Federal Realty Investment Trust (FRT) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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		75,633,042
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Operating (including $1,751,718 and $1,676,866 of consolidated variable interest entities, respectively)	$ 7,774,485	$ 7,535,983
Construction-in-progress (including $84,034 and $102,583 of consolidated variable interest entities, respectively)	671,486	760,420
Assets held for sale	5,796	1,729
Real estate, at cost, total	8,451,767	8,298,132
Less accumulated depreciation and amortization (including $306,861 and $296,165 of consolidated variable interest entities, respectively)	(2,258,994)	(2,215,413)
Net real estate	6,192,773	6,082,719
Cash and cash equivalents	994,688	127,432
Accounts and notes receivable, net	153,243	152,572
Mortgage notes receivable, net	30,332	30,429
Investment in partnerships	25,960	28,604
Operating lease right of use assets	94,147	93,774
Finance lease right of use assets	52,079	52,402
Prepaid expenses and other assets	216,692	227,060
TOTAL ASSETS	7,759,914	6,794,992
Liabilities
Mortgages payable, net (including $476,944 and $469,184 of consolidated variable interest entities, respectively)	552,813	545,679
Notes payable, net	993,752	3,781
Senior notes and debentures, net	2,807,848	2,807,134
Accounts payable and accrued expenses	245,968	255,503
Dividends payable	81,899	81,676
Security deposits payable	21,941	21,701
Operating lease liabilities	74,082	73,628
Finance lease liabilities	72,059	72,062
Other liabilities and deferred credits	150,410	157,938
Total liabilities	5,000,772	4,019,102
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	159,534	139,758
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 75,622,504 and 75,540,804 shares issued and outstanding, respectively	760	759
Additional paid-in capital	3,166,899	3,166,522
Accumulated dividends in excess of net income	(818,284)	(791,124)
Accumulated other comprehensive loss	(7,265)	(813)
Total shareholders’ equity of the Trust	2,502,107	2,535,341
Noncontrolling interests	97,501	100,791
Total shareholders’ equity	2,599,608	2,636,132
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	7,759,914	6,794,992
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, 2020	Dec. 31, 2019
Operating real estate, consolidated variable interest entities	$ 1,751,718	$ 1,676,866
Construction-in-progress, consolidated variable interest entities	83,902	102,583
Accumulated depreciation and amortization, consolidated variable interest entities	306,861	296,165
Mortgages payable, consolidated variable interest entities	$ 476,944	$ 469,184
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	75,622,504	75,540,804
Common shares of beneficial interest, shares outstanding	75,622,504	75,540,804
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, 2020	Mar. 31, 2019
REVENUE
Rental income	$ 230,798	$ 231,492
Mortgage interest income	759	735
Total revenue	231,557	232,227
EXPENSES
Rental expenses	44,312	44,260
Real estate taxes	29,064	27,687
General and administrative	10,251	9,565
Depreciation and amortization	62,188	59,622
Total operating expenses	145,815	141,134
OPERATING INCOME	85,742	91,093
OTHER INCOME/(EXPENSE)
Other interest income	308	177
Interest expense	(28,445)	(28,033)
Loss from partnerships	(1,164)	(1,434)
NET INCOME	56,441	61,803
Net income attributable to noncontrolling interests	(1,678)	(1,659)
NET INCOME ATTRIBUTABLE TO THE TRUST	54,763	60,144
Dividends on preferred shares	(2,010)	(2,010)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 52,753	$ 58,134
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 0.70	$ 0.78
Weighted average number of common shares	75,360	74,200
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 0.70	$ 0.78
Weighted average number of common shares	75,360	74,200
COMPREHENSIVE INCOME	$ 49,989	$ 61,594
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 48,311	$ 59,935

