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Document and Entity Information Document - shares	6 Months Ended	12 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2014	Dec. 31, 2014	Aug. 04, 2014
Entity Information [Line Items]
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
Document Type	10-Q
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus		2014
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	FRT
Entity Common Stock, Shares Outstanding			67,718,240
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
ASSETS
Operating (including $281,311 and $265,138 of consolidated variable interest entities, respectively)	$ 5,004,993	$ 4,618,258
Construction-in-progress	472,570	531,205
Real Estate Investment Property, At Cost, Total	5,477,563	5,149,463
Less accumulated depreciation and amortization (including $22,840 and $19,086 of consolidated variable interest entities, respectively)	(1,417,376)	(1,350,471)
Net real estate	4,060,187	3,798,992
Cash and cash equivalents	41,312	88,927
Accounts and notes receivable, net	97,741	84,838
Mortgage notes receivable, net	54,932	55,155
Investment in real estate partnership	35,511	32,264
Prepaid expenses and other assets	128,564	145,062
Debt issuance costs, net of accumulated amortization of $10,969 and $9,535, respectively	13,238	14,056
TOTAL ASSETS	4,431,485	4,219,294
Liabilities
Mortgages payable (including $188,739 and $202,782 of consolidated variable interest entities, respectively)	634,045	588,456
Capital lease obligations	71,659	71,671
Notes payable	290,765	300,822
Senior notes and debentures	1,361,282	1,360,913
Accounts payable and accrued expenses	168,615	156,270
Dividends payable	53,631	52,385
Security deposits payable	13,502	12,772
Other liabilities and deferred credits	109,242	100,283
Total liabilities	2,702,741	2,643,572
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	110,688	104,425
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, 67,712,366 and 66,701,422 shares issued and outstanding, respectively	678	667
Additional paid-in capital	2,170,152	2,062,708
Accumulated dividends in excess of net income	(647,006)	(623,795)
Accumulated other comprehensive loss	(4,060)	(1,417)
Total shareholders' equity of the Trust	1,529,761	1,448,160
Noncontrolling interests	88,295	23,137
Total shareholders' equity	1,618,056	1,471,297
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 4,431,485	$ 4,219,294

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Operating Real Estate, Consolidated Variable Interest Entities	$ 281,311	$ 281,311	$ 265,138
Accumulated depreciation and amortization, consolidated variable interest entities	22,840	22,840	19,086
Accumulated Amortization, Debt Issuance Costs	10,969	10,969	9,535
Mortgages Payable, Consolidated Variable Interest Entities	$ 188,739	$ 188,739	$ 202,782
Preferred Shares Authorized	15,000,000	15,000,000	15,000,000
Preferred Shares Par Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred Shares, Liquidation Preference Per Share	$ 25	$ 25	$ 25
Preferred Shares Issued	399,896	399,896	399,896
Preferred Shares Outstanding	399,896	399,896	399,896
Common Shares, Par Value Per Share	$ 0.01	$ 0.01	$ 0.01
Common Shares Authorized	100,000,000	100,000,000	100,000,000
Common Shares Issued	67,712,366	67,712,366	66,701,422
Common Shares Outstanding	67,712,366	67,712,366	66,701,422
5.417% Series 1 Cumulative Convertible Preferred [Member]
Preferred Stock, Dividend Rate, Percentage	5.417%	5.417%	5.417%

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUE
Rental income	$ 162,383	$ 153,212	$ 328,576	$ 305,828
Other property income	4,325	2,913	7,725	6,181
Mortgage interest income	1,239	1,263	2,474	2,528
Total revenue	167,947	157,388	338,775	314,537
EXPENSES
Rental expenses	31,405	28,209	68,535	57,710
Real estate taxes	19,164	17,632	37,864	35,204
General and administrative	8,124	8,302	15,828	15,359
Depreciation and amortization	40,893	39,757	84,743	80,274
Total operating expenses	99,586	93,900	206,970	188,547
OPERATING INCOME	68,361	63,488	131,805	125,990
Other interest income	18	65	43	95
Interest expense	(23,213)	(27,147)	(46,350)	(54,552)
Early extinguishment of debt	0	(3,399)	0	(3,399)
Income from real estate partnership	250	372	463	684
INCOME FROM CONTINUING OPERATIONS	45,416	33,379	85,961	68,818
DISCONTINUED OPERATIONS
Discontinued operations - income	0	424	0	827
INCOME BEFORE GAIN ON SALE OF REAL ESTATE	45,416	33,803	85,961	69,645
Gain on sale of real estate	0	4,994	0	4,994
NET INCOME	45,416	38,797	85,961	74,639
Net income attributable to noncontrolling interests	(1,871)	(1,258)	(3,663)	(2,512)
NET INCOME ATTRIBUTABLE TO THE TRUST	43,545	37,539	82,298	72,127
Dividends on preferred shares	(135)	(135)	(271)	(271)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 43,410	$ 37,404	$ 82,027	$ 71,856
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$ 0.64	$ 0.49	$ 1.22	$ 1.01
Discontinued operations	0.00	0.00	0.00	0.01
Gain on Sale of Real Estate	0.00	0.08	0.00	0.08
Earnings Per Share, Basic, Total	$ 0.64	$ 0.57	$ 1.22	$ 1.10
Weighted average number of common shares, basic	67,110	65,149	66,858	64,922
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$ 0.64	$ 0.49	$ 1.22	$ 1.01
Discontinued operations	0.00	0.00	0.00	0.01
Gain on Sale of Real Estate	0.00	0.08	0.00	0.08
Earnings Per Share, Diluted, Total	$ 0.64	$ 0.57	$ 1.22	$ 1.10
Weighted average number of common shares, diluted	67,277	65,311	67,021	65,080
COMPREHENSIVE INCOME	$ 43,316	$ 47,202	$ 83,318	$ 84,659
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 41,445	$ 45,944	$ 79,655	$ 82,147

