Federal Realty Investment Trust (FRT) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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, 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		77,755,460
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Address, State	MD
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, 2021	Dec. 31, 2020
ASSETS
Operating (including $1,731,961 and $1,703,202 of consolidated variable interest entities, respectively)	$ 7,840,664	$ 7,771,981
Construction-in-progress (including $35,359 and $44,896 of consolidated variable interest entities, respectively)	868,193	810,889
Real estate, at cost, total	8,708,857	8,582,870
Less accumulated depreciation and amortization (including $347,041 and $335,735 of consolidated variable interest entities, respectively)	(2,393,380)	(2,357,692)
Net real estate	6,315,477	6,225,178
Cash and cash equivalents	779,901	798,329
Accounts and notes receivable, net	161,249	159,780
Mortgage notes receivable, net	39,879	39,892
Investment in partnerships	12,148	22,128
Operating lease right of use assets	82,721	92,248
Finance lease right of use assets	50,795	51,116
Prepaid expenses and other assets	227,431	218,953
TOTAL ASSETS	7,669,601	7,607,624
Liabilities
Mortgages payable, net (including $397,084 and $413,681 of consolidated variable interest entities, respectively)	466,950	484,111
Notes payable, net	403,081	402,776
Senior notes and debentures, net	3,404,879	3,404,488
Accounts payable and accrued expenses	254,515	228,641
Dividends payable	84,872	83,839
Security deposits payable	20,867	20,388
Operating lease liabilities	63,023	72,441
Finance lease liabilities	72,045	72,049
Other liabilities and deferred credits	156,227	152,424
Total liabilities	4,926,459	4,921,157
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	138,182	137,720
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 77,706,466 and 76,727,394 shares issued and outstanding, respectively	781	771
Additional paid-in capital	3,386,917	3,297,305
Accumulated dividends in excess of net income	(1,024,417)	(988,272)
Accumulated other comprehensive loss	(2,300)	(5,644)
Total shareholders’ equity of the Trust	2,520,978	2,464,157
Noncontrolling interests	83,982	84,590
Total shareholders’ equity	2,604,960	2,548,747
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	7,669,601	7,607,624
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, 2021	Dec. 31, 2020
Operating real estate, consolidated variable interest entities	$ 1,731,961	$ 1,703,202
Construction-in-progress, consolidated variable interest entities	35,359	44,896
Accumulated depreciation and amortization, consolidated variable interest entities	347,041	335,735
Mortgages payable, consolidated variable interest entities	$ 397,084	$ 413,681
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	77,706,466	76,727,394
Common shares of beneficial interest, shares outstanding	77,706,466	76,727,394
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, 2021	Mar. 31, 2020
REVENUE
Rental income	$ 217,135	$ 230,798
Mortgage interest income	1,026	759
Total revenue	218,161	231,557
EXPENSES
Rental expenses	49,238	44,312
Real estate taxes	29,420	29,064
General and administrative	10,258	10,251
Depreciation and amortization	63,874	62,188
Total operating expenses	152,790	145,815
Gain on sale of real estate and change in control of interest	17,428	0
OPERATING INCOME	82,799	85,742
OTHER INCOME/(EXPENSE)
Other interest income	363	308
Interest expense	(32,085)	(28,445)
Loss from partnerships	(1,338)	(1,164)
NET INCOME	49,739	56,441
Net income attributable to noncontrolling interests	(1,503)	(1,678)
NET INCOME ATTRIBUTABLE TO THE TRUST	48,236	54,763
Dividends on preferred shares	(2,010)	(2,010)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 46,226	$ 52,753
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$ 0.60	$ 0.70
Weighted average number of common shares	76,842	75,360
COMPREHENSIVE INCOME	$ 53,433	$ 49,989
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 51,580	$ 48,311

