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Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Dec. 31, 2012	Feb. 08, 2013	Jun. 30, 2012
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Trading Symbol	FRT
Entity Registrant Name	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 6,700,000,000
Entity Common Stock, Shares Outstanding		64,924,837

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Operating (including $278,826 and $263,570 of consolidated variable interest entities, respectively)	$ 4,490,960	$ 4,232,608
Construction-in-progress	288,714	193,836
Real Estate Investment Property, At Cost, Total	4,779,674	4,426,444
Less accumulated depreciation and amortization (including $12,024 and $4,991 of consolidated variable interest entities, respectively)	(1,224,295)	(1,127,588)
Net real estate	3,555,379	3,298,856
Cash and cash equivalents	36,988	67,806
Accounts and notes receivable, net	73,861	75,921
Mortgage notes receivable, net	55,648	55,967
Investment in real estate partnership	33,169	34,352
Prepaid expenses and other assets	132,659	121,492
Debt issuance costs, net of accumulated amortization of $10,140 and $9,098, respectively	10,861	11,816
TOTAL ASSETS	3,898,565	3,666,210
Liabilities
Mortgages payable (including $205,299 and $207,683 of consolidated variable interest entities, respectively)	760,789	747,523
Capital lease obligations	71,693	63,093
Notes payable	299,575	295,159
Senior notes and debentures	1,076,545	1,004,635
Accounts payable and accrued expenses	120,929	104,660
Dividends payable	47,685	44,229
Security deposits payable	12,957	12,221
Other liabilities and deferred credits	103,379	68,761
Total liabilities	2,493,552	2,340,281
Commitments and contingencies (Note 9)
Redeemable Noncontrolling Interests	94,420	85,325
Shareholders' equity
Preferred shares, authorized 15,000,000 shares, $.01 par: 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding	9,997	9,997
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 64,815,446 and 63,544,150 shares issued and outstanding, respectively	648	636
Additional paid-in capital	1,875,525	1,764,940
Accumulated dividends in excess of net income	(586,970)	(555,541)
Accumulated other comprehensive loss	(12,388)	(3,940)
Total shareholders' equity of the Trust	1,286,812	1,216,092
Noncontrolling interests	23,781	24,512
Total shareholders' equity	1,310,593	1,240,604
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 3,898,565	$ 3,666,210

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Operating, consolidated variable interest entities	$ 278,826	$ 263,570
Accumulated depreciation and amortization, consolidated variable interest entities	12,024	4,991
Debt issuance costs, accumulated amortization	10,140	9,098
Mortgages payable, consolidated variable interest entities	$ 205,299	$ 207,683
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par	$ 0.01	$ 0.01
Preferred Shares, 5.417% Series 1 Cumulative Convertible liquidation preference	$ 25	$ 25
Preferred shares, shares issued	399,896	399,896
Preferred shares, shares outstanding	399,896	399,896
Common shares of beneficial interest, par	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	64,815,446	63,544,150
Common shares of beneficial interest, shares outstanding	64,815,446	63,544,150
5.417% Series 1 Cumulative Convertible Preferred [Member]
Preferred Shares, percentage	5.417%	5.417%

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
REVENUE
Rental income	$ 582,335	$ 538,701	$ 522,651
Other property income	20,217	9,260	14,545
Mortgage interest income	5,466	5,098	4,601
Total revenue	608,018	553,059	541,797
EXPENSES
Rental expenses	112,760	109,549	110,519
Real estate taxes	66,799	60,620	58,663
General and administrative	31,158	28,985	24,189
Litigation provision	0	0	330
Depreciation and amortization	142,039	126,208	118,878
Total operating expenses	352,756	325,362	312,579
OPERATING INCOME	255,262	227,697	229,218
Other interest income	689	218	256
Interest expense	(113,336)	(98,465)	(101,882)
Early extinguishment of debt	0	296	(2,801)
Income from real estate partnerships	1,757	1,808	1,060
INCOME FROM CONTINUING OPERATIONS	144,372	131,554	125,851
DISCONTINUED OPERATIONS
Discontinued operations - income	0	957	976
Discontinued operations - gain on deconsolidation of VIE	0	2,026	0
Discontinued operation - gain on sale of real estate	0	15,075	1,000
Results from discontinued operations	0	18,058	1,976
INCOME BEFORE GAIN ON SALE OF REAL ESTATE	144,372	149,612	127,827
Gain on sale of real estate	11,860	0	410
NET INCOME	156,232	149,612	128,237
Net income attributable to noncontrolling interests	(4,307)	(5,695)	(5,447)
NET INCOME ATTRIBUTABLE TO THE TRUST	151,925	143,917	122,790
Dividends on preferred shares	(541)	(541)	(541)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 151,384	$ 143,376	$ 122,249
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$ 2.17	$ 2.00	$ 1.95
Discontinued operations	0.00	0.29	0.03
Gain on sale of real estate	0.19	0.00	0.01
Earnings Per Share, Basic, Total	$ 2.36	$ 2.29	$ 1.99
Weighted average common shares outstanding-basic	63,881	62,438	61,182
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$ 2.16	$ 1.99	$ 1.94
Discontinued operations	0.00	0.29	0.03
Gain on sale of real estate	0.19	0.00	0.01
Earnings Per Share, Diluted, Total	$ 2.35	$ 2.28	$ 1.98
Weighted average number of common shares-diluted	64,056	62,603	61,324
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
NET INCOME	$ 156,232	$ 149,612	$ 128,237
Other Comprehensive Income (Loss), Net of Tax	(8,448)	(3,940)	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	147,784	145,672	128,237
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(4,307)	(5,695)	(5,447)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 143,477	$ 139,977	$ 122,790

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Shares [Member]	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Dividends in Excess of Net Income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Beginning balance (in shares) at Dec. 31, 2009		399,896	61,242,050
Beginning balance at Dec. 31, 2009	$ 1,151,738	$ 9,997	$ 612	$ 1,606,115	$ (486,449)	$ 0	$ 21,463
Net income	125,251				122,790		2,461
Other Comprehensive Income (Loss), Net of Tax	0
Dividends declared to common shareholders	(163,382)				(163,382)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(2,223)						(2,223)
Common shares issued (in shares)			190
Common shares issued	14		$ 0	14
Exercise of stock options (in shares)			107,493
Exercise of stock options	$ 4,052		$ 1	4,051
Shares issued under dividend reinvestment plan (in shares)	34,401		34,401
Shares issued under dividend reinvestment plan	$ 2,544			2,544
Share-based compensation expense, net (in shares)			135,338
Share-based compensation expense, net	6,487		$ 2	6,485
Conversion and redemption of OP units (in shares)			6,946
Conversion and redemption of OP units	(137)			532			(669)
Adjustment to redeemable noncontrolling interests	(8,035)			(8,035)
Ending balance (in shares) at Dec. 31, 2010		399,896	61,526,418
Ending balance at Dec. 31, 2010	1,115,768	$ 9,997	$ 615	1,611,706	(527,582)	0	21,032
Net income	146,120				143,917		2,203
Other Comprehensive Income (Loss), Net of Tax	(3,940)					(3,940)
Dividends declared to common shareholders	(171,335)				(171,335)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(2,320)						(2,320)
Common shares issued (in shares)			1,662,230
Common shares issued	139,298		$ 17	139,281
Exercise of stock options (in shares)			237,271
Exercise of stock options	$ 15,190		$ 3	15,187
Shares issued under dividend reinvestment plan (in shares)	28,823		28,823
Shares issued under dividend reinvestment plan	$ 2,374			2,374
Share-based compensation expense, net (in shares)			89,408
Share-based compensation expense, net	8,247		$ 1	8,246
Conversion and redemption of OP units	(151)			(96)			(55)
Purchase of noncontrolling interest	(2,538)			(2,331)			(207)
Deconsolidation of VIE	(420)						(420)
Contributions from noncontrolling interests	4,279						4,279
Adjustment to redeemable noncontrolling interests	(9,427)			(9,427)
Ending balance (in shares) at Dec. 31, 2011		399,896	63,544,150
Ending balance at Dec. 31, 2011	1,240,604	$ 9,997	$ 636	1,764,940	(555,541)	(3,940)	24,512
Net income	153,640				151,925		1,715
Other Comprehensive Income (Loss), Net of Tax	(8,448)					(8,448)
Dividends declared to common shareholders	(182,813)				(182,813)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(2,232)						(2,232)
Common shares issued (in shares)			1,039,405
Common shares issued	$ 106,219		$ 10	106,209
Exercise of stock options (in shares)	97,430		97,430
Exercise of stock options	$ 5,667		$ 1	5,666
Shares issued under dividend reinvestment plan (in shares)	22,814		22,814
Shares issued under dividend reinvestment plan	$ 2,248			2,248
Share-based compensation expense, net (in shares)			111,647
Share-based compensation expense, net	10,371		$ 1	10,370
Conversion and redemption of OP units	(828)			(439)			(389)
Contributions from noncontrolling interests	175						175
Adjustment to redeemable noncontrolling interests	(13,469)			(13,469)
Ending balance (in shares) at Dec. 31, 2012		399,896	64,815,446
Ending balance at Dec. 31, 2012	$ 1,310,593	$ 9,997	$ 648	$ 1,875,525	$ (586,970)	$ (12,388)	$ 23,781

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Statement of Stockholders' Equity [Abstract]
Amounts attributable to redeemable noncontrolling interest	$ 2,592	$ 3,492	$ 2,986

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
OPERATING ACTIVITIES
Net income	$ 156,232	$ 149,612	$ 128,237
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization, including discontinued operations	142,039	126,568	119,817
Litigation provision	0	0	(250)
Gain on sale of real estate	(11,860)	(15,075)	(1,410)
Gain on deconsolidation of VIE	0	(2,026)	0
Early extinguishment of debt	0	(296)	2,801
Income from real estate partnerships	(1,757)	(1,808)	(1,060)
Other, net	4,348	3,871	4,099
Changes in assets and liabilities, net of effects of acquisitions and dispositions
Increase in accounts receivable	7,332	1,888	7,461
(Increase) decrease in prepaid expenses and other assets	(7,793)	2,613	(2,824)
Increase (decrease) in accounts payable and accrued expenses	3,259	(14,994)	(879)
Increase (decrease) in security deposits and other liabilities	4,833	(5,642)	743
Net cash provided by operating activities	296,633	244,711	256,735
INVESTING ACTIVITIES
Acquisition of real estate	(80,865)	(103,557)	(57,133)
Capital expenditures - development and redevelopment	(129,346)	(91,922)	(50,414)
Capital expenditures - other	(51,325)	(50,540)	(38,681)
Proceeds from sale of real estate	0	23,695	0
Investment in real estate partnerships	0	(6,947)	(16,930)
Distribution from real estate partnership in excess of earnings	1,116	1,070	237
Distribution from sale of real estate partnership properties	0	34,617	0
Leasing costs	(14,233)	(12,415)	(10,272)
Repayment of mortgage and other notes receivable, net	1,095	9,630	(13,895)
Net cash used in investing activities	(273,558)	(196,369)	(187,088)
FINANCING ACTIVITIES
Net (repayments) borrowings under revolving credit facility, net of costs	0	(81,159)	76,550
Issuance of senior notes, net of costs	244,807	0	148,457
Purchase and retirement of senior notes/debentures	(175,000)	(75,000)	0
Issuance of mortgages, capital leases and notes payable, net of costs	5,399	272,193	9,950
Repayment of mortgages, capital leases and notes payable	(53,414)	(91,952)	(262,340)
Issuance of common shares	114,134	156,862	6,610
Dividends paid to common and preferred shareholders	(179,884)	(169,254)	(163,120)
Distributions to and redemptions of noncontrolling interests	(9,935)	(8,023)	(5,346)
Net cash (used in) provided by financing activities	(53,893)	3,667	(189,239)
(Decrease) increase in cash and cash equivalents	(30,818)	52,009	(119,592)
Cash and cash equivalents at beginning of year	67,806	15,797	135,389
Cash and cash equivalents at end of period	$ 36,988	$ 67,806	$ 15,797

Business And Organization	12 Months Ended
Business And Organization	Dec. 31, 2012
Nature Of Operations [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the “Trust”) is an equity real estate investment trust (“REIT”) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. Our properties are located primarily in densely populated and affluent communities in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, as well as in California. As of December 31, 2012, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 88 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.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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. Certain 2011 and 2010 amounts have been reclassified to conform to current period presentation.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Revenue Recognition and Accounts Receivable

Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management’s assessment of credit, collection and other business risk. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the termination date. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement.

We make estimates of the collectability of our accounts receivable related to minimum rents, straight-line rents, expense reimbursements and other revenue. Accounts receivable is carried net of this allowance for doubtful accounts. Our determination as to the collectability of accounts receivable and correspondingly, the adequacy of this allowance, is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The allowance for doubtful accounts is increased or decreased through bad debt expense. Accounts receivable are written-off when they are deemed to be uncollectible and we are no longer actively pursuing collection. At December 31, 2012 and 2011, our allowance for doubtful accounts was $15.9 million and $17.6 million, respectively.

In some cases, primarily relating to straight-line rents, the collection of accounts receivable extends beyond one year. Our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Accordingly, the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured. If our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized, the additional straight-line rental income is recognized as revenue. If our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible, a reserve and bad debt expense is recorded. At December 31, 2012 and 2011, accounts receivable include approximately $56.1 million and $50.5 million, respectively, related to straight-line rents.

Real Estate

Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2012, 2011 and 2010, real estate depreciation expense was $128.7 million, $114.2 million and $108.3 million, respectively, including amounts from discontinued operations and assets under capital lease obligations.

Sales of real estate are recognized only when sufficient down payments have been obtained, possession and other attributes of ownership have been transferred to the buyer and we have no significant continuing involvement. The application of this criteria can be complex and requires us to make assumptions. We believe this criteria was met for all real estate sold during the periods presented.

Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and/or appraised values. When we acquire operating real estate properties, the purchase price is allocated to land, building, improvements, leasing costs, intangibles such as in-place leases, and to current assets and liabilities acquired, if any. The value allocated to in-place leases is amortized over the related lease term and reflected as rental income in the statement of operations. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of in-place lease value when we consider these to be bargain renewal options. If the value of below market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any in-place lease value is written off to rental income.

Transaction costs related to the acquisition of a business, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and included in “general and administrative expenses” in our consolidated statements of comprehensive income. The acquisition of an operating shopping center typically qualifies as a business. For asset acquisitions not meeting the definition of a business, transaction costs are capitalized as part of the acquisition cost.

When applicable, as lessee, we classify our leases of land and building as operating or capital leases. We are required to use judgment and make estimates in determining the lease term, the estimated economic life of the property and the interest rate to be used in determining whether or not the lease meets the qualification of a capital lease and is recorded as an asset.

We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine the development or redevelopment is no longer probable of completion, we expense all capitalized costs which are not recoverable.

We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by us typically meet the definition of a component of an entity and as such the revenues and expenses associated with sold properties are reclassified to discontinued operations for all periods presented.

Cash and Cash Equivalents

We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2012, we had $33.6 million in excess of the FDIC insured limit.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions and salaries and related costs of personnel directly related to time spent obtaining a lease. Capitalized lease costs are amortized over the life of the related lease. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any previously capitalized lease costs are written off. Other assets also include the premiums paid for split dollar life insurance for one current officer and several former officers which were approximately $4.6 million at December 31, 2012 and 2011.

Debt Issuance Costs

Costs related to the issuance of debt instruments are capitalized and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.”

Derivative Instruments

At times, we may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes.

The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Within the next 12 months, we expect to reclassify $4.2 million as an increase to interest expense. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness did not impact earnings in 2012 and 2011, and we do not anticipate it will have a significant effect in the future. We had no hedging instruments outstanding during 2010.

Mortgage Notes Receivable

We have made certain mortgage loans that, because of their nature, qualify as loan receivables. At the time the loans were made, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. On some of the loans we receive additional interest, however, we never receive in excess of 50% of the residual profit in the project, and because the borrower has either a substantial investment in the project or has guaranteed all or a portion of our loan (or a combination thereof), the loans qualify for loan accounting. The amounts under these arrangements are presented as mortgage notes receivable at December 31, 2012 and 2011.

Mortgage notes receivable are recorded at cost, net of any valuation adjustments. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the mortgage note receivable to the present value of expected future cash flows. Since all of our loans are collateralized by either a first or second mortgage, the loans have risk characteristics similar to the risks in owning commercial real estate.

Share Based Compensation

We grant share based compensation awards to employees and trustees typically in the form of options, commons shares, and restricted common shares. We measure stock based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 15 for further discussion regarding our share based compensation plans and policies.

Variable Interest Entities

Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

We have evaluated our investments in certain joint ventures including our real estate partnership with affiliates of a discretionary fund created and advised by ING Clarion Partners and our Taurus Newbury Street JV II Limited Partnership and determined that these joint ventures do not meet the requirements of a variable interest entity and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method. We have also evaluated our mortgage loans receivable and determined that entities obligated under the mortgage loans are not VIEs except from March 30, 2010 to June 29, 2011 with respect to our mortgage loans on a shopping center and adjacent building located in Norwalk, Connecticut as further discussed in Note 4. Our investment balances from our real estate partnerships and mortgage notes receivable are presented separately in our consolidated balance sheets.

On October 16, 2006, we acquired the leasehold interest in Melville Mall under a 20 year master lease. Additionally, we loaned the owner of Melville Mall $34.2 million secured by a second mortgage on the property. We have an option to purchase the shopping center on or after October 16, 2021 for a price of $5.0 million plus the assumption of the first mortgage and repayment of the second mortgage. If we fail to exercise our purchase option, the owner of Melville Mall has a put option which would require us to purchase Melville Mall in 2023 for $5.0 million and the assumption of the owner’s mortgage debt. We have determined that this property is held in a variable interest entity for which we are the primary beneficiary. Accordingly, beginning October 16, 2006, we consolidated this property and its operations. As of December 31, 2012 and 2011, $21.4 million and $22.1 million, respectively, are included in mortgages payable (net of unamortized discounts) for the mortgage loan secured by Melville Mall, however, the loan is not our legal obligation. At December 31, 2012 and 2011, net real estate assets related to Melville Mall included in our consolidated balance sheet are approximately $63.1 million and $64.0 million, respectively.

In conjunction with the acquisitions of several of our properties, we entered into Reverse Section 1031 like-kind exchange agreements with a third party intermediary. The exchange agreements are for a maximum of 180 days and allow us, for tax purposes, to defer gains on sale of other properties sold within this period. Until the earlier of termination of the exchange agreements or 180 days after the respective acquisition dates, the third party intermediary is the legal owner of each property, although we control the activities that most significantly impact each property and retain all of the economic benefits and risks associated with each property. Each property is held by a third party intermediary in a variable interest entity for which we are the primary beneficiary. Accordingly, we consolidate these properties and their operations even during the period they are held by a third party intermediary. A summary of the significant properties is as follows:



Property	Dates Held by a Third Party Intermediary	Date Consolidated
Huntington Square	August 16, 2010 to February 12, 2011	August 16, 2010
Tower Shops	January 19, 2011 to July 12, 2011	January 19, 2011

We determined the joint venture that owns Plaza El Segundo is a variable interest entity for which we are the primary beneficiary. We are the managing member and own 48.2% of the entity. We control the significant operating decisions, consequently having the power to direct the activities that most significantly impact economic performance of the VIE, and have the obligation to absorb the majority of the losses and receive the majority of the benefits. Therefore, the entity is consolidated in our financial statements as of December 30, 2011. As of December 31, 2012 and 2011, net real estate assets related to Plaza El Segundo included in our consolidated balance sheet are approximately $189.4 million and $194.6 million, respectively, and mortgages payable (net of unamortized premium) of $183.9 million and $185.6 million, respectively. Plaza El Segundo's creditors do not have recourse to our general credit. Our maximum exposure to loss is approximately $17.5 million.

Redeemable Noncontrolling Interests

We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity. We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date. Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity. These amounts are classified within the mezzanine section of the consolidated balance sheets.

The following table provides a rollforward of the redeemable noncontrolling interests:



	Year Ended
	December 31,
	2012			2011
	(in thousands)
Beginning balance	$	85,325		$	65,362
Net income	2,592			3,492
Distributions & Redemptions	(6,985		)	(3,020		)
Contributions	19			10,064
Adjustment to redeemable noncontrolling interests	13,469			9,427
Ending balance	$	94,420		$	85,325

Income Taxes

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.

We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS. In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). A TRS is subject to federal and state income taxes. Our TRS activities have not been material.

With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2008. As of December 31, 2012 and 2011, we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense.

Segment Information

Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. We evaluate financial performance using property operating income, which consists of rental income, other property income and mortgage interest income, less rental expenses and real estate taxes. No individual property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America. Therefore, we have aggregated our properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes.

Recently Adopted Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” The pronouncement was issued to provide a uniform framework for fair value measurements and related disclosures between U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. We adopted the standard effective January 1, 2012 and it did not have a significant impact to our consolidated financial statements.