Consolidated Statement Of Shareholders' Equity - 6 months ended Jun. 30, 2014 - 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, 2013		399,896	66,701,422
Beginning balance at Dec. 31, 2013	$ 1,471,297	$ 9,997	$ 667	$ 2,062,708	$ (623,795)	$ (1,417)	$ 23,137
Net income, excluding $1,640 attributable to redeemable noncontrolling interests	84,321				82,298		2,023
Other comprehensive loss - change in value of interest rate swaps	(2,643)					(2,643)
Dividends declared to common shareholders	(105,238)				(105,238)
Dividends declared to preferred shareholders	(271)				(271)
Distributions declared to noncontrolling interests	(2,201)						(2,201)
Common shares issued (in shares)			896,545
Common shares issued	102,339		$ 9	102,330
Exercise of stock options (in shares)			19,610
Exercise of stock options	1,461		$ 1	1,460
Shares issued under dividend reinvestment plan (in shares)			9,443
Shares issued under dividend reinvestment plan	1,031			1,031
Share-based compensation expense, net of shares withheld for employee taxes (in shares)			85,346
Share-based compensation expense, net of shares withheld for employee taxes	3,292		$ 1	3,291
Redemption of Operating Partnership Units (in shares)			0
Redemption Of Operating Partnership Units	(53)			(39)			(14)
Contributions from noncontrolling interests	65,350						65,350
Adjustment to redeemable noncontrolling interests	(629)			(629)			0
Ending balance at Jun. 30, 2014	$ 1,618,056	$ 9,997	$ 678	$ 2,170,152	$ (647,006)	$ (4,060)	$ 88,295
Ending balance (in shares) at Jun. 30, 2014		399,896.000	67,712,366.000

Consolidated Statement Of Shareholders' Equity (Parentheticals) $ in Thousands	6 Months Ended
	Jun. 30, 2014 USD ($)
Net Income Attributable to Redeemable Noncontrolling Interests	$ 1,640

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
OPERATING ACTIVITIES
Net income	$ 85,961	$ 74,639
Adjustment to reconcile net income to net cash provided by operating activities
Depreciation and amortization, including discontinued operations	84,743	80,477
Gain on sale of real estate	0	(4,994)
Income from real estate partnership	(463)	(684)
Other, net	2,348	2,128
Changes in assets and liabilities, net of effects of acquisitions and dispositions
Increase in accounts receivable	(10,839)	(7,756)
Decrease in prepaid expenses and other assets	8,175	7,683
Increase (decrease) in accounts payable and accrued expenses	967	(406)
Increase (decrease) in security deposits and other liabilities	1,177	(4,391)
Net cash provided by operating activities	172,069	146,696
INVESTING ACTIVITIES
Acquisition of real estate	(4,352)	(47,202)
Capital expenditures - development and redevelopment	(154,732)	(93,290)
Capital expenditures - other	(20,280)	(20,014)
Proceeds from sale of real estate	0	8,608
Investment in real estate partnership	(3,581)	0
Distribution from real estate partnership in excess of earnings	301	68
Leasing costs	(8,118)	(6,609)
Repayment of mortgage and other notes receivable, net	640	261
Net cash used in investing activities	(190,122)	(158,178)
FINANCING ACTIVITIES
Costs to upsize and extend revolving credit facility	0	(1,929)
Issuance of senior notes, net of costs	0	269,343
Redemption and retirement of senior notes	0	(135,000)
Repayment of mortgages, capital leases and notes payable	(26,097)	(34,505)
Issuance of common shares	103,931	83,220
Dividends paid to common and preferred shareholders	(103,856)	(94,196)
Distributions to and redemptions of noncontrolling interests	(3,540)	(4,073)
Net cash (used in) provided by financing activities	(29,562)	82,860
(Decrease) increase in cash and cash equivalents	(47,615)	71,378
Cash and cash equivalents at beginning of year	88,927	36,988
Cash and cash equivalents at end of period	$ 41,312	$ 108,366

Business And Organization	6 Months Ended
Business And Organization	Jun. 30, 2014
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, and California. As of June 30, 2014, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 89 predominantly retail real estate projects. We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

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 2013 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.

Recently Adopted Accounting Pronouncements

In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 amends the definition of a discontinued operation to include only the disposal of a component of an entity that represents a strategic shift that has or will have a major impact on an entity’s operations and financial results. The standard also requires additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The standard is applicable prospectively for all disposals initially classified as held for sale in periods after adoption. We adopted the standard effective January 1, 2014, and there was no impact to the current period financial statements. In future periods, the adoption will result in most individual property disposals not qualifying for discontinued operations presentation and thus, the results of those disposals will remain in “income from continuing operations.” Properties sold prior to January 1, 2014, are not subject to ASU 2014-08 and therefore, continue to be classified as discontinued operations using the previous definition.

