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Document and Entity Information Document - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Feb. 08, 2019	Jun. 30, 2018
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-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	FRT
Entity Common Stock, Shares Outstanding		74,365,801
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 9.3

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Operating (including $1,701,804 and $1,639,486 of consolidated variable interest entities, respectively)	$ 7,307,622	$ 6,950,188
Construction-in-progress (including $51,313 and $43,393 of consolidated variable interest entities, respectively)	495,274	684,873
Assets held for sale	16,576	0
Real estate, at cost, total	7,819,472	7,635,061
Less accumulated depreciation and amortization (including $292,374 and $247,410 of consolidated variable interest entities, respectively)	(2,059,143)	(1,876,544)
Net real estate	5,760,329	5,758,517
Cash and cash equivalents	64,087	15,188
Accounts and notes receivable	142,237	209,877
Mortgage notes receivable, net	30,429	30,429
Investment in real estate partnerships	26,859	23,941
Prepaid expenses and other assets	265,703	237,803
TOTAL ASSETS	6,289,644	6,275,755
Liabilities
Mortgages payable (including $444,388 and $460,372 of consolidated variable interest entities, respectively)	474,379	491,505
Capital lease obligations	71,519	71,556
Notes payable	279,027	320,265
Senior notes and debentures	2,404,279	2,401,440
Accounts payable and accrued expenses	177,922	196,332
Dividends payable	78,207	75,931
Security deposits payable	17,875	16,667
Other liabilities and deferred credits	182,898	169,388
Total liabilities	3,686,106	3,743,084
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	136,208	141,157
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 74,249,633 and 73,090,877 shares issued and outstanding, respectively	745	733
Additional paid-in capital	3,004,442	2,855,321
Accumulated dividends in excess of net income	(818,877)	(749,367)
Accumulated other comprehensive (loss) income	(416)	22
Total shareholders’ equity of the Trust	2,345,891	2,266,706
Noncontrolling interests	121,439	124,808
Total shareholders’ equity	2,467,330	2,391,514
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	6,289,644	6,275,755
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	150,000	150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	$ 9,997	$ 9,997

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating real estate, consolidated variable interest entities	$ 1,701,804	$ 1,639,486
Construction-in-progress, consolidated variable interest entities	51,313	43,393
Accumulated depreciation and amortization, consolidated variable interest entities	292,374	247,410
Mortgages payable, consolidated variable interest entities	$ 444,388	$ 460,372
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value		$ 0.01
Common shares of beneficial interest, par value	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	74,249,633	73,090,877
Common shares of beneficial interest, shares outstanding	74,249,633	73,090,877
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, percentage	5.417%	5.417%
Preferred Shares, liquidation preference per share	$ 25	$ 25
Preferred shares, shares issued	399,896	399,896
Preferred shares, shares outstanding	399,896	399,896
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Preferred shares, percentage	5.00%	5.00%
Preferred Shares, liquidation preference per share	$ 25,000	$ 25,000
Preferred shares, shares issued	6,000	6,000
Preferred shares, shares outstanding	6,000	6,000

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUE
Rental Income	$ 895,698	$ 841,461	$ 786,583
Other property income	16,589	12,825	11,015
Mortgage interest income	3,149	3,062	3,993
Total revenue	915,436	857,348	801,591
EXPENSES
Rental expenses	173,094	164,890	158,326
Real estate taxes	114,776	107,839	95,286
General and administrative	33,600	36,281	33,399
Depreciation and amortization	244,245	216,050	193,585
Total operating expenses	565,715	525,060	480,596
OPERATING INCOME	349,721	332,288	320,995
Other interest income	942	475	374
Interest expense	(110,154)	(100,125)	(94,994)
Early extinguishment of debt	0	(12,273)	0
(Loss) income from real estate partnerships	(3,398)	(417)	50
INCOME FROM CONTINUING OPERATIONS	237,111	219,948	226,425
Gain on sale of real estate and change in control of interests, net	11,915	77,922	32,458
Net income	249,026	297,870	258,883
Net income attributable to noncontrolling interests	(7,119)	(7,956)	(8,973)
NET INCOME ATTRIBUTABLE TO THE TRUST	241,907	289,914	249,910
Dividends on preferred shares	(8,042)	(2,458)	(541)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 233,865	$ 287,456	$ 249,369
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders	$ 3.18	$ 3.97	$ 3.51
Weighted average common shares outstanding, basic	73,274	72,117	70,877
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders	$ 3.18	$ 3.97	$ 3.50
Weighted average number of common shares	73,302	72,233	71,049
Comprehensive Income
Net income	$ 249,026	$ 297,870	$ 258,883
Other comprehensive (loss) income - change in value of interest rate swaps	(438)	2,599	1,533
COMPREHENSIVE INCOME	248,588	300,469	260,416
Comprehensive income attributable to noncontrolling interests	(7,119)	(7,956)	(8,973)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 241,469	$ 292,513	$ 251,443