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” ASU 2011-05 eliminates the option to present components of other comprehensive income solely as part of the statement of shareholders’ equity and requires the presentation of components of net income and components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB deferred the requirement to present reclassification adjustments for each component of accumulated other comprehensive income in both net income and other comprehensive income on the face of the financial statements. We adopted the standards effective January 1, 2012 and modified the presentation in our consolidated financial statements accordingly. Other comprehensive loss in our financial statements relates to the change in valuation on our interest rate swap agreements as further discussed in Note 8.

Recently Issued Accounting Pronouncement

In February 2013, the FASB issued ASU 2013-2, “Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. This pronouncement is effective for us in the first quarter of 2013 and is not expected to have a significant impact to our consolidated financial statements.

Consolidated Statements of Cash Flows—Supplemental Disclosures

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:



	Year Ended December 31,
	2012			2011			2010
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	123,441		$	106,562		$	108,167
Interest capitalized	(10,105		)	(8,097		)	(6,285		)
Interest expense	$	113,336		$	98,465		$	101,882
Cash paid for interest, net of amounts capitalized	$	114,419		$	95,424		$	98,932
Cash (refunded) paid for income taxes	$	(1,151	)	$	832		$	255
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loan assumed/entered into with acquisition	$	67,615		$	308,506		$	—
Deconsolidation of VIE	$	—		$	18,311		$	—
Capital lease obligation	$	—		$	4,556		$	—
Extinguishment of deferred ground rent liability	$	—		$	—		$	8,832
Extinguishment of capital lease obligation	$	—		$	—		$	1,031

Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions and salaries and personnel costs related to obtaining a lease. Capitalized lease costs are amortized over the initial term of the related lease which generally ranges from three to ten years. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow and therefore, we classify cash outflows related to leasing costs as an investing activity in our consolidated statements of cash flows.

Real Estate

12 Months Ended

Dec. 31, 2012

Real Estate Investments, Net [Abstract]

REAL ESTATE

A summary of our real estate investments and related encumbrances is as follows:



	Cost		Accumulated Depreciation and Amortization			Encumbrances
	(In thousands)
December 31, 2012
Retail and mixed-use properties	$	4,655,943	$	(1,187,993	)	$	737,899
Retail properties under capital leases	114,571		(29,051		)	71,693
Residential	9,160		(7,251		)	22,890
	$	4,779,674	$	(1,224,295	)	$	832,482
December 31, 2011
Retail and mixed-use properties	$	4,304,089	$	(1,087,704	)	$	724,287
Retail properties under capital leases	113,605		(33,019		)	63,093
Residential	8,750		(6,865		)	23,236
	$	4,426,444	$	(1,127,588	)	$	810,616

Retail and mixed-use properties includes the residential portion of Santana Row, Bethesda Row and Congressional Plaza. The residential property investment is our investment in Rollingwood Apartments.

2012 Significant Property Acquisitions

In July and September 2012, we acquired three residential apartment buildings with 47 units located adjacent to Santana Row for $9.0 million. These properties provide potential future redevelopment opportunities for Santana Row.

On December 21, 2012, we acquired the fee interest in East Bay Bridge, a 438,000 square foot shopping center located in Emeryville and Oakland, California. The purchase price was $116.6 million which included the assumption of a mortgage loan with a face amount of $62.9 million and a fair value of approximately $67.6 million. Approximately $0.9 million and $47.8 million of net assets acquired were allocated to other assets for “above market leases” and other liabilities for “below market leases”, respectively. Additionally, we acquired a 37,000 square foot single-tenant office/warehouse building in Ontario, California for $2.5 million as part of the transaction. We incurred a total of $0.9 million of acquisition costs which are included in “general and administrative expenses” in 2012.

2011 Significant Acquisitions and Disposition

On January 19, 2011, we acquired the fee interest in Tower Shops located in Davie, Florida for a net purchase price of $66.1 million which included the assumption of a mortgage loan with a face amount of $41.0 million and a fair value of approximately $42.9 million. The property contains approximately 368,000 square feet of gross leasable area on 67 acres and is shadow-anchored by Home Depot and Costco. Approximately $1.2 million and $4.4 million of net assets acquired were allocated to other assets for “above market leases” and other liabilities for “below market leases”, respectively. We incurred a total of $0.4 million of acquisition costs of which $0.2 million were incurred in 2011 and are included in “general and administrative expenses” for the year ended December 31, 2011.

On July 12, 2011, we sold Feasterville Shopping Center located in Feasterville, Pennsylvania for a sales price of $20.0 million resulting in a gain of $14.8 million. The operations of this property are included in “discontinued operations” in the consolidated statements of comprehensive income for all periods presented. The sale was completed as a Section 1031 tax deferred exchange transaction with the acquisition of Tower Shops.

On December 27, 2011, we acquired an 89.9% controlling interest in Montrose Crossing, a 357,000 square foot shopping center located in Rockville, Maryland. The purchase price was $141.5 million and our 89.9% ownership interest was $127.2 million which was funded with cash and our pro-rata share of $80.0 million of new mortgage debt. We are the managing member of the entity, control all significant operating decisions, and receive approximately 89.9% of the cash flow of the entity. Therefore, we have consolidated the property and its operations effective on the acquisition date. Approximately $2.9 million and $3.8 million of net assets acquired were allocated to other assets for "above market leases" and other liabilities for "below market leases", respectively. We incurred approximately $2.4 million of acquisition costs which are included in “general and administrative expenses” in 2011.

On December 30, 2011, we acquired a 48.2% controlling interest in Plaza El Segundo, a 381,000 square foot shopping center located in El Segundo, California. The purchase price was $192.7 million and our 48.2% ownership interest was funded with $8.5 million of cash and the assumption of our pro-rata share of the existing $175.0 million mortgage debt. We are the managing member of the entity, control all significant decisions, and receive the majority of the cash flow of the entity. Therefore, we have consolidated the property and its operations effective on the acquisition date. Approximately $7.5 million and $2.3 million of net assets acquired were allocated to other assets for "above market leases" and other liabilities for "below market leases", respectively. We incurred approximately $1.0 million of acquisition costs which are included in “general and administrative expenses” in 2011.

On December 30, 2011, we acquired an 8.1 acre land parcel adjacent to Plaza El Segundo for a purchase price of $15.9 million. We intend to use the land parcel for future development.

Mortgage Notes Receivable	12 Months Ended
Mortgage Notes Receivable	Dec. 31, 2012
Mortgage Notes Receivable [Abstract]
MORTGAGE NOTES RECEIVABLE	MORTGAGE NOTES RECEIVABLE At December 31, 2012 and 2011, we had five mortgage notes receivable with an aggregate carrying amount of $55.6 million and $56.0 million, respectively. Approximately $44.9 million and $44.7 million of the loans are secured by first mortgages on retail buildings at December 31, 2012 and 2011, respectively. One of the loans, which is secured by a second mortgage on a hotel at our Santana Row property, was considered impaired when it was amended in August 2006. At December 31, 2012 and 2011, the loan has an outstanding face amount of $12.9 million and $14.2 million, respectively, and is carried net of a valuation allowance of $2.1 million and $2.9 million, respectively. At December 31, 2012 and 2011, our mortgages had a weighted average interest rate of 9.4% and 9.2%, respectively. Under the terms of certain of these mortgages, we receive additional interest based upon the gross income of the secured properties and upon sale, share in the appreciation of the properties. Prior to June 30, 2011, we were the lender on a first and second mortgage loan on a shopping center and an adjacent commercial building in Norwalk, Connecticut. Our carrying amount of the loans was approximately $18.3 million. The loans were in default and foreclosure proceedings had been filed, however, we were in negotiations with the borrower to refinance the loans. On June 30, 2011, we refinanced the existing loans with a first mortgage loan which had an initial principal balance of $11.9 million, bears interest at 6.0%, and matures on June 30, 2014, subject to a one year extension option. The loan is secured by the shopping center in Norwalk, Connecticut. As part of the refinancing, we received approximately $8.7 million in cash. Because the loans were in default, we had certain rights under the first mortgage loan agreement that gave us the ability to direct the activities that most significantly impacted the shopping center. Although we did not exercise those rights, the existence of those rights in the loan agreement resulted in the entity being a VIE. Additionally, given our investment in both the first and second mortgage on the property, the overall decline in fair market value since the loans were initiated, and the default status of the loans, we also had the obligation to absorb losses or rights to receive benefits that could potentially be significant to the VIE. Consequently, we were the primary beneficiary of this VIE and consolidated the shopping center and adjacent building from March 30, 2010 to June 29, 2011; the operations of the entity are included in “discontinued operations”. In conjunction with the refinancing of the loans, we re-evaluated our status as the primary beneficiary of the VIE. Because the loan is not in default, we no longer have those certain rights that give us the ability to control the activities that most significantly impact the shopping center. Our current involvement in the property is solely as the lender on the mortgage loan with protective rights as the lender. Therefore, we are no longer the primary beneficiary and deconsolidated the entity as of June 30, 2011. The mortgage loan receivable was recorded at its estimated fair value of $11.9 million and we recognized a $2.0 million gain on deconsolidation as part of the refinancing which is included in “discontinued operations - gain on deconsolidation of VIE” for the year ended December 31, 2011. As of December 31, 2012, the loan was performing and the carrying amount of the mortgage loan of $11.7 million is included in “mortgage notes receivable” on the balance sheet. This amount also reflects our maximum exposure to loss related to this investment. The change in design of the entity including the refinancing of the loan was a VIE reconsideration event. Given that the loan is no longer in default, we, as lender, do not have the power to direct the activities that most significantly impact the entity, and the additional equity investment at risk provided by the entity’s equity holders, the entity is no longer a VIE.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5066-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5162-111524

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5074-111524

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4

+ Details

Real Estate Partnerships

12 Months Ended

Dec. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

REAL ESTATE PARTNERSHIPS

Federal/Lion Venture LP

We have a joint venture arrangement (the “Partnership”) with affiliates of a discretionary fund created and advised by ING Clarion Partners (“Clarion”). We own 30% of the equity in the Partnership and Clarion owns 70%. We hold a general partnership interest, however, Clarion also holds a general partnership interest and has substantive participating rights. We cannot make significant decisions without Clarion’s approval. Accordingly, we account for our interest in the Partnership using the equity method. As of December 31, 2012, the Partnership owned seven retail real estate properties. We are the manager of the Partnership and its properties, earning fees for acquisitions, dispositions, management, leasing, and financing. Intercompany profit generated from fees is eliminated in consolidation. We also have the opportunity to receive performance-based earnings through our Partnership interest. Accounting policies for the Partnership are similar to accounting policies followed by the Trust. The Partnership is subject to a buy-sell provision which is customary for real estate joint venture agreements and the industry. Either partner may initiate this provision at any time, which could result in either the sale of our interest or the use of available cash or borrowings to acquire Clarion’s interest. As of December 31, 2012, we have made total contributions of $42.1 million and received total distributions of $15.7 million.

The following tables provide summarized operating results and the financial position of the Partnership:



	Year Ended December 31,
	2012		2011		2010
	(In thousands)
OPERATING RESULTS
Revenue	$	19,051	$	19,289	$	18,639
Expenses
Other operating expenses	5,234		5,593		6,149
Depreciation and amortization	5,508		5,179		5,046
Interest expense	3,376		3,388		3,400
Total expenses	14,118		14,160		14,595
Net income	$	4,933	$	5,129	$	4,044
Our share of net income from real estate partnership	$	1,815	$	1,771	$	1,449



	December 31,
	2012		2011
	(In thousands)
BALANCE SHEETS
Real estate, net	$	174,509	$	178,693
Cash	2,735		3,035
Other assets	5,536		6,116
Total assets	$	182,780	$	187,844
Mortgages payable	$	57,155	$	57,376
Other liabilities	4,771		5,391
Partners’ capital	120,854		125,077
Total liabilities and partners’ capital	$	182,780	$	187,844
Our share of unconsolidated debt	$	17,147	$	17,213
Our investment in real estate partnership	$	33,169	$	34,352

Taurus Newbury Street JV II Limited Partnership

In May 2010, we formed Taurus Newbury Street JV II Limited Partnership (“Newbury Street Partnership”), a joint venture with an affiliate of Taurus Investment Holdings, LLC (“Taurus”), to acquire, operate and redevelop properties located primarily in the Back Bay section of Boston, Massachusetts. We held an 85% limited partnership interest in Newbury Street Partnership and Taurus held a 15% limited partnership interest and served as general partner. As general partner, Taurus was responsible for the operation and management of the properties, subject to our approval on major decisions. We evaluated the entity and determined that it was not a VIE. Accordingly, given Taurus’ role as general partner, we accounted for our interest in Newbury Street Partnership using the equity method. Accounting policies for the Newbury Street Partnership were similar to accounting policies followed by the Trust. Intercompany profit generated from interest income on loans we provided to the partnership are eliminated in consolidation. Due to the timing of receiving financial information from the general partner, our share of earnings was recorded one quarter in arrears. Our share of earnings in the consolidated statements of comprehensive income in 2011 was income of less than $0.1 million.

On May 26, 2010, Newbury Street Partnership acquired the fee interest in two buildings located on Newbury Street in Boston, Massachusetts for a purchase price of $17.5 million. We contributed $7.8 million towards the acquisition and provided an $8.8 million interest-only loan secured by the buildings. On May 26, 2011, Newbury Street Partnership acquired the fee interest in a third building for a purchase price of $6.2 million. We contributed approximately $2.8 million towards the acquisition and provided a $3.1 million interest-only loan secured by the building. The $11.8 million loans bore interest at LIBOR plus 400 basis points and were to mature on May 25, 2012.

On October 31, 2011, our Newbury Street Partnership sold its entire portfolio of three buildings for $44.0 million. As part of the sale, we received $34.6 million of the net proceeds which included the repayment of our $11.8 million loans. Due to our earnings being recorded one quarter in arrears, we recognized the gain on sale of $11.9 million in the first quarter of 2012. At December 31, 2011, the deferred gain was included in "other liabilities and deferred credits" on the balance sheet.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References + Details

Acquired In-Place Leases

12 Months Ended

Dec. 31, 2012

ACQUIRED IN-PLACE LEASES [Abstract]

ACQUIRED IN-PLACE LEASES

Acquired above market leases are included in prepaid expenses and other assets and had a balance of $31.8 million at both December 31, 2012 and 2011, and accumulated amortization of $14.3 million and $11.9 million at December 31, 2012 and 2011, respectively. Acquired below market leases are included in other liabilities and deferred credits and had a balance of $110.1 million and $63.4 million and accumulated amortization of $29.8 million and $26.3 million at December 31, 2012 and 2011, respectively. The value allocated to in-place leases is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of operations. Rental income included amortization from acquired above market leases of $3.4 million, $2.4 million and $2.0 million in 2012, 2011 and 2010, respectively and amortization from acquired below market leases of $4.5 million, $3.8 million and $3.6 million in 2012, 2011 and 2010, respectively. The remaining weighted-average amortization period as of December 31, 2012, is 6.6 years and 22.7 years for above market leases and below market leases, respectively.

The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows:



	Above Market Leases		Below Market Leases
	(In thousands)
Year ending December 31,
2013	$	2,749	$	5,716
2014	2,632		5,103
2015	2,503		4,824
2016	2,199		4,487
2017	1,574		4,117
Thereafter	5,868		56,087
	$	17,525	$	80,334

Debt

12 Months Ended

Dec. 31, 2012

Debt Instruments [Abstract]

DEBT

The following is a summary of our total debt outstanding as of December 31, 2012 and 2011:



	Principal Balance as of December 31,					Stated Interest Rate as of
Description of Debt	2012			2011		December 31, 2012		Stated Maturity Date
Mortgages payable	(Dollars in thousands)
Courtyard Shops	$	—		$	7,045	6.87	%	July 1, 2012
Bethesda Row	—			19,993		5.37	%	January 1, 2013
Bethesda Row	—			4,016		5.05	%	February 1, 2013
White Marsh Plaza	8,970			9,284		6.04	%	April 1, 2013
Crow Canyon	19,485			19,951		5.40	%	August 11, 2013
Idylwood Plaza	15,987			16,276		7.50	%	June 5, 2014
Leesburg Plaza	27,818			28,320		7.50	%	June 5, 2014
Loehmann’s Plaza	35,972			36,621		7.50	%	June 5, 2014
Pentagon Row	51,640			52,572		7.50	%	June 5, 2014
Melville Mall	21,536			22,325		5.25	%	September 1, 2014
THE AVENUE at White Marsh	55,336			56,603		5.46	%	January 1, 2015
Barracks Road	38,070			38,995		7.95	%	November 1, 2015
Hauppauge	14,352			14,700		7.95	%	November 1, 2015
Lawrence Park	26,984			27,640		7.95	%	November 1, 2015
Wildwood	23,719			24,295		7.95	%	November 1, 2015
Wynnewood	27,500			28,168		7.95	%	November 1, 2015
Brick Plaza	28,033			28,757		7.42	%	November 1, 2015
East Bay Bridge	62,946			—		5.13	%	March 1, 2016
Plaza El Segundo	175,000			175,000		6.33	%	August 5, 2017
Rollingwood Apartments	22,890			23,236		5.54	%	May 1, 2019
29^th Place (Shoppers’ World)	5,286			5,444		5.91	%	January 31, 2021
Montrose Crossing	78,755			80,000		4.20	%	January 10, 2022
Mount Vernon	—			10,554		5.66	%	April 15, 2028
Chelsea	7,454			7,628		5.36	%	January 15, 2031
Subtotal	747,733			737,423
Net unamortized premium	13,056			10,100
Total mortgages payable	760,789			747,523
Notes payable
Revolving credit facility	—			—		LIBOR + 1.15%		July 6, 2015
Escondido (municipal bonds)	9,400			9,400		0.21	%	October 1, 2016
Term loan	275,000			275,000		LIBOR + 1.45%		November 21, 2018
Various	15,175			10,759		5.27	%	Various through 2027
Total notes payable	299,575			295,159
Senior notes and debentures
6.00% notes	—			175,000		6.00	%	July 16, 2012
5.40% notes	135,000			135,000		5.40	%	December 1, 2013
5.95% notes	150,000			150,000		5.95	%	August 15, 2014
5.65% notes	125,000			125,000		5.65	%	June 1, 2016
6.20% notes	200,000			200,000		6.20	%	January 15, 2017
5.90% notes	150,000			150,000		5.90	%	April 1, 2020
3.00% notes	250,000			—		3.00	%	August 1, 2022
7.48% debentures	29,200			29,200		7.48	%	August 15, 2026
6.82% medium term notes	40,000			40,000		6.82	%	August 1, 2027
Subtotal	1,079,200			1,004,200
Net unamortized (discount) premium	(2,655		)	435
Total senior notes and debentures	1,076,545			1,004,635
Capital lease obligations
Various	71,693			63,093		Various		Various through 2106
Total debt and capital lease obligations	$	2,208,602		$	2,110,410

During 2012, we repaid the following loans at par:



	Payoff Amount		Repayment Date	Maturity Date
	(In millions)
Courtyard Shops Mortgage Loan	$	6.9	June 1, 2012	July 1, 2012
6.00% Senior Notes	175.0		July 16, 2012	July 16, 2012
Mount Vernon Mortgage Loan	10.2		October 22, 2012	April 15, 2028
Bethesda Row Mortgage Loan	20.0		November 2, 2012	January 1, 2013
Bethesda Row Mortgage Loan	3.9		December 3, 2012	February 1, 2013
	$	216.0

On July 19, 2012, we issued $250.0 million of fixed rate senior notes that mature on August 1, 2022 and bear interest at 3.00%. The net proceeds from this note offering after issuance discounts, underwriting fees, and other costs were approximately $244.8 million.

In connection with the acquisition of East Bay Bridge on December 21, 2012, we assumed a mortgage loan with a face amount of $62.9 million and a fair value of approximately $67.6 million. The mortgage loan bears interest at 5.13% and matures on March 1, 2016.

During 2012, 2011 and 2010, the maximum amount of borrowings outstanding under our revolving credit facility was $186.0 million, $265.0 million and $82.0 million, respectively. The weighted average amount of borrowings outstanding was $1.5 million, $163.5 million and $23.4 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 1.4%, 1.0% and 0.7%, respectively. The revolving credit facility requires an annual facility fee of $0.8 million. At December 31, 2012 and 2011, our revolving credit facility had no amounts outstanding.

Our revolving credit facility and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of December 31, 2012, we were in compliance with all loan covenants.

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2012 are as follows:



	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2013	$	40,296	$	256		$	135,000	$	175,552
2014	158,855		10,249			150,000		319,104
2015	206,007		275		(1)	—		206,282
2016	62,412		9,702			125,000		197,114
2017	177,654		335			200,000		377,989
Thereafter	102,509		278,758			469,200		850,467
	$	747,733	$	299,575		$	1,079,200	$	2,126,508	(2)

_____________________


(1)	Our $400.0 million revolving credit facility matures on July 6, 2015, subject to a one-year extension at our option. As of December 31, 2012, there was nothing drawn under this credit facility.