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. ASU 2014-09 will be effective for us in the first quarter of 2017 and allows for either full retrospective or modified retrospective adoption. We are currently assessing the impact of this standard 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:



	Six Months Ended
	June 30,
	2014			2013
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	57,364		$	61,155
Interest capitalized	(11,014		)	(6,603		)
Interest expense	$	46,350		$	54,552
Cash paid for interest, net of amounts capitalized	$	40,855		$	57,410
Cash paid for income taxes	$	309		$	378
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition	$	68,282		$	—
Mortgage loan refinanced	$	11,500		$	—
Repayment of note payable with public funding/related construction-in-progress offset	$	10,000		$	—
Shares issued under dividend reinvestment plan	$	900		$	894

See Note 3 for additional disclosures relating to The Grove at Shrewsbury and Brook 35 acquisition.

Real Estate	6 Months Ended
Real Estate	Jun. 30, 2014
Real Estate [Abstract]
Real Estate Acquisitions Dispositions Discontinued Operations Text Block	NOTE 3—REAL ESTATE Effective January 1, 2014, we acquired a controlling interest in The Grove at Shrewsbury, a 187,000 square foot shopping center in Shrewsbury, New Jersey, and Brook 35, a 99,000 square foot shopping center in Sea Girt, New Jersey for a gross value of $161 million. Our effective economic interest approximates 84% and was funded by the assumption of our share of $68 million of mortgage debt, 632,000 downREIT operating partnership units, and $13 million of cash (which was in an escrow account at December 31, 2013). Approximately $1.7 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. Additionally, $71.1 million was allocated to redeemable and nonredeemable noncontrolling interests. We incurred $2.0 million of acquisition costs, of which $0.9 million were incurred in 2014 and included in "general and administrative expense" for the six months ended June 30, 2014. We have entered into an agreement to acquire the interest of one of the noncontrolling interest holders in The Grove at Shrewsbury in 2015. As this noncontrolling interest is mandatorily redeemable, it has been classified as a liability of approximately $9 million and is included in "other liabilities and deferred credits" on the June 30, 2014 consolidated balance sheet. An additional noncontrolling interest holder has the right to require us to acquire its interests in The Grove at Shrewsbury and Brook 35 at the then current fair market value beginning on January 1, 2017.

Real Estate Partnership

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

REAL ESTATE PARTNERSHIP

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 June 30, 2014, 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.

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



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
	(In thousands)
OPERATING RESULTS
Revenue	$	4,469	$	4,624	$	9,487	$	9,573
Expenses
Other operating expenses	1,390		1,318		3,500		3,135
Depreciation and amortization	1,590		1,361		3,077		2,730
Interest expense	781		841		1,620		1,683
Total expenses	3,761		3,520		8,197		7,548
Net income	$	708	$	1,104	$	1,290	$	2,025
Our share of net income from real estate partnership	$	250	$	372	$	463	$	684



	June 30,		December 31,
	2014		2013
	(In thousands)
BALANCE SHEETS
Real estate, net	$	169,193	$	170,867
Cash	3,046		2,210
Other assets	5,170		5,668
Total assets	$	177,409	$	178,745
Mortgages payable	$	44,885	$	56,922
Other liabilities	3,937		4,100
Partners’ capital	128,587		117,723
Total liabilities and partners’ capital	$	177,409	$	178,745
Our share of unconsolidated debt	$	13,466	$	17,077
Our investment in real estate partnership	$	35,511	$	32,264

On June 5, 2014, the Partnership repaid an $11.9 million mortgage loan secured by one of its properties at par prior to the original maturity date of July 5, 2014. Both partners made additional capital contributions totaling $11.9 million to repay the mortgage loan, of which our contribution was $3.6 million.

Debt

6 Months Ended

Jun. 30, 2014

Debt Instruments [Abstract]

DEBT

NOTE 5—DEBT

In connection with the acquisition of The Grove at Shrewsbury and Brook 35 on January 1, 2014, we assumed mortgage loans with a face amount of $68.3 million and a fair value of $73.8 million. The mortgage loans are secured by the individual properties with the following contractual terms:



	Principal		Stated Interest Rate		Maturity Date
	(In millions)
Brook 35	$	11.5	5.46	%	July 1, 2014
The Grove at Shrewsbury (East)	45.4		5.82	%	October 1, 2017
The Grove at Shrewsbury (West)	11.4		6.38	%	March 1, 2018

On June 2, 2014 we refinanced the above mortgage loan on Brook 35 at a face amount of $11.5 million. The new mortgage loan bears interest at 4.65% and matures on July 1, 2029.

On June 3, 2014 we repaid the mortgage loan on Melville Mall prior to its original maturity date at par for $20.3 million. The loan had an original maturity date of September 1, 2014.

During the three and six months ended June 30, 2014, the maximum amount of borrowings outstanding under our $600.0 million revolving credit facility was $19.0 million, the weighted average borrowings outstanding was $4.0 million and $2.1 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 1.04% and 1.05%, respectively. At June 30, 2014, there was no balance outstanding. Our revolving credit facility, term loan and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of June 30, 2014, we were in compliance with all debt covenants.

