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Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Mar. 31, 2015	May 04, 2015
Document And Entity Information [Abstract]
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	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		68,682,443

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Operating (including $266,198 and $282,303 of consolidated variable interest entities, respectively)	$ 5,208,904	$ 5,128,757
Construction-in-progress	466,469	480,241
Asset held for sale	61,987	0
Real estate, at cost, total	5,737,360	5,608,998
Less accumulated depreciation and amortization (including $27,873 and $26,618 of consolidated variable interest entities, respectively)	(1,500,976)	(1,467,050)
Net real estate	4,236,384	4,141,948
Cash and cash equivalents	171,437	47,951
Accounts and notes receivable, net	100,981	93,291
Mortgage notes receivable, net	50,911	50,988
Investment in real estate partnerships	37,538	37,457
Prepaid expenses and other assets	166,922	160,167
Debt issuance costs, net of accumulated amortization of $12,266 and $11,441, respectively	16,577	15,068
TOTAL ASSETS	4,780,750	4,546,870
Liabilities
Mortgages payable (including $179,789 and $187,632 of consolidated variable interest entities, respectively)	579,752	563,698
Capital lease obligations	71,640	71,647
Notes payable	290,577	290,519
Senior notes and debentures	1,694,764	1,483,813
Accounts payable and accrued expenses	149,379	145,685
Dividends payable	60,698	60,620
Security deposits payable	14,371	14,115
Other liabilities and deferred credits	108,498	105,164
Total liabilities	2,969,679	2,735,261
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	119,145	119,053
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, 68,677,816 and 68,605,783 shares issued and outstanding, respectively	688	687
Additional paid-in capital	2,284,552	2,281,223
Accumulated dividends in excess of net income	(697,692)	(683,991)
Accumulated other comprehensive loss	(5,976)	(3,515)
Total shareholders’ equity of the Trust	1,591,569	1,604,401
Noncontrolling interests	100,357	88,155
Total shareholders’ equity	1,691,926	1,692,556
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 4,780,750	$ 4,546,870

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Operating, consolidated variable interest entities	$ 266,198	$ 282,303
Accumulated depreciation and amortization, consolidated variable interest entities	27,873	26,618
Debt issuance costs, accumulated amortization	12,266	11,441
Mortgages payable, consolidated variable interest entities	$ 179,789	$ 187,632
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Series 1 Cumulative Convertible Preferred Shares Interest Rate	5.417%	5.417%
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 value	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	68,677,816	68,605,783
Common shares of beneficial interest, shares outstanding	68,677,816	68,605,783

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
REVENUE
Rental income	$ 181,166	$ 166,193
Other property income	2,465	3,400
Mortgage interest income	1,161	1,235
Total revenue	184,792	170,828
EXPENSES
Rental expenses	41,439	37,130
Real estate taxes	20,394	18,700
General and administrative	8,853	7,704
Depreciation and amortization	41,984	43,850
Total operating expenses	112,670	107,384
OPERATING INCOME	72,122	63,444
Other interest income	29	25
Interest expense	(24,168)	(23,137)
Income from real estate partnerships	220	213
NET INCOME	48,203	40,545
Net income attributable to noncontrolling interests	(2,017)	(1,792)
NET INCOME ATTRIBUTABLE TO THE TRUST	46,186	38,753
Dividends on preferred shares	(135)	(135)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 46,051	$ 38,618
EARNINGS PER COMMON SHARE, BASIC
Earnings per common share, basic	$ 0.67	$ 0.58
Weighted average number of common shares, basic	68,368	66,615
EARNINGS PER COMMON SHARE, DILUTED
Earnings per common share, diluted	$ 0.67	$ 0.57
Weighted average number of common shares, diluted	68,563	66,773
COMPREHENSIVE INCOME	$ 45,742	$ 40,002
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 43,725	$ 38,210

