Federal Realty Investment Trust (FRT) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		77,768,140
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Operating (including $2,184,537 and $1,703,202 of consolidated variable interest entities, respectively)	$ 8,412,137	$ 7,771,981
Construction-in-progress (including $24,679 and $44,896 of consolidated variable interest entities, respectively)	858,488	810,889
Real estate, at cost, total	9,270,625	8,582,870
Less accumulated depreciation and amortization (including $359,198 and $335,735 of consolidated variable interest entities, respectively)	(2,444,329)	(2,357,692)
Net real estate	6,826,296	6,225,178
Cash and cash equivalents	304,268	798,329
Accounts and notes receivable, net	153,293	159,780
Mortgage notes receivable, net	9,534	39,892
Investment in partnerships	11,560	22,128
Operating lease right of use assets	92,457	92,248
Finance lease right of use assets	50,474	51,116
Prepaid expenses and other assets	230,994	218,953
TOTAL ASSETS	7,678,876	7,607,624
Liabilities
Mortgages payable, net (including $396,732 and $413,681 of consolidated variable interest entities, respectively)	466,026	484,111
Notes payable, net	301,625	402,776
Senior notes and debentures, net	3,405,282	3,404,488
Accounts payable and accrued expenses	253,092	228,641
Dividends payable	84,881	83,839
Security deposits payable	23,381	20,388
Operating lease liabilities	74,129	72,441
Finance lease liabilities	72,041	72,049
Other liabilities and deferred credits	209,957	152,424
Total liabilities	4,890,414	4,921,157
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	212,623	137,720
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 77,760,588 and 76,727,394 shares issued and outstanding, respectively	782	771
Additional paid-in capital	3,395,189	3,297,305
Accumulated dividends in excess of net income	(1,062,641)	(988,272)
Accumulated other comprehensive loss	(3,238)	(5,644)
Total shareholders’ equity of the Trust	2,490,089	2,464,157
Noncontrolling interests	85,750	84,590
Total shareholders’ equity	2,575,839	2,548,747
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	7,678,876	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		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Operating real estate, consolidated variable interest entities	$ 2,184,537		$ 2,184,537		$ 1,703,202
Construction-in-progress, consolidated variable interest entities	24,679		24,679		44,896
Accumulated depreciation and amortization, consolidated variable interest entities	359,198		359,198		335,735
Mortgages payable, consolidated variable interest entities	$ 396,732		$ 396,732		$ 413,681
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	77,760,588		77,760,588		76,727,394
Common shares of beneficial interest, shares outstanding	77,760,588		77,760,588		76,727,394
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding
Preferred shares, percentage	5.417%	5.417%	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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE
Rental income	$ 230,795	$ 175,479	$ 447,930	$ 406,277
Mortgage interest income	830	748	1,856	1,507
Total revenue	231,625	176,227	449,786	407,784
EXPENSES
Rental expenses	42,918	36,417	92,156	80,729
Real estate taxes	29,323	30,599	58,743	59,663
General and administrative	12,846	9,814	23,104	20,065
Depreciation and amortization	67,675	62,784	131,549	124,972
Total operating expenses	152,762	139,614	305,552	285,429
Gain on sale of real estate and change in control of interest	0	11,682	17,428	11,682
OPERATING INCOME	78,863	48,295	161,662	134,037
OTHER INCOME/(EXPENSE)
Other interest income	250	509	613	817
Interest expense	(31,177)	(34,073)	(63,262)	(62,518)
Income (loss) from partnerships	123	(3,872)	(1,215)	(5,036)
NET INCOME	48,059	10,859	97,798	67,300
Net income attributable to noncontrolling interests	(1,855)	(352)	(3,358)	(2,030)
NET INCOME ATTRIBUTABLE TO THE TRUST	46,204	10,507	94,440	65,270
Dividends on preferred shares	(2,011)	(2,011)	(4,021)	(4,021)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 44,193	$ 8,496	$ 90,419	$ 61,249
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 0.57	$ 0.11	$ 1.16	$ 0.81
Weighted average number of common shares	77,474	75,394	77,160	75,377
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 0.57	$ 0.11	$ 1.16	$ 0.81
Weighted average number of common shares	77,505	75,394	77,162	75,377
COMPREHENSIVE INCOME	$ 47,002	$ 10,366	$ 100,435	$ 60,355
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 45,266	$ 10,014	$ 96,846	$ 58,325

