Federal Realty Investment Trust (FRT) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Commission File Number	1-07533
Name of Registrant	FEDERAL REALTY INVESTMENT TRUST
State of Organization	MD
IRS Employer Identification No.	52-0782497
Entity Address, Address	1626 East Jefferson Street
Entity Address, City	Rockville
Entity Address, State	MD
Entity Address, Zip Code	20852
Registrant's Telephone Area Code	301
Registrant's Telephone Number	998-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,522,757
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Shares of Beneficial Interest
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	FRT
Security Exchange Name	NYSE
5.0% Series C Cumulative Redeemable Preferred
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/1000 of a share
Trading Symbol	FRT-C
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Operating (including $1,536,443 and $1,701,804 of consolidated variable interest entities, respectively)	$ 7,302,912	$ 7,307,622
Construction-in-progress (including $97,922 and $51,313 of consolidated variable interest entities, respectively)	691,989	495,274
Assets held for sale	49,835	16,576
Real estate, at cost, total	8,044,736	7,819,472
Less accumulated depreciation and amortization (including $289,739 and $292,374 of consolidated variable interest entities, respectively)	(2,190,486)	(2,059,143)
Net real estate	5,854,250	5,760,329
Cash and cash equivalents	162,543	64,087
Accounts and notes receivable, net	143,855	142,237
Mortgage notes receivable, net	30,429	30,429
Investment in partnerships	30,017	26,859
Operating lease right of use assets	94,271	0
Finance lease right of use assets	52,723	0
Prepaid expenses and other assets	239,477	265,703
TOTAL ASSETS	6,607,565	6,289,644
Liabilities
Mortgages payable, net (including $389,523 and $444,388 of consolidated variable interest entities, respectively)	466,600	474,379
Capital lease obligations	0	71,519
Notes payable, net	3,889	279,027
Senior notes and debentures, net	2,806,422	2,404,279
Accounts payable and accrued expenses	221,781	177,922
Dividends payable	81,477	78,207
Security deposits payable	20,354	17,875
Operating lease liabilities	74,032	0
Finance lease liabilities	72,065	0
Other liabilities and deferred credits	165,542	182,898
Total liabilities	3,912,162	3,686,106
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	122,282	136,208
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 75,494,931 and 74,249,633 shares issued and outstanding, respectively	758	745
Additional paid-in capital	3,167,460	3,004,442
Accumulated dividends in excess of net income	(857,152)	(818,877)
Accumulated other comprehensive loss	(1,135)	(416)
Total shareholders’ equity of the Trust	2,469,928	2,345,891
Noncontrolling interests	103,193	121,439
Total shareholders’ equity	2,573,121	2,467,330
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	6,607,565	6,289,644
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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Operating real estate, consolidated variable interest entities	$ 1,536,443	$ 1,536,443	$ 1,701,804
Construction-in-progress, consolidated variable interest entities	97,922	97,922	51,313
Accumulated depreciation and amortization, consolidated variable interest entities	289,739	289,739	292,374
Mortgages payable, consolidated variable interest entities	$ 389,523	$ 389,523	$ 444,388
Preferred shares, authorized	15,000,000	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01	$ 0.01
Common shares of beneficial interest, par value	$ 0.01	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	75,494,931	75,494,931	74,249,633
Common shares of beneficial interest, shares outstanding	75,494,931	75,494,931	74,249,633
5.417% Series 1 Cumulative Convertible Preferred
Preferred shares, percentage	5.417%	5.417%	5.417%
Preferred shares, liquidation preference	$ 25	$ 25	$ 25
Preferred shares, shares issued	399,896	399,896	399,896
Preferred shares, shares outstanding	399,896	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	$ 25,000
Preferred shares, shares issued	6,000	6,000	6,000
Preferred shares, shares outstanding	6,000	6,000	6,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUE
Rental income	$ 233,212	$ 228,960	$ 694,435	$ 677,776
Mortgage interest income	735	793	2,204	2,284
Total revenue	233,947	229,753	696,639	680,060
EXPENSES
Rental expenses	54,484	41,909	140,182	126,587
Real estate taxes	29,030	29,086	81,883	85,841
General and administrative	11,060	7,638	32,047	23,980
Depreciation and amortization	59,648	60,778	178,327	177,269
Total operating expenses	154,222	139,411	432,439	413,677
Gain on sale of real estate, net of tax	14,293	3,125	30,490	10,413
OPERATING INCOME	94,018	93,467	294,690	276,796
OTHER INCOME/(EXPENSE)
Other interest income	389	319	755	657
Interest expense	(27,052)	(28,166)	(82,567)	(82,116)
Loss from partnerships	(249)	(1,440)	(1,302)	(2,693)
NET INCOME	67,106	64,180	211,576	192,644
Net income attributable to noncontrolling interests	(1,641)	(1,622)	(5,065)	(5,244)
NET INCOME ATTRIBUTABLE TO THE TRUST	65,465	62,558	206,511	187,400
Dividends on preferred shares	(2,010)	(2,010)	(6,031)	(6,031)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 63,455	$ 60,548	$ 200,480	$ 181,369
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 0.84	$ 0.82	$ 2.68	$ 2.47
Weighted average number of common shares	74,832	73,400	74,584	73,100
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 0.84	$ 0.82	$ 2.68	$ 2.47
Weighted average number of common shares	74,832	73,408	74,584	73,136
COMPREHENSIVE INCOME	$ 66,995	$ 63,895	$ 210,857	$ 192,749
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 65,354	$ 62,273	$ 205,792	$ 187,505

