 1,679 1,470 13,776 15,246 5,087 1969 6/29/2006 35 years TOWSON RESIDENTIAL (FLATS 703) (Maryland) MD 2,328 — 20,048 2,328 20,048 22,376 221 2016-2017 3/8/2007 35 years TROY (New Jersey) NJ 3,126 5,193 28,424 5,865 30,878 36,743 21,234 1966 7/23/1980 22 years TYSON'S STATION (Virginia) VA 388 453 3,825 475 4,191 4,666 3,737 1954 1/17/1978 17 years VILLAGE AT SHIRLINGTON (Virginia) VA 6,646 9,761 14,808 40,418 4,234 60,753 64,987 27,322 1940, 2006-2009 12/21/1995 35 years WESTGATE CENTER (California) CA 6,319 107,284 39,726 6,319 147,010 153,329 48,562 1960-1966 3/31/2004 35 years WHITE MARSH PLAZA (Maryland) MD 3,478 21,413 645 3,478 22,058 25,536 8,491 1987 3/8/2007 35 years WHITE MARSH OTHER (Maryland) MD 31,953 1,843 140 31,983 1,953 33,936 811 1985 3/8/2007 35 years WILDWOOD (Maryland) MD 9,111 1,061 10,291 9,111 11,352 20,463 8,839 1958 5/5/1969 33.33 years WILLOW GROVE (Pennsylvania) PA 1,499 6,643 22,115 1,499 28,758 30,257 26,206 1953 11/20/1984 35 years WILLOW LAWN (Virginia) VA 3,192 7,723 84,407 7,790 87,532 95,322 56,879 1957 12/5/1983 35 years WYNNEWOOD (Pennsylvania) PA 8,055 13,759 21,092 8,055 34,851 42,906 23,196 1948 10/29/1996 35 years TOTALS $ 563,061 $ 1,459,351 $ 2,425,230 $ 3,750,480 $ 1,427,777 $ 6,207,284 $ 7,635,061 $ 1,876,544 FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2017 Reconciliation of Total Cost (in thousands) 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 Additions during period Acquisitions 555,476 Improvements 492,541 Deduction during period—dispositions and retirements of property (172,029 ) Balance, December 31, 2017 (1) $ 7,635,061 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $6.7 billion as of December 31, 2017 . FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2017 Reconciliation of Accumulated Depreciation and Amortization (in thousands) 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 Additions during period—depreciation and amortization expense 193,340 Deductions during period—dispositions and retirements of property (46,030 ) Balance, December 31, 2017 $ 1,876,544

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2017
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, 2017 (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 $ — $ 21,179 $ 21,179 (2) $ — Mortgage on retail buildings in Philadelphia, PA 10% plus participation May 2021 Interest only monthly; — 9,250 9,250 — $ — $ 30,429 $ 30,429 $ — _____________________ (1) For Federal tax purposes, the aggregate tax basis is approximately $30.4 million as of December 31, 2017 . (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, 2017 Reconciliation of Carrying Amount (in thousands) 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 Additions during period: Issuance of loans 525 Balance, December 31, 2017 $ 30,429

Summary Of Significant Accoun26

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 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 and 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, 2017 and 2016 , our allowance for doubtful accounts was $11.8 million and $11.9 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, 2017 and 2016 , accounts receivable include approximately $93.1 million and $80.6 million , respectively, related to straight-line rents. We are currently under construction on 221 condominium units at our Assembly Row and Pike & Rose properties. Gains or losses on the sale of these condominium units are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sales.” We account for contracted condominium sales under the percentage-of completion method, based on an evaluation of the criteria specified in ASC Topic 360-20 including: the legal commitment of the purchaser in the real estate contract, whether the construction of the project is beyond a preliminary phase, whether sufficient units have been contracted to ensure the project will not revert to a rental project, the ability to reasonably estimate the aggregate project sale proceeds and aggregate project costs, and the determination that the buyer has made an adequate initial and continuing cash investment under the contract. When the percentage-of-completion criteria have not been met, no profit is recognized. The application of these criteria can be complex and requires us to make assumptions. See "Recent Accounting Pronouncements," for discussion of change in timing of revenue recognition with the adoption of ASU 2014-09 on January 1, 2018.
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 2017 , 2016 and 2015 , real estate depreciation expense was $193.3 million , $173.2 million and $156.5 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 asset acquisitions, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are capitalized as part of the acquisition cost. The acquisition of an operating shopping center typically qualifies as an asset acquisition. See "Recent 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, 2017 , we had $19.6 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.” Debt issuance costs related to our revolving credit facility are classified as an asset and are included in "prepaid expenses and other assets" in our consolidated balance sheets. All other debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability.
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 less than an estimated $0.1 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 2017 , 2016 or 2015 , and we do not anticipate it will have a significant effect in the future. See Note 6 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, 2017 and 2016 . 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. At December 31, 2017 and 2016 , we had two mortgage notes receivable, with aggregate carrying amounts of $30.4 million and $29.9 million , respectively, with a weighted average interest rate of 10.0% and 9.9% , respectively, which were secured by first mortgages on retail buildings.
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 share 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 12 for further discussion regarding our share based compensation plans and policies. Effective January 1, 2017, we adopted ASU 2016-09, "Compensation-Stock Compensation," which impacts accounting for forfeitures and the classification for shares withheld for employee taxes on the Statement of Cash Flows. See "Recent Accounting Pronouncements" for further discussion.
Variable Interest Entities	Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have 17 entities that meet the criteria of a VIE in which we hold a variable interest. 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. Net real estate assets and mortgage payables related to variable interest entities included in our consolidated balance sheets were approximately $1.4 billion and $460.4 million , respectively, as of December 31, 2017 , and $1.0 billion and $439.1 million , respectively, as of December 31, 2016 . In addition, our equity method investments in the Pike & Rose hotel joint venture and the La Alameda shopping center are also considered variable interests in a VIE. As we do not control the activities that most significantly impact the economic performance of the joint ventures, we are not the primary beneficiary and do not consolidate. As of December 31, 2017 and 2016 our investment in the joint ventures and maximum exposure to loss was $23.9 million and $13.5 million , respectively. 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 investments 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, 2017 2016 (In thousands) Beginning balance $ 143,694 $ 137,316 Contributions 11,109 — Net income 3,874 2,713 Distributions & Redemptions (6,914 ) (16,426 ) Change in redemption value (10,606 ) 20,091 Ending balance $ 141,157 $ 143,694 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 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 2013 . As of December 31, 2017 and 2016 , 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Standard Description Date of Adoption Effect on the financial statements or significant matters Recently adopted: ASU 2016-09, March 2016, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting This ASU 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 was previously required), as well as increasing the amount an employer can withhold to cover income taxes on equity awards. Additionally, it 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. January 2017 The adoption of this standard resulted in accounting for forfeitures as they occur, and we have recorded the cumulative impact on the adoption date as a $0.1 million adjustment to additional paid-in capital and accumulated dividends in excess of net income. The amounts reclassified from "operating activities" to "financing activities" for shares withheld for employee taxes was $4.5 million and $9.2 million, respectively, for 2016 and 2015. ASU 2017-01, January 2017, Business Combinations (Topic 805): Clarifying the Definition of a Business This ASU 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. January 2017 The largest impact of this standard is that transaction costs are capitalized for asset acquisitions rather than expensed when they are considered business combinations. Based on acquisitions in the last 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 are applying the new guidance prospectively. Our acquisitions during the year ended December 31, 2017 (further discussed in Note 3) qualified as asset acquisitions and consequently, all transaction costs were capitalized after the adoption date. Adopted Subsequent to December 31, 2017: ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU 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. January 2018 This standard will require classification changes, however, it is not expected to have a significant impact to our consolidated financial statements. ASU 2016-18, November 2016, Statement of Cash Flows (Topic 203) - Restricted Cash This ASU 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. 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. January 2018 This standard will require reclassification of certain restricted cash amounts on the consolidated statement of cash flows, but is not expected to have a significant impact to our consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements or significant matters Revenue from Contracts with Customers (Topic 606) and related updates: ASU 2014-09, May 2014, Revenue from Contracts with Customers ASU 2015-14, August 2015, Revenue from Contracts with Customers: Deferral of the Effective Date ASU 2016-08 , March 2016 , Revenue from Contracts with Customers: Principal versus Agent Considerations ASU 2016-10 , April 2016 , Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ASU 2016-12 , May 2016 , Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ASU 2016-20 , December 2016, Revenue from Contracts with Customers: Technical Corrections and Improvements In May 2014, the the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 as amended and interpreted by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20, supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. ASU 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 narrowly focused aspects of the guidance. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the cumulative impact of applying the standard is recognized in accumulated dividends in excess of net income on the date of application. January 2018 Currently, gains on contracted condominium sales are recognized using the percentage-of-completion method, with the gain recognized once certain criteria have been met in advance of legal closing (see further discussion in the "Revenue Recognition" section of Note 2 to the consolidated financial statements). Under the new guidance, condominium sale gains will be recognized as the condominium units are legally sold, which will typically be upon closing. The reversal of the gain will be recognized through equity, and will be reflected in accumulated dividends in excess of net income. Most of our revenue is accounted for under the leasing standard, and therefore is not subject to this standard. With the exception of condominium sales, the adoption of the standard will not have a significant impact on our consolidated financial statements. We will implement the new revenue recognition guidance retrospectively with the cumulative effect recognized in accumulated dividends in excess of net income at the date of initial application. Standard Description Date of Adoption Effect on the financial statements or significant matters ASU 2017-05, February 2017, Other Income - Gains and Losses from the Recognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This ASU 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. 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 for prospective disposals of nonfinancial assets. January 2018 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. Based on our historical transactions, this standard is not expected to have a significant impact to our consolidated financial statements. ASU 2017-09, May 2017, Compensation-Stock Compensation (Topic 718): Scope of Modification Accoutning The ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, an entity will not apply modification accounting if the awards' fair value, vesting conditions, and the classification of the award as equity or a liability are the same immediately before and after the change. The new guidance is applied prospectively to awards granted or modified after the adoption date. January 2018 This standard is not expected to have a significant impact to our consolidated financial statements. Not Yet Adopted: ASU 2016-02, February 2016, Leases (Topic 842) This ASU 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. January 2019 We are currently assessing the impact of this standard to our consolidated financial statements. ASU 2016-13, June 2016, Financial Instruments - Credit Losses (Topic 326) This ASU 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. January 2020 We are currently assessing the impact of this standard to our consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Standard Description Date of Adoption Effect on the financial statements or significant matters Recently adopted: ASU 2016-09, March 2016, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting This ASU 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 was previously required), as well as increasing the amount an employer can withhold to cover income taxes on equity awards. Additionally, it 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. January 2017 The adoption of this standard resulted in accounting for forfeitures as they occur, and we have recorded the cumulative impact on the adoption date as a $0.1 million adjustment to additional paid-in capital and accumulated dividends in excess of net income. The amounts reclassified from "operating activities" to "financing activities" for shares withheld for employee taxes was $4.5 million and $9.2 million, respectively, for 2016 and 2015. ASU 2017-01, January 2017, Business Combinations (Topic 805): Clarifying the Definition of a Business This ASU 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. January 2017 The largest impact of this standard is that transaction costs are capitalized for asset acquisitions rather than expensed when they are considered business combinations. Based on acquisitions in the last 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 are applying the new guidance prospectively. Our acquisitions during the year ended December 31, 2017 (further discussed in Note 3) qualified as asset acquisitions and consequently, all transaction costs were capitalized after the adoption date. Adopted Subsequent to December 31, 2017: ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU 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. January 2018 This standard will require classification changes, however, it is not expected to have a significant impact to our consolidated financial statements. ASU 2016-18, November 2016, Statement of Cash Flows (Topic 203) - Restricted Cash This ASU 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. 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. January 2018 This standard will require reclassification of certain restricted cash amounts on the consolidated statement of cash flows, but is not expected to have a significant impact to our consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements or significant matters Revenue from Contracts with Customers (Topic 606) and related updates: ASU 2014-09, May 2014, Revenue from Contracts with Customers ASU 2015-14, August 2015, Revenue from Contracts with Customers: Deferral of the Effective Date ASU 2016-08 , March 2016 , Revenue from Contracts with Customers: Principal versus Agent Considerations ASU 2016-10 , April 2016 , Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ASU 2016-12 , May 2016 , Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ASU 2016-20 , December 2016, Revenue from Contracts with Customers: Technical Corrections and Improvements In May 2014, the the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 as amended and interpreted by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20, supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. ASU 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 narrowly focused aspects of the guidance. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the cumulative impact of applying the standard is recognized in accumulated dividends in excess of net income on the date of application. January 2018 Currently, gains on contracted condominium sales are recognized using the percentage-of-completion method, with the gain recognized once certain criteria have been met in advance of legal closing (see further discussion in the "Revenue Recognition" section of Note 2 to the consolidated financial statements). Under the new guidance, condominium sale gains will be recognized as the condominium units are legally sold, which will typically be upon closing. The reversal of the gain will be recognized through equity, and will be reflected in accumulated dividends in excess of net income. Most of our revenue is accounted for under the leasing standard, and therefore is not subject to this standard. With the exception of condominium sales, the adoption of the standard will not have a significant impact on our consolidated financial statements. We will implement the new revenue recognition guidance retrospectively with the cumulative effect recognized in accumulated dividends in excess of net income at the date of initial application. Standard Description Date of Adoption Effect on the financial statements or significant matters ASU 2017-05, February 2017, Other Income - Gains and Losses from the Recognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This ASU 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. 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 for prospective disposals of nonfinancial assets. January 2018 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. Based on our historical transactions, this standard is not expected to have a significant impact to our consolidated financial statements. ASU 2017-09, May 2017, Compensation-Stock Compensation (Topic 718): Scope of Modification Accoutning The ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, an entity will not apply modification accounting if the awards' fair value, vesting conditions, and the classification of the award as equity or a liability are the same immediately before and after the change. The new guidance is applied prospectively to awards granted or modified after the adoption date. January 2018 This standard is not expected to have a significant impact to our consolidated financial statements. Not Yet Adopted: ASU 2016-02, February 2016, Leases (Topic 842) This ASU 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. January 2019 We are currently assessing the impact of this standard to our consolidated financial statements. ASU 2016-13, June 2016, Financial Instruments - Credit Losses (Topic 326) This ASU 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. January 2020 We are currently assessing the impact of this standard to our consolidated financial statements.