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, 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	60,927				60,144		783
Other comprehensive loss - change in fair value of interest rate swaps	(209)					(209)
Dividends declared to common shareholders	(76,106)				(76,106)
Dividends declared to preferred shareholders	(2,010)				(2,010)
Distributions declared to noncontrolling interests	(1,266)						(1,266)
Shares issued (in shares)			446,132
Shares issued	59,353		$ 5					$ 59,348
Shares issued under dividend reinvestment plan (in shares)			4,273
Shares issued under dividend reinvestment plan	528			528
Share-based compensation expense, net of forfeitures (in shares)			100,586
Share-based compensation expense, net of forfeitures	3,861		$ 1	3,860
Shares withheld for employee taxes (in shares)			(32,686)
Shares withheld for employee taxes	(4,414)			(4,414)
Conversion and redemption of OP units (in Shares)			69,046
Conversion and redemption of OP units	0		$ 1	7,550			(7,551)
Adjustment to redeemable noncontrolling interests	667			667
Ending balance (in shares) at Mar. 31, 2019		405,896	74,836,984
Ending balance at Mar. 31, 2019	2,501,563	$ 159,997	$ 752	3,071,981	(843,947)	(625)	113,405
Beginning balance (in shares) at Dec. 31, 2019		405,896	75,540,804
Beginning balance at Dec. 31, 2019	2,636,132	$ 159,997	$ 759	3,166,522	(791,124)	(813)	100,791
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 1 adoption of new accounting standard - See Note 2	(510)				(510)
Net income, excluding amounts attributable to redeemable noncontrolling interests	55,426				54,763		663
Other comprehensive loss - change in fair value of interest rate swaps	(6,452)					(6,452)
Dividends declared to common shareholders	(79,403)				(79,403)
Dividends declared to preferred shareholders	(2,010)				(2,010)
Distributions declared to noncontrolling interests	(783)						(783)
Shares issued (in shares)			13
Shares issued	2		$ 0					$ 2
Shares issued under dividend reinvestment plan (in shares)			3,834
Shares issued under dividend reinvestment plan	446			446
Share-based compensation expense, net of forfeitures (in shares)			110,066
Share-based compensation expense, net of forfeitures	3,942		$ 1	3,941
Shares withheld for employee taxes (in shares)			(32,213)
Shares withheld for employee taxes	(3,982)			(3,982)
Conversion and redemption of OP units (in Shares)			0
Conversion and redemption of OP units	(3,320)		$ 0	(30)			(3,290)
Contributions from noncontrolling interests	120						120
Ending balance (in shares) at Mar. 31, 2020		405,896	75,622,504
Ending balance at Mar. 31, 2020	$ 2,599,608	$ 159,997	$ 760	$ 3,166,899	$ (818,284)	$ (7,265)	$ 97,501

Consolidated Statement Of Sha_2

Consolidated Statement Of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,015	$ 876
Dividends declared to common shareholders (in dollars per share)	$ 1.05	$ 1.02

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net income	$ 56,441	$ 61,803
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	62,188	59,622
Loss from partnerships	1,164	1,434
Other, net	(110)	2,230
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable, net	3,012	(1,245)
Decrease in prepaid expenses and other assets	8,618	1,168
Decrease in accounts payable and accrued expenses	(3,619)	(6,815)
Decrease in security deposits and other liabilities	(8,945)	(13,278)
Net cash provided by operating activities	118,749	104,919
INVESTING ACTIVITIES
Acquisition of real estate	(7,109)	(25,176)
Capital expenditures - development and redevelopment	(106,572)	(63,380)
Capital Expenditures - Other	(15,792)	(14,061)
Costs associated with property sold under threat of condemnation	(17,412)	0
Proceeds from sale of real estate	0	6,106
Investment in partnerships	(136)	(300)
Distribution from partnerships in excess of earnings	849	983
Leasing costs	(5,001)	(8,259)
(Issuance) repayment of mortgage and other notes receivable, net	(659)	50
Net cash used in investing activities	(151,832)	(104,037)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility, including costs	990,000	20,000
Repayment of mortgages, finance leases and notes payable	(1,524)	(21,718)
Issuance of common shares, net of costs	19	59,427
Dividends paid to common and preferred shareholders	(80,898)	(77,296)
Shares withheld for employee taxes	(3,982)	(4,414)
Contributions from noncontrolling interests	0	106
Distributions to and redemptions of noncontrolling interests	(4,720)	(3,107)
Net cash provided by (used in) financing activities	898,895	(27,002)
Increase (decrease) in cash, cash equivalents and restricted cash	865,812	(26,120)
Cash, cash equivalents, and restricted cash at beginning of year	153,614	108,332
Cash, cash equivalents, and restricted cash at end of period	$ 1,019,426	$ 82,212

