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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 31, 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	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		69,125,823

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Operating (including $355,241 and $282,303 of consolidated variable interest entities, respectively)	$ 5,336,688	$ 5,128,757
Construction-in-progress	507,491	480,241
Real estate, at cost, total	5,844,179	5,608,998
Less accumulated depreciation and amortization (including $30,099 and $26,618 of consolidated variable interest entities, respectively)	(1,508,397)	(1,467,050)
Net real estate	4,335,782	4,141,948
Cash and cash equivalents	22,175	47,951
Accounts and notes receivable, net	106,218	93,291
Mortgage notes receivable, net	50,677	50,988
Investment in real estate partnerships	37,748	37,457
Prepaid expenses and other assets	165,685	160,167
Debt issuance costs, net of accumulated amortization of $11,796 and $11,441, respectively	15,553	15,068
TOTAL ASSETS	4,733,838	4,546,870
Liabilities
Mortgages payable (including $179,303 and $187,632 of consolidated variable interest entities, respectively)	576,446	563,698
Capital lease obligations	71,633	71,647
Notes payable	396,911	290,519
Senior notes and debentures	1,494,515	1,483,813
Accounts payable and accrued expenses	137,944	145,685
Dividends payable	60,992	60,620
Security deposits payable	14,901	14,115
Other liabilities and deferred credits	118,570	105,164
Total liabilities	2,871,912	2,735,261
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	120,360	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, 69,120,797 and 68,605,783 shares issued and outstanding, respectively	692	687
Additional paid-in capital	2,344,031	2,281,223
Accumulated dividends in excess of net income	(714,239)	(683,991)
Accumulated other comprehensive loss	(4,909)	(3,515)
Total shareholders’ equity of the Trust	1,635,572	1,604,401
Noncontrolling interests	105,994	88,155
Total shareholders’ equity	1,741,566	1,692,556
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 4,733,838	$ 4,546,870

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Operating (including $355,241 and $282,303 of consolidated variable interest entities, respectively)	$ 355,241	$ 282,303
Less accumulated depreciation and amortization (including $30,099 and $26,618 of consolidated variable interest entities, respectively)	30,099	26,618
Debt issuance costs, net of accumulated amortization of $11,796 and $11,441, respectively	11,796	11,441
Mortgages payable (including $179,303 and $187,632 of consolidated variable interest entities, respectively)	$ 179,303	$ 187,632
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par	$ 0.01	$ 0.01
Preferred Shares, percentage	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	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	69,120,797	68,605,783
Common shares of beneficial interest, shares outstanding	69,120,797	68,605,783

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUE
Rental income	$ 175,884	$ 162,383	$ 357,050	$ 328,576
Other property income	4,420	4,325	6,885	7,725
Mortgage interest income	1,157	1,239	2,318	2,474
Total revenue	181,461	167,947	366,253	338,775
EXPENSES
Rental expenses	32,623	31,405	74,062	68,535
Real estate taxes	20,667	19,164	41,061	37,864
General and administrative	9,299	8,124	18,152	15,828
Depreciation and amortization	42,671	40,893	84,655	84,743
Total operating expenses	105,260	99,586	217,930	206,970
OPERATING INCOME	76,201	68,361	148,323	131,805
Other interest income	74	18	103	43
Interest expense	(23,445)	(23,213)	(47,613)	(46,350)
Early extinguishment of debt	(19,072)	0	(19,072)	0
Income from real estate partnerships	406	250	626	463
INCOME FROM CONTINUING OPERATIONS	34,164	45,416	82,367	85,961
Gain on sale of real estate	11,509	0	11,509	0
NET INCOME	45,673	45,416	93,876	85,961
Net income attributable to noncontrolling interests	(2,041)	(1,871)	(4,058)	(3,663)
NET INCOME ATTRIBUTABLE TO THE TRUST	43,632	43,545	89,818	82,298
Dividends on preferred shares	(135)	(135)	(271)	(271)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 43,497	$ 43,410	$ 89,547	$ 82,027
EARNINGS PER COMMON SHARE, BASIC
Continuing operations (in usd per share)	$ 0.46	$ 0.64	$ 1.13	$ 1.22
Gain on sale of real estate (in usd per share)	0.17	0.00	0.17	0.00
Earnings per common share, basic (in usd per share)	$ 0.63	$ 0.64	$ 1.30	$ 1.22
Weighted average number of common shares, basic (in shares)	68,531	67,110	68,449	66,858
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations (in usd per share)	$ 0.46	$ 0.64	$ 1.13	$ 1.22
Gain on sale of real estate (in usd per share)	0.17	0.00	0.17	0.00
Earnings per common share, diluted (in usd per share)	$ 0.63	$ 0.64	$ 1.30	$ 1.22
Weighted average number of common shares, diluted (in shares)	68,713	67,277	68,638	67,021
COMPREHENSIVE INCOME	$ 46,740	$ 43,316	$ 92,482	$ 83,318
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 44,699	$ 41,445	$ 88,424	$ 79,655