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interests	Common shares	Preferred Shares	Preferred Shares Additional Paid-in Capital
Contributions from noncontrolling interests	$ 885						$ 885
Beginning balance (in shares) at Dec. 31, 2015		399,896	69,493,392
Beginning balance at Dec. 31, 2015	1,781,931	$ 9,997	$ 696	$ 2,381,867	$ (724,701)	$ (4,110)	118,182
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to redeemable noncontrolling interests	256,170				249,910		6,260
Other comprehensive (loss) income - change in value of interest rate swaps	1,533					1,533
Dividends declared to common shareholders	(274,402)				(274,402)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(7,546)						(7,546)
Shares issued (in shares)			2,156,671
Shares issued	324,191		$ 21	324,170
Exercise of stock options (in shares)			55,365
Exercise of stock options	$ 4,542		$ 1	4,541
Shares issued under dividend reinvestment plan (in shares)	15,619		15,619
Shares issued under dividend reinvestment plan	$ 2,387			2,387
Share-based compensation expense, net of forfeitures (in shares)			134,913
Share-based compensation expense, net of forfeitures	11,227		$ 2	11,225
Shares withheld for employee taxes (in shares)			(30,671)
Shares withheld for employee taxes	(4,451)			(4,451)
Conversion and redemption of OP units (in shares)			170,608
Conversion and redemption of OP units	0		$ 2	18,677			(18,679)
Adjustment to redeemable noncontrolling interests	(20,091)			(20,091)
Ending balance (in shares) at Dec. 31, 2016		399,896	71,995,897
Ending balance at Dec. 31, 2016	2,075,835	$ 9,997	$ 722	2,718,325	(749,734)	(2,577)	99,102
Contributions from noncontrolling interests	35,331						35,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 1 adoption of new accounting standard - See Note 2	0			83	(83)
Net income, excluding amount attributable to redeemable noncontrolling interests	293,996				289,914		4,082
Other comprehensive (loss) income - change in value of interest rate swaps	2,599					2,599
Dividends declared to common shareholders	(287,006)				(287,006)
Dividends declared to preferred shareholders	(2,458)				(2,458)
Distributions declared to noncontrolling interests	(5,560)						(5,560)
Shares issued (in shares)		6,000	826,592
Shares issued	108,248	$ 150,000	$ 8	108,240					$ 144,965	$ (5,035)
Exercise of stock options (in shares)			152,634
Exercise of stock options	$ 9,979		$ 2	9,977
Shares issued under dividend reinvestment plan (in shares)	17,911		17,911
Shares issued under dividend reinvestment plan	$ 2,373			2,373
Share-based compensation expense, net of forfeitures (in shares)			107,522
Share-based compensation expense, net of forfeitures	12,371		$ 1	12,370
Shares withheld for employee taxes (in shares)			(29,709)
Shares withheld for employee taxes	(4,229)			(4,229)
Conversion and redemption of OP units (in shares)			20,030
Conversion and redemption of OP units	0		$ 0	2,569			(2,569)
Purchase of noncontrolling interests	(5,536)			42			(5,578)
Adjustment to redeemable noncontrolling interests	10,606			10,606
Ending balance (in shares) at Dec. 31, 2017		405,896	73,090,877
Ending balance at Dec. 31, 2017	2,391,514	$ 159,997	$ 733	2,855,321	(749,367)	22	124,808
Contributions from noncontrolling interests	4,020						4,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 1 adoption of new accounting standard - See Note 2	(6,028)				(6,028)
Net income, excluding amount attributable to redeemable noncontrolling interests	245,161				241,907		3,254
Other comprehensive (loss) income - change in value of interest rate swaps	(438)					(438)
Dividends declared to common shareholders	(297,347)				(297,347)
Dividends declared to preferred shareholders	(8,042)				(8,042)
Distributions declared to noncontrolling interests	$ (5,175)						(5,175)
Shares issued (in shares)			987,461
Shares issued			$ 10	126,061				$ 126,071
Exercise of stock options (in shares)	105,803		105,803
Exercise of stock options	$ 4,572		$ 1	4,571
Shares issued under dividend reinvestment plan (in shares)	17,952		17,952
Shares issued under dividend reinvestment plan	$ 2,159			2,159
Share-based compensation expense, net of forfeitures (in shares)			55,223
Share-based compensation expense, net of forfeitures	12,736		$ 1	12,735
Shares withheld for employee taxes (in shares)			(8,432)
Shares withheld for employee taxes	(958)			(958)
Conversion and redemption of OP units (in shares)			749
Conversion and redemption of OP units	(6,012)		$ 0	(544)			(5,468)
Adjustment to redeemable noncontrolling interests	5,097			5,097
Ending balance (in shares) at Dec. 31, 2018		405,896	74,249,633
Ending balance at Dec. 31, 2018	$ 2,467,330	$ 159,997	$ 745	$ 3,004,442	$ (818,877)	$ (416)	$ 121,439

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Amounts attributable to redeemable noncontrolling interest	$ 3,865	$ 3,874	$ 2,713