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	66,143				65,270		873
Other comprehensive (loss) income - change in fair value of interest rate swaps	(6,945)					(6,945)
Dividends declared to common shareholders	(158,810)				(158,810)
Dividends declared to preferred shareholders	(4,021)				(4,021)
Distributions declared to noncontrolling interests, excluding $1,735 attributable to redeemable noncontrolling interests	(1,677)						(1,677)
Shares issued (in shares)			29
Shares issued	2		$ 0	2
Shares issued under dividend reinvestment plan (in shares)			10,605
Shares issued under dividend reinvestment plan	955			955
Share-based compensation expense, net of forfeitures (in shares)			114,092
Share-based compensation expense, net of forfeitures	7,029		$ 1	7,028
Shares withheld for employee taxes (in shares)			(32,390)
Shares withheld for employee taxes	(3,997)			(3,997)
Conversion and redemption of OP units	(3,320)			(30)			(3,290)
Contributions from noncontrolling interests	120						120
Ending balance (in shares) at Jun. 30, 2020		405,896	75,633,140
Ending balance at Jun. 30, 2020	2,531,101	$ 159,997	$ 760	3,170,480	(889,195)	(7,758)	96,817
Beginning balance (in shares) at Mar. 31, 2020		405,896	75,622,504
Beginning balance at Mar. 31, 2020	2,599,608	$ 159,997	$ 760	3,166,899	(818,284)	(7,265)	97,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	10,717				10,507		210
Other comprehensive (loss) income - change in fair value of interest rate swaps	(493)					(493)
Dividends declared to common shareholders	(79,407)				(79,407)
Dividends declared to preferred shareholders	(2,011)				(2,011)
Distributions declared to noncontrolling interests, excluding $1,735 attributable to redeemable noncontrolling interests	(894)						(894)
Shares issued (in shares)			16
Shares issued	0		$ 0	0
Shares issued under dividend reinvestment plan (in shares)			6,771
Shares issued under dividend reinvestment plan	509			509
Share-based compensation expense, net of forfeitures (in shares)			4,026
Share-based compensation expense, net of forfeitures	3,087		$ 0	3,087
Shares withheld for employee taxes (in shares)			(177)
Shares withheld for employee taxes	(15)			(15)
Ending balance (in shares) at Jun. 30, 2020		405,896	75,633,140
Ending balance at Jun. 30, 2020	2,531,101	$ 159,997	$ 760	3,170,480	(889,195)	(7,758)	96,817
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	95,921				94,440		1,481
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interest	2,406					2,406
Dividends declared to common shareholders	(164,788)				(164,788)
Dividends declared to preferred shareholders	(4,021)				(4,021)
Distributions declared to noncontrolling interests, excluding $1,735 attributable to redeemable noncontrolling interests	(1,727)						(1,727)
Shares issued (in shares)			847,509
Shares issued	87,133		$ 9	87,124
Shares issued under dividend reinvestment plan (in shares)			11,516
Shares issued under dividend reinvestment plan	1,019			1,019
Share-based compensation expense, net of forfeitures (in shares)			152,185
Share-based compensation expense, net of forfeitures	7,507		$ 2	7,505
Shares withheld for employee taxes (in shares)			(27,500)
Shares withheld for employee taxes	(2,813)			(2,813)
Conversion and redemption of OP units (in Shares)			49,484
Conversion and redemption of OP units	(99)		$ 0	5,049			(5,148)
Contributions from noncontrolling interests	6,554						6,554
Ending balance (in shares) at Jun. 30, 2021		405,896	77,760,588
Ending balance at Jun. 30, 2021	2,575,839	$ 159,997	$ 782	3,395,189	(1,062,641)	(3,238)	85,750
Beginning balance (in shares) at Mar. 31, 2021		405,896	77,706,466
Beginning balance at Mar. 31, 2021	2,604,960	$ 159,997	$ 781	3,386,917	(1,024,417)	(2,300)	83,982
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	46,990				46,204		786
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interest	(938)
Other comprehensive (loss) income - change in fair value of interest rate swaps						(938)
Dividends declared to common shareholders	(82,417)				(82,417)
Dividends declared to preferred shareholders	(2,011)				(2,011)
Distributions declared to noncontrolling interests, excluding $1,735 attributable to redeemable noncontrolling interests	(943)						(943)
Shares issued (in shares)			16
Shares issued	(81)		$ 1	(82)
Shares issued under dividend reinvestment plan (in shares)			5,236
Shares issued under dividend reinvestment plan	474			474
Share-based compensation expense, net of forfeitures (in shares)			4,473
Share-based compensation expense, net of forfeitures	3,358		$ 0	3,358
Shares withheld for employee taxes (in shares)			(71)
Shares withheld for employee taxes	(8)			(8)
Conversion and redemption of OP units (in Shares)			44,468
Conversion and redemption of OP units	(99)		$ 0	4,530			(4,629)
Contributions from noncontrolling interests	6,554						6,554
Ending balance (in shares) at Jun. 30, 2021		405,896	77,760,588
Ending balance at Jun. 30, 2021	$ 2,575,839	$ 159,997	$ 782	$ 3,395,189	$ (1,062,641)	$ (3,238)	$ 85,750