Consolidated Statement Of Shareholders' Equity - 3 months ended Mar. 31, 2015 - USD ($) $ in Thousands	Total	Preferred Shares	Common shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2014		399,896	68,605,783
Beginning balance at Dec. 31, 2014	$ 1,692,556	$ 9,997	$ 687	$ 2,281,223	$ (683,991)	$ (3,515)	$ 88,155
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding $785 attributable to redeemable noncontrolling interests	47,418				46,186		1,232
Other comprehensive loss - change in value of interest rate swaps	(2,461)					(2,461)
Dividends declared to common shareholders	(59,752)				(59,752)
Dividends declared to preferred shareholders	(135)				(135)
Distributions declared to noncontrolling interests	(1,095)						(1,095)
Common shares issued (in shares)			27
Common shares issued	4		$ 0	4
Exercise of stock options (in shares)			8,346
Exercise of stock options	518		$ 0	518
Shares issued under dividend reinvestment plan (in shares)			3,941
Shares issued under dividend reinvestment plan	561			561
Share-based compensation expense, net of forfeitures (in shares)			55,271
Share-based compensation expense, net of forfeitures	3,754		$ 1	3,753
Shares withheld for employee taxes (in shares)			(35,163)
Shares withheld for employee taxes	(5,082)		$ 0	(5,082)
Conversion and redemption of OP units (in shares)			39,611
Conversion and redemption of OP units	(151)			4,072			(4,223)
Contributions from noncontrolling interests	16,288						16,288
Adjustment to redeemable noncontrolling interests	(497)			(497)
Ending balance (in shares) at Mar. 31, 2015		399,896.000	68,677,816.000
Ending balance at Mar. 31, 2015	$ 1,691,926	$ 9,997	$ 688	$ 2,284,552	$ (697,692)	$ (5,976)	$ 100,357

Consolidated Statement Of Shareholders' Equity (Parentheticals) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($)
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 785

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
OPERATING ACTIVITIES
Net income	$ 48,203	$ 40,545
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,984	43,850
Income from real estate partnerships	(220)	(213)
Other, net	1,491	1,532
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable	(6,607)	(6,716)
(Increase) decrease in prepaid expenses and other assets	(426)	689
Increase in accounts payable and accrued expenses	800	1,811
Decrease in security deposits and other liabilities	(3,239)	(2,336)
Net cash provided by operating activities	81,986	79,162
INVESTING ACTIVITIES
Acquisition of real estate	(26,414)	(308)
Capital expenditures - development and redevelopment	(54,898)	(74,097)
Capital expenditures - other	(10,466)	(9,834)
Investment in real estate partnership	(47)	0
Distribution from real estate partnership in excess of earnings	0	92
Leasing costs	(3,333)	(3,944)
Repayment of mortgage and other notes receivable, net	213	51
Net cash used in investing activities	(94,945)	(88,040)
FINANCING ACTIVITIES
Issuance of senior notes, net of costs	208,654	0
Repayment of mortgages, capital leases and notes and other payables	(11,035)	(2,842)
Issuance of common shares	589	51,615
Dividends paid to common and preferred shareholders	(59,330)	(51,714)
Distributions to and redemptions of noncontrolling interests	(2,433)	(1,409)
Net cash provided by (used in) financing activities	136,445	(4,350)
Increase (decrease) in cash and cash equivalents	123,486	(13,228)
Cash and cash equivalents at beginning of year	47,951	88,927
Cash and cash equivalents at end of period	$ 171,437	$ 75,699

Business And Organization	3 Months Ended
Business And Organization	Mar. 31, 2015
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 March 31, 2015, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 90 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

3 Months Ended

Mar. 31, 2015

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.

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 Accounting Pronouncements

In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved in variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that operate as registered money market funds. ASU 2015-02 is effective for us in the first quarter of 2016, and we are currently assessing the impact on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires debt issuance costs related to a debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, rather than classified as an asset. Recognition and measurement of debt issuance costs are not affected. ASU 2015-03 is effective for us in the first quarter of 2016 and is not expected to have a significant impact on 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:



	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	28,889		$	28,703
Interest capitalized	(4,721		)	(5,566		)
Interest expense	$	24,168		$	23,137
Cash paid for interest, net of amounts capitalized	$	22,837		$	20,463
Cash paid for income taxes	$	116		$	208
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition	$	18,666		$	68,282
DownREIT operating partnership units issued with acquisition	$	7,742		$	65,348
Shares issued under dividend reinvestment plan	$	494		$	450

See Note 3 for additional disclosures relating to the San Antonio Center acquisition.