Summary Of Significant Accoun27

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 (In thousands) Beginning balance $ 143,694 $ 137,316 Contributions 11,109 — Net income 3,874 2,713 Distributions & Redemptions (6,914 ) (16,426 ) Change in redemption value (10,606 ) 20,091 Ending balance $ 141,157 $ 143,694
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, 2017 2016 2015 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 125,684 $ 113,016 $ 110,675 Interest capitalized (25,559 ) (18,022 ) (18,122 ) Interest expense $ 100,125 $ 94,994 $ 92,553 Cash paid for interest, net of amounts capitalized $ 105,201 $ 90,185 $ 116,335 Cash paid for income taxes $ 352 $ 296 $ 274 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans refinanced $ 166,823 $ — $ — Mortgage loans assumed with acquisition $ 79,401 $ 34,385 $ 89,516 DownREIT operating partnership units issued with acquisition $ 5,918 $ — $ 7,742 DownREIT operating partnership units redeemed for common shares $ 2,569 $ 18,679 $ 4,114 Shares issued under dividend reinvestment plan $ 2,017 $ 2,017 $ 1,977

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 Retail and mixed-use properties $ 7,500,929 $ (1,821,046 ) $ 470,720 Retail properties under capital leases 123,346 (46,140 ) 71,556 Residential 10,786 (9,358 ) 20,785 $ 7,635,061 $ (1,876,544 ) $ 563,061 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 Retail and mixed-use properties includes the residential portion of Assembly Row, Bethesda Row, Chelsea Commons, Congressional Plaza, Pike & Rose, Santana Row, and Towson Residential (Flats 703). The residential property investment is our investment in Rollingwood Apartments.
Signficant property acquisition - Primestor	Additional information on the properties is listed below: Property City/State GLA (in square feet) Azalea South Gate, CA 222,000 Bell Gardens Bell Gardens, CA 330,000 La Alameda Walnut Park, CA 245,000 Olivo at Mission Hills (1) Mission Hills, CA 155,000 Plaza Del Sol South El Monte, CA 48,000 Plaza Pacoima Pacoima, CA 204,000 Sylmar Towne Center Sylmar, CA 148,000 1,352,000 (1) Property is currently being redeveloped. GLA reflects approximate square footage once the property is open and operating.
Pro Forma Information, Primestor acquisition	The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it represent the results of income for future periods. Year Ended December 31, 2017 2016 (in millions) (unaudited) Total revenue $ 872.9 $ 826.6 Net income available for common shareholders 284.6 244.3

Acquired In-Place Leases (Table

Acquired In-Place Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The following is a summary of our acquired lease assets and liabilities: December 31, 2017 December 31, 2016 Cost Accumulated Amortization Cost Accumulated Amortization (in thousands) Above market leases, lessor $ 52,393 $ (31,406 ) $ 45,327 $ (28,085 ) Below market leases, lessee 34,604 (1,705 ) 13,237 (924 ) Total $ 86,997 $ (33,111 ) $ 58,564 $ (29,009 ) Below market leases, lessor $ (193,085 ) $ 56,716 $ (138,253 ) $ 48,928 Above market leases, lessee (9,084 ) 560 (2,796 ) 271 Total $ (202,169 ) $ 57,276 $ (141,049 ) $ 49,199
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	The following is a summary of acquired lease amortization: Year Ended December 31, 2017 2016 2015 (in thousands) Amortization of above market leases, lessor $ (6,005 ) $ (6,726 ) $ (4,425 ) Amortization of below market leases, lessor 10,726 8,551 7,130 Net increase in rental income $ 4,721 $ 1,825 $ 2,705 Amortization of below market leases, lessee $ 781 $ 255 $ 255 Amortization of above market leases, lessee (290 ) (135 ) (135 ) Net increase in rental expense $ 491 $ 120 $ 120 The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities: December 31, 2017 Above market leases, lessor 4.7 years Below market leases, lessee 41.6 years Below market leases, lessor 19.8 years Above market leases, lessee 16.9 years
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: Acquired Lease Assets Acquired Lease Liabilities (In thousands) Year ending December 31, 2018 $ 5,810 $ 9,990 2019 3,829 9,488 2020 3,182 8,494 2021 2,804 7,869 2022 2,381 7,484 Thereafter 35,880 101,568 $ 53,886 $ 144,893

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Instruments [Abstract]
Summary of total debt outstanding	The following is a summary of our total debt outstanding as of December 31, 2017 and 2016 : Principal Balance as of December 31, Stated Interest Rate as of Stated Maturity Date as of Description of Debt 2017 2016 December 31, 2017 December 31, 2017 Mortgages payable (Dollars in thousands) The Grove at Shrewsbury (West) $ 10,545 $ 10,792 6.38 % March 1, 2018 Rollingwood Apartments 20,820 21,283 5.54 % May 1, 2019 The Shops at Sunset Place 66,603 68,634 5.62 % September 1, 2020 29th Place 4,341 4,553 5.91 % January 31, 2021 Sylmar Towne Center 17,362 — 5.39 % June 6, 2021 Plaza Del Sol 8,579 — 5.23 % December 1, 2021 THE AVENUE at White Marsh 52,705 52,705 3.35 % January 1, 2022 Montrose Crossing 71,054 72,726 4.20 % January 10, 2022 Azalea 40,000 — 3.73 % November 1, 2025 Bell Gardens 13,184 — 4.06 % August 1, 2026 Plaza El Segundo 125,000 175,000 3.83 % June 5, 2027 The Grove at Shrewsbury (East) 43,600 42,536 3.77 % September 1, 2027 Brook 35 11,500 11,500 4.65 % July 1, 2029 Chelsea 6,268 6,576 5.36 % January 15, 2031 Subtotal 491,561 466,305 Net unamortized premium and debt issuance costs (56 ) 4,812 Total mortgages payable 491,505 471,117 Notes payable Term loan 275,000 275,000 LIBOR + 0.90% November 21, 2018 Revolving credit facility 41,000 — LIBOR + 0.825% April 20, 2020 Various 4,819 5,247 11.31 % Various through 2028 Subtotal 320,819 280,247 Net unamortized debt issuance costs (554 ) (1,096 ) Total notes payable 320,265 279,151 Senior notes and debentures 5.90% notes — 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 3.25% notes 475,000 — 3.25 % July 15, 2027 6.82% medium term notes 40,000 40,000 6.82 % August 1, 2027 4.50% notes 550,000 450,000 4.50 % December 1, 2044 3.625% notes 250,000 250,000 3.625 % August 1, 2046 Subtotal 2,419,200 1,994,200 Net unamortized discount and debt issuance costs (17,760 ) (17,606 ) Total senior notes and debentures 2,401,440 1,976,594 Capital lease obligations Various 71,556 71,590 Various Various through 2106 Total debt and capital lease obligations $ 3,284,766 $ 2,798,452
Mortgage loans assumed in acquisition	The mortgage loans are secured by the individual properties with the following contractual terms: Principal Stated Interest Rate Maturity Date (in millions) Sylmar Towne Center $ 17.5 5.39 % June 6, 2021 Plaza Del Sol 8.6 5.23 % December 1, 2021 Azalea 40.0 3.73 % November 1, 2025 Bell Gardens 13.3 4.06 % August 1, 2026
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, 2017 are as follows: Mortgages Payable Notes Payable Senior Notes and Debentures Total Principal (In thousands) Year ending December 31, 2018 $ 16,228 $ 275,506 (1) $ — $ 291,734 2019 25,820 563 — 26,383 2020 65,539 41,624 (2) — 107,163 2021 30,541 694 250,000 281,235 2022 117,018 771 250,000 367,789 Thereafter 236,415 1,661 1,919,200 2,157,276 $ 491,561 $ 320,819 $ 2,419,200 $ 3,231,580 (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, 2017 , there was $41.0 million outstanding under this credit facility. (3) The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2017 due to the unamortized premium/(discount) and debt issuance costs on mortgage loans, 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, 2017 , are as follows: (In thousands) Year ending December 31, 2018 $ 5,800 2019 5,800 2020 5,800 2021 5,800 2022 5,810 Thereafter 142,425 171,435 Less amount representing interest (99,879 ) Present value $ 71,556

Fair Value Of Financial Instr31

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)	12 Months Ended
	Dec. 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: December 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 811,770 $ 824,419 $ 750,268 $ 760,260 Senior notes and debentures $ 2,401,440 $ 2,498,445 $ 1,976,594 $ 2,015,973
Summary of financial assets/(liabilities) measured at fair value on a recurring basis	A summary of our financial assets/(liabilities) that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 22 $ — $ 22 $ — $ (2,577 ) $ — $ (2,577 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 : (In thousands) Year ending December 31, 2018 $ 4,583 2019 4,737 2020 4,749 2021 4,757 2022 4,873 Thereafter 188,132 $ 211,831

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 Declared Paid Declared Paid Declared Paid Common shares $ 3.960 $ 3.940 $ 3.840 $ 3.800 $ 3.620 $ 3.550 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.368 $ — $ — $ — $ — $ — (1) Amount represents dividends per depository share, each representing 1/1000th of a share.
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, 2017 2016 2015 Common shares Ordinary dividend $ 3.940 $ 3.800 $ 3.515 Capital gain — — 0.035 $ 3.940 $ 3.800 $ 3.550 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.354 $ 1.354 $ 1.340 Capital gain — — 0.014 $ 1.354 $ 1.354 $ 1.354

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Schedule of minimum future commercial property rentals from noncancelable operating leases	As of December 31, 2017 , 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, 2018 $ 593,461 2019 537,822 2020 474,369 2021 401,869 2022 328,302 Thereafter 1,402,509 $ 3,738,332

