Federal Realty Investment Trust (FRT) 10-Q 2 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	34,903
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		73,221,384

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Operating (including $1,656,951 and $1,639,486 of consolidated variable interest entities, respectively)	$ 7,051,962	$ 6,950,188
Construction-in-progress (including $39,171 and $43,393 of consolidated variable interest entities, respectively)	633,090	684,873
Assets held for sale	36,905	0
Real estate, at cost, total	7,721,957	7,635,061
Less accumulated depreciation and amortization (including $257,604 and $247,410 of consolidated variable interest entities, respectively)	(1,922,110)	(1,876,544)
Net real estate	5,799,847	5,758,517
Cash and cash equivalents	64,407	15,188
Accounts and notes receivable, net	143,148	209,877
Mortgage notes receivable, net	30,429	30,429
Investment in real estate partnerships	23,513	23,941
Prepaid expenses and other assets	232,281	237,803
TOTAL ASSETS	6,293,625	6,275,755
Liabilities
Mortgages payable, net (including $448,641 and $460,372 of consolidated variable interest entities, respectively)	479,333	491,505
Capital lease obligations	71,547	71,556
Notes payable, net	382,396	320,265
Senior notes and debentures, net	2,402,138	2,401,440
Accounts payable and accrued expenses	181,361	196,332
Dividends payable	75,667	75,931
Security deposits payable	17,072	16,667
Other liabilities and deferred credits	169,460	169,388
Total liabilities	3,778,974	3,743,084
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	141,541	141,157
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 73,216,520 and 73,090,877 shares issued and outstanding, respectively	735	733
Additional paid-in capital	2,859,717	2,855,321
Accumulated dividends in excess of net income	(769,311)	(749,367)
Accumulated other comprehensive income	489	22
Total shareholders’ equity of the Trust	2,251,627	2,266,706
Noncontrolling interests	121,483	124,808
Total shareholders’ equity	2,373,110	2,391,514
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	6,293,625	6,275,755
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par	150,000	150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par	$ 9,997	$ 9,997

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Operating real estate, consolidated variable interest entities	$ 1,659,951	$ 1,639,486
Construction-in-progress, consolidated variable interest entities	39,171	43,393
Accumulated depreciation and amortization, consolidated variable interest entities	257,604	247,410
Mortgages payable, consolidated variable interest entities	$ 448,641	$ 460,372
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, percentage	5.417%
Common shares of beneficial interest, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	73,216,520	73,090,877
Common shares of beneficial interest, shares outstanding	73,216,520	73,090,877
5.417% Series 1 Cumulative Convertible Preferred
Preferred shares, percentage	5.417%	5.417%
Preferred shares, liquidation preference	$ 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
Preferred shares, percentage	5.00%	5.00%
Preferred shares, liquidation preference	$ 25,000	$ 25,000
Preferred shares, shares issued	6,000	6,000
Preferred shares, shares outstanding	6,000	6,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUE
Rental income	$ 220,581	$ 204,447
Other property income	4,067	2,190
Mortgage interest income	757	752
Total revenue	225,405	207,389
EXPENSES
Rental expenses	44,773	41,109
Real estate taxes	28,448	25,090
General and administrative	7,929	8,267
Depreciation and amortization	58,110	51,379
Total operating expenses	139,260	125,845
OPERATING INCOME	86,145	81,544
Other interest income	179	106
Interest expense	(26,184)	(23,758)
Loss from real estate partnerships	(525)	0
INCOME FROM CONTINUING OPERATIONS	59,615	57,892
Gain on sale of real estate, net	3,316	178
NET INCOME	62,931	58,070
Net income attributable to noncontrolling interests	(1,684)	(1,880)
NET INCOME ATTRIBUTABLE TO THE TRUST	61,247	56,190
Dividends on preferred shares	(2,010)	(135)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 59,237	$ 56,055
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 0.81	$ 0.78
Weighted average number of common shares	72,905	71,862
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 0.81	$ 0.78
Weighted average number of common shares	72,968	72,005
COMPREHENSIVE INCOME	$ 63,398	$ 59,154
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 61,714	$ 57,274