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 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 adoption of new accounting standard - See Note 2	(6,028)				(6,028)
Net income, excluding amounts attributable to redeemable noncontrolling interests	189,724				187,400		2,324
Other comprehensive (loss) income - change in fair value of interest rate swaps	105					105
Dividends declared to common shareholders	(221,623)				(221,623)
Dividends declared to preferred shareholders	(6,031)				(6,031)
Distributions declared to noncontrolling interests	(4,010)						(4,010)
Shares issued (in shares)			612,727
Shares issued	77,371		$ 6					$ 77,365
Exercise of stock options (in shares)			93,593
Exercise of stock options	4,041		$ 1	4,040
Shares issued under dividend reinvestment plan (in shares)			13,750
Shares issued under dividend reinvestment plan	1,647			1,647
Share-based compensation expense, net of forfeitures (in shares)			55,773
Share-based compensation expense, net of forfeitures	9,638		$ 1	9,637
Shares withheld for employee taxes (in shares)			(8,189)
Shares withheld for employee taxes	(927)			(927)
Conversion and redemption of OP units (in Shares)			749
Conversion and redemption of OP units	(5,906)		$ 0	(528)			(5,378)
Contributions from noncontrolling interests	3,924						3,924
Ending balance (in shares) at Sep. 30, 2018		405,896	73,859,280
Ending balance at Sep. 30, 2018	2,433,439	$ 159,997	$ 741	2,946,555	(795,649)	127	121,668
Beginning balance (in shares) at Jun. 30, 2018		405,896	73,434,943
Beginning balance at Jun. 30, 2018	2,387,592	$ 159,997	$ 737	2,884,771	(780,973)	412	122,648
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	63,258				62,558		700
Other comprehensive (loss) income - change in fair value of interest rate swaps	(285)					(285)
Dividends declared to common shareholders	(75,224)				(75,224)
Dividends declared to preferred shareholders	(2,010)				(2,010)
Distributions declared to noncontrolling interests	(1,243)						(1,243)
Shares issued (in shares)			464,113
Shares issued	59,051		$ 4					59,047
Exercise of stock options (in shares)			0
Exercise of stock options	0			0
Shares issued under dividend reinvestment plan (in shares)			4,458
Shares issued under dividend reinvestment plan	561			561
Share-based compensation expense, net of forfeitures (in shares)			(43,801)
Share-based compensation expense, net of forfeitures	2,494		$ 0	2,494
Shares withheld for employee taxes (in shares)			(1,182)
Shares withheld for employee taxes	(150)			(150)
Conversion and redemption of OP units (in Shares)			749
Conversion and redemption of OP units	(1,520)		$ 0	(168)			(1,352)
Contributions from noncontrolling interests	915						915
Ending balance (in shares) at Sep. 30, 2018		405,896	73,859,280
Ending balance at Sep. 30, 2018	2,433,439	$ 159,997	$ 741	2,946,555	(795,649)	127	121,668
Beginning balance (in shares) at Dec. 31, 2018		405,896	74,249,633
Beginning balance at Dec. 31, 2018	2,467,330	$ 159,997	$ 745	3,004,442	(818,877)	(416)	121,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 1 adoption of new accounting standard - See Note 2	(7,098)				(7,098)
Net income, excluding amounts attributable to redeemable noncontrolling interests	208,972				206,511		2,461
Other comprehensive (loss) income - change in fair value of interest rate swaps	(719)					(719)
Dividends declared to common shareholders	(231,657)				(231,657)
Dividends declared to preferred shareholders	(6,031)				(6,031)
Distributions declared to noncontrolling interests	(8,812)						(8,812)
Shares issued (in shares)			1,045,470
Shares issued	139,499		$ 11					139,488
Shares issued under dividend reinvestment plan (in shares)			12,006
Shares issued under dividend reinvestment plan	1,567			1,567
Share-based compensation expense, net of forfeitures (in shares)			110,804
Share-based compensation expense, net of forfeitures	10,143		$ 1	10,142
Shares withheld for employee taxes (in shares)			(34,234)
Shares withheld for employee taxes	(4,615)			(4,615)
Conversion and redemption of OP units (in Shares)			111,252
Conversion and redemption of OP units	(72)		$ 1	11,933			(12,006)
Contributions from noncontrolling interests	111						111
Adjustment to redeemable noncontrolling interests	4,503			4,503
Ending balance (in shares) at Sep. 30, 2019		405,896	75,494,931
Ending balance at Sep. 30, 2019	2,573,121	$ 159,997	$ 758	3,167,460	(857,152)	(1,135)	103,193
Beginning balance (in shares) at Jun. 30, 2019		405,896	74,950,197
Beginning balance at Jun. 30, 2019	2,510,646	$ 159,997	$ 752	3,088,946	(841,505)	(1,024)	103,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	66,285				65,465		820
Other comprehensive (loss) income - change in fair value of interest rate swaps	(111)					(111)
Dividends declared to common shareholders	(79,102)				(79,102)
Dividends declared to preferred shareholders	(2,010)				(2,010)
Distributions declared to noncontrolling interests	(1,148)						(1,148)
Shares issued (in shares)			533,516
Shares issued	71,195		$ 6					$ 71,189
Shares issued under dividend reinvestment plan (in shares)			3,885
Shares issued under dividend reinvestment plan	513			513
Share-based compensation expense, net of forfeitures (in shares)			8,667
Share-based compensation expense, net of forfeitures	3,151			3,151
Shares withheld for employee taxes (in shares)			(1,334)
Shares withheld for employee taxes	(173)			(173)
Conversion and redemption of OP units (in Shares)			0
Conversion and redemption of OP units	(72)			(2)			(70)
Contributions from noncontrolling interests	111						111
Adjustment to redeemable noncontrolling interests	3,836			3,836
Ending balance (in shares) at Sep. 30, 2019		405,896	75,494,931
Ending balance at Sep. 30, 2019	$ 2,573,121	$ 159,997	$ 758	$ 3,167,460	$ (857,152)	$ (1,135)	$ 103,193