Real Estate	3 Months Ended
Real Estate	Mar. 31, 2015
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE In January 2015, we acquired a controlling interest in San Antonio Center, a 376,000 square foot shopping center in Mountain View, California based on a total value of $62.2 million. Our effective interest approximates 80% and was funded by the assumption of our share of $18.7 million of mortgage debt, 58,000 downREIT operating partnership units, and $27 million of cash. A portion of the land is controlled under a long-term ground lease. Net assets acquired were preliminarily allocated to operating real estate, other assets for "above market leases" and a ground lease where we are the lessee, and other liabilities for "below market leases." Additionally, approximately $16 million was preliminarily allocated to noncontrolling interests. The purchase price allocation will be finalized after our valuation studies are complete. We incurred $1.8 million of acquisition costs, of which $1.1 million were incurred in 2015 and included in "general and administrative expense" for the three months ended March 31, 2015 on the accompanying consolidated statements of comprehensive income. On February 25, 2015, we acquired the interest of one of the noncontrolling interest holders in The Grove at Shrewsbury for $8.8 million. As this noncontrolling interest was mandatorily redeemable, it was classified as a liability and was included in "other liabilities and deferred credits" on the accompanying December 31, 2014 consolidated balance sheet.

Real Estate Partnerships

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

REAL ESTATE PARTNERSHIPS

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 March 31, 2015, the Partnership owned six 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
	March 31,
	2015		2014
	(In thousands)
OPERATING RESULTS
Revenue	$	4,744	$	5,018
Expenses
Other operating expenses	2,129		2,110
Depreciation and amortization	1,222		1,487
Interest expense	519		839
Total expenses	3,870		4,436
Net income	$	874	$	582
Our share of net income from real estate partnership	$	299	$	213



	March 31,		December 31,
	2015		2014
	(In thousands)
BALANCE SHEETS
Real estate, net	$	148,314	$	149,203
Cash	3,765		2,864
Other assets	5,530		5,346
Total assets	$	157,609	$	157,413
Mortgages payable	$	34,385	$	34,385
Other liabilities	3,711		3,673
Partners’ capital	119,513		119,355
Total liabilities and partners’ capital	$	157,609	$	157,413
Our share of unconsolidated debt	$	10,316	$	10,316
Our investment in real estate partnership	$	32,410	$	32,367

Debt	3 Months Ended
Debt	Mar. 31, 2015
Debt Instruments [Abstract]
DEBT	DEBT In connection with the acquisition of San Antonio Center in January 2015, we assumed a mortgage loan with a face amount of $18.7 million and a fair value of $19.3 million. The mortgage loan bears interest at 5.27% and matures on January 1, 2016. On March 16, 2015, we issued $200.0 million aggregate principal amount of 4.50% senior unsecured notes due December 1, 2044. The notes were offered at 105.38% of the principal amount with a yield to maturity of 4.18%. The notes will have the same terms and be of the same series as the $250.0 million senior notes issued on November 14, 2014. Our net proceeds from the March note offering after issuance premium, underwriting fees and other costs were approximately $208.7 million. The proceeds were used to repay our $200.0 million 6.20% notes as further discussed in Note 12. During the three months ended March 31, 2015, the maximum amount of borrowings outstanding under our $600.0 million revolving credit facility was $79.5 million, the weighted average borrowings outstanding was $39.6 million, and the weighted average interest rate, before amortization of debt fees, was 1.1%. At March 31, 2015, 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 March 31, 2015, we were in compliance with all debt covenants.

Fair Value Of Financial Instruments

3 Months Ended

Mar. 31, 2015

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:



	March 31, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	870,329	$	894,258	$	854,217	$	880,866
Senior notes and debentures	$	1,694,764	$	1,814,913	$	1,483,813	$	1,579,868

As of March 31, 2015, 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. 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 $3.8 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 March 31, 2015, 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 March 31, 2015 was a liability of $6.0 million and is included in "accounts payable and accrued expenses" on our consolidated balance sheet. For the three months ended March 31, 2015, the change in valuation on our interest rate swaps resulted in a $2.5 million increase in our derivative liability (including $1.1 million reclassified from other comprehensive loss to interest expense). The change in valuation on our interest rate swaps 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:



	March 31, 2015								December 31, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	5,976	$	—	$	5,976	$	—	$	3,515	$	—	$	3,515

- 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	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
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 934,405 downREIT operating partnership units are outstanding which have a total fair value of $137.6 million, based on our closing stock price on March 31, 2015.

Shareholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

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



	Three Months Ended March 31,
	2015				2014
	Declared		Paid		Declared		Paid
Common shares	$	0.870	$	0.870	$	0.780	$	0.780
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.339	$	0.339	$	0.339	$	0.339

- 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

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=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

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=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-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=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-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
-Topic 505
-SubTopic 10
-Section 50
-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
-SubTopic 10
-Section 50
-Paragraph 2
-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
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Components Of Rental Income

3 Months Ended

Mar. 31, 2015

Components Of Rental Income and Expense [Abstract]

COMPONENTS OF RENTAL INCOME

The principal components of rental income are as follows:



	Three Months Ended
	March 31,
	2015		2014
	(In thousands)
Minimum rents
Retail and commercial	$	124,313	$	116,065
Residential	10,387		7,822
Cost reimbursement	40,887		37,459
Percentage rent	2,764		2,123
Other	2,815		2,724
Total rental income	$	181,166	$	166,193

Minimum rents include the following:



	Three Months Ended
	March 31,
	2015			2014
	(In millions)
Straight-line rents	$	1.3		$	1.1
Amortization of above market leases	$	(0.9	)	$	(1.0	)
Amortization of below market leases	$	1.6		$	1.5

Share-Based Compensation Plans

3 Months Ended

Mar. 31, 2015

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
	March 31,
	2015			2014
	(In thousands)
Share-based compensation incurred
Grants of common shares	$	3,754		$	3,523
Grants of options	—			35
	3,754			3,558
Capitalized share-based compensation	(217		)	(285		)
Share-based compensation expense	$	3,537		$	3,273

Earnings Per Share

3 Months Ended

Mar. 31, 2015

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 months ended March 31, 2015 and 2014, 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 months ended March 31, 2015 and 2014. 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
	March 31,
	2015			2014
	(In thousands, except per share data)
NUMERATOR
Net income	$	48,203		$	40,545
Less: Preferred share dividends	(135		)	(135		)
Less: Net income attributable to noncontrolling interests	(2,017		)	(1,792		)
Less: Earnings allocated to unvested shares	(210		)	(238		)
Net income available for common shareholders, basic and diluted	$	45,841		$	38,380
DENOMINATOR
Weighted average common shares outstanding—basic	68,368			66,615
Effect of dilutive securities:
Stock options	195			158
Weighted average common shares outstanding—diluted	68,563			66,773

Earnings per common share, basic	$	0.67		$	0.58

Earnings per common share, diluted	$	0.67		$	0.57
Income from continuing operations attributable to the Trust	$	46,186		$	38,753

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 11, 2015, we redeemed our $200.0 million 6.20% senior notes prior to the original maturity date of January 15, 2017. The redemption price of $222.2 million included a make-whole premium of approximately $19.2 million and accrued but unpaid interest of $3.0 million. On April 24, 2015, we sold our property in San Antonio, Texas for a gain at a sales price of $46.1 million. On May 4, 2015, a newly formed joint venture in which we own an 80% equity interest, acquired the fee interest in a 198,000 square foot retail property located in Miami, Florida for $87.5 million.

Summary of Significant Accounting Policies (Policy)	3 Months Ended
Summary of Significant Accounting Policies (Policy)	Mar. 31, 2015
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.
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 Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved in variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that operate as registered money market funds. ASU 2015-02 is effective for us in the first quarter of 2016, and we are currently assessing the impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires debt issuance costs related to a debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, rather than classified as an asset. Recognition and measurement of debt issuance costs are not affected. ASU 2015-03 is effective for us in the first quarter of 2016 and is not expected to have a significant impact on our consolidated financial statements.

Summary Of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Supplemental disclosures related to the Consolidated Statements Of Cash Flows

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



	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	28,889		$	28,703
Interest capitalized	(4,721		)	(5,566		)
Interest expense	$	24,168		$	23,137
Cash paid for interest, net of amounts capitalized	$	22,837		$	20,463
Cash paid for income taxes	$	116		$	208
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition	$	18,666		$	68,282
DownREIT operating partnership units issued with acquisition	$	7,742		$	65,348
Shares issued under dividend reinvestment plan	$	494		$	450

See Note 3 for additional disclosures relating to the San Antonio Center acquisition.