Consolidated Statement Of Shareholders' Equity - 6 months ended Jun. 30, 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 $1,758 attributable to redeemable noncontrolling interests	92,118				89,818		2,300
Other comprehensive loss - change in value of interest rate swaps	(1,394)					(1,394)
Dividends declared to common shareholders	(119,795)				(119,795)
Dividends declared to preferred shareholders	(271)				(271)
Distributions declared to noncontrolling interests	(2,585)						(2,585)
Common shares issued (in shares)			427,194
Common shares issued	56,618		$ 4	56,614
Exercise of stock options (in shares)			19,739
Exercise of stock options	1,207		$ 0	1,207
Shares issued under dividend reinvestment plan (in shares)			8,226
Shares issued under dividend reinvestment plan	1,165			1,165
Share-based compensation expense, net of forfeitures (in shares)			55,407
Share-based compensation expense, net of forfeitures	6,582		$ 1	6,581
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	22,347						22,347
Adjustment to redeemable noncontrolling interests	(1,749)			(1,749)
Ending balance (in shares) at Jun. 30, 2015		399,896	69,120,797
Ending balance at Jun. 30, 2015	$ 1,741,566	$ 9,997	$ 692	$ 2,344,031	$ (714,239)	$ (4,909)	$ 105,994

Consolidated Statement Of Shareholders' Equity (Parentheticals) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Statement of Stockholders' Equity [Abstract]
Net income, excluding $1,758 attributable to redeemable noncontrolling interests	$ 1,758

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income	$ 93,876	$ 85,961
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	84,655	84,743
Gain on sale of real estate	(11,509)	0
Early extinguishment of debt	19,072	0
Income from real estate partnerships	(626)	(463)
Other, net	1,825	2,348
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable	(7,765)	(10,839)
Decrease in prepaid expenses and other assets	3,724	8,175
(Decrease) increase in accounts payable and accrued expenses	(12,620)	967
Increase in security deposits and other liabilities	3,016	1,177
Net cash provided by operating activities	173,648	172,069
INVESTING ACTIVITIES
Acquisition of real estate	(108,919)	(4,352)
Capital expenditures - development and redevelopment	(124,916)	(154,732)
Capital expenditures - other	(20,745)	(20,280)
Proceeds from sale of real estate	45,821	0
Investment in real estate partnership	(149)	(3,581)
Distribution from real estate partnership in excess of earnings	0	301
Leasing costs	(8,045)	(8,118)
Repayment of mortgage and other notes receivable, net	602	640
Net cash used in investing activities	(216,351)	(190,122)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility, net of costs	106,500	0
Issuance of senior notes, net of costs	208,644	0
Redemption and retirement of senior notes	(219,228)	0
Repayment of mortgages, capital leases and notes and other payables	(13,337)	(26,097)
Issuance of common shares	58,007	103,931
Dividends paid to common and preferred shareholders	(118,721)	(103,856)
Distributions to and redemptions of noncontrolling interests	(4,938)	(3,540)
Net cash provided by (used in) financing activities	16,927	(29,562)
Decrease in cash and cash equivalents	(25,776)	(47,615)
Cash and cash equivalents at beginning of year	47,951	88,927
Cash and cash equivalents at end of period	$ 22,175	$ 41,312

Business And Organization	6 Months Ended
Business And Organization	Jun. 30, 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 June 30, 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

6 Months Ended

Jun. 30, 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:



	Six Months Ended
	June 30,
	2015			2014
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	57,156		$	57,364
Interest capitalized	(9,543		)	(11,014		)
Interest expense	$	47,613		$	46,350
Cash paid for interest, net of amounts capitalized (1)	$	71,832		$	40,885
Cash paid for income taxes	$	222		$	309
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
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	$	983		$	900

(1) 2015 includes $19.2 million related to early extinguishment of debt.