Components of Rental Income and

Components of Rental Income and Expense (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 (In thousands) Minimum rents Retail and commercial $ 585,178 $ 549,552 $ 509,825 Residential 55,416 49,465 42,797 Cost reimbursement 171,528 158,042 148,110 Percentage rent 11,148 10,977 11,911 Other 18,191 18,547 15,169 Total rental income $ 841,461 $ 786,583 $ 727,812
Schedule of minimum rents	Minimum rents include the following: Year Ended December 31, 2017 2016 2015 (In millions) Straight-line rents $ 12.9 $ 8.1 $ 7.6 Net amortization of above and below market leases $ 4.7 $ 1.8 $ 2.7
Schedule of principal components of rental expenses	The principal components of rental expenses are as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Repairs and maintenance $ 67,996 $ 64,942 $ 62,420 Utilities 25,763 24,968 23,003 Management fees and costs 22,297 20,823 18,639 Payroll 14,922 13,832 12,673 Marketing 9,007 8,520 9,046 Insurance 7,762 7,758 7,875 Ground rent 3,826 2,561 2,540 Bad debt expense 2,591 2,375 1,168 Other operating 10,726 12,547 10,229 Total rental expenses $ 164,890 $ 158,326 $ 147,593

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 (In thousands) Grants of common shares and options $ 12,371 $ 11,227 $ 12,074 Capitalized share-based compensation (1,385 ) (1,310 ) (868 ) Share-based compensation expense $ 10,986 $ 9,917 $ 11,206
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 2017 : Shares Under Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at December 31, 2016 259,119 $ 56.66 Granted — — Exercised (152,634 ) 65.37 Forfeited or expired — — Outstanding at December 31, 2017 106,485 $ 44.18 1.2 $ 9,451 Exercisable at December 31, 2017 105,939 $ 43.62 1.1 $ 9,451
Summary of restricted share activity	The following table provides a summary of restricted share activity for 2017 : Shares Weighted-Average Grant-Date Fair Value Unvested at December 31, 2016 217,353 $ 142.70 Granted 109,815 139.31 Vested (87,704 ) 131.55 Forfeited (2,293 ) 142.09 Unvested at December 31, 2017 237,171
Schedule of common shares awarded under various compensation plans	Subsequent to December 31, 2017 , common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 2, 2018 5,416 Shares Immediate Trustees February 7, 2018 92,552 Restricted shares 3-4 years Officers and key employees February 7, 2018 488 Options 5 years Officers and key employees

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 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 682 anti-dilutive stock options in 2017 , and no anti-dilutive stock options in 2016 or 2015 . 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, 2017 2016 2015 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 219,948 $ 226,425 $ 190,094 Less: Preferred share dividends (2,458 ) (541 ) (541 ) Less: Income from continuing operations attributable to noncontrolling interests (7,666 ) (7,648 ) (8,205 ) Less: Earnings allocated to unvested shares (942 ) (702 ) (797 ) Income from continuing operations available for common shareholders 208,882 217,534 180,551 Gain on sale of real estate and change in control of interests, net 77,632 31,133 28,330 Net income available for common shareholders, basic and diluted $ 286,514 $ 248,667 $ 208,881 DENOMINATOR Weighted average common shares outstanding—basic 72,117 70,877 68,797 Effect of dilutive securities: Stock options 116 172 184 Weighted average common shares outstanding—diluted 72,233 71,049 68,981 EARNINGS PER COMMON SHARE, BASIC Net income available for common shareholders $ 3.97 $ 3.51 $ 3.04 EARNINGS PER COMMON SHARE, DILUTED Net income available for common shareholders $ 3.97 $ 3.50 $ 3.03 Income from continuing operations attributable to the Trust $ 212,282 $ 218,777 $ 181,889

Selected Quarterly Financial 38

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
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) 2017 Revenue $ 207,389 $ 208,049 $ 217,953 $ 223,957 Operating income $ 81,544 $ 83,090 $ 84,497 $ 83,157 Net income(1) $ 58,070 $ 78,133 $ 108,882 $ 52,785 Net income attributable to the Trust(1) $ 56,190 $ 76,291 $ 106,777 $ 50,656 Net income available for common shareholders(1) $ 56,055 $ 76,156 $ 106,600 $ 48,645 Earnings per common share—basic(1) $ 0.78 $ 1.05 $ 1.47 $ 0.67 Earnings per common share—diluted(1) $ 0.78 $ 1.05 $ 1.47 $ 0.67 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(2) $ 79,063 $ 58,898 $ 61,198 $ 59,724 Net income attributable to the Trust(2) $ 76,955 $ 55,941 $ 58,977 $ 58,037 Net income available for common shareholders(2) $ 76,820 $ 55,806 $ 58,841 $ 57,902 Earnings per common share—basic(2) $ 1.10 $ 0.79 $ 0.82 $ 0.81 Earnings per common share—diluted(2) $ 1.10 $ 0.78 $ 0.82 $ 0.80 (1) Second quarter 2017 includes a $15.4 million gain related to the sale of three ground lease parcels at our Assembly Row property in Somerville, Massachusetts. Third quarter 2017 includes a $50.8 million gain on sale of real estate from our 150 Post Street and North Lake Commons properties. Fourth quarter 2017 includes a $6.5 million gain related to the sale of a parcel of land at our Bethesda Row property. Additionally, second, third, and fourth quarter 2017 include net percentage-of-completion gains of $3.3 million , $0.6 million , and $1.5 million , respectively, related to condominiums under binding contract at our Assembly Row property. All of these transactions are further discussed in Note 3. Fourth quarter 2017 includes a $12.3 million early extinguishment of debt charge as further discussed in Note 5. (2) 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 7.

Business And Organization (Deta

Business And Organization (Details)	12 Months Ended
	Dec. 31, 2017project
Nature Of Operations [Abstract]
Number of real estate properties	104
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accoun40

Summary Of Significant Accounting Policies (Revenue Recognition and Accounts Receivable) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)condominiums	Dec. 31, 2016USD ($)
Property Subject to or Available for Operating Lease [Line Items]
Allowance for doubtful accounts	$ 11.8	$ 11.9
Collection of accounts receivable, period	1 year
Accounts receivable related to straight-line rents	$ 93.1	$ 80.6
Condominiums | Assembly Row and Pike & Rose
Property Subject to or Available for Operating Lease [Line Items]
Number of Units in Real Estate Property | condominiums	221

Summary Of Significant Accoun41

Summary Of Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Real estate depreciation expense	$ 193.3	$ 173.2	$ 156.5
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 Accoun42

Summary Of Significant Accounting Policies (Cash and Cash Equivalents) (Details) $ in Millions	Dec. 31, 2017USD ($)
Accounting Policies [Abstract]
Cash in excess of the FDIC insured limit	$ 19.6

Summary Of Significant Accoun43

Summary Of Significant Accounting Policies (Derivative Instruments and Mortgage Notes Receivable) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)agreement	Dec. 31, 2016USD ($)
Derivatives, Fair Value [Line Items]
Interest rate swaps associated with cash flow hedges to be reclassified within the next twelve months	$ 0.1
Residual profit maximum	50.00%
Aggregate tax basis for Federal tax purposes	$ 30.4	$ 29.9
Interest Rate	10.00%	9.90%
Interest Rate Swap | Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements | agreement	2

Summary Of Significant Accoun44

Summary Of Significant Accounting Policies (Variable Interest Entities) (Details) $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities	17
Net real estate assets of consolidated VIEs	$ 1,400,000	$ 1,000,000
Mortgage Payable From Consolidated Variable Interest Entities	460,372	439,120
Unconsolidated variable interest entities
Variable Interest Entity [Line Items]
Maximum exposure to loss in variable interest entity	$ 23,900	$ 13,500

Summary Of Significant Accoun45

Summary Of Significant Accounting Policies (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	Jan. 12, 2017	Feb. 12, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Rollforward of Redeemable Noncontrolling Interests
Beginning balance			$ 143,694	$ 137,316
Contributions			11,109	0
Net income			3,874	2,713	$ 3,423
Distributions & Redemptions			(6,914)	(16,426)
Change in redemption value			(10,606)	20,091
Ending balance			141,157	143,694	137,316
Redeemable Noncontrolling Interest [Line Items]
Redemption of redeemable noncontrolling interests			$ 15,230	$ 24,102	$ 9,626
San Antonio Center
Redeemable Noncontrolling Interest [Line Items]
Payments to Acquire Outstanding Interest	$ 2,600
Number of downREIT units issued in connection with purchase option	44,195
Galaxy/Hollywood
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest percent acquired		10.00%
Redemption of redeemable noncontrolling interests		$ 13,000
Ownership interest		100.00%

Summary Of Significant Accoun46

Summary Of Significant Accounting Policies (Income Taxes and Segments) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)propertysegment	Dec. 31, 2016USD ($)
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 Accoun47

Summary Of Significant Accounting Policies (Recent Accounting Pronouncements) (Details) - USD ($) $ in Thousands	Jan. 01, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ 100
Payments Related to Tax Withholding for Share-based Compensation		$ 4,229	$ 4,451	$ 9,211
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Acquisition costs					$ 200
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Acquisition costs					$ 2,400

Summary Of Significant Accoun48

Summary Of Significant Accounting Policies (Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Total interest costs incurred	$ 125,684	$ 113,016	$ 110,675
Interest capitalized	25,559	18,022	18,122
Interest expense	100,125	94,994	92,553
Cash paid for interest, net of amounts capitalized	105,201	90,185	116,335
Cash paid for income taxes	352	296	274
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans refinanced	166,823	0	0
Mortgage loans assumed with acquisition	79,401	34,385	89,516
DownREIT operating partnership units issued with acquisition	5,918	0	7,742
DownREIT operating partnership units redeemed for common shares	2,569	18,679	4,114
Shares issued under dividend reinvestment plan	$ 2,017	$ 2,017	$ 1,977
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, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Cost	$ 7,635,061	$ 6,759,073
Accumulated Depreciation and Amortization	(1,876,544)	(1,729,234)
Encumbrances	563,061	542,707
Retail and mixed-use properties
Real Estate Properties [Line Items]
Cost	7,500,929	6,621,170
Accumulated Depreciation and Amortization	(1,821,046)	(1,677,938)
Encumbrances	470,720	449,896
Retail properties under capital leases
Real Estate Properties [Line Items]
Cost	123,346	127,359
Accumulated Depreciation and Amortization	(46,140)	(42,308)
Encumbrances	71,556	71,590
Residential
Real Estate Properties [Line Items]
Cost	10,786	10,544
Accumulated Depreciation and Amortization	(9,358)	(8,988)
Encumbrances	$ 20,785	$ 21,221

Real Estate (Significant Acquis

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

Dec. 28, 2017USD ($)

Sep. 25, 2017USD ($)

Aug. 25, 2017USD ($)

Aug. 02, 2017USD ($)ft²property

Jun. 28, 2017USD ($)

May 19, 2017USD ($)ft²

Apr. 04, 2017USD ($)

Mar. 31, 2017USD ($)ft²

Feb. 01, 2017USD ($)ft²

Nov. 07, 2016USD ($)

Jul. 26, 2016USD ($)

May 12, 2016USD ($)

Jan. 13, 2016USD ($)property

Dec. 31, 2017USD ($)project

Sep. 30, 2017USD ($)

Jun. 30, 2017USD ($)

Jun. 28, 2017USD ($)

Mar. 31, 2017USD ($)ft²

Dec. 31, 2017USD ($)project

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2016USD ($)

Business Acquisition and Disposition

Number of real estate properties | project

104

104

Mortgage loans assumed with acquisition

$ 79,401

$ 34,385

$ 89,516

Contributions from noncontrolling interests

35,331

885

$ 34,737

Assets held for sale

$ 0

0

33,856

$ 33,856

Hastings Ranch Plaza

Business Acquisition and Disposition

Square footage of real estate property | ft²

274,000

Purchase price of real estate acquisition

$ 29,500

Riverpoint Center

Business Acquisition and Disposition

Square footage of real estate property | ft²

211,000

211,000

Purchase price of real estate acquisition

$ 107,000

Fourth Street

Business Acquisition and Disposition

Square footage of real estate property | ft²

71,000

Gross value of acquisition

$ 23,900

Controlling interest percentage

90.00%

Noncontrolling interest allocated in acquisition

$ 2,400

Primestor

Business Acquisition and Disposition

Square footage of real estate property | ft²

1,352,000

Gross value of acquisition

$ 357,000

Noncontrolling interest allocated in acquisition

$ 30,600

Azalea

Business Acquisition and Disposition

Square footage of real estate property | ft²

222,000

Bell Gardens

Business Acquisition and Disposition

Square footage of real estate property | ft²

330,000

La Alameda

Business Acquisition and Disposition

Square footage of real estate property | ft²

245,000

Ownership percentage in partnership

24.50%

Olivo at Mission Hills

Business Acquisition and Disposition

Square footage of real estate property | ft²

155,000

Plaza Del Sol

Business Acquisition and Disposition

Square footage of real estate property | ft²

48,000

Plaza Pacoima

Business Acquisition and Disposition

Square footage of real estate property | ft²

204,000

Sylmar Towne Center

Business Acquisition and Disposition

Square footage of real estate property | ft²

148,000

150 Post Street

Business Acquisition and Disposition

Proceeds from sale

$ 69,300

Gain (Loss) on Sale of Properties

$ 45,200

North Lake Commons

Business Acquisition and Disposition

Proceeds from sale

$ 15,600

Gain (Loss) on Sale of Properties

$ 4,900

Primestor

Business Acquisition and Disposition

Number of real estate properties | property

6

Asset Acquisitions, Pro Forma depreciation and amortization

11,500

11,400

Asset Acquisitions Pro Forma Revenue

872,900

826,600

Asset Acquisitions, Pro Forma Net Inome (Loss)