Consolidated Statement Of Sha_2

Consolidated Statement Of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 821	$ 922	$ 2,604	$ 2,920
Dividends declared to common shareholders (in dollars per share)	$ 1.05	$ 1.02	$ 3.09	$ 3.02

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net income	$ 211,576	$ 192,644
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	178,327	177,269
Gain on sale of real estate, net of tax	(30,490)	(10,413)
Loss from partnerships	1,302	2,693
Other, net	(457)	3,251
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Proceeds from new market tax credit transaction, net of deferred costs	0	12,353
Increase in accounts receivable, net	(8,867)	(4,514)
Increase in prepaid expenses and other assets	(12,836)	(11,682)
Increase in accounts payable and accrued expenses	6,262	2,896
(Decrease) increase in security deposits and other liabilities	(511)	219
Net cash provided by operating activities	344,306	364,716
INVESTING ACTIVITIES
Acquisition of real estate	(45,122)	(3,624)
Capital expenditures - development and redevelopment	(226,232)	(217,437)
Capital expenditures - other	(53,890)	(50,744)
Proceeds from sale of real estate	115,781	142,711
Proceeds from partnership formation	0	37,998
Investment in partnerships	(980)	(616)
Distribution from partnerships in excess of earnings	1,798	237
Leasing costs	(18,751)	(19,938)
Repayment (issuance) of mortgage and other notes receivable, net	130	(360)
Net cash used in investing activities	(227,266)	(111,773)
FINANCING ACTIVITIES
Repayments under revolving credit facility, including costs	(4,012)	(14,500)
Issuance of senior notes, net of costs	400,106	0
Repayment of mortgages, finance leases and notes payable	(299,485)	(15,137)
Issuance of common shares, net of costs	139,729	81,628
Dividends paid to common and preferred shareholders	(232,985)	(224,311)
Shares withheld for employee taxes	(4,615)	(927)
Contributions from noncontrolling interests	272	2,753
Distributions to and redemptions of noncontrolling interests	(17,466)	(12,848)
Net cash used in financing activities	(18,456)	(183,342)
Increase in cash, cash equivalents and restricted cash	98,584	69,601
Cash, cash equivalents, and restricted cash at beginning of year	108,332	25,200
Cash, cash equivalents, and restricted cash at end of period	$ 206,916	$ 94,801