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income	Noncontrolling Interests	Common SharesAdditional Paid-in Capital
Beginning balance (in shares) at Dec. 31, 2017		405,896	73,090,877
Beginning balance at Dec. 31, 2017	$ 2,391,514	$ 159,997	$ 733	$ 2,855,321	$ (749,367)	$ 22	$ 124,808
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 1, 2018 adoption of new accounting standard - See Note 2	(6,028)				(6,028)
Net income, excluding $1,015 attributable to redeemable noncontrolling interests	61,916				61,247		669
Other comprehensive income - change in fair value of interest rate swaps	467					467
Dividends declared to common shareholders	(73,153)				(73,153)
Dividends declared to preferred shareholders	(2,010)				(2,010)
Distributions declared to noncontrolling interests	(1,348)						(1,348)
Shares issued (in shares)			30
Shares issued	4							$ 4
Exercise of stock options (in shares)			30,000
Exercise of stock options	1,262		$ 1	1,261
Shares issued under dividend reinvestment plan (in shares)			4,440
Shares issued under dividend reinvestment plan	547			547
Share-based compensation expense, net of forfeitures (in shares)			97,968
Share-based compensation expense, net of forfeitures	3,870		$ 1	3,869
Shares withheld for employee taxes (in shares)			(6,795)
Shares withheld for employee taxes	(753)			(753)
Redemption of OP units	(3,178)			(532)			(2,646)
Ending balance (in shares) at Mar. 31, 2018		405,896	73,216,520
Ending balance at Mar. 31, 2018	$ 2,373,110	$ 159,997	$ 735	$ 2,859,717	$ (769,311)	$ 489	$ 121,483

Consolidated Statement Of Shar6

Consolidated Statement Of Shareholders' Equity (Parentheticals) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,015

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES
Net income	$ 62,931	$ 58,070
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,110	51,379
Gain on sale of real estate, net	3,316	178
Loss from real estate partnerships	525	0
Other, net	1,737	(1,739)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable, net	2,322	4,390
Decrease in prepaid expenses and other assets	4,088	3,602
(Decrease) increase in accounts payable and accrued expenses	(5,380)	4,136
Increase in security deposits and other liabilities	3,163	4,273
Net cash provided by operating activities	124,180	123,933
INVESTING ACTIVITIES
Acquisition of real estate	0	(141,222)
Capital expenditures - development and redevelopment	(69,119)	(119,084)
Capital expenditures - other	(20,194)	(16,366)
Proceeds from sale of real estate and real estate partnership interests	51,459	622
Investment in real estate partnerships	(180)	(118)
Distribution from real estate partnership in excess of earnings	93	0
Leasing costs	(8,057)	(3,113)
(Issuance) repayment of mortgage and other notes receivable, net	(180)	5
Net cash used in investing activities	(46,178)	(279,276)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility, net of costs	62,000	217,000
Repayment of mortgages and capital leases	(11,978)	(1,567)
Issuance of common shares, net of costs	1,336	17,359
Dividends paid to common and preferred shareholders	(74,925)	(70,117)
Shares withheld for employee taxes	(753)	(4,061)
Contributions from noncontrolling interests	69	135
Distributions to and redemptions of noncontrolling interests	(5,251)	(4,795)
Net cash (used in) provided by financing activities	(29,502)	153,954
Increase (decrease) in cash, cash equivalents and restricted cash	48,500	(1,389)
Cash, cash equivalents, and restricted cash at beginning of year	25,200	34,849
Cash, cash equivalents, and restricted cash at end of period	$ 73,700	$ 33,460