284,600

244,300

Clarion

Business Acquisition and Disposition

Purchase Price

$ 153,700

Ownership percentage in partnership

70.00%

Number of real estate properties | property

6

Cash paid in acquisition

$ 130,000

Mortgage loans assumed with acquisition

34,400

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

Other Assets | Intangible lease assets acquired | Hastings Ranch Plaza

Business Acquisition and Disposition

Net assets acquired allocated to intangible lease assets or liabilities

21,500

Other Assets | Intangible lease assets acquired | Primestor

Business Acquisition and Disposition

Net assets acquired allocated to intangible lease assets or liabilities

$ 7,800

Other Assets | Above Market Leases | Riverpoint Center

Business Acquisition and Disposition

Net assets acquired allocated to intangible lease assets or liabilities

1,000

Other Assets | Above Market Leases | Fourth Street

Business Acquisition and Disposition

Net assets acquired allocated to intangible lease assets or liabilities

800

Other Assets | Above Market Leases | Clarion

Business Acquisition and Disposition

Net assets acquired allocated to intangible lease assets or liabilities

7,300

Other Liabilities | Riverpoint Center

Business Acquisition and Disposition

Net assets acquired allocated to below market leases

$ 12,300

Other Liabilities | Fourth Street

Business Acquisition and Disposition

Net assets acquired allocated to below market leases

$ 300

Other Liabilities | Clarion

Business Acquisition and Disposition

Net assets acquired allocated to below market leases

$ 4,900

Other Liabilities | Intangible lease liabilities acquired | Hastings Ranch Plaza

Business Acquisition and Disposition

Net assets acquired allocated to intangible lease assets or liabilities

$ 15,200

Other Liabilities | Intangible lease liabilities acquired | Primestor

Business Acquisition and Disposition

Net assets acquired allocated to intangible lease assets or liabilities

$ 36,200

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

FRIT/Primestor JV

Business Acquisition and Disposition

Controlling interest percentage

90.00%

FRIT/Primestor JV | La Alameda

Business Acquisition and Disposition

Purchase price of equity method investment

$ 19,800

Mortgage Loan on Unconsolidated Real Estate Property

41,000

Our share of unconsolidated mortgage debt

10,000

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

CocoWalk | General and Administrative Expense | Coconut Grove

Business Acquisition and Disposition

Acquisition costs

200

Land | Assembly Row

Business Acquisition and Disposition

Number of members with purchase options

2

Proceeds from sale

$ 17,300

$ 36,000

Gain (Loss) on Sale of Properties

$ 15,400

Gain on sale of real estate, net of income taxes

$ 15,400

Assets held for sale

$ 33,900

$ 33,900

Land | Bethesda Row

Business Acquisition and Disposition

Proceeds from sale

$ 8,500

Gain (Loss) on Sale of Properties

$ 6,500

Condominiums | Assembly Row

Business Acquisition and Disposition

Gain on sale of real estate, net of income taxes

1,500

$ 600

$ 3,300

5,400

Income taxes related to gain on sale

1,400

Accounts Receivable, Gross

$ 67,100

$ 67,100

Primestor | Mortgages

Business Acquisition and Disposition

Mortgage loans assumed with acquisition

$ 79,400

Acquired In-Place Leases Acqur

Acquired In-Place Leases Acqured Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ (33,111)	$ (29,009)
Finite-Lived Intangible Liabilities, Accumulated Amortization	57,276	49,199
Finite-Lived Intangible LIabilities, Net	(202,169)	(141,049)
Amortization of below market leases, lessor	10,726	8,551	$ 7,130
Net increase in rental income	4,721	1,825	2,705
Amortization of Below Market Lease, Lessee	781	255	255
Net increase in rental expense	491	120	120
Acquired Lease Assets
Total future amortization expense from acquired above market leases	86,997	58,564
Acquired Lease Liabilities
2,018	9,990
2,019	9,488
2,020	8,494
2,021	7,869
2,022	7,484
Thereafter	101,568
Total future amortization expense from acquired below market leases	144,893
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of above market leases, lessor	(6,005)	(6,726)	(4,425)
Amortization of above market leases, lessee	$ (290)	(135)	$ (135)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	4 years 8 months
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	19 years 10 months
Acquired Lease Assets
2,018	$ 5,810
2,019	3,829
2,020	3,182
2,021	2,804
2,022	2,381
Thereafter	35,880
Total future amortization expense from acquired above market leases	53,886
Above Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	52,393	45,327
Finite-Lived Intangible Assets, Accumulated Amortization	(31,406)	(28,085)
Below Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	34,604	13,237
Finite-Lived Intangible Assets, Accumulated Amortization	$ (1,705)	(924)
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	41 years 7 months
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	16 years 11 months
Below Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Gross	$ (193,085)	(138,253)
Finite-Lived Intangible Liabilities, Accumulated Amortization	56,716	48,928
Above Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Gross	(9,084)	(2,796)
Finite-Lived Intangible Liabilities, Accumulated Amortization	$ 560	$ 271

Debt (Summary Of Debt Outstandi

Debt (Summary Of Debt Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 30, 2017	Dec. 21, 2017	Jun. 23, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Mortgages payable	$ 491,505				$ 471,117
Notes payable	320,265				279,151
Net unamortized debt issuance costs	(554)				(1,096)
Senior notes and debentures	2,401,440				1,976,594
Capital lease obligations	71,556				71,590
Total debt and capital lease obligations	3,284,766				2,798,452
Mortgages Payable
Debt Instrument [Line Items]
Principal balance	491,561				466,305
Net unamortized (discount)/premium and debt issuance costs	(56)				4,812
Notes Payable
Debt Instrument [Line Items]
Notes payable	320,819				280,247
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	2,419,200				1,994,200
Net unamortized (discount)/premium and debt issuance costs	(17,760)				(17,606)
The Grove at Shrewsbury (West) | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 10,545				10,792
Interest rate	6.38%
Rollingwood Apartments | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 20,820				21,283
Interest rate	5.54%
The Shops at Sunset Place | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 66,603				68,634
Interest rate	5.624%
29th Place | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 4,341				4,553
Interest rate	5.91%
Sylmar Towne Center | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 17,362				0
Interest rate	5.39%
Plaza Del Sol | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 8,579				0
Interest rate	5.23%
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	$ 71,054				72,726
Interest rate	4.20%
Azalea | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 40,000				0
Interest rate	3.73%
Bell Gardens | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 13,184				0
Interest rate	4.06%
Plaza El Segundo | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 125,000				175,000
Interest rate	3.83%
The Grove at Shrewsbury (East) | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 43,600				42,536
Interest rate	3.77%
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	$ 6,268				6,576
Interest rate	5.36%
Term Loan | Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.90%
Other Notes Payable	$ 275,000				275,000
Revolving credit facility | Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.825%
Revolving credit facility	$ 41,000				0
Various | Notes Payable
Debt Instrument [Line Items]
Interest rate	11.31%
Other Notes Payable	$ 4,819				5,247
5.90% notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 0	$ 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%
3.25% Senior notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 475,000		$ 175,000	$ 300,000	0
Interest rate	3.25%		3.25%
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	$ 550,000			$ 100,000	450,000
Interest rate	4.50%			4.50%
3.625% Senior notes | Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000				$ 250,000
Interest rate	3.625%

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in Thousands	Dec. 31, 2017USD ($)project	Dec. 21, 2017USD ($)	Aug. 31, 2017USD ($)	Aug. 02, 2017USD ($)property	Jun. 23, 2017USD ($)	Jun. 05, 2017USD ($)	Dec. 31, 2017USD ($)project	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 30, 2017USD ($)	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Issuance of senior notes, net of costs		$ 172,500			$ 399,500		$ 572,134	$ 241,795	$ 456,151
Number of real estate properties | project	104						104
Mortgage loans assumed with acquisition							$ 79,401	34,385	89,516
Mortgage loans refinanced							166,823	0	0
Repayments of Senior Debt							161,930	0	219,228
Maximum outstanding under revolving credit facility	$ 800,000						800,000
Mortgages Payable
Debt Instrument [Line Items]
Principal balance	491,561						491,561	466,305
Senior Notes
Debt Instrument [Line Items]
Principal balance	2,419,200						2,419,200	1,994,200
Plaza El Segundo | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 125,000						$ 125,000	175,000
Interest rate	3.83%						3.83%
Plaza El Segundo | Mortgages
Debt Instrument [Line Items]
Principal balance						$ 125,000					$ 175,000
Repayment of mortgage loan						$ 50,000
Interest rate						3.83%
3.25% and 4.50% Senior notes offering | Senior Notes
Debt Instrument [Line Items]
Principal balance					400,000
3.25% Senior notes | Senior Notes
Debt Instrument [Line Items]
Principal balance	$ 475,000	$ 175,000			$ 300,000		$ 475,000	0
Interest rate	3.25%	3.25%					3.25%
Note Offering Percent		99.404%			99.083%
Debt yield to maturity percent		3.323%			3.358%
4.50% notes | Senior Notes
Debt Instrument [Line Items]
Principal balance	$ 550,000				$ 100,000		$ 550,000	450,000
Interest rate	4.50%				4.50%		4.50%
Note Offering Percent					105.76%
Debt yield to maturity percent					4.143%
Primestor | Mortgages
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition				$ 79,400
Fair value of mortgage loan				80,100
Sylmar Towne Center | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 17,362						$ 17,362	0
Interest rate	5.39%						5.39%
Sylmar Towne Center | Mortgages
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition				17,500
Plaza Del Sol | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 8,579						$ 8,579	0
Interest rate	5.23%						5.23%
Plaza Del Sol | Mortgages
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition				8,600
Azalea | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 40,000						$ 40,000	0
Interest rate	3.73%						3.73%
Bell Gardens | Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 13,184						$ 13,184	0
Interest rate	4.06%						4.06%
Bell Gardens | Mortgages
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition				$ 13,300
The Grove at Shrewsbury | Mortgages
Debt Instrument [Line Items]
Principal balance			$ 43,600
Interest rate			3.77%
Mortgage loans refinanced			$ 41,800
5.90% notes
Debt Instrument [Line Items]
Repayments of Senior Debt	$ 164,100
5.90% notes | Senior Notes
Debt Instrument [Line Items]
Principal balance	$ 0						$ 0	150,000		$ 150,000
Interest rate	5.90%						5.90%
Make-whole premium	$ 11,900
Accrued but unpaid interest	2,200
Revolving credit facility
Debt Instrument [Line Items]
Maximum outstanding under revolving credit facility	800,000						$ 800,000
Maximum amount of borrowings outstanding							344,000	251,500	324,000
Weighted average amount of borrowings outstanding							$ 147,500	$ 77,300	$ 109,700
Weighted average interest rate before amortization of debt fees							1.90%	1.30%	1.10%
Line of credit facility, annual facility fee	$ 1,000						$ 1,000
Primestor
Debt Instrument [Line Items]
Number of real estate properties | property				6

Debt (Principal Payments On Mor

Debt (Principal Payments On Mortgage Payable, Notes Payable, Senior Notes and Debentures) (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
2,018		$ 291,734
2,019		26,383
2,020		107,163
2,021		281,235
2,022		367,789
Thereafter		2,157,276
Long-term debt	[1]	3,231,580
Mortgages Payable
Debt Instrument [Line Items]
Principal balance		491,561	$ 466,305
2,018		16,228
2,019		25,820
2,020		65,539
2,021		30,541
2,022		117,018
Thereafter		236,415
Long-term debt		491,561
Notes Payable
Debt Instrument [Line Items]
2,018		275,506
2,019	[2]	563
2,020		41,624
2,021	[3]	694
2,022		771
Thereafter		1,661
Long-term debt		320,819
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		2,419,200	1,994,200
2,018		0
2,019		0
2,020		0
2,021		250,000
2,022		250,000
Thereafter		1,919,200
Long-term debt		2,419,200
Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, annual facility fee		1,000
Revolving credit facility | Notes Payable
Debt Instrument [Line Items]
Revolving credit facility		41,000	0
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, 2017 due to the unamortized premium/(discount) and debt issuance costs on mortgage loans, 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, 2017, there was $41.0 million outstanding under this credit facility.