Consolidated Statement Of Sha_2

Consolidated Statement Of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,069	$ 142	$ 1,877	$ 1,157
Other comprehensive income (loss) attributable to redeemable noncontrolling interest	$ (119)	$ 0	$ 231	$ 0
Dividends declared to common shareholders (in dollars per share)	$ 1.06	$ 1.05	$ 2.12	$ 2.100
Distributions declared to redeemable noncontrolling interests	$ (1,039)	$ (93)	$ (1,735)	$ (847)
Contributions from redeemable noncontrolling interests	$ 74,530	$ 0	$ 74,530	$ 19,515

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES
Net income	$ 97,798	$ 67,300
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	131,549	124,972
Gain on sale of real estate and change in control of interest	(17,428)	(11,682)
Loss from partnerships	1,215	5,036
Other, net	8,316	5,240
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable, net	4,696	(17,128)
Decrease in prepaid expenses and other assets	11,370	15,887
Increase in accounts payable and accrued expenses	2,142	5,756
Increase (decrease) in security deposits and other liabilities	7,551	(13,999)
Net cash provided by operating activities	247,209	181,382
INVESTING ACTIVITIES
Acquisition of real estate	(332,574)	(9,409)
Capital expenditures - development and redevelopment	(182,657)	(213,181)
Capital expenditures - other	(34,970)	(30,388)
Costs associated with property sold under threat of condemnation, net	0	(12,924)
Proceeds from sale of real estate	19,896	17,015
Investment in partnerships	(2,657)	(917)
Distribution from partnerships in excess of earnings	1,131	849
Leasing costs	(9,265)	(7,923)
Repayment (issuance) of mortgage and other notes receivable, net	31,122	(320)
Net cash used in investing activities	(509,974)	(257,198)
FINANCING ACTIVITIES
Costs to amend line of credit facility	0	(638)
Issuance of senior notes, net of costs	0	700,085
Issuance of notes payable, net of costs	0	398,732
Repayment of mortgages, finance leases and notes payable	(151,310)	(3,264)
Issuance of common shares, net of costs	87,286	97
Dividends paid to common and preferred shareholders	(166,847)	(161,874)
Shares withheld for employee taxes	(2,813)	(3,997)
Contributions from noncontrolling interests	104	0
Distributions to and redemptions of noncontrolling interests	(3,615)	(5,702)
Net cash (used in) provided by financing activities	(237,195)	923,439
(Decrease) increase in cash, cash equivalents and restricted cash	(499,960)	847,623
Cash, cash equivalents, and restricted cash at beginning of year	816,896	153,614
Cash, cash equivalents, and restricted cash at end of period	$ 316,936	$ 1,001,237