(2)	The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized discount or premium on certain senior notes, debentures and mortgages payable.

Future minimum lease payments and their present value for property under capital leases as of December 31, 2012, are as follows:




	(In thousands)
Year ending December 31,
2013	$	5,787
2014	5,788
2015	5,787
2016	5,788
2017	5,797
Thereafter	171,810
	200,757
Less amount representing interest	(129,064		)
Present value	$	71,693

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:



1.	Level 1 Inputs—quoted prices in active markets for identical assets or liabilities



2.	Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities



3.	Level 3 Inputs—prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

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:



	December 31, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	1,060,364	$	1,110,757	$	1,042,682	$	1,099,273
Senior notes and debentures	$	1,076,545	$	1,190,833	$	1,004,635	$	1,085,309

As of December 31, 2012, we have two interest rate swap agreements with a notional amount of $275.0 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the variable portion of our $275.0 million term loan at 1.72% from December 1, 2011 through November 1, 2018, and effectively fix the rate of the term loan at 3.17%. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income/loss and is subsequently reclassified into interest expense as interest is incurred on the related variable debt. Within the next 12 months, we expect to reclassify an estimated $4.2 million as an increase to interest expense. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit-worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings as of December 31, 2012, and we do not anticipate it will have a significant effect in the future.

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 December 31, 2012 and 2011, was a liability of $12.4 million, and $3.9 million, respectively, and are included in "accounts payable and accrued expenses" on our consolidated balance sheet. The changes in valuation on our interest rate swaps were $8.4 million and $3.9 million (including $4.1 million and $0.3 million, respectively, reclassified from other comprehensive loss to earnings) for 2012 and 2011, and are included in "accumulated other comprehensive loss". 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:



	December 31, 2012								December 31, 2011
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	12,388	$	—	$	12,388	$	—	$	3,940	$	—	$	3,940

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

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. Other than as described below, 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.

In May 2003, a breach of contract action was filed against us in the United States District Court for the Northern District of California, San Jose Division, alleging that a one page document entitled “Final Proposal” constituted a ground lease of a parcel of property located adjacent to our Santana Row property and gave the plaintiff the option to require that we acquire the property at a price determined in accordance with a formula included in the “Final Proposal.” The “Final Proposal” explicitly stated that it was subject to approval of the terms and conditions of a formal agreement. A trial as to liability only was held in June 2006 and a jury rendered a verdict against us.

A trial on the issue of damages was held in April 2008, the court issued a final judgment awarding damages of $15.9 million plus costs of suit in June 2009, and in July 2009, we and the plaintiff both filed a notice of appeal with the United States Court of Appeals for the Ninth Circuit. In December 2009, the plaintiff filed an “appellee’s principal and response brief” providing additional information regarding the issues the plaintiff is appealing; our accrual of $16.4 million at December 31, 2009 reflected our best estimate of the litigation liability. A final ruling on the appeal was issued in February 2011 rejecting both appeals and consequently, affirmed the final judgment against us. Therefore, in December 2010, we adjusted our accrual to $16.2 million which reflects the amount we paid in first quarter 2011. The net change in our accrual in 2010 as well as additional legal and other costs related to the lawsuit and appeal process are included in “litigation provision” in our consolidated statements of comprehensive income.

We reserve for estimated losses, if any, associated with warranties given to a buyer at the time real estate is sold or other potential liabilities relating to that sale, taking any insurance policies into account. These warranties may extend up to ten years and require significant judgment. If changes in facts and circumstances indicate that warranty reserves are understated, we will accrue additional reserves at such time a liability has been incurred and the costs can be reasonably estimated. Warranty reserves are released once the legal liability period has expired or all related work has been substantially completed. Any increases to our estimated warranty losses would usually result in a decrease in net income.

In 2005 and 2006, warranty reserves for condominium units sold at Santana Row were established to cover potential costs for materials, labor and other items associated with warranty-type claims that may arise within the ten-year statutorily mandated latent construction defect warranty period. In 2006 and 2007, we increased our warranty reserves related to defective work done by third party contractors while upgrades were made to certain units being prepared for sale. Due to the inherent uncertainty, these amounts did not reflect any recoveries from the contractors responsible for the defective work. However, in 2010, we reached a settlement with the contractors responsible for performing the defective work for approximately $1.0 million which is included in “Discontinued operations—gain on sale of real estate”.

We are self-insured for general liability costs up to predetermined retained amounts per claim, and we believe that we maintain adequate accruals to cover our retained liability. We currently do not maintain third party stop-loss insurance policies to cover liability costs in excess of predetermined retained amounts. Our accrual for self-insurance liability is determined by management and is based on claims filed and an estimate of claims incurred but not yet reported. Management considers a number of factors, including third-party actuarial analysis and future increases in costs of claims, when making these determinations. If our liability costs exceed these accruals, it will reduce our net income.

At December 31, 2012 and 2011, our reserves for warranties and general liability costs were $7.1 million for both periods and are included in “accounts payable and accrued expenses” in our consolidated balance sheets. Any potential losses which exceed our estimates would result in a decrease in our net income. During 2012 and 2011, we made payments from these reserves of $1.3 million and $0.9 million, respectively. Although we consider the reserve to be adequate, there can be no assurance that the reserve will prove to be adequate over-time to cover losses due to the difference between the assumptions used to estimate the reserve and actual losses.

At December 31, 2012, we had letters of credit outstanding of approximately $15.9 million which are collateral for existing indebtedness and other obligations of the Trust.

As of December 31, 2012 in connection with capital improvement, development, and redevelopment projects, the Trust has contractual obligations of approximately $233.0 million.

We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2012:




	(In thousands)
Year ending December 31,
2013	$	1,488
2014	1,478
2015	1,428
2016	1,372
2017	1,088
Thereafter	50,207
	$	57,061

A master lease for Mercer Mall includes a fixed purchase price option for $55 million in 2023. If we fail to exercise our purchase option, the owner of Mercer Mall has a put option which would require us to purchase Mercer Mall for $60 million in 2025.

Under the terms of the Congressional Plaza partnership agreement, from and after January 1, 1986, an unaffiliated third party has the right to require us and the other minority partner to purchase its 29.47% interest in Congressional Plaza at the interest’s then-current fair market value. If the other minority partner defaults in their obligation, we must purchase the full interest. Based on management’s current estimate of fair market value as of December 31, 2012, our estimated maximum liability upon exercise of the put option would range from approximately $65 million to $71 million.

Under the terms of a partnership which owns a project in southern California, if certain leasing and revenue levels are obtained for the property owned by the partnership, the other partner may require us to purchase their 10% partnership interest at a formula price based upon property operating income. The purchase price for the partnership interest will be paid using our common shares or, subject to certain conditions, cash. If the other partner does not redeem their interest, we may choose to purchase the partnership interest upon the same terms.

A master lease for Melville Mall includes a fixed purchase price option in 2021 for $5 million and the assumption of the owner’s debt which is $21.5 million at December 31, 2012. If we fail to exercise our purchase option, the owner of Melville Mall has a put option which would require us to purchase Melville Mall in 2023 for $5 million and the assumption of the owner’s mortgage debt.

Effective December 27, 2013, the other member in Montrose Crossing has the right to require us to purchase all of its 10.1% interest in Montrose Crossing at the interest's then-current fair market value. If the other member fails to exercise its put option, we have the right to purchase its interest on or after December 27, 2021 at fair market value.

Effective December 30, 2013, two of the members have the right to require us to purchase their 10.0% and 11.8% ownership interests in Plaza El Segundo at the interests' then-current fair market value. If the members fail to exercise their put options, we have the right to purchase each of their interests on or after December 30, 2026 at fair market value. Also, between January 1, 2017 and February 1, 2017, we have an option to purchase the preferred interest of another member in Plaza El Segundo. The purchase price will be the lesser of fair value or the $4.9 million stated value of the preferred interest plus any accrued and unpaid preferred returns.

Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option. A total of 320,646 operating partnership units are outstanding which have a total fair value of $33.4 million, based on our closing stock price on December 31, 2012.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2012
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares. In 2012, 2011 and 2010, 22,814 shares, 28,823 shares and 34,401 shares, respectively, were issued under the Plan. As of December 31, 2012, 2011, and 2010, we had 399,896 shares of 5.417% Series 1 Cumulative Convertible Preferred Shares (“Series 1 Preferred Shares”) outstanding that have a liquidation preference of $25 per share and par value $0.01 per share. The Series 1 Preferred Shares accrue dividends at a rate of 5.417% per year and are convertible at any time by the holders to our common shares at a conversion rate of $104.69 per share. The Series 1 Preferred Shares are also convertible under certain circumstances at our election. The holders of the Series 1 Preferred Shares have no voting rights. On May 8, 2012, we replaced our existing at the market (“ATM”) equity program with a new program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $300.0 million. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay amounts outstanding under our revolving credit facility and/or for general corporate purposes. For the year ended December 31, 2012, we issued 1,040,946 common shares at a weighted average price per share of $103.69 for net cash proceeds of $106.4 million and paid $1.4 million in commissions related to the sales of these common shares. For the year ended December 31, 2011, we issued 1,662,038 common shares at a weighted average price per share of $85.26 for net cash proceeds of $139.3 million and paid $2.1 million in commissions related to the sales of these common shares. As of December 31, 2012, we had the capacity to issue up to $213.4 million in common shares under our ATM equity program.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 7, 11A
-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Dividends

12 Months Ended

Dec. 31, 2012

Dividends [Abstract]

DIVIDENDS

The following table provides a summary of dividends declared and paid per share:



	Year Ended December 31,
	2012				2011				2010
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	2.840	$	2.800	$	2.720	$	2.700	$	2.660	$	2.650
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354

A summary of the income tax status of dividends per share paid is as follows:



	Year Ended December 31,
	2012		2011		2010
Common shares
Ordinary dividend	$	2.772	$	2.349	$	2.519
Ordinary dividend eligible for 15% rate	—		0.027		0.025
Return of capital	—		0.162		0.106
Capital gain	0.028		0.162		—
	$	2.800	$	2.700	$	2.650
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	1.340		1.246		1.341
Ordinary dividend eligible for 15% rate	—		0.013		0.013
Capital gain	0.014		0.095		—
	$	1.354	$	1.354	$	1.354

On November 1, 2012, the Trustees declared a quarterly cash dividend of $0.73 per common share, payable January 15, 2013 to common shareholders of record on January 2, 2013.

Operating Leases

12 Months Ended

Dec. 31, 2012

Operating Leases [Abstract]

OPERATING LEASES

At December 31, 2012, our 88 predominantly retail shopping center and mixed-use properties are located in 13 states and the District of Columbia. There are approximately 2,500 leases with tenants providing a wide range of retail products and services. These tenants range from sole proprietorships to national retailers; no one tenant or corporate group of tenants accounts for more than 3.2% of annualized base rent.

Our leases with commercial property and residential tenants are classified as operating leases. Commercial property leases generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, may provide for percentage rents based on the tenant’s level of sales achieved and cost recoveries for the tenant’s share of certain operating costs. Leases on apartments are generally for a period of 1 year or less.

As of December 31, 2012, minimum future commercial property rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our operating properties are as follows:




	(In thousands)
Year ending December 31,
2013	$	434,042
2014	399,040
2015	355,013
2016	311,820
2017	254,413
Thereafter	1,384,196
	$	3,138,524

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

+ References + Details

Components Of Rental Income

12 Months Ended

Dec. 31, 2012

Components Of Rental Income and Expense [Abstract]

COMPONENTS OF RENTAL INCOME AND EXPENSE

The principal components of rental income are as follows:



	Year Ended December 31,
	2012		2011		2010
	(In thousands)
Minimum rents
Retail and commercial	$	422,894	$	392,657	$	378,836
Residential (1)	27,611		23,101		21,583
Cost reimbursement	112,740		106,347		107,008
Percentage rent	8,568		7,576		6,358
Other	10,522		9,020		8,866
Total rental income	$	582,335	$	538,701	$	522,651

_____________________


(1)	Residential minimum rents consist of the rental amounts for residential units at Rollingwood Apartments, The Crest at Congressional Plaza Apartments, Santana Row and Bethesda Row.

Minimum rents include the following:



	Year Ended December 31,
	2012		2011		2010
	(In millions)
Straight-line rents	$	6.1	$	5.7	$	4.6
Net amortization of above and below market leases	$	1.1	$	1.4	$	1.6

The principal components of rental expenses are as follows:



	Year Ended December 31,
	2012		2011		2010
	(In thousands)
Repairs and maintenance	$	41,616	$	41,977	$	42,278
Utilities	19,213		18,823		18,545
Management fees and costs	15,167		14,989		14,641
Payroll	8,704		8,080		7,909
Bad debt expense	2,151		2,649		6,396
Ground rent	2,189		2,047		3,049
Insurance	6,298		5,282		5,054
Marketing	7,321		6,868		4,789
Other operating	10,101		8,834		7,858
Total rental expenses	$	112,760	$	109,549	$	110,519

Discontinued Operations

12 Months Ended

Dec. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

Results of properties disposed or held for disposal which meet certain requirements, constitute discontinued operations and as such, the operations of these properties are classified as discontinued operations for all periods presented. A summary of the financial information for the discontinued operations is as follows:



	Year Ended December 31,
	2012		2011		2010
	(in millions)
Revenue from discontinued operations	$	—	$	2.3	$	3.5
Income from discontinued operations	$	—	$	1.0	$	1.0

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

SHARE-BASED COMPENSATION PLANS

A summary of share-based compensation expense included in net income is as follows:



	Year Ended December 31,
	2012			2011			2010
	(In thousands)
Share-based compensation incurred
Grants of common shares	$	9,846		$	7,308		$	5,232
Grants of options	525			939			1,255
	10,371			8,247			6,487
Capitalized share-based compensation	(908		)	(663		)	(745		)
Share-based compensation expense	$	9,463		$	7,584		$	5,742

As of December 31, 2012, we have grants outstanding under two share-based compensation plans. In May 2010, our shareholders approved the 2010 Performance Incentive Plan, as amended (“the 2010 Plan”), which authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest. Our 2001 Long Term Incentive Plan (the “2001 Plan”), which expired in May 2010, authorized the grant of share options, common shares and other share-based awards of 3,250,000 common shares of beneficial interest.

Option awards under both plans are required to have an exercise price at least equal to the closing trading price of our common shares on the date of grant. Options and restricted share awards under these plans generally vest over three to six years and option awards typically have a ten-year contractual term. We pay dividends on unvested shares. Certain options and share awards provide for accelerated vesting if there is a change in control. Additionally, the vesting on certain option and share awards can accelerate in part or in full upon retirement based on the age of the retiree or upon termination without cause.

The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Expected volatilities, term, dividend yields, employee exercises and estimated forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of each share award is determined based on the closing trading price of our common shares on the grant date. No options were granted in 2012 and 2011.

The following table provides a summary of the weighted-average assumption used to value options in 2010:



	Year Ended December 31,
	2010
Volatility	30.0	%
Expected dividend yield	4.0	%
Expected term (in years)	4.3
Risk free interest rate	1.9	%

The following table provides a summary of option activity for 2012:



	Shares Under Option		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at December 31, 2011	517,653		$	61.08
Granted	—		—
Exercised	(97,430	)	58.46
Forfeited or expired	(29,334	)	44.61
Outstanding at December 31, 2012	390,889		$	62.96	5.2	$	16,048
Exercisable at December 31, 2012	293,946		$	65.66	5.0	$	11,276

The weighted-average grant-date fair value of options granted during 2010 was $11.77 per share. The total cash received from options exercised during 2012, 2011 and 2010 was $5.7 million, $15.2 million and $4.2 million, respectively. The total intrinsic value of options exercised during the year ended December 31, 2012, 2011 and 2010 was $4.2 million, $5.6 million and $4.2 million, respectively.

The following table provides a summary of restricted share activity for 2012:



	Shares		Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2011	282,837		$	74.00
Granted	126,169		96.35
Vested	(106,804	)	72.78
Forfeited	(14,522	)	53.76
Unvested at December 31, 2012	287,680		$	85.28

The weighted-average grant-date fair value of stock awarded in 2012, 2011 and 2010 was $96.35, $81.94 and $73.51, respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2012, 2011 and 2010, was $10.3 million, $6.3 million and $4.3 million, respectively.

As of December 31, 2012, there was $15.3 million of total unrecognized compensation cost related to unvested share-based compensation arrangements (i.e. options and unvested shares) granted under our plans. This cost is expected to be recognized over the next 4.6 years with a weighted-average period of 2.3 years.

Subsequent to December 31, 2012, common shares were awarded under various compensation plans as follows:



Date	Award		Vesting Term	Beneficiary
February 7, 2013	98,913	Restricted shares	3 years	Officers and key employees
January 2, 2013	5,767	Shares	Immediate	Trustees

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Savings and Retirement Plans	12 Months Ended
Savings and Retirement Plans	Dec. 31, 2012
Savings and Retirement Plans [Abstract]
SAVINGS AND RETIREMENT PLANS	SAVINGS AND RETIREMENT PLANS We have a savings and retirement plan in accordance with the provisions of Section 401(k) of the Code. Generally, employees can elect, at their discretion, to contribute a portion of their compensation up to a maximum of $17,000 for 2012 and $16,500 for 2011 and 2010. Under the plan, we contribute 50% of each employee’s elective deferrals up to 5% of eligible earnings. In addition, we may make discretionary contributions within the limits of deductibility set forth by the Code. Our full-time employees are immediately eligible to become plan participants. Employees are eligible to receive matching contributions immediately on their participation; however, these matching payments will not vest until their third anniversary of employment for new employees who joined the Trust after December 31, 2011, and their first anniversary of employment for all other participants. Our expense for the years ended December 31, 2012, 2011 and 2010 was approximately $427,000, $365,000 and $596,000, respectively. A non-qualified deferred compensation plan for our officers and certain other employees was established in 1994 that allows the participants to defer a portion of their income. As of December 31, 2012 and 2011, we are liable to participants for approximately $7.2 million and $5.9 million, respectively, under this plan. Although this is an unfunded plan, we have purchased certain investments to match this obligation. Our obligation under this plan and the related investments are both included in the accompanying consolidated financial statements.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
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-Publisher AICPA
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-Number 30
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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

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 2012, 2011 and 2010, we had 0.3 million, 0.3 million and 0.2 million weighted average unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below.

In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options in 2012. Approximately 0.1 million and 0.2 million stock options have been excluded in 2011 and 2010, respectively, as they were anti-dilutive. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.



	Year Ended December 31,
	2012			2011			2010
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	144,372		$	131,554		$	125,851
Less: Preferred share dividends	(541		)	(541		)	(541		)
Less: Income from continuing operations attributable to noncontrolling interests	(4,307		)	(5,475		)	(5,247		)
Less: Earnings allocated to unvested shares	(845		)	(705		)	(572		)
Income from continuing operations available for common shareholders	138,679			124,833			119,491
Results from discontinued operations attributable to the Trust	—			17,838			1,776
Gain on sale of real estate	11,860			—			410
Net income available for common shareholders, basic and diluted	$	150,539		$	142,671		$	121,677
DENOMINATOR
Weighted average common shares outstanding—basic	63,881			62,438			61,182
Effect of dilutive securities:
Stock options	175			165			142
Weighted average common shares outstanding—diluted	64,056			62,603			61,324
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	2.17		$	2.00		$	1.95
Discontinued operations	—			0.29			0.03
Gain on sale of real estate	0.19			—			0.01
	$	2.36		$	2.29		$	1.99
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	2.16		$	1.99		$	1.94
Discontinued operations	—			0.29			0.03
Gain on sale of real estate	0.19			—			0.01
	$	2.35		$	2.28		$	1.98
Income from continuing operations attributable to the Trust	$	140,065		$	126,079		$	120,604

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2012

Selected Quarterly Financial data (Unaudited) [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized quarterly financial data is as follows:



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2012
Revenue	$	146,289	$	147,560	$	157,805	$	156,364
Operating Income	$	60,547	$	61,779	$	67,123	$	65,813
Net income	$	44,122	$	33,596	$	39,656	$	38,858
Net income attributable to the Trust	$	42,986	$	32,603	$	38,644	$	37,692
Net income available for common shareholders	$	42,851	$	32,468	$	38,508	$	37,557
Earnings per common share—basic	$	0.67	$	0.51	$	0.60	$	0.58
Earnings per common share—diluted	$	0.67	$	0.51	$	0.60	$	0.58
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2011
Revenue(1)	$	137,650	$	136,279	$	137,664	$	141,466
Operating Income(2)	$	56,373	$	57,334	$	56,757	$	57,233
Net income(2)	$	32,384	$	36,471	$	48,302	$	32,455
Net income attributable to the Trust(2)	$	31,186	$	34,757	$	47,053	$	30,921
Net income available for common shareholders(2)	$	31,051	$	34,622	$	46,917	$	30,786
Earnings per common share—basic(2)	$	0.50	$	0.55	$	0.74	$	0.48
Earnings per common share—diluted(2)	$	0.50	$	0.55	$	0.74	$	0.48


(1)	Revenue has been reduced to reflect the results of discontinued operations. Revenue from discontinued operations, by quarter, is summarized as follows:



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands)
2011 revenue from discontinued operations	$	978	$	1,048	$	163	$	93


(2)	Third quarter 2011 amounts include a $14.8 million gain on sale of our Feasterville Shopping Center as further discussed in Note 3.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2012
Subsequent Event [Line Items]
Subsequent Events [Text Block]	On January 2, 2013, we repaid the mortgage loan at par on White Marsh Plaza prior to its original maturity date for $9.0 million. The loan had an original maturity date of April 1, 2013.