Debt (Future Minimum Lease Paym

Debt (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 5,800
2,019	5,800
2,020	5,800
2,021	5,800
2,022	5,810
Thereafter	142,425
Future minimum lease payments	171,435
Less amount representing interest	(99,879)
Present value	$ 71,556

Fair Value Of Financial Instr56

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 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	$ 811,770	$ 750,268
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	824,419	760,260
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	2,401,440	1,976,594
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 2,498,445	$ 2,015,973

Fair Value Of Financial Instr57

Fair Value Of Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)agreement	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss) - change in value of interest rate swaps	$ 2,599	$ 1,533	$ (595)
Interest expense reclassified from other comprehensive loss	1,800	3,500
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%
Fair Value, Measurements, Recurring | Prepaid expenses and other assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps (less than for 2017)	$ 100
Fair Value, Measurements, Recurring | Accounts payable and accrued expenses
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps (less than for 2017)		2,600
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 (less than for 2017)	22	(2,577)
Accumulated other comprehensive income (loss)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss) - change in value of interest rate swaps	$ 2,599	$ 1,533	$ (595)

Fair Value Of Financial Instr58

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, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 22	$ (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	22	(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 Contingencies59

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Sep. 30, 2025USD ($)	Oct. 16, 2023USD ($)	Sep. 30, 2023USD ($)	Oct. 16, 2021USD ($)	Jan. 01, 2017
Loss Contingencies [Line Items]
Settlement amount		$ 0.4
Number of defendants		500
Reserves for warranties and general liability		$ 3.3	$ 2.8
Payments from reserves		1.4	2
Letters of credit outstanding, amount		$ 1.3
DownREIT operating partnership units, outstanding | shares		787,962
Operating partnership units outstanding, fair value		$ 104.6
Congressional Plaza | Put Option
Loss Contingencies [Line Items]
Maximum partnership percentage required to purchase		100.00%
Indexed ownership interest percentage		26.63%
Congressional Plaza | Put Option | Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 81
Congressional Plaza | Put Option | Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		85
Montrose Crossing | Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		12
Montrose Crossing | Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 13
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		$ 26
Plaza El Segundo | Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 29
Plaza El Segundo | Put Option
Loss Contingencies [Line Items]
Number of members with purchase options		2
The Grove at Shrewsbury | Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage								4.80%
Brook 35 | Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage								8.80%
Grove at Shrewsbury and Brook 35 | Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 9
Grove at Shrewsbury and Brook 35 | Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		10
Scenario, Forecast | Mercer Mall
Loss Contingencies [Line Items]
Purchase price under option						$ 55
Scenario, Forecast | Mercer Mall | Put Option
Loss Contingencies [Line Items]
Purchase price under option				$ 60
Scenario, Forecast | Melville Mall
Loss Contingencies [Line Items]
Purchase price under option					$ 5		$ 5
Capital improvement, development, and redevelopment projects
Loss Contingencies [Line Items]
Contractual obligations		$ 326.6
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	$ 4.9		$ 4.9
Pending Litigation
Loss Contingencies [Line Items]
Additional liability		$ 0.2

Commitments and Contingencies60

Commitments and Contingencies (Schedule of Lease Payments) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,018	$ 4,583
2,019	4,737
2,020	4,749
2,021	4,757
2,022	4,873
Thereafter	188,132
Total	$ 211,831

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 29, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 04, 2016
Class of Stock [Line Items]
Shares issued under dividend reinvestment plan (in shares)		17,911	15,619	16,524
Issuance of preferred shares, net of costs		$ 144,991	$ 0	$ 0
Preferred shares, par value		$ 0.01	$ 0.01
Conversion price per share		$ 104.69
Net cash proceeds of common stock		$ 118,583	$ 329,103	$ 110,855
At The Market Equity Program
Class of Stock [Line Items]
Shares issued		826,517	1,156,571
Net cash proceeds of common stock		$ 108,300	$ 174,800
Aggregate offering price of common shares					$ 400,000
Weighted average price per common share		$ 132.56	$ 152.92
Remaining capacity to issue		$ 261,300
At The Market Equity Program | Commissions
Class of Stock [Line Items]
Commissions related to sales of common shares		1,100	$ 1,800
At The Market Equity Program | Other Offering Costs
Class of Stock [Line Items]
Commissions related to sales of common shares		$ 200	$ 200
5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, shares outstanding		6,000	0
Preferred shares, percentage	5.00%	5.00%	5.00%	5.00%
Preferred shares, liquidation preference per share	$ 25,000	$ 25,000
Issuance of preferred shares, net of costs	$ 145,000
Preferred shares, par value	$ 0.01
5.417% Series 1 Cumulative Convertible Preferred Shares
Class of Stock [Line Items]
Preferred shares, shares outstanding		399,896	399,896	399,896
Preferred shares, percentage		5.417%	5.417%	5.417%
Preferred shares, liquidation preference per share		$ 25	$ 25	$ 25
Preferred shares, par value				$ 0.01
Depository Shares | 5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference per share	$ 25
Preferred Shares
Class of Stock [Line Items]
Shares issued		6,000
Preferred Shares | Depository Shares | 5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Shares issued	6,000,000

Dividends (Details)

Dividends (Details) - $ / shares	Sep. 29, 2017	Nov. 02, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Common shares, declared		$ 1	$ 3.960	$ 3.840	$ 3.620
Common shares, paid			3.940	3.800	3.550
Preferred shares, paid			1.354	1.354	1.354
Common shares, ordinary dividend			3.940	3.800	3.515
Common shares, capital gain			0	0	0.035
5.417% Series 1 Cumulative Convertible Preferred shares, ordinary dividend			1.354	1.354	1.340
5.417% Series 1 Cumulative Convertible Preferred shares, capital gain			$ 0	$ 0	$ 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%
5.417% Series 1 Cumulative Convertible Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage			5.417%	5.417%	5.417%
Preferred shares, declared			$ 1.354	$ 1.354	$ 1.354
Preferred shares, paid			$ 1.354	$ 1.354	$ 1.354
5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage	5.00%		5.00%	5.00%	5.00%
Preferred shares, declared			$ 0.368	$ 0	$ 0
Preferred shares, paid			$ 0	$ 0	$ 0

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)projectleasestate
Property Subject to or Available for Operating Lease [Line Items]
Number of real estate properties | project	104
Number of states in which entity has properties | state	12
Number of leases | lease	3,000
Percent of annualized base rent	2.90%
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,018	$ 593,461
2,019	537,822
2,020	474,369
2,021	401,869
2,022	328,302
Thereafter	1,402,509
Total	$ 3,738,332
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 a64

Components of Rental Income and Expense (Schedule Of Principal Components Of Rental Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leases, Income Statement, Lease Revenue [Abstract]
Cost reimbursement	$ 171,528	$ 158,042	$ 148,110
Percentage rent	11,148	10,977	11,911
Other	18,191	18,547	15,169
Rental Income	841,461	786,583	727,812
Retail and commercial
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	585,178	549,552	509,825
Residential
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	$ 55,416	$ 49,465	$ 42,797

Components of Rental Income a65

Components of Rental Income and Expense (Schedule Of Minimum Rent) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Components Of Rental Income and Expense [Abstract]
Straight-line rents	$ 12,900	$ 8,100	$ 7,600
Net amortization of above and below market leases	$ 4,721	$ 1,825	$ 2,705

Components of Rental Income a66

Components of Rental Income and Expense (Components Of Rental Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Components Of Rental Income and Expense [Abstract]
Repairs and maintenance	$ 67,996	$ 64,942	$ 62,420
Utilities	25,763	24,968	23,003
Management fees and costs	22,297	20,823	18,639
Payroll	14,922	13,832	12,673
Marketing	9,007	8,520	9,046
Insurance	7,762	7,758	7,875
Ground rent	3,826	2,561	2,540
Bad debt expense	2,591	2,375	1,168
Other operating	10,726	12,547	10,229
Total rental expenses	$ 164,890	$ 158,326	$ 147,593

Share-Based Compensation Plan67

Share-Based Compensation Plans (Allocated Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	$ 12,371	$ 11,227	$ 12,074
Capitalized share-based compensation	(1,385)	(1,310)	(868)
Share-based compensation expense	$ 10,986	$ 9,917	$ 11,206

Share-Based Compensation Plan68

Share-Based Compensation Plans (Weighted Average Assumptions Used to Value Option Granted in 2016) (Details)	12 Months Ended
	Dec. 31, 2017
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 Plan69

Share-Based Compensation Plans (Schedule of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of year (in shares)	259,119
Granted (in shares)	0	0
Exercised (in shares)	(152,634)
Forfeited or expired (in shares)	0
Outstanding at the end of year (in shares)	106,485
Exercisable at the end of year (in shares)	105,939
Outstanding at the beginning of year, Weighted-Average Exercise Price (in dollars per share)	$ 56.66
Granted, Weighted-Average Exercise Price (in dollars per share)	0
Exercised, Weighted-Average Exercise Price (in dollars per share)	65.37
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)	44.18
Exercisable at the end of the year, Weighted-Average Exercise Price (in dollars per share)	$ 43.62
Outstanding at the end of year, Weighted-Average Remaining Contractual Term (in years)	1 year 2 months
Exercisable at the end of year, Weighted-Average Remaining Contractual Term (in years)	1 year 1 month
Outstanding at the end of year, Aggregate Intrinsic Value	$ 9,451
Exercisable at the end of year, Aggregate Intrinsic Value	$ 9,451

Share-Based Compensation Plan70

Share-Based Compensation Plans (Restricted Share Activity) (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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)	217,353
Granted (in shares)	109,815
Vested (in shares)	(87,704)
Forfeited (in shares)	(2,293)
Unvested at the end of year (in shares)	237,171	217,353
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 142.70
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	139.31	$ 152.70	$ 141.08
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)	131.55
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)	142.09
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)		$ 142.70

Share-Based Compensation Plan71

Share-Based Compensation Plans (Common Shares Awarded Under Various Compensation Plans) (Details) - shares	Feb. 07, 2018	Jan. 02, 2018	Dec. 31, 2017
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			109,815
Subsequent Event | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	92,552	5,416
Subsequent Event | Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	3 years
Subsequent Event | Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	4 years
Subsequent Event | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	488
Vesting Term	5 years