Real Estate Partnerships (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Summarized operating results and financial position of the Partnership

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



	Three Months Ended
	March 31,
	2015		2014
	(In thousands)
OPERATING RESULTS
Revenue	$	4,744	$	5,018
Expenses
Other operating expenses	2,129		2,110
Depreciation and amortization	1,222		1,487
Interest expense	519		839
Total expenses	3,870		4,436
Net income	$	874	$	582
Our share of net income from real estate partnership	$	299	$	213



	March 31,		December 31,
	2015		2014
	(In thousands)
BALANCE SHEETS
Real estate, net	$	148,314	$	149,203
Cash	3,765		2,864
Other assets	5,530		5,346
Total assets	$	157,609	$	157,413
Mortgages payable	$	34,385	$	34,385
Other liabilities	3,711		3,673
Partners’ capital	119,513		119,355
Total liabilities and partners’ capital	$	157,609	$	157,413
Our share of unconsolidated debt	$	10,316	$	10,316
Our investment in real estate partnership	$	32,410	$	32,367

Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Summary of carrying amount and fair value of financial instruments



	March 31, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	870,329	$	894,258	$	854,217	$	880,866
Senior notes and debentures	$	1,694,764	$	1,814,913	$	1,483,813	$	1,579,868

Summary of financial liabilities measured at fair value on a recurring basis

A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:



	March 31, 2015								December 31, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	5,976	$	—	$	5,976	$	—	$	3,515	$	—	$	3,515

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Summary of dividends declared and paid per share

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



	Three Months Ended March 31,
	2015				2014
	Declared		Paid		Declared		Paid
Common shares	$	0.870	$	0.870	$	0.780	$	0.780
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.339	$	0.339	$	0.339	$	0.339

Components Of Rental Income (Tables)

3 Months Ended

Mar. 31, 2015

Components Of Rental Income and Expense [Abstract]

Principal components of rental income

The principal components of rental income are as follows:



	Three Months Ended
	March 31,
	2015		2014
	(In thousands)
Minimum rents
Retail and commercial	$	124,313	$	116,065
Residential	10,387		7,822
Cost reimbursement	40,887		37,459
Percentage rent	2,764		2,123
Other	2,815		2,724
Total rental income	$	181,166	$	166,193

Minimum rents

Minimum rents include the following:



	Three Months Ended
	March 31,
	2015			2014
	(In millions)
Straight-line rents	$	1.3		$	1.1
Amortization of above market leases	$	(0.9	)	$	(1.0	)
Amortization of below market leases	$	1.6		$	1.5

Share-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2015

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

Summary of share-based compensation expense included in net income

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



	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Share-based compensation incurred
Grants of common shares	$	3,754		$	3,523
Grants of options	—			35
	3,754			3,558
Capitalized share-based compensation	(217		)	(285		)
Share-based compensation expense	$	3,537		$	3,273

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of earnings per share



	Three Months Ended
	March 31,
	2015			2014
	(In thousands, except per share data)
NUMERATOR
Net income	$	48,203		$	40,545
Less: Preferred share dividends	(135		)	(135		)
Less: Net income attributable to noncontrolling interests	(2,017		)	(1,792		)
Less: Earnings allocated to unvested shares	(210		)	(238		)
Net income available for common shareholders, basic and diluted	$	45,841		$	38,380
DENOMINATOR
Weighted average common shares outstanding—basic	68,368			66,615
Effect of dilutive securities:
Stock options	195			158
Weighted average common shares outstanding—diluted	68,563			66,773

Earnings per common share, basic	$	0.67		$	0.58

Earnings per common share, diluted	$	0.67		$	0.57
Income from continuing operations attributable to the Trust	$	46,186		$	38,753

Business And Organization (Details)	3 Months Ended
Business And Organization (Details)	Mar. 31, 2015 project
Nature Of Operations [Abstract]
Number of real estate properties owned or had a majority interest in	90
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Total interest costs incurred	$ 28,889	$ 28,703
Interest capitalized	(4,721)	(5,566)
Interest expense	24,168	23,137
Cash paid for interest, net of amounts capitalized	22,837	20,463
Cash paid for income taxes	116	208
Mortgage debt assumed in acquisition	18,666	68,282
DownREIT operating partnership units issued with acquisition	7,742	65,348
Shares issued under dividend reinvestment plan	$ 494	$ 450

