Federal Realty Investment Trust (FRT) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-07533
Name of Registrant	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
State of Organization	MD
IRS Employer Identification No.	87-3916363
Entity Address, Address	909 Rose Avenue, Suite 200
Entity Address, City	North Bethesda
Entity Address, State	MD
Entity Address, Zip Code	20852
City Area Code	301
Registrant's Telephone Number	998-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		80,908,184
Federal Realty OP LP
Entity Information [Line Items]
Entity File Number	333-262016-01
Name of Registrant	FEDERAL REALTY OP LP
State of Organization	DE
IRS Employer Identification No.	52-0782497
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
New York Stock Exchange | 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
New York Stock Exchange | Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/1000 of a share of
Trading Symbol	FRT-C
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Operating (including $2,219,568 and $2,207,648 of consolidated variable interest entities, respectively)	$ 9,076,274	$ 8,814,791
Construction-in-progress (including $24,865 and $18,752 of consolidated variable interest entities, respectively)	630,287	607,271
Real estate, at cost, total	9,706,561	9,422,062
Less accumulated depreciation and amortization (including $418,633 and $389,950 of consolidated variable interest entities, respectively)	(2,648,474)	(2,531,095)
Net real estate	7,058,087	6,890,967
Cash and cash equivalents	176,559	162,132
Accounts and notes receivable, net	187,370	169,007
Mortgage notes receivable, net	9,499	9,543
Investment in partnerships	13,515	13,027
Operating lease right of use assets	89,613	90,743
Finance lease right of use assets	49,190	49,832
Prepaid expenses and other assets	226,608	237,069
TOTAL ASSETS	7,810,441	7,622,320
Liabilities
Mortgages payable, net (including $317,619 and $335,301 of consolidated variable interest entities, respectively)	321,975	339,993
Notes payable, net	301,480	301,466
Senior notes and debentures, net	3,406,895	3,406,088
Accounts payable and accrued expenses	226,660	235,168
Dividends payable	87,397	86,538
Security deposits payable	27,232	25,331
Operating lease liabilities	71,827	72,661
Finance lease liabilities	72,019	72,032
Other liabilities and deferred credits	209,217	206,187
Total liabilities	4,724,702	4,745,464
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	209,312	213,708
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 80,896,804 and 78,603,305 shares issued and outstanding, respectively	813	790
Additional paid-in capital	3,758,161	3,488,794
Accumulated dividends in excess of net income	(1,126,463)	(1,066,932)
Accumulated other comprehensive income (loss)	3,550	(2,047)
Total shareholders’ equity of the Trust	2,795,883	2,580,602
Noncontrolling interests	80,544	82,546
Total shareholders’ equity	2,876,427	2,663,148
Partner capital
Accumulated other comprehensive income (loss)	3,550	(2,047)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	7,810,441	7,622,320
Federal Realty OP LP
ASSETS
Operating (including $2,219,568 and $2,207,648 of consolidated variable interest entities, respectively)	9,076,274	8,814,791
Construction-in-progress (including $24,865 and $18,752 of consolidated variable interest entities, respectively)	630,287	607,271
Real estate, at cost, total	9,706,561	9,422,062
Less accumulated depreciation and amortization (including $418,633 and $389,950 of consolidated variable interest entities, respectively)	(2,648,474)	(2,531,095)
Net real estate	7,058,087	6,890,967
Cash and cash equivalents	176,559	162,132
Accounts and notes receivable, net	187,370	169,007
Mortgage notes receivable, net	9,499	9,543
Investment in partnerships	13,515	13,027
Operating lease right of use assets	89,613	90,743
Finance lease right of use assets	49,190	49,832
Prepaid expenses and other assets	226,608	237,069
TOTAL ASSETS	7,810,441	7,622,320
Liabilities
Mortgages payable, net (including $317,619 and $335,301 of consolidated variable interest entities, respectively)	321,975	339,993
Notes payable, net	301,480	301,466
Senior notes and debentures, net	3,406,895	3,406,088
Accounts payable and accrued expenses	226,660	235,168
Dividends payable	87,397	86,538
Security deposits payable	27,232	25,331
Operating lease liabilities	71,827	72,661
Finance lease liabilities	72,019	72,032
Other liabilities and deferred credits	209,217	206,187
Total liabilities	4,724,702	4,745,464
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	209,312	213,708
Shareholders’ equity
Accumulated other comprehensive income (loss)	3,550	(2,047)
Partner capital
Preferred units, 398,878 and 405,896 units issued and outstanding, respectively	154,788	154,963
Common units, 80,896,804 and 78,603,305 units issued and outstanding, respectively	2,637,545	2,427,686
Accumulated other comprehensive income (loss)	3,550	(2,047)
Total partner capital	2,795,883	2,580,602
Noncontrolling interests in consolidated partnerships	80,544	82,546
Total capital	2,876,427	2,663,148
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	7,810,441	7,622,320
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), 392,878 and 399,896 shares issued and outstanding, respectively
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	$ 9,822	$ 9,997