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES
Net income	$ 249,026	$ 297,870	$ 258,883
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	244,245	216,050	193,585
Gain on sale of real estate and change in control of interests, net	(11,915)	(77,922)	(32,458)
Early extinguishment of debt	0	12,273	0
Loss (income) from real estate partnerships	3,398	417	(50)
Other, net	4,147	(2,674)	474
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Proceeds from new market tax credit transaction, net of deferred costs	12,353	0	0
Decrease in accounts receivable, net	917	2,059	1,868
(Increase) decrease in prepaid expenses and other assets	(2,070)	(3,695)	214
Increase in accounts payable and accrued expenses	2,650	14,242	7,159
Increase (decrease) in security deposits and other liabilities	13,937	208	(2,003)
Net cash provided by operating activities	516,688	458,828	427,672
INVESTING ACTIVITIES
Acquisition of real estate	(13,503)	(437,772)	(142,958)
Capital expenditures - development and redevelopment	(302,120)	(441,984)	(379,720)
Capital expenditures - other	(66,138)	(76,952)	(57,560)
Proceeds from sale of real estate and real estate partnership interests	177,775	136,055	0
Proceeds from partnership formation	37,998	0	0
Investment in real estate partnerships	(1,037)	(696)	(7,220)
Distribution from real estate partnership in excess of earnings	275	1,729	3,910
Leasing costs	(25,430)	(16,656)	(18,299)
(Issuance) repayment of mortgage and other notes receivable, net	(67)	(1,646)	11,626
Net cash used in investing activities	(192,247)	(837,922)	(590,221)
FINANCING ACTIVITIES
Net (repayment) borrowings under revolving credit facility, net of costs	(41,000)	41,000	(56,916)
Issuance of senior notes, net of costs	0	572,134	241,795
Redemption and retirement of senior notes	0	(161,930)	0
Repayment of mortgages, capital leases, and notes payable	(16,620)	(56,328)	(49,559)
Issuance of common shares, net of costs	130,918	118,583	329,103
Issuance of preferred shares, net of costs	0	144,991	0
Dividends paid to common and preferred shareholders	(301,194)	(282,995)	(267,694)
Shares withheld for employee taxes	(958)	(4,229)	(4,451)
Proceeds from Noncontrolling Interests	2,838	13,449	662
Distributions to and redemptions of noncontrolling interests	(15,293)	(15,230)	(24,102)
Net cash (used in) provided by financing activities	(241,309)	369,445	168,838
Increase (decrease) in cash, cash equivalents, and restricted cash	83,132	(9,649)	6,289
Cash, cash equivalents, and restricted cash at beginning of year	25,200	34,849	28,560
Cash, cash equivalents, and restricted cash at end of year	$ 108,332	$ 25,200	$ 34,849

Business And Organization	12 Months Ended
Business And Organization	Dec. 31, 2018
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, California, and South Florida. As of December 31, 2018, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects. We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. Certain 2017 and 2016 amounts have been reclassified to conform to current period presentation.

Use of Estimates

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

Revenue Recognition and Accounts Receivable

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

We make estimates of the collectability of our accounts receivable related to minimum rents, straight-line rents, expense reimbursements and other revenue. Accounts receivable is carried net of this allowance for doubtful accounts. Our determination as to the collectability of accounts receivable and correspondingly, the adequacy of this allowance, is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The allowance for doubtful accounts is increased or decreased through bad debt expense. Accounts receivable are written-off when they are deemed to be uncollectible and we are no longer actively pursuing collection. At December 31, 2018 and 2017, our allowance for doubtful accounts was $12.7 million and $11.8 million, respectively.

In some cases, primarily relating to straight-line rents, the collection of accounts receivable extends beyond one year. Our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Accordingly, the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured. If our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized, the additional straight-line rental income is recognized as revenue. If our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible, a reserve and bad debt expense is recorded. At December 31, 2018 and 2017, accounts receivable include approximately $97.4 million and $93.1 million, respectively, related to straight-line rents.

We completed construction on 221 condominium units at our Assembly Row and Pike & Rose properties. Beginning on January 1, 2018, with the adoption of ASU 2014-09, "Revenue from Contracts with Customers," (see "Recent Accounting Pronouncements" for discussion of change in timing of revenue recognition), gains or losses on the sale of these condominium units are recognized as the condominium units are legally sold. In 2017, we accounted for contracted condominium sales under the percentage-of completion method, based on an evaluation of the criteria specified in ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sales,” including: the legal commitment of the purchaser in the real estate contract, whether the construction of the project was beyond a preliminary phase, whether sufficient units had been contracted to ensure the project would not revert to a rental project, the ability to reasonably estimate the aggregate project sale proceeds and aggregate project costs, and the determination that the buyer had made an adequate initial and continuing cash investment under the contract. When the percentage-of-completion criteria had not been met, no profit was recognized. The application of these criteria can be complex and required us to make assumptions.

Real Estate

Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2018, 2017 and 2016, real estate depreciation expense was $216.0 million, $193.3 million and $173.2 million, respectively, including amounts from real estate sold and assets under capital lease obligations.

Effective January 1, 2018, (upon the adoption of ASU 2014-09, "Revenue from Contracts with Customers," as amended and interpreted) sales of real estate are recognized generally upon the transfer of control, which usually occurs when the real estate is legally sold. Prior to January 1, 2018, sales of real estate were recognized only when sufficient down payments had been obtained, possession and other attributes of ownership had been transferred to the buyer and we had no significant continuing involvement. The application of these criteria can be complex and required us to make assumptions. We believe the relevant criteria were met for all real estate sold during the periods presented.