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
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]
Adoption of new accounting standard	(510)				(510)
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	55,426				54,763		663
Other comprehensive (loss) income - 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	(3,320)			(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
Beginning balance (in shares) at Dec. 31, 2020		405,896	76,727,394
Beginning balance at Dec. 31, 2020	2,548,747	$ 159,997	$ 771	3,297,305	(988,272)	(5,644)	84,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	48,931				48,236		695
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interest	3,344					3,344
Dividends declared to common shareholders	(82,371)				(82,371)
Dividends declared to preferred shareholders	(2,010)				(2,010)
Distributions declared to noncontrolling interests	(784)						(784)
Shares issued (in shares)			847,493
Shares issued	87,214		$ 8	87,206
Shares issued under dividend reinvestment plan (in shares)			6,280
Shares issued under dividend reinvestment plan	545			545
Share-based compensation expense, net of forfeitures (in shares)			147,712
Share-based compensation expense, net of forfeitures	4,149		$ 2	4,147
Shares withheld for employee taxes (in shares)			(27,429)
Shares withheld for employee taxes	(2,805)			(2,805)
Conversion and redemption of OP units (in Shares)			5,016
Conversion and redemption of OP units	0		$ 0	519			(519)
Ending balance (in shares) at Mar. 31, 2021		405,896	77,706,466
Ending balance at Mar. 31, 2021	$ 2,604,960	$ 159,997	$ 781	$ 3,386,917	$ (1,024,417)	$ (2,300)	$ 83,982

Consolidated Statement Of Sha_2

Consolidated Statement Of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 808	$ 1,015
Other comprehensive income (loss) attributable to redeemable noncontrolling interest	$ 350
Dividends declared to common shareholders (in dollars per share)	$ 1.06	$ 1.05

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net income	$ 49,739	$ 56,441
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63,874	62,188
Gain on sale of real estate and change in control of interest	(17,428)	0
Loss from partnerships	1,338	1,164
Other, net	1,245	(110)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable, net	883	3,012
Decrease in prepaid expenses and other assets	3,169	8,618
Increase (decrease) in accounts payable and accrued expenses	7,987	(3,619)
Increase (decrease) in security deposits and other liabilities	4,299	(8,945)
Net cash provided by operating activities	115,106	118,749
INVESTING ACTIVITIES
Acquisition of real estate	(5,694)	(7,109)
Capital expenditures - development and redevelopment	(68,527)	(106,572)
Capital Expenditures - Other	(15,189)	(15,792)
Costs associated with property sold under threat of condemnation	0	(17,412)
Proceeds from sale of real estate	19,896	0
Investment in partnerships	(2,657)	(136)
Distribution from partnerships in excess of earnings	285	849
Leasing costs	(2,955)	(5,001)
Increase in mortgage and other notes receivable, net	0	(659)
Net cash used in investing activities	(74,841)	(151,832)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility, including costs	0	990,000
Repayment of mortgages, finance leases and notes payable	(48,845)	(1,524)
Issuance of common shares, net of costs	87,329	19
Dividends paid to common and preferred shareholders	(82,913)	(80,898)
Shares withheld for employee taxes	(2,805)	(3,982)
Distributions to and redemptions of noncontrolling interests	(1,485)	(4,720)
Net cash (used in) provided by financing activities	(48,719)	898,895
(Decrease) increase in cash, cash equivalents and restricted cash	(8,454)	865,812
Cash, cash equivalents, and restricted cash at beginning of year	816,896	153,614
Cash, cash equivalents, and restricted cash at end of period	$ 808,442	$ 1,019,426