Business And Organization

Business And Organization	3 Months Ended
	Mar. 31, 2018
Nature Of Operations [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the “Trust”) is an equity real estate investment trust (“REIT”) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. Our properties are located primarily in densely populated and affluent communities in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of March 31, 2018 , 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. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying consolidated balance sheet as of December 31, 2017 , which has been derived from audited financial statements, and unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Trust’s latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year. 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 2017 amounts have been reclassified to conform to current period presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Recently Adopted Accounting Pronouncements Standard Description Date of Adoption Effect on the financial statements or significant matters Revenue from Contracts with Customers (Topic 606) and related updates: 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. January 2018 We implemented 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. The primary impact relates to condominium sales. Most of our revenue is accounted for under the leasing standard, and therefore is not subject to this standard. Standard Description Date of Adoption Effect on the financial statements or significant matters 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 did not have an impact on 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 Prior to the adoption of this standard, "net cash provided by operating activities" was $121.1 million and "net cash used in investing activities" was $278.3 million, for the three months ended March 31, 2017. After the adoption, "net cash provided by operating activities" was $123.9 million and "net cash used in investing activities" was $279.3 million, for the three months ended March 31, 2017. The reclassification is reflected in "increase (decrease) in cash, cash equivalents, and restricted cash" in the Consolidated Statements of Cash Flows. See additional disclosures in "Consolidated Statement of Cash Flows - Supplemental Disclosures." 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. January 2018 The new guidance impacts the gain recognized when a real estate asset is sold to a non-customer and a noncontrolling interest is retained. The adoption of this standard did not have a significant impact on our consolidated financial statements. ASU 2017-09, May 2017, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting 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 The adoption of this standard did not have an impact to our financial statements, as there have been no modifications to awards for the three months ended March 31, 2018. Consolidated Statements of Cash Flows—Supplemental Disclosures The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows: Three Months Ended March 31, 2018 2017 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 32,276 $ 29,209 Interest capitalized (6,092 ) (5,451 ) Interest expense $ 26,184 $ 23,758 Cash paid for interest, net of amounts capitalized $ 31,832 $ 25,089 Cash paid for income taxes $ 57 $ 197 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units issued with acquisition of noncontrolling interest $ — $ 5,918 DownREIT operating partnership units redeemed for common shares $ — $ 951 Shares issued under dividend reinvestment plan $ 477 $ 541 March 31, December 31, 2018 2017 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 64,407 $ 15,188 Restricted cash (1) 9,293 10,012 Total cash, cash equivalents, and restricted cash $ 73,700 $ 25,200 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE During the three months ended March 31, 2018 , we closed on the sale of 73 condominium units at our Assembly Row and Pike & Rose properties and received proceeds net of closing costs of $51.5 million , resulting in a $3.3 million gain, net of $1.0 million of income taxes. The cost basis for remaining condominium units that are ready for their intended use as of March 31, 2018 is $36.9 million , and is included in "assets held for sale" on our consolidated balance sheets. The cost basis of condominium units not yet ready for their intended use is included in "construction-in-progress" on our consolidated balance sheets.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Instruments [Abstract]
DEBT	DEBT On March 1, 2018 , we repaid the $10.5 million mortgage loan on The Grove at Shrewsbury (West) at par. During the three months ended March 31, 2018 , the maximum amount of borrowings outstanding under our $800.0 million revolving credit facility was $133.0 million , the weighted average borrowings outstanding was $99.8 million , and the weighted average interest rate, before amortization of debt fees, was 2.4% . At March 31, 2018 , the outstanding balance was $103.0 million . Our revolving credit facility, term loan and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of March 31, 2018 , we were in compliance with all default related debt covenants.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: March 31, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 861,729 $ 863,535 $ 811,770 $ 824,419 Senior notes and debentures $ 2,402,138 $ 2,421,557 $ 2,401,440 $ 2,498,445 As of March 31, 2018 , we have two interest rate swap agreements with a notional amount of $275.0 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the variable portion of our $275.0 million term loan at 1.72% through November 1, 2018. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Within the next 12 months, we expect to reclassify an estimated $0.5 million as a decrease to interest expense. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit-worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings as of March 31, 2018 , and we do not anticipate it will have a significant effect in the future. The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at March 31, 2018 was an asset of $0.5 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three months ended March 31, 2018 , the change in valuation on our interest rate swaps resulted in a $0.5 million increase in our derivative asset, (including $0.1 million reclassified from other comprehensive income to interest expense). The change in valuation on our interest rate swaps is included in "accumulated other comprehensive income." A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 489 $ — $ 489 $ — $ 22 $ — $ 22