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

Transaction costs related to asset acquisitions, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are capitalized as part of the acquisition cost. The acquisition of an operating shopping center typically qualifies as an asset acquisition.

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

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

We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell.

Cash and Cash Equivalents

We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2018, we had $70.6 million in excess of the FDIC insured limit.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions and salaries and related costs of personnel directly related to time spent obtaining a lease. Capitalized lease costs are amortized over the life of the related lease. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any previously capitalized lease costs are written off.

Debt Issuance Costs

Costs related to the issuance of debt instruments are deferred and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Debt issuance costs related to our revolving credit facility are classified as an asset and are included in "prepaid expenses and other assets" in our consolidated balance sheets. All other debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability.

Derivative Instruments

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

Interest rate swaps associated with cash flow hedges are recorded at fair value on a recurring basis. Effectiveness of cash flow hedges is assessed both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recorded in other comprehensive income (loss) which is included in accumulated other comprehensive income (loss) on the balance sheet and statement of shareholders' equity. 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, the default risk of the counterparty is evaluated by monitoring the credit worthiness of the counterparty which includes reviewing debt ratings and financial performance. If a cash flow hedge is deemed ineffective, the ineffective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recognized in earnings in the period affected.

Prior to November 1, 2018, we were party to two interest rate swap agreements that effectively fixed the rate on the term loan at 2.62%. Both swaps were designated and qualified as cash flow hedges and were recorded at fair value. As of December 31, 2018, our Assembly Row hotel joint venture is a party to two interest rate swap agreements that effectively fix the interest rate on the joint venture's mortgage debt at 5.206%. Both swaps were designated and qualify as cash flow hedges. Hedge ineffectiveness has not impacted earnings in 2018, 2017 and 2016.

Mortgage Notes Receivable

We have made certain mortgage loans that, because of their nature, qualify as loan receivables. At the time the loans were made, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. We receive additional interest, however, we never receive in excess of 50% of the residual profit in the project, and because the borrower has either a substantial investment in the project or has guaranteed all or a portion of our loan (or a combination thereof), the loans qualify for loan accounting. The amounts under these arrangements are presented as mortgage notes receivable at December 31, 2018 and 2017.

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

At December 31, 2018 and 2017, we had two mortgage notes receivable, with aggregate carrying amounts of $30.4 million, and weighted average interest rates of 10.3% and 10.0%, respectively, which were secured by first mortgages on retail buildings.

Share Based Compensation

We grant share based compensation awards to employees and trustees typically in the form of restricted common shares, common shares, and options. We measure share based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 12 for further discussion regarding our share based compensation plans and policies.

Variable Interest Entities

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

Our equity method investments in the Pike & Rose hotel joint venture, the Assembly Row hotel joint venture, and the La Alameda shopping center are also considered variable interests in a VIE. As we do not control the activities that most significantly impact the economic performance of the joint ventures, we are not the primary beneficiary and do not consolidate. As of December 31, 2018 and 2017, our investment in these joint ventures and maximum exposure to loss was $26.9 million and $23.9 million, respectively.

In addition, we have 18 entities that meet the criteria of a VIE in which we hold a variable interest. For each of these entities, we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. Net real estate assets and mortgage payables related to variable interest entities included in our consolidated balance sheets were approximately $1.5 billion and $444.4 million, respectively, as of December 31, 2018, and $1.4 billion and $460.4 million, respectively, as of December 31, 2017.

We have also evaluated our mortgage notes receivable investments and determined that the entities obligated under the mortgage notes are not VIEs. Our equity method investments and mortgage notes receivable balances are presented separately in our consolidated balance sheets.

Redeemable Noncontrolling Interests

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

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



	Year Ended
	December 31,
	2018			2017
	(In thousands)
Beginning balance	$	141,157		$	143,694
Net income	3,865			3,874
Contributions	354			11,109
Distributions & Redemptions	(4,071		)	(6,914		)
Change in redemption value	(5,097		)	(10,606		)
Ending balance	$	136,208		$	141,157

On January 12, 2017, we exercised our purchase option on non-controlling interests in San Antonio Center for $2.6 million of cash and 44,195 of downREIT operating partnership units.

Income Taxes

We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

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

With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2015. As of December 31, 2018 and 2017, we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense.