Share-Based Compensation Plan72

Share-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)plans$ / sharesshares	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / 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	0		0
Weighted average grant date fair value of options granted | $ / shares	$ 19.52
Total cash received from options exercised	$ 10	$ 4.5	$ 2
Total intrinsic value of options exercised	10.7	$ 4.2	$ 2.1
Total unrecognized compensation cost related to unvested share-based compensation arrangements	$ 17.6
Period for recognition (in years)	6 years 5 months
Weighted-average period for recognition	2 years 2 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	$ 139.31	$ 152.70	$ 141.08
Total vesting-date fair value of shares vested during the year	$ 12.5	$ 13.8	$ 26.1
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
Options
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) - 401(K) and Deferred Compensation Plan - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401(k) Maximum annual contribution per employee	$ 18,000	$ 18,000	$ 18,000
401(k) Employer match	50.00%	50.00%	50.00%
401(k) Employer contribution expense	$ 632,000	$ 602,000	$ 504,000
Deferred compensation liability to participants	$ 12,800,000	$ 10,500,000
Maximum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401(k) 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, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share Narrative [Line Items]
Weighted average unvested shares outstanding	200,000	200,000	200,000
Anti-dilutive stock options excluded from dilutive earnings per share calculation	682	0	0
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, 2017	[1]	Sep. 30, 2017	[1]	Jun. 30, 2017	[1]	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	[2]	Jun. 30, 2016	Mar. 31, 2016	[2]	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Income from continuing operations														$ 219,948	$ 226,425	$ 190,094
Less: Preferred share dividends														(2,458)	(541)	(541)
Less: Income from continuing operations attributable to noncontrolling interests														(7,666)	(7,648)	(8,205)
Less: Earnings allocated to unvested shares														(942)	(702)	(797)
Income from continuing operations available for common shareholders														208,882	217,534	180,551
Gain on sale of real estate and change in control of interests, net														(77,632)	(31,133)	(28,330)
Net income available for common shareholders, basic and diluted														$ 286,514	$ 248,667	$ 208,881
Weighted average common shares outstanding—basic														72,117	70,877	68,797
Stock options														116	172	184
Weighted average common shares outstanding—diluted														72,233	71,049	68,981
Earnings Per Common Share, Basic	$ 0.67		$ 1.47		$ 1.05		$ 0.78	$ 0.81	$ 0.82		$ 0.79	$ 1.10		$ 3.97	$ 3.51	$ 3.04
Earnings Per Common Share, Diluted	$ 0.67		$ 1.47		$ 1.05		$ 0.78	$ 0.80	$ 0.82		$ 0.78	$ 1.10		$ 3.97	$ 3.50	$ 3.03
Income from continuing operations attributable to the Trust														$ 212,282	$ 218,777	$ 181,889
[1]	Second quarter 2017 includes a $15.4 million gain related to the sale of three ground lease parcels at our Assembly Row property in Somerville, Massachusetts. Third quarter 2017 includes a $50.8 million gain on sale of real estate from our 150 Post Street and North Lake Commons properties. Fourth quarter 2017 includes a $6.5 million gain related to the sale of a parcel of land at our Bethesda Row property. Additionally, second, third, and fourth quarter 2017 include net percentage-of-completion gains of $3.3 million, $0.6 million, and $1.5 million, respectively, related to condominiums under binding contract at our Assembly Row property. All of these transactions are further discussed in Note 3. Fourth quarter 2017 includes a $12.3 million early extinguishment of debt charge as further discussed in Note 5.
[2]	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 7.

Selected Quarterly Financial 76

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, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016		Jun. 30, 2016	Mar. 31, 2016		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 223,957		$ 217,953		$ 208,049		$ 207,389	$ 204,109	$ 201,157		$ 197,981	$ 198,344		$ 857,348	$ 801,591	$ 744,012
Operating income	83,157		84,497		83,090		81,544	83,477	80,461		80,135	76,922		332,288	320,995	300,154
Net income	52,785	[1]	108,882	[1]	78,133	[1]	58,070	59,724	61,198	[2]	58,898	79,063	[2]	297,870	258,883	218,424
NET INCOME ATTRIBUTABLE TO THE TRUST	50,656	[1]	106,777	[1]	76,291	[1]	56,190	58,037	58,977	[2]	55,941	76,955	[2]	289,914	249,910	210,219
Net income available for common shareholders	$ 48,645	[1]	$ 106,600	[1]	$ 76,156	[1]	$ 56,055	$ 57,902	$ 58,841	[2]	$ 55,806	$ 76,820	[2]	$ 287,456	$ 249,369	$ 209,678
Earnings Per Common Share, Basic	$ 0.67	[1]	$ 1.47	[1]	$ 1.05	[1]	$ 0.78	$ 0.81	$ 0.82	[2]	$ 0.79	$ 1.10	[2]	$ 3.97	$ 3.51	$ 3.04
Net income available for common shareholders	$ 0.67	[1]	$ 1.47	[1]	$ 1.05	[1]	$ 0.78	$ 0.80	$ 0.82	[2]	$ 0.78	$ 1.10	[2]	$ 3.97	$ 3.50	$ 3.03
[1]	Second quarter 2017 includes a $15.4 million gain related to the sale of three ground lease parcels at our Assembly Row property in Somerville, Massachusetts. Third quarter 2017 includes a $50.8 million gain on sale of real estate from our 150 Post Street and North Lake Commons properties. Fourth quarter 2017 includes a $6.5 million gain related to the sale of a parcel of land at our Bethesda Row property. Additionally, second, third, and fourth quarter 2017 include net percentage-of-completion gains of $3.3 million, $0.6 million, and $1.5 million, respectively, related to condominiums under binding contract at our Assembly Row property. All of these transactions are further discussed in Note 3. Fourth quarter 2017 includes a $12.3 million early extinguishment of debt charge as further discussed in Note 5.
[2]	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 7.

Selected Quarterly Financial 77

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ in Thousands	Dec. 28, 2017	May 12, 2016	Jan. 13, 2016	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Jun. 28, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Early extinguishment of debt				$ 12,300					$ (12,273)	$ 0	$ (19,072)
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		$ 500
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					$ 4,900					$ 4,900
Clarion
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on acquisition of controlling interest			$ 25,700					$ 25,700
Land | Assembly Row
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale of Properties							$ 15,400
Gain on sale of real estate						$ 15,400
Land | 150 Post Street And North Lake Commons
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate					50,800
Land | Bethesda Row
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale of Properties	$ 6,500
Condominiums | Assembly Row
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate				$ 1,500	$ 600	$ 3,300			$ 5,400