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

Real Estate	6 Months Ended
Real Estate	Jun. 30, 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. Approximately $8.1 million of assets acquired were allocated to lease intangibles and included within other assets. Approximately $19.1 million was allocated to lease intangibles primarily related to "below market leases," and is included within other liabilities. Additionally, $16.3 million was allocated to noncontrolling interests. 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 six months ended June 30, 2015. 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. On April 24, 2015, we sold our Houston Street property in San Antonio, Texas for a sales price of $46.1 million, resulting in a gain of $11.5 million. On May 4, 2015, we acquired CocoWalk, a 198,000 square foot retail property located in the Coconut Grove neighborhood of Miami, Florida for $87.5 million. The acquisition was completed through a newly formed entity ("CocoWalk LLC") for which we own a preferred interest and an 80% common interest. Net assets acquired were preliminarily allocated to operating real estate and other assets for "above market leases," and other liabilities for "below market leases." Additionally, approximately $6 million was preliminarily allocated to noncontrolling interests. The purchase price allocation will be finalized after our valuation studies are complete. We incurred approximately $0.7 million in acquisition costs which are included in "general and administrative expenses" for the six months ended June 30, 2015. CocoWalk LLC is a variable interest entity for which we are the primary beneficiary, and consequently, the entity is consolidated in our financial statements effective May 4, 2015. As of June 30, 2015 net real estate assets related to CocoWalk LLC included in our consolidated balance sheet are $87.4 million.

Real Estate Partnerships

6 Months Ended

Jun. 30, 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 June 30, 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				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
	(In thousands)
OPERATING RESULTS
Revenue	$	4,273	$	4,469	$	9,017	$	9,487
Expenses
Other operating expenses	1,242		1,390		3,371		3,500
Depreciation and amortization	1,237		1,590		2,459		3,077
Interest expense	517		781		1,036		1,620
Total expenses	2,996		3,761		6,866		8,197
Net income	$	1,277	$	708	$	2,151	$	1,290
Our share of net income from real estate partnership	$	423	$	250	$	722	$	463



	June 30,		December 31,
	2015		2014
	(In thousands)
BALANCE SHEETS
Real estate, net	$	147,514	$	149,203
Cash	4,501		2,864
Other assets	5,709		5,346
Total assets	$	157,724	$	157,413
Mortgages payable	$	34,385	$	34,385
Other liabilities	3,201		3,673
Partners’ capital	120,138		119,355
Total liabilities and partners’ capital	$	157,724	$	157,413
Our share of unconsolidated debt	$	10,316	$	10,316
Our investment in real estate partnership	$	32,535	$	32,367

Debt	6 Months Ended
Debt	Jun. 30, 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 have the same terms and are 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 $208.6 million. The proceeds were used on April 11, 2015 to repay our $200.0 million 6.20% notes prior to the original maturity date of January 15, 2017. The redemption price of $222.2 million included a make-whole premium of $19.2 million and accrued but unpaid interest of $3.0 million. The make-whole premium is included in "early extinguishment of debt" in the three and six months ended June 30, 2015. During 2015 the maximum amount of borrowings outstanding under our $600.0 million revolving credit facility was $173.5 million and the weighted average interest rate, before amortization of debt fees, was 1.1%. During the three and six months ended June 30, 2015, the weighted average borrowings outstanding were $118.5 million and $79.3 million, respectively. At June 30, 2015, the outstanding balance was $106.5 million. 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, 2015, we were in compliance with all debt covenants.

Fair Value Of Financial Instruments

6 Months Ended

Jun. 30, 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:



	June 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	973,357	$	984,420	$	854,217	$	880,866
Senior notes and debentures	$	1,494,515	$	1,503,677	$	1,483,813	$	1,579,868

As of June 30, 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, and effectively fix the rate of the term loan at 2.62%. 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 $3.7 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, 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 June 30, 2015 was a liability of $4.9 million and is included in "accounts payable and accrued expenses" on our consolidated balance sheet. For the three and six months ended June 30, 2015, the change in valuation on our interest rate swaps resulted in a $1.1 million decrease in our derivative liability and a $1.4 million increase in our derivative liability, respectively, (including $1.1 million and $2.1 million, respectively, 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:



	June 30, 2015								December 31, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	4,909	$	—	$	4,909	$	—	$	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	6 Months Ended
Commitments and Contingencies	Jun. 30, 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 $119.7 million, based on our closing stock price on June 30, 2015.