Business And Organization

Business And Organization	6 Months Ended
	Jun. 30, 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 June 30, 2021, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 105 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and now to generally lifted restrictions as COVID-19 vaccination rates increase. These closures and restrictions, 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 were able to conduct, which impacted their ability to timely pay rent as required under our leases and also caused many tenants to close their businesses permanently. While recent results are improving, we continued to see elevated levels of collectibility related impacts and accordingly, during the three and six months ended June 30, 2021, we recognized collectibility related adjustments of $6.4 million and $21.2 million, respectively. 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 June 30, 2021, the revenue from approximately 35% 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. Mortgage Notes Receivable On May 11, 2021, two of our outstanding mortgage notes receivable were repaid. Including interest, the net proceeds were $33.8 million. As a result of the transaction, our mortgage notes receivable, net of valuation allowance, decreased $30.3 million. 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 contracts. 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 contracts in our earnings per share calculations. We use the treasury method to determine the dilution, if any, from the forward sales contracts during the period of time prior to settlement. As of June 30, 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. ASU 2021-05, July 2021, Lessors - Certain Leases with Variable Lease Payments (Topic 842) This ASU amends the lessor lease classification in ASC 842 for leases that include variable lease payments that are not based on an index or rate. Under the amended guidance, lessors will classify a lease with variable payments that do not depend on an index or rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under the previous ASU 842 classification criteria, and sales-type or direct financing lease classification would result in a Day 1 loss. This guidance is effective for annual periods beginning after December 15, 2021, and interim periods therein. The adoption of this standard does not have an 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: Six Months Ended June 30, 2021 2020 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 76,284 $ 73,942 Interest capitalized (13,022) (11,424) Interest expense $ 63,262 $ 62,518 Cash paid for interest, net of amounts capitalized $ 60,782 $ 52,715 Cash paid for income taxes $ 320 $ 428 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 $ 5,121 $ — Shares issued under dividend reinvestment plan $ 866 $ 860 June 30, December 31, 2021 2020 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 304,268 $ 798,329 Restricted cash (1) 12,668 18,567 Total cash, cash equivalents, and restricted cash $ 316,936 $ 816,896 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 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. Property Acquisitions During the six months ended June 30, 2021, we acquired the following properties: Date Acquired Property City/State Gross Leasable Area (GLA) Joint Venture Interest (1) Gross Value (in square feet) (in millions) April 30, 2021 Chesterbrook McLean, Virginia 90,000 80 % $ 32.1 (2) June 1, 2021 Grossmont Center La Mesa, California 933,000 60 % $ 175.0 (3) June 14, 2021 Camelback Colonnade Phoenix, Arizona 642,000 98 % $ 162.5 (4) June 14, 2021 Hilton Village Scottsdale, Arizona 93,000 98 % $ 37.5 (5) (1) These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements. (2) Approximately $1.9 million and $0.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $8.0 million of net assets acquired were allocated to other liabilities for "below market leases." (3) Approximately $12.3 million and $2.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $14.7 million of net assets acquired were allocated to other liabilities for "below market leases." (4) Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases." (5) The land is controlled under a long-term ground lease that expires on December 31, 2076, for which we have recorded a $10.4 million "operating lease right of use asset" (net of a $1.3 million above market liability) and an $11.6 million "operating lease liability." Approximately $2.7 million and $1.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $3.6 million were allocated to other liabilities for "below market leases." Property Disposition 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	6 Months Ended
	Jun. 30, 2021
Debt Instruments [Abstract]
DEBT	DEBT On February 5, 2021, we repaid the $16.2 million mortgage loan on Sylmar Towne Center, at par, prior to its original maturity date. 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 initial maturity date to April 16, 2024, along with two one-year extensions, at our option. In June 2020, we provided notice for the early repayment of the Plaza Del Sol mortgage loan, at par, on September 1, 2021. During the three and six months ended June 30, 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 June 30, 2021, we were in compliance with all default related debt covenants.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	6 Months Ended
	Jun. 30, 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: June 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable $ 767,651 $ 760,820 $ 886,887 $ 879,390 Senior notes and debentures $ 3,405,282 $ 3,717,381 $ 3,404,488 $ 3,761,465 As of June 30, 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 June 30, 2021 was a liability of $2.4 million and is included in "other liabilities and deferred credits" on our consolidated balance sheet. For the three months ended June 30, 2021, the value of our interest rate swaps decreased $1.2 million and increased $2.3 million for the six months ended June 30, 2021 (including $0.3 million reclassified from other comprehensive loss to interest expense for the three months, and $0.5 million reclassified from other comprehensive income to interest expense for the six months ended June 30, 2021). 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: June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (2,403) $ — $ (2,403) $ — $ (4,711) $ — $ (4,711)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 694,133 downREIT operating partnership units are outstanding which have a total fair value of approximately $81.3 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on June 30, 2021.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY The following table provides a summary of dividends declared and paid per share: Six Months Ended June 30, 2021 2020 Declared Paid Declared Paid Common shares $ 2.120 $ 2.120 $ 2.100 $ 2.100 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.677 $ 0.677 $ 0.677 $ 0.677 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.625 $ 0.625 $ 0.625 $ 0.625 (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. On May 7, 2021, we amended this ATM equity program, which resets the limit to $500.0 million. The new ATM equity program also allows shares to be sold through forward sales contracts. 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 six months ended June 30, 2021, we issued 847,471 common shares at a weighted average price per share of $104.19 for net cash proceeds of $87.1 million including paying $0.9 million in commissions and $0.3 million in additional offering expenses related to the sales of these common shares. We also entered into forward sales contracts for the three and six months ended June 30, 2021 for 1,194,733 and 1,526,051 shares, respectively, under our ATM equity program at a weighted average offering price of $117.47 and $115.30, respectively. The forward price that we will receive upon physical settlement of the agreements is subject to the adjustment for (i) commissions, (ii) a floating interest rate factor equal to a specified daily rate less a spread, (iii) the forward purchasers' stock borrowing costs and (iv) 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 ranging from