Business And Organization

Business And Organization	3 Months Ended
	Mar. 31, 2020
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, 2020 , 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. Impacts of COVID-19 Pandemic

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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, 2019 , 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 our 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, 2020 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. 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 and Issued Accounting Pronouncements Standard Description Effect on the financial statements or significant matters Adopted on January 1, 2020: Financial Instruments - Credit Losses (Topic 326) and related updates: 2016, Financial Instruments - Credit Losses (Topic 326) November 2018, Codification Topic 326, Financial Instruments - Credit Losses This ASU changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. Upon adoption of this standard, we recorded expected losses of $0.5 million in opening accumulated dividends in excess of net income. During the three months ended March 31, 2020, we recorded additional expected losses of $0.4 million, which are included in rental expenses. ASU 2018-15, August 2018, Intangibles - Goodwill and Other Internal Use Software: Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract This ASU requires a customer in a cloud computing arrangement (i.e. hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement. Entities will expense costs during the preliminary project and post-implementation stages as they are incurred. The guidance can be applied prospectively to all implementation costs incurred after the date of adoption or retrospectively in accordance with ASC 250-10-45-5 through ASC 250-10-45-10. The adoption of this standard does not have a significant impact to our consolidated financial statements. Issued in 2020: ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, is generally only available through December 31, 2022. We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We are currently evaluating the impact of this guidance and whether we will make this policy election for lease concessions such as rent deferrals for the quarter ended June 30, 2020. 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, 2020 2019 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 34,159 $ 32,580 Interest capitalized (5,714 ) (4,547 ) Interest expense $ 28,445 $ 28,033 Cash paid for interest, net of amounts capitalized $ 29,405 $ 32,485 Cash paid for income taxes $ 4 $ 7 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units issued with acquisition $ 18,920 $ — Mortgage loans assumed with acquisition $ 8,903 $ — DownREIT operating partnership units redeemed for common shares $ — $ 7,551 Shares issued under dividend reinvestment plan $ 429 $ 455 March 31, December 31, 2020 2019 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 994,688 $ 127,432 Restricted cash (1) 24,738 26,182 Total cash, cash equivalents, and restricted cash $ 1,019,426 $ 153,614 (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, 2020
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE On January 10, 2020 , we acquired a 49,000 square foot shopping center in Fairfax, Virginia for $22.3 million . This property is adjacent to, and will be operated as part of our Fairfax Junction property. This purchase price was paid with a combination of cash and the issuance of 163,322 downREIT operating partnership units. Approximately $0.5 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 February 12, 2020 , we acquired two buildings totaling 12,000 square feet in Hoboken, New Jersey for $14.3 million , including the assumption of $8.9 million of mortgage debt. This acquisition is in addition to the 37 buildings previously acquired, and was completed through the joint venture that was formed in 2019, for which we own a 90% interest. Less than $0.1 million and approximately $3.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Instruments [Abstract]
DEBT	DEBT In connection with the two buildings we acquired in Hoboken, New Jersey on February 12, 2020 , we assumed two mortgage loans with a net face amount of $8.9 million and a fair value of $9.0 million . The mortgage loans bear interest at 4.00% and mature on July 27, 2027 . In March 2020, in order to strengthen our financial position and balance sheet, to maximize our liquidity, and to provide maximum financial flexibility to continue our business initiatives as the effects of COVID-19 continue to evolve, we borrowed $990.0 million under our revolving credit facility, representing a draw-down of almost the entirety of our $1.0 billion revolving credit facility, which has a maturity date of January 19, 2024. Consequently, during the three months ended March 31, 2020 , the maximum amount of borrowings outstanding under our revolving credit facility was $990.0 million , and the weighted average interest rate, before amortization of debt fees, was 1.7% . During the three months ended March 31, 2020 , the weighted average borrowings outstanding was $143.7 million . 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 March 31, 2020 , 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, 2020
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, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 1,546,565 $ 1,543,402 $ 549,460 $ 562,049 Senior notes and debentures $ 2,807,848 $ 2,968,904 $ 2,807,134 $ 3,001,216 As of March 31, 2020 , we have two interest rate swap agreements with notional amounts of $56.5 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the interest rate on $56.5 million of mortgage payables at 3.67% through December 15, 2029. 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, 2020 was a liability of $5.6 million and is included in "other liabilities and deferred credits" on our consolidated balance sheet. For the three months ended March 31, 2020 , the value of our interest rate swaps decreased $5.7 million (including less than $0.1 million reclassified from other comprehensive loss to interest expense). A summary of our financial (liabilities) assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: March 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (5,555 ) $ — $ (5,555 ) $ — $ 130 $ — $ 130 One of our equity method investees has two interest rate swaps which qualify for cash flow hedge accounting. For the three months ended March 31, 2020 , our share of the change in fair value of the related swaps included in "accumulated other comprehensive loss" was $0.8 million