Business And Organization

Business And Organization	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 , 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	9 Months Ended
	Sep. 30, 2019
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, 2018 , 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 and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the full year. Certain 2018 amounts have been reclassified to conform to current period presentation, which includes the presentation of rental income on our Consolidated Statements of Comprehensive Income. Principles of Consolidation Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Recently Adopted Accounting Pronouncements Standard Description Effect on the financial statements or significant matters Adopted on January 1, 2019: Leases (Topic 842) and related updates: Topic 842, Leases ASU 2019-01, March 2019, Leases (Topic 842), Codification Improvements ASC 842 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 larger changes to the lessor model include: a change in the definition of initial direct costs of leases (resulting in the upfront expensing of more leasing related costs), the requirement to make an upfront and ongoing assessment of whether collection of substantially all of the lease payments required for the term of each lease is probable (if not probable, lease revenue is effectively recognized when cash is collected), certain presentation changes, and the elimination of real estate specific guidance. ASU 2018-10 and ASU 2019-01 provide narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016-02. ASU 2018-11 provides the option of an additional transition method, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. It also provides lessors an option to not separate lease and non-lease components when certain criteria are met. We have elected to apply the transition provisions of ASC Topic 842 at the beginning of the period of adoption (i.e., January 1, 2019), and therefore, did not retrospectively adjust prior periods presented. We have also elected to apply certain adoption related practical expedients for all leases that commenced prior to the effective date. These practical expedients include not reassessing whether any expired or existing contracts are or contain leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. We have also elected the practical expedient allowing lessors to combine non-lease and lease components (primarily impacts common area maintenance recoveries). From a lessee perspective, the primary impact of adoption on January 1, 2019 was to record a lease obligation liability and right of use asset for operating leases where we are the lessee. The most significant of these operating leases are ground leases at 14 properties. The operating lease right of use assets and related liabilities are shown separately on the face of our consolidated balance sheet. Additionally, amounts previously recorded as capital lease assets and included in real estate have been reclassified in the September 30, 2019 balance sheet as finance lease right of use assets and the related capital lease obligations have been reclassified in the September 30, 2019 balance sheet as finance lease liabilities. Income statement presentation is not impacted for our existing operating and finance leases. From a lessor perspective, adoption of ASC 842 results in a charge to opening accumulated dividends in excess of net income of $7.1 million. This charge is attributable to the write off of certain direct leasing costs recorded as of December 31, 2018 under the previous lease accounting rules for leases which had not commenced and the write off of December 31, 2018 unreserved receivables (including straight-line receivables) for leases where we have determined that the collection of substantially all of the lease payments required for the term of the lease is not probable. Income statement presentation changes incorporated into our September 30, 2019 financial statements include: no longer recording a gross up of revenue and expense for costs (such as real estate taxes) paid directly by lessees on our behalf and recording collectability adjustments against revenue rather than as bad debt within rental expenses. As a result of the change in the definition of initial direct costs of leases, capitalized leasing costs excluding external commissions decreased to $0.7 million and $1.7 million for the three and nine months ended September 30, 2019, respectively, from $1.7 million and $5.3 million for the three and nine months ended September 30, 2018, respectively. The following table provides additional information on our operating and finance leases where we are the lessee: Three Months Ended Nine Months Ended September 30, 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 321 $ 963 Interest on lease liabilities 1,455 4,366 Operating lease cost 1,524 4,521 Variable lease cost 131 351 Total lease cost $ 3,431 $ 10,201 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 1,432 $ 4,325 Operating cash flows for operating leases $ 1,500 $ 4,279 Financing cash flows for finance leases $ 2 $ 43 September 30, 2019 Weighted-average remaining lease term - finance leases 18.4 years Weighted-average remaining lease term - operating leases 53.7 years Weighted-average discount rate - finance leases 8.0 % Weighted-average discount rate - operating leases 4.5 % Consolidated Statements of Cash Flows—Supplemental Disclosures The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2019 2018 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 97,074 $ 96,903 Interest capitalized (14,507 ) (14,787 ) Interest expense $ 82,567 $ 82,116 Cash paid for interest, net of amounts capitalized $ 82,118 $ 85,614 Cash paid for income taxes $ 450 $ 699 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ 16,951 $ — DownREIT operating partnership units redeemed for common shares $ 11,935 $ 101 Shares issued under dividend reinvestment plan $ 1,337 $ 1,431 See additional disclosures in the "Recently Adopted Accounting Pronouncements" section of this footnote relating to operating lease right of use assets and lease liabilities recorded in connection with our adoption of ASC Topic 842. September 30, December 31, 2019 2018 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 162,543 $ 64,087 Restricted cash (1) 44,373 44,245 Total cash, cash equivalents, and restricted cash $ 206,916 $ 108,332 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE On February 8, 2019 , we acquired the fee interest in Fairfax Junction, a 75,000 square foot shopping center in Fairfax, Virginia for $22.5 million . Approximately $0.6 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. On September 13, 2019 , we acquired a 6,000 square foot retail building adjacent to San Antonio Center in Mountain View, California for $6.5 million . On September 18, 2019 , we acquired a 42,000 square foot retail building in Hoboken, New Jersey for $30.9 million , including the assumption of $17.0 million of mortgage debt. The acquisition was completed through a newly formed joint venture, for which we own a 90% interest. Approximately $0.7 million and $4.7 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. During the three months ended September 30, 2019 , we sold one property for a sales price of $18.0 million , which resulted in a gain of $14.1 million . During the nine months ended September 30, 2019 , we sold two properties and one parcel of land for a net sales price of $97.7 million , which resulted in a net gain of $29.3 million . During the nine months ended September 30, 2019 , we closed on the sale of 41 condominium units at our Assembly Row and Pike & Rose properties (combined), received proceeds net of closing costs of $18.8 million , and recognized a gain of $1.8 million , net of income taxes. The cost basis for the remaining condominium units as of September 30, 2019 is $1.7 million , and is included in "assets held for sale" on our consolidated balance sheet.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Instruments [Abstract]
DEBT	DEBT On January 31, 2019 , we repaid the $20.3 million mortgage loan on Rollingwood Apartments, at par, prior to its original maturity date. On June 7, 2019 , we issued $300.0 million of fixed rate senior unsecured notes that mature on June 15, 2029 and bear interest at 3.20% . The notes were offered at 99.838% of the principal amount with a yield to maturity of 3.219% . On August 21, 2019 , we issued an additional $100.0 million senior notes of the same series and with the same terms . The August notes were offered at 103.813% of the principal amount, with a yield to maturity of 2.744% . The combined net proceeds from the note offerings after a net issuance premium, underwriting fees, and other costs were $399.9 million , which were primarily used to repay our $275.0 million unsecured term loan, at par, on June 7, 2019 and for general corporate purposes. On July 25, 2019 , we amended our revolving credit facility to increase our borrowing capacity to $1.0 billion and extend the maturity date to January 19, 2024, plus two six-month extensions at our option. Under the amended facility, the spread over LIBOR is 77.5 basis points based on our current credit rating. In addition, we have an option (subject to bank approval) to increase the credit facility through an accordion feature to $1.5 billion . In connection with our Hoboken, New Jersey acquisition on September 18, 2019 , we assumed a mortgage loan with a face amount of $17.0 million and a fair value of $17.5 million . The mortgage loan bears interest at 3.75% and matures on July 1, 2042 . During the three and nine months ended September 30, 2019 , the maximum amount of borrowings outstanding under our revolving credit facility was $47.0 million and $116.5 million , respectively, and the weighted average interest rate, before amortization of debt fees, was 3.0% and 3.2% , respectively. During the three and nine months ended September 30, 2019 , the weighted average borrowings outstanding were $14.0 million and $34.7 million , respectively. At September 30, 2019 , our revolving credit facility had no balance outstanding. Our revolving credit facility and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of September 30, 2019 , we were in compliance with all default related debt covenants.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	9 Months Ended
	Sep. 30, 2019
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: September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 470,489 $ 482,345 $ 753,406 $ 751,361 Senior notes and debentures $ 2,806,422 $ 3,022,615 $ 2,404,279 $ 2,371,392 One of our equity method investees has two interest rate swaps which qualify for cash flow hedge accounting. For the three and nine months ended September 30, 2019 , our share of the change in fair value of the related swaps included in "accumulated other comprehensive loss" was $0.1 million , and $0.7 million