Schedule III - Summary of Rea78

Schedule III - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 563,061	$ 542,707
Initial cost to company, Land	1,459,351
Initial cost to company, Buildings and Improvements	2,425,230
Cost Capitalized Subsequent to Acquisition	3,750,480
Gross amount at which carried at close of period, Land	1,427,777
Gross amount at which carried at close of period, Buildings and Improvements	6,207,284
Gross amount at which carried at close of period, Total	7,635,061	6,759,073	$ 6,064,406	$ 5,608,998
Accumulated Depreciation and Amortization	1,876,544	$ 1,729,234	$ 1,574,041	$ 1,467,050
29th Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,312
Initial cost to company, Land	10,211
Initial cost to company, Buildings and Improvements	18,863
Cost Capitalized Subsequent to Acquisition	11,973
Gross amount at which carried at close of period, Land	10,195
Gross amount at which carried at close of period, Buildings and Improvements	30,852
Gross amount at which carried at close of period, Total	41,047
Accumulated Depreciation and Amortization	$ 12,144
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	11,161
Gross amount at which carried at close of period, Land	2,432
Gross amount at which carried at close of period, Buildings and Improvements	23,507
Gross amount at which carried at close of period, Total	25,939
Accumulated Depreciation and Amortization	$ 19,028
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	564,077
Gross amount at which carried at close of period, Land	69,421
Gross amount at which carried at close of period, Buildings and Improvements	622,104
Gross amount at which carried at close of period, Total	691,525
Accumulated Depreciation and Amortization	$ 43,659
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	2,325
Gross amount at which carried at close of period, Land	6,293
Gross amount at which carried at close of period, Buildings and Improvements	19,434
Gross amount at which carried at close of period, Total	25,727
Accumulated Depreciation and Amortization	$ 1,863
Life on which depreciation in latest income statements is computed	35 years
Azalea
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 39,609
Initial cost to company, Land	40,219
Initial cost to company, Buildings and Improvements	67,117
Cost Capitalized Subsequent to Acquisition	4
Gross amount at which carried at close of period, Land	40,219
Gross amount at which carried at close of period, Buildings and Improvements	67,121
Gross amount at which carried at close of period, Total	107,340
Accumulated Depreciation and Amortization	$ 1,049
Life on which depreciation in latest income statements is computed	35 years
Bala Cynwyd
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 3,565
Initial cost to company, Buildings and Improvements	14,466
Cost Capitalized Subsequent to Acquisition	23,443
Gross amount at which carried at close of period, Land	2,581
Gross amount at which carried at close of period, Buildings and Improvements	38,893
Gross amount at which carried at close of period, Total	41,474
Accumulated Depreciation and Amortization	$ 20,299
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	3,279
Gross amount at which carried at close of period, Land	12,617
Gross amount at which carried at close of period, Buildings and Improvements	32,882
Gross amount at which carried at close of period, Total	45,499
Accumulated Depreciation and Amortization	$ 2,030
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	47,088
Gross amount at which carried at close of period, Land	4,363
Gross amount at which carried at close of period, Buildings and Improvements	63,547
Gross amount at which carried at close of period, Total	67,910
Accumulated Depreciation and Amortization	$ 42,077
Life on which depreciation in latest income statements is computed	35 years
Bell Gardens
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,682
Initial cost to company, Land	18,021
Initial cost to company, Buildings and Improvements	82,470
Cost Capitalized Subsequent to Acquisition	159
Gross amount at which carried at close of period, Land	18,021
Gross amount at which carried at close of period, Buildings and Improvements	82,629
Gross amount at which carried at close of period, Total	100,650
Accumulated Depreciation and Amortization	$ 1,843
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	144,089
Gross amount at which carried at close of period, Land	43,896
Gross amount at which carried at close of period, Buildings and Improvements	182,178
Gross amount at which carried at close of period, Total	226,074
Accumulated Depreciation and Amortization	$ 73,883
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	51,757
Gross amount at which carried at close of period, Land	3,945
Gross amount at which carried at close of period, Buildings and Improvements	72,527
Gross amount at which carried at close of period, Total	76,472
Accumulated Depreciation and Amortization	$ 47,932
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	11,849
Gross amount at which carried at close of period, Land	3,856
Gross amount at which carried at close of period, Buildings and Improvements	27,808
Gross amount at which carried at close of period, Total	31,664
Accumulated Depreciation and Amortization	$ 17,680
Life on which depreciation in latest income statements is computed	35 years
Brook 35
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,263
Initial cost to company, Land	7,128
Initial cost to company, Buildings and Improvements	38,355
Cost Capitalized Subsequent to Acquisition	2,043
Gross amount at which carried at close of period, Land	7,128
Gross amount at which carried at close of period, Buildings and Improvements	40,398
Gross amount at which carried at close of period, Total	47,526
Accumulated Depreciation and Amortization	$ 5,494
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	429
Gross amount at which carried at close of period, Land	16,710
Gross amount at which carried at close of period, Buildings and Improvements	13,841
Gross amount at which carried at close of period, Total	30,551
Accumulated Depreciation and Amortization	$ 1,243
Life on which depreciation in latest income statements is computed	35 years
Chelsea Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,037
Initial cost to company, Land	9,417
Initial cost to company, Buildings and Improvements	19,466
Cost Capitalized Subsequent to Acquisition	14,015
Gross amount at which carried at close of period, Land	9,396
Gross amount at which carried at close of period, Buildings and Improvements	33,502
Gross amount at which carried at close of period, Total	42,898
Accumulated Depreciation and Amortization	$ 8,509
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	$ 35,063
Initial cost to company, Buildings and Improvements	71,476
Cost Capitalized Subsequent to Acquisition	9,881
Gross amount at which carried at close of period, Land	34,406
Gross amount at which carried at close of period, Buildings and Improvements	82,014
Gross amount at which carried at close of period, Total	116,420
Accumulated Depreciation and Amortization	$ 6,536
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	10,184
Gross amount at which carried at close of period, Land	5,262
Gross amount at which carried at close of period, Buildings and Improvements	14,255
Gross amount at which carried at close of period, Total	19,517
Accumulated Depreciation and Amortization	$ 10,678
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	92,104
Gross amount at which carried at close of period, Land	1,020
Gross amount at which carried at close of period, Buildings and Improvements	101,301
Gross amount at which carried at close of period, Total	102,321
Accumulated Depreciation and Amortization	$ 53,731
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	1,532
Gross amount at which carried at close of period, Land	1,750
Gross amount at which carried at close of period, Buildings and Improvements	3,401
Gross amount at which carried at close of period, Total	5,151
Accumulated Depreciation and Amortization	$ 1,923
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	16,882
Gross amount at which carried at close of period, Land	4,635
Gross amount at which carried at close of period, Buildings and Improvements	28,493
Gross amount at which carried at close of period, Total	33,128
Accumulated Depreciation and Amortization	$ 16,494
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	8,525
Gross amount at which carried at close of period, Land	27,245
Gross amount at which carried at close of period, Buildings and Improvements	63,100
Gross amount at which carried at close of period, Total	90,345
Accumulated Depreciation and Amortization	$ 21,704
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	1,862
Gross amount at which carried at close of period, Land	29,809
Gross amount at which carried at close of period, Buildings and Improvements	20,164
Gross amount at which carried at close of period, Total	49,973
Accumulated Depreciation and Amortization	$ 3,075
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	$ 14,841
Initial cost to company, Buildings and Improvements	12,918
Cost Capitalized Subsequent to Acquisition	13,317
Gross amount at which carried at close of period, Land	14,841
Gross amount at which carried at close of period, Buildings and Improvements	26,235
Gross amount at which carried at close of period, Total	41,076
Accumulated Depreciation and Amortization	$ 15,380
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	8,057
Gross amount at which carried at close of period, Land	15,587
Gross amount at which carried at close of period, Buildings and Improvements	49,806
Gross amount at which carried at close of period, Total	65,393
Accumulated Depreciation and Amortization	$ 20,432
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	11,772
Gross amount at which carried at close of period, Land	29,079
Gross amount at which carried at close of period, Buildings and Improvements	149,807
Gross amount at which carried at close of period, Total	178,886
Accumulated Depreciation and Amortization	$ 25,229
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	26,981
Gross amount at which carried at close of period, Land	1,608
Gross amount at which carried at close of period, Buildings and Improvements	32,756
Gross amount at which carried at close of period, Total	34,364
Accumulated Depreciation and Amortization	$ 19,622
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	19,211
Gross amount at which carried at close of period, Land	4,013
Gross amount at which carried at close of period, Buildings and Improvements	30,535
Gross amount at which carried at close of period, Total	34,548
Accumulated Depreciation and Amortization	$ 20,099
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	14,530
Gross amount at which carried at close of period, Land	19,117
Gross amount at which carried at close of period, Buildings and Improvements	30,359
Gross amount at which carried at close of period, Total	49,476
Accumulated Depreciation and Amortization	$ 16,037
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	10,943
Gross amount at which carried at close of period, Land	1,819
Gross amount at which carried at close of period, Buildings and Improvements	12,192
Gross amount at which carried at close of period, Total	14,011
Accumulated Depreciation and Amortization	$ 8,664
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	41,769
Gross amount at which carried at close of period, Land	10,216
Gross amount at which carried at close of period, Buildings and Improvements	59,664
Gross amount at which carried at close of period, Total	69,880
Accumulated Depreciation and Amortization	$ 42,794
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	19,604
Gross amount at which carried at close of period, Land	9,252
Gross amount at which carried at close of period, Buildings and Improvements	29,148
Gross amount at which carried at close of period, Total	38,400
Accumulated Depreciation and Amortization	$ 19,836
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	11,666
Gross amount at which carried at close of period, Land	1,345
Gross amount at which carried at close of period, Buildings and Improvements	15,609
Gross amount at which carried at close of period, Total	16,954
Accumulated Depreciation and Amortization	$ 5,981
Life on which depreciation in latest income statements is computed	35 years
Fourth Street
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 13,928
Initial cost to company, Buildings and Improvements	9,909
Cost Capitalized Subsequent to Acquisition	39
Gross amount at which carried at close of period, Land	13,928
Gross amount at which carried at close of period, Buildings and Improvements	9,948
Gross amount at which carried at close of period, Total	23,876
Accumulated Depreciation and Amortization	$ 248
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	4,538
Gross amount at which carried at close of period, Land	18,581
Gross amount at which carried at close of period, Buildings and Improvements	46,196
Gross amount at which carried at close of period, Total	64,777
Accumulated Depreciation and Amortization	$ 3,741
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	40,395
Gross amount at which carried at close of period, Land	24,633
Gross amount at which carried at close of period, Buildings and Improvements	65,642
Gross amount at which carried at close of period, Total	90,275
Accumulated Depreciation and Amortization	$ 37,948
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	4,616
Gross amount at which carried at close of period, Land	12,696
Gross amount at which carried at close of period, Buildings and Improvements	25,419
Gross amount at which carried at close of period, Total	38,115
Accumulated Depreciation and Amortization	$ 11,917
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	14,468
Gross amount at which carried at close of period, Land	5,973
Gross amount at which carried at close of period, Buildings and Improvements	21,467
Gross amount at which carried at close of period, Total	27,440
Accumulated Depreciation and Amortization	$ 17,830
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	6,909
Gross amount at which carried at close of period, Land	2,677
Gross amount at which carried at close of period, Buildings and Improvements	11,738
Gross amount at which carried at close of period, Total	14,415
Accumulated Depreciation and Amortization	$ 7,569
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	20,319
Gross amount at which carried at close of period, Land	2,068
Gross amount at which carried at close of period, Buildings and Improvements	25,224
Gross amount at which carried at close of period, Total	27,292
Accumulated Depreciation and Amortization	$ 20,241
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	18,874
Gross amount at which carried at close of period, Land	1,169
Gross amount at which carried at close of period, Buildings and Improvements	34,038
Gross amount at which carried at close of period, Total	35,207
Accumulated Depreciation and Amortization	$ 28,053
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	17,702
Gross amount at which carried at close of period, Land	525
Gross amount at which carried at close of period, Buildings and Improvements	19,303
Gross amount at which carried at close of period, Total	19,828
Accumulated Depreciation and Amortization	$ 17,270
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	245
Gross amount at which carried at close of period, Land	10,590
Gross amount at which carried at close of period, Buildings and Improvements	21,114
Gross amount at which carried at close of period, Total	31,704
Accumulated Depreciation and Amortization	$ 1,756
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	$ 4,170
Life on which depreciation in latest income statements is computed	35 years
Hastings Ranch Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 0
Initial cost to company, Buildings and Improvements	22,393
Cost Capitalized Subsequent to Acquisition	236
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	22,629
Gross amount at which carried at close of period, Total	22,629
Accumulated Depreciation and Amortization	$ 699
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	5,018
Gross amount at which carried at close of period, Land	8,419
Gross amount at which carried at close of period, Buildings and Improvements	20,652
Gross amount at which carried at close of period, Total	29,071
Accumulated Depreciation and Amortization	$ 11,724
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	4,648
Gross amount at which carried at close of period, Land	1,368
Gross amount at which carried at close of period, Buildings and Improvements	4,676
Gross amount at which carried at close of period, Total	6,044
Accumulated Depreciation and Amortization	$ 3,298
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	21,719
Gross amount at which carried at close of period, Land	8,370
Gross amount at which carried at close of period, Buildings and Improvements	38,569
Gross amount at which carried at close of period, Total	46,939
Accumulated Depreciation and Amortization	$ 14,755
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	$ 12,194
Initial cost to company, Buildings and Improvements	16,008
Cost Capitalized Subsequent to Acquisition	19,144
Gross amount at which carried at close of period, Land	12,194
Gross amount at which carried at close of period, Buildings and Improvements	35,152
Gross amount at which carried at close of period, Total	47,346
Accumulated Depreciation and Amortization	$ 15,825
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	2,106
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	12,181
Gross amount at which carried at close of period, Total	12,181
Accumulated Depreciation and Amortization	$ 3,317
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	2,579
Gross amount at which carried at close of period, Land	4,308
Gross amount at which carried at close of period, Buildings and Improvements	12,605
Gross amount at which carried at close of period, Total	16,913
Accumulated Depreciation and Amortization	$ 8,928
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	954
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	11,668
Gross amount at which carried at close of period, Total	11,668
Accumulated Depreciation and Amortization	$ 8,776
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	12,010
Gross amount at which carried at close of period, Land	75
Gross amount at which carried at close of period, Buildings and Improvements	14,038
Gross amount at which carried at close of period, Total	14,113
Accumulated Depreciation and Amortization	$ 8,212
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	18,432
Gross amount at which carried at close of period, Land	720
Gross amount at which carried at close of period, Buildings and Improvements	21,406
Gross amount at which carried at close of period, Total	22,126
Accumulated Depreciation and Amortization	$ 15,170
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	27,344
Gross amount at which carried at close of period, Land	7,464
Gross amount at which carried at close of period, Buildings and Improvements	49,863
Gross amount at which carried at close of period, Total	57,327
Accumulated Depreciation and Amortization	$ 37,461
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	$ 6,150
Initial cost to company, Buildings and Improvements	8,491
Cost Capitalized Subsequent to Acquisition	20,524
Gross amount at which carried at close of period, Land	6,161
Gross amount at which carried at close of period, Buildings and Improvements	29,004
Gross amount at which carried at close of period, Total	35,165
Accumulated Depreciation and Amortization	$ 24,693
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	17,582
Gross amount at which carried at close of period, Land	8,184
Gross amount at which carried at close of period, Buildings and Improvements	28,304
Gross amount at which carried at close of period, Total	36,488
Accumulated Depreciation and Amortization	$ 14,689
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	50,074
Gross amount at which carried at close of period, Land	79,347
Gross amount at which carried at close of period, Buildings and Improvements	69,356
Gross amount at which carried at close of period, Total	148,703
Accumulated Depreciation and Amortization	$ 22,208
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	20,096
Gross amount at which carried at close of period, Land	35,622
Gross amount at which carried at close of period, Buildings and Improvements	52,978
Gross amount at which carried at close of period, Total	88,600
Accumulated Depreciation and Amortization	$ 12,458
Life on which depreciation in latest income statements is computed	35 years
Mercer Mall
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 55,548
Initial cost to company, Land	29,738
Initial cost to company, Buildings and Improvements	51,047
Cost Capitalized Subsequent to Acquisition	45,957
Gross amount at which carried at close of period, Land	29,738
Gross amount at which carried at close of period, Buildings and Improvements	97,004
Gross amount at which carried at close of period, Total	126,742
Accumulated Depreciation and Amortization	$ 41,330
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	$ 71,054
Initial cost to company, Land	48,624
Initial cost to company, Buildings and Improvements	91,819
Cost Capitalized Subsequent to Acquisition	19,678
Gross amount at which carried at close of period, Land	48,624
Gross amount at which carried at close of period, Buildings and Improvements	111,497
Gross amount at which carried at close of period, Total	160,121
Accumulated Depreciation and Amortization	$ 24,840
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	41,132
Gross amount at which carried at close of period, Land	10,230
Gross amount at which carried at close of period, Buildings and Improvements	74,471
Gross amount at which carried at close of period, Total	84,701
Accumulated Depreciation and Amortization	$ 34,011
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	3
Gross amount at which carried at close of period, Land	9,366
Gross amount at which carried at close of period, Buildings and Improvements	3
Gross amount at which carried at close of period, Total	9,369
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	18,679
Gross amount at which carried at close of period, Land	1,153
Gross amount at which carried at close of period, Buildings and Improvements	29,274
Gross amount at which carried at close of period, Total	30,427
Accumulated Depreciation and Amortization	$ 20,496
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	6,212
Gross amount at which carried at close of period, Land	638
Gross amount at which carried at close of period, Buildings and Improvements	7,210
Gross amount at which carried at close of period, Total	7,848
Accumulated Depreciation and Amortization	$ 5,418
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	30,997
Gross amount at which carried at close of period, Land	3,420
Gross amount at which carried at close of period, Buildings and Improvements	33,762
Gross amount at which carried at close of period, Total	37,182
Accumulated Depreciation and Amortization	$ 21,217
Life on which depreciation in latest income statements is computed	35 years
Olivo at Mission Hills
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 15,048
Initial cost to company, Buildings and Improvements	46,732
Cost Capitalized Subsequent to Acquisition	10,358
Gross amount at which carried at close of period, Land	15,048
Gross amount at which carried at close of period, Buildings and Improvements	57,090
Gross amount at which carried at close of period, Total	72,138
Accumulated Depreciation and Amortization	$ 213
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	7,610
Gross amount at which carried at close of period, Land	8,695
Gross amount at which carried at close of period, Buildings and Improvements	20,538
Gross amount at which carried at close of period, Total	29,233
Accumulated Depreciation and Amortization	$ 15,159
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	100,369
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	103,324
Gross amount at which carried at close of period, Total	103,324
Accumulated Depreciation and Amortization	$ 46,051
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	21,836
Gross amount at which carried at close of period, Land	2,800
Gross amount at which carried at close of period, Buildings and Improvements	28,297
Gross amount at which carried at close of period, Total	31,097
Accumulated Depreciation and Amortization	$ 23,112
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	543,484
Gross amount at which carried at close of period, Land	29,903
Gross amount at which carried at close of period, Buildings and Improvements	555,387
Gross amount at which carried at close of period, Total	585,290
Accumulated Depreciation and Amortization	$ 23,148
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	6,929
Gross amount at which carried at close of period, Land	14,914
Gross amount at which carried at close of period, Buildings and Improvements	29,784
Gross amount at which carried at close of period, Total	44,698
Accumulated Depreciation and Amortization	$ 16,745
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	14,329
Gross amount at which carried at close of period, Land	10,305
Gross amount at which carried at close of period, Buildings and Improvements	35,882
Gross amount at which carried at close of period, Total	46,187
Accumulated Depreciation and Amortization	$ 2,341
Life on which depreciation in latest income statements is computed	35 years
Plaza Del Sol
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,746
Initial cost to company, Land	5,605
Initial cost to company, Buildings and Improvements	12,331
Cost Capitalized Subsequent to Acquisition	0
Gross amount at which carried at close of period, Land	5,605
Gross amount at which carried at close of period, Buildings and Improvements	12,331
Gross amount at which carried at close of period, Total	17,936
Accumulated Depreciation and Amortization	$ 212
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	$ 124,151
Initial cost to company, Land	62,127
Initial cost to company, Buildings and Improvements	153,556
Cost Capitalized Subsequent to Acquisition	65,337
Gross amount at which carried at close of period, Land	64,463
Gross amount at which carried at close of period, Buildings and Improvements	216,557
Gross amount at which carried at close of period, Total	281,020
Accumulated Depreciation and Amortization	$ 39,623
Life on which depreciation in latest income statements is computed	35 years
Plaza Pacoima
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 38,138
Initial cost to company, Buildings and Improvements	12,227
Cost Capitalized Subsequent to Acquisition	0
Gross amount at which carried at close of period, Land	38,138
Gross amount at which carried at close of period, Buildings and Improvements	12,227
Gross amount at which carried at close of period, Total	50,365
Accumulated Depreciation and Amortization	$ 225
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	6,519
Gross amount at which carried at close of period, Land	3,319
Gross amount at which carried at close of period, Buildings and Improvements	14,976
Gross amount at which carried at close of period, Total	18,295
Accumulated Depreciation and Amortization	$ 9,881
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	27,772
Gross amount at which carried at close of period, Land	2,928
Gross amount at which carried at close of period, Buildings and Improvements	35,990
Gross amount at which carried at close of period, Total	38,918
Accumulated Depreciation and Amortization	$ 19,478
Life on which depreciation in latest income statements is computed	35 years
Riverpoint Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 15,422
Initial cost to company, Buildings and Improvements	104,575
Cost Capitalized Subsequent to Acquisition	82
Gross amount at which carried at close of period, Land	15,422
Gross amount at which carried at close of period, Buildings and Improvements	104,657
Gross amount at which carried at close of period, Total	120,079
Accumulated Depreciation and Amortization	$ 2,626
Life on which depreciation in latest income statements is computed	35 years
Rockville Town Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,455
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	8,092
Cost Capitalized Subsequent to Acquisition	43,010
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	51,102
Gross amount at which carried at close of period, Total	51,102
Accumulated Depreciation and Amortization	$ 16,823
Life on which depreciation in latest income statements is computed	50 years
Rollingwood Apts.
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,785
Initial cost to company, Land	552
Initial cost to company, Buildings and Improvements	2,246
Cost Capitalized Subsequent to Acquisition	7,988
Gross amount at which carried at close of period, Land	572
Gross amount at which carried at close of period, Buildings and Improvements	10,214
Gross amount at which carried at close of period, Total	10,786
Accumulated Depreciation and Amortization	$ 9,358
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	1,679
Gross amount at which carried at close of period, Land	4,840
Gross amount at which carried at close of period, Buildings and Improvements	7,998
Gross amount at which carried at close of period, Total	12,838
Accumulated Depreciation and Amortization	$ 5,158
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	1,334
Gross amount at which carried at close of period, Land	39,920
Gross amount at which carried at close of period, Buildings and Improvements	33,800
Gross amount at which carried at close of period, Total	73,720
Accumulated Depreciation and Amortization	$ 4,714
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	788,049
Gross amount at which carried at close of period, Land	57,578
Gross amount at which carried at close of period, Buildings and Improvements	804,655
Gross amount at which carried at close of period, Total	862,233
Accumulated Depreciation and Amortization	$ 182,514
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	2,588
Gross amount at which carried at close of period, Land	4,383
Gross amount at which carried at close of period, Buildings and Improvements	10,879
Gross amount at which carried at close of period, Total	15,262
Accumulated Depreciation and Amortization	$ 6,702
Life on which depreciation in latest income statements is computed	35 years
Sylmar Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,010
Initial cost to company, Land	18,522
Initial cost to company, Buildings and Improvements	24,636
Cost Capitalized Subsequent to Acquisition	376
Gross amount at which carried at close of period, Land	18,522
Gross amount at which carried at close of period, Buildings and Improvements	25,012
Gross amount at which carried at close of period, Total	43,534
Accumulated Depreciation and Amortization	$ 389
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	$ 52,489
Initial cost to company, Land	20,682
Initial cost to company, Buildings and Improvements	72,432
Cost Capitalized Subsequent to Acquisition	23,014
Gross amount at which carried at close of period, Land	20,685
Gross amount at which carried at close of period, Buildings and Improvements	95,443
Gross amount at which carried at close of period, Total	116,128
Accumulated Depreciation and Amortization	$ 32,066
Life on which depreciation in latest income statements is computed	35 years
The Grove at Shrewsbury
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 53,218
Initial cost to company, Land	18,016
Initial cost to company, Buildings and Improvements	103,115
Cost Capitalized Subsequent to Acquisition	3,886
Gross amount at which carried at close of period, Land	18,021
Gross amount at which carried at close of period, Buildings and Improvements	106,996
Gross amount at which carried at close of period, Total	125,017
Accumulated Depreciation and Amortization	$ 13,884
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	254
Gross amount at which carried at close of period, Land	4,441
Gross amount at which carried at close of period, Buildings and Improvements	13,103
Gross amount at which carried at close of period, Total	17,544
Accumulated Depreciation and Amortization	$ 4,912
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	$ 69,149
Initial cost to company, Land	64,499
Initial cost to company, Buildings and Improvements	50,853
Cost Capitalized Subsequent to Acquisition	8,160
Gross amount at which carried at close of period, Land	64,499
Gross amount at which carried at close of period, Buildings and Improvements	59,013
Gross amount at which carried at close of period, Total	123,512
Accumulated Depreciation and Amortization	$ 6,629
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	43,309
Gross amount at which carried at close of period, Land	25,125
Gross amount at which carried at close of period, Buildings and Improvements	53,538
Gross amount at which carried at close of period, Total	78,663
Accumulated Depreciation and Amortization	$ 32,281
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	4,240
Gross amount at which carried at close of period, Land	7,280
Gross amount at which carried at close of period, Buildings and Improvements	14,648
Gross amount at which carried at close of period, Total	21,928
Accumulated Depreciation and Amortization	$ 8,738
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	24,219
Gross amount at which carried at close of period, Land	29,962
Gross amount at which carried at close of period, Buildings and Improvements	67,587
Gross amount at which carried at close of period, Total	97,549
Accumulated Depreciation and Amortization	$ 15,761
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	1,679
Gross amount at which carried at close of period, Land	1,470
Gross amount at which carried at close of period, Buildings and Improvements	13,776
Gross amount at which carried at close of period, Total	15,246
Accumulated Depreciation and Amortization	$ 5,087
Life on which depreciation in latest income statements is computed	35 years
Townson Residential
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 2,328
Initial cost to company, Buildings and Improvements	0
Cost Capitalized Subsequent to Acquisition	20,048
Gross amount at which carried at close of period, Land	2,328
Gross amount at which carried at close of period, Buildings and Improvements	20,048
Gross amount at which carried at close of period, Total	22,376
Accumulated Depreciation and Amortization	$ 221
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	28,424
Gross amount at which carried at close of period, Land	5,865
Gross amount at which carried at close of period, Buildings and Improvements	30,878
Gross amount at which carried at close of period, Total	36,743
Accumulated Depreciation and Amortization	$ 21,234
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	3,825
Gross amount at which carried at close of period, Land	475
Gross amount at which carried at close of period, Buildings and Improvements	4,191
Gross amount at which carried at close of period, Total	4,666
Accumulated Depreciation and Amortization	$ 3,737
Life on which depreciation in latest income statements is computed	17 years
Village at Shirlington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,646
Initial cost to company, Land	9,761
Initial cost to company, Buildings and Improvements	14,808
Cost Capitalized Subsequent to Acquisition	40,418
Gross amount at which carried at close of period, Land	4,234
Gross amount at which carried at close of period, Buildings and Improvements	60,753
Gross amount at which carried at close of period, Total	64,987
Accumulated Depreciation and Amortization	$ 27,322
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	39,726
Gross amount at which carried at close of period, Land	6,319
Gross amount at which carried at close of period, Buildings and Improvements	147,010
Gross amount at which carried at close of period, Total	153,329
Accumulated Depreciation and Amortization	$ 48,562
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	645
Gross amount at which carried at close of period, Land	3,478
Gross amount at which carried at close of period, Buildings and Improvements	22,058
Gross amount at which carried at close of period, Total	25,536
Accumulated Depreciation and Amortization	$ 8,491
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	$ 31,953
Initial cost to company, Buildings and Improvements	1,843
Cost Capitalized Subsequent to Acquisition	140
Gross amount at which carried at close of period, Land	31,983
Gross amount at which carried at close of period, Buildings and Improvements	1,953
Gross amount at which carried at close of period, Total	33,936
Accumulated Depreciation and Amortization	$ 811
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	10,291
Gross amount at which carried at close of period, Land	9,111
Gross amount at which carried at close of period, Buildings and Improvements	11,352
Gross amount at which carried at close of period, Total	20,463
Accumulated Depreciation and Amortization	$ 8,839
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	22,115
Gross amount at which carried at close of period, Land	1,499
Gross amount at which carried at close of period, Buildings and Improvements	28,758
Gross amount at which carried at close of period, Total	30,257
Accumulated Depreciation and Amortization	$ 26,206
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	84,407
Gross amount at which carried at close of period, Land	7,790
Gross amount at which carried at close of period, Buildings and Improvements	87,532
Gross amount at which carried at close of period, Total	95,322
Accumulated Depreciation and Amortization	$ 56,879
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	21,092
Gross amount at which carried at close of period, Land	8,055
Gross amount at which carried at close of period, Buildings and Improvements	34,851
Gross amount at which carried at close of period, Total	42,906
Accumulated Depreciation and Amortization	$ 23,196
Life on which depreciation in latest income statements is computed	35 years