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Operating real estate, consolidated variable interest entities	$ 2,219,568	$ 2,219,568	$ 2,207,648
Construction-in-progress, consolidated variable interest entities	24,865	24,865	18,752
Accumulated depreciation and amortization, consolidated variable interest entities	418,633	418,633	389,950
Mortgages payable, consolidated variable interest entities	$ 317,619	$ 317,619	$ 335,301
Preferred shares, par value	$ 0.01	$ 0.01	$ 0.01
Preferred shares, authorized	15,000,000	15,000,000	15,000,000
Common shares of beneficial interest, par value	$ 0.01	$ 0.01	$ 0.01
Common shares of beneficial interest, shares outstanding	80,896,804	80,896,804	78,603,305
Common shares of beneficial interest, shares issued	80,896,804	80,896,804	78,603,305
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000	100,000,000
Federal Realty OP LP
Operating real estate, consolidated variable interest entities	$ 2,219,568	$ 2,219,568	$ 2,207,648
Construction-in-progress, consolidated variable interest entities	24,865	24,865	18,752
Accumulated depreciation and amortization, consolidated variable interest entities	418,633	418,633	389,950
Mortgages payable, consolidated variable interest entities	$ 317,619	$ 317,619	$ 335,301
Preferred units, issued	398,878	398,878	405,896
Preferred units, outstanding	398,878	398,878	405,896
Common units, issued	80,896,804	80,896,804	78,603,305
Common units, outstanding	80,896,804	80,896,804	78,603,305
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Preferred shares, percentage		5%	5%
Preferred shares, liquidation preference	$ 25,000	$ 25,000	$ 25,000
Preferred shares, shares outstanding	6,000	6,000	6,000
Preferred shares, shares issued	6,000	6,000	6,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively
Preferred shares, percentage	5.417%	5.417%	5.417%
Preferred shares, liquidation preference	$ 25	$ 25	$ 25
Preferred shares, shares outstanding	392,878	392,878	399,896
Preferred shares, shares issued	392,878	392,878	399,896

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE
Rental income	$ 263,830	$ 230,795	$ 520,337	$ 447,930
Mortgage interest income	269	830	533	1,856
Total revenue	264,099	231,625	520,870	449,786
EXPENSES
Rental expenses	51,169	42,918	107,380	92,156
Real estate taxes	31,265	29,323	61,825	58,743
General and administrative	13,604	12,846	25,946	23,104
Depreciation and amortization	74,461	67,675	146,135	131,549
Total operating expenses	170,499	152,762	341,286	305,552
Gain on sale of real estate and change in control of interest	0	0	0	17,428
OPERATING INCOME	93,600	78,863	179,584	161,662
OTHER INCOME/(EXPENSE)
Other interest income	133	250	253	613
Interest expense	(32,074)	(31,177)	(63,647)	(63,262)
Income (loss) from partnerships	2,808	123	3,005	(1,215)
NET INCOME	64,467	48,059	119,195	97,798
Net income attributable to noncontrolling interests	(2,791)	(1,855)	(5,535)	(3,358)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	61,676	46,204	113,660	94,440
Dividends on preferred shares	(2,008)	(2,011)	(4,018)	(4,021)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 59,668	$ 44,193	$ 109,642	$ 90,419
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 0.75	$ 0.57	$ 1.38	$ 1.16
Weighted average number of common shares	79,202	77,474	78,826	77,160
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 0.75	$ 0.57	$ 1.38	$ 1.16
Weighted average number of common shares	79,202	77,505	78,855	77,162
EARNINGS PER COMMON UNIT, DILUTED:
COMPREHENSIVE INCOME	$ 66,689	$ 47,002	$ 125,333	$ 100,435
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	63,701	45,266	119,257	96,846
Federal Realty OP LP
REVENUE
Rental income	263,830	230,795	520,337	447,930
Mortgage interest income	269	830	533	1,856
Total revenue	264,099	231,625	520,870	449,786
EXPENSES
Rental expenses	51,169	42,918	107,380	92,156
Real estate taxes	31,265	29,323	61,825	58,743
General and administrative	13,604	12,846	25,946	23,104
Depreciation and amortization	74,461	67,675	146,135	131,549
Total operating expenses	170,499	152,762	341,286	305,552
Gain on sale of real estate and change in control of interest	0	0	0	17,428
OPERATING INCOME	93,600	78,863	179,584	161,662
OTHER INCOME/(EXPENSE)
Other interest income	133	250	253	613
Interest expense	(32,074)	(31,177)	(63,647)	(63,262)
Income (loss) from partnerships	2,808	123	3,005	(1,215)
NET INCOME	64,467	48,059	119,195	97,798
Net income attributable to noncontrolling interests	(2,791)	(1,855)	(5,535)	(3,358)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	61,676	46,204	113,660	94,440
Distributions declared to preferred unit holders	(2,008)	(2,011)	(4,018)	(4,021)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS	$ 59,668	$ 44,193	$ 109,642	$ 90,419
EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders	$ 0.75	$ 0.57	$ 1.38	$ 1.16
Weighted average common units outstanding	79,202	77,474	78,826	77,160
EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$ 0.75	$ 0.57	$ 1.38	$ 1.16
Weighted average common units outstanding	79,202	77,505	78,855	77,162
COMPREHENSIVE INCOME	$ 66,689	$ 47,002	$ 125,333	$ 100,435
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$ 63,701	$ 45,266	$ 119,257	$ 96,846