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
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 common shares, at our option. A total of 626,619 downREIT operating partnership units are outstanding which have a total fair value of approximately $85.3 million , which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on September 30, 2019 . On August 2, 2019 , we acquired the 10.1% redeemable noncontrolling interest in the partnership that owns our Montrose Crossing Shopping Center for $10.0 million , bringing our ownership interest to 100% .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY The following table provides a summary of dividends declared and paid per share: Nine Months Ended September 30, 2019 2018 Declared Paid Declared Paid Common shares $ 3.090 $ 3.060 $ 3.020 $ 3.000 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.016 $ 1.016 $ 1.016 $ 1.016 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.938 $ 0.938 $ 0.938 $ 0.993 (1) Amount represents dividends per depository share, each representing 1/1000th of a share. We have an at-the-market (“ATM”) equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $400.0 million . We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay amounts outstanding under our revolving credit facility and/or for general corporate purposes. For the three months ended September 30, 2019 , we sold 557,761 common shares (of which, 24,261 settled on October 1, 2019) at a weighted average price per share of $134.48 for net cash proceeds of $74.5 million and paid $0.5 million in commissions and less than $0.1 million in additional offering expenses related to the sales of these common shares. For the nine months ended September 30, 2019 , we sold 1,069,699 common shares at a weighted average price per share of $134.71 for net cash proceeds of $142.8 million and paid $1.2 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. As of September 30, 2019 , we had the capacity to issue up to $128.3 million in common shares under our ATM equity program.

Share-Based Compensation Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Grants of common shares and options $ 3,151 $ 2,494 $ 10,143 $ 9,638 Capitalized share-based compensation (274 ) 157 (746 ) (769 ) Share-based compensation expense $ 2,877 $ 2,651 $ 9,397 $ 8,869

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
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 and nine months ended September 30, 2019 and 2018 , 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 for the three and nine months ended September 30, 2019 and 2018 . 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands, except per share data) NUMERATOR Net income $ 67,106 $ 64,180 $ 211,576 $ 192,644 Less: Preferred share dividends (2,010 ) (2,010 ) (6,031 ) (6,031 ) Less: Income from operations attributable to noncontrolling interests (1,641 ) (1,622 ) (5,065 ) (5,244 ) Less: Earnings allocated to unvested shares (232 ) (211 ) (671 ) (719 ) Net income available for common shareholders, basic and diluted $ 63,223 $ 60,337 $ 199,809 $ 180,650 DENOMINATOR Weighted average common shares outstanding—basic 74,832 73,400 74,584 73,100 Stock options — 8 — 36 Weighted average common shares outstanding—diluted 74,832 73,408 74,584 73,136 EARNINGS PER COMMON SHARE, BASIC: Net income available for common shareholders $ 0.84 $ 0.82 $ 2.68 $ 2.47 EARNINGS PER COMMON SHARE, DILUTED: Net income available for common shareholders $ 0.84 $ 0.82 $ 2.68 $ 2.47