Segment Information

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

Recent Accounting Pronouncements



Standard	Description	Date of Adoption	Effect on the financial statements or significant matters
Recently adopted:

Revenue from Contracts with Customers (Topic 606) and related updates: ASU 2014-09, May 2014, Revenue from Contracts with Customers ASU 2015-14, August 2015, Revenue from Contracts with Customers: Deferral of the Effective Date ASU 2016-08, March 2016, Revenue from Contracts with Customers: Principal versus Agent Considerations ASU 2016-10, April 2016, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ASU 2016-12, May 2016, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ASU 2016-20, December 2016, Revenue from Contracts with Customers: Technical Corrections and Improvements	In May 2014, the the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 as amended and interpreted by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20, supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. ASU 2016-08 clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transactions, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. ASU 2016-10 clarifies the existing guidance on identifying performance obligations and licensing implementation. ASU 2016-12 adds practical expedients related to the transition for contract modifications and further defines a completed contract, clarifies the objective of the collectability assessment and how revenue is recognized if collectability is not probable, and when non-cash considerations should be measured. ASU 2016-20 corrects or improves guidance in thirteen narrowly focused aspects of the guidance. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the cumulative impact of applying the standard is recognized in accumulated dividends in excess of net income on the date of application.	January 2018	We implemented the new revenue recognition guidance retrospectively with the cumulative effect recognized in accumulated dividends in excess of net income at the date of initial application. The primary impact relates to condominium sales. Most of our revenue is accounted for under the leasing standard, and therefore is not subject to this standard. In 2017, gains on contracted condominium sales were recognized using the percentage-of-completion method, with the gain recognized once certain criteria were met in advance of legal closing. Under the new guidance, condominium sale gains are recognized as the condominium units are legally sold, which is typically upon closing. $5.4 million of condominium gains (net of $1.4 million of income taxes) recorded under the percentage-of-completion method in 2017 were reversed through opening accumulated dividends in excess of net income. If we had used the percentage-of-completion method during 2018, we would have recorded $0.7 million of condominium gains (net of $0.2 million of income taxes) in 2018. With the exception of condominium sales, the adoption of the standard did not have a significant impact on our consolidated financial statements, with an additional cumulative effect of $0.6 million reflected in opening accumulated dividends in excess of net income.



Standard	Description	Date of Adoption	Effect on the financial statements or significant matters
ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments	This ASU provides classification guidance for eight specific topics including debt extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees.	January 2018	This standard did not have an impact on our consolidated financial statements.

ASU 2016-18, November 2016, Statement of Cash Flows (Topic 203) - Restricted Cash	This ASU requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents. Amounts generally described as restricted cash and equivalents should be included with cash and cash equivalents when reconciling the beginning and end of period total amounts on the statement of cash flows.	January 2018	Prior to the adoption of this standard, "net cash provided by operating activities" was $423.7 million and $369.0 million for the years ended December 31, 2017 and 2016, respectively, and "net cash used in investing activities" was $590.2 million and $353.8 million for the years ended December 31, 2017 and 2016, respectively. After the adoption, "net cash provided by operating activities" was $458.8 million and $427.7 million for the years ended December 31, 2017 and 2016, respectively, and "net cash used in investing activities" was $837.9 million and $590.2, for the years ended December 31, 2017 and 2016, respectively. The reclassification is reflected in "increase in cash, cash equivalents, and restricted cash" in the Consolidated Statements of Cash Flows. See additional disclosures in "Consolidated Statement of Cash Flows - Supplemental Disclosures."

ASU 2017-05, February 2017, Other Income - Gains and Losses from the Recognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	This ASU clarifies that ASC 610-20 applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and also clarifies that all businesses are derecognized using the deconsolidation guidance. Additionally, it defines an insubstance nonfinancial asset as a financial asset that is promised to a counterparty in a contract in which substantially all of the fair value of the assets promised in the contract is concentrated in nonfinancial assets, which excludes cash or cash equivalents and liabilities. Under the current guidance, a partial sale is recognized and carryover basis is used for the retained interest, however, the new guidance eliminates the use of carryover basis and generally requires a full gain to be recognized for prospective disposals of nonfinancial assets.	January 2018	The new guidance is expected to impact the gain recognized when a real estate asset is sold to a non-customer and a noncontrolling interest is retained. The adoption of this standard did not have a significant impact on our consolidated financial statements.

ASU 2017-09, May 2017, Compensation-Stock Compensation (Topic 718): Scope of Modification Accoutning	The ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, an entity will not apply modification accounting if the awards' fair value, vesting conditions, and the classification of the award as equity or a liability are the same immediately before and after the change. The new guidance is applied prospectively to awards granted or modified after the adoption date.	January 2018	The adoption of this standard did not have a significant impact on our consolidated financial statements, as there have been no modifications to awards for the year ending December 31, 2018.



Standard	Description	Date of Adoption	Effect on the financial statements or significant matters

Adopted subsequent to December 31, 2018:

Leases (Topic 842) and related updates: ASU 2016-02, February 2016, Leases (Topic 842) ASU 2018-10, July 2018, Codification improvements to Topic 842, Leases ASU 2018-11, July 2018, Leases (Topic 842) ASU 2018-20, December 2018, Leases (Topic 842) Narrow Scope Improvements for Lessors	This ASU significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2018-10 provides narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016-02. ASU 2018-11 provides the option of an additional transition method, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. It also provides lessors an option to not separate lease and non-lease components when certain criteria are met. ASU 2018-20 provides narrow scope amendments including the requirement to exclude variable payments made by the lessee to a third party on behalf of the lessor from revenue (e.g., lessee payments of real estate taxes made directly to the taxing authority on behalf of the lessor are excluded from revenue).	January 2019	We have elected to apply the transition provisions of ASC Topic 842 at the beginning of the period of adoption (i.e., January 1, 2019), and therefore, will not retrospectively adjust prior periods presented. We have also elected to apply certain adoption related practical expedients for all leases that commenced prior to the effective date. These practical expedients include not reassessing whether any expired or existing contracts are or contain leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. The primary impact of adoption on January 1, 2019 will be to record a lease obligation liability and right of use asset for operating leases where we are the lessee. The most significant of these operating leases are ground leases at 14 properties. The lease obligation liability and right of use asset (prior to adjustments for unamortized direct costs and purchase accounting assets/liabilities) to be recorded on January 1, 2019 approximates $75 million. Given our application of the practical expedients noted above, we will apply the lease classification requirements under ASC Topic 842 for all new leases or existing leases that are modified after the adoption date and we will no longer be able to capitalize certain costs related to these leases. For the year ended December 31, 2018, we capitalized approximately $7.5 million of internal leasing and external legal leasing costs. For new leases and existing leases that are modified after the effective date, only a portion of these types of costs can be capitalized and as a result, the costs that no longer qualify for capitalization will be included in “general and administrative expense” in the period incurred. Additionally, the presentation of certain rental income and rental expense on the consolidated statements of comprehensive income will be impacted. For the year ended December 31, 2018, rental income and rental expense include $6.5 million relating to real estate taxes paid by tenants on our behalf directly to taxing authorities. Effective January 1, 2019, payments of this nature will no longer be recorded gross as revenue and expense on the consolidated statements of comprehensive income.



Standard	Description	Date of Adoption	Effect on the financial statements or significant matters
Not Yet Adopted:
Financial Instruments - Credit Losses (Topic 326) and related updates: ASU 2016-13, June 2016, Financial Instruments - Credit Losses (Topic 326) ASU 2018-19, November 2018, Codification improvements to Topic 326, Financial Instruments - Credit Losses	This ASU changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of of receivables arising from operating leases should accounted for in accordance with Topic 842, Leases.	January 2020	This standard is not expected to have a significant impact to our consolidated financial statements.

ASU 2018-15, August 2018, Intangibles - Goodwill and Other Internal Use Software: Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	This ASU requires a customer in a cloud computing arrangement (i.e. hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement. Entities will expense costs during the preliminary project and post-implementation stages as they are incurred. The guidance can be applied prospectively to all implementation costs incurred after th date of adoption or retrospectively in accordance with ASC 250-10-45-5 through ASC 250-10-45-10.	January 2020	This standard is not expected to have a significant impact to our consolidated financial statements.

Consolidated Statements of Cash Flows—Supplemental Disclosures

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



	Year Ended December 31,
	2018			2017			2016
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	129,001		$	125,684		$	113,016
Interest capitalized	(18,847		)	(25,559		)	(18,022		)
Interest expense	$	110,154		$	100,125		$	94,994
Cash paid for interest, net of amounts capitalized	$	107,494		$	105,201		$	90,185
Cash paid for income taxes	$	675		$	352		$	296
NON-CASH INVESTING AND FINANCING TRANSACTIONS (1):
Mortgage loans refinanced	$	—		$	166,823		$	—
Mortgage loans assumed with acquisition	$	—		$	79,401		$	34,385
DownREIT operating partnership units issued with acquisition	$	—		$	5,918		$	—
DownREIT operating partnership units redeemed for common shares	$	101		$	2,569		$	18,679
Shares issued under dividend reinvestment plan	$	1,884		$	2,017		$	2,017
Contribution from noncontrolling interest	$	1,435		$	—		$	—

(1) See Note 3 for additional disclosures relating to our investment in the Assembly Row hotel joint venture.

Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions and salaries and personnel costs related to obtaining a lease. Capitalized lease costs are amortized over the initial term of the related lease which generally ranges from three to ten years. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow and therefore, we classify cash outflows related to leasing costs as an investing activity in our consolidated statements of cash flows. See the "Recent Accounting Pronouncements Adopted Subsequent to December 31, 2018," section in this note for further discussion regarding the change in accounting for lease costs.



	December 31,
	2018		2017
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	64,087	$	15,188
Restricted cash (1)	44,245		10,012
Total cash, cash equivalents, and restricted cash	$	108,332	$	25,200


(1)	Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

REAL ESTATE

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



	Cost		Accumulated Depreciation and Amortization			Encumbrances
	(In thousands)
December 31, 2018
Retail and mixed-use properties	$	7,680,653	$	(2,000,274	)	$	454,053
Retail properties under capital leases	127,719		(49,216		)	71,519
Residential	11,100		(9,653		)	20,326
	$	7,819,472	$	(2,059,143	)	$	545,898
December 31, 2017
Retail and mixed-use properties	$	7,500,929	$	(1,821,046	)	$	470,720
Retail properties under capital leases	123,346		(46,140		)	71,556
Residential	10,786		(9,358		)	20,785
	$	7,635,061	$	(1,876,544	)	$	563,061

The residential property investment is our investment in Rollingwood Apartments. All of other residential units are included in retail and mixed-use properties.