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	downREIT OP units	5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively	Preferred Shares	Preferred Shares 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively	Common Shares	Common Shares downREIT OP units	Common Shares 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively	Additional Paid-in Capital	Additional Paid-in Capital downREIT OP units	Additional Paid-in Capital 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Noncontrolling Interest downREIT OP units
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, excluding amounts attributable to redeemable noncontrolling interests	95,921											94,440		1,481
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	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 amounts attributable to redeemable noncontrolling interests	(1,727)													(1,727)
Common shares issued, net (in shares)						847,509
Common shares issued, net	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 downREIT OP units (in Shares)							49,484
Conversion and redemption of downREIT OP units							$ 0			$ 5,049
Conversion and redemption of downREIT OP units		$ (99)													$ (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, excluding amounts attributable to redeemable noncontrolling interests	46,990											46,204		786
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(938)												(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 amounts attributable to redeemable noncontrolling interests	(943)													(943)
Common shares issued, net (in shares)						16
Common shares issued, net	(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 downREIT OP units (in Shares)							44,468
Conversion and redemption of downREIT OP units							$ 0			4,530
Conversion and redemption of downREIT OP units		(99)													(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
Beginning balance (in shares) at Dec. 31, 2021				405,896		78,603,305
Beginning balance at Dec. 31, 2021	2,663,148			$ 159,997		$ 790			3,488,794			(1,066,932)	(2,047)	82,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	115,668											113,660		2,008
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	5,597												5,597
Dividends declared to common shareholders	(169,173)											(169,173)
Dividends declared to preferred shareholders	(4,018)											(4,018)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(2,625)													(2,625)
Common shares issued, net (in shares)						2,203,697
Common shares issued, net	259,452					$ 22			259,430
Shares issued under dividend reinvestment plan (in shares)						8,000
Shares issued under dividend reinvestment plan	1,011								1,011
Share-based compensation expense, net of forfeitures (in shares)						104,105
Share-based compensation expense, net of forfeitures	7,679					$ 1			7,678
Shares withheld for employee taxes (in shares)						(38,576)
Shares withheld for employee taxes	(4,638)								(4,638)
Conversion of preferred shares (in shares)					(7,018)
Conversion of preferred shares (in shares)								1,675
Conversion of preferred shares					$ (175)
Conversion of preferred shares			$ 0								$ 175
Conversion and redemption of downREIT OP units (in Shares)							14,598
Conversion and redemption of downREIT OP units		0					$ 0			1,385
Conversion and redemption of downREIT OP units															(1,385)
Adjustment to redeemable noncontrolling interests	4,326								4,326
Ending balance (in shares) at Jun. 30, 2022				398,878		80,896,804
Ending balance at Jun. 30, 2022	2,876,427			$ 159,822		$ 813			3,758,161			(1,126,463)	3,550	80,544
Beginning balance (in shares) at Mar. 31, 2022				405,896		79,417,472
Beginning balance at Mar. 31, 2022	2,714,577			$ 159,997		$ 799			3,572,591			(1,101,154)	1,525	80,819
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	62,675											61,676		999
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,025												2,025
Dividends declared to common shareholders	(84,977)											(84,977)
Dividends declared to preferred shareholders	(2,008)											(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(866)													(866)
Common shares issued, net (in shares)						1,473,928
Common shares issued, net	176,703					$ 14			176,689
Shares issued under dividend reinvestment plan (in shares)						4,230
Shares issued under dividend reinvestment plan	509								509
Share-based compensation expense, net of forfeitures (in shares)						(4,786)
Share-based compensation expense, net of forfeitures	3,500					$ 0			3,500
Shares withheld for employee taxes (in shares)						(306)
Shares withheld for employee taxes	(37)								(37)
Conversion of preferred shares (in shares)					(7,018)
Conversion of preferred shares (in shares)								1,675
Conversion of preferred shares					$ (175)
Conversion of preferred shares			$ 0								$ 175
Conversion and redemption of downREIT OP units (in Shares)							4,591
Conversion and redemption of downREIT OP units		$ 0					$ 0			$ 408
Conversion and redemption of downREIT OP units															$ (408)
Adjustment to redeemable noncontrolling interests	4,326								4,326
Ending balance (in shares) at Jun. 30, 2022				398,878		80,896,804
Ending balance at Jun. 30, 2022	$ 2,876,427			$ 159,822		$ 813			$ 3,758,161			$ (1,126,463)	$ 3,550	$ 80,544

Consolidated Statement Of Sha_2

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,792	$ 1,069	$ 3,527	$ 1,877
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	$ (197)	$ 119	$ (541)	$ (231)
Dividends declared to common shareholders (in dollars per share)	$ 1.07	$ 1.06	$ 2.14	$ 2.120
Distributions declared to redeemable noncontrolling interests	$ 2,394	$ 1,039	$ 4,138	$ 1,735
Contributions from redeemable noncontrolling interests		$ 74,530		$ 74,530

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
OPERATING ACTIVITIES
Net income	$ 119,195	$ 97,798
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	146,135	131,549
Gain on sale of real estate and change in control of interest	0	(17,428)
Income (loss) from partnerships	(3,005)	1,215
Other, net	(5,261)	8,316
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable, net	(10,252)	4,696
Decrease in prepaid expenses and other assets	18,115	11,370
(Decrease) increase in accounts payable and accrued expenses	(5,578)	2,142
Increase in security deposits and other liabilities	1,172	7,551
Net cash provided by operating activities	260,521	247,209
INVESTING ACTIVITIES
Acquisition of real estate	(100,022)	(332,574)
Capital expenditures - development and redevelopment	(150,524)	(182,657)
Capital expenditures - other	(44,024)	(34,970)
Proceeds from sale of real estate	874	19,896
Investment in partnerships	(417)	(2,657)
Distribution from partnerships in excess of earnings	3,665	1,131
Leasing costs	(9,629)	(9,265)
Repayment of mortgage and other notes receivable, net	18	31,122
Net cash used in investing activities	(300,059)	(509,974)
FINANCING ACTIVITIES
Repayment of mortgages, finance leases and notes payable	(17,798)	(151,310)
Issuance of common shares, net of costs	259,597	87,286
Dividends paid to common and preferred shareholders	(171,450)	(166,847)
Shares withheld for employee taxes	(4,638)	(2,813)
Contributions from noncontrolling interests	0	104
Distributions to and redemptions of noncontrolling interests	(6,779)	(3,615)
Net cash provided by (used in) financing activities	58,932	(237,195)
Increase (decrease) in cash, cash equivalents and restricted cash	19,394	(499,960)
Cash, cash equivalents, and restricted cash at beginning of year	175,163	816,896
Cash, cash equivalents, and restricted cash at end of period	194,557	316,936
Federal Realty OP LP
OPERATING ACTIVITIES
Net income	119,195	97,798
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	146,135	131,549
Gain on sale of real estate and change in control of interest	0	(17,428)
Income (loss) from partnerships	(3,005)	1,215
Other, net	(5,261)	8,316
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable, net	(10,252)	4,696
Decrease in prepaid expenses and other assets	18,115	11,370
(Decrease) increase in accounts payable and accrued expenses	(5,578)	2,142
Increase in security deposits and other liabilities	1,172	7,551
Net cash provided by operating activities	260,521	247,209
INVESTING ACTIVITIES
Acquisition of real estate	(100,022)	(332,574)
Capital expenditures - development and redevelopment	(150,524)	(182,657)
Capital expenditures - other	(44,024)	(34,970)
Proceeds from sale of real estate	874	19,896
Investment in partnerships	(417)	(2,657)
Distribution from partnerships in excess of earnings	3,665	1,131
Leasing costs	(9,629)	(9,265)
Repayment of mortgage and other notes receivable, net	18	31,122
Net cash used in investing activities	(300,059)	(509,974)
FINANCING ACTIVITIES
Repayment of mortgages, finance leases and notes payable	(17,798)	(151,310)
Issuance of common shares, net of costs	259,597	87,286
Dividends paid to common and preferred shareholders	(171,450)	(166,847)
Shares withheld for employee taxes	(4,638)	(2,813)
Contributions from noncontrolling interests	0	104
Distributions to and redemptions of noncontrolling interests	(6,779)	(3,615)
Net cash provided by (used in) financing activities	58,932	(237,195)
Increase (decrease) in cash, cash equivalents and restricted cash	19,394	(499,960)
Cash, cash equivalents, and restricted cash at beginning of year	175,163	816,896
Cash, cash equivalents, and restricted cash at end of period	$ 194,557	$ 316,936