Business And Organization

Business And Organization	3 Months Ended
	Mar. 31, 2021
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 communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of March 31, 2021, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 101 predominantly retail real estate projects. We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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, 2020, 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, 2021 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. Impacts of COVID-19 Pandemic Since March 2020, we have been, and continue to be, impacted by the novel coronavirus ("COVID-19") pandemic. While we currently expect the impact to our properties to be temporary in nature, the extent of the future effects of COVID-19 on our business, results of operations, cash flows, and growth prospects is highly uncertain and will ultimately depend on future developments, none of which can be predicted with any certainty. Federal, state, and local governments have taken various actions since the onset of the pandemic to mitigate the spread of COVID-19. These actions range from closure of nonessential businesses and ordering residents to generally stay at home at the onset of the pandemic to phased re-openings and capacity limitations as COVID-19 vaccines are rolled out and infection rates start to decline. These actions, along with general concern over the spread of COVID-19, required a significant number of tenants to close their operations or to significantly limit the amount of business they are able to conduct. These closures and restrictions have impacted the tenants' ability to timely pay rent as required under our leases and also caused many tenants to close their businesses permanently. As a result, we continued to see elevated levels of collectibility related impacts and accordingly, during the three months ended March 31, 2021, we recognized collectibility related adjustments of $14.8 million. This includes not only the impact of tenants recognized on a cash basis but also changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements directly related to COVID-19. As of March 31, 2021, the revenue from approximately 34% of our tenants (based on total commercial leases) is being recognized on a cash basis. For more information, See Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Outlook. Forward Equity Sales On February 24, 2021, we replaced our existing at-the-market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The new ATM equity program also allows shares to be sold through forward sales agreements. Our forward sales contracts currently meet all the conditions for equity classification; and therefore, we record common stock on the settlement date at the purchase price contemplated by the contract. Furthermore, we consider the potential dilution resulting from forward sales agreements on our earnings per share calculations. We use the treasury method to determine the dilution, if any, from the forward sale agreement during the period of time prior to settlement. As of March 31, 2021, no forward sales contracts have settled. Recently Issued Accounting Pronouncements Standard Description Effect on the financial statements or significant matters 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. 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, 2021 2020 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 38,626 $ 34,159 Interest capitalized (6,541) (5,714) Interest expense $ 32,085 $ 28,445 Cash paid for interest, net of amounts capitalized $ 29,973 $ 29,405 Cash paid for income taxes $ — $ 4 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 $ 519 $ — Shares issued under dividend reinvestment plan $ 430 $ 429 March 31, December 31, 2021 2020 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 779,901 $ 798,329 Restricted cash (1) 28,541 18,567 Total cash, cash equivalents, and restricted cash $ 808,442 $ 816,896 (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, 2021
Real Estate [Abstract]
Real Estate Disclosure	On January 4, 2021, we acquired our partner's 20% interest in our joint venture arrangement related to the Pike & Rose hotel for $2.3 million, and repaid the $31.5 million mortgage loan encumbering the hotel. As a result of the transaction, we gained control of the hotel, and effective January 4, 2021, we have consolidated this asset. We also recognized a gain on acquisition of the controlling interest of $2.1 million related to the difference between the carrying value and fair value of the previously held equity interest. On February 22, 2021, we acquired the fee interest at our Mount Vernon Plaza property in Alexandria, Virginia for $5.6 million. As a result of this transaction, the "operating lease right of use assets" and "operating lease liabilities" on our consolidated balance sheet decreased by $9.8 million. We now own the entire fee interest on this property. On March 19, 2021, we sold a portion of Graham Park Plaza in Falls Church, Virginia for $20.3 million, resulting in a gain on sale of $15.6 million.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Instruments [Abstract]
DEBT	DEBTOn February 5, 2021, we repaid the $16.2 million mortgage loan on Sylmar Towne Center, at par, prior to its original maturity date.During the three months ended March 31, 2021, there were no borrowings on our $1.0 billion revolving credit facility. Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of March 31, 2021, 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, 2021
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, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable $ 870,031 $ 864,353 $ 886,887 $ 879,390 Senior notes and debentures $ 3,404,879 $ 3,630,425 $ 3,404,488 $ 3,761,465 As of March 31, 2021, 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, 2021 was a liability of $1.2 million and is included in "other liabilities and deferred credits" on our consolidated balance sheet. For the three months ended March 31, 2021, the value of our interest rate swaps increased $3.5 million (including $0.2 million reclassified from other comprehensive income to interest expense). A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (1,210) $ — $ (1,210) $ — $ (4,711) $ — $ (4,711)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 739,601 downREIT operating partnership units are outstanding which have a total fair value of approximately $75.0 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on March 31, 2021.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Declared Paid Declared Paid Common shares $ 1.060 $ 1.060 $ 1.050 $ 1.050 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. On February 24, 2021, we replaced our existing ATM equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The new ATM equity program also allows shares to be sold through forward sales agreements. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes. For the three months ended March 31, 2021, we issued 847,471 common shares at a weighted average price per share of $104.19 for net cash proceeds of $87.2 million including paying $0.9 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. We also entered into forward sales agreements for 331,318 shares under our ATM equity program at an average initial offering price of $106.43, which is net of approximately $0.4 million of commissions. The forward price that we will receive upon physical settlement of the agreements is subject to the adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers' stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreements. The open forward shares may be settled at any time on or before multiple required settlement dates in March 2022. We have remaining capacity to issue up to $404.4 million in common shares under our ATM equity program as of March 31, 2021.