Schedule III - Summary of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Summary of Real Estate and Accumulated Depreciation

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
150 POST STREET (California)	CA	$	—	$	11,685	$	9,181	$	16,863	$	11,685	$	26,044	$	37,729	$	14,825	1908, 1965	10/23/1997	35 years
29TH PLACE (SHOPPERS' WORLD) (Virginia)	VA	5,253		10,211		18,863		7,695		10,225		26,544		36,769		4,287		1975 - 2001	5/30/2007	35 years
ANDORRA (Pennsylvania)	PA	—		2,432		12,346		10,346		2,432		22,692		25,124		15,264		1953	1/12/1988	35 years
ASSEMBLY SQUARE MARKETPLACE/ASSEMBLY ROW (Massachusetts)	MA	—		75,139		34,196		143,053		75,139		177,249		252,388		15,525		2005-2012	2005-2011	35 years
THE AVENUE AT WHITE MARSH (Maryland)	MD	55,353		20,682		72,432		3,522		20,685		75,951		96,636		16,277		1997	3/8/2007	35 years
BALA CYNWYD (Pennsylvania)	PA	—		3,565		14,466		21,347		3,566		35,812		39,378		13,795		1955	9/22/1993	35 years
BARRACKS ROAD (Virginia)	VA	38,070		4,363		16,459		34,946		4,363		51,405		55,768		33,651		1958	12/31/1985	35 years
BETHESDA ROW (Maryland)	MD	—		46,579		35,406		135,297		44,880		172,402		217,282		43,065		1945-2008	12/31/93, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	35 - 50 years
BRICK PLAZA (New Jersey)	NJ	28,033		—		24,715		35,896		3,935		56,676		60,611		39,808		1958	12/28/1989	35 years
BRISTOL (Connecticut)	CT	—		3,856		15,959		8,474		3,856		24,433		28,289		12,486		1959	9/22/1995	35 years
CHELSEA COMMONS (Massachusetts)	MA	7,135		9,417		19,466		5,891		9,396		25,378		34,774		3,656		1962/1969/2008	08/25/06, 1/30/07, & 7/16/08	35 years
COLORADO BLVD (California)	CA	—		5,262		4,071		9,056		5,262		13,127		18,389		7,825		1905-1988	12/31/96 & 8/14/98	35 years
CONGRESSIONAL PLAZA (Maryland)	MD	—		2,793		7,424		63,129		1,020		72,326		73,346		43,424		1965/2003	4/1/1965	35 years
COURTHOUSE CENTER (Maryland)	MD	—		1,750		1,869		1,086		1,750		2,955		4,705		1,354		1975	12/17/1997	35 years
COURTYARD SHOPS (Florida)	FL	—		16,862		21,851		1,488		16,894		23,307		40,201		3,710		1990/1998	9/4/2008	35 years
CROSSROADS (Illinois)	IL	—		4,635		11,611		14,559		4,635		26,170		30,805		11,915		1959	7/19/1993	35 years
CROW CANYON COMMONS (California)	CA	19,485		27,245		54,575		3,118		27,245		57,693		84,938		12,215		Late 1970's/2006	12/29/05 & 02/28/07	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
DEDHAM PLAZA (Massachusetts)	MA	—	12,287	12,918	8,897	12,287	21,815	34,102	11,203	1959	12/31/1993	35 years
DEL MAR VILLAGE (Florida)	FL	—	14,218	39,559	1,876	14,180	41,473	55,653	6,547	1982/1994/2007	5/30/08 & 7/11/08	35 years
EAST BAY BRIDGE (California)	CA	67,574	29,091	138,088	—	29,091	138,088	167,179	150	1994-2001, 2011-2012	12/21/2012	35 years
EASTGATE (North Carolina)	NC	—	1,608	5,775	19,354	1,608	25,129	26,737	15,655	1963	12/18/1986	35 years
ELLISBURG CIRCLE (New Jersey)	NJ	—	4,028	11,309	14,960	4,013	26,284	30,297	15,682	1959	10/16/1992	35 years
ESCONDIDO PROMENADE (California)	CA	—	19,117	15,829	10,530	19,117	26,359	45,476	9,252	1987	12/31/96 & 11/10/10	35 years
FALLS PLAZA (Virginia)	VA	—	1,798	1,270	9,582	1,819	10,831	12,650	7,029	1960/1962	09/30/67 & 10/05/72	25 years
FEDERAL PLAZA (Maryland)	MD	—	10,216	17,895	36,689	10,216	54,584	64,800	33,660	1970	6/29/1989	35 years
FIFTH AVENUE (California)	CA	—	2,149	584	3,323	2,149	3,907	6,056	2,092	1888-1998	1996	35 years
FINLEY SQUARE (Illinois)	IL	—	9,252	9,544	13,592	9,252	23,136	32,388	14,960	1974	4/27/1995	35 years
FLOURTOWN (Pennsylvania)	PA	—	1,345	3,943	10,772	1,470	14,590	16,060	7,625	1957	4/25/1980	35 years
FOREST HILLS (New York)	NY	—	2,885	2,885	2,822	3,031	5,561	8,592	2,503	1937 - 1987	12/16/1997	35 years
FRESH MEADOWS (New York)	NY	—	24,625	25,255	27,635	24,627	52,888	77,515	25,421	1946-1949	12/5/1997	35 years
FRIENDSHIP CTR (District of Columbia)	DC	—	12,696	20,803	1,959	12,696	22,762	35,458	7,111	1998	9/21/2001	35 years
GAITHERSBURG SQUARE (Maryland)	MD	—	7,701	5,271	12,559	5,973	19,558	25,531	14,252	1966	4/22/1993	35 years
GARDEN MARKET (Illinois)	IL	—	2,677	4,829	5,032	2,677	9,861	12,538	5,508	1958	7/28/1994	35 years
GOVERNOR PLAZA (Maryland)	MD	—	2,068	4,905	19,635	2,068	24,540	26,608	14,834	1963	10/1/1985	35 years
GRATIOT PLAZA (Michigan)	MI	—	525	1,601	16,896	525	18,497	19,022	13,685	1964	3/29/1973	25.75 years
GREENWICH AVENUE (Connecticut)	CT	—	7,484	5,445	1,040	7,484	6,485	13,969	3,201	1968	4/12/1995	35 years
HAUPPAUGE (New York)	NY	14,352	8,791	15,262	3,996	8,791	19,258	28,049	8,360	1963	8/6/1998	35 years
HERMOSA AVE. (California)	CA	—	1,116	280	4,190	1,368	4,218	5,586	2,028	1922	9/17/1997	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
HOLLYWOOD BLVD. (California)	CA	—	8,300	16,920	14,878	8,300	31,798	40,098	8,180	1929/1991	3/22/99 & 6/18/99	35 years
HOUSTON STREET (Texas)	TX	—	14,680	1,976	49,140	14,778	51,018	65,796	24,986	var	1998	35 years
HUNTINGTON (New York)	NY	—	11,713	16,008	15,680	11,713	31,688	43,401	9,745	1962	12/12/88 & 10/26/07	35 years
HUNTINGTON SQUARE (New York)	NY	—	—	10,075	619	—	10,694	10,694	874	1980/2004-2007	8/16/2010	35 years
IDYLWOOD PLAZA (Virginia)	VA	15,987	4,308	10,026	2,155	4,308	12,181	16,489	6,545	1991	4/15/1994	35 years
KINGS COURT (California)	CA	—	—	10,714	957	—	11,671	11,671	6,630	1960	8/24/1998	26 years
LANCASTER (Pennsylvania)	PA	4,907	—	2,103	11,224	75	13,252	13,327	6,638	1958	4/24/1980	22 years
LANGHORNE SQUARE (Pennsylvania)	PA	—	720	2,974	16,736	720	19,710	20,430	11,809	1966	1/31/1985	35 years
LAUREL (Maryland)	MD	—	7,458	22,525	21,158	7,464	43,677	51,141	30,624	1956	8/15/1986	35 years
LAWRENCE PARK (Pennsylvania)	PA	26,984	5,723	7,160	18,295	5,734	25,444	31,178	21,981	1972	7/23/1980	22 years
LEESBURG PLAZA (Virginia)	VA	27,818	8,184	10,722	16,321	8,184	27,043	35,227	10,118	1967	9/15/1998	35 years
LINDEN SQUARE (Massachusetts)	MA	—	79,382	19,247	47,817	79,269	67,177	146,446	10,504	1960-2008	8/24/2006	35 years
LOEHMANN'S PLAZA (Virginia)	VA	35,972	1,237	15,096	16,543	1,248	31,628	32,876	22,431	1971	7/21/1983	35 years
MELVILLE MALL (New York)	NY	21,406	35,622	32,882	532	35,622	33,414	69,036	5,961	1974	10/16/2006	35 years
MERCER MALL (New Jersey)	NJ	55,844	28,684	48,028	33,878	28,684	81,906	110,590	24,957	1975	10/14/2003	25 - 35 years
MID PIKE PLAZA/PIKE & ROSE (Maryland)	MD	—	31,388	10,335	46,393	31,451	56,665	88,116	5,146	1963	05/18/82 & 10/26/07	50 years
MONTROSE CROSSING (Maryland)	MD	78,755	38,490	101,953	1,108	38,490	103,061	141,551	4,168	1960-1979, 1996 & 2011	12/27/2011	35 years
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)	VA	—	10,068	33,501	35,361	10,204	68,726	78,930	20,794	1966/1972/1987/2001	03/31/03, 3/21/03, & 1/27/06	35 years
TOWN CENTER OF NEW BRITAIN (Pennsylvania)	PA	—	1,282	12,285	1,031	1,262	13,336	14,598	2,874	1969	6/29/2006	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D		COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition		Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
NORTH DARTMOUTH (Massachusetts)	MA	—	27,214	—	(17,846	)	9,366	2	9,368	1	2004	8/24/2006
NORTHEAST (Pennsylvania)	PA	—	1,152	10,596	12,500		1,153	23,095	24,248	16,503	1959	8/30/1983	35 years
NORTH LAKE COMMONS (Illinois)	IL	—	2,782	8,604	4,467		2,628	13,225	15,853	5,981	1989	4/27/1994	35 years
OLD KEENE MILL (Virginia)	VA	—	638	998	4,835		638	5,833	6,471	4,766	1968	6/15/1976	33.33 years
OLD TOWN CENTER (California)	CA	—	3,420	2,765	30,208		3,420	32,973	36,393	16,930	1962, 1997-1998	10/22/1997	35 years
PAN AM SHOPPING CENTER (Virginia)	VA	—	8,694	12,929	7,016		8,695	19,944	28,639	11,987	1979	2/5/1993	35 years
PENTAGON ROW (Virginia)	VA	51,640	—	2,955	86,744		—	89,699	89,699	33,883	1999 - 2002	1998 & 11/22/10	35 years
PERRING PLAZA (Maryland)	MD	—	2,800	6,461	19,309		2,800	25,770	28,570	18,998	1963	10/1/1985	35 years
PIKE 7 (Virginia)	VA	—	9,709	22,799	3,266		9,653	26,121	35,774	12,329	1968	3/31/1997	35 years
PLAZA EL SEGUNDO (California)	CA	183,893	56,606	153,556	3,457		56,606	157,013	213,619	6,063	2006 & 2007	12/30/2011	35 years
QUEEN ANNE PLAZA (Massachusetts)	MA	—	3,319	8,457	5,063		3,319	13,520	16,839	7,603	1967	12/23/1994	35 years
QUINCE ORCHARD PLAZA (Maryland)	MD	—	3,197	7,949	15,541		2,928	23,759	26,687	12,714	1975	4/22/1993	35 years
ROCKVILLE TOWN SQUARE (Maryland)	MD	4,538	—	8,092	42,232		—	50,324	50,324	7,999	2005 - 2007	2006 - 2007	50 years
ROLLINGWOOD APTS. (Maryland)	MD	22,890	552	2,246	6,362		572	8,588	9,160	7,251	1960	1/15/1971	25 years
SAM'S PARK & SHOP (District of Columbia)	DC	—	4,840	6,319	1,701		4,840	8,020	12,860	4,032	1930	12/1/1995	35 years
SANTANA ROW (California)	CA	—	44,562	7,502	567,816		52,318	567,562	619,880	109,434	1999 - 2009, 2011	3/5/1997 & 2012	40 - 50 years
SAUGUS (Massachusetts)	MA	—	4,383	8,291	1,970		4,383	10,261	14,644	4,638	1976	10/1/1996	35 years
SHIRLINGTON (Virginia)	VA	6,404	9,761	14,808	34,475		5,798	53,246	59,044	16,919	1940, 2006-2009	12/21/1995	35 years
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)	MD	—	4,441	12,849	37		4,441	12,886	17,327	2,617	2005 - 2006	3/8/2007	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition			Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
THIRD STREET PROMENADE (California)	CA	—		22,645		12,709		42,891			25,125		53,120		78,245		25,333		1888-2000	1996-2000	35 years
TOWER (Virginia)	VA	—		7,170		10,518		3,458			7,280		13,866		21,146		6,289		1953-1960	8/24/1998	35 years
TOWER SHOPS (Florida)	FL	—		28,823		36,313		10,797			28,845		47,088		75,933		3,873		1989	1/19/2011	35 years
TROY (New Jersey)	NJ	—		3,126		5,193		20,478			4,028		24,769		28,797		17,278		1966	7/23/1980	22 years
TYSON'S STATION (Virginia)	VA	—		388		453		3,240			475		3,606		4,081		3,040		1954	1/17/1978	17 years
WESTGATE MALL (California)	CA	—		6,319		107,284		10,688			6,319		117,972		124,291		24,862		1960-1966	3/31/2004	35 years
WHITE MARSH PLAZA (Maryland)	MD	8,970		3,478		21,413		163			3,478		21,576		25,054		4,681		1987	3/8/2007	35 years
WHITE MARSH OTHER (Maryland)	MD	—		60,400		1,843		(26,052		)	34,311		1,880		36,191		434		1985	3/8/2007	35 years
WILDWOOD (Maryland)	MD	23,719		9,111		1,061		8,360			9,111		9,421		18,532		8,009		1958	5/5/1969	33.33 years
WILLOW GROVE (Pennsylvania)	PA	—		1,499		6,643		20,851			1,499		27,494		28,993		21,015		1953	11/20/1984	35 years
WILLOW LAWN (Virginia)	VA	—		3,192		7,723		69,824			7,790		72,949		80,739		43,711		1957	12/5/1983	35 years
WYNNEWOOD (Pennsylvania)	PA	27,500		8,055		13,759		15,032			8,055		28,791		36,846		16,315		1948	10/29/1996	35 years
MISCELLANEOUS INVESTMENTS		—		1,115		1,319		—			1,115		1,319		2,434		2
TOTALS		$	832,482	$	1,052,783	$	1,627,077	$	2,099,814		$	1,019,905	$	3,759,769	$	4,779,674	$	1,224,295

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2012 Reconciliation of Total Cost (in thousands)

Balance, December 31, 2009	$	3,759,234
Additions during period
Acquisitions	34,855
Consolidation of VIE	18,311
Improvements	97,129
Deduction during period—disposition and retirements of property	(13,587		)
Balance, December 31, 2010	3,895,942
Additions during period
Acquisitions	430,758
Improvements	147,996
Deconsolidation of VIE	(18,311		)
Deduction during period—disposition and retirements of property	(29,941		)
Balance, December 31, 2011	4,426,444
Additions during period
Acquisitions	193,131
Improvements	187,990
Deduction during period—disposition and retirements of property	(27,891		)
Balance, December 31, 2012	$	4,779,674

_____________________


(1)	For Federal tax purposes, the aggregate cost basis is approximately $4.2 billion as of December 31, 2012.

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2012 Reconciliation of Accumulated Depreciation and Amortization (in thousands)

Balance, December 31, 2009	$	938,087
Additions during period—depreciation and amortization expense	108,261
Deductions during period—disposition and retirements of property	(11,144		)
Balance, December 31, 2010	1,035,204
Additions during period—depreciation and amortization expense	114,180
Deductions during period—disposition and retirements of property	(21,796		)
Balance, December 31, 2011	1,127,588
Additions during period—depreciation and amortization expense	128,654
Deductions during period—disposition and retirements of property	(31,947		)
Balance, December 31, 2012	$	1,224,295

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References + Details

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Summary of Real Estate and Accumulated Depreciation