Fair Value Of Financial Instruments

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:



	June 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	924,810	$	941,366	$	889,278	$	912,251
Senior notes and debentures	$	1,361,282	$	1,443,172	$	1,360,913	$	1,397,731

As of June 30, 2014, 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% through November 1, 2018, and effectively fix the rate of the term loan at 3.02%. 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 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 June 30, 2014, 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 June 30, 2014 was a liability of $4.1 million and is included in "accounts payable and accrued expenses" on our consolidated balance sheet. For the three and six months ended June 30, 2014, the change in valuation on our interest rate swaps was $2.1 million and $2.6 million, respectively, (including $1.1 million and $2.2 million, respectively, reclassified from other comprehensive loss to interest expense) and is 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:



	June 30, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	4,060	$	—	$	4,060	$	—	$	1,417	$	—	$	1,417

- 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 + Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us. Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option. A total of 917,255 downREIT operating partnership units are outstanding which have a total fair value of $110.9 million, based on our closing stock price on June 30, 2014.

Shareholders' Equity

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

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



	Six Months Ended June 30,
	2014				2013
	Declared		Paid		Declared		Paid
Common shares	$	1.560	$	1.560	$	1.460	$	1.460
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.677	$	0.677	$	0.677	$	0.677

On February 12, 2014 we replaced our existing at the market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $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 three months ended June 30, 2014, we issued 440,778 common shares at a weighted average price per share of $119.66 for net cash proceeds of $52.2 million and paid $0.5 million in commissions and less than $0.1 million in additional offering expenses related to the sales of these common shares. For the six months ended June 30, 2014, we issued 896,490 common shares at a weighted average price per share of $115.44 for net cash proceeds of $102.3 million and paid $1.0 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. As of June 30, 2014, we had the capacity to issue up to $196.5 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, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Components Of Rental Income

6 Months Ended

Jun. 30, 2014

Components Of Rental Income and Expense [Abstract]

COMPONENTS OF RENTAL INCOME AND EXPENSE

COMPONENTS OF RENTAL INCOME

The principal components of rental income are as follows:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
	(In thousands)
Minimum rents
Retail and commercial	$	116,840	$	112,669	$	232,905	$	222,700
Residential	8,532		7,190		16,354		14,329
Cost reimbursement	32,158		28,658		69,617		59,486
Percentage rent	2,045		1,963		4,168		4,124
Other	2,808		2,732		5,532		5,189
Total rental income	$	162,383	$	153,212	$	328,576	$	305,828

Minimum rents include the following:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(In millions)
Straight-line rents	$	1.1		$	1.8		$	2.2		$	2.6
Amortization of above market leases	$	(0.8	)	$	(0.7	)	$	(1.7	)	$	(1.5	)
Amortization of below market leases	$	1.5		$	1.5		$	2.9		$	3.0

Discontinued Operations

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

NOTE 10—DISCONTINUED OPERATIONS

During 2013 and prior to our adoption of ASU 2014-08 as further discussed in Note 2, certain disposal transactions were considered discontinued operations. A summary of the financial information for these discontinued operations is as follows:



	Three Months Ended June 30,		Six Months Ended June 30,
	2013		2013
	(In millions)
Revenue from discontinued operations	$	0.6	$	1.2
Income from discontinued operations	$	0.4	$	0.8

- 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

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+ Details

Share-Based Compensation Plans

6 Months Ended

Jun. 30, 2014

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:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(In thousands)
Share-based compensation incurred
Grants of common shares	$	3,069		$	2,624		$	6,592		$	5,613
Grants of options	1			68			36			154
	3,070			2,692			6,628			5,767
Capitalized share-based compensation	(300		)	(186		)	(585		)	(388		)
Share-based compensation expense	$	2,770		$	2,506		$	6,043		$	5,379

Earnings Per Share

6 Months Ended

Jun. 30, 2014

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 the three and six months ended June 30, 2014 and 2013, we had 0.3 million weighted average unvested shares outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below.

In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options for the three and six months ended June 30, 2014 and 2013. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	45,416		$	33,379		$	85,961		$	68,818
Less: Preferred share dividends	(135		)	(135		)	(271		)	(271		)
Less: Income from continuing operations attributable to noncontrolling interests	(1,871		)	(1,258		)	(3,663		)	(2,512		)
Less: Earnings allocated to unvested shares	(237		)	(214		)	(475		)	(428		)
Income from continuing operations available for common shareholders	43,173			31,772			81,552			65,607
Results from discontinued operations attributable to the Trust	—			424			—			827
Gain on sale of real estate	—			4,994			—			4,994
Net income available for common shareholders, basic and diluted	$	43,173		$	37,190		$	81,552		$	71,428
DENOMINATOR
Weighted average common shares outstanding—basic	67,110			65,149			66,858			64,922
Effect of dilutive securities:
Stock options	167			162			163			158
Weighted average common shares outstanding—diluted	67,277			65,311			67,021			65,080
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.64		$	0.49		$	1.22		$	1.01
Discontinued operations	—			—			—			0.01
Gain on sale of real estate	—			0.08			—			0.08
	$	0.64		$	0.57		$	1.22		$	1.10
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.64		$	0.49		$	1.22		$	1.01
Discontinued operations	—			—			—			0.01
Gain on sale of real estate	—			0.08			—			0.08
	$	0.64		$	0.57		$	1.22		$	1.10
Income from continuing operations attributable to the Trust	$	43,545		$	32,121		$	82,298		$	66,306

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2014
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT On July 24, 2014, our Partnership with Clarion sold the fee interest in Pleasant Shops in Weymouth, Massachusetts for a sales price of $34.3 million.