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	$ 62,675	$ 46,990	$ 115,668	$ 95,921
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,025	(938)	5,597	2,406
Contributions from noncontrolling interests		6,554		6,554
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,025	(938)	5,597	2,406
Federal Realty OP LP
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,714,577	2,604,960	2,663,148	2,548,747
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	62,675	46,990	115,668	95,921
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,025	(938)	5,597	2,406
Distributions declared to common unit holders	(84,977)	(82,417)	(169,173)	(164,788)
Distributions declared to preferred unit holders	(2,008)	(2,011)	(4,018)	(4,021)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(866)	(943)	(2,625)	(1,727)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	176,703	(81)	259,452	87,133
Common units issued under dividend reinvestment plan	509	474	1,011	1,019
Share-based compensation expense, net of forfeitures	3,500	3,358	7,679	7,507
Common units withheld for employee taxes	(37)	(8)	(4,638)	(2,813)
Conversion of preferred units	0		0
Contributions from noncontrolling interests		6,554		6,554
Partners' Capital, Other	4,326		4,326
Ending balance	2,876,427	2,575,839	2,876,427	2,575,839
Federal Realty OP LP | downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	0	(99)	0	(99)
Federal Realty OP LP | Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	154,963	154,963	154,963	154,963
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	2,008	2,011	4,018	4,021
Distributions declared to preferred unit holders	(2,008)	(2,011)	(4,018)	(4,021)
Conversion of preferred units (units)	175		175
Conversion of preferred units	(175)		(175)
Ending balance	154,788	154,963	154,788	154,963
Federal Realty OP LP | Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,477,270	2,368,315	2,427,686	2,314,838
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	59,668	44,193	109,642	90,419
Distributions declared to common unit holders	(84,977)	(82,417)	(169,173)	(164,788)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	176,703	(81)	259,452	87,133
Common units issued under dividend reinvestment plan	509	474	1,011	1,019
Share-based compensation expense, net of forfeitures	3,500	3,358	7,679	7,507
Common units withheld for employee taxes	(37)	(8)	(4,638)	(2,813)
Conversion of preferred units	175		175
Partners' Capital, Other	4,326		4,326
Ending balance	2,637,545	2,338,364	2,637,545	2,338,364
Federal Realty OP LP | Common Units | downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	408	4,530	1,385	5,049
Federal Realty OP LP | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,525	(2,300)	(2,047)	(5,644)
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,025	(938)	5,597	2,406
Ending balance	3,550	(3,238)	3,550	(3,238)
Federal Realty OP LP | Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,633,758	2,520,978	2,580,602	2,464,157
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	61,676	46,204	113,660	94,440
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,025	(938)	5,597	2,406
Distributions declared to common unit holders	(84,977)	(82,417)	(169,173)	(164,788)
Distributions declared to preferred unit holders	(2,008)	(2,011)	(4,018)	(4,021)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	176,703	(81)	259,452	87,133
Common units issued under dividend reinvestment plan	509	474	1,011	1,019
Share-based compensation expense, net of forfeitures	3,500	3,358	7,679	7,507
Common units withheld for employee taxes	(37)	(8)	(4,638)	(2,813)
Partners' Capital, Other	4,326		4,326
Ending balance	2,795,883	2,490,089	2,795,883	2,490,089
Federal Realty OP LP | Total Partner Capital | downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	408	4,530	1,385	5,049
Federal Realty OP LP | Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	80,819	83,982	82,546	84,590
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	999	786	2,008	1,481
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(866)	(943)	(2,625)	(1,727)
Contributions from noncontrolling interests		6,554		6,554
Ending balance	80,544	85,750	80,544	85,750
Federal Realty OP LP | Noncontrolling Interests in Consolidated Partnerships | downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	$ (408)	$ (4,629)	$ (1,385)	$ (5,148)