2018 Property Acquisitions and Dispositions

On June 15, 2018, we formed a new joint venture to develop Jordan Downs Plaza which, when completed, will be an approximately 113,000 square foot grocery anchored shopping center located in Los Angeles County, California. We initially invested $34.4 million as a result of a pre-funding requirement for equity to be advanced prior to the start of construction. We own approximately 91% of the venture, and control the 9.4 acre land parcel on which the shopping center will be constructed under a long-term ground lease that expires June 15, 2093 (including two 10-year option periods which may be exercised at our option). The Jordan Downs Plaza development is expected to generate income tax credits under the New Market Tax Credit Program ("NMTC") which was provided for in the Community Renewal Tax Relief Act of 2000 ("the Act") and is intended to induce investment in underserved areas of the United States. The Act permits taxpayers to claim credits against their Federal income taxes for qualified investments. A third party bank contributed $13.9 million to the development, and is entitled to the related tax credit benefits, but they do not have an interest in the underlying economics of the property. The transaction also includes a put/call provision whereby we may be obligated or entitled to purchase the third party bank’s interest. We believe the put will be exercised at its $1,000 strike price. Based on our assessment of control, we concluded that the project and certain other transaction related entities should be consolidated. The $13.9 million in proceeds received in exchange for the transfer of the tax credits has been deferred and will be recognized when the tax benefits are delivered to the third party bank without risk of recapture. Direct and incremental costs of $1.6 million incurred in structuring the NMTC transaction have also been deferred. The Trust anticipates recognizing the net cash received as revenue upon completion of the seven-year NMTC compliance period. Cash in escrow at December 31, 2018 of $32.2 million reflects cash that will ultimately be used for the development of the shopping center, and is included in "prepaid expenses and other assets" on our consolidated balance sheet. The cash is held in escrow pursuant to the new market tax credit transaction documents and will be released as qualified development expenditures are incurred.

In August 2018, we contributed hotel related assets valued at $44.0 million to our Assembly Row hotel joint venture, and received a cash distribution of $38.0 million. At December 31, 2018, our investment in the venture was $5.6 million. The joint venture is considered a variable interest entity controlled by our partner, and as a result, we are using the equity method to account for our investment.

On August 16, 2018, we sold the residential building at our Chelsea Commons property in Chelsea, Massachusetts for a sales price of $15.0 million, resulting in a gain of 3.1 million.

On November 9, 2018, we sold our Atlantic Plaza property in North Reading, Massachusetts for a sales price of $27.2 million, resulting in a gain of $1.6 million.

On November 29, 2018, we acquired a 40,000 square foot building adjacent to our Bell Gardens property for $9.6 million.

During the year ended December 31, 2018, we closed on the sale of 176 condominium units at our Assembly Row and Pike & Rose properties (combined) and received proceeds net of closing costs of $133.5 million, For the year ended December 31, 2018, we recognized a gain of $7.2 million, net of $1.6 million of income taxes. The cost basis for remaining condominium units that are ready for their intended use as of December 31, 2018 is $16.6 million, and is included in "assets held for sale" on our consolidated balance sheets.

2017 Property Acquisitions and Dispositions

On February 1, 2017, we acquired a leasehold interest in Hastings Ranch Plaza, a 274,000 square foot shopping center in Pasadena, California for $29.5 million. The land is subject to a long-term ground lease that expires on April 30, 2054. Approximately $21.5 million of assets acquired were allocated to lease intangibles and included within other assets. Approximately $15.2 million of net assets acquired were allocated to lease liabilities and included in other liabilities.

On March 31, 2017, we acquired the fee interest in Riverpoint Center, a 211,000 square foot shopping center in the Lincoln Park neighborhood of Chicago, Illinois for $107.0 million. Approximately $1.0 million and $12.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.

We leased three parcels of land at our Assembly Row property to two ground lessees. Both lessees exercised purchase options under the related ground leases. The sale transaction related to the purchase option on one of our ground leases was completed on April 4, 2017 for a sales price of $36.0 million. On June 28, 2017, the sale transactions related to the purchase options on our other two ground lease parcels were completed for a total sales price of $17.3 million. The net gain recognized in connection with these transactions was approximately $15.4 million.

On May 19, 2017, we acquired the fee interest in a 71,000 square foot, mixed-use property located in Berkeley, California based on a gross value of $23.9 million. The acquisition was completed through a newly formed entity for which we own a 90% controlling interest. Approximately $0.8 million and $0.3 million of net assets acquired were allocated to other assets for "above market leases" and other liabilities for "below market leases," respectively, and approximately $2.4 million was allocated to noncontrolling interests.

On August 2, 2017, we acquired an approximately 90% interest in a joint venture that owns six shopping centers in Los Angeles County, California based on a gross value of $357 million, including the assumption of $79.4 million of mortgage debt. Approximately $7.8 million of assets acquired were allocated to lease intangibles and included within other assets, approximately $36.2 million of net assets acquired were allocated to lease liabilities and included in other liabilities, and approximately $30.6 million was allocated to noncontrolling interests. That joint venture also acquired a 24.5% interest in La Alameda, a shopping center in Walnut Park, California for $19.8 million. The property has $41.0 million of mortgage debt, of which the joint venture's share is approximately $10 million. Additional information on the properties is listed below:



Property	City/State	GLA
		(in square feet)
Azalea	South Gate, CA	222,000
Bell Gardens	Bell Gardens, CA	330,000
La Alameda	Walnut Park, CA	245,000
Olivo at Mission Hills (1)	Mission Hills, CA	155,000
Plaza Del Sol	South El Monte, CA	48,000
Plaza Pacoima	Pacoima, CA	204,000
Sylmar Towne Center	Sylmar, CA	148,000
		1,352,000

(1) Property is currently being redeveloped. GLA reflects approximate square footage once the property is open and operating.