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us. Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option. A total of 762,487 downREIT operating partnership units are outstanding which have a total fair value of $88.5 million , based on our closing stock price on March 31, 2018 .

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY The following table provides a summary of dividends declared and paid per share: Three Months Ended March 31, 2018 2017 Declared Paid Declared Paid Common shares $ 1.000 $ 1.000 $ 0.980 $ 0.980 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.339 $ 0.339 $ 0.339 $ 0.339 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.313 $ 0.368 $ — $ — (1) Amount represents dividends per depository share, each representing 1/1000th of a share.

Components Of Rental Income

Components Of Rental Income	3 Months Ended
	Mar. 31, 2018
Components Of Rental Income and Expense [Abstract]
COMPONENTS OF RENTAL INCOME	COMPONENTS OF RENTAL INCOME The principal components of rental income are as follows: Three Months Ended March 31, 2018 2017 (In thousands) Minimum rents Retail and commercial $ 152,150 $ 142,143 Residential 16,015 13,503 Cost reimbursement 45,204 41,518 Percentage rents 2,774 2,823 Other 4,438 4,460 Total rental income $ 220,581 $ 204,447 Minimum rents include the following: Three Months Ended March 31, 2018 2017 (In millions) Straight-line rents $ 1.9 $ 3.6 Amortization of above market leases $ (1.7 ) $ (1.4 ) Amortization of below market leases $ 2.5 $ 2.5

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANS A summary of share-based compensation expense included in net income is as follows: Three Months Ended March 31, 2018 2017 (In thousands) Grants of common shares and options $ 3,870 $ 3,549 Capitalized share-based compensation (438 ) (317 ) Share-based compensation expense $ 3,432 $ 3,232

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For the three months ended March 31, 2018 and 2017 , we had 0.3 million and 0.2 million weighted average unvested shares outstanding, respectively, 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 for the three months ended March 31, 2018 , and no anti-dilutive stock options for the three months ended March 31, 2017 . The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Three Months Ended March 31, 2018 2017 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 59,615 $ 57,892 Less: Preferred share dividends (2,010 ) (135 ) Less: Income from continuing operations attributable to noncontrolling interests (1,684 ) (1,772 ) Less: Earnings allocated to unvested shares (253 ) (235 ) Income from continuing operations available for common shareholders 55,668 55,750 Gain on sale of real estate, net 3,316 70 Net income available for common shareholders, basic and diluted $ 58,984 $ 55,820 DENOMINATOR Weighted average common shares outstanding—basic 72,905 71,862 Stock options 63 143 Weighted average common shares outstanding—diluted 72,968 72,005 EARNINGS PER COMMON SHARE, BASIC: Net income available for common shareholders $ 0.81 $ 0.78 EARNINGS PER COMMON SHARE, DILUTED: Net income available for common shareholders $ 0.81 $ 0.78 Income from continuing operations attributable to the Trust $ 57,931 $ 56,120