Subsequent Event Subsequent Eve

Subsequent Event Subsequent Event	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On October 11, 2019 , we sold a shopping center in Pacoima, California for $51.3 million , which is included in "assets held for sale" on our consolidated balance sheet at September 30, 2019 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying consolidated balance sheet as of December 31, 2018 , 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 and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the full year. Certain 2018 amounts have been reclassified to conform to current period presentation, which includes the presentation of rental income on our Consolidated Statements of Comprehensive Income.
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Standard Description Effect on the financial statements or significant matters Adopted on January 1, 2019: Leases (Topic 842) and related updates: Topic 842, Leases ASU 2019-01, March 2019, Leases (Topic 842), Codification Improvements ASC 842 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 larger changes to the lessor model include: a change in the definition of initial direct costs of leases (resulting in the upfront expensing of more leasing related costs), the requirement to make an upfront and ongoing assessment of whether collection of substantially all of the lease payments required for the term of each lease is probable (if not probable, lease revenue is effectively recognized when cash is collected), certain presentation changes, and the elimination of real estate specific guidance. ASU 2018-10 and ASU 2019-01 provide narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016-02. ASU 2018-11 provides the option of an additional transition method, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. It also provides lessors an option to not separate lease and non-lease components when certain criteria are met. We have elected to apply the transition provisions of ASC Topic 842 at the beginning of the period of adoption (i.e., January 1, 2019), and therefore, did not retrospectively adjust prior periods presented. We have also elected to apply certain adoption related practical expedients for all leases that commenced prior to the effective date. These practical expedients include not reassessing whether any expired or existing contracts are or contain leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. We have also elected the practical expedient allowing lessors to combine non-lease and lease components (primarily impacts common area maintenance recoveries). From a lessee perspective, the primary impact of adoption on January 1, 2019 was to record a lease obligation liability and right of use asset for operating leases where we are the lessee. The most significant of these operating leases are ground leases at 14 properties. The operating lease right of use assets and related liabilities are shown separately on the face of our consolidated balance sheet. Additionally, amounts previously recorded as capital lease assets and included in real estate have been reclassified in the September 30, 2019 balance sheet as finance lease right of use assets and the related capital lease obligations have been reclassified in the September 30, 2019 balance sheet as finance lease liabilities. Income statement presentation is not impacted for our existing operating and finance leases. From a lessor perspective, adoption of ASC 842 results in a charge to opening accumulated dividends in excess of net income of $7.1 million. This charge is attributable to the write off of certain direct leasing costs recorded as of December 31, 2018 under the previous lease accounting rules for leases which had not commenced and the write off of December 31, 2018 unreserved receivables (including straight-line receivables) for leases where we have determined that the collection of substantially all of the lease payments required for the term of the lease is not probable. Income statement presentation changes incorporated into our September 30, 2019 financial statements include: no longer recording a gross up of revenue and expense for costs (such as real estate taxes) paid directly by lessees on our behalf and recording collectability adjustments against revenue rather than as bad debt within rental expenses. As a result of the change in the definition of initial direct costs of leases, capitalized leasing costs excluding external commissions decreased to $0.7 million and $1.7 million for the three and nine months ended September 30, 2019, respectively, from $1.7 million and $5.3 million for the three and nine months ended September 30, 2018, respectively.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Schedule of lease cost	The following table provides additional information on our operating and finance leases where we are the lessee: Three Months Ended Nine Months Ended September 30, 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 321 $ 963 Interest on lease liabilities 1,455 4,366 Operating lease cost 1,524 4,521 Variable lease cost 131 351 Total lease cost $ 3,431 $ 10,201 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 1,432 $ 4,325 Operating cash flows for operating leases $ 1,500 $ 4,279 Financing cash flows for finance leases $ 2 $ 43 September 30, 2019 Weighted-average remaining lease term - finance leases 18.4 years Weighted-average remaining lease term - operating leases 53.7 years Weighted-average discount rate - finance leases 8.0 % Weighted-average discount rate - operating leases 4.5 %
Supplemental disclosures related to the Consolidated Statements Of Cash Flows	The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2019 2018 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 97,074 $ 96,903 Interest capitalized (14,507 ) (14,787 ) Interest expense $ 82,567 $ 82,116 Cash paid for interest, net of amounts capitalized $ 82,118 $ 85,614 Cash paid for income taxes $ 450 $ 699 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans assumed with acquisition $ 16,951 $ — DownREIT operating partnership units redeemed for common shares $ 11,935 $ 101 Shares issued under dividend reinvestment plan $ 1,337 $ 1,431
Reconciliation of cash, cash equivalents, and restricted cash	September 30, December 31, 2019 2018 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 162,543 $ 64,087 Restricted cash (1) 44,373 44,245 Total cash, cash equivalents, and restricted cash $ 206,916 $ 108,332 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Fair Value Of Financial Instr_2

Fair Value Of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
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: September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 470,489 $ 482,345 $ 753,406 $ 751,361 Senior notes and debentures $ 2,806,422 $ 3,022,615 $ 2,404,279 $ 2,371,392

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
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: Nine Months Ended September 30, 2019 2018 Declared Paid Declared Paid Common shares $ 3.090 $ 3.060 $ 3.020 $ 3.000 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.016 $ 1.016 $ 1.016 $ 1.016 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.938 $ 0.938 $ 0.938 $ 0.993 (1) Amount represents dividends per depository share, each representing 1/1000th of a share.

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Grants of common shares and options $ 3,151 $ 2,494 $ 10,143 $ 9,638 Capitalized share-based compensation (274 ) 157 (746 ) (769 ) Share-based compensation expense $ 2,877 $ 2,651 $ 9,397 $ 8,869

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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 and nine months ended September 30, 2019 and 2018 . 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands, except per share data) NUMERATOR Net income $ 67,106 $ 64,180 $ 211,576 $ 192,644 Less: Preferred share dividends (2,010 ) (2,010 ) (6,031 ) (6,031 ) Less: Income from operations attributable to noncontrolling interests (1,641 ) (1,622 ) (5,065 ) (5,244 ) Less: Earnings allocated to unvested shares (232 ) (211 ) (671 ) (719 ) Net income available for common shareholders, basic and diluted $ 63,223 $ 60,337 $ 199,809 $ 180,650 DENOMINATOR Weighted average common shares outstanding—basic 74,832 73,400 74,584 73,100 Stock options — 8 — 36 Weighted average common shares outstanding—diluted 74,832 73,408 74,584 73,136 EARNINGS PER COMMON SHARE, BASIC: Net income available for common shareholders $ 0.84 $ 0.82 $ 2.68 $ 2.47 EARNINGS PER COMMON SHARE, DILUTED: Net income available for common shareholders $ 0.84 $ 0.82 $ 2.68 $ 2.47