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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 744,617 downREIT operating partnership units are outstanding which have a total fair value of approximately $55.6 million , which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on March 31, 2020 .

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 Declared Paid Declared Paid Common shares $ 1.050 $ 1.050 $ 1.020 $ 1.020 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 $ 0.313 $ 0.313 $ 0.313 (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. As of March 31, 2020 , 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (In thousands) Grants of common shares and options $ 3,942 $ 3,861 Capitalized share-based compensation (332 ) (226 ) Share-based compensation expense $ 3,610 $ 3,635

Operating & Finance Leases (Not

Operating & Finance Leases (Notes)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
OPERATING & FINANCE LEASES	NOTE 9—OPERATING & FINANCE LEASES The following table provides additional information on our operating and finance leases where we are the lessee: Three Months Ended March 31, 2020 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 321 $ 321 Interest on lease liabilities 1,456 1,456 Operating lease cost 1,559 1,504 Variable lease cost 87 91 Total lease cost $ 3,423 $ 3,372 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 1,433 $ 1,460 Operating cash flows for operating leases $ 1,550 $ 1,511 Financing cash flows for finance leases $ 11 $ 10 March 31, 2020 2019 Weighted-average remaining lease term - finance leases 18.0 years 18.9 years Weighted-average remaining lease term - operating leases 53.2 years 53.7 years Weighted-average discount rate - finance leases 8.0 % 8.0 % Weighted-average discount rate - operating leases 4.4 % 4.5 %

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019 , 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 months ended March 31, 2020 and 2019 . 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, 2020 2019 (In thousands, except per share data) NUMERATOR Net income $ 56,441 $ 61,803 Less: Preferred share dividends (2,010 ) (2,010 ) Less: Income from operations attributable to noncontrolling interests (1,678 ) (1,659 ) Less: Earnings allocated to unvested shares (247 ) (220 ) Net income available for common shareholders, basic and diluted $ 52,506 $ 57,914 DENOMINATOR Weighted average common shares outstanding, basic and diluted 75,360 74,200 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.70 $ 0.78