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
150 POST STREET (California)	CA	$	—	$	11,685	$	9,181	$	16,863	$	11,685	$	26,044	$	37,729	$	14,825	1908, 1965	10/23/1997	35 years
29TH PLACE (SHOPPERS' WORLD) (Virginia)	VA	5,253		10,211		18,863		7,695		10,225		26,544		36,769		4,287		1975 - 2001	5/30/2007	35 years
ANDORRA (Pennsylvania)	PA	—		2,432		12,346		10,346		2,432		22,692		25,124		15,264		1953	1/12/1988	35 years
ASSEMBLY SQUARE MARKETPLACE/ASSEMBLY ROW (Massachusetts)	MA	—		75,139		34,196		143,053		75,139		177,249		252,388		15,525		2005-2012	2005-2011	35 years
THE AVENUE AT WHITE MARSH (Maryland)	MD	55,353		20,682		72,432		3,522		20,685		75,951		96,636		16,277		1997	3/8/2007	35 years
BALA CYNWYD (Pennsylvania)	PA	—		3,565		14,466		21,347		3,566		35,812		39,378		13,795		1955	9/22/1993	35 years
BARRACKS ROAD (Virginia)	VA	38,070		4,363		16,459		34,946		4,363		51,405		55,768		33,651		1958	12/31/1985	35 years
BETHESDA ROW (Maryland)	MD	—		46,579		35,406		135,297		44,880		172,402		217,282		43,065		1945-2008	12/31/93, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	35 - 50 years
BRICK PLAZA (New Jersey)	NJ	28,033		—		24,715		35,896		3,935		56,676		60,611		39,808		1958	12/28/1989	35 years
BRISTOL (Connecticut)	CT	—		3,856		15,959		8,474		3,856		24,433		28,289		12,486		1959	9/22/1995	35 years
CHELSEA COMMONS (Massachusetts)	MA	7,135		9,417		19,466		5,891		9,396		25,378		34,774		3,656		1962/1969/2008	08/25/06, 1/30/07, & 7/16/08	35 years
COLORADO BLVD (California)	CA	—		5,262		4,071		9,056		5,262		13,127		18,389		7,825		1905-1988	12/31/96 & 8/14/98	35 years
CONGRESSIONAL PLAZA (Maryland)	MD	—		2,793		7,424		63,129		1,020		72,326		73,346		43,424		1965/2003	4/1/1965	35 years
COURTHOUSE CENTER (Maryland)	MD	—		1,750		1,869		1,086		1,750		2,955		4,705		1,354		1975	12/17/1997	35 years
COURTYARD SHOPS (Florida)	FL	—		16,862		21,851		1,488		16,894		23,307		40,201		3,710		1990/1998	9/4/2008	35 years
CROSSROADS (Illinois)	IL	—		4,635		11,611		14,559		4,635		26,170		30,805		11,915		1959	7/19/1993	35 years
CROW CANYON COMMONS (California)	CA	19,485		27,245		54,575		3,118		27,245		57,693		84,938		12,215		Late 1970's/2006	12/29/05 & 02/28/07	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
DEDHAM PLAZA (Massachusetts)	MA	—	12,287	12,918	8,897	12,287	21,815	34,102	11,203	1959	12/31/1993	35 years
DEL MAR VILLAGE (Florida)	FL	—	14,218	39,559	1,876	14,180	41,473	55,653	6,547	1982/1994/2007	5/30/08 & 7/11/08	35 years
EAST BAY BRIDGE (California)	CA	67,574	29,091	138,088	—	29,091	138,088	167,179	150	1994-2001, 2011-2012	12/21/2012	35 years
EASTGATE (North Carolina)	NC	—	1,608	5,775	19,354	1,608	25,129	26,737	15,655	1963	12/18/1986	35 years
ELLISBURG CIRCLE (New Jersey)	NJ	—	4,028	11,309	14,960	4,013	26,284	30,297	15,682	1959	10/16/1992	35 years
ESCONDIDO PROMENADE (California)	CA	—	19,117	15,829	10,530	19,117	26,359	45,476	9,252	1987	12/31/96 & 11/10/10	35 years
FALLS PLAZA (Virginia)	VA	—	1,798	1,270	9,582	1,819	10,831	12,650	7,029	1960/1962	09/30/67 & 10/05/72	25 years
FEDERAL PLAZA (Maryland)	MD	—	10,216	17,895	36,689	10,216	54,584	64,800	33,660	1970	6/29/1989	35 years
FIFTH AVENUE (California)	CA	—	2,149	584	3,323	2,149	3,907	6,056	2,092	1888-1998	1996	35 years
FINLEY SQUARE (Illinois)	IL	—	9,252	9,544	13,592	9,252	23,136	32,388	14,960	1974	4/27/1995	35 years
FLOURTOWN (Pennsylvania)	PA	—	1,345	3,943	10,772	1,470	14,590	16,060	7,625	1957	4/25/1980	35 years
FOREST HILLS (New York)	NY	—	2,885	2,885	2,822	3,031	5,561	8,592	2,503	1937 - 1987	12/16/1997	35 years
FRESH MEADOWS (New York)	NY	—	24,625	25,255	27,635	24,627	52,888	77,515	25,421	1946-1949	12/5/1997	35 years
FRIENDSHIP CTR (District of Columbia)	DC	—	12,696	20,803	1,959	12,696	22,762	35,458	7,111	1998	9/21/2001	35 years
GAITHERSBURG SQUARE (Maryland)	MD	—	7,701	5,271	12,559	5,973	19,558	25,531	14,252	1966	4/22/1993	35 years
GARDEN MARKET (Illinois)	IL	—	2,677	4,829	5,032	2,677	9,861	12,538	5,508	1958	7/28/1994	35 years
GOVERNOR PLAZA (Maryland)	MD	—	2,068	4,905	19,635	2,068	24,540	26,608	14,834	1963	10/1/1985	35 years
GRATIOT PLAZA (Michigan)	MI	—	525	1,601	16,896	525	18,497	19,022	13,685	1964	3/29/1973	25.75 years
GREENWICH AVENUE (Connecticut)	CT	—	7,484	5,445	1,040	7,484	6,485	13,969	3,201	1968	4/12/1995	35 years
HAUPPAUGE (New York)	NY	14,352	8,791	15,262	3,996	8,791	19,258	28,049	8,360	1963	8/6/1998	35 years
HERMOSA AVE. (California)	CA	—	1,116	280	4,190	1,368	4,218	5,586	2,028	1922	9/17/1997	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
HOLLYWOOD BLVD. (California)	CA	—	8,300	16,920	14,878	8,300	31,798	40,098	8,180	1929/1991	3/22/99 & 6/18/99	35 years
HOUSTON STREET (Texas)	TX	—	14,680	1,976	49,140	14,778	51,018	65,796	24,986	var	1998	35 years
HUNTINGTON (New York)	NY	—	11,713	16,008	15,680	11,713	31,688	43,401	9,745	1962	12/12/88 & 10/26/07	35 years
HUNTINGTON SQUARE (New York)	NY	—	—	10,075	619	—	10,694	10,694	874	1980/2004-2007	8/16/2010	35 years
IDYLWOOD PLAZA (Virginia)	VA	15,987	4,308	10,026	2,155	4,308	12,181	16,489	6,545	1991	4/15/1994	35 years
KINGS COURT (California)	CA	—	—	10,714	957	—	11,671	11,671	6,630	1960	8/24/1998	26 years
LANCASTER (Pennsylvania)	PA	4,907	—	2,103	11,224	75	13,252	13,327	6,638	1958	4/24/1980	22 years
LANGHORNE SQUARE (Pennsylvania)	PA	—	720	2,974	16,736	720	19,710	20,430	11,809	1966	1/31/1985	35 years
LAUREL (Maryland)	MD	—	7,458	22,525	21,158	7,464	43,677	51,141	30,624	1956	8/15/1986	35 years
LAWRENCE PARK (Pennsylvania)	PA	26,984	5,723	7,160	18,295	5,734	25,444	31,178	21,981	1972	7/23/1980	22 years
LEESBURG PLAZA (Virginia)	VA	27,818	8,184	10,722	16,321	8,184	27,043	35,227	10,118	1967	9/15/1998	35 years
LINDEN SQUARE (Massachusetts)	MA	—	79,382	19,247	47,817	79,269	67,177	146,446	10,504	1960-2008	8/24/2006	35 years
LOEHMANN'S PLAZA (Virginia)	VA	35,972	1,237	15,096	16,543	1,248	31,628	32,876	22,431	1971	7/21/1983	35 years
MELVILLE MALL (New York)	NY	21,406	35,622	32,882	532	35,622	33,414	69,036	5,961	1974	10/16/2006	35 years
MERCER MALL (New Jersey)	NJ	55,844	28,684	48,028	33,878	28,684	81,906	110,590	24,957	1975	10/14/2003	25 - 35 years
MID PIKE PLAZA/PIKE & ROSE (Maryland)	MD	—	31,388	10,335	46,393	31,451	56,665	88,116	5,146	1963	05/18/82 & 10/26/07	50 years
MONTROSE CROSSING (Maryland)	MD	78,755	38,490	101,953	1,108	38,490	103,061	141,551	4,168	1960-1979, 1996 & 2011	12/27/2011	35 years
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)	VA	—	10,068	33,501	35,361	10,204	68,726	78,930	20,794	1966/1972/1987/2001	03/31/03, 3/21/03, & 1/27/06	35 years
TOWN CENTER OF NEW BRITAIN (Pennsylvania)	PA	—	1,282	12,285	1,031	1,262	13,336	14,598	2,874	1969	6/29/2006	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D		COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition		Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
NORTH DARTMOUTH (Massachusetts)	MA	—	27,214	—	(17,846	)	9,366	2	9,368	1	2004	8/24/2006
NORTHEAST (Pennsylvania)	PA	—	1,152	10,596	12,500		1,153	23,095	24,248	16,503	1959	8/30/1983	35 years
NORTH LAKE COMMONS (Illinois)	IL	—	2,782	8,604	4,467		2,628	13,225	15,853	5,981	1989	4/27/1994	35 years
OLD KEENE MILL (Virginia)	VA	—	638	998	4,835		638	5,833	6,471	4,766	1968	6/15/1976	33.33 years
OLD TOWN CENTER (California)	CA	—	3,420	2,765	30,208		3,420	32,973	36,393	16,930	1962, 1997-1998	10/22/1997	35 years
PAN AM SHOPPING CENTER (Virginia)	VA	—	8,694	12,929	7,016		8,695	19,944	28,639	11,987	1979	2/5/1993	35 years
PENTAGON ROW (Virginia)	VA	51,640	—	2,955	86,744		—	89,699	89,699	33,883	1999 - 2002	1998 & 11/22/10	35 years
PERRING PLAZA (Maryland)	MD	—	2,800	6,461	19,309		2,800	25,770	28,570	18,998	1963	10/1/1985	35 years
PIKE 7 (Virginia)	VA	—	9,709	22,799	3,266		9,653	26,121	35,774	12,329	1968	3/31/1997	35 years
PLAZA EL SEGUNDO (California)	CA	183,893	56,606	153,556	3,457		56,606	157,013	213,619	6,063	2006 & 2007	12/30/2011	35 years
QUEEN ANNE PLAZA (Massachusetts)	MA	—	3,319	8,457	5,063		3,319	13,520	16,839	7,603	1967	12/23/1994	35 years
QUINCE ORCHARD PLAZA (Maryland)	MD	—	3,197	7,949	15,541		2,928	23,759	26,687	12,714	1975	4/22/1993	35 years
ROCKVILLE TOWN SQUARE (Maryland)	MD	4,538	—	8,092	42,232		—	50,324	50,324	7,999	2005 - 2007	2006 - 2007	50 years
ROLLINGWOOD APTS. (Maryland)	MD	22,890	552	2,246	6,362		572	8,588	9,160	7,251	1960	1/15/1971	25 years
SAM'S PARK & SHOP (District of Columbia)	DC	—	4,840	6,319	1,701		4,840	8,020	12,860	4,032	1930	12/1/1995	35 years
SANTANA ROW (California)	CA	—	44,562	7,502	567,816		52,318	567,562	619,880	109,434	1999 - 2009, 2011	3/5/1997 & 2012	40 - 50 years
SAUGUS (Massachusetts)	MA	—	4,383	8,291	1,970		4,383	10,261	14,644	4,638	1976	10/1/1996	35 years
SHIRLINGTON (Virginia)	VA	6,404	9,761	14,808	34,475		5,798	53,246	59,044	16,919	1940, 2006-2009	12/21/1995	35 years
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)	MD	—	4,441	12,849	37		4,441	12,886	17,327	2,617	2005 - 2006	3/8/2007	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2012 (Dollars in thousands)

COLUMN A		COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition			Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
THIRD STREET PROMENADE (California)	CA	—		22,645		12,709		42,891			25,125		53,120		78,245		25,333		1888-2000	1996-2000	35 years
TOWER (Virginia)	VA	—		7,170		10,518		3,458			7,280		13,866		21,146		6,289		1953-1960	8/24/1998	35 years
TOWER SHOPS (Florida)	FL	—		28,823		36,313		10,797			28,845		47,088		75,933		3,873		1989	1/19/2011	35 years
TROY (New Jersey)	NJ	—		3,126		5,193		20,478			4,028		24,769		28,797		17,278		1966	7/23/1980	22 years
TYSON'S STATION (Virginia)	VA	—		388		453		3,240			475		3,606		4,081		3,040		1954	1/17/1978	17 years
WESTGATE MALL (California)	CA	—		6,319		107,284		10,688			6,319		117,972		124,291		24,862		1960-1966	3/31/2004	35 years
WHITE MARSH PLAZA (Maryland)	MD	8,970		3,478		21,413		163			3,478		21,576		25,054		4,681		1987	3/8/2007	35 years
WHITE MARSH OTHER (Maryland)	MD	—		60,400		1,843		(26,052		)	34,311		1,880		36,191		434		1985	3/8/2007	35 years
WILDWOOD (Maryland)	MD	23,719		9,111		1,061		8,360			9,111		9,421		18,532		8,009		1958	5/5/1969	33.33 years
WILLOW GROVE (Pennsylvania)	PA	—		1,499		6,643		20,851			1,499		27,494		28,993		21,015		1953	11/20/1984	35 years
WILLOW LAWN (Virginia)	VA	—		3,192		7,723		69,824			7,790		72,949		80,739		43,711		1957	12/5/1983	35 years
WYNNEWOOD (Pennsylvania)	PA	27,500		8,055		13,759		15,032			8,055		28,791		36,846		16,315		1948	10/29/1996	35 years
MISCELLANEOUS INVESTMENTS		—		1,115		1,319		—			1,115		1,319		2,434		2
TOTALS		$	832,482	$	1,052,783	$	1,627,077	$	2,099,814		$	1,019,905	$	3,759,769	$	4,779,674	$	1,224,295

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2012 Reconciliation of Total Cost (in thousands)

Balance, December 31, 2009	$	3,759,234
Additions during period
Acquisitions	34,855
Consolidation of VIE	18,311
Improvements	97,129
Deduction during period—disposition and retirements of property	(13,587		)
Balance, December 31, 2010	3,895,942
Additions during period
Acquisitions	430,758
Improvements	147,996
Deconsolidation of VIE	(18,311		)
Deduction during period—disposition and retirements of property	(29,941		)
Balance, December 31, 2011	4,426,444
Additions during period
Acquisitions	193,131
Improvements	187,990
Deduction during period—disposition and retirements of property	(27,891		)
Balance, December 31, 2012	$	4,779,674

_____________________


(1)	For Federal tax purposes, the aggregate cost basis is approximately $4.2 billion as of December 31, 2012.

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2012 Reconciliation of Accumulated Depreciation and Amortization (in thousands)

Balance, December 31, 2009	$	938,087
Additions during period—depreciation and amortization expense	108,261
Deductions during period—disposition and retirements of property	(11,144		)
Balance, December 31, 2010	1,035,204
Additions during period—depreciation and amortization expense	114,180
Deductions during period—disposition and retirements of property	(21,796		)
Balance, December 31, 2011	1,127,588
Additions during period—depreciation and amortization expense	128,654
Deductions during period—disposition and retirements of property	(31,947		)
Balance, December 31, 2012	$	1,224,295

- Definition

+ References + Details

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2012

Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2012 (Dollars in thousands)

Column A	Column B	Column C	Column D	Column E			Column F		Column G			Column H
Description of Lien	Interest Rate	Maturity Date	Periodic Payment Terms	Prior Liens			Face Amount of Mortgages		Carrying Amount of Mortgages(1)			Principal Amount of Loans Subject to delinquent Principal or Interest
Mortgage on retail buildings in Philadelphia, PA	8% or 10% based on timing of draws, plus participation	May 2021	Interest only monthly; balloon payment due at maturity	$	—		$	20,286	$	20,286	(2)	$	—
Mortgage on retail buildings in Philadelphia, PA	10% plus participation	May 2021	Interest only monthly; balloon payment due at maturity	—			9,250		9,250			—
Second Mortgage on hotel building in San Jose, CA	9%	August 2016	Principal and interest; balloon payment due at maturity(3)	35,000		(4)	12,914		10,785			—
Mortgage on restaurant building in Rockville, MD	9%	December 2014	Interest only monthly through January 31, 2011; balloon payment due at maturity(5)	—			3,612		3,612			—
Mortgage on retail building in Norwalk, CT	6%	June 2014	Interest only; balloon payment due at maturity(6)	$	—		$	11,715	$	11,715		$	—
				$	35,000		$	57,777	$	55,648		$	—

_____________________


(1)	For Federal tax purposes, the aggregate tax basis is approximately $57.8 million as of December 31, 2012.


(2)	This mortgage is available for up to $25.0 million.


(3)	This note was amended on August 4, 2006. The amended note decreased the interest from 14% to 9% per annum, and requires monthly payments of principal and interest based on 15-year amortization schedule.


(4)	We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2012 is estimated.


(5)	Beginning February 1, 2011, the note requires monthly payments of principal and interest based on a 30-year amortization schedule. The borrower has one, three-year extension option with an interest rate of 12% which increases 1% in each subsequent year of the extension term.


(6)	The loan is subject to a one year extension option with an interest rate of 7% .

FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - CONTINUED Three Years Ended December 31, 2012 Reconciliation of Carrying Amount (in thousands)


Balance, December 31, 2009	$	48,336
Additions during period:
Issuance of loans	14,787
Deductions during period:
Collection and satisfaction of loans	(464		)
Amortization of discount /loan fee	465
Consolidation of VIE	(18,311		)
Balance, December 31, 2010	44,813
Additions during period:
Issuance of loans	130
Deconsolidation of VIE	18,311
Deductions during period:
Collection and satisfaction of loans	(7,598		)
Amortization of discount	311
Balance, December 31, 2011	55,967
Additions during period:
Issuance of loans	70
Deductions during period:
Collection and satisfaction of loans	(1,161		)
Amortization of discount	772
Balance, December 31, 2012	$	55,648

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Revenue Recognition and Accounts Receivable

Real Estate

Cash and Cash Equivalents

Prepaid Expenses and Other Assets

Debt Issuance Costs

Derivatives Instruments

Derivative Instruments

Mortgage Notes Receivable

Share Based Compensation

Variable Interest Entities



Property	Dates Held by a Third Party Intermediary	Date Consolidated
Huntington Square	August 16, 2010 to February 12, 2011	August 16, 2010
Tower Shops	January 19, 2011 to July 12, 2011	January 19, 2011

Redeemable Noncontrolling Interests

The following table provides a rollforward of the redeemable noncontrolling interests:



	Year Ended
	December 31,
	2012			2011
	(in thousands)
Beginning balance	$	85,325		$	65,362
Net income	2,592			3,492
Distributions & Redemptions	(6,985		)	(3,020		)
Contributions	19			10,064
Adjustment to redeemable noncontrolling interests	13,469			9,427
Ending balance	$	94,420		$	85,325

Income Taxes

Segment Information

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Redeemable Noncontrolling Interest

The following table provides a rollforward of the redeemable noncontrolling interests:



	Year Ended
	December 31,
	2012			2011
	(in thousands)
Beginning balance	$	85,325		$	65,362
Net income	2,592			3,492
Distributions & Redemptions	(6,985		)	(3,020		)
Contributions	19			10,064
Adjustment to redeemable noncontrolling interests	13,469			9,427
Ending balance	$	94,420		$	85,325

Schedule Of Supplemental Disclosures Related To Consolidated Statements Of Cash Flows

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:



	Year Ended December 31,
	2012			2011			2010
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	123,441		$	106,562		$	108,167
Interest capitalized	(10,105		)	(8,097		)	(6,285		)
Interest expense	$	113,336		$	98,465		$	101,882
Cash paid for interest, net of amounts capitalized	$	114,419		$	95,424		$	98,932
Cash (refunded) paid for income taxes	$	(1,151	)	$	832		$	255
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loan assumed/entered into with acquisition	$	67,615		$	308,506		$	—
Deconsolidation of VIE	$	—		$	18,311		$	—
Capital lease obligation	$	—		$	4,556		$	—
Extinguishment of deferred ground rent liability	$	—		$	—		$	8,832
Extinguishment of capital lease obligation	$	—		$	—		$	1,031

- Definition

Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 41
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 42
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 25
-Appendix A

+ Details

Real Estate (Tables)

12 Months Ended

Dec. 31, 2012

Real Estate Investments, Net [Abstract]

Schedule Of Real Estate Investments And Related Encumbrances

A summary of our real estate investments and related encumbrances is as follows:



	Cost		Accumulated Depreciation and Amortization			Encumbrances
	(In thousands)
December 31, 2012
Retail and mixed-use properties	$	4,655,943	$	(1,187,993	)	$	737,899
Retail properties under capital leases	114,571		(29,051		)	71,693
Residential	9,160		(7,251		)	22,890
	$	4,779,674	$	(1,224,295	)	$	832,482
December 31, 2011
Retail and mixed-use properties	$	4,304,089	$	(1,087,704	)	$	724,287
Retail properties under capital leases	113,605		(33,019		)	63,093
Residential	8,750		(6,865		)	23,236
	$	4,426,444	$	(1,127,588	)	$	810,616

Retail and mixed-use properties includes the residential portion of Santana Row, Bethesda Row and Congressional Plaza. The residential property investment is our investment in Rollingwood Apartments.

Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Summarized Operating Results And Financial Position Of Partnership

The following tables provide summarized operating results and the financial position of the Partnership:



	Year Ended December 31,
	2012		2011		2010
	(In thousands)
OPERATING RESULTS
Revenue	$	19,051	$	19,289	$	18,639
Expenses
Other operating expenses	5,234		5,593		6,149
Depreciation and amortization	5,508		5,179		5,046
Interest expense	3,376		3,388		3,400
Total expenses	14,118		14,160		14,595
Net income	$	4,933	$	5,129	$	4,044
Our share of net income from real estate partnership	$	1,815	$	1,771	$	1,449



	December 31,
	2012		2011
	(In thousands)
BALANCE SHEETS
Real estate, net	$	174,509	$	178,693
Cash	2,735		3,035
Other assets	5,536		6,116
Total assets	$	182,780	$	187,844
Mortgages payable	$	57,155	$	57,376
Other liabilities	4,771		5,391
Partners’ capital	120,854		125,077
Total liabilities and partners’ capital	$	182,780	$	187,844
Our share of unconsolidated debt	$	17,147	$	17,213
Our investment in real estate partnership	$	33,169	$	34,352

Acquired In-Place Leases (Tables)

12 Months Ended

Dec. 31, 2012

ACQUIRED IN-PLACE LEASES [Abstract]

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows:



	Above Market Leases		Below Market Leases
	(In thousands)
Year ending December 31,
2013	$	2,749	$	5,716
2014	2,632		5,103
2015	2,503		4,824
2016	2,199		4,487
2017	1,574		4,117
Thereafter	5,868		56,087
	$	17,525	$	80,334

Debt (Tables)

12 Months Ended

Dec. 31, 2012

Debt Instruments [Abstract]

Schedule of Debt

The following is a summary of our total debt outstanding as of December 31, 2012 and 2011:



	Principal Balance as of December 31,					Stated Interest Rate as of
Description of Debt	2012			2011		December 31, 2012		Stated Maturity Date
Mortgages payable	(Dollars in thousands)
Courtyard Shops	$	—		$	7,045	6.87	%	July 1, 2012
Bethesda Row	—			19,993		5.37	%	January 1, 2013
Bethesda Row	—			4,016		5.05	%	February 1, 2013
White Marsh Plaza	8,970			9,284		6.04	%	April 1, 2013
Crow Canyon	19,485			19,951		5.40	%	August 11, 2013
Idylwood Plaza	15,987			16,276		7.50	%	June 5, 2014
Leesburg Plaza	27,818			28,320		7.50	%	June 5, 2014
Loehmann’s Plaza	35,972			36,621		7.50	%	June 5, 2014
Pentagon Row	51,640			52,572		7.50	%	June 5, 2014
Melville Mall	21,536			22,325		5.25	%	September 1, 2014
THE AVENUE at White Marsh	55,336			56,603		5.46	%	January 1, 2015
Barracks Road	38,070			38,995		7.95	%	November 1, 2015
Hauppauge	14,352			14,700		7.95	%	November 1, 2015
Lawrence Park	26,984			27,640		7.95	%	November 1, 2015
Wildwood	23,719			24,295		7.95	%	November 1, 2015
Wynnewood	27,500			28,168		7.95	%	November 1, 2015
Brick Plaza	28,033			28,757		7.42	%	November 1, 2015
East Bay Bridge	62,946			—		5.13	%	March 1, 2016
Plaza El Segundo	175,000			175,000		6.33	%	August 5, 2017
Rollingwood Apartments	22,890			23,236		5.54	%	May 1, 2019
29^th Place (Shoppers’ World)	5,286			5,444		5.91	%	January 31, 2021
Montrose Crossing	78,755			80,000		4.20	%	January 10, 2022
Mount Vernon	—			10,554		5.66	%	April 15, 2028
Chelsea	7,454			7,628		5.36	%	January 15, 2031
Subtotal	747,733			737,423
Net unamortized premium	13,056			10,100
Total mortgages payable	760,789			747,523
Notes payable
Revolving credit facility	—			—		LIBOR + 1.15%		July 6, 2015
Escondido (municipal bonds)	9,400			9,400		0.21	%	October 1, 2016
Term loan	275,000			275,000		LIBOR + 1.45%		November 21, 2018
Various	15,175			10,759		5.27	%	Various through 2027
Total notes payable	299,575			295,159
Senior notes and debentures
6.00% notes	—			175,000		6.00	%	July 16, 2012
5.40% notes	135,000			135,000		5.40	%	December 1, 2013
5.95% notes	150,000			150,000		5.95	%	August 15, 2014
5.65% notes	125,000			125,000		5.65	%	June 1, 2016
6.20% notes	200,000			200,000		6.20	%	January 15, 2017
5.90% notes	150,000			150,000		5.90	%	April 1, 2020
3.00% notes	250,000			—		3.00	%	August 1, 2022
7.48% debentures	29,200			29,200		7.48	%	August 15, 2026
6.82% medium term notes	40,000			40,000		6.82	%	August 1, 2027
Subtotal	1,079,200			1,004,200
Net unamortized (discount) premium	(2,655		)	435
Total senior notes and debentures	1,076,545			1,004,635
Capital lease obligations
Various	71,693			63,093		Various		Various through 2106
Total debt and capital lease obligations	$	2,208,602		$	2,110,410

Schedule of Debt Repayments [Table Text Block]

During 2012, we repaid the following loans at par:



	Payoff Amount		Repayment Date	Maturity Date
	(In millions)
Courtyard Shops Mortgage Loan	$	6.9	June 1, 2012	July 1, 2012
6.00% Senior Notes	175.0		July 16, 2012	July 16, 2012
Mount Vernon Mortgage Loan	10.2		October 22, 2012	April 15, 2028
Bethesda Row Mortgage Loan	20.0		November 2, 2012	January 1, 2013
Bethesda Row Mortgage Loan	3.9		December 3, 2012	February 1, 2013
	$	216.0

Schedule of Maturities of Long-term Debt

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2012 are as follows:



	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2013	$	40,296	$	256		$	135,000	$	175,552
2014	158,855		10,249			150,000		319,104
2015	206,007		275		(1)	—		206,282
2016	62,412		9,702			125,000		197,114
2017	177,654		335			200,000		377,989
Thereafter	102,509		278,758			469,200		850,467
	$	747,733	$	299,575		$	1,079,200	$	2,126,508	(2)

_____________________


(1)	Our $400.0 million revolving credit facility matures on July 6, 2015, subject to a one-year extension at our option. As of December 31, 2012, there was nothing drawn under this credit facility.


(2)	The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized discount or premium on certain senior notes, debentures and mortgages payable.

Schedule of Future Minimum Lease Payments for Capital Leases

Future minimum lease payments and their present value for property under capital leases as of December 31, 2012, are as follows:




	(In thousands)
Year ending December 31,
2013	$	5,787
2014	5,788
2015	5,787
2016	5,788
2017	5,797
Thereafter	171,810
	200,757
Less amount representing interest	(129,064		)
Present value	$	71,693

Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

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:



	December 31, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	1,060,364	$	1,110,757	$	1,042,682	$	1,099,273
Senior notes and debentures	$	1,076,545	$	1,190,833	$	1,004,635	$	1,085,309

Fair Value, Liabilities Measured on 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:



	December 31, 2012								December 31, 2011
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	12,388	$	—	$	12,388	$	—	$	3,940	$	—	$	3,940

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References + Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Operating Leases of Lessee Disclosure

We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2012:




	(In thousands)
Year ending December 31,
2013	$	1,488
2014	1,478
2015	1,428
2016	1,372
2017	1,088
Thereafter	50,207
	$	57,061

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

Dividends (Tables)

12 Months Ended

Dec. 31, 2012

Dividends [Abstract]

Schedule of Dividends Declared and Paid Per Share

The following table provides a summary of dividends declared and paid per share:



	Year Ended December 31,
	2012				2011				2010
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	2.840	$	2.800	$	2.720	$	2.700	$	2.660	$	2.650
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354

Schedule Of Income Tax Status Of Dividends Paid

A summary of the income tax status of dividends per share paid is as follows:



	Year Ended December 31,
	2012		2011		2010
Common shares
Ordinary dividend	$	2.772	$	2.349	$	2.519
Ordinary dividend eligible for 15% rate	—		0.027		0.025
Return of capital	—		0.162		0.106
Capital gain	0.028		0.162		—
	$	2.800	$	2.700	$	2.650
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	1.340		1.246		1.341
Ordinary dividend eligible for 15% rate	—		0.013		0.013
Capital gain	0.014		0.095		—
	$	1.354	$	1.354	$	1.354

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2012

Operating Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases




	(In thousands)
Year ending December 31,
2013	$	434,042
2014	399,040
2015	355,013
2016	311,820
2017	254,413
Thereafter	1,384,196
	$	3,138,524

Components Of Rental Income (Tables)

12 Months Ended

Dec. 31, 2012

Components Of Rental Income and Expense [Abstract]

Schedule Of Principal Components Of Rental Income

The principal components of rental income are as follows:



	Year Ended December 31,
	2012		2011		2010
	(In thousands)
Minimum rents
Retail and commercial	$	422,894	$	392,657	$	378,836
Residential (1)	27,611		23,101		21,583
Cost reimbursement	112,740		106,347		107,008
Percentage rent	8,568		7,576		6,358
Other	10,522		9,020		8,866
Total rental income	$	582,335	$	538,701	$	522,651

_____________________


(1)	Residential minimum rents consist of the rental amounts for residential units at Rollingwood Apartments, The Crest at Congressional Plaza Apartments, Santana Row and Bethesda Row.

Schedule of Minimum Rents Components

Minimum rents include the following:



	Year Ended December 31,
	2012		2011		2010
	(In millions)
Straight-line rents	$	6.1	$	5.7	$	4.6
Net amortization of above and below market leases	$	1.1	$	1.4	$	1.6

Schedule Of Principal Components Of Rental Expenses

The principal components of rental expenses are as follows:



	Year Ended December 31,
	2012		2011		2010
	(In thousands)
Repairs and maintenance	$	41,616	$	41,977	$	42,278
Utilities	19,213		18,823		18,545
Management fees and costs	15,167		14,989		14,641
Payroll	8,704		8,080		7,909
Bad debt expense	2,151		2,649		6,396
Ground rent	2,189		2,047		3,049
Insurance	6,298		5,282		5,054
Marketing	7,321		6,868		4,789
Other operating	10,101		8,834		7,858
Total rental expenses	$	112,760	$	109,549	$	110,519

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Summary Of The Financial Information For The Discontinued Operations

A summary of the financial information for the discontinued operations is as follows:



	Year Ended December 31,
	2012		2011		2010
	(in millions)
Revenue from discontinued operations	$	—	$	2.3	$	3.5
Income from discontinued operations	$	—	$	1.0	$	1.0

Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2012

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Share Based Compensation Expense

A summary of share-based compensation expense included in net income is as follows:



	Year Ended December 31,
	2012			2011			2010
	(In thousands)
Share-based compensation incurred
Grants of common shares	$	9,846		$	7,308		$	5,232
Grants of options	525			939			1,255
	10,371			8,247			6,487
Capitalized share-based compensation	(908		)	(663		)	(745		)
Share-based compensation expense	$	9,463		$	7,584		$	5,742

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table provides a summary of the weighted-average assumption used to value options in 2010:



	Year Ended December 31,
	2010
Volatility	30.0	%
Expected dividend yield	4.0	%
Expected term (in years)	4.3
Risk free interest rate	1.9	%

Schedule of Share-based Compensation, Stock Options, Activity

The following table provides a summary of option activity for 2012:



	Shares Under Option		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at December 31, 2011	517,653		$	61.08
Granted	—		—
Exercised	(97,430	)	58.46
Forfeited or expired	(29,334	)	44.61
Outstanding at December 31, 2012	390,889		$	62.96	5.2	$	16,048
Exercisable at December 31, 2012	293,946		$	65.66	5.0	$	11,276

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The following table provides a summary of restricted share activity for 2012:



	Shares		Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2011	282,837		$	74.00
Granted	126,169		96.35
Vested	(106,804	)	72.78
Forfeited	(14,522	)	53.76
Unvested at December 31, 2012	287,680		$	85.28

Stock Award [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Subsequent to December 31, 2012, common shares were awarded under various compensation plans as follows:



Date	Award		Vesting Term	Beneficiary
February 7, 2013	98,913	Restricted shares	3 years	Officers and key employees
January 2, 2013	5,767	Shares	Immediate	Trustees

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References + Details

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References + Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share



	Year Ended December 31,
	2012			2011			2010
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	144,372		$	131,554		$	125,851
Less: Preferred share dividends	(541		)	(541		)	(541		)
Less: Income from continuing operations attributable to noncontrolling interests	(4,307		)	(5,475		)	(5,247		)
Less: Earnings allocated to unvested shares	(845		)	(705		)	(572		)
Income from continuing operations available for common shareholders	138,679			124,833			119,491
Results from discontinued operations attributable to the Trust	—			17,838			1,776
Gain on sale of real estate	11,860			—			410
Net income available for common shareholders, basic and diluted	$	150,539		$	142,671		$	121,677
DENOMINATOR
Weighted average common shares outstanding—basic	63,881			62,438			61,182
Effect of dilutive securities:
Stock options	175			165			142
Weighted average common shares outstanding—diluted	64,056			62,603			61,324
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	2.17		$	2.00		$	1.95
Discontinued operations	—			0.29			0.03
Gain on sale of real estate	0.19			—			0.01
	$	2.36		$	2.29		$	1.99
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	2.16		$	1.99		$	1.94
Discontinued operations	—			0.29			0.03
Gain on sale of real estate	0.19			—			0.01
	$	2.35		$	2.28		$	1.98
Income from continuing operations attributable to the Trust	$	140,065		$	126,079		$	120,604

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2012

Selected Quarterly Financial data (Unaudited) [Abstract]

Schedule of Quarterly Financial Information

Summarized quarterly financial data is as follows:



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2012
Revenue	$	146,289	$	147,560	$	157,805	$	156,364
Operating Income	$	60,547	$	61,779	$	67,123	$	65,813
Net income	$	44,122	$	33,596	$	39,656	$	38,858
Net income attributable to the Trust	$	42,986	$	32,603	$	38,644	$	37,692
Net income available for common shareholders	$	42,851	$	32,468	$	38,508	$	37,557
Earnings per common share—basic	$	0.67	$	0.51	$	0.60	$	0.58
Earnings per common share—diluted	$	0.67	$	0.51	$	0.60	$	0.58
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2011
Revenue(1)	$	137,650	$	136,279	$	137,664	$	141,466
Operating Income(2)	$	56,373	$	57,334	$	56,757	$	57,233
Net income(2)	$	32,384	$	36,471	$	48,302	$	32,455
Net income attributable to the Trust(2)	$	31,186	$	34,757	$	47,053	$	30,921
Net income available for common shareholders(2)	$	31,051	$	34,622	$	46,917	$	30,786
Earnings per common share—basic(2)	$	0.50	$	0.55	$	0.74	$	0.48
Earnings per common share—diluted(2)	$	0.50	$	0.55	$	0.74	$	0.48


(1)	Revenue has been reduced to reflect the results of discontinued operations. Revenue from discontinued operations, by quarter, is summarized as follows:



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands)
2011 revenue from discontinued operations	$	978	$	1,048	$	163	$	93


(2)	Third quarter 2011 amounts include a $14.8 million gain on sale of our Feasterville Shopping Center as further discussed in Note 3.

Business And Organization (Details)	12 Months Ended
Business And Organization (Details)	Dec. 31, 2012 properties
Nature Of Operations [Abstract]
Number of Real Estate Properties	88
Minimum Percentage Of Taxable Income Distributed To Shareholders	90.00%

Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2012 USD ($) properties segment	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Oct. 16, 2023 USD ($)	Oct. 16, 2021 USD ($)	Dec. 30, 2011	Oct. 16, 2006 USD ($) year
Summary of Significant Accounting Policies [Line Items]
Allowance for Doubtful Accounts Receivable	$ 15,900,000	$ 17,600,000
Straight Line Rents, Collection Of Accounts Receivable, Period	1 year
Deferred Rent Receivables, Net	$ 56,100,000	50,500,000
Depreciation Expense Real Estate	$ 128,700,000	114,200,000	$ 108,300,000
Investments Classified As Cash And Cash Equivalents, Initial Maturity	3 months
Cash, Uninsured Amount	$ 33,600,000
Split Dollar Insurance Premiums Paid	4,600,000	4,600,000
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 4,200,000
Hedging Instruments Outstanding			0
Residual Profit Maxiumum	50.00%
Mortgages payable	$ 760,789,000	747,523,000
Real estate, net	$ 3,555,379,000	3,298,856,000
Maximum period of sale to defer gain on sale of other property, days	180
Minimum Percentage Of Taxable Income Distributed To Shareholders	90.00%
Unrecognized Tax Benefits	$ 0	0
Number of Properties Exceeding Segment Reporting Threshold \| properties	0
Segment Reporting, Factors Used to Identify Entity's Reportable Segments	10% of our revenues or property operating income
Number of Segments \| segment	1
Building and Building Improvements [Member] \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	35 years
Building and Building Improvements [Member] \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	50 years
Minor Improvements, Furniture and Equipment [Member] \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Minor Improvements, Furniture and Equipment [Member] \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Plaza El Segundo [Member]
Summary of Significant Accounting Policies [Line Items]
Mortgages payable	$ 183,900,000	185,600,000
Real estate, net	189,400,000	194,600,000
Business Acquisition, Percentage of Voting Interests Acquired						48.20%
Real Estate Maximum Exposure to Loss	17,500,000
Melville Mall [Member]
Summary of Significant Accounting Policies [Line Items]
Master Lease Term \| year							20
Secured Debt F R T							$ 34,200,000
Mortgages payable	21,400,000	22,100,000
Real estate, net	$ 63,100,000	$ 64,000,000
Melville Mall [Member] \| Purchased Call Option [Member]
Summary of Significant Accounting Policies [Line Items]
Purchase Price Under Option					$ 5,000,000
Melville Mall [Member] \| Put Option [Member]
Summary of Significant Accounting Policies [Line Items]
Purchase Price Under Option				$ 5,000,000
Commercial Real Estate [Member] \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Operating Lease, Term	3 years
Commercial Real Estate [Member] \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Operating Lease, Term	10 years

Summary Of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Increase (Decrease) in Temporary Equity [Roll Forward]
Beg Bal Redeemable Noncontrolling Interest, Equity, Carrying Value	$ 85,325	$ 65,362
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	2,592	3,492	$ 2,986
Redeemable Noncontrolling Interests Distributions & Redemptions	(6,985)	(3,020)
Redeemable Noncontrolling Interests Contributions	19	10,064
Adjustments to redeemable noncontrolling interests	13,469	9,427
End Bal Redeemable Noncontrolling Interest, Equity, Carrying Amount	94,420	85,325	65,362
Interest Paid [Abstract]
Total interest costs incurred	123,441	106,562	108,167
Interest capitalized	(10,105)	(8,097)	(6,285)
Interest expense	113,336	98,465	101,882
Cash paid for interest, net of amounts capitalized	114,419	95,424	98,932
Cash (refunded) paid for income taxes	(1,151)	832	255
Mortgage loan assumed/entered into with acquisition	67,615	308,506	0
Deconsolidation of VIE	0	18,311	0
Capital lease obligations	0	4,556	0
Extinguishment of deferred ground rent liability	0	0	8,832
Extinguishment of capital lease obligation	$ 0	$ 0	$ 1,031

Real Estate Real Estate (Summary Of Real Estate Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Real Estate Investments [Line Items]
Cost	$ 4,779,674	$ 4,426,444
Accumulated Depreciation and Amortization	(1,224,295)	(1,127,588)
Encumbrances	832,482	810,616
Retail And Mixed-Use Properties [Member]
Real Estate Investments [Line Items]
Cost	4,655,943	4,304,089
Accumulated Depreciation and Amortization	(1,187,993)	(1,087,704)
Encumbrances	737,899	724,287
Retail Properties Under Capital Leases [Member]
Real Estate Investments [Line Items]
Cost	114,571	113,605
Accumulated Depreciation and Amortization	(29,051)	(33,019)
Encumbrances	71,693	63,093
Residential [Member]
Real Estate Investments [Line Items]
Cost	9,160	8,750
Accumulated Depreciation and Amortization	(7,251)	(6,865)
Encumbrances	$ 22,890	$ 23,236

Real Estate (Significant Acquisitions and Disposition) (Details) $ in Thousands			12 Months Ended
	Jul. 12, 2011 USD ($)	Jan. 19, 2011 USD ($) a ft²	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 21, 2012 USD ($) ft²	Sep. 30, 2012 USD ($)	Dec. 30, 2011 USD ($) a ft²	Dec. 27, 2011 USD ($) ft²
Real Estate Investments [Line Items]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			$ 0	$ 15,075	$ 1,000
Feasterville Shopping Center 7/12/11 [Member]
Real Estate Investments [Line Items]
Proceeds from sale of buildings	$ 20,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 14,800
Tower Shops January 19 2011 [Member]
Real Estate Investments [Line Items]
Business Acquisition Cost of Acquired Entity Cash Paid and Share of Debt Assumed		$ 66,100
Mortgage loan face amount		41,000
Mortgage loan fair value		$ 42,900
Leasable area (square feet) \| ft²		368,000
Acres of real estate property \| a		67
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets		$ 1,200
Business Acquisition Purchase Price Allocation Amortizable Intangible Below Market Lease Liabilities		4,400
Acquisition costs		$ 400		200
Montrose Crossing [Member]
Real Estate Investments [Line Items]
Business Acquisition Cost of Acquired Entity Cash Paid and Share of Debt Assumed									$ 127,200
Leasable area (square feet) \| ft²									357,000
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets									$ 2,900
Business Acquisition Purchase Price Allocation Amortizable Intangible Below Market Lease Liabilities									$ 3,800
Acquisition costs				2,400
Business Acquisition, Percentage of Voting Interests Acquired									89.90%
Cash Flow Of Controlled Entity, Percent									89.90%
Business Acquisition Cost of Acquired Entity Cash Paid and Total Debt Assumed									$ 141,500
Plaza El Segundo [Member]
Real Estate Investments [Line Items]
Mortgage loan face amount								$ 175,000
Leasable area (square feet) \| ft²								381,000
Business Acquisition, Cost of Acquired Entity, Cash Paid								$ 8,500
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets								7,500
Business Acquisition Purchase Price Allocation Amortizable Intangible Below Market Lease Liabilities								2,300
Acquisition costs				$ 1,000
Business Acquisition Purchase Price								192,700
ResidentialPropertyAdjacentToSantanaRow [Member]
Real Estate Investments [Line Items]
Number of Real Estate Properties Acquired							3
NumberofResidentialUnits							47
Business Acquisition Purchase Price							$ 9,000
EastBayBridge [Member]
Real Estate Investments [Line Items]
Leasable area (square feet) \| ft²						438,000
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets						$ 900
Business Acquisition Purchase Price Allocation Amortizable Intangible Below Market Lease Liabilities						47,800
Acquisition costs			$ 900
Business Acquisition Purchase Price						$ 116,600
Crossroads (Office Building) [Member]
Real Estate Investments [Line Items]
Leasable area (square feet) \| ft²						37,000
Business Acquisition Purchase Price						$ 2,500
Land Parcel Adjacent To Plaza El Segundo [Member]
Real Estate Investments [Line Items]
Business Acquisition Cost of Acquired Entity Cash Paid and Share of Debt Assumed								$ 15,900
Acres of real estate property \| a								8.1
EastBayBridge [Member]
Real Estate Investments [Line Items]
Mortgage loan face amount						62,900
Long-term Debt, Fair Value						$ 67,600
New Mortgage Debt [Member] \| Montrose Crossing [Member]
Real Estate Investments [Line Items]
Mortgage loan fair value									$ 80,000
Plaza El Segundo [Member]
Real Estate Investments [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired								48.20%