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying consolidated balance sheet as of December 31, 2017 , which has been derived from audited financial statements, and unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Trust’s latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year.
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 2017 amounts have been reclassified to conform to current period presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Standard Description Date of Adoption Effect on the financial statements or significant matters Revenue from Contracts with Customers (Topic 606) and related updates: 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. January 2018 We implemented 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. The primary impact relates to condominium sales. Most of our revenue is accounted for under the leasing standard, and therefore is not subject to this standard. Standard Description Date of Adoption Effect on the financial statements or significant matters 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 did not have an impact on 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 Prior to the adoption of this standard, "net cash provided by operating activities" was $121.1 million and "net cash used in investing activities" was $278.3 million, for the three months ended March 31, 2017. After the adoption, "net cash provided by operating activities" was $123.9 million and "net cash used in investing activities" was $279.3 million, for the three months ended March 31, 2017. The reclassification is reflected in "increase (decrease) in cash, cash equivalents, and restricted cash" in the Consolidated Statements of Cash Flows. See additional disclosures in "Consolidated Statement of Cash Flows - Supplemental Disclosures." 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. January 2018 The new guidance impacts the gain recognized when a real estate asset is sold to a non-customer and a noncontrolling interest is retained. The adoption of this standard did not have a significant impact on our consolidated financial statements. ASU 2017-09, May 2017, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting 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 The adoption of this standard did not have an impact to our financial statements, as there have been no modifications to awards for the three months ended March 31, 2018.

Summary Of Significant Accoun19

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Supplemental disclosures related to the Consolidated Statements Of Cash Flows	Three Months Ended March 31, 2018 2017 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 32,276 $ 29,209 Interest capitalized (6,092 ) (5,451 ) Interest expense $ 26,184 $ 23,758 Cash paid for interest, net of amounts capitalized $ 31,832 $ 25,089 Cash paid for income taxes $ 57 $ 197 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units issued with acquisition of noncontrolling interest $ — $ 5,918 DownREIT operating partnership units redeemed for common shares $ — $ 951 Shares issued under dividend reinvestment plan $ 477 $ 541
Reconciliation of cash, cash equivalents, and restricted cash	March 31, December 31, 2018 2017 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 64,407 $ 15,188 Restricted cash (1) 9,293 10,012 Total cash, cash equivalents, and restricted cash $ 73,700 $ 25,200 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Fair Value Of Financial Instr20

Fair Value Of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Summary of carrying amount and fair value of financial instruments	A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: March 31, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 861,729 $ 863,535 $ 811,770 $ 824,419 Senior notes and debentures $ 2,402,138 $ 2,421,557 $ 2,401,440 $ 2,498,445
Summary of financial liabilities measured at fair value on a recurring basis	A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 489 $ — $ 489 $ — $ 22 $ — $ 22

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Summary of dividends declared and paid per share	The following table provides a summary of dividends declared and paid per share: Three Months Ended March 31, 2018 2017 Declared Paid Declared Paid Common shares $ 1.000 $ 1.000 $ 0.980 $ 0.980 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.339 $ 0.339 $ 0.339 $ 0.339 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.313 $ 0.368 $ — $ — (1) Amount represents dividends per depository share, each representing 1/1000th of a share.

Components Of Rental Income (Ta

Components Of Rental Income (Tables)	3 Months Ended
	Mar. 31, 2018
Components Of Rental Income and Expense [Abstract]
Principal components of rental income	The principal components of rental income are as follows: Three Months Ended March 31, 2018 2017 (In thousands) Minimum rents Retail and commercial $ 152,150 $ 142,143 Residential 16,015 13,503 Cost reimbursement 45,204 41,518 Percentage rents 2,774 2,823 Other 4,438 4,460 Total rental income $ 220,581 $ 204,447
Minimum rents	Minimum rents include the following: Three Months Ended March 31, 2018 2017 (In millions) Straight-line rents $ 1.9 $ 3.6 Amortization of above market leases $ (1.7 ) $ (1.4 ) Amortization of below market leases $ 2.5 $ 2.5

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of share-based compensation expense included in net income	A summary of share-based compensation expense included in net income is as follows: Three Months Ended March 31, 2018 2017 (In thousands) Grants of common shares and options $ 3,870 $ 3,549 Capitalized share-based compensation (438 ) (317 ) Share-based compensation expense $ 3,432 $ 3,232