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On April 21, 2020 , we sold a building in Pasadena, California for $16.1 million , which is included in "assets held for sale" on our consolidated balance sheet. On May 6, 2020 , we entered into a $400.0 million unsecured term loan that matures on May 6, 2021 , with one twelve month extension at our option. The loan bears interest at LIBOR plus 135 basis points based on our current credit rating. The net proceeds were used to reduce amounts outstanding on our $1.0 billion revolving credit facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying consolidated balance sheet as of December 31, 2019 , 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 our 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, 2020 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.
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 and Issued Accounting Pronouncements Standard Description Effect on the financial statements or significant matters Adopted on January 1, 2020: Financial Instruments - Credit Losses (Topic 326) and related updates: 2016, Financial Instruments - Credit Losses (Topic 326) November 2018, Codification Topic 326, Financial Instruments - Credit Losses This ASU changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. Upon adoption of this standard, we recorded expected losses of $0.5 million in opening accumulated dividends in excess of net income. During the three months ended March 31, 2020, we recorded additional expected losses of $0.4 million, which are included in rental expenses. ASU 2018-15, August 2018, Intangibles - Goodwill and Other Internal Use Software: Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract This ASU requires a customer in a cloud computing arrangement (i.e. hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement. Entities will expense costs during the preliminary project and post-implementation stages as they are incurred. The guidance can be applied prospectively to all implementation costs incurred after the date of adoption or retrospectively in accordance with ASC 250-10-45-5 through ASC 250-10-45-10. The adoption of this standard does not have a significant impact to our consolidated financial statements. Issued in 2020: ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, is generally only available through December 31, 2022. We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We are currently evaluating the impact of this guidance and whether we will make this policy election for lease concessions such as rent deferrals for the quarter ended June 30, 2020.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Supplemental disclosures related to the Consolidated Statements Of Cash Flows	The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows: Three Months Ended March 31, 2020 2019 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 34,159 $ 32,580 Interest capitalized (5,714 ) (4,547 ) Interest expense $ 28,445 $ 28,033 Cash paid for interest, net of amounts capitalized $ 29,405 $ 32,485 Cash paid for income taxes $ 4 $ 7 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units issued with acquisition $ 18,920 $ — Mortgage loans assumed with acquisition $ 8,903 $ — DownREIT operating partnership units redeemed for common shares $ — $ 7,551 Shares issued under dividend reinvestment plan $ 429 $ 455
Reconciliation of cash, cash equivalents, and restricted cash	March 31, December 31, 2020 2019 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 994,688 $ 127,432 Restricted cash (1) 24,738 26,182 Total cash, cash equivalents, and restricted cash $ 1,019,426 $ 153,614 (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)	3 Months Ended
	Mar. 31, 2020
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, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 1,546,565 $ 1,543,402 $ 549,460 $ 562,049 Senior notes and debentures $ 2,807,848 $ 2,968,904 $ 2,807,134 $ 3,001,216
Summary of financial (liabilities) assets that are measured at fair value on a recurring basis	A summary of our financial (liabilities) assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: March 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (5,555 ) $ — $ (5,555 ) $ — $ 130 $ — $ 130

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 Declared Paid Declared Paid Common shares $ 1.050 $ 1.050 $ 1.020 $ 1.020 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 $ 0.313 $ 0.313 $ 0.313 (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. As of March 31, 2020 , 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 (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (In thousands) Grants of common shares and options $ 3,942 $ 3,861 Capitalized share-based compensation (332 ) (226 ) Share-based compensation expense $ 3,610 $ 3,635

Operating & Finance Leases (Tab

Operating & Finance Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lease, Cost [Table Text Block]	The following table provides additional information on our operating and finance leases where we are the lessee: Three Months Ended March 31, 2020 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 321 $ 321 Interest on lease liabilities 1,456 1,456 Operating lease cost 1,559 1,504 Variable lease cost 87 91 Total lease cost $ 3,423 $ 3,372 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 1,433 $ 1,460 Operating cash flows for operating leases $ 1,550 $ 1,511 Financing cash flows for finance leases $ 11 $ 10 March 31, 2020 2019 Weighted-average remaining lease term - finance leases 18.0 years 18.9 years Weighted-average remaining lease term - operating leases 53.2 years 53.7 years Weighted-average discount rate - finance leases 8.0 % 8.0 % Weighted-average discount rate - operating leases 4.4 % 4.5 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019 . 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, 2020 2019 (In thousands, except per share data) NUMERATOR Net income $ 56,441 $ 61,803 Less: Preferred share dividends (2,010 ) (2,010 ) Less: Income from operations attributable to noncontrolling interests (1,678 ) (1,659 ) Less: Earnings allocated to unvested shares (247 ) (220 ) Net income available for common shareholders, basic and diluted $ 52,506 $ 57,914 DENOMINATOR Weighted average common shares outstanding, basic and diluted 75,360 74,200 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.70 $ 0.78

Business And Organization (Deta

Business And Organization (Details)	3 Months Ended
	Mar. 31, 2020project
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 Millions	3 Months Ended
	Mar. 31, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected losses included in rental expenses	$ 0.4
Accumulated Dividends in Excess of Net Income | ASU 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative impact to accumulated dividends in excess of net income	$ 0.5

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounting Policies [Abstract]
Total interest costs incurred	$ 34,159	$ 32,580
Interest capitalized	(5,714)	(4,547)
Interest expense	28,445	28,033
Cash paid for interest, net of amounts capitalized	29,405	32,485
Cash paid for income taxes	4	7
DownREIT operating partnership units issued with acquisition	18,920	0
Mortgage loans assumed with acquisition	8,903	0
DownREIT operating partnership units redeemed for common shares	0	7,551
Shares issued under dividend reinvestment plan	$ 429	$ 455

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 994,688	$ 127,432
Restricted cash	[1]	24,738	26,182
Total cash, cash equivalents, and restricted cash		$ 1,019,426	$ 153,614	$ 82,212	$ 108,332
[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)	Feb. 12, 2020USD ($)ft²	Jan. 10, 2020USD ($)ft²	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Significant Acquisition and Dispositions
Mortgage loan assumed with acquisition			$ 8,903,000	$ 0
Shopping center in Fairfax, Virginia
Significant Acquisition and Dispositions
Square footage of real estate property | ft²		49,000
Purchase price of real estate acquisition		$ 22,300,000
DownREIT operating units issued to fund acquisition		163,322
Hoboken 2 Buildings
Significant Acquisition and Dispositions
Square footage of real estate property | ft²	12,000
Purchase price of real estate acquisition	$ 14,300,000
Hoboken
Significant Acquisition and Dispositions
Ownership interest in joint venture			90.00%
Other Liabilities | Shopping center in Fairfax, Virginia
Significant Acquisition and Dispositions
Below market leases		$ 400,000
Other Liabilities | Hoboken 2 Buildings
Significant Acquisition and Dispositions
Below market leases	3,300,000
Amortization of above market leases | Other Assets | Shopping center in Fairfax, Virginia
Significant Acquisition and Dispositions
Above market leases		$ 500,000
Amortization of above market leases | Other Assets | Hoboken 2 Buildings
Significant Acquisition and Dispositions
Above market leases	100,000
Mortgage loan | Hoboken 2 Buildings
Significant Acquisition and Dispositions
Mortgage loan assumed with acquisition	$ 8,900,000

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Feb. 12, 2020	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Mortgage loan assumed with acquisition		$ 8,903	$ 0
Maximum amount outstanding under revolving credit facility		990,000
Maximum borrowing capacity under revolving credit facility		$ 1,000,000
Weighted average interest rate, before amortization of debt fees		1.70%
Weighted average borrowings outstanding		$ 143,700
Hoboken 2 Buildings | Mortgage loan
Debt Instrument [Line Items]
Mortgage loan assumed with acquisition	$ 8,900
Mortgage loan fair value	$ 9,000
Interest rate	4.00%

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	Mar. 31, 2020	Dec. 31, 2019
Mortgages payable and notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 1,546,565	$ 549,460
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,543,402	562,049
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	2,807,848	2,807,134
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 2,968,904	$ 3,001,216