Shareholders' Equity

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

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



	Six Months Ended June 30,
	2015				2014
	Declared		Paid		Declared		Paid
Common shares	$	1.740	$	1.740	$	1.560	$	1.560
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.677	$	0.677	$	0.677	$	0.677

On May 11, 2015, 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 and six months ended June 30, 2015, we issued 427,134 common shares at a weighted average price per share of $134.12 for net cash proceeds of $56.6 million and paid $0.6 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. As of June 30, 2015, we had the capacity to issue up to $242.7 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

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

6 Months Ended

Jun. 30, 2015

Components Of Rental Income and Expense [Abstract]

COMPONENTS OF RENTAL INCOME

The principal components of rental income are as follows:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
	(In thousands)
Minimum rents
Retail and commercial	$	125,688	$	116,840	$	250,001	$	232,905
Residential	10,554		8,532		20,941		16,354
Cost reimbursement	33,535		32,158		74,422		69,617
Percentage rent	2,503		2,045		5,267		4,168
Other	3,604		2,808		6,419		5,532
Total rental income	$	175,884	$	162,383	$	357,050	$	328,576

Minimum rents include the following:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
	(In millions)						(In millions)
Straight-line rents	$	1.8		$	1.1		$	3.1		$	2.2
Amortization of above market leases	$	(1.0	)	$	(0.8	)	$	(1.9	)	$	(1.7	)
Amortization of below market leases	$	1.6		$	1.5		$	3.2		$	2.9

Share-Based Compensation Plans

6 Months Ended

Jun. 30, 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						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
	(In thousands)
Grants of shares and options	$	2,827		$	3,070		$	6,581		$	6,628
Capitalized share-based compensation	(231		)	(300		)	(448		)	(585		)
Share-based compensation expense	$	2,596		$	2,770		$	6,133		$	6,043

Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30, 2015 and 2014, we had 0.2 million and 0.3 million weighted average unvested shares outstanding, respectively, which are considered participating securities. For the six months ended June 30, 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 six months ended June 30, 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						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
NUMERATOR
Net income	$	34,164		$	45,416		$	82,367		$	85,961
Less: Preferred share dividends	(135		)	(135		)	(271		)	(271		)
Less: Net income attributable to noncontrolling interests	(2,041		)	(1,871		)	(4,058		)	(3,663		)
Less: Earnings allocated to unvested shares	(207		)	(237		)	(417		)	(475		)
Income from continuing operations available for common shareholders	31,781			43,173			77,621			81,552
Gain on sale of real estate	11,509			—			11,509			—
Net income available for common shareholders, basic and diluted	$	43,290		$	43,173		$	89,130		$	81,552
DENOMINATOR
Weighted average common shares outstanding—basic	68,531			67,110			68,449			66,858
Effect of dilutive securities:
Stock options	182			167			189			163
Weighted average common shares outstanding—diluted	68,713			67,277			68,638			67,021
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.46		$	0.64		$	1.13		$	1.22
Gain on sale of real estate	0.17			—			0.17			—
	$	0.63		$	0.64		$	1.30		$	1.22
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.46		$	0.64		$	1.13		$	1.22
Gain on sale of real estate	0.17			—			0.17			—
	$	0.63		$	0.64		$	1.30		$	1.22
Income from continuing operations attributable to the Trust	$	32,123		$	43,545		$	78,309		$	82,298

Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

On July 1, 2015, we acquired partial interests in seven buildings in the Coconut Grove neighborhood of Miami, Florida for $5.8 million. The acquisition was completed through our CocoWalk LLC entity.

On July 8, 2015 we acquired a parcel of land adjacent to our Pike 7 Plaza property for $5.0 million.

On August 3, 2015 we repaid the following mortgage loans, which bear interest at a weighted average rate of 7.9%, at par prior to their maturity date of November 1, 2015:



	Principal Payoff Amount
	(In millions)
Barracks Road	$	35.3
Brick Plaza	25.9
Wynnewood	25.5
Lawrence Park	25.0
Wildwood	22.0
Hauppauge	13.3
	$	147.0

Summary of Significant Accounting Policies (Policy)	6 Months Ended
Summary of Significant Accounting Policies (Policy)	Jun. 30, 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)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Schedule of Supplemental Cash Flow Disclosures

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



	Six Months Ended
	June 30,
	2015			2014
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	57,156		$	57,364
Interest capitalized	(9,543		)	(11,014		)
Interest expense	$	47,613		$	46,350
Cash paid for interest, net of amounts capitalized (1)	$	71,832		$	40,885
Cash paid for income taxes	$	222		$	309
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
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	$	983		$	900

(1) 2015 includes $19.2 million related to early extinguishment of debt.