Business And Organization (Deta

Business And Organization (Details)	9 Months Ended
	Sep. 30, 2019project
Nature Of Operations [Abstract]
Number of real estate properties	104
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies Recently Adopted Accounting Pronouncements (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of properties subject to ground leases | property	14		14
Cumulative impact to accumulated dividends in excess of net income			$ (7,098)	$ (6,028)
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized initial direct costs of leases excluding external leasing commissions	$ 700	$ 1,700	1,700	5,300
Accumulated Dividends in Excess of Net Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact to accumulated dividends in excess of net income			(7,098)	$ (6,028)
Accumulated Dividends in Excess of Net Income | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact to accumulated dividends in excess of net income			$ (7,100)

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies Lease Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
LEASE COST:
Amortization of right-of-use assets - finance leases	$ 321	$ 963
Interest on lease liabilities - finance leases	1,455	4,366
Operating lease cost	1,524	4,521
Variable lease cost	131	351
Total lease cost	3,431	10,201
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	1,432	4,325
Operating cash flows for operating leases	1,500	4,279
Financing cash flows for finance leases	$ 2	$ 43
Weighted-average remaining lease term - finance leases	18 years 4 months 24 days	18 years 4 months 24 days
Weighted-average remaining lease term - operating leases	53 years 8 months 12 days	53 years 8 months 12 days
Weighted-average discount rate - finance leases	8.00%	8.00%
Weighted-average discount rate - operating leases	4.50%	4.50%

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Total interest costs incurred			$ 97,074	$ 96,903
Interest capitalized			(14,507)	(14,787)
Interest expense	$ 27,052	$ 28,166	82,567	82,116
Cash paid for interest, net of amounts capitalized			82,118	85,614
Cash paid for income taxes			450	699
Mortgage loans assumed with acquisition			16,951	0
DownREIT operating partnership units redeemed for common shares			11,935	101
Shares issued under dividend reinvestment plan			$ 1,337	$ 1,431

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 162,543	$ 64,087
Restricted cash	[1]	44,373	44,245
Total cash, cash equivalents, and restricted cash		$ 206,916	$ 108,332	$ 94,801	$ 25,200
[1]	(1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate (Significant Acquis

Real Estate (Significant Acquisition and Dispositions) (Details) $ in Thousands	Sep. 18, 2019USD ($)ft²	Sep. 13, 2019USD ($)ft²	Feb. 08, 2019USD ($)ft²	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)condominiums	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Significant Acquisition and Dispositions
Mortgage loan assumed with acquisition						$ 16,951	$ 0
Gain on sale of real estate, net of income tax				$ 14,293	$ 3,125	30,490	$ 10,413
Assets held for sale				49,835		49,835		$ 16,576
Fairfax Junction
Significant Acquisition and Dispositions
Square footage of real estate property | ft²			75,000
Purchase price of real estate acquisition			$ 22,500
San Antonio Center
Significant Acquisition and Dispositions
Square footage of real estate property | ft²		6,000
Purchase price of real estate acquisition		$ 6,500
A retail building in Hoboken, New Jersey
Significant Acquisition and Dispositions
Square footage of real estate property | ft²	42,000
Purchase price of real estate acquisition	$ 30,900
Ownership interest in joint venture	90.00%
One property
Significant Acquisition and Dispositions
Proceeds from Sale of Real Estate				18,000
Gain on sale				14,100
Two properties and one parcel of land
Significant Acquisition and Dispositions
Proceeds from Sale of Real Estate						97,700
Gain on sale						29,300
Other Liabilities | Fairfax Junction
Significant Acquisition and Dispositions
Below market leases			400
Other Liabilities | A retail building in Hoboken, New Jersey
Significant Acquisition and Dispositions
Below market leases	$ 4,700
Amortization of above market leases | Other Assets | Fairfax Junction
Significant Acquisition and Dispositions
Above market leases			$ 600
Amortization of above market leases | Other Liabilities | A retail building in Hoboken, New Jersey
Significant Acquisition and Dispositions
Above market leases	700
Condominiums | Assembly Row and Pike & Rose
Significant Acquisition and Dispositions
Proceeds from Sale of Real Estate						$ 18,800
Number of condominium units sold | condominiums						41
Gain on sale of real estate, net of income tax						$ 1,800
Assets held for sale				$ 1,700		$ 1,700
Mortgage loan | A retail building in Hoboken, New Jersey
Significant Acquisition and Dispositions
Mortgage loan assumed with acquisition	$ 17,000