Share-Based Compensation Plans

Share-Based Compensation Plans	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 (In thousands) Grants of common shares, restricted stock units, and options $ 3,358 $ 3,087 $ 7,507 $ 7,029 Capitalized share-based compensation (360) (310) (758) (642) Share-based compensation expense $ 2,998 $ 2,777 $ 6,749 $ 6,387

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021, we had 0.3 million and for the three and six months ended June 30, 2020, we had 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 682 stock options for both the three and six months ended June 30, 2021 and 2020, • conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for all periods presented, and • the issuance of 0.9 million and 1.4 million shares issuable under forward sales agreements for the three and six months ended June 30, 2021, respectively. Additionally, 10,441 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 (In thousands, except per share data) NUMERATOR Net income $ 48,059 $ 10,859 $ 97,798 67,300 Less: Preferred share dividends (2,011) (2,011) (4,021) (4,021) Less: Income from operations attributable to noncontrolling interests (1,855) (352) (3,358) (2,030) Less: Earnings allocated to unvested shares (298) (249) (592) (495) Net income available for common shareholders, basic and diluted $ 43,895 $ 8,247 $ 89,827 $ 60,754 DENOMINATOR Weighted average common shares outstanding, basic 77,474 75,394 77,160 75,377 Effect of dilutive securities: Open forward contracts for share issuances 31 — 2 — Weighted average common shares outstanding, diluted 77,505 75,394 77,162 75,377 EARNINGS PER COMMON SHARE, BASIC: Net income available for common shareholders $ 0.57 $ 0.11 $ 1.16 $ 0.81 EARNINGS PER COMMON SHARE, DILUTED: Net income available for common shareholders $ 0.57 $ 0.11 $ 1.16 $ 0.81

Subsequent Event Subsequent Eve

Subsequent Event Subsequent Event	6 Months Ended
	Jun. 30, 2021
Subsequent Event [Abstract]
Subsequent Event	SUBSEQUENT EVENTSWe provided notice for the early repayment of the Montrose Crossing and The AVENUE at White Marsh mortgage loans, at par, on October 12, 2021 and November 2, 2021, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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	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 contracts. 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 contracts in our earnings per share calculations. We use the treasury method to determine the dilution, if any, from the forward sales contracts during the period of time prior to settlement. As of June 30, 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. ASU 2021-05, July 2021, Lessors - Certain Leases with Variable Lease Payments (Topic 842) This ASU amends the lessor lease classification in ASC 842 for leases that include variable lease payments that are not based on an index or rate. Under the amended guidance, lessors will classify a lease with variable payments that do not depend on an index or rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under the previous ASU 842 classification criteria, and sales-type or direct financing lease classification would result in a Day 1 loss. This guidance is effective for annual periods beginning after December 15, 2021, and interim periods therein. The adoption of this standard does not have an impact to our consolidated financial statements.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2021 2020 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 76,284 $ 73,942 Interest capitalized (13,022) (11,424) Interest expense $ 63,262 $ 62,518 Cash paid for interest, net of amounts capitalized $ 60,782 $ 52,715 Cash paid for income taxes $ 320 $ 428 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 $ 5,121 $ — Shares issued under dividend reinvestment plan $ 866 $ 860
Reconciliation of cash, cash equivalents, and restricted cash	June 30, December 31, 2021 2020 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 304,268 $ 798,329 Restricted cash (1) 12,668 18,567 Total cash, cash equivalents, and restricted cash $ 316,936 $ 816,896 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Property Acquisitions	During the six months ended June 30, 2021, we acquired the following properties: Date Acquired Property City/State Gross Leasable Area (GLA) Joint Venture Interest (1) Gross Value (in square feet) (in millions) April 30, 2021 Chesterbrook McLean, Virginia 90,000 80 % $ 32.1 (2) June 1, 2021 Grossmont Center La Mesa, California 933,000 60 % $ 175.0 (3) June 14, 2021 Camelback Colonnade Phoenix, Arizona 642,000 98 % $ 162.5 (4) June 14, 2021 Hilton Village Scottsdale, Arizona 93,000 98 % $ 37.5 (5) (1) These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements. (2) Approximately $1.9 million and $0.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $8.0 million of net assets acquired were allocated to other liabilities for "below market leases." (3) Approximately $12.3 million and $2.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $14.7 million of net assets acquired were allocated to other liabilities for "below market leases." (4) Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases." (5) The land is controlled under a long-term ground lease that expires on December 31, 2076, for which we have recorded a $10.4 million "operating lease right of use asset" (net of a $1.3 million above market liability) and an $11.6 million "operating lease liability." Approximately $2.7 million and $1.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $3.6 million were allocated to other liabilities for "below market leases."

Fair Value Of Financial Instr_2

Fair Value Of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable $ 767,651 $ 760,820 $ 886,887 $ 879,390 Senior notes and debentures $ 3,405,282 $ 3,717,381 $ 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: June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (2,403) $ — $ (2,403) $ — $ (4,711) $ — $ (4,711)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2021 2020 Declared Paid Declared Paid Common shares $ 2.120 $ 2.120 $ 2.100 $ 2.100 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.677 $ 0.677 $ 0.677 $ 0.677 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.625 $ 0.625 $ 0.625 $ 0.625 (1) Amount represents dividends per depository share, each representing 1/1000th of a share.

Share-Based Compensation Plans

Share-Based Compensation Plans (Table)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 (In thousands) Grants of common shares, restricted stock units, and options $ 3,358 $ 3,087 $ 7,507 $ 7,029 Capitalized share-based compensation (360) (310) (758) (642) Share-based compensation expense $ 2,998 $ 2,777 $ 6,749 $ 6,387

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 682 stock options for both the three and six months ended June 30, 2021 and 2020, • conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for all periods presented, and • the issuance of 0.9 million and 1.4 million shares issuable under forward sales agreements for the three and six months ended June 30, 2021, respectively. Additionally, 10,441 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 (In thousands, except per share data) NUMERATOR Net income $ 48,059 $ 10,859 $ 97,798 67,300 Less: Preferred share dividends (2,011) (2,011) (4,021) (4,021) Less: Income from operations attributable to noncontrolling interests (1,855) (352) (3,358) (2,030) Less: Earnings allocated to unvested shares (298) (249) (592) (495) Net income available for common shareholders, basic and diluted $ 43,895 $ 8,247 $ 89,827 $ 60,754 DENOMINATOR Weighted average common shares outstanding, basic 77,474 75,394 77,160 75,377 Effect of dilutive securities: Open forward contracts for share issuances 31 — 2 — Weighted average common shares outstanding, diluted 77,505 75,394 77,162 75,377 EARNINGS PER COMMON SHARE, BASIC: Net income available for common shareholders $ 0.57 $ 0.11 $ 1.16 $ 0.81 EARNINGS PER COMMON SHARE, DILUTED: Net income available for common shareholders $ 0.57 $ 0.11 $ 1.16 $ 0.81

Business And Organization (Deta

Business And Organization (Details)	6 Months Ended
	Jun. 30, 2021project
Nature Of Operations [Abstract]
Number of real estate properties	105
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 Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Revenue Recognition and Accounts Receivable [Abstract]
Collectibility adjustment	$ 6.4	$ 21.2
Tenants with revenue recognized on a cash basis method	35.00%	35.00%

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies Mortgage Notes Receivable (Details) $ in Millions	May 11, 2021USD ($)
Accounting Policies [Abstract]
Net proceeds from repayment of mortgage notes receivable	$ 33.8
Decrease in mortgage notes receivable, net of valuation allowance	$ 30.3

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Forward Equity Sales (Details) - USD ($) $ in Millions	May 07, 2021	Feb. 24, 2021
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share	$ 500	$ 500

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Total interest costs incurred			$ 76,284	$ 73,942
Interest capitalized			(13,022)	(11,424)
Interest expense	$ 31,177	$ 34,073	63,262	62,518
Cash paid for interest, net of amounts capitalized			60,782	52,715
Cash paid for income taxes			320	428
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			5,121	0
Shares issued under dividend reinvestment plan			$ 866	$ 860

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		Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 304,268	$ 798,329
Restricted cash	[1]	12,668	18,567
Total cash, cash equivalents, and restricted cash		$ 316,936	$ 816,896	$ 1,001,237	$ 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 real estate acquisition		$ 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

Real Estate (Property Acquisiti

Real Estate (Property Acquisition Table) (Details) $ in Thousands		Jun. 14, 2021USD ($)ft²	Jun. 01, 2021USD ($)ft²	Apr. 30, 2021USD ($)ft²	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Property Acquisitions
Operating lease right of use assets					$ 92,457	$ 92,248
Operating lease liabilities					$ 74,129	$ 72,441
Chesterbrook
Property Acquisitions
Square footage of real estate property | ft²				90,000
Joint Venture Interest	[1]			80.00%
Gross value of real estate	[2]			$ 32,100
Grossmont Center
Property Acquisitions
Square footage of real estate property | ft²			933,000
Joint Venture Interest	[1]		60.00%
Gross value of real estate	[3]		$ 175,000
Camelback Colonnade
Property Acquisitions
Square footage of real estate property | ft²		642,000
Joint Venture Interest	[1]	98.00%
Gross value of real estate	[4]	$ 162,500
Hilton Village
Property Acquisitions
Square footage of real estate property | ft²		93,000
Joint Venture Interest	[1]	98.00%
Gross value of real estate	[5]	$ 37,500
Operating lease right of use assets		10,400
Above Market Liability		1,300
Operating lease liabilities		11,600
Other Assets | Acquired lease costs | Chesterbrook
Property Acquisitions
Above market leases				1,900
Other Assets | Acquired lease costs | Grossmont Center
Property Acquisitions
Above market leases			12,300
Other Assets | Acquired lease costs | Camelback Colonnade
Property Acquisitions
Above market leases		11,600
Other Assets | Acquired lease costs | Hilton Village
Property Acquisitions
Above market leases		2,700
Other Assets | Above market leases | Chesterbrook
Property Acquisitions
Above market leases				600
Other Assets | Above market leases | Grossmont Center
Property Acquisitions
Above market leases			2,600
Other Assets | Above market leases | Hilton Village
Property Acquisitions
Above market leases		1,100
Other Liabilities | Chesterbrook
Property Acquisitions
Below market leases				$ 8,000
Other Liabilities | Grossmont Center
Property Acquisitions
Below market leases			$ 14,700
Other Liabilities | Camelback Colonnade
Property Acquisitions
Below market leases		28,300
Other Liabilities | Hilton Village
Property Acquisitions
Below market leases		$ 3,600
[1]	(1) These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements.
[2]	Approximately $1.9 million and $0.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $8.0 million of net assets acquired were allocated to other liabilities for "below market leases."
[3]	Approximately $12.3 million and $2.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $14.7 million of net assets acquired were allocated to other liabilities for "below market leases."
[4]	Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases."
[5]	The land is controlled under a long-term ground lease that expires on December 31, 2076, for which we have recorded a $10.4 million "operating lease right of use asset" (net of a $1.3 million above market liability) and an $11.6 million "operating lease liability." Approximately $2.7 million and $1.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $3.6 million were allocated to other liabilities for "below market leases."

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Apr. 16, 2021	Feb. 05, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Maximum amount outstanding under revolving credit facility			$ 0		$ 0
Maximum borrowing capacity under revolving credit facility			$ 1,000,000		$ 1,000,000
Unsecured term loan
Debt Instrument [Line Items]
Repayments of debt	$ 100,000
Other notes payable	$ 300,000			$ 400,000
Basis spread on LIBOR interest	0.80%			1.35%
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	Jun. 30, 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	$ 767,651	$ 886,887
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	760,820	879,390
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,405,282	3,404,488
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,717,381	$ 3,761,465

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)agreement	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)agreement	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss)		$ (493)		$ (6,945)
Amount reclassified from other comprehensive income to interest expense	$ (300)		$ (500)
Accumulated other comprehensive loss
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss)	(938)	$ (493)		$ (6,945)
Accumulated other comprehensive loss | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss)	100		300
Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	$ (2,403)		$ (2,403)		$ (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		2
Mortgage payable | Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	2		2
Other comprehensive income (loss)	$ 1,200		$ 2,300
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	$ 2,400		$ 2,400
Fair Value, Inputs, Level 1 [Member] | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	0		0		0
Fair Value, Inputs, Level 2 [Member] | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	(2,403)		(2,403)		(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		$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2021USD ($)shares
Commitments and Contingencies Disclosure [Abstract]
downREIT operating partnership units, outstanding | shares	694,133
downREIT operating partnership units outstanding, fair value | $	$ 81.3

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Dividends
Dividends declared to common shareholders (in dollars per share)		$ 1.06	$ 1.05	$ 2.12	$ 2.100
Dividends paid per common share				2.120	2.100
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				0.677	0.677
Dividends paid per preferred share				0.677	0.677
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]			0.625	0.625
Dividends paid per preferred share	[1]			$ 0.625	$ 0.625
[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	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	May 07, 2021	Feb. 24, 2021
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock		$ 87,286	$ 97
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share				$ 500,000	$ 500,000
Stock Issued During Period, Shares, New Issues		847,471
Proceeds from Issuance of Common Stock		$ 87,100
Weighted Average Price Per Common Share		$ 104.19
Remaining capacity to issue	$ 359,700	$ 359,700
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		$ 300
Forward Sales Contracts
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Shares	1,194,733	1,526,051
Weighted Average Price Per Common Share	$ 117.47	$ 115.30

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 3,358	$ 3,087	$ 7,507	$ 7,029
Capitalized share-based compensation	(360)	(310)	(758)	(642)
Share-based compensation expense	$ 2,998	$ 2,777	$ 6,749	$ 6,387

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Weighted average unvested shares outstanding	300,000	200,000	300,000	200,000
Stock Options
Anti-dilutive stock options	682	682	682	682
Performance Based Unvested Shares
Anti-dilutive stock options	10,441		10,441
Forward Sales Contracts
Anti-dilutive stock options	900,000		1,400,000

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 48,059	$ 10,859	$ 97,798	$ 67,300
Less: Preferred share dividends	(2,011)	(2,011)	(4,021)	(4,021)
Less: Income from operations attributable to noncontrolling interests	(1,855)	(352)	(3,358)	(2,030)
Less: Earnings allocated to unvested shares	(298)	(249)	(592)	(495)
Net income available for common shareholders, basic and diluted	$ 43,895	$ 8,247	$ 89,827	$ 60,754
Weighted Average Number of Shares Outstanding, Basic	77,474	75,394	77,160	75,377
Weighted Average Number Diluted Shares Outstanding Adjustment	31	0	2	0
Weighted average number of common shares	77,505	75,394	77,162	75,377
Net income available for common shareholders	$ 0.57	$ 0.11	$ 1.16	$ 0.81
Net income available for common shareholders	$ 0.57	$ 0.11	$ 1.16	$ 0.81