Real Estate Partnerships (Tables)

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
	(In thousands)
OPERATING RESULTS
Revenue	$	4,273	$	4,469	$	9,017	$	9,487
Expenses
Other operating expenses	1,242		1,390		3,371		3,500
Depreciation and amortization	1,237		1,590		2,459		3,077
Interest expense	517		781		1,036		1,620
Total expenses	2,996		3,761		6,866		8,197
Net income	$	1,277	$	708	$	2,151	$	1,290
Our share of net income from real estate partnership	$	423	$	250	$	722	$	463



	June 30,		December 31,
	2015		2014
	(In thousands)
BALANCE SHEETS
Real estate, net	$	147,514	$	149,203
Cash	4,501		2,864
Other assets	5,709		5,346
Total assets	$	157,724	$	157,413
Mortgages payable	$	34,385	$	34,385
Other liabilities	3,201		3,673
Partners’ capital	120,138		119,355
Total liabilities and partners’ capital	$	157,724	$	157,413
Our share of unconsolidated debt	$	10,316	$	10,316
Our investment in real estate partnership	$	32,535	$	32,367

Fair Value Of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Summary of Carrying Value 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, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	973,357	$	984,420	$	854,217	$	880,866
Senior notes and debentures	$	1,494,515	$	1,503,677	$	1,483,813	$	1,579,868

Summary of Financial Liabilities Measured on a Recurring Basis

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



	June 30, 2015								December 31, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	4,909	$	—	$	4,909	$	—	$	3,515	$	—	$	3,515

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 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:



	Six Months Ended June 30,
	2015				2014
	Declared		Paid		Declared		Paid
Common shares	$	1.740	$	1.740	$	1.560	$	1.560
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, 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				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
	(In thousands)
Minimum rents
Retail and commercial	$	125,688	$	116,840	$	250,001	$	232,905
Residential	10,554		8,532		20,941		16,354
Cost reimbursement	33,535		32,158		74,422		69,617
Percentage rent	2,503		2,045		5,267		4,168
Other	3,604		2,808		6,419		5,532
Total rental income	$	175,884	$	162,383	$	357,050	$	328,576

Schedule of Minimum Rents

Minimum rents include the following:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
	(In millions)						(In millions)
Straight-line rents	$	1.8		$	1.1		$	3.1		$	2.2
Amortization of above market leases	$	(1.0	)	$	(0.8	)	$	(1.9	)	$	(1.7	)
Amortization of below market leases	$	1.6		$	1.5		$	3.2		$	2.9

Share-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2015

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

Summary of Share-Based Compensation Expense

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



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
	(In thousands)
Grants of shares and options	$	2,827		$	3,070		$	6,581		$	6,628
Capitalized share-based compensation	(231		)	(300		)	(448		)	(585		)
Share-based compensation expense	$	2,596		$	2,770		$	6,133		$	6,043

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
NUMERATOR
Net income	$	34,164		$	45,416		$	82,367		$	85,961
Less: Preferred share dividends	(135		)	(135		)	(271		)	(271		)
Less: Net income attributable to noncontrolling interests	(2,041		)	(1,871		)	(4,058		)	(3,663		)
Less: Earnings allocated to unvested shares	(207		)	(237		)	(417		)	(475		)
Income from continuing operations available for common shareholders	31,781			43,173			77,621			81,552
Gain on sale of real estate	11,509			—			11,509			—
Net income available for common shareholders, basic and diluted	$	43,290		$	43,173		$	89,130		$	81,552
DENOMINATOR
Weighted average common shares outstanding—basic	68,531			67,110			68,449			66,858
Effect of dilutive securities:
Stock options	182			167			189			163
Weighted average common shares outstanding—diluted	68,713			67,277			68,638			67,021
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.46		$	0.64		$	1.13		$	1.22
Gain on sale of real estate	0.17			—			0.17			—
	$	0.63		$	0.64		$	1.30		$	1.22
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.46		$	0.64		$	1.13		$	1.22
Gain on sale of real estate	0.17			—			0.17			—
	$	0.63		$	0.64		$	1.30		$	1.22
Income from continuing operations attributable to the Trust	$	32,123		$	43,545		$	78,309		$	82,298

Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Schedule of Extinguishment of Debt

On August 3, 2015 we repaid the following mortgage loans, which bear interest at a weighted average rate of 7.9%, at par prior to their maturity date of November 1, 2015:



	Principal Payoff Amount
	(In millions)
Barracks Road	$	35.3
Brick Plaza	25.9
Wynnewood	25.5
Lawrence Park	25.0
Wildwood	22.0
Hauppauge	13.3
	$	147.0

Business And Organization (Details)	6 Months Ended
Business And Organization (Details)	Jun. 30, 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 - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

SUPPLEMENTAL DISCLOSURES:

Total interest costs incurred

$ 57,156

$ 57,364

Interest capitalized

(9,543)

(11,014)

Interest expense

$ 23,445

$ 23,213

47,613

46,350

Cash paid for interest, net of amounts capitalized

71,832

^[1]

40,885

Cash paid for income taxes

222

309

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

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

983

$ 900

Prepayment premium on senior note

$ 19,200

[1]	2015 includes $19.2 million related to early extinguishment of debt.