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Sep. 18, 2019	Jun. 07, 2019	Jan. 31, 2019	Sep. 30, 2019	Aug. 21, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Jul. 25, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Senior notes issued				$ 2,806,422		$ 2,806,422	$ 2,806,422			$ 2,404,279
Net proceeds from senior note offering							400,106	$ 0
Maximum borrowing capacity under revolving credit facility									$ 1,000,000
Spread over LIBOR				0.775%
Mortgage loan assumed with acquisition							16,951	$ 0
Maximum amount outstanding under revolving credit facility						$ 47,000	$ 116,500
Weighted average interest rate, before amortization of debt fees						3.00%	3.20%
Weighted average borrowings outstanding						$ 14,000	$ 34,700
Outstanding balance on revolving credit facility				$ 0		$ 0	$ 0
3.20% Senior note
Debt Instrument [Line Items]
Senior notes issued		$ 300,000			$ 100,000
Fixed rate senior unsecured notes | 3.20% Senior note
Debt Instrument [Line Items]
Interest rate		3.20%
Note offering percent		99.838%			103.813%
Debt yield to maturity rate		3.219%			2.744%
Net proceeds from senior note offering					$ 399,900
Term loan
Debt Instrument [Line Items]
Repayment of unsecured term loan		$ 275,000
Rollingwood Apartments | Mortgage loan
Debt Instrument [Line Items]
Principal amount of mortgage loan repayment			$ 20,300
A retail building in Hoboken, New Jersey | Mortgage loan
Debt Instrument [Line Items]
Interest rate	3.75%
Mortgage loan assumed with acquisition	$ 17,000
Mortgage loan fair value	$ 17,500
Option to increase credit facility through accordion feature
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility									$ 1,500,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Mortgages payable and notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 470,489	$ 753,406
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	482,345	751,361
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	2,806,422	2,404,279
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,022,615	$ 2,371,392

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)agreement	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)agreement	Sep. 30, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive (loss) income	$ (111)	$ (285)	$ (719)	$ 105
Accumulated other comprehensive loss
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive (loss) income	(111)	$ (285)	(719)	$ 105
Accumulated other comprehensive loss | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive (loss) income	$ 100		$ 700
Fair Value, recurring | Interest rate swap | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements | agreement	2		2

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 02, 2019	Sep. 30, 2019
Noncontrolling Interest [Line Items]
downREIT operating partnership units, outstanding		626,619
downREIT operating partnership units outstanding, fair value		$ 85.3
Montrose Crossing Shopping Center
Noncontrolling Interest [Line Items]
Noncontrolling interest percent acquired	10.10%
Redemption price of noncontrolling interest	$ 10
Our ownership percentage after redemption	100.00%

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Dividends
Dividends declared to common shareholders (in dollars per share)		$ 1.05	$ 1.02	$ 3.09	$ 3.02
Dividends paid per common share				$ 3.060	$ 3
Percentage of depository shares		0.10%	0.10%	0.10%	0.10%
5.417% Series 1 Cumulative Convertible Preferred
Dividends
Preferred shares, percentage		5.417%	5.417%	5.417%	5.417%	5.417%
Dividends declared per preferred shares				$ 1.016	$ 1.016
Dividends paid per preferred share				$ 1.016	$ 1.016
5.0% Series C Cumulative Redeemable Preferred
Dividends
Preferred shares, percentage				5.00%	5.00%	5.00%
Dividends declared per preferred shares	[1]			$ 0.938	$ 0.938
Dividends paid per preferred share	[1]			$ 0.938	$ 0.993
[1]	(1) Amount represents dividends per depository share, each representing 1/1000th of a share.

Shareholders' Equity Narrative

Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 01, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Net cash proceeds of common stock			$ 139,729	$ 81,628
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share		$ 400,000	$ 400,000
Shares issued (in shares)		557,761	1,069,699
Weighted average price per common share		$ 134.48	$ 134.71
Net cash proceeds of common stock		$ 74,500	$ 142,800
Remaining capacity to issue		128,300	128,300
At The Market Equity Program | Commissions
Class of Stock [Line Items]
Commissions related to sales of common shares (less than for the 3 months for additional offering expenses)		500	1,200
At The Market Equity Program | Other offering expenses
Class of Stock [Line Items]
Commissions related to sales of common shares (less than for the 3 months for additional offering expenses)		$ 100	$ 100
At The Market Equity Program | Subsequent event
Class of Stock [Line Items]
Common shares sold prior to the period end, but subsequently settled	24,261

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares and options	$ 3,151	$ 2,494	$ 10,143	$ 9,638
Capitalized share-based compensation	(274)	157	(746)	(769)
Share-based compensation expense	$ 2,877	$ 2,651	$ 9,397	$ 8,869

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Weighted average unvested shares outstanding	200,000	200,000	200,000	200,000
Anti-dilutive stock options	682	682	682	682
5.417% Series 1 Cumulative Convertible Preferred
Cumulative convertible preferred shares, dividend rate	5.417%	5.417%	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 67,106	$ 64,180	$ 211,576	$ 192,644
Less: Preferred share dividends	(2,010)	(2,010)	(6,031)	(6,031)
Less: Income from operations attributable to noncontrolling interests	(1,641)	(1,622)	(5,065)	(5,244)
Less: Earnings allocated to unvested shares	(232)	(211)	(671)	(719)
Net income available for common shareholders, basic and diluted	$ 63,223	$ 60,337	$ 199,809	$ 180,650
Weighted average common shares outstanding—basic	74,832	73,400	74,584	73,100
Stock options	0	8	0	36
Weighted average common shares outstanding—diluted	74,832	73,408	74,584	73,136
Earnings per common share, basic	$ 0.84	$ 0.82	$ 2.68	$ 2.47
Earnings per common share, diluted	$ 0.84	$ 0.82	$ 2.68	$ 2.47

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Oct. 11, 2019USD ($)
A shopping center in Pacoima, California | Subsequent event
Subsequent Event [Line Items]
Proceeds from Sale of Real Estate	$ 51.3