Real Estate (Details) $ in Thousands		3 Months Ended		15 Months Ended
Real Estate (Details) $ in Thousands	Jan. 09, 2015 USD ($) ft²	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2015 USD ($)	Feb. 25, 2015 USD ($)
Significant Acquisitions [Line Items]
Mortgage debt assumed in acquisition		$ 18,666	$ 68,282
Contributions from noncontrolling interests		16,288
San Antonio Center
Significant Acquisitions [Line Items]
Square footage of real estate property \| ft²	376,000
Gross value of business acquisition	$ 62,200
Effective interest of acquisition	80.00%
Mortgage debt assumed in acquisition	$ 18,700
Number of downREIT operating partnership units assumed in acquisition	58,000
Cash paid in acquisition	$ 27,000
Contributions from noncontrolling interests	$ 16,000
Acquisition costs incurred		$ 1,100		$ 1,800
The Grove at Shrewsbury
Significant Acquisitions [Line Items]
Price to acquire non-controlling interest					$ 8,800

Real Estate Partnerships (Narrative) (Details)	Mar. 31, 2015 project properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties owned or had a majority interest in \| project	90
Federal Realty Investment Trust / ING Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties owned or had a majority interest in \| properties	6
Federal Realty Investment Trust \| Federal Realty Investment Trust / ING Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest in Partnership	30.00%
ING Clarion Partners \| Federal Realty Investment Trust / ING Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest in Partnership	70.00%

Real Estate Partnerships (Summarized Operating Results and Financial Position of Partnership) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Real Estate Partnership Operating Results [Line Items]
Revenue	$ 184,792	$ 170,828
Depreciation and amortization	41,984	43,850
Interest expense	24,168	23,137
Net income	48,203	40,545
Our share of net income from real estate partnership	220	213
Real estate, net	4,236,384		$ 4,141,948
Cash	171,437	75,699	47,951	$ 88,927
Total assets	4,780,750		4,546,870
Mortgages payable	579,752		563,698
Total liabilities and partners’ capital	4,780,750		4,546,870
Our investment in real estate partnership	37,538		37,457
Federal Realty Investment Trust / ING Clarion Partners Partnership
Real Estate Partnership Operating Results [Line Items]
Revenue	4,744	5,018
Other operating expenses	2,129	2,110
Depreciation and amortization	1,222	1,487
Interest expense	519	839
Total expenses	3,870	4,436
Net income	874	582
Real estate, net	148,314		149,203
Cash	3,765		2,864
Other assets	5,530		5,346
Total assets	157,609		157,413
Mortgages payable	34,385		34,385
Other liabilities	3,711		3,673
Partners’ capital	119,513		119,355
Total liabilities and partners’ capital	157,609		157,413
Federal Realty Investment Trust \| Federal Realty Investment Trust / ING Clarion Partners Partnership
Real Estate Partnership Operating Results [Line Items]
Our share of net income from real estate partnership	299	$ 213
Our share of unconsolidated debt	10,316		10,316
Our investment in real estate partnership	$ 32,410		$ 32,367

Debt (Details) - USD ($) $ in Thousands			3 Months Ended
Debt (Details) - USD ($) $ in Thousands	Apr. 11, 2015	Mar. 16, 2015	Mar. 31, 2015	Mar. 31, 2014	Jan. 09, 2015	Nov. 14, 2014
Debt Instrument [Line Items]
Issuance of senior notes, net of costs			$ 208,654	$ 0
Maximum borrowing capacity under revolving credit facility			600,000
Maximum amount outstanding under revolving credit facility			79,500
Weighted average borrowings outstanding			$ 39,600
Weighted average interest rate, before amortization of debt fees			1.06%
Outstanding balance of revolving credit facility			$ 0
San Antonio Center
Debt Instrument [Line Items]
Principal					$ 18,700
Fair value					$ 19,300
Stated Interest Rate					5.27%
4.50% Senior notes
Debt Instrument [Line Items]
Principal		$ 200,000				$ 250,000
Issuance of senior notes, net of costs		$ 208,700
Stated Interest Rate		4.50%
Note offering percent of principal amount		105.38%
Debt yield to maturity percent		4.18%
Subsequent Event \| 6.20% Senior notes
Debt Instrument [Line Items]
Stated Interest Rate	6.20%
Repayments of Debt	$ 200,000