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 (In thousands) Grants of common shares, restricted stock units, and options $ 4,149 $ 3,942 Capitalized share-based compensation (398) (332) Share-based compensation expense $ 3,751 $ 3,610

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020, we had 0.3 million and 0.2 million weighted average unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below. The following potentially issuable shares were excluded from the diluted EPS calculation because their impact is anti-dilutive: • exercise of 2,363 and 682 stock options for the three months ended March 31, 2021 and 2020, respectively, • conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for all periods presented, and • The issuance of 331,318 shares issuable under forward sales agreements for the three months ended March 31, 2021. Additionally, 10,441 of unvested restricted stock units are excluded from the diluted EPS calculation as the market based performance criteria in the awards has not yet been achieved. Three Months Ended March 31, 2021 2020 (In thousands, except per share data) NUMERATOR Net income $ 49,739 $ 56,441 Less: Preferred share dividends (2,010) (2,010) Less: Income from operations attributable to noncontrolling interests (1,503) (1,678) Less: Earnings allocated to unvested shares (294) (247) Net income available for common shareholders, basic and diluted $ 45,932 $ 52,506 DENOMINATOR Weighted average common shares outstanding, basic and diluted 76,842 75,360 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.60 $ 0.70

Subsequent Event Subsequent Eve

Subsequent Event Subsequent Event	3 Months Ended
	Mar. 31, 2021
Subsequent Event [Abstract]
Subsequent Event	SUBSEQUENT EVENT On April 16, 2021, we repaid $100.0 million of our existing $400.0 million term loan, amended the agreement on the remaining $300.0 million to lower the current spread over LIBOR from 135 basis points to 80 basis points based on our current credit rating, and extended the maturity date to April 16, 2024, along with two one-year extensions, at our option. On April 30, 2021, we acquired the fee interest in a 90,000 square foot, shopping center in McLean, Virginia for $32.1 million. The acquisition was completed through a newly formed joint venture, in which we own an 80% controlling interest.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying consolidated balance sheet as of December 31, 2020, 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, 2021 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.
Forward Equity Sales [Policy Text Block]	Forward Equity SalesOn February 24, 2021, we replaced our existing at-the-market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The new ATM equity program also allows shares to be sold through forward sales agreements. Our forward sales contracts currently meet all the conditions for equity classification; and therefore, we record common stock on the settlement date at the purchase price contemplated by the contract. Furthermore, we consider the potential dilution resulting from forward sales agreements on our earnings per share calculations. We use the treasury method to determine the dilution, if any, from the forward sale agreement during the period of time prior to settlement. As of March 31, 2021, no forward sales contracts have settled.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements Standard Description Effect on the financial statements or significant matters 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.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 38,626 $ 34,159 Interest capitalized (6,541) (5,714) Interest expense $ 32,085 $ 28,445 Cash paid for interest, net of amounts capitalized $ 29,973 $ 29,405 Cash paid for income taxes $ — $ 4 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 $ 519 $ — Shares issued under dividend reinvestment plan $ 430 $ 429
Reconciliation of cash, cash equivalents, and restricted cash	March 31, December 31, 2021 2020 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 779,901 $ 798,329 Restricted cash (1) 28,541 18,567 Total cash, cash equivalents, and restricted cash $ 808,442 $ 816,896 (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, 2021
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, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable $ 870,031 $ 864,353 $ 886,887 $ 879,390 Senior notes and debentures $ 3,404,879 $ 3,630,425 $ 3,404,488 $ 3,761,465
Summary of financial (liabilities) assets that are measured at fair value on a recurring basis	A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (1,210) $ — $ (1,210) $ — $ (4,711) $ — $ (4,711)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Declared Paid Declared Paid Common shares $ 1.060 $ 1.060 $ 1.050 $ 1.050 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.