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
Summary Of Significant Accounting Policies (Policy)	Jun. 30, 2014
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. Certain 2013 amounts have been reclassified to conform to current period presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Recently Issued and Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 amends the definition of a discontinued operation to include only the disposal of a component of an entity that represents a strategic shift that has or will have a major impact on an entity’s operations and financial results. The standard also requires additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The standard is applicable prospectively for all disposals initially classified as held for sale in periods after adoption. We adopted the standard effective January 1, 2014, and there was no impact to the current period financial statements. In future periods, the adoption will result in most individual property disposals not qualifying for discontinued operations presentation and thus, the results of those disposals will remain in “income from continuing operations.” Properties sold prior to January 1, 2014, are not subject to ASU 2014-08 and therefore, continue to be classified as discontinued operations using the previous definition. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. ASU 2014-09 will be effective for us in the first quarter of 2017 and allows for either full retrospective or modified retrospective adoption. We are currently assessing the impact of this standard to our consolidated financial statements.

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References + Details

Summary Of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Schedule Of Supplemental Disclosures Related To Consolidated Statements Of Cash Flows

Consolidated Statements of Cash Flows—Supplemental Disclosures

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



	Six Months Ended
	June 30,
	2014			2013
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	57,364		$	61,155
Interest capitalized	(11,014		)	(6,603		)
Interest expense	$	46,350		$	54,552
Cash paid for interest, net of amounts capitalized	$	40,855		$	57,410
Cash paid for income taxes	$	309		$	378
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition	$	68,282		$	—
Mortgage loan refinanced	$	11,500		$	—
Repayment of note payable with public funding/related construction-in-progress offset	$	10,000		$	—
Shares issued under dividend reinvestment plan	$	900		$	894

See Note 3 for additional disclosures relating to The Grove at Shrewsbury and Brook 35 acquisition.

Real Estate Partnership (Tables)

6 Months Ended

Jun. 30, 2014

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:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
	(In thousands)
OPERATING RESULTS
Revenue	$	4,469	$	4,624	$	9,487	$	9,573
Expenses
Other operating expenses	1,390		1,318		3,500		3,135
Depreciation and amortization	1,590		1,361		3,077		2,730
Interest expense	781		841		1,620		1,683
Total expenses	3,761		3,520		8,197		7,548
Net income	$	708	$	1,104	$	1,290	$	2,025
Our share of net income from real estate partnership	$	250	$	372	$	463	$	684



	June 30,		December 31,
	2014		2013
	(In thousands)
BALANCE SHEETS
Real estate, net	$	169,193	$	170,867
Cash	3,046		2,210
Other assets	5,170		5,668
Total assets	$	177,409	$	178,745
Mortgages payable	$	44,885	$	56,922
Other liabilities	3,937		4,100
Partners’ capital	128,587		117,723
Total liabilities and partners’ capital	$	177,409	$	178,745
Our share of unconsolidated debt	$	13,466	$	17,077
Our investment in real estate partnership	$	35,511	$	32,264

Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Instruments [Abstract]

Secured Debt Assumed in Acquisition

The mortgage loans are secured by the individual properties with the following contractual terms:



	Principal		Stated Interest Rate		Maturity Date
	(In millions)
Brook 35	$	11.5	5.46	%	July 1, 2014
The Grove at Shrewsbury (East)	45.4		5.82	%	October 1, 2017
The Grove at Shrewsbury (West)	11.4		6.38	%	March 1, 2018

Fair Value Of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Summary Of Carrying Amount And Fair Value Of Financial Instruments

A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:



	June 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	924,810	$	941,366	$	889,278	$	912,251
Senior notes and debentures	$	1,361,282	$	1,443,172	$	1,360,913	$	1,397,731

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:



	June 30, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	4,060	$	—	$	4,060	$	—	$	1,417	$	—	$	1,417

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Schedule of Dividends Declared and Paid Per Share

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



	Six Months Ended June 30,
	2014				2013
	Declared		Paid		Declared		Paid
Common shares	$	1.560	$	1.560	$	1.460	$	1.460
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.677	$	0.677	$	0.677	$	0.677

Components Of Rental Income (Tables)

6 Months Ended

Jun. 30, 2014

Components Of Rental Income and Expense [Abstract]

Schedule Of Principal Components Of Rental Income

The principal components of rental income are as follows:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
	(In thousands)
Minimum rents
Retail and commercial	$	116,840	$	112,669	$	232,905	$	222,700
Residential	8,532		7,190		16,354		14,329
Cost reimbursement	32,158		28,658		69,617		59,486
Percentage rent	2,045		1,963		4,168		4,124
Other	2,808		2,732		5,532		5,189
Total rental income	$	162,383	$	153,212	$	328,576	$	305,828