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 for the three months ended March 31, 2018 , and no anti-dilutive stock options for the three months ended March 31, 2017 . The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Three Months Ended March 31, 2018 2017 (In thousands, except per share data) NUMERATOR Income from continuing operations $ 59,615 $ 57,892 Less: Preferred share dividends (2,010 ) (135 ) Less: Income from continuing operations attributable to noncontrolling interests (1,684 ) (1,772 ) Less: Earnings allocated to unvested shares (253 ) (235 ) Income from continuing operations available for common shareholders 55,668 55,750 Gain on sale of real estate, net 3,316 70 Net income available for common shareholders, basic and diluted $ 58,984 $ 55,820 DENOMINATOR Weighted average common shares outstanding—basic 72,905 71,862 Stock options 63 143 Weighted average common shares outstanding—diluted 72,968 72,005 EARNINGS PER COMMON SHARE, BASIC: Net income available for common shareholders $ 0.81 $ 0.78 EARNINGS PER COMMON SHARE, DILUTED: Net income available for common shareholders $ 0.81 $ 0.78 Income from continuing operations attributable to the Trust $ 57,931 $ 56,120

Business And Organization (Deta

Business And Organization (Details)	3 Months Ended
	Mar. 31, 2018project
Nature Of Operations [Abstract]
Number of real estate properties	104
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accoun26

Summary Of Significant Accounting Policies Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact to accumulated dividends in excess of net income, net of tax	$ (6,028)
Net cash provided by operating activities	124,180	$ 123,933
Net cash used in investing activities	(46,178)	(279,276)
ASU 2016-18 | Before adoption of standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities		121,100
Net cash used in investing activities		(278,300)
ASU 2016-18 | After adoption of standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities		123,900
Net cash used in investing activities		$ (279,300)
Condominium sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact to accumulated dividends in excess of net income, net of tax	5,400
Cumulative impact to accumulated dividends in excess of net income, tax	1,400
Additional cumulative effect
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact to accumulated dividends in excess of net income, net of tax	$ 600

Summary Of Significant Accoun27

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Total interest costs incurred	$ 32,276	$ 29,209
Interest capitalized	(6,092)	(5,451)
Interest expense	26,184	23,758
Cash paid for interest, net of amounts capitalized	31,832	25,089
Cash paid for income taxes	57	197
DownREIT operating partnership units issued with acquisition of noncontrolling interest	0	5,918
DownREIT operating partnership units redeemed for common shares	0	951
Shares issued under dividend reinvestment plan	$ 477	$ 541

Summary Of Significant Accoun28

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 64,407	$ 15,188
Restricted cash	[1]	9,293	10,012
Total cash, cash equivalents, and restricted cash		$ 73,700	$ 25,200	$ 33,460	$ 34,849
[1]	(1)Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate (Significant Dispos

Real Estate (Significant Dispositions) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)condominiums	Dec. 31, 2017USD ($)
Dispositions
Assets held for sale	$ 36,905	$ 0
Assembly Row and Pike & Rose | Condominiums
Dispositions
Number of condominium units sold | condominiums	73
Proceeds from sale	$ 51,500
Gain on sale	3,300
Taxes related to the sale of condominiums	1,000
Assets held for sale	$ 36,900

Debt (Details)

Debt (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 800
Maximum amount outstanding under revolving credit facility	133
Weighted average borrowings outstanding	$ 99.8
Weighted average interest rate, before amortization of debt fees	2.40%
Outstanding balance of revolving credit facility	$ 103
Mortgage loan | The Grove at Shrewsbury (West)
Debt Instrument [Line Items]
Principal amount of mortgage loan repayment	$ 10.5

Fair Value of Financial Instr31

Fair Value of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Mortgages payable and notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 861,729	$ 811,770
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	863,535	824,419
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	2,402,138	2,401,440
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 2,421,557	$ 2,498,445