Mortgage Notes Receivable (Details)
$ in Thousands

12 Months Ended

Aug. 04, 2006

Dec. 31, 2012

USD ($)

loan

Dec. 31, 2011

USD ($)

loan

Dec. 31, 2010

USD ($)

Jun. 30, 2011

USD ($)

Jun. 29, 2011

USD ($)

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans on Real Estate, Number of Loans | loan

Mortgage Loans on Real Estate, Carrying Amount of Mortgages

$ 55,648

^[1]

$ 56,000

Principal balance of first mortgage loan

$ 57,777

Mortgage Loans, Weighted Average Interest Rate

9.40%

9.20%

Discontinued operations - gain on deconsolidation of VIE

$ 0

$ 2,026

$ 0

Second Mortgage On Hotel In San Jose, CA [Member]

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans on Real Estate, Number of Loans | loan

Mortgage Loans on Real Estate, Carrying Amount of Mortgages

^[2]

$ 10,785

Principal balance of first mortgage loan

12,914

^[2]

14,200

Allowance for Loan and Lease Losses, Real Estate

$ 2,100

2,900

Mortgage Loans, Weighted Average Interest Rate

14.00%

9.00%

First Mortgage [Member]

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans on Real Estate, Carrying Amount of Mortgages

$ 44,900

44,700

Mortgage loan on a shopping center and an adjacent commercial building in Norwalk ,CT [Member]

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans on Real Estate, Carrying Amount of Mortgages

^[3]

11,715

Principal balance of first mortgage loan

$ 11,715

^[3]

$ 11,900

Mortgage Loans, Weighted Average Interest Rate

6.00%

Mortgage loan carrying balance

$ 18,300

Maturity date of first mortgage loan

Jun. 30, 2014

Cash received as part of refinancing

8,700

Mortgage Loan Fair Value

$ 11,900

Discontinued operations - gain on deconsolidation of VIE

$ 2,026

Extension Option One [Member] | Mortgage loan on a shopping center and an adjacent commercial building in Norwalk ,CT [Member]

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans, Weighted Average Interest Rate

7.00%

Extension Option Period

1 year

[1]	For Federal tax purposes, the aggregate tax basis is approximately $57.8 million as of December 31, 2012.
[2]	This note was amended on August 4, 2006. The amended note decreased the interest from 14% to 9% per annum, and requires monthly payments of principal and interest based on 15-year amortization schedule.
[3]	The loan is subject to a one year extension option with an interest rate of 7% .

Real Estate Partnerships (Narrative) (Details) $ in Thousands				3 Months Ended	12 Months Ended			102 Months Ended
	Oct. 31, 2011 USD ($) Building	May 26, 2011 USD ($)	May 26, 2010 USD ($) Building	Mar. 31, 2012 USD ($)	Dec. 31, 2012 USD ($) properties	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2012 USD ($) properties
Schedule of Equity Method Investments [Line Items]
Total number of properties in the portfolio \| properties					88			88
Our share of net income from real estate partnership					$ 1,757	$ 1,808	$ 1,060
Payments for (Proceeds from) Real Estate Partnership Investment, Net					$ 0	(34,617)	0
Newbury Street Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Sales of Real Estate	$ 44,000
Business Acquisition Cost of Acquired Entity Cash Paid and Total Debt Assumed		$ 6,200	$ 17,500
Contributed towards acquisition of property		2,800	$ 7,800
Secured loan		$ 11,800
Loan interest rate		LIBOR plus 400 basis points
Number of Real Estate Properties Sold \| Building	3
Our share of net income from real estate partnership						100
Number of Real Estate Properties Acquired \| Building			2
Payments for (Proceeds from) Real Estate Partnership Investment, Net	$ 34,600
Repayment Of Secured Debt FRT	$ 11,800
Gain Loss On Sale Of Properties in Real Estate Partnership				$ 11,900
Federal / Lion Venture LP [Member]
Schedule of Equity Method Investments [Line Items]
Total number of properties in the portfolio \| properties					7			7
Our share of net income from real estate partnership					$ 1,815	$ 1,771	$ 1,449
Loan Secured By Two Buildings [Member] \| Newbury Street Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Secured loan			$ 8,800
Loan Secured by One Building [Member] \| Newbury Street Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Secured loan		$ 3,100
Taurus Investment Holdings [Member] \| Newbury Street Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in partnership	15.00%
Federal Realty Investment Trust [Member] \| Newbury Street Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in partnership	85.00%
Federal Realty Investment Trust [Member] \| Federal / Lion Venture LP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in partnership					30.00%			30.00%
Contributed towards acquisition of property								$ 42,100
Equity Method Investment, Dividends or Distributions								$ 15,700
Clarion [Member] \| Federal / Lion Venture LP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in partnership					70.00%			70.00%

Real Estate Partnerships (Summarized Operating Results and Financial Position of Partnership) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Real Estate Partnerships Operating Results [Line Items]

Revenue

$ 156,364

$ 157,805

$ 147,560

$ 146,289

$ 141,466

^[1]

$ 137,664

^[1]

$ 136,279

^[1]

$ 137,650

^[1]

$ 608,018

$ 553,059

$ 541,797

Depreciation and amortization

142,039

126,208

118,878

Interest expense

113,336

98,465

101,882

NET INCOME

38,858

$ 39,656

$ 33,596

$ 44,122

32,455

^[2]

$ 48,302

^[2]

$ 36,471

^[2]

$ 32,384

^[2]

156,232

149,612

128,237

Our share of net income from real estate partnership

1,757

1,808

1,060

Real estate, net

3,555,379

3,298,856

3,555,379

3,298,856

Cash

36,988

67,806

36,988

67,806

15,797

$ 135,389

TOTAL ASSETS

3,898,565

3,666,210

3,898,565

3,666,210

Mortgages payable

760,789

747,523

760,789

747,523

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

3,898,565

3,666,210

3,898,565

3,666,210

Our investment in real estate partnership

33,169

34,352

33,169

34,352

Federal / Lion Venture LP [Member]

Real Estate Partnerships Operating Results [Line Items]

Revenue

19,051

19,289

18,639

Other operating expenses

5,234

5,593

6,149

Depreciation and amortization

5,508

5,179

5,046

Interest expense

3,376

3,388

3,400

Total expenses

14,118

14,160

14,595

NET INCOME

4,933

5,129

4,044

Our share of net income from real estate partnership

1,815

1,771

$ 1,449

Real estate, net

174,509

178,693

174,509

178,693

Cash

2,735

3,035

2,735

3,035

Other assets

5,536

6,116

5,536

6,116

TOTAL ASSETS

182,780

187,844

182,780

187,844

Mortgages payable

57,155

57,376

57,155

57,376

Other liabilities

4,771

5,391

4,771

5,391

Partners' capital

120,854

125,077

120,854

125,077

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

182,780

187,844

182,780

187,844

Our share of unconsolidated debt

17,147

17,213

17,147

17,213

Our investment in real estate partnership

$ 33,169

$ 34,352

$ 33,169

$ 34,352

[1]	Revenue has been reduced to reflect the results of discontinued operations. Revenue from discontinued operations, by quarter, is summarized as follows: FirstQuarter SecondQuarter ThirdQuarter FourthQuarter (In thousands)2011 revenue from discontinued operations$978 $1,048 $163 $93
[2]	Third quarter 2011 amounts include a $14.8 million gain on sale of our Feasterville Shopping Center as further discussed in Note 3.

Acquired In-Place Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Acquired In-Place Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Above Market Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets	$ 31,800	$ 31,800
Finite-Lived Intangible Assets, Accumulated Amortization	14,300	11,900
Amortization of Acquired Intangible Assets	3,400	2,400	$ 2,000
Amortization For Acquired In Place Leases [Abstract]
2013	2,749
2014	2,632
2015	2,503
2016	2,199
2017	1,574
Thereafter	5,868
Finite-Lived Intangible Assets, Future Amortization Expense	$ 17,525
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years 7 months
Below Market Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Business Acquisition Purchase Price Allocation Amortizable Intangible Below Market Lease Liabilities	$ 110,100	63,400
Acquired Below Market Lease Accumulated Amortization	29,800	26,300
Amortization Of Acquired Below Market Leases	4,500	$ 3,800	$ 3,600
Amortization For Acquired In Place Leases [Abstract]
2013	5,716
2014	5,103
2015	4,824
2016	4,487
2017	4,117
Thereafter	56,087
Future Recognition of Deferred Revenue	$ 80,334
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	22 years 8 months

Debt (Summary Of Debt Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Jul. 19, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Line of credit facility, amount outstanding	$ 0		$ 0
Mortgages payable	760,789		747,523
Notes payable	299,575		295,159
Senior notes and debentures	1,076,545		1,004,635
Capital lease obligations	71,693		63,093
Total debt and capital lease obligations	2,208,602		2,110,410
Courtyard Shops [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 0		7,045
Stated Interest Rate	6.87%
Bethesda Row Maturing Jan 1 2013 [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 0		19,993
Stated Interest Rate	5.37%
Bethesda Row Maturing Feb 1 2013 [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 0		4,016
Stated Interest Rate	5.05%
White Marsh Plaza [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 8,970		9,284
Stated Interest Rate	6.04%
Crow Canyon [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 19,485		19,951
Stated Interest Rate	5.40%
Idylwood Plaza [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 15,987		16,276
Stated Interest Rate	7.50%
Leesburg Plaza [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 27,818		28,320
Stated Interest Rate	7.50%
Loehmanns Plaza [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 35,972		36,621
Stated Interest Rate	7.50%
Pentagon Row [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 51,640		52,572
Stated Interest Rate	7.50%
Melville Mall [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 21,536		22,325
Stated Interest Rate	5.25%
THE AVENUE at White Marsh [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 55,336		56,603
Stated Interest Rate	5.46%
Barracks Road [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 38,070		38,995
Stated Interest Rate	7.95%
Hauppauge [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 14,352		14,700
Stated Interest Rate	7.95%
Lawrence Park [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 26,984		27,640
Stated Interest Rate	7.95%
Wildwood [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 23,719		24,295
Stated Interest Rate	7.95%
Wynnewood [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 27,500		28,168
Stated Interest Rate	7.95%
Brick Plaza [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 28,033		28,757
Stated Interest Rate	7.42%
EastBayBridge [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 62,946		0
Stated Interest Rate	5.129%
Plaza El Segundo [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 175,000		175,000
Stated Interest Rate	6.33%
Rollingwood Apartments [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 22,890		23,236
Stated Interest Rate	5.54%
Shoppers' World [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 5,286		5,444
Stated Interest Rate	5.91%
Montrose Crossing [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 78,755		80,000
Stated Interest Rate	4.20%
Mount Vernon [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 0		10,554
Stated Interest Rate	5.66%
Chelsea [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 7,454		7,628
Stated Interest Rate	5.36%
Revolving Credit Facility Maturing Jul 6 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms	LIBOR + 1.15%
Municipal Bonds [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.21%
Notes payable	$ 9,400		9,400
Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms	LIBOR + 1.45%
Notes payable	$ 275,000		275,000
Various Notes Payable [Member]
Debt Instrument [Line Items]
Stated Interest Rate	5.27%
Notes payable	$ 15,175		10,759
Senior600PercentNotes [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 0		175,000
Stated Interest Rate	6.00%
Senior 5.40 Percent Notes [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 135,000		135,000
Stated Interest Rate	5.40%
Senior 5.95 Percent Notes [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 150,000		150,000
Stated Interest Rate	5.95%
Senior 5.65 Percent Notes [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 125,000		125,000
Stated Interest Rate	5.65%
Senior 6.20 Percent Notes [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 200,000		200,000
Stated Interest Rate	6.20%
Senior 5.90 Percent Notes [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 150,000		150,000
Stated Interest Rate	5.90%
Senior300PercentNotes [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 250,000	$ 250,000	0
Stated Interest Rate	3.00%	3.00%
Debentures 7.48 Percent [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 29,200		29,200
Stated Interest Rate	7.48%
Medium Term Notes 6.82 Percent [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 40,000		40,000
Stated Interest Rate	6.82%
Secured Debt [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	$ 747,733		737,423
Net unamortized premium (discount)	13,056		10,100
Senior Notes [Member]
Debt Instrument [Line Items]
Mortgage loan face amount	1,079,200		1,004,200
Net unamortized premium (discount)	$ (2,655)		$ 435

Debt (Narrative) (Details) - USD ($) $ in Thousands							12 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Dec. 03, 2012	Nov. 02, 2012	Oct. 22, 2012	Jul. 19, 2012	Jul. 16, 2012	Jun. 01, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 21, 2012
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 400,000
Proceeds from Issuance of Senior Long-term Debt							244,807	$ 0	$ 148,457
Repayments of Senior Debt							175,000	75,000	0
Revolving credit facility, maximum outstanding							186,000	265,000	82,000
Line of credit facility, weighted average amount outstanding							$ 1,500	$ 163,500	$ 23,400
Line of credit facility weighted average interest rate before amortization of debt fees							1.40%	1.00%	0.70%
Line of credit facility, amount outstanding							$ 0	$ 0
Line of Credit Facility, Commitment Fee Amount							800
Repayments of Debt							$ 216,000
Courtyard Shops [Member]
Debt Instrument [Line Items]
Stated Interest Rate							6.87%
Debt Instrument Carrying Amount							$ 0	7,045
Repayment of mortgage loan						$ 6,900
Senior600PercentNotes [Member]
Debt Instrument [Line Items]
Stated Interest Rate							6.00%
Debt Instrument Carrying Amount							$ 0	175,000
Repayments of Senior Debt					$ 175,000
Mount Vernon [Member]
Debt Instrument [Line Items]
Stated Interest Rate							5.66%
Debt Instrument Carrying Amount							$ 0	10,554
Repayment of mortgage loan			$ 10,200
Bethesda Row Maturing Jan 1 2013 [Member]
Debt Instrument [Line Items]
Stated Interest Rate							5.37%
Debt Instrument Carrying Amount							$ 0	19,993
Repayment of mortgage loan		$ 20,000
Bethesda Row Maturing Feb 1 2013 [Member]
Debt Instrument [Line Items]
Stated Interest Rate							5.05%
Debt Instrument Carrying Amount							$ 0	4,016
Repayment of mortgage loan	$ 3,900
Senior300PercentNotes [Member]
Debt Instrument [Line Items]
Stated Interest Rate				3.00%			3.00%
Debt Instrument Carrying Amount				$ 250,000			$ 250,000	0
Proceeds from Issuance of Senior Long-term Debt				$ 244,800
EastBayBridge [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 62,900
Long-term Debt, Fair Value										$ 67,600
Stated Interest Rate							5.129%
Debt Instrument Carrying Amount							$ 62,946	$ 0

Debt (Principal Payments On Mortgage Payable, Notes Payable, Senior Notes and Debentures) (Details) - USD ($)
$ in Thousands

Dec. 31, 2012

Dec. 31, 2011

Debt Instrument [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

$ 400,000

Line of credit facility, amount outstanding

$ 0

175,552

319,104

206,282

197,114

377,989

850,467

^[1]

2,126,508

Mortgages Payable [Member]

Debt Instrument [Line Items]

40,296

158,855

206,007

62,412

177,654

102,509

747,733

Notes Payable [Member]

Debt Instrument [Line Items]

2013

256

2014

10,249

2015

^[2]

275

9,702

335

278,758

299,575

Senior Notes and Debentures [Member]

Debt Instrument [Line Items]

135,000

150,000

125,000

200,000

469,200

$ 1,079,200

[1]	The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized discount or premium on certain senior notes, debentures and mortgages payable.
[2]	Our $400.0 million revolving credit facility matures on July 6, 2015, subject to a one-year extension at our option. As of December 31, 2012, there was nothing drawn under this credit facility.

Debt (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2012 USD ($)
Debt Disclosure [Abstract]
2013	$ 5,787
2014	5,788
2015	5,787
2016	5,788
2017	5,797
Thereafter	171,810
Capital Leases, Future Minimum Payments Due	200,757
Less amount representing interest	(129,064)
Present value	$ 71,693

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($) agreement	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes and debentures, carrying value	$ 1,076,545	$ 1,004,635
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	$ 275,000
Derivative, Fixed Interest Rate	1.72%
Total Fixed Interest Rate During SWAP	3.17%
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 4,200
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Interest Expense	4,100	300
Other Comprehensive Income (Loss), Net of Tax	(8,448)	(3,940)	$ 0
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages and notes payable, carrying value	1,060,364	1,042,682
Senior notes and debentures, carrying value	1,076,545	1,004,635
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages and notes payable, fair value	1,110,757	1,099,273
Senior notes and debentures, fair value	$ 1,190,833	1,085,309
Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of Interest Rate Derivatives Held \| agreement	2
Interest Rate Swap [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	$ 12,388	3,940
Accumulated Other Comprehensive Income (Loss) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Comprehensive Income (Loss), Net of Tax	$ (8,448)	$ (3,940)

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended		12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2011 USD ($)	Jun. 30, 2009 USD ($)	Dec. 31, 2012 USD ($) shares	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Sep. 30, 2025 USD ($)	Oct. 16, 2023 USD ($)	Sep. 30, 2023 USD ($)	Oct. 16, 2021 USD ($)	Jan. 01, 2017 USD ($)	Dec. 30, 2013	Dec. 31, 2009 USD ($)
Loss Contingencies [Line Items]
Product Warranty Accrual			$ 7,100	$ 7,100
Product Warranty Accrual, Payments			1,300	900
Letters of Credit Outstanding, Amount			$ 15,900
Operating partnership units, outstanding \| shares			320,646
Operating partnership units outstanding, fair value			$ 33,400
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2013			1,488
2014			1,478
2015			1,428
2016			1,372
2017			1,088
Thereafter			50,207
Total			$ 57,061
Maximum [Member] \| Santana Row [Member]
Loss Contingencies [Line Items]
Warranty Period			10 years
Breach Of Contract [Member]
Loss Contingencies [Line Items]
Loss Contingency, Court Decision, Amount		$ 15,900
Loss Contingency, Estimate of Possible Loss												$ 16,400
Final judgment related to a previously disclosed lawsuit	$ 16,200
Insurance Settlement [Member]
Loss Contingencies [Line Items]
Final judgment related to a previously disclosed lawsuit					$ 1,000
Capital Improvement, Development, And Redevelopment Projects [Member]
Loss Contingencies [Line Items]
Contractual Obligation			$ 233,000
Mercer Mall [Member] \| Purchased Call Option [Member]
Loss Contingencies [Line Items]
Purchase Price Under Option								$ 55,000
Mercer Mall [Member] \| Put Option [Member]
Loss Contingencies [Line Items]
Purchase Price Under Option						$ 60,000
Congressional Plaza [Member] \| Put Option [Member]
Loss Contingencies [Line Items]
Option Indexed to Issuer's Equity, Percentage Of Indexed Ownership Interest			100.00%
Option Indexed to Issuer's Equity, Indexed Owenship Interest			29.47%
Congressional Plaza [Member] \| Put Option [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Estimated Maximum Liability Upon Exercise Of Option			$ 65,000
Congressional Plaza [Member] \| Put Option [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Estimated Maximum Liability Upon Exercise Of Option			$ 71,000
Project In Southern California [Member] \| Put Option [Member]
Loss Contingencies [Line Items]
Option Indexed to Issuer's Equity, Indexed Owenship Interest			10.00%
Plaza El Segundo [Member] \| Put Option [Member]
Loss Contingencies [Line Items]
Number of Members With Purchase Options											2
Obligation To Purchase Member One Ownership Interest [Member] \| Plaza El Segundo [Member] \| Put Option [Member]
Loss Contingencies [Line Items]
Option Indexed to Issuer's Equity, Indexed Owenship Interest											10.00%
Obligation To Purchase Member Two Ownership Interest [Member] \| Plaza El Segundo [Member] \| Put Option [Member]
Loss Contingencies [Line Items]
Option Indexed to Issuer's Equity, Indexed Owenship Interest											11.80%
Option To Purchase Preferred Interest [Member] \| Plaza El Segundo [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Purchase Price Under Option										$ 4,900
Obligation To Purchase Member Three Ownership Interest [Member] \| Montrose Crossing [Member] \| Put Option [Member]
Loss Contingencies [Line Items]
Option Indexed to Issuer's Equity, Indexed Owenship Interest			10.10%
Melville Mall [Member] \| Purchased Call Option [Member]
Loss Contingencies [Line Items]
Purchase Price Under Option									$ 5,000
Melville Mall [Member] \| Put Option [Member]
Loss Contingencies [Line Items]
Purchase Price Under Option							$ 5,000
Melville Mall [Member]
Loss Contingencies [Line Items]
Mortgage loan face amount			$ 21,536	$ 22,325