Schedule of Minimum Rents Components

Minimum rents include the following:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(In millions)
Straight-line rents	$	1.1		$	1.8		$	2.2		$	2.6
Amortization of above market leases	$	(0.8	)	$	(0.7	)	$	(1.7	)	$	(1.5	)
Amortization of below market leases	$	1.5		$	1.5		$	2.9		$	3.0

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2014

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule Of Discontinued Operations Financial Information Table Text Block

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



	Three Months Ended June 30,		Six Months Ended June 30,
	2013		2013
	(In millions)
Revenue from discontinued operations	$	0.6	$	1.2
Income from discontinued operations	$	0.4	$	0.8

Share-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2014

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

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

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



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(In thousands)
Share-based compensation incurred
Grants of common shares	$	3,069		$	2,624		$	6,592		$	5,613
Grants of options	1			68			36			154
	3,070			2,692			6,628			5,767
Capitalized share-based compensation	(300		)	(186		)	(585		)	(388		)
Share-based compensation expense	$	2,770		$	2,506		$	6,043		$	5,379

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	45,416		$	33,379		$	85,961		$	68,818
Less: Preferred share dividends	(135		)	(135		)	(271		)	(271		)
Less: Income from continuing operations attributable to noncontrolling interests	(1,871		)	(1,258		)	(3,663		)	(2,512		)
Less: Earnings allocated to unvested shares	(237		)	(214		)	(475		)	(428		)
Income from continuing operations available for common shareholders	43,173			31,772			81,552			65,607
Results from discontinued operations attributable to the Trust	—			424			—			827
Gain on sale of real estate	—			4,994			—			4,994
Net income available for common shareholders, basic and diluted	$	43,173		$	37,190		$	81,552		$	71,428
DENOMINATOR
Weighted average common shares outstanding—basic	67,110			65,149			66,858			64,922
Effect of dilutive securities:
Stock options	167			162			163			158
Weighted average common shares outstanding—diluted	67,277			65,311			67,021			65,080
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.64		$	0.49		$	1.22		$	1.01
Discontinued operations	—			—			—			0.01
Gain on sale of real estate	—			0.08			—			0.08
	$	0.64		$	0.57		$	1.22		$	1.10
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.64		$	0.49		$	1.22		$	1.01
Discontinued operations	—			—			—			0.01
Gain on sale of real estate	—			0.08			—			0.08
	$	0.64		$	0.57		$	1.22		$	1.10
Income from continuing operations attributable to the Trust	$	43,545		$	32,121		$	82,298		$	66,306

Business And Organization (Details)	6 Months Ended
Business And Organization (Details)	Jun. 30, 2014
Nature Of Operations [Abstract]
Number of Real Estate Properties	89
Minimum Percentage Of Taxable Income Distributed To Shareholders	90.00%

Summary Of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accounting Policies [Abstract]
Total interest costs incurred			$ 57,364	$ 61,155
Interest capitalized			(11,014)	(6,603)
Interest expense	$ 23,213	$ 27,147	46,350	54,552
Cash paid for interest, net of amounts capitalized			40,855	57,410
Cash paid for income taxes			309	378
Mortgage loans assumed with acquisition			68,282	0
Refinance of mortgage loan			11,500	0
Repayment of note payable with public funding/related construction-in-progress offset			10,000	0
Shares issued under dividend reinvestment plan			$ 900	$ 894

Real Estate (Details) $ in Thousands		6 Months Ended	18 Months Ended
Real Estate (Details) $ in Thousands	Jan. 02, 2014 USD ($) ft²	Jun. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)
Significant Acquisitions and Disposals [Line Items]
Contributions from noncontrolling interests		$ 65,350
GroveatShrewsbury [Member]
Significant Acquisitions and Disposals [Line Items]
Area of Real Estate Property \| ft²	187,000
Price to Acquire Non-Controlling Interest		9,000	$ 9,000
Brook 35 [Member]
Significant Acquisitions and Disposals [Line Items]
Area of Real Estate Property \| ft²	99,000
GroveatShrewsbury & Brook 35 [Member]
Significant Acquisitions and Disposals [Line Items]
Gross Value of Business Acquisition	$ 161,000
Effective Economic Interest Acquisition	84.00%
Noncash or Part Noncash Acquisition, Debt Assumed	$ 68,000
Number of downREIT Operating Partnership Units Issued in Connection with Business Acquisition	632,000
Business Acquisition, Cost of Acquired Entity, Cash Paid	$ 13,000
Business Acquisition Net Assets Allocated Below Market Lease	2,300
Contributions from noncontrolling interests	71,100
Business Combination, Acquisition Related Costs		$ 900	$ 2,000
Above Market Leases [Member] \| GroveatShrewsbury & Brook 35 [Member]
Significant Acquisitions and Disposals [Line Items]
Business Acquisition Net Assets Allocated Above Market Leases	$ 1,700

Real Estate Partnership (Narrative) (Details) $ in Millions	Jun. 05, 2014 USD ($)	Jun. 30, 2014 properties
Schedule of Equity Method Investments [Line Items]
Number of Real Estate Properties		89
Federal / Lion Venture LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Real Estate Properties \| properties		7
Federal Realty Investment Trust [Member] \| Federal / Lion Venture LP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in partnership		30.00%
Capital Contribution to Joint Venture	$ 3.6
Clarion [Member] \| Federal / Lion Venture LP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in partnership		70.00%
Federal / Lion Venture LP [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Contributed Capital	11.9
Federal / Lion Venture LP [Member]
Schedule of Equity Method Investments [Line Items]
Repayments of Secured Debt	$ 11.9