Share-Based Compensation Plans

Share-Based Compensation Plans (Table)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 (In thousands) Grants of common shares, restricted stock units, and options $ 4,149 $ 3,942 Capitalized share-based compensation (398) (332) Share-based compensation expense $ 3,751 $ 3,610

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of earnings per share	The following potentially issuable shares were excluded from the diluted EPS calculation because their impact is anti-dilutive: • exercise of 2,363 and 682 stock options for the three months ended March 31, 2021 and 2020, respectively, • conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for all periods presented, and • The issuance of 331,318 shares issuable under forward sales agreements for the three months ended March 31, 2021. Additionally, 10,441 of unvested restricted stock units are excluded from the diluted EPS calculation as the market based performance criteria in the awards has not yet been achieved. Three Months Ended March 31, 2021 2020 (In thousands, except per share data) NUMERATOR Net income $ 49,739 $ 56,441 Less: Preferred share dividends (2,010) (2,010) Less: Income from operations attributable to noncontrolling interests (1,503) (1,678) Less: Earnings allocated to unvested shares (294) (247) Net income available for common shareholders, basic and diluted $ 45,932 $ 52,506 DENOMINATOR Weighted average common shares outstanding, basic and diluted 76,842 75,360 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.60 $ 0.70

Business And Organization (Deta

Business And Organization (Details)	3 Months Ended
	Mar. 31, 2021project
Nature Of Operations [Abstract]
Number of real estate properties	101
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies Impacts of COVID-19 Pandemic (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Revenue Recognition and Accounts Receivable [Abstract]
Collectibility adjustment	$ 14,800
Tenants with revenue recognized on a cash basis method	34.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Forward Equity Sales (Details) $ in Millions	Feb. 24, 2021USD ($)
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share	$ 500

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Total interest costs incurred	$ 38,626	$ 34,159
Interest capitalized	(6,541)	(5,714)
Interest expense	32,085	28,445
Cash paid for interest, net of amounts capitalized	29,973	29,405
Cash paid for income taxes	0	4
DownREIT operating partnership units issued with acquisition	0	18,920
Mortgage loans assumed with acquisition	0	8,903
DownREIT operating partnership units redeemed for common shares	519	0
Shares issued under dividend reinvestment plan	$ 430	$ 429

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 779,901	$ 798,329
Restricted cash	[1]	28,541	18,567
Total cash, cash equivalents, and restricted cash		$ 808,442	$ 816,896	$ 1,019,426	$ 153,614
[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) - USD ($) $ in Millions	Mar. 19, 2021	Feb. 22, 2021	Jan. 04, 2021
Pike & Rose Hotel JV
Significant Acquisition and Dispositions
Ownership Interest of Partner In Our Joint Venture			20.00%
Purchase price of partners interest			$ 2.3
Repayments of Secured Debt			31.5
Gain on acquisition of controlling interest			$ 2.1
Mount Vernon Plaza
Significant Acquisition and Dispositions
Purchase price of fee interest in real estate		$ 5.6
Decrease of Operating Lease Right of Use Asset/Liability		$ 9.8
Graham Park Plaza
Significant Acquisition and Dispositions
Sales price of real estate	$ 20.3
Gain on sale of real estate	$ 15.6

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Feb. 05, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Maximum amount outstanding under revolving credit facility		$ 0
Maximum borrowing capacity under revolving credit facility		$ 1,000,000
Sylmar Towne Center | Mortgage loan
Debt Instrument [Line Items]
Repayments of Secured Debt	$ 16,200