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($) agreement	Dec. 31, 2014 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes and debentures, carrying value	$ 1,694,764	$ 1,483,813
Notional amount of interest rate swap agreements	275,000
Interest rate cash flow hedge to be reclassified within next 12 months, net	3,800
Other comprehensive income (loss) - change in value of interest rate swaps	(2,461)
Interest expense reclassified from other comprehensive loss	1,100
Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan	$ 275,000
Derivative, fixed interest rate	1.72%
Fair value of interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of interest rate swap agreements \| agreement	2
Fair value of interest rate swaps \| Fair value, measurements, recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of interest rate swaps	$ 0	0
Fair value of interest rate swaps \| Fair value, measurements, recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of interest rate swaps	5,976	3,515
Fair value of interest rate swaps \| Fair value, measurements, recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of interest rate swaps	0	0
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages and notes payable, carrying value	870,329	854,217
Senior notes and debentures, carrying value	1,694,764	1,483,813
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages and notes payable, fair value	894,258	880,866
Senior notes and debentures, fair value	$ 1,814,913	$ 1,579,868

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2015 USD ($) shares
Commitments and Contingencies Disclosure [Abstract]
downREIT operating partnership units, outstanding \| shares	934,405
downREIT operating partnership units outstanding, fair value \| $	$ 137.6

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Dividends [Line Items]
Series 1 Cumulative Convertible Preferred Shares Interest Rate	5.417%		5.417%
Common shares
Dividends [Line Items]
Dividends declared per common share	$ 0.87	$ 0.78
Dividends paid per common share	$ 0.87	$ 0.78
5.417% Series 1 Cumulative Convertible Preferred shares
Dividends [Line Items]
Series 1 Cumulative Convertible Preferred Shares Interest Rate	5.417%	5.417%
Dividends declared per preferred share	$ 0.339	$ 0.339
Dividends paid per preferred share	$ 0.339	$ 0.339

Components Of Rental Income (Schedule Of Principal Components Of Rental Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cost reimbursement	$ 40,887	$ 37,459
Percentage rent	2,764	2,123
Other	2,815	2,724
Total rental income	181,166	166,193
Retail and commercial
Minimum rents	124,313	116,065
Residential
Minimum rents	$ 10,387	$ 7,822

Components Of Rental Income (Schedule Of Minimum Rent) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Minimum Rent [Line Items]
Straight-line rents	$ 1.3	$ 1.1
Amortization of above market leases
Minimum Rent [Line Items]
Amortization of above and below market leases	(0.9)	(1.0)
Amortization of below market leases
Minimum Rent [Line Items]
Amortization of above and below market leases	$ 1.6	$ 1.5

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	$ 3,754	$ 3,558
Capitalized share-based compensation	(217)	(285)
Share-based compensation expense	3,537	3,273
Grants of common shares
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	3,754	3,523
Grants of options
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	$ 0	$ 35

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		12 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Earnings Per Share Narrative [Line Items]
Weighted average unvested shares outstanding	300,000	300,000
Anti-dilutive stock options	0	0
Cumulative convertible preferred shares, dividend rate	5.417%		5.417%
5.417% Series 1 Cumulative Convertible Preferred shares
Earnings Per Share Narrative [Line Items]
Cumulative convertible preferred shares, dividend rate	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
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income	$ 48,203	$ 40,545
Less: Preferred share dividends	(135)	(135)
Net Income (Loss) Attributable to Noncontrolling Interest	2,017	1,792
Less: Earnings allocated to unvested shares	(210)	(238)
Net income available for common shareholders, basic and diluted	$ 45,841	$ 38,380
Weighted average common shares outstanding—basic	68,368	66,615
Stock options	195	158
Weighted average common shares outstanding—diluted	68,563	66,773
Earnings per common share, basic	$ 0.67	$ 0.58
Earnings per common share, diluted	$ 0.67	$ 0.57
Income from continuing operations attributable to the Trust	$ 46,186	$ 38,753

Subsequent Events (Details) - Subsequent Event $ in Millions	May 04, 2015 USD ($) ft²	Apr. 24, 2015 USD ($)	Apr. 11, 2015 USD ($)
6.20% Senior notes
Subsequent Event [Line Items]
Repayments of Debt			$ 200.0
Stated Interest Rate			6.20%
Redemption Price			$ 222.2
Make-whole Premium			19.2
Accrued but unpaid interest			$ 3.0
CocoWalk
Subsequent Event [Line Items]
Equity Interest	80.00%
Square footage of real estate property \| ft²	198,000
Purchase price	$ 87.5
Houston Street
Subsequent Event [Line Items]
Proceeds from sale		$ 46.1