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income attributable to redeemable noncontrolling interests	$ 1,792	$ 1,069	$ 3,527	$ 1,877
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	(197)	119	(541)	(231)
Distributions declared to redeemable noncontrolling interests	2,394	1,039	4,138	1,735
Contributions from redeemable noncontrolling interests		74,530		74,530
Federal Realty OP LP
Net income attributable to redeemable noncontrolling interests	1,792	1,069	3,527	1,877
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	(197)	119	(541)	(231)
Distributions declared to redeemable noncontrolling interests	$ 2,394	1,039	$ 4,138	1,735
Contributions from redeemable noncontrolling interests		$ 74,530		$ 74,530

Business And Organization

Business And Organization	6 Months Ended
	Jun. 30, 2022
Nature Of Operations [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the "Parent Company" and the “Trust”) is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of and exercises exclusive control over Federal Realty GP LLC ("the General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. 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, 2022, 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 the Trust 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, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation In January 2022, we completed a reorganization into an umbrella partnership real estate investment trust, or "UPREIT." For additional information on our UPREIT reorganization, please see our Current Reports on Form 8-K filed with the SEC on January 3, 2022 and January 5, 2022, as well our latest Annual Report on Form 10-K filed on February 10, 2022. Immediately following the reorganization, the Parent Company had the same consolidated assets and liabilities as Federal Realty Investment Trust immediately before the reorganization. The Parent Company exercises exclusive control over the General Partner and does not have assets or liabilities other than its investment in the Operating Partnership. As a result, the UPREIT reorganization represented a merger of entities under common control in accordance with accounting principles generally accepted in the United States ("GAAP"). Accordingly, the accompanying consolidated financial statements including the notes thereto, are presented as if the UPREIT reorganization had occurred at the earliest period presented. The accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership 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 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, 2022 are not necessarily indicative of the results that may be expected for the full year. Certain 2021 amounts have been reclassified to conform to our current period presentation. Principles of Consolidation As discussed in the Explanatory Note , we have combined the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent Company, through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. 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 and General Economic Conditions Given ongoing workforce shortages, global supply chain bottlenecks and shortages, and higher levels of inflation, we continue to monitor and address risks related to the COVID-19 pandemic and the state of the economy. The extent of the future effects of COVID-19 and potentially worsening economic conditions 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. Our collection of rents has continued to improve including collecting rents related to prior periods. As a result, our collectibility related adjustments resulted in an increase to rental income of $1.9 million and $2.0 million, respectively, during the three and six months ended June 30, 2022, as compared to a decrease to rental income during the three and six months ended June 30, 2021 of $6.4 million and $21.2 million, respectively, which reflected lower levels of cash collections and elevated levels of rent abatements and disputes directly related to COVID-19. As of June 30, 2022, the revenue from approximately 33% of our tenants (based on total commercial leases) is being recognized on a cash basis. As of June 30, 2022, we executed rent deferral agreements related to the COVID-19 pandemic representing approximately $47 million of rent. We have subsequently collected approximately $32 million of those amounts previously deferred. For more information, see Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Outlook. 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: Six Months Ended June 30, 2022 2021 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 72,824 $ 76,284 Interest capitalized (9,177) (13,022) Interest expense $ 63,647 $ 63,262 Cash paid for interest, net of amounts capitalized $ 61,973 $ 60,782 Cash paid for income taxes $ 607 $ 320 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units redeemed for common shares $ 1,385 $ 5,121 Shares issued under dividend reinvestment plan $ 866 $ 866 5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares $ 175 $ — June 30, December 31, 2022 2021 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 176,559 $ 162,132 Restricted cash (1) 17,998 13,031 Total cash, cash equivalents, and restricted cash $ 194,557 $ 175,163 (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, 2022
Real Estate [Abstract]
Real Estate Disclosure	REAL ESTATEOn April 20, 2022, we acquired the fee interest in Kingstowne Towne Center, a 227,000 square foot shopping center located in Kingstowne, Virginia for $100.0 million. Approximately $4.3 million and $0.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $10.5 million of net assets acquired were allocated to other liabilities for "below market leases."

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Instruments [Abstract]
DEBT	DEBT On June 29, 2022, we repaid the $16.1 million mortgage loan on one of the buildings at our Hoboken property, at par. During both the three and six months ended June 30, 2022, the maximum amount of borrowings outstanding under our $1.0 billion revolving credit facility was $114.0 million. The weighted average amount of borrowings outstanding was $57.7 million and $30.9 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 2.0% and 1.9%, respectively, for the three and six months ended June 30, 2022. At June 30, 2022, our revolving credit facility had no balance outstanding. Effective April 1, 2022, as a result of the change in our credit rating, the spread over LIBOR on our revolving credit facility increased from 77.5 basis points to 82.5 basis, and the spread over LIBOR on our unsecured term loan increased from 80 basis points to 85 basis points. 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, 2022, 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, 2022
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, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable, net $ 623,455 $ 614,197 $ 641,459 $ 655,864 Senior notes and debentures, net $ 3,406,895 $ 3,177,631 $ 3,406,088 $ 3,649,776 As of June 30, 2022, we have two interest rate swap agreements with notional amounts of $55.8 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the interest rate on $55.8 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, 2022 was an asset of $3.9 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three and six months ended June 30, 2022, the value of our interest rate swaps increased $2.0 million and $5.4 million, respectively (including $0.1 million and $0.3 million, respectively, reclassified from other comprehensive income to interest expense). A summary of our financial assets (liabilities) that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 3,896 $ — $ 3,896 $ — $ (1,511) $ — $ (1,511)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 Declared Paid Declared Paid Common shares $ 2.140 $ 2.140 $ 2.120 $ 2.120 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 14, 2022, we replaced our existing ATM equity program with a new ATM equity program under which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The 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 three and six months ended June 30, 2022, we settled forward sales agreements by issuing 1,473,904 and 2,203,655 common shares, respectively, for net proceeds of $176.7 million and $259.4 million, respectively. We have no outstanding forward sales agreements as of June 30, 2022. We have the full remaining capacity to issue up to $500.0 million in common shares under our ATM equity program as of June 30, 2022. On June 15, 2022, one of our 5.417% Series 1 Cumulative Convertible Preferred shareholders converted 7,018 preferred shares to 1,675 common shares.