The following unaudited pro forma financial data includes the total revenues, operating expenses (including approximately $11.5 million and $11.4 million of depreciation and amortization expense for the years ended December 31, 2017 and 2016, respectively), and interest expense/financing costs related to the properties acquired on August 2, 2017 as if they had occurred on January 1, 2016. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it represent the results of income for future periods.



	Year Ended December 31,
	2017		2016
	(in millions) (unaudited)

Total revenue	$	872.9	$	826.6
Net income available for common shareholders	284.6		244.3

On August 25, 2017, we sold our property located at 150 Post Street in San Francisco, California for a sales price of $69.3 million, resulting in a gain of $45.2 million.

On September 25, 2017, we sold our North Lake Commons property in Lake Zurich, Illinois for a sales price of $15.6 million, resulting in a gain of $4.9 million.

On December 28, 2017, we sold a parcel of land at our Bethesda Row property in Bethesda, Maryland for a sales price of $8.5 million, resulting in a gain of $6.5 million.

For the year ended December 31, 2017, we recognized a $5.4 million gain, net of $1.4 million of income taxes, related to the sale of condominiums at our Assembly Row property based on the percentage-of-completion method. In connection with recording the gain, we recognized a receivable of $67.1 million as of December 31, 2017. See discussion in Note 2 to the Consolidated Financial Statements with respect to the change in accounting for condominium gains.

Acquired In-Place Leases

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUIRED IN-PLACE LEASES

Acquired lease assets are included in prepaid expenses and other assets and comprise above market leases where we are the lessor and below market leases where we are the lessee. Acquired lease liabilities are included in other liabilities and deferred credits and comprise below market leases where we are the lessor and above market leases where we are the lessee. The following is a summary of our acquired lease assets and liabilities:



	December 31, 2018						December 31, 2017
	Cost			Accumulated Amortization			Cost			Accumulated Amortization
	(in thousands)
Above market leases, lessor	$	49,128		$	(33,843	)	$	52,393		$	(31,406	)
Below market leases, lessee	34,604			(2,533		)	34,604			(1,705		)
Total	$	83,732		$	(36,376	)	$	86,997		$	(33,111	)

Below market leases, lessor	$	(189,379	)	$	65,408		$	(193,085	)	$	56,716
Above market leases, lessee	(9,084		)	1,065			(9,084		)	560
Total	$	(198,463	)	$	66,473		$	(202,169	)	$	57,276

The value allocated to in-place leases where we are the lessor is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. The related amortization of in-place leases where we are the lessee is reflected as additional rental expense for below market leases or a reduction of rental expenses for above market leases in the consolidated statements of comprehensive income. The following is a summary of acquired lease amortization:



	Year Ended December 31,
	2018			2017			2016
	(in thousands)
Amortization of above market leases, lessor	$	(5,608	)	$	(6,005	)	$	(6,726	)
Amortization of below market leases, lessor	12,445			10,726			8,551
Net increase in rental income	$	6,837		$	4,721		$	1,825

Amortization of below market leases, lessee	$	828		$	781		$	255
Amortization of above market leases, lessee	(505		)	(290		)	(135		)
Net increase in rental expense	$	323		$	491		$	120

The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities:



		December 31, 2018

Above market leases, lessor		4.0 years
Below market leases, lessee		40.6 years
Below market leases, lessor		19.0 years
Above market leases, lessee		15.9 years

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



	Acquired Lease Assets		Acquired Lease Liabilities
	(In thousands)
Year ending December 31,
2019	$	3,720	$	9,284
2020	3,086		8,290
2021	2,730		7,677
2022	2,320		7,296
2023	2,191		7,030
Thereafter	33,309		92,413
	$	47,356	$	131,990

Debt

12 Months Ended

Dec. 31, 2018

Debt Instruments [Abstract]

DEBT

The following is a summary of our total debt outstanding as of December 31, 2018 and 2017:



	Principal Balance as of December 31,						Stated Interest Rate as of		Stated Maturity Date as of
Description of Debt	2018			2017			December 31, 2018		December 31, 2018
Mortgages payable	(Dollars in thousands)
The Grove at Shrewsbury (West)	$	—		$	10,545		6.38	%	March 1, 2018
Rollingwood Apartments	20,331			20,820			5.54	%	May 1, 2019
The Shops at Sunset Place	64,453			66,603			5.62	%	September 1, 2020
29th Place	4,117			4,341			5.91	%	January 31, 2021
Sylmar Towne Center	17,006			17,362			5.39	%	June 6, 2021
Plaza Del Sