Federal Realty Investment Trust (FRT) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	909 Rose Avenue, Suite 200
Entity Address, City	North Bethesda
Entity Address, State	MD
Entity Address, Zip Code	20852
City 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		75,647,142
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
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
Former Address
Entity Information [Line Items]
Entity Address, Address	1626 East Jefferson Street
Entity Address, City	Rockville
Entity Address, State	MD

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Operating (including $1,709,234 and $1,676,866 of consolidated variable interest entities, respectively)	$ 7,817,819	$ 7,535,983
Construction-in-progress (including $81,463 and $102,583 of consolidated variable interest entities, respectively)	769,668	760,420
Assets held for sale	0	1,729
Real estate, at cost, total	8,587,487	8,298,132
Less accumulated depreciation and amortization (including $314,866 and $296,165 of consolidated variable interest entities, respectively)	(2,339,664)	(2,215,413)
Net real estate	6,247,823	6,082,719
Cash and cash equivalents	863,279	127,432
Accounts and notes receivable, net	164,882	152,572
Mortgage notes receivable, net	39,905	30,429
Investment in partnerships	22,093	28,604
Operating lease right of use assets	92,837	93,774
Finance lease right of use assets	51,437	52,402
Prepaid expenses and other assets	229,037	227,060
TOTAL ASSETS	7,711,293	6,794,992
Liabilities
Mortgages payable, net (including $474,775 and $469,184 of consolidated variable interest entities, respectively)	549,445	545,679
Notes payable, net	402,580	3,781
Senior notes and debentures, net	3,508,824	2,807,134
Accounts payable and accrued expenses	276,396	255,503
Dividends payable	82,688	81,676
Security deposits payable	19,693	21,701
Operating lease liabilities	72,921	73,628
Finance lease liabilities	72,052	72,062
Other liabilities and deferred credits	148,889	157,938
Total liabilities	5,133,488	4,019,102
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	159,721	139,758
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 75,641,074 and 75,540,804 shares issued and outstanding, respectively	760	759
Additional paid-in capital	3,174,066	3,166,522
Accumulated dividends in excess of net income	(999,664)	(791,124)
Accumulated other comprehensive loss	(7,300)	(813)
Total shareholders’ equity of the Trust	2,327,859	2,535,341
Noncontrolling interests	90,225	100,791
Total shareholders’ equity	2,418,084	2,636,132
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	7,711,293	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	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Operating real estate, consolidated variable interest entities	$ 1,709,234	$ 1,709,234	$ 1,676,866
Construction-in-progress, consolidated variable interest entities	81,463	81,463	102,583
Accumulated depreciation and amortization, consolidated variable interest entities	314,866	314,866	296,165
Mortgages payable, consolidated variable interest entities	$ 474,775	$ 474,775	$ 469,184
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	75,641,074	75,641,074	75,540,804
Common shares of beneficial interest, shares outstanding	75,641,074	75,641,074	75,540,804
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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUE
Rental income	$ 207,410	$ 233,212	$ 613,687	$ 694,435
Mortgage interest income	787	735	2,294	2,204
Total revenue	208,197	233,947	615,981	696,639
EXPENSES
Rental expenses	41,832	54,484	122,561	140,182
Real estate taxes	30,520	29,030	90,183	81,883
General and administrative	9,308	11,060	29,373	32,047
Depreciation and amortization	65,631	59,648	190,603	178,327
Total operating expenses	147,291	154,222	432,720	432,439
Gain on sale of real estate, net of tax	0	14,293	11,682	30,490
OPERATING INCOME	3,688	94,018	137,725	294,690
OTHER INCOME/(EXPENSE)
Other interest income	538	389	1,355	755
Interest expense	(36,228)	(27,052)	(98,746)	(82,567)
Loss from partnerships	(1,621)	(249)	(6,657)	(1,302)
NET (LOSS) INCOME	(33,623)	67,106	33,677	211,576
Net loss (income) attributable to noncontrolling interests	5,334	(1,641)	3,304	(5,065)
NET (LOSS) INCOME ATTRIBUTABLE TO THE TRUST	(28,289)	65,465	36,981	206,511
Dividends on preferred shares	(2,010)	(2,010)	(6,031)	(6,031)
NET (LOSS) INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ (30,299)	$ 63,455	$ 30,950	$ 200,480
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net (loss) income available for common shareholders	$ (0.41)	$ 0.84	$ 0.40	$ 2.68
Weighted average number of common shares	75,404	74,832	75,386	74,584
COMPREHENSIVE (LOSS) INCOME	$ (33,165)	$ 66,995	$ 27,190	$ 210,857
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE TRUST	(27,831)	65,354	30,494	205,792
Other Asset Impairment Charges	$ 57,218	$ 0	$ 57,218	$ 0

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 1st adoption of new accounting standard	(7,098)				(7,098)
Net income (loss), 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 (loss), 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		$ 0	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)		$ 0	(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
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 1st adoption of new accounting standard	(510)				(510)
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	32,050				36,981		(4,931)
Other comprehensive (loss) income - change in fair value of interest rate swaps	(6,487)					(6,487)
Dividends declared to common shareholders	(238,980)				(238,980)
Dividends declared to preferred shareholders	(6,031)				(6,031)
Distributions declared to noncontrolling interests	(2,465)						(2,465)
Shares issued (in shares)			57
Shares issued	5		$ 0					5
Shares issued under dividend reinvestment plan (in shares)			17,669
Shares issued under dividend reinvestment plan	1,461			1,461
Share-based compensation expense, net of forfeitures (in shares)			115,368
Share-based compensation expense, net of forfeitures	10,144		$ 1	10,143
Shares withheld for employee taxes (in shares)			(32,824)
Shares withheld for employee taxes	(4,035)			(4,035)
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 Sep. 30, 2020		405,896	75,641,074
Ending balance at Sep. 30, 2020	2,418,084	$ 159,997	$ 760	3,174,066	(999,664)	(7,300)	90,225
Beginning balance (in shares) at Jun. 30, 2020		405,896	75,633,140
Beginning balance at Jun. 30, 2020	2,531,101	$ 159,997	$ 760	3,170,480	(889,195)	(7,758)	96,817
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	(34,093)				(28,289)		(5,804)
Other comprehensive (loss) income - change in fair value of interest rate swaps	458					458
Dividends declared to common shareholders	(80,170)				(80,170)
Dividends declared to preferred shareholders	(2,010)				(2,010)
Distributions declared to noncontrolling interests	(788)						(788)
Shares issued (in shares)			28
Shares issued	3		$ 0					$ 3
Shares issued under dividend reinvestment plan (in shares)			7,064
Shares issued under dividend reinvestment plan	506			506
Share-based compensation expense, net of forfeitures (in shares)			1,276
Share-based compensation expense, net of forfeitures	3,115		$ 0	3,115
Shares withheld for employee taxes (in shares)			(434)
Shares withheld for employee taxes	(38)			(38)
Ending balance (in shares) at Sep. 30, 2020		405,896	75,641,074
Ending balance at Sep. 30, 2020	$ 2,418,084	$ 159,997	$ 760	$ 3,174,066	$ (999,664)	$ (7,300)	$ 90,225

Consolidated Statement Of Sha_2

Consolidated Statement Of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 470	$ 821	$ 1,627	$ 2,604
Dividends declared to common shareholders (in dollars per share)	$ 1.06	$ 1.05	$ 3.16	$ 3.09

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net income	$ 33,677	$ 211,576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	190,603	178,327
Other Asset Impairment Charges	57,218	0
Gain on sale of real estate, net of tax	(11,682)	(30,490)
Loss from partnerships	6,657	1,302
Other, net	5,158	(457)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(11,537)	(8,867)
Increase in prepaid expenses and other assets	(7,672)	(12,836)
Increase in accounts payable and accrued expenses	14,708	6,262
Decrease in security deposits and other liabilities	(8,708)	(511)
Net cash provided by operating activities	268,422	344,306
INVESTING ACTIVITIES
Acquisition of real estate	(9,589)	(45,122)
Capital expenditures - development and redevelopment	(302,666)	(226,232)
Capital Expenditures - Other	(46,530)	(53,890)
Costs associated with property sold under threat of condemnation	(12,924)	0
Proceeds from sale of real estate	18,096	115,781
Investment in partnerships	(1,607)	(980)
Distribution from partnerships in excess of earnings	849	1,798
Leasing costs	(8,668)	(18,751)
(Increase in) repayment of mortgage and other notes receivable, net	(10,533)	130
Net cash used in investing activities	(373,572)	(227,266)
FINANCING ACTIVITIES
Costs to amend revolving credit facility	(638)	(4,012)
Issuance of senior notes, net of costs	700,069	400,106
Issuance of notes payable, net of costs	398,742	0
Repayment of mortgages, finance leases and notes payable	(4,846)	(299,485)
Issuance of common shares, net of costs	170	139,729
Dividends paid to common and preferred shareholders	(242,853)	(232,985)
Shares withheld for employee taxes	(4,035)	(4,615)
Contributions from noncontrolling interests	0	272
Distributions to and redemptions of noncontrolling interests	(6,634)	(17,466)
Net cash provided by (used in) financing activities	839,975	(18,456)
Increase in cash, cash equivalents and restricted cash	734,825	98,584
Cash, cash equivalents, and restricted cash at beginning of year	153,614	108,332
Cash, cash equivalents, and restricted cash at end of period	$ 888,439	$ 206,916

Business And Organization

Business And Organization	9 Months Ended
	Sep. 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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. Revenue Recognition and Accounts Receivable Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees are generally recognized on the termination date if the tenant has relinquished control of the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Lease concessions (unrelated to the COVID-19 pandemic) are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract. I n April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of September 30, 2020 , we have entered into rent deferral agreements related to the COVID-19 pandemic representing approximately $30 million of rent otherwise owed during the nine months ended September 30, 2020 , and continue negotiations with other tenants. When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. The actions taken by federal, state and local governments to mitigate the spread of COVID-19, initially by ordering closures of non-essential businesses and ordering residents to generally stay at home, and subsequent phased re-openings, as well as the general concern over the spread of COVID-19, have resulted in many of our tenants temporarily or even permanently closing their businesses, and for some, it has impacted their ability to pay rent . As a result, we revised our collectibility assumptions for many of our tenants most significantly impacted by COVID-19. Accordingly, during the three and nine months ended September 30, 2020 , we recognized collectibility related adjustments of $29.4 million and $87.6 million , respectively. This includes changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements, as well as the write-off of $1.7 million and $11.2 million of straight-line rent receivables primarily related to tenants changed to a cash basis of revenue recognition in the three and nine months ended September 30, 2020 , respectively. As of September 30, 2020 , the revenue from approximately 34% of our tenants (based on total commercial leases) is being recognized on a cash basis. As of September 30, 2020 and December 31, 2019, our straight-line rent receivables balance was $102.9 million and $100.3 million , respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet. Long-Lived Assets and Impairment There are estimates and assumptions made by management in preparing the consolidated financial statements for which the actual results will be determined over long periods of time. This includes the recoverability of long-lived assets, including our properties that have been acquired or redeveloped and our investment in certain joint ventures. Management’s evaluation of impairment includes review for possible indicators of impairment as well as, in certain circumstances, undiscounted and discounted cash flow analysis. Since most of our investments in real estate are wholly-owned or controlled assets which are held for use, a property with impairment indicators is first tested for impairment by comparing the undiscounted cash flows, including residual value, to the current net book value of the property. If the undiscounted cash flows are less than the net book value, the property is written down to expected fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Because our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income, because recording an impairment charge results in a negative adjustment to net income. On September 1, 2020, the $60.6 million non-recourse mortgage loan on The Shops at Sunset Place matured. The mortgage was not repaid and thus the lender declared the loan in default. We are an approximately 90% owner in the partnership that owns the property, and we consolidate the partnership as we are the primary beneficiary of this VIE. While we continue to evaluate our long-term plans for the property, taking into account current market conditions and prospective development and redevelopment returns, as well as the impact of COVID-19 on the revenue prospects for the property, we currently believe it is unlikely we will move forward with the planned redevelopment or repay the mortgage loan at the current balance, and thus, do not expect we will be long-term holders of this asset. While we continue to engage in negotiations with the lender, we expect our exit from the property would either be achieved through a short term extension of the loan and an orderly sales process commencing in 2021, or potentially, the lender taking control of the asset. Given these current expectations, we have recorded an impairment charge of $57.2 million during the three and nine months ended September 30, 2020 . The fair value estimate used to determine the impairment charge was determined by market comparable data and discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs which include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that we believe to be within a reasonable range of current market rates for the property. Based on these inputs, we have determined that the $57 million estimated valuation of the property is classified within Level 3 of the fair value hierarchy. 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 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 nine months ended September 30, 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. Standard Description Effect on the financial statements or significant matters ASU 2020-06, August 2020, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity This ASU simplifies the accounting for convertible instruments by removing the requirements to separately present certain conversion features in equity, simplifying the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification, and generally requiring use of the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive). The guidance is effective for annual periods beginning after December 15, 2021, and interim periods therein. The adoption of this standard is not expected to have a significant impact to our consolidated financial statements. 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, 2020 2019 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 116,015 $ 97,074 Interest capitalized (17,269 ) (14,507 ) Interest expense $ 98,746 $ 82,567 Cash paid for interest, net of amounts capitalized $ 89,447 $ 82,118 Cash paid for income taxes $ 430 $ 450 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units issued with acquisition $ 18,920 $ — Mortgage loans assumed with acquisition $ 8,903 $ 16,951 DownREIT operating partnership units redeemed for common shares $ — $ 11,935 Shares issued under dividend reinvestment plan $ 1,296 $ 1,337 September 30, December 31, 2020 2019 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 863,279 $ 127,432 Restricted cash (1) 25,160 26,182 Total cash, cash equivalents, and restricted cash $ 888,439 $ 153,614 (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, 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. On April 21, 2020 , we sold a building in Pasadena, California for $16.1 million , which resulted in a gain of $11.7 million .

Debt

Debt	9 Months Ended
	Sep. 30, 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. This amount was subsequently repaid when we entered into a $400.0 million unsecured term loan on May 6, 2020 and issued $700.0 million of fixed rate unsecured senior notes on May 11, 2020 . The unsecured term loan matures on May 6, 2021 , plus one twelve month extension at our option, and bears interest at LIBOR plus 135 basis points based on our current credit rating. Our net proceeds from this transaction after underwriting fees and other costs were $398.7 million . The $700.0 million of unsecured senior notes issued in May 2020 comprise a $300.0 million reopening of our 3.95% senior notes maturing on January 15, 2024 and a $400.0 million issuance of 3.50% senior notes maturing on June 1, 2030 . The 3.95% senior notes were offered at 103.257% of the principal amount with a yield to maturity of 2.944% , and have the same terms and are of the same series as the $300.0 million senior notes issued on December 9, 2013. The 3.50% senior notes were offered at 98.911% of the principal amount with a yield to maturity of 3.630% . Our net proceeds from these transactions after the net issuance premium, underwriting fees, and other costs were $700.1 million . On September 1, 2020, the $60.6 million non-recourse mortgage loan on The Shops at Sunset Place matured. The mortgage was not repaid and thus the lender declared the loan in default. We continue to engage in negotiations with the lender. The default did not trigger a cross default with any of our other indebtedness. At September 30, 2020 , accrued interest and other fees payable to the lender total $0.8 million . During the three months ended September 30, 2020 , there were no borrowings on our revolving credit facility. During the nine months ended September 30, 2020 , the maximum amount of borrowings outstanding under our revolving credit facility was $990.0 million , the weighted average interest rate, before amortization of debt fees, was 1.5% , and the weighted average borrowings outstanding was $185.0 million . Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of September 30, 2020

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	9 Months Ended
	Sep. 30, 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: September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 952,025 $ 943,550 $ 549,460 $ 562,049 Senior notes and debentures $ 3,508,824 $ 3,789,503 $ 2,807,134 $ 3,001,216 As of September 30, 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 September 30, 2020 was a liability of $5.7 million and is included in "other liabilities and deferred credits" on our consolidated balance sheet. For the three and nine months ended September 30, 2020 , the value of our interest rate swaps increased $0.3 million and decreased $5.9 million , respectively (including $0.2 million and 0.4 million , respectively, 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: September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (5,745 ) $ — $ (5,745 ) $ — $ 130 $ — $ 130 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, 2020 , our share of the change in fair value of the related swaps included in "accumulated other comprehensive loss" was an increase of $0.2 million and a decrease of $0.6 million

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 $54.7 million , which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on September 30, 2020 .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2020
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, 2020 2019 Declared Paid Declared Paid Common shares $ 3.160 $ 3.150 $ 3.090 $ 3.060 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 $ 0.938 (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 September 30, 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Grants of common shares and options $ 3,115 $ 3,151 $ 10,144 $ 10,143 Capitalized share-based compensation (335 ) (274 ) (977 ) (746 ) Share-based compensation expense $ 2,780 $ 2,877 $ 9,167 $ 9,397

Operating & Finance Leases (Not

Operating & Finance Leases (Notes)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 321 $ 321 $ 963 $ 963 Interest on lease liabilities 1,456 1,455 4,369 4,366 Operating lease cost 1,443 1,524 4,554 4,521 Variable lease cost 89 131 246 351 Total lease cost $ 3,309 $ 3,431 $ 10,132 $ 10,201 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 1,432 $ 1,432 $ 4,304 $ 4,325 Operating cash flows for operating leases $ 1,421 $ 1,500 $ 4,232 $ 4,279 Financing cash flows for finance leases $ 11 $ 2 $ 33 $ 43 September 30, 2020 2019 Weighted-average remaining lease term - finance leases 17.5 years 18.4 years Weighted-average remaining lease term - operating leases 53.4 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands, except per share data) NUMERATOR Net (loss) income $ (33,623 ) $ 67,106 $ 33,677 211,576 Less: Preferred share dividends (2,010 ) (2,010 ) (6,031 ) (6,031 ) Less: Loss (income) from operations attributable to noncontrolling interests 5,334 (1,641 ) 3,304 (5,065 ) Less: Earnings allocated to unvested shares (249 ) (232 ) (745 ) (671 ) Net (loss) income available for common shareholders, basic and diluted $ (30,548 ) $ 63,223 $ 30,205 $ 199,809 DENOMINATOR Weighted average common shares outstanding, basic and diluted 75,404 74,832 75,386 74,584 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net (loss) income available for common shareholders $ (0.41 ) $ 0.84 $ 0.40 $ 2.68

Subsequent Event Subsequent Eve

Subsequent Event Subsequent Event	9 Months Ended
	Sep. 30, 2020
Subsequent Event [Abstract]
Subsequent Event	NOTE 11—SUBSEQUENT EVENT On October 13, 2020 , we issued $400.0 million of fixed rate senior unsecured notes that mature on February 15, 2026 and bear interest at 1.25% . The notes were offered at 99.339% of the principal amount with a yield to maturity of 1.379%

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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.
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees are generally recognized on the termination date if the tenant has relinquished control of the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Lease concessions (unrelated to the COVID-19 pandemic) are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract. I n April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of September 30, 2020 , we have entered into rent deferral agreements related to the COVID-19 pandemic representing approximately $30 million of rent otherwise owed during the nine months ended September 30, 2020 , and continue negotiations with other tenants. When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. The actions taken by federal, state and local governments to mitigate the spread of COVID-19, initially by ordering closures of non-essential businesses and ordering residents to generally stay at home, and subsequent phased re-openings, as well as the general concern over the spread of COVID-19, have resulted in many of our tenants temporarily or even permanently closing their businesses, and for some, it has impacted their ability to pay rent . As a result, we revised our collectibility assumptions for many of our tenants most significantly impacted by COVID-19. Accordingly, during the three and nine months ended September 30, 2020 , we recognized collectibility related adjustments of $29.4 million and $87.6 million , respectively. This includes changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements, as well as the write-off of $1.7 million and $11.2 million of straight-line rent receivables primarily related to tenants changed to a cash basis of revenue recognition in the three and nine months ended September 30, 2020 , respectively. As of September 30, 2020 , the revenue from approximately 34% of our tenants (based on total commercial leases) is being recognized on a cash basis. As of September 30, 2020 and December 31, 2019, our straight-line rent receivables balance was $102.9 million and $100.3 million , respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet.
Long-Lived Assets and Impairment	Long-Lived Assets and Impairment There are estimates and assumptions made by management in preparing the consolidated financial statements for which the actual results will be determined over long periods of time. This includes the recoverability of long-lived assets, including our properties that have been acquired or redeveloped and our investment in certain joint ventures. Management’s evaluation of impairment includes review for possible indicators of impairment as well as, in certain circumstances, undiscounted and discounted cash flow analysis. Since most of our investments in real estate are wholly-owned or controlled assets which are held for use, a property with impairment indicators is first tested for impairment by comparing the undiscounted cash flows, including residual value, to the current net book value of the property. If the undiscounted cash flows are less than the net book value, the property is written down to expected fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Because our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income, because recording an impairment charge results in a negative adjustment to net income. On September 1, 2020, the $60.6 million non-recourse mortgage loan on The Shops at Sunset Place matured. The mortgage was not repaid and thus the lender declared the loan in default. We are an approximately 90% owner in the partnership that owns the property, and we consolidate the partnership as we are the primary beneficiary of this VIE. While we continue to evaluate our long-term plans for the property, taking into account current market conditions and prospective development and redevelopment returns, as well as the impact of COVID-19 on the revenue prospects for the property, we currently believe it is unlikely we will move forward with the planned redevelopment or repay the mortgage loan at the current balance, and thus, do not expect we will be long-term holders of this asset. While we continue to engage in negotiations with the lender, we expect our exit from the property would either be achieved through a short term extension of the loan and an orderly sales process commencing in 2021, or potentially, the lender taking control of the asset. Given these current expectations, we have recorded an impairment charge of $57.2 million during the three and nine months ended September 30, 2020 . The fair value estimate used to determine the impairment charge was determined by market comparable data and discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs which include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that we believe to be within a reasonable range of current market rates for the property. Based on these inputs, we have determined that the $57 million estimated valuation of the property is classified within Level 3 of the fair value hierarchy.
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 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 nine months ended September 30, 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. Standard Description Effect on the financial statements or significant matters ASU 2020-06, August 2020, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity This ASU simplifies the accounting for convertible instruments by removing the requirements to separately present certain conversion features in equity, simplifying the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification, and generally requiring use of the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive). The guidance is effective for annual periods beginning after December 15, 2021, and interim periods therein. The adoption of this standard is not expected to have a significant impact to our consolidated financial statements.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 2020 2019 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 116,015 $ 97,074 Interest capitalized (17,269 ) (14,507 ) Interest expense $ 98,746 $ 82,567 Cash paid for interest, net of amounts capitalized $ 89,447 $ 82,118 Cash paid for income taxes $ 430 $ 450 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units issued with acquisition $ 18,920 $ — Mortgage loans assumed with acquisition $ 8,903 $ 16,951 DownREIT operating partnership units redeemed for common shares $ — $ 11,935 Shares issued under dividend reinvestment plan $ 1,296 $ 1,337
Reconciliation of cash, cash equivalents, and restricted cash	September 30, December 31, 2020 2019 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 863,279 $ 127,432 Restricted cash (1) 25,160 26,182 Total cash, cash equivalents, and restricted cash $ 888,439 $ 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)	9 Months Ended
	Sep. 30, 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: September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 952,025 $ 943,550 $ 549,460 $ 562,049 Senior notes and debentures $ 3,508,824 $ 3,789,503 $ 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: September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (5,745 ) $ — $ (5,745 ) $ — $ 130 $ — $ 130

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 2020 2019 Declared Paid Declared Paid Common shares $ 3.160 $ 3.150 $ 3.090 $ 3.060 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 $ 0.938 (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 September 30, 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)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Grants of common shares and options $ 3,115 $ 3,151 $ 10,144 $ 10,143 Capitalized share-based compensation (335 ) (274 ) (977 ) (746 ) Share-based compensation expense $ 2,780 $ 2,877 $ 9,167 $ 9,397

Operating & Finance Leases (Tab

Operating & Finance Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
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, September 30, 2020 2019 2020 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 321 $ 321 $ 963 $ 963 Interest on lease liabilities 1,456 1,455 4,369 4,366 Operating lease cost 1,443 1,524 4,554 4,521 Variable lease cost 89 131 246 351 Total lease cost $ 3,309 $ 3,431 $ 10,132 $ 10,201 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 1,432 $ 1,432 $ 4,304 $ 4,325 Operating cash flows for operating leases $ 1,421 $ 1,500 $ 4,232 $ 4,279 Financing cash flows for finance leases $ 11 $ 2 $ 33 $ 43 September 30, 2020 2019 Weighted-average remaining lease term - finance leases 17.5 years 18.4 years Weighted-average remaining lease term - operating leases 53.4 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands, except per share data) NUMERATOR Net (loss) income $ (33,623 ) $ 67,106 $ 33,677 211,576 Less: Preferred share dividends (2,010 ) (2,010 ) (6,031 ) (6,031 ) Less: Loss (income) from operations attributable to noncontrolling interests 5,334 (1,641 ) 3,304 (5,065 ) Less: Earnings allocated to unvested shares (249 ) (232 ) (745 ) (671 ) Net (loss) income available for common shareholders, basic and diluted $ (30,548 ) $ 63,223 $ 30,205 $ 199,809 DENOMINATOR Weighted average common shares outstanding, basic and diluted 75,404 74,832 75,386 74,584 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net (loss) income available for common shareholders $ (0.41 ) $ 0.84 $ 0.40 $ 2.68

Business And Organization (Deta

Business And Organization (Details)	9 Months Ended
	Sep. 30, 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 Revenue Recognition and Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Collectibility adjustment	$ 29.4	$ 87.6
Write-off of straight-line rent receivables	$ 1.7	$ 11.2
Tenants with revenue recognized on a cash basis method	34.00%	34.00%
Straight-line rent receivables	$ 102.9	$ 102.9	$ 100.3
Owed during the nine months ended September 30, 2020
Lessor, Lease, Description [Line Items]
Rent deferred	$ 30	$ 30

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies Long-Lived Assets and Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Long-Lived Assets and Impairment [Line Items]
Impairment charge	$ 57,218	$ 0	$ 57,218	$ 0
The Shops at Sunset Place
Long-Lived Assets and Impairment [Line Items]
Ownership interest in joint venture	90.00%		90.00%
Impairment charge	$ 57,200		$ 57,200
Value of impaired asset	57,000		57,000
Non-recourse | Mortgage loan | The Shops at Sunset Place
Long-Lived Assets and Impairment [Line Items]
Principal balance	$ 60,600		$ 60,600

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies Recently Adopted Accounting Pronouncements (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected losses included in rental expenses	$ 0.4
Cumulative Effect, Period of Adoption, Adjustment | 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_7

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Total interest costs incurred			$ 116,015	$ 97,074
Interest capitalized			(17,269)	(14,507)
Interest expense	$ 36,228	$ 27,052	98,746	82,567
Cash paid for interest, net of amounts capitalized			89,447	82,118
Cash paid for income taxes			430	450
DownREIT operating partnership units issued with acquisition			18,920	0
Mortgage loans assumed with acquisition			8,903	16,951
DownREIT operating partnership units redeemed for common shares			0	11,935
Shares issued under dividend reinvestment plan			$ 1,296	$ 1,337

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 863,279	$ 127,432
Restricted cash	[1]	25,160	26,182
Total cash, cash equivalents, and restricted cash		$ 888,439	$ 153,614	$ 206,916	$ 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)	Apr. 21, 2020USD ($)	Feb. 12, 2020USD ($)ft²	Jan. 10, 2020USD ($)ft²	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Significant Acquisition and Dispositions
Mortgage loan assumed with acquisition						$ 8,903,000	$ 16,951,000
Gain on sale of property				$ 0	$ 14,293,000	$ 11,682,000	$ 30,490,000
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%		90.00%
A building in Pasadena, California
Significant Acquisition and Dispositions
Sales price of real estate	$ 16,100,000
Gain on sale of property	$ 11,700,000
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	May 11, 2020	May 06, 2020	Feb. 12, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 09, 2013
Debt Instrument [Line Items]
Mortgage loan assumed with acquisition					$ 8,903	$ 16,951
Basis spread on LIBOR interest		1.35%
Maximum amount outstanding under revolving credit facility				$ 0	990,000
Maximum borrowing capacity under revolving credit facility				1,000,000	1,000,000
Net proceeds from senior note issuances					$ 700,069	$ 400,106
Weighted average interest rate, before amortization of debt fees					1.50%
Weighted average borrowings outstanding					$ 185,000
Unsecured term loan
Debt Instrument [Line Items]
Other notes payable		$ 400,000
Net proceeds from term loan issuance		$ 398,700
3.95% notes | Unsecured senior notes
Debt Instrument [Line Items]
Interest rate	3.95%
Note offering percent	103.257%
Debt yield to maturity	2.944%
Principal balance	$ 300,000						$ 300,000
3.50% notes | Unsecured senior notes
Debt Instrument [Line Items]
Interest rate	3.50%
Note offering percent	98.911%
Debt yield to maturity	3.63%
Principal balance	$ 400,000
3.95% and 3.50% notes | Unsecured senior notes
Debt Instrument [Line Items]
Principal balance	700,000
Net proceeds from senior note issuances	$ 700,100
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%
The Shops at Sunset Place
Debt Instrument [Line Items]
Accrued interest and fees				800	800
Non-recourse | The Shops at Sunset Place | Mortgage loan
Debt Instrument [Line Items]
Principal balance				$ 60,600	$ 60,600

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	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ (200)	$ (400)
Mortgages payable and notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	952,025	952,025	$ 549,460
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	943,550	943,550	562,049
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,508,824	3,508,824	2,807,134
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,789,503	$ 3,789,503	$ 3,001,216

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)agreement	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)agreement	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income for the three months and loss for the nine months	$ 458	$ (111)	$ (6,487)	$ (719)
Amount reclassified from other comprehensive loss to interest expense (less than)	(200)		(400)
Accumulated other comprehensive loss
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income for the three months and loss for the nine months	458	$ (111)	(6,487)	$ (719)
Accumulated other comprehensive loss | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income for the three months and loss for the nine months	200		600
Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	$ (5,745)		$ (5,745)
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		2
Mortgage payable | Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	2		2
Other comprehensive income for the three months and loss for the nine months	$ 300		$ 5,900
Notional amount of derivative liability	56,500		56,500
Mortgage payable	$ 56,500		$ 56,500
Fixed interest rate on derivative	3.67%		3.67%
Other liabilities and deferred credits
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	$ 5,700		$ 5,700
Fair Value, Inputs, Level 1 [Member] | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	0		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	(5,745)		(5,745)
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		$ 0
Derivative Asset					$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2020USD ($)shares
Commitments and Contingencies Disclosure [Abstract]
downREIT operating partnership units, outstanding | shares	744,617
downREIT operating partnership units outstanding, fair value | $	$ 54.7

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Dividends
Dividends declared to common shareholders (in dollars per share)		$ 1.06	$ 1.05	$ 3.16	$ 3.09
Dividends paid per common share				$ 3.150	$ 3.060
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	$ 0.938
[1]	(1) Amount represents dividends per depository share, each representing 1/1000th of a share.

Shareholders' Equity Narrative

Shareholders' Equity Narrative (Details) - At The Market Equity Program $ in Millions	Sep. 30, 2020USD ($)
Class of Stock [Line Items]
Aggregate offering price of common share	$ 400
Remaining capacity to issue	$ 128.3

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares and options	$ 3,115	$ 3,151	$ 10,144	$ 10,143
Capitalized share-based compensation	(335)	(274)	(977)	(746)
Share-based compensation expense	$ 2,780	$ 2,877	$ 9,167	$ 9,397

Operating & Finance Leases (Det

Operating & Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Finance Lease, Amortization of right-of-use assets	$ 321	$ 321	$ 963	$ 963
Finance Lease, Interest on lease liabilities	1,456	1,455	4,369	4,366
Operating lease cost	1,443	1,524	4,554	4,521
Variable lease cost	89	131	246	351
Total Lease Cost	3,309	3,431	10,132	10,201
Operating cash flows for finance leases	1,432	1,432	4,304	4,325
Operating cash flows for operating leases	1,421	1,500	4,232	4,279
Financing cash flows for finance leases	$ 11	$ 2	$ 33	$ 43
Weighted-average remaining lease term - finance leases	17 years 6 months	18 years 4 months 24 days	17 years 6 months	18 years 4 months 24 days
Weighted-average remaining lease term - operating leases	53 years 4 months 24 days	53 years 8 months 12 days	53 years 4 months 24 days	53 years 8 months 12 days
Weighted-average discount rate - finance leases	8.00%	8.00%	8.00%	8.00%
Weighted-average discount rate - operating leases	4.40%	4.50%	4.40%	4.50%

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net (loss) income	$ (33,623)	$ 67,106	$ 33,677	$ 211,576
Less: Preferred share dividends	(2,010)	(2,010)	(6,031)	(6,031)
Less: Loss (income) from operations attributable to noncontrolling interests	5,334	(1,641)	3,304	(5,065)
Less: Earnings allocated to unvested shares	(249)	(232)	(745)	(671)
Net (loss) income available for common shareholders, basic and diluted	$ (30,548)	$ 63,223	$ 30,205	$ 199,809
Weighted average common shares outstanding, basic and diluted	75,404	74,832	75,386	74,584
Net (loss) income available for common shareholders	$ (0.41)	$ 0.84	$ 0.40	$ 2.68

Subsequent Event (Details)

Subsequent Event (Details) - 1.25% Senior Note - Subsequent Event $ in Millions	Oct. 13, 2020USD ($)
Subsequent Event [Line Items]
Senior Notes	$ 400
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Note Offering Percent	99.339%
Debt Yield to Maturity Percent	1.379%