Share-Based Compensation Plans

Share-Based Compensation Plans	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 (In thousands) Grants of common shares, restricted stock units, and options $ 3,500 $ 3,358 $ 7,679 $ 7,507 Capitalized share-based compensation (300) (360) (659) (758) Share-based compensation expense $ 3,200 $ 2,998 $ 7,020 $ 6,749

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE AND UNIT We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For both the three and six months ended June 30, 2022 and 2021, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliations below. The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive: • ex ercise of 682 stock options for the three and six months ended June 30, 2021, • conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for both the three and six months ended June 30, 2022 and 2021, and • the issuance of 1.5 million and 0.7 million shares and units issuable under common share forward sales agreements for the three and six months ended June 30, 2022, respectively, and 0.9 million and 1.4 million, respectively, for the three and six months ended June 30, 2021. Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved. Federal Realty Investment Trust Earnings per Share Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (In thousands, except per share data) NUMERATOR Net income $ 64,467 $ 48,059 $ 119,195 97,798 Less: Preferred share dividends (2,008) (2,011) (4,018) (4,021) Less: Income from operations attributable to noncontrolling interests (2,791) (1,855) (5,535) (3,358) Less: Earnings allocated to unvested shares (300) (298) (607) (592) Net income available for common shareholders, basic and diluted $ 59,368 $ 43,895 $ 109,035 $ 89,827 DENOMINATOR Weighted average common shares outstanding, basic 79,202 77,474 78,826 77,160 Effect of dilutive securities: Open forward contracts for share issuances — 31 29 2 Weighted average common shares outstanding, diluted 79,202 77,505 78,855 77,162 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.75 $ 0.57 $ 1.38 $ 1.16 Federal Realty OP LP Earnings per Unit Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (In thousands, except per unit data) NUMERATOR Net income $ 64,467 $ 48,059 $ 119,195 97,798 Less: Preferred unit distributions (2,008) (2,011) (4,018) (4,021) Less: Income from operations attributable to noncontrolling interests (2,791) (1,855) (5,535) (3,358) Less: Earnings allocated to unvested units (300) (298) (607) (592) Net income available for common unit holders, basic and diluted $ 59,368 $ 43,895 $ 109,035 $ 89,827 DENOMINATOR Weighted average common units outstanding, basic 79,202 77,474 78,826 77,160 Effect of dilutive securities: Common unit issuances relating to open common share forward contracts — 31 29 2 Weighted average common units outstanding, diluted 79,202 77,505 78,855 77,162 EARNINGS PER COMMON UNIT, BASIC AND DILUTED: Net income available for common unit holders $ 0.75 $ 0.57 $ 1.38 $ 1.16

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT On July 13, 2022, we acquired the 21.8% redeemable noncontrolling interest in the partnership that owns our Plaza El Segundo Shopping Center for $23.6 million, bringing our ownership interest to 100%. On July 18, 2022, we acquired a 214,000 square foot office building in Scottsdale, Arizona for $53.6 million. This building is adjacent to, and will be operated as part of our Hilton Village property. The land is controlled under a long-term ground lease that expires on September 30, 2075. O n July 27, 2022, we acquired a 182,000 square foot shopping center in Kingstowne, Virginia for $100.0 million. The shopping center is adjacent to, and will be operated as part of our Kingstowne Towne Center property. Additionally, on July 27, 2022, we acquired the fee interest in The Shops at Pembroke, a 392,000 square foot shopping center located in Pembroke Pines, Florida for $180.5 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation In January 2022, we completed a reorganization into an umbrella partnership real estate investment trust, or "UPREIT." For additional information on our UPREIT reorganization, please see our Current Reports on Form 8-K filed with the SEC on January 3, 2022 and January 5, 2022, as well our latest Annual Report on Form 10-K filed on February 10, 2022. Immediately following the reorganization, the Parent Company had the same consolidated assets and liabilities as Federal Realty Investment Trust immediately before the reorganization. The Parent Company exercises exclusive control over the General Partner and does not have assets or liabilities other than its investment in the Operating Partnership. As a result, the UPREIT reorganization represented a merger of entities under common control in accordance with accounting principles generally accepted in the United States ("GAAP"). Accordingly, the accompanying consolidated financial statements including the notes thereto, are presented as if the UPREIT reorganization had occurred at the earliest period presented. The accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership 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 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, 2022 are not necessarily indicative of the results that may be expected for the full year. Certain 2021 amounts have been reclassified to conform to our current period presentation.
Principles of Consolidation	Principles of Consolidation As discussed in the Explanatory Note , we have combined the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent Company, through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures which we do not control using the equity method of accounting.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Recently Adopted Accounting Pronouncements	Recently 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)	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 72,824 $ 76,284 Interest capitalized (9,177) (13,022) Interest expense $ 63,647 $ 63,262 Cash paid for interest, net of amounts capitalized $ 61,973 $ 60,782 Cash paid for income taxes $ 607 $ 320 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units redeemed for common shares $ 1,385 $ 5,121 Shares issued under dividend reinvestment plan $ 866 $ 866 5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares $ 175 $ —
Reconciliation of cash, cash equivalents, and restricted cash	June 30, December 31, 2022 2021 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 176,559 $ 162,132 Restricted cash (1) 17,998 13,031 Total cash, cash equivalents, and restricted cash $ 194,557 $ 175,163 (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)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable, net $ 623,455 $ 614,197 $ 641,459 $ 655,864 Senior notes and debentures, net $ 3,406,895 $ 3,177,631 $ 3,406,088 $ 3,649,776
Summary of financial (liabilities) assets that are measured at fair value on a recurring basis	A summary of our financial assets (liabilities) that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 3,896 $ — $ 3,896 $ — $ (1,511) $ — $ (1,511)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 Declared Paid Declared Paid Common shares $ 2.140 $ 2.140 $ 2.120 $ 2.120 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 (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 (In thousands) Grants of common shares, restricted stock units, and options $ 3,500 $ 3,358 $ 7,679 $ 7,507 Capitalized share-based compensation (300) (360) (659) (758) Share-based compensation expense $ 3,200 $ 2,998 $ 7,020 $ 6,749