Real Estate Partnership (Summarized Operating Results and Financial Position of Partnership) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
Real Estate Partnership Operating Results [Line Items]
Revenue	$ 167,947	$ 157,388	$ 338,775	$ 314,537
Depreciation and amortization	40,893	39,757	84,743	80,274
Interest expense	23,213	27,147	46,350	54,552
NET INCOME	45,416	38,797	85,961	74,639
Our share of net income from real estate partnership	250	372	463	684
Real estate, net	4,060,187		4,060,187		$ 3,798,992
Cash	41,312	108,366	41,312	108,366	88,927	$ 36,988
TOTAL ASSETS	4,431,485		4,431,485		4,219,294
Mortgages payable	634,045		634,045		588,456
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	4,431,485		4,431,485		4,219,294
Our investment in real estate partnership	35,511		35,511		32,264
Federal / Lion Venture LP [Member]
Real Estate Partnership Operating Results [Line Items]
Revenue	4,469	4,624	9,487	9,573
Other operating expenses	1,390	1,318	3,500	3,135
Depreciation and amortization	1,590	1,361	3,077	2,730
Interest expense	781	841	1,620	1,683
Total expenses	3,761	3,520	8,197	7,548
NET INCOME	708	1,104	1,290	2,025
Real estate, net	169,193		169,193		170,867
Cash	3,046		3,046		2,210
Other assets	5,170		5,170		5,668
TOTAL ASSETS	177,409		177,409		178,745
Mortgages payable	44,885		44,885		56,922
Other liabilities	3,937		3,937		4,100
Partners' capital	128,587		128,587		117,723
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	177,409		177,409		178,745
Federal Realty Investment Trust [Member] \| Federal / Lion Venture LP [Member]
Real Estate Partnership Operating Results [Line Items]
Our share of net income from real estate partnership	250	$ 372	463	$ 684
Our share of unconsolidated debt	13,466		13,466		17,077
Our investment in real estate partnership	$ 35,511		$ 35,511		$ 32,264

Debt (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
Debt (Details) - USD ($) $ in Millions	Jun. 03, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 02, 2014	Jan. 02, 2014
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 600.0	$ 600.0
Line of Credit Facility, Maximum Amount Outstanding During Period		19.0	19.0
Line of Credit Facility, Average Outstanding Amount		$ 4.0	$ 2.1
LineofCreditFacilityWeightedAverageInterestRateBeforeAmortizationOfDebt Fees		1.04%	1.05%
Line of Credit Facility, Amount Outstanding		$ 0.0	$ 0.0
GroveatShrewsbury & Brook 35 [Member]
Debt Instrument [Line Items]
Mortgage Loans on Real Estate, Principal Amount of Mortgages					$ 68.3
Debt Instrument, Fair Value Disclosure					73.8
MelvilleMall [Member]
Debt Instrument [Line Items]
Repayments of Secured Debt	$ 20.3
Brook 35 [Member]
Debt Instrument [Line Items]
Mortgage Loans on Real Estate, Principal Amount of Mortgages					$ 11.5
Debt Instrument, Interest Rate, Stated Percentage				4.65%	5.46%
Debt Instrument, Face Amount				$ 11.5
The Grove at Shrewsbury (East) [Member]
Debt Instrument [Line Items]
Mortgage Loans on Real Estate, Principal Amount of Mortgages					$ 45.4
Debt Instrument, Interest Rate, Stated Percentage					5.82%
The Grove at Shrewsbury (West) [Member]
Debt Instrument [Line Items]
Mortgage Loans on Real Estate, Principal Amount of Mortgages					$ 11.4
Debt Instrument, Interest Rate, Stated Percentage					6.38%

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014 USD ($) agreement	Jun. 30, 2014 USD ($) agreement	Dec. 31, 2013 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes and debentures, carrying value	$ 1,361,282	$ 1,361,282	$ 1,360,913
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	275,000	275,000
Notes payable	$ 290,765	$ 290,765	300,822
Derivative, Fixed Interest Rate	1.72%	1.72%
TotalFixedInterestRateDuringSWAP	3.02%	3.02%
Interest Rate Cash Flow Hedge (Gain) Loss to be Reclassified During Next 12 Months, Net	$ 4,200	$ 4,200
Other Comprehensive Income (Loss)	(2,100)	(2,643)
Interest expense reclassified from Other Comprehensive Loss	1,080	2,200
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages and notes payable, carrying value	924,810	924,810	889,278
Senior notes and debentures, carrying value	1,361,282	1,361,282	1,360,913
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages and notes payable, fair value	941,366	941,366	912,251
Senior notes and debentures, fair value	$ 1,443,172	$ 1,443,172	1,397,731
Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of Interest Rate Derivatives Held \| agreement	2	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	$ 4,060	$ 4,060	$ 1,417
Accumulated Other Comprehensive Income (Loss) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Comprehensive Income (Loss)		(2,643)
TermLoan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 275,000	$ 275,000