Fair Value Of Financial Instr32

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)agreement	Dec. 31, 2017USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest rate cash flow hedge to be reclassified within next 12 months, net	$ 500
Other comprehensive income - change in value of interest rate swaps	467
Interest expense reclassified from other comprehensive income	100
Accumulated other comprehensive income
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income - change in value of interest rate swaps	467
Fair Value, Measurements, Recurring | Prepaid expenses and other assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	500
Interest Rate Swap | Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Term loan	$ 275,000
Interest rate of variable portion of term loan	1.72%
Interest Rate Swap | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements | agreement	2
Notional amount of interest rate swap agreements	$ 275,000
Fair value of interest rate swaps	489	$ 22
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	$ 489	$ 22

Fair Value of Financial Instr33

Fair Value of Financial Instruments - Summary of Financial Liabilities Measured on a Recurring Basis (Details) - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 489	$ 22
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	489	22
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2018USD ($)shares
Commitments and Contingencies Disclosure [Abstract]
downREIT operating partnership units, outstanding | shares	762,487
downREIT operating partnership units outstanding, fair value | $	$ 88.5

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Dividends
Dividends declared per common share		$ 1	$ 0.980
Dividends paid per common share		$ 1	$ 0.980
Preferred shares, percentage		5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred
Dividends
Preferred shares, percentage		5.417%	5.417%	5.417%
Dividends declared per preferred share		$ 0.339	$ 0.339
Dividends paid per preferred share		$ 0.339	$ 0.339
5.0% Series C Cumulative Redeemable Preferred
Dividends
Preferred shares, percentage		5.00%	5.00%	5.00%
Dividends declared per preferred share	[1]	$ 0.313	$ 0
Dividends paid per preferred share	[1]	$ 0.368	$ 0
[1]	(1)Amount represents dividends per depository share, each representing 1/1000th of a share.

Components Of Rental Income (Sc

Components Of Rental Income (Schedule Of Principal Components Of Rental Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cost reimbursement	$ 45,204	$ 41,518
Percentage rents	2,774	2,823
Other	4,438	4,460
Total rental income	220,581	204,447
Retail and Commercial
Minimum rents	152,150	142,143
Residential
Minimum rents	$ 16,015	$ 13,503

Components Of Rental Income (37

Components Of Rental Income (Schedule Of Minimum Rent) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Minimum Rent [Line Items]
Straight-line rents	$ 1.9	$ 3.6
Amortization of above market leases
Minimum Rent [Line Items]
Amortization of above and below market leases	(1.7)	(1.4)
Amortization of below market leases
Minimum Rent [Line Items]
Amortization of above and below market leases	$ 2.5	$ 2.5

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Grants of common shares and options	$ 3,870	$ 3,549
Capitalized share-based compensation	(438)	(317)
Share-based compensation expense	$ 3,432	$ 3,232

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Weighted average unvested shares outstanding	300,000	200,000
Anti-dilutive stock options	682	0
Cumulative convertible preferred shares, dividend rate	5.417%	5.417%

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
INCOME FROM CONTINUING OPERATIONS	$ 59,615	$ 57,892
Less: Preferred share dividends	(2,010)	(135)
Less: Income from continuing operations attributable to noncontrolling interests	(1,684)	(1,772)
Less: Earnings allocated to unvested shares	(253)	(235)
Income from continuing operations available for common shareholders	55,668	55,750
Gain on sale of real estate, net	3,316	70
Net income available for common shareholders, basic and diluted	$ 58,984	$ 55,820
Weighted average common shares outstanding—basic	72,905	71,862
Stock options	63	143
Weighted average common shares outstanding—diluted	72,968	72,005
Earnings per common share, basic	$ 0.81	$ 0.78
Earnings per common share, diluted	$ 0.81	$ 0.78
Income from continuing operations attributable to the Trust	$ 57,931	$ 56,120