Shareholders Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	May 08, 2012
Shares issued under dividend reinvestment plan (in shares)	22,814	28,823	34,401
Preferred shares, shares outstanding	399,896	399,896	399,896
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25	$ 25
Common Stock, Shares, Issued	64,815,446	63,544,150
Preferred shares, par	$ 0.01	$ 0.01	$ 0.01
Convertible Preferred Stock, Converstion Price Per Share	$ 104.69
Net cash proceeds of common stock	$ 114,134	$ 156,862	$ 6,610
Remaining Capacity To Issue	$ 213,400
At The Market Equity Program [Member]
Aggregate offering price of common share				$ 300,000
Shares issued under equity program	1,040,946	1,662,038
Weighted average price per common share	$ 103.69	$ 85.26
Net cash proceeds of common stock	$ 106,400	$ 139,300
Commissions related to sales of common shares	$ 1,400	$ 2,100
Common Stock [Member]
Shares issued under dividend reinvestment plan (in shares)	22,814	28,823	34,401
Shares issued under equity program	1,039,405	1,662,230	190
5.417% Series 1 Cumulative Convertible Preferred [Member]
Preferred Shares, percentage	5.417%	5.417%	5.417%

Dividends (Details) - $ / shares		12 Months Ended
Dividends (Details) - $ / shares	Nov. 02, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Common Stock [Member]
Dividends [Line Items]
Common shares, declared	$ 0.73	$ 2.840	$ 2.720	$ 2.660
Common shares, ordinary dividend		2.772	2.349	2.519
Common shares, ordinary dividend eligible for 15% rate		0.000	0.027	0.025
Common shares, return of capital		0.000	0.162	0.106
Common shares, capital gain		0.028	0.162	0.000
Common shares, paid		$ 2.800	$ 2.700	$ 2.650
Common Stock, Ordinary Dividends, Tax Rate		15.00%	15.00%	15.00%
5.417% Series 1 Cumulative Convertible Preferred [Member]
Dividends [Line Items]
5.417% Series 1 Cumulative Convertible Preferred, Declared (in dollars per share)		$ 1.354	$ 1.354	$ 1.354
Preferred Shares, percentage		5.417%	5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred shares, ordinary dividend		$ 1.340	$ 1.246	$ 1.341
5.417% Series 1 Cumulative Convertible Preferred shares, ordinary dividend eligible for 15 % rate		0.000	0.013	0.013
5.417% Series 1 Cumulative Convertible Preferred shares, capital gain		0.014	0.095	0.000
5.417% Series 1 Cumulative Convertible Preferred shares, paid		$ 1.354	$ 1.354	$ 1.354
Preferred Stock, Ordinary Dividends, Tax Rate		15.00%	15.00%	15.00%

Operating Leases (Details) $ in Thousands	12 Months Ended
Operating Leases (Details) $ in Thousands	Dec. 31, 2012 USD ($) lease state properties
Property Subject to or Available for Operating Lease [Line Items]
Number of Real Estate Properties \| properties	88
Number of States in which Entity Has Properties \| state	13
Number Of Leases \| lease	2,500
Percent of Annualized Base Rent	3.20%
Operating Leases, Future Minimum Payments Receivable [Abstract]
2013	$ 434,042
2014	399,040
2015	355,013
2016	311,820
2017	254,413
Thereafter	1,384,196
Total	$ 3,138,524
Residential Real Estate [Member] \| Maximum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Operating Lease, Term	1 year
Commercial Real Estate [Member] \| Maximum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Operating Lease, Term	10 years
Commercial Real Estate [Member] \| Minimum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Operating Lease, Term	3 years

Components Of Rental Income (Schedule Of Principal Components Of Rental Income) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Cost reimbursement

$ 112,740

$ 106,347

$ 107,008

Percentage rent

8,568

7,576

6,358

Other

10,522

9,020

8,866

Total rental income

582,335

538,701

522,651

Commercial Real Estate [Member]

Minimum rents

422,894

392,657

378,836

Residential Real Estate [Member]

Minimum rents

^[1]

$ 27,611

$ 23,101

$ 21,583

[1]	Residential minimum rents consist of the rental amounts for residential units at Rollingwood Apartments, The Crest at Congressional Plaza Apartments, Santana Row and Bethesda Row.

Components Of Rental Income (Schedule Of Minimum Rent) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Components Of Rental Income and Expense [Abstract]
Straight-line rents	$ 6.1	$ 5.7	$ 4.6
Amortization of above and below Market Leases	$ 1.1	$ 1.4	$ 1.6

Components of Rental Income and Expense (Components Of Rental Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Component of Operating Other Cost and Expense [Line Items]
Repairs and maintenance	$ 41,616	$ 41,977	$ 42,278
Utilities	19,213	18,823	18,545
Management fees and costs	15,167	14,989	14,641
Payroll	8,704	8,080	7,909
Bad debt expense	2,151	2,649	6,396
Ground rent	2,189	2,047	3,049
Insurance	6,298	5,282	5,054
Marketing	7,321	6,868	4,789
Other operating	10,101	8,834	7,858
Rental expenses	$ 112,760	$ 109,549	$ 110,519

Discontinued Operations (Summary Of The Financial Information For The Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Discontinued Operations and Disposal Groups [Abstract]
Revenue from discontinued operations	$ 93	$ 163	$ 1,048	$ 978	$ 0	$ 2,300	$ 3,500
Income from discontinued operations					$ 0	$ 957	$ 976

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 07, 2013	Jan. 02, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred			$ 10,371	$ 8,247	$ 6,487
Capitalized share-based compensation			(908)	(663)	(745)
Share-based compensation expense			$ 9,463	$ 7,584	$ 5,742
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility					30.00%
Expected dividend yield					4.00%
Expected term (in years)					4 years 4 months
Risk free interest rate					1.90%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of year (in shares)		390,889	517,653
Outstanding at the beginning of year, Weighted-Average Exercise Price (in dollars per share)		$ 62.96	$ 61.08
Granted (in shares)			0	0
Granted, Weighted-Average Exercise Price (in dollars per share)			$ 0.00
Exercised (in shares)			(97,430)
Exercised, Weighted-Average Exercise Price (in dollars per share)			$ 58.46
Forfeited or expired (in shares)			(29,334)
Forfeited or Expired, Weighted-Average Exercise Price (in dollars per share)			$ 44.61
Outstanding at the end of year (in shares)			390,889	517,653
Outstanding at the end of year, Weighted-Average Exercise Price (in dollars per share)			$ 62.96	$ 61.08
Outstanding at the end of year, Intrinsic Value			$ 16,048
Exercisable at the end of year (in shares)			293,946
Exercisable, Weighted-Average Exercise Price (in dollars per share)			$ 65.66
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term			5 years 2 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term			5 years
Exercisable, Aggregate Intrinsic Value			$ 11,276
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at the beginning of year (in shares)		287,680	282,837
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)		$ 85.28	$ 74.00
Granted (in shares)			126,169
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 96.35	$ 81.94	$ 73.51
Vested (in shares)			(106,804)
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 72.78
Forfeited (in shares)			(14,522)
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 53.76
Unvested at the end of year (in shares)			287,680	282,837
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)			$ 85.28	$ 74.00
Restricted Stock [Member]
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred			$ 9,846	$ 7,308	$ 5,232
Stock Options [Member]
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred			$ 525	$ 939	$ 1,255
Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)		5,767
Stock Award [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	98,913
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Share-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 07, 2013	Dec. 31, 2012 USD ($) plans $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2010 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number Of Share Based Compensation Plans \| plans		2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures \| shares		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares				$ 11.77
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options		$ 5.7	$ 15.2	$ 4.2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value		$ 4.2	$ 5.6	$ 4.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares		$ 96.35	$ 81.94	$ 73.51
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value		$ 10.3	$ 6.3	$ 4.3
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized		$ 15.3
Period for recognition (in years)		4 years 7 months 6 days
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition		2 years 4 months
Long Term Incentive Plan 2001 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized \| shares		3,250,000
Performance Incentive Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized \| shares		2,450,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		6 years
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)		10 years
Stock Option [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Stock Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		6 years

Savings and Retirement Plans (Details) - USD ($)	12 Months Ended
Savings and Retirement Plans (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Defined Contribution Pension [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Employer Contribution Per Employee, Matching Percent	50.00%	50.00%	50.00%
Deferred Compensation Arrangement with Individual, Employer Contribution	$ 427,000	$ 365,000	$ 596,000
Non-Qualified Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Recorded Liability	7,200,000	5,900,000
Maximum [Member] \| Defined Contribution Pension [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Amount	$ 17,000	$ 16,500	$ 16,500
Deferred Compensation Arrangement with Individual, Employer Contribution, Percent Of Eligible Earnings	5.00%	5.00%	5.00%

Earnings Per Share (Narrative) (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Earnings Per Share Narrative [Line Items]
Weighted average unvested shares outstanding	0.3	0.3	0.2
Anti-dilutive stock options excluded from dilutive earnings per share calculation	0.0	0.1	0.2
5.417% Series 1 Cumulative Convertible Preferred [Member]
Earnings Per Share Narrative [Line Items]
Cumulative convertible preferred share, dividend rate	5.417%	5.417%	5.417%

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

This element represents nonvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid). Basic and dilutive earnings per share are generally disclosed for such shares using the two-class method.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 61A
-URI http://asc.fasb.org/extlink&oid=7655603&loc=SL5780137-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Participating Security
-URI http://asc.fasb.org/extlink&oid=6519812

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 59A
-URI http://asc.fasb.org/extlink&oid=7655603&loc=SL5780131-109256

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60A
-URI http://asc.fasb.org/extlink&oid=7655603&loc=SL5780132-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 68B
-URI http://asc.fasb.org/extlink&oid=7655603&loc=SL5498026-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-URI http://asc.fasb.org/extlink&oid=7655603&loc=SL5780133-109256

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-6
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number EITF03-6-1
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 61
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 60
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

^[1]

Sep. 30, 2011

^[1]

Jun. 30, 2011

^[1]

Mar. 31, 2011

^[1]

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Earnings Per Share [Abstract]

Income from continuing operations

$ 144,372

$ 131,554

$ 125,851

Less: Preferred share dividends

(541)

Less: Income from continuing operations attributable to noncontrolling interests

(4,307)

(5,475)

(5,247)

Less: Earnings allocated to unvested shares

(845)

(705)

(572)

Income from continuing operations available for common shareholders

138,679

124,833

119,491

Results from discontinued operations attributable to the Trust

17,838

1,776

Gain on sale of real estate

11,860

410

Net income available for common shareholders, basic and diluted

$ 150,539

$ 142,671

$ 121,677

Weighted average common shares outstanding-basic

63,881

62,438

61,182

Stock options

175

165

142

Weighted average common shares outstanding-diluted

64,056

62,603

61,324

Continuing operations

$ 2.17

$ 2.00

$ 1.95

Discontinued operations

0.00

0.29

0.03

Gain on sale of real estate

0.19

0.00

0.01

Earnings Per Share, Basic, Total

$ 0.58

$ 0.60

$ 0.51

$ 0.67

$ 0.48

$ 0.74

$ 0.55

$ 0.50

2.36

2.29

1.99

Continuing operations

2.16

1.99

1.94

Discontinued operations

0.00

0.29

0.03

Gain on sale of real estate

0.19

0.00

0.01

Earnings Per Share, Diluted, Total

$ 0.58

$ 0.60

$ 0.51

$ 0.67

$ 0.48

$ 0.74

$ 0.55

$ 0.50

$ 2.35

$ 2.28

$ 1.98

Income from continuing operations attributable to the Trust

$ 140,065

$ 126,079

$ 120,604

[1]	Third quarter 2011 amounts include a $14.8 million gain on sale of our Feasterville Shopping Center as further discussed in Note 3.

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Jul. 12, 2011

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Revenue

$ 156,364

$ 157,805

$ 147,560

$ 146,289

$ 141,466

^[1]

$ 137,664

^[1]

$ 136,279

^[1]

$ 137,650

^[1]

$ 608,018

$ 553,059

$ 541,797

Operating Income

65,813

67,123

^[2]

61,779

60,547

57,233

^[2]

56,757

^[2]

57,334

^[2]

56,373

^[2]

255,262

227,697

229,218

Net income

38,858

39,656

33,596

44,122

32,455

^[2]

48,302

^[2]

36,471

^[2]

32,384

^[2]

156,232

149,612

128,237

Net income attributable to the Trust

37,692

38,644

32,603

42,986

30,921

^[2]

47,053

^[2]

34,757

^[2]

31,186

^[2]

151,925

143,917

122,790

Net income available for common shareholders

$ 37,557

$ 38,508

$ 32,468

$ 42,851

$ 30,786

^[2]

$ 46,917

^[2]

$ 34,622

^[2]

$ 31,051

^[2]

$ 151,384

$ 143,376

$ 122,249

Earnings per common share—basic

$ 0.58

$ 0.60

$ 0.51

$ 0.67

$ 0.48

^[2]

$ 0.74

^[2]

$ 0.55

^[2]

$ 0.50

^[2]

$ 2.36

$ 2.29

$ 1.99

Earnings per common share—diluted

$ 0.58

$ 0.60

$ 0.51

$ 0.67

$ 0.48

^[2]

$ 0.74

^[2]

$ 0.55

^[2]

$ 0.50

^[2]

$ 2.35

$ 2.28

$ 1.98

Revenue from discontinued operations

$ 93

$ 163

$ 1,048

$ 978

$ 0

$ 2,300

$ 3,500

Discontinued operation - gain on sale of real estate

$ 0

$ 15,075

$ 1,000

Feasterville Shopping Center July 17 2011 [Member]

Discontinued operation - gain on sale of real estate

$ 14,800

[1]	Revenue has been reduced to reflect the results of discontinued operations. Revenue from discontinued operations, by quarter, is summarized as follows: FirstQuarter SecondQuarter ThirdQuarter FourthQuarter (In thousands)2011 revenue from discontinued operations$978 $1,048 $163 $93
[2]	Third quarter 2011 amounts include a $14.8 million gain on sale of our Feasterville Shopping Center as further discussed in Note 3.

Subsequent Event (Details) $ in Millions	Jan. 02, 2013 USD ($)
White Marsh Plaza [Member]
Subsequent Event [Line Items]
Repayments of Secured Debt	$ 9.0

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract]
Balance at beginning of year	$ 4,426,444	$ 3,895,942	$ 3,759,234
Acquisitions	193,131	430,758	34,855
Consolidation of VIE			18,311
Improvements	187,990	147,996	97,129
Deconsolidation of VIE		(18,311)
Deduction during period - disposition and retirements of property	(27,891)	(29,941)	(13,587)
Balance at end of year	4,779,674	4,426,444	3,895,942
Real Estate and Accumulated Depreciation, Other Required Disclosures [Abstract]
Real Estate, Federal Income Tax Basis	4,200,000
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	1,127,588	1,035,204	938,087
Additions during period—depreciation and amortization expense	128,654	114,180	108,261
Deductions during period—disposition and retirements of property	(31,947)	(21,796)	(11,144)
Balance at end of year	$ 1,224,295	$ 1,127,588	$ 1,035,204

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($)

12 Months Ended

Feb. 02, 2011

Aug. 04, 2006

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Jun. 30, 2011

Mortgage Loans on Real Estate [Line Items]

Prior Liens

$ 35,000,000

Face Amount of Mortgages

57,777,000

Carrying Amount of Mortgages

55,648,000

^[1]

$ 56,000,000

Principal Amount of Loans Subject to delinquent Principal or Interest

Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]

Mortgage Loans on Real Estate, Federal Income Tax Basis

$ 57,800,000

Mortgage Loans on Real Estate, Interest Rate

9.40%

9.20%

Movement in Mortgage Loans on Real Estate [Roll Forward]

Balance at beginning of year

$ 55,967,000

$ 44,813,000

$ 48,336,000

Issuance of loans

70,000

130,000

14,787,000

Deconsolidation of VIE

18,311,000

Collection and satisfaction of loans

(1,161,000)

(7,598,000)

(464,000)

Amortization of discount /loan fee

772,000

311,000

465,000

Consolidation of VIE

(18,311,000)

Balance at end of year

55,648,000

55,967,000

$ 44,813,000

Mortgage On Retail Buildings in Philadelphia, PA, Loan One [Member]

Mortgage Loans on Real Estate [Line Items]

Prior Liens

Face Amount of Mortgages

20,286,000

Carrying Amount of Mortgages

^[2]

20,286,000

Principal Amount of Loans Subject to delinquent Principal or Interest

$ 0

Mortgage On Retail Buildings in Philadelphia, PA, Loan Two [Member]

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans on Real Estate, Participation Plus Interest Rate, Interest Rate

10.00%

Prior Liens

$ 0

Face Amount of Mortgages

9,250,000

Carrying Amount of Mortgages

9,250,000

Principal Amount of Loans Subject to delinquent Principal or Interest

Second Mortgage On Hotel In San Jose, CA [Member]

Mortgage Loans on Real Estate [Line Items]

Prior Liens

^[3],[4]

35,000,000

Face Amount of Mortgages

12,914,000

^[3]

$ 14,200,000

Carrying Amount of Mortgages

^[3]

10,785,000

Principal Amount of Loans Subject to delinquent Principal or Interest

^[3]

$ 0

Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]

Payments of Principal and Interest Based on Amortization Schedule, Period

15 years

Mortgage Loans on Real Estate, Interest Rate

14.00%

9.00%

Mortgage On Restaurant In Rockville, MD [Member]

Mortgage Loans on Real Estate [Line Items]

Prior Liens

^[5]

$ 0

Face Amount of Mortgages

^[5]

3,612,000

Carrying Amount of Mortgages

^[5]

3,612,000

Principal Amount of Loans Subject to delinquent Principal or Interest

^[5]

$ 0

Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]

Payments of Principal and Interest Based on Amortization Schedule, Period

30 years

Mortgage Loans on Real Estate, Interest Rate

9.00%

Mortgage loan on a shopping center and an adjacent commercial building in Norwalk ,CT [Member]

Mortgage Loans on Real Estate [Line Items]

Prior Liens

^[6]

$ 0

Face Amount of Mortgages

11,715,000

^[6]

$ 11,900,000

Carrying Amount of Mortgages

^[6]

11,715,000

Principal Amount of Loans Subject to delinquent Principal or Interest

^[6]

$ 0

Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]

Mortgage Loans on Real Estate, Interest Rate

6.00%

Maximum [Member] | Mortgage On Retail Buildings in Philadelphia, PA, Loan One [Member]

Mortgage Loans on Real Estate [Line Items]

Face Amount of Mortgages

$ 25,000,000

Interest Rate One [Member] | Mortgage On Retail Buildings in Philadelphia, PA, Loan One [Member]

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans on Real Estate, Participation Plus Interest Rate, Interest Rate

8.00%

Interest Rate Two [Member] | Mortgage On Retail Buildings in Philadelphia, PA, Loan One [Member]

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans on Real Estate, Participation Plus Interest Rate, Interest Rate

10.00%

Extension Option One [Member] | Mortgage On Restaurant In Rockville, MD [Member]

Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]

Mortgage Loans on Real Estate, Interest Rate, Increase in Subsequent Year of Extension

1.00%

Extension Option Period

1 year

Mortgage Loans on Real Estate, Interest Rate

12.00%

Extension Option One [Member] | Mortgage loan on a shopping center and an adjacent commercial building in Norwalk ,CT [Member]

Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]

Extension Option Period

1 year

Mortgage Loans on Real Estate, Interest Rate

7.00%

Extension Option Two [Member] | Mortgage On Restaurant In Rockville, MD [Member]

Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]

Extension Option Period

3 years

[1]	For Federal tax purposes, the aggregate tax basis is approximately $57.8 million as of December 31, 2012.
[2]	This mortgage is available for up to $25.0 million.
[3]	This note was amended on August 4, 2006. The amended note decreased the interest from 14% to 9% per annum, and requires monthly payments of principal and interest based on 15-year amortization schedule.
[4]	We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2012 is estimated.
[5]	Beginning February 1, 2011, the note requires monthly payments of principal and interest based on a 30-year amortization schedule. The borrower has one, three-year extension option with an interest rate of 12% which increases 1% in each subsequent year of the extension term.
[6]	The loan is subject to a one year extension option with an interest rate of 7% .