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2014 USD ($) shares
Loss Contingencies [Line Items]
downREIT operating partnership units, outstanding \| shares	917,255
downREIT operating partnership units outstanding, fair value \| $	$ 110.9

Shareholders Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Feb. 12, 2014
Net cash proceeds of common stock		$ 103,931	$ 83,220
Common Shares [Member]
Shares issued under equity program		896,545
At The Market Equity Program [Member]
Aggregate offering price of common share				$ 300,000
Shares issued under equity program	440,778	896,490
Weighted average price per common share	$ 119.66	$ 115.44
Net cash proceeds of common stock	$ 52,200	$ 102,300
Remaining Capacity To Issue	196,500	196,500
At The Market Equity Program [Member] \| Commissions [Member]
Payments of stock issuance costs	500	1,000
At The Market Equity Program [Member] \| Other Offering Costs [Member]
Payments of stock issuance costs	$ 100	$ 100

Shareholders' Equity Shareholders' Equity Summary of Dividends (Details) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Common Shares [Member]
Dividends [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 1.560	$ 1.460
Common Stock, Dividends, Per Share, Cash Paid			$ 1.560	$ 1.460
5.417% Series 1 Cumulative Convertible Preferred [Member]
Dividends [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.417%	5.417%	5.417%	5.417%	5.417%
Preferred Stock, Dividends Per Share, Declared			$ 0.677	$ 0.677
Preferred Stock, Dividends, Per Share, Cash Paid			$ 0.677	$ 0.677

Components Of Rental Income (Schedule Of Principal Components Of Rental Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Cost reimbursement	$ 32,158	$ 28,658	$ 69,617	$ 59,486
Percentage rent	2,045	1,963	4,168	4,124
Other	2,808	2,732	5,532	5,189
Total rental income	162,383	153,212	328,576	305,828
Commercial Real Estate [Member]
Minimum rents	116,840	112,669	232,905	222,700
Residential Real Estate [Member]
Minimum rents	$ 8,532	$ 7,190	$ 16,354	$ 14,329

Components Of Rental Income (Schedule Of Minimum Rent) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Minimum Rent [Line Items]
Straight-line rents	$ 1.1	$ 1.8	$ 2.2	$ 2.6
Above Market Leases [Member]
Minimum Rent [Line Items]
Amortization of above and below Market Leases	(0.8)	(0.7)	(1.7)	(1.5)
BelowMarketLease [Member]
Minimum Rent [Line Items]
Amortization of above and below Market Leases	$ 1.5	$ 1.5	$ 2.9	$ 3.0

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]
Revenue from discontinued operations		$ 600		$ 1,200
Discontinued operations - income	$ 0	$ 424	$ 0	$ 827

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	$ 3,070	$ 2,692	$ 6,628	$ 5,767
Capitalized share-based compensation	(300)	(186)	(585)	(388)
Share-based compensation expense	2,770	2,506	6,043	5,379
Restricted Stock [Member]
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	3,069	2,624	6,592	5,613
Employee Stock Option [Member]
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	$ 1	$ 68	$ 36	$ 154

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Earnings Per Share Narrative [Line Items]
Weighted average unvested shares outstanding	0.3	0.3	0.3	0.3
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.0	0.0	0.0	0.0
5.417% Series 1 Cumulative Convertible Preferred [Member]
Earnings Per Share Narrative [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.417%	5.417%	5.417%	5.417%	5.417%

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income from continuing operations	$ 45,416	$ 33,379	$ 85,961	$ 68,818
Less: Preferred share dividends	(135)	(135)	(271)	(271)
Less: Income from continuing operations attributable to noncontrolling interests	(1,871)	(1,258)	(3,663)	(2,512)
Less: Earnings allocated to unvested shares	(237)	(214)	(475)	(428)
Income from continuing operations available for common shareholders	43,173	31,772	81,552	65,607
Results from discontinued operations attributable to the Trust	0	424	0	827
Gain on sale of real estate	0	4,994	0	4,994
Net income available for common shareholders, basic and diluted	$ 43,173	$ 37,190	$ 81,552	$ 71,428
Weighted average number of common shares, basic	67,110	65,149	66,858	64,922
Stock options	167	162	163	158
Weighted average common shares outstanding, diluted	67,277	65,311	67,021	65,080
Continuing operations	$ 0.64	$ 0.49	$ 1.22	$ 1.01
Discontinued operations	0.00	0.00	0.00	0.01
Gain on Sale of Real Estate	0.00	0.08	0.00	0.08
Earnings Per Share, Basic, Total	0.64	0.57	1.22	1.10
Continuing operations	0.64	0.49	1.22	1.01
Discontinued operations	0.00	0.00	0.00	0.01
Gain on Sale of Real Estate	0.00	0.08	0.00	0.08
Earnings Per Share, Diluted, Total	$ 0.64	$ 0.57	$ 1.22	$ 1.10
Income from continuing operations attributable to the Trust	$ 43,545	$ 32,121	$ 82,298	$ 66,306

Subsequent Event (Details) $ in Millions	Jul. 24, 2014 USD ($)
Federal / Lion Venture LP [Member] \| Pleasant Shops [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Sales of Real Estate	$ 34.3