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of earnings per share	The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive: • ex ercise of 682 stock options for the three and six months ended June 30, 2021, • conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for both the three and six months ended June 30, 2022 and 2021, and • the issuance of 1.5 million and 0.7 million shares and units issuable under common share forward sales agreements for the three and six months ended June 30, 2022, respectively, and 0.9 million and 1.4 million, respectively, for the three and six months ended June 30, 2021. Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved. Federal Realty Investment Trust Earnings per Share Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (In thousands, except per share data) NUMERATOR Net income $ 64,467 $ 48,059 $ 119,195 97,798 Less: Preferred share dividends (2,008) (2,011) (4,018) (4,021) Less: Income from operations attributable to noncontrolling interests (2,791) (1,855) (5,535) (3,358) Less: Earnings allocated to unvested shares (300) (298) (607) (592) Net income available for common shareholders, basic and diluted $ 59,368 $ 43,895 $ 109,035 $ 89,827 DENOMINATOR Weighted average common shares outstanding, basic 79,202 77,474 78,826 77,160 Effect of dilutive securities: Open forward contracts for share issuances — 31 29 2 Weighted average common shares outstanding, diluted 79,202 77,505 78,855 77,162 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.75 $ 0.57 $ 1.38 $ 1.16 Federal Realty OP LP Earnings per Unit Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (In thousands, except per unit data) NUMERATOR Net income $ 64,467 $ 48,059 $ 119,195 97,798 Less: Preferred unit distributions (2,008) (2,011) (4,018) (4,021) Less: Income from operations attributable to noncontrolling interests (2,791) (1,855) (5,535) (3,358) Less: Earnings allocated to unvested units (300) (298) (607) (592) Net income available for common unit holders, basic and diluted $ 59,368 $ 43,895 $ 109,035 $ 89,827 DENOMINATOR Weighted average common units outstanding, basic 79,202 77,474 78,826 77,160 Effect of dilutive securities: Common unit issuances relating to open common share forward contracts — 31 29 2 Weighted average common units outstanding, diluted 79,202 77,505 78,855 77,162 EARNINGS PER COMMON UNIT, BASIC AND DILUTED: Net income available for common unit holders $ 0.75 $ 0.57 $ 1.38 $ 1.16

Business And Organization (Deta

Business And Organization (Details)	6 Months Ended
	Jun. 30, 2022 project
Nature of Operations
Number of real estate properties	105
Minimum percentage of taxable income distributed to shareholders	90%
Federal Realty GP LLC
Nature of Operations
Limited liability company ownership interest	100%

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies Impacts of COVID-19 Pandemic (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue Recognition and Accounts Receivable [Abstract]
Collectibility adjustment (increase) decrease in revenue	$ (1.9)	$ 6.4	$ (2)	$ 21.2
Percentage of tenants with revenue recognized on a cash basis	33%		33%
Rent deferred	$ 47		$ 47
Previously deferred rent, amount collected	$ 32		$ 32

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Total interest costs incurred			$ 72,824	$ 76,284
Interest capitalized			(9,177)	(13,022)
Interest expense	$ 32,074	$ 31,177	63,647	63,262
Cash paid for interest, net of amounts capitalized			61,973	60,782
Cash paid for income taxes			607	320
DownREIT operating partnership units redeemed for common shares			1,385	5,121
Shares issued under dividend reinvestment plan			866	866
5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares			$ 175	$ 0

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 176,559	$ 162,132
Restricted cash	[1]	17,998	13,031
Total cash, cash equivalents, and restricted cash		$ 194,557	$ 175,163	$ 316,936	$ 816,896
[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) (Details) - Kingstowne Towne Center $ in Millions	Apr. 20, 2022 USD ($) ft²
Significant Acquisition
Square footage of real estate property | ft²	227,000
Purchase price of real estate acquisition	$ 100
Other Assets | Acquired lease costs
Significant Acquisition
Acquired lease costs	4.3
Other Assets | Above market leases
Significant Acquisition
Above market leases	0.1
Other Liabilities
Significant Acquisition
Below market leases	$ 10.5

Debt (Details)

Debt (Details) - USD ($) $ in Millions				3 Months Ended	6 Months Ended
	Jun. 29, 2022	Apr. 01, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2022
One of the buildings at our Hoboken property
Debt Instrument [Line Items]
Repayments of Secured Debt	$ 16.1
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility				$ 1,000	$ 1,000
Maximum amount outstanding under revolving credit facility				114	114
Weighted average borrowings outstanding				$ 57.7	$ 30.9
Weighted average interest rate, before amortization of debt fees				2%	1.90%
Revolving credit facility				$ 0	$ 0
Basis spread on LIBOR interest		0.825%	0.775%
Unsecured term loan
Debt Instrument [Line Items]
Basis spread on LIBOR interest		0.85%	0.80%

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, 2022	Dec. 31, 2021
Mortgages payable and notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 623,455	$ 641,459
Mortgages payable and notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	614,197	655,864
Senior notes and debentures | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,406,895	3,406,088
Senior notes and debentures | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,177,631	$ 3,649,776