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, 2021	Dec. 31, 2020
Mortgages payable and notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 870,031	$ 886,887
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	864,353	879,390
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,404,879	3,404,488
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,630,425	$ 3,761,465

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)agreement	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss)		$ (6,452)
Amount reclassified from other comprehensive income to interest expense	$ (200)
Accumulated other comprehensive loss
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss)		$ (6,452)
Accumulated other comprehensive loss | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss)	200
Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	$ (1,210)		$ (4,711)
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 income (loss)	$ 3,500
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	$ 1,200
Fair Value, Inputs, Level 1 [Member] | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	0		0
Fair Value, Inputs, Level 2 [Member] | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	(1,210)		(4,711)
Fair Value, Inputs, Level 3 [Member] | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	$ 0		$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2021USD ($)shares
Commitments and Contingencies Disclosure [Abstract]
downREIT operating partnership units, outstanding | shares	739,601
downREIT operating partnership units outstanding, fair value | $	$ 75

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Dividends
Dividends declared to common shareholders (in dollars per share)		$ 1.06	$ 1.05
Dividends paid per common share		1.060	1.050
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding
Dividends
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 Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Dividends
Dividends declared per preferred shares	[1]	0.313	0.313
Dividends paid per preferred share	[1]	$ 0.313	$ 0.313
[1]	Amount represents dividends per depository share, each representing 1/1000th of a share.

Shareholders' Equity Narrative

Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Feb. 24, 2021
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock	$ 87,329	$ 19
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share			$ 500,000
Stock Issued During Period, Shares, New Issues	847,471
Weighted Average Price Per Common Share	$ 104.19
Proceeds from Issuance of Common Stock	$ 87,200
Remaining capacity to issue	404,400
At The Market Equity Program | Commissions
Class of Stock [Line Items]
Payments of Stock Issuance Costs	900
At The Market Equity Program | Other Offering Costs
Class of Stock [Line Items]
Payments of Stock Issuance Costs	$ 200
Forward Sales Contracts
Class of Stock [Line Items]
Weighted Average Price Per Common Share	$ 106.43
Forward Contract Indexed to Issuer's Equity, Indexed Shares	331,318
Forward Sales Contracts | Other Offering Costs
Class of Stock [Line Items]
Payments of Stock Issuance Costs	$ 400

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 4,149	$ 3,942
Capitalized share-based compensation	(398)	(332)
Share-based compensation expense	$ 3,751	$ 3,610

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted average unvested shares outstanding	300,000	200,000
Forward Sales Contracts
Forward Contract Indexed to Issuer's Equity, Indexed Shares	331,318
Stock Options
Anti-dilutive stock options	2,363	682
Performance Based Unvested Shares
Anti-dilutive stock options	10,441

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, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 49,739	$ 56,441
Less: Preferred share dividends	(2,010)	(2,010)
Less: Income from operations attributable to noncontrolling interests	(1,503)	(1,678)
Less: Earnings allocated to unvested shares	(294)	(247)
Net income available for common shareholders, basic and diluted	$ 45,932	$ 52,506
Weighted average common shares outstanding, basic and diluted	76,842	75,360
Net income available for common shareholders	$ 0.60	$ 0.70

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Apr. 30, 2021USD ($)ft²	Apr. 16, 2021USD ($)	Mar. 31, 2021USD ($)
Unsecured term loan
Subsequent Event [Line Items]
Other notes payable			$ 400
Basis spread on LIBOR interest			1.35%
Subsequent Event | Shopping center in McLean, Virginia
Subsequent Event [Line Items]
Square footage of real estate property | ft²	90,000
Purchase price of real estate acquisition	$ 32.1
Ownership interest in joint venture	80.00%
Subsequent Event | Unsecured term loan
Subsequent Event [Line Items]
Repayments of debt		$ 100
Other notes payable		$ 300
Basis spread on LIBOR interest		0.80%