Real Estate (Details) ft² in Thousands, $ in Thousands				6 Months Ended		18 Months Ended
Real Estate (Details) ft² in Thousands, $ in Thousands	May 04, 2015 USD ($) ft²	Apr. 24, 2015 USD ($)	Jan. 09, 2015 USD ($) ft² shares	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Feb. 25, 2015 USD ($)	Dec. 31, 2014 USD ($)
Significant Acquisitions
Mortgage loans assumed with acquisition				$ 18,666	$ 68,282
Contributions from noncontrolling interests				22,347
Net real estate				4,335,782		$ 4,335,782		$ 4,141,948
Houston Street
Significant Acquisitions
Proceeds from sale		$ 46,100
Gain (loss) on sale of real estate		$ 11,500
San Antonio Center
Significant Acquisitions
Square footage of real estate property \| ft²			376
Gross value of business acquisition			$ 62,200
Effective interest of acquisition			80.00%
Mortgage loans assumed with acquisition			$ 18,700
Number of downREIT operating partnership units assumed in acquisition \| shares			58,000
Cash paid in acquisition			$ 27,000
Contributions from noncontrolling interests			16,300
San Antonio Center \| Other Liabilities
Significant Acquisitions
Acquired below market leases			19,100
San Antonio Center \| General and Administrative Expenses
Significant Acquisitions
Current period acquisition costs				1,100		1,800
The Grove at Shrewsbury
Significant Acquisitions
Price to acquire non-controlling interest							$ 8,800
CocoWalk
Significant Acquisitions
Square footage of real estate property \| ft²	198
Effective interest of acquisition	80.00%
Purchase price	$ 87,500
Contributions from noncontrolling interests	$ 6,000
CocoWalk \| CocoWalk LLC
Significant Acquisitions
Net real estate				87,400		$ 87,400
CocoWalk \| General and Administrative Expenses
Significant Acquisitions
Current period acquisition costs				$ 700
Above Market Leases \| San Antonio Center \| Other Assets
Significant Acquisitions
Acquired above market leases			$ 8,100

Real Estate Partnerships (Details)	Jun. 30, 2015 project property
Schedule of Equity Method Investments
Number of real estate properties owned by partnership \| project	90
Federal Realty Investment Trust / ING Clarion Partners Partnership
Schedule of Equity Method Investments
Number of real estate properties owned by partnership \| property	6
Federal Realty Investment Trust \| Federal Realty Investment Trust / ING Clarion Partners Partnership
Schedule of Equity Method Investments
Ownership interest in Partnership	30.00%
ING Clarion Partners \| Federal Realty Investment Trust / ING Clarion Partners Partnership
Schedule of Equity Method Investments
Ownership interest in Partnership	70.00%

Real Estate Partnerships - Summarized Operating Results and Financial Position of the Partnership (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
OPERATING RESULTS
Revenue	$ 181,461	$ 167,947	$ 366,253	$ 338,775
Expenses
Depreciation and amortization	42,671	40,893	84,655	84,743
Interest expense	23,445	23,213	47,613	46,350
Net income	45,673	45,416	93,876	85,961
Our share of net income from real estate partnership	406	250	626	463
BALANCE SHEETS
Real estate, net	4,335,782		4,335,782		$ 4,141,948
Cash	22,175	41,312	22,175	41,312	47,951	$ 88,927
TOTAL ASSETS	4,733,838		4,733,838		4,546,870
Mortgages payable	576,446		576,446		563,698
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	4,733,838		4,733,838		4,546,870
Our investment in real estate partnership	37,748		37,748		37,457
Federal Realty Investment Trust / ING Clarion Partners Partnership
OPERATING RESULTS
Revenue	4,273	4,469	9,017	9,487
Expenses
Other operating expenses	1,242	1,390	3,371	3,500
Depreciation and amortization	1,237	1,590	2,459	3,077
Interest expense	517	781	1,036	1,620
Total expenses	2,996	3,761	6,866	8,197
Net income	1,277	708	2,151	1,290
BALANCE SHEETS
Real estate, net	147,514		147,514		149,203
Cash	4,501		4,501		2,864
Other assets	5,709		5,709		5,346
TOTAL ASSETS	157,724		157,724		157,413
Mortgages payable	34,385		34,385		34,385
Other liabilities	3,201		3,201		3,673
Partners’ capital	120,138		120,138		119,355
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	157,724		157,724		157,413
Federal Realty Investment Trust \| Federal Realty Investment Trust / ING Clarion Partners Partnership
Expenses
Our share of net income from real estate partnership	423	$ 250	722	$ 463
BALANCE SHEETS
Our share of unconsolidated debt	10,316		10,316		10,316
Our investment in real estate partnership	$ 32,535		$ 32,535		$ 32,367

Debt (Details) - USD ($)			3 Months Ended	6 Months Ended
Debt (Details) - USD ($)	Apr. 11, 2015	Mar. 16, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jan. 09, 2015	Nov. 14, 2014
Debt Instrument
Issuance of senior notes, net of costs				$ 208,644,000	$ 0
Senior Notes \| 4.50% Senior notes
Debt Instrument
Principal		$ 200,000,000					$ 250,000,000
Stated interest rate		4.50%
Note offering percent of principal amount		105.38%
Debt yield to maturity percent		4.18%
Issuance of senior notes, net of costs		$ 208,600,000
Senior Notes \| 6.20% Senior Notes
Debt Instrument
Stated interest rate	6.20%
Repayments of debt	$ 200,000,000
Redemption price	222,200,000
Make-whole premium	19,200,000
Accrued but unpaid interest	$ 3,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity under revolving credit facility			$ 600,000,000	600,000,000
Maximum amount outstanding under revolving credit facility				$ 173,500,000
Weighted average interest rate, before amortization of debt fees				1.10%
Weighted average borrowings outstanding			118,500,000	$ 79,300,000
Outstanding balance of revolving credit facility			$ 106,500,000	$ 106,500,000
San Antonio Center \| Mortgages
Debt Instrument
Principal						$ 18,700,000
Fair value						$ 19,300,000
Stated interest rate						5.27%

Fair Value Of Financial Instruments (Details)	3 Months Ended	6 Months Ended
Fair Value Of Financial Instruments (Details)	Jun. 30, 2015 USD ($) agreement	Jun. 30, 2015 USD ($) agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest rate cash flow hedge loss to be reclassified within next 12 months, net	$ 3,700,000	$ 3,700,000
Other comprehensive income (loss) - change in value of interest rate swaps	1,100,000	(1,394,000)
Interest expense reclassified from other comprehensive loss	$ 1,100,000	$ 2,100,000
Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements \| agreement	2	2
Notional amount of interest rate swap agreements	$ 275,000,000.0	$ 275,000,000.0
Fair Value, Measurements, Recurring \| Interest Rate Swap \| Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Principal amount of term loan	$ 275,000,000	$ 275,000,000
Variable portion of interest rate	1.72%	1.72%
Effective interest rate	2.62%	2.62%
Level 2 \| Accounts Payable and Accrued Expenses \| Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	$ 4,909,000	$ 4,909,000

Fair Value Of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgages and Notes Payable \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 973,357	$ 854,217
Mortgages and Notes Payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	984,420	880,866
Senior Notes and Debentures \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,494,515	1,483,813
Senior Notes and Debentures \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 1,503,677	$ 1,579,868

Fair Value of Financial Instruments - Summary of Financial Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	$ 4,909	$ 3,515
Interest Rate Swap \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	0	0
Interest Rate Swap \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	4,909	3,515
Interest Rate Swap \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	0	$ 0
Accounts Payable and Accrued Expenses \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities	$ 4,909

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2015 USD ($) shares
Commitments and Contingencies Disclosure [Abstract]
downREIT operating partnership units, outstanding \| shares	934,405
downREIT operating partnership units outstanding, fair value \| $	$ 119.7

Shareholders' Equity (Details) - USD ($)	3 Months Ended	6 Months Ended
Shareholders' Equity (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	May 11, 2015
Class of Stock
Proceeds from issuance of stock		$ 58,007,000	$ 103,931,000
At The Market Equity Program
Class of Stock
Aggregate offering price (in usd)				$ 300,000,000
Common shares issued (in shares)	427,134	427,134
Weighted average price per share	$ 134.12	$ 134.12
Proceeds from issuance of stock	$ 56,600,000	$ 56,600,000
Remaining capacity to issue (in usd)	242,700,000	242,700,000
At The Market Equity Program \| Commissions
Class of Stock
Stock issuance costs	600,000	600,000
At The Market Equity Program \| Other Offering Costs
Class of Stock
Stock issuance costs	$ 100,000	$ 100,000

Shareholders' Equity - Summary of Dividends Declared and Paid Per Share (Details) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Cumulative convertible preferred shares, dividend rate			5.417%		5.417%
Common Shares
Dividends declared per common share			$ 1.74	$ 1.560
Dividends paid per common share			1.74	1.560
5.417% Series 1 Cumulative Convertible Preferred Shares
Dividends declared per preferred share			0.677	0.677
Dividends paid per preferred share			$ 0.677	$ 0.677
Cumulative convertible preferred shares, dividend rate	5.417%	5.417%	5.417%	5.417%

Components of Rental Income - Schedule of Principal Components of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cost reimbursement	$ 33,535	$ 32,158	$ 74,422	$ 69,617
Percentage rent	2,503	2,045	5,267	4,168
Other	3,604	2,808	6,419	5,532
Total rental income	175,884	162,383	357,050	328,576
Retail and Commercial
Minimum rents	125,688	116,840	250,001	232,905
Residential
Minimum rents	$ 10,554	$ 8,532	$ 20,941	$ 16,354

Components Of Rental Income - Schedule of Minimum Rents (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Minimum Rent
Straight-line rents	$ 1.8	$ 1.1	$ 3.1	$ 2.2
Amortization of above market leases
Minimum Rent
Amortization of above and below market leases	(1.0)	(0.8)	(1.9)	(1.7)
Amortization of below market leases
Minimum Rent
Amortization of above and below market leases	$ 1.6	$ 1.5	$ 3.2	$ 2.9

Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Grants of shares and options	$ 2,827	$ 3,070	$ 6,581	$ 6,628
Capitalized share-based compensation	(231)	(300)	(448)	(585)
Share-based compensation expense	$ 2,596	$ 2,770	$ 6,133	$ 6,043

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended		12 Months Ended
Earnings Per Share (Details) - shares	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Earnings Per Share Narrative
Weighted average unvested shares outstanding	200,000	300,000	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
Cumulative convertible preferred shares, dividend rate	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, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
NUMERATOR
Net income	$ 34,164	$ 45,416	$ 82,367	$ 85,961
Less: Preferred share dividends	(135)	(135)	(271)	(271)
Net income attributable to noncontrolling interests	(2,041)	(1,871)	(4,058)	(3,663)
Less: Earnings allocated to unvested shares	(207)	(237)	(417)	(475)
Income from continuing operations available for common shareholders	31,781	43,173	77,621	81,552
Gain on sale of real estate	11,509	0	11,509	0
Net income available for common shareholders, basic and diluted	$ 43,290	$ 43,173	$ 89,130	$ 81,552
DENOMINATOR
Weighted average common shares outstanding—basic (in shares)	68,531	67,110	68,449	66,858
Stock options (in shares)	182	167	189	163
Weighted average common shares outstanding—diluted (in shares)	68,713	67,277	68,638	67,021
EARNINGS PER COMMON SHARE, BASIC
Continuing operations (in usd per share)	$ 0.46	$ 0.64	$ 1.13	$ 1.22
Gain on sale of real estate (in usd per share)	0.17	0.00	0.17	0.00
Earnings per common share, basic (in usd per share)	0.63	0.64	1.30	1.22
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations (in usd per share)	0.46	0.64	1.13	1.22
Gain on sale of real estate (in usd per share)	0.17	0.00	0.17	0.00
Earnings per common share, diluted (in usd per share)	$ 0.63	$ 0.64	$ 1.30	$ 1.22
Income from continuing operations attributable to the Trust	$ 32,123	$ 43,545	$ 78,309	$ 82,298

Subsequent Events (Details) $ in Millions	Jul. 08, 2015 USD ($)	Jul. 01, 2015 USD ($) building	May 04, 2015 USD ($)	Aug. 03, 2015
CocoWalk
Subsequent Event
Purchase price			$ 87.5
Subsequent Event
Subsequent Event
Weighted average interest rate of debt retired				7.90%
Subsequent Event \| Pike 7 Plaza \| Land
Subsequent Event
Purchase price	$ 5.0
Subsequent Event \| CocoWalk LLC \| CocoWalk
Subsequent Event
Number of buildings \| building		7
Purchase price		$ 5.8

Subsequent Debt - Schedule of Extinguishment of Debt (Details) - Subsequent Event $ in Millions	Aug. 03, 2015 USD ($)
Extinguishment of Debt
Repayments of debt	$ 147.0
Barracks Road
Extinguishment of Debt
Repayments of debt	35.3
Brick Plaza
Extinguishment of Debt
Repayments of debt	25.9
Wynnewood
Extinguishment of Debt
Repayments of debt	25.5
Lawrence Park
Extinguishment of Debt
Repayments of debt	25.0
Wildwood
Extinguishment of Debt
Repayments of debt	22.0
Hauppauge
Extinguishment of Debt
Repayments of debt	$ 13.3