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($) agreement	Jun. 30, 2022 USD ($) agreement	Dec. 31, 2021 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Amount reclassified from other comprehensive income to interest expense	$ 100	$ 300
Accumulated other comprehensive income | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income	200	700
Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 3,896	$ 3,896
Derivative Liability			$ (1,511)
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 | agreement	2	2
Notional amount of derivative	$ 55,800	$ 55,800
Fixed interest rate on derivative	3.67%	3.67%
Other comprehensive income	$ 2,000	$ 5,400
Secured Debt | Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgage payable	55,800	55,800
Prepaid expenses and other assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	3,900	3,900
Fair Value, Inputs, Level 1 | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	0	0
Derivative Liability			0
Fair Value, Inputs, Level 2 | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	3,896	3,896
Derivative Liability			(1,511)
Fair Value, Inputs, Level 3 | Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 0	$ 0
Derivative Liability			$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - downREIT OP units $ in Millions	Jun. 30, 2022 USD ($) shares
Commitments [Line Items]
downREIT operating partnership units, outstanding | shares	652,233
downREIT operating partnership units outstanding, fair value | $	$ 62.4

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Dividends
Divdends declared per common share		$ 1.07	$ 1.06	$ 2.14	$ 2.120
Dividends paid per common share				2.140	2.120
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively
Dividends
Dividends declared per preferred share				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 share	[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 ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jun. 15, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Feb. 14, 2022
Class of Stock [Line Items]
Net proceeds from issuance of common shares			$ 259,597	$ 87,286
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively
Class of Stock [Line Items]
Preferred shares converted	7,018
Common Shares
Class of Stock [Line Items]
Common shares issued upon conversion	1,675
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share					$ 500,000
Remaining capacity to issue		$ 500,000	$ 500,000
Forward Sales Contracts
Class of Stock [Line Items]
Shares issued		1,473,904	2,203,655
Net proceeds from issuance of common shares		$ 176,700	$ 259,400

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 3,500	$ 3,358	$ 7,679	$ 7,507
Capitalized share-based compensation	(300)	(360)	(659)	(758)
Share-based compensation expense	$ 3,200	$ 2,998	$ 7,020	$ 6,749

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Weighted average unvested shares outstanding	300,000	300,000	300,000	300,000
Federal Realty OP LP
Weighted average unvested units outstanding	300,000	300,000	300,000	300,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively
Preferred shares, percentage	5.417%	5.417%	5.417%	5.417%	5.417%
Stock Options
Anti-dilutive issuable shares		682		682
Forward Sales Contracts
Anti-dilutive issuable shares	1,500,000	900,000	700,000	1,400,000
Forward Sales Contracts | Federal Realty OP LP
Anti-dilutive issuable units	1,500,000	900,000	700,000	1,400,000
Unvested restricted stock units
Anti-dilutive issuable shares	10,441	10,441	10,441	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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income	$ 64,467	$ 48,059	$ 119,195	$ 97,798
Less: Preferred share dividends	(2,008)	(2,011)	(4,018)	(4,021)
Less: Income from operations attributable to noncontrolling interests	(2,791)	(1,855)	(5,535)	(3,358)
Less: Earnings allocated to unvested shares	(300)	(298)	(607)	(592)
Net income available for common shareholders, basic and diluted	$ 59,368	$ 43,895	$ 109,035	$ 89,827
Weighted average common shares outstanding, basic	79,202	77,474	78,826	77,160
Open forward contracts for share issuances	0	31	29	2
Weighted average common shares outstanding, diluted	79,202	77,505	78,855	77,162
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholds	$ 0.75	$ 0.57	$ 1.38	$ 1.16
Federal Realty OP LP
Net income	$ 64,467	$ 48,059	$ 119,195	$ 97,798
Less: Preferred unit distributions	(2,008)	(2,011)	(4,018)	(4,021)
Less: Income from operations attributable to noncontrolling interests	(2,791)	(1,855)	(5,535)	(3,358)
Less: Earnings allocated to unvested units	(300)	(298)	(607)	(592)
Net income available to common unit holders, basic and diluted	$ 59,368	$ 43,895	$ 109,035	$ 89,827
Weighted average common units outstanding, basic	79,202	77,474	78,826	77,160
Common unit issuances relating to open common share forward contracts	0	31	29	2
Weighted average common units outstanding, diluted	79,202	77,505	78,855	77,162
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common shareholders	$ 0.75	$ 0.57	$ 1.38	$ 1.16

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Jul. 27, 2022 USD ($) ft²	Jul. 18, 2022 USD ($) ft²	Jul. 13, 2022 USD ($)	Apr. 20, 2022 USD ($) ft²
Kingstowne Towne Center
Subsequent Event [Line Items]
Square footage of real estate property | ft²				227,000
Purchase price of real estate acquisition				$ 100
Subsequent Event | Plaza El Segundo | Redeemable Noncontrolling Interests
Subsequent Event [Line Items]
Redeemable noncontrolling interest percentage purchased			21.80%
Payments for repurchase of redeemable noncontrolling interest			$ 23.6
Ownership interest subsequent to redemption			100%
Subsequent Event | Office building at Hilton Village
Subsequent Event [Line Items]
Square footage of real estate property | ft²		214,000
Purchase price of real estate acquisition		$ 53.6
Subsequent Event | Kingstowne Towne Center
Subsequent Event [Line Items]
Square footage of real estate property | ft²	182,000
Purchase price of real estate acquisition	$ 100
Subsequent Event | The Shops at Pembroke
Subsequent Event [Line Items]
Square footage of real estate property | ft²	392,000
Purchase price of real estate acquisition	$ 180.5