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)agreement	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive loss	$ (6,452)	$ (209)
Amount reclassified from other comprehensive loss to interest expense (less than)	(100)
Accumulated other comprehensive loss
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive loss	(6,452)	$ (209)
Accumulated other comprehensive loss | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive loss	800
Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	$ (5,555)
Derivative Asset			$ 130
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
Mortgage payable | Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	2
Other comprehensive loss	$ 5,700
Notional amount of derivative liability	56,500
Mortgage payable	$ 56,500
Fixed interest rate on derivative	3.67%
Other liabilities and deferred credits
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	$ 5,600
Fair Value, Inputs, Level 1 [Member] | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	0
Derivative Asset			0
Fair Value, Inputs, Level 2 [Member] | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	(5,555)
Derivative Asset			130
Fair Value, Inputs, Level 3 [Member] | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	$ 0
Derivative Asset			$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2020USD ($)shares
Commitments and Contingencies Disclosure [Abstract]
downREIT operating partnership units, outstanding | shares	744,617
downREIT operating partnership units outstanding, fair value | $	$ 55.6

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended		12 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Dividends
Dividends declared to common shareholders (in dollars per share)		$ 1.05	$ 1.02
Dividends paid per common share		$ 1.050	$ 1.020
Percentage of depository shares		0.10%	0.10%
5.417% Series 1 Cumulative Convertible Preferred
Dividends
Preferred shares, percentage		5.417%	5.417%	5.417%
Dividends declared per preferred shares		$ 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 shares	[1]	$ 0.313	$ 0.313
Dividends paid per preferred share	[1]	$ 0.313	$ 0.313
[1]	(1) Amount represents dividends per depository share, each representing 1/1000th of a share.

Shareholders' Equity Narrative

Shareholders' Equity Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class of Stock [Line Items]
Net cash proceeds of common stock	$ 19	$ 59,427
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share	400,000
Remaining capacity to issue	$ 128,300

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares and options	$ 3,942	$ 3,861
Capitalized share-based compensation	(332)	(226)
Share-based compensation expense	$ 3,610	$ 3,635

Operating & Finance Leases (Det

Operating & Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Finance Lease, Amortization of right-of-use assets	$ 321	$ 321
Finance Lease, Interest on lease liabilities	1,456	1,456
Operating lease cost	1,559	1,504
Variable lease cost	87	91
Total Lease Cost	3,423	3,372
Operating cash flows for finance leases	1,433	1,460
Operating cash flows for operating leases	1,550	1,511
Financing cash flows for finance leases	$ 11	$ 10
Weighted-average remaining lease term - finance leases	18 years	18 years 10 months 24 days
Weighted-average remaining lease term - operating leases	53 years 2 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	4.40%	4.50%

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Weighted average unvested shares outstanding	200,000	200,000
Anti-dilutive stock options	682	682
5.417% Series 1 Cumulative Convertible Preferred
Cumulative convertible preferred shares, dividend rate	5.417%	5.417%	5.417%

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 56,441	$ 61,803
Less: Preferred share dividends	(2,010)	(2,010)
Less: Income from operations attributable to noncontrolling interests	(1,678)	(1,659)
Less: Earnings allocated to unvested shares	(247)	(220)
Net income available for common shareholders, basic and diluted	$ 52,506	$ 57,914
Weighted average common shares outstanding—basic and diluted	75,360	74,200
Earnings per common share, basic and diluted	$ 0.70	$ 0.78

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Thousands	May 06, 2020	Apr. 21, 2020	Mar. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Note payable			$ 993,752	$ 3,781
Maximum borrowing capacity under revolving credit facility			$ 1,000,000
A building in Pasadena, California | Subsequent event
Subsequent Event [Line Items]
Sales price of real estate		$ 16,100
Term loan | Subsequent event
Subsequent Event [Line Items]
Note payable	$ 400,000
Basis points over LIBOR	1.35%