Schedule III Part II - Summar79

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract]
Balance at beginning of year	$ 6,759,073	$ 6,064,406	$ 5,608,998
Acquisitions	555,476	229,296	291,726
Improvements	492,541	483,932	281,471
Deduction during period—dispositions and retirements of property	172,029	18,561	117,789
Balance at end of year	7,635,061	6,759,073	6,064,406
Aggregate cost basis for Federal tax purposes	6,700,000
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	1,729,234	1,574,041	1,467,050
Additions during period—depreciation and amortization expense	193,340	173,244	156,513
Deductions during period—dispositions and retirements of property	46,030	18,051	49,522
Balance at end of year	$ 1,876,544	$ 1,729,234	$ 1,574,041

Schedule IV - Mortgage Loans 80

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.00%	9.90%
Prior Liens		$ 0
Face Amount of Mortgages		30,429
Carrying Amount of Mortgages	[1]	30,429
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		30,400	$ 29,900
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year		29,904	41,618	$ 50,988
Issuance of loans		525		368
Collection and satisfaction of loans			(11,714)	(10,692)
Amortization of discount				954
Balance at end of year		30,429	$ 29,904	$ 41,618
Mortgage On Retail Buildings in Philadelphia, PA, Loan One
Mortgage Loans on Real Estate [Line Items]
Prior Liens		0
Face Amount of Mortgages		21,179
Carrying Amount of Mortgages	[2]	21,179
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 $30.4 million as of December 31, 2017.
[2]	This mortgage is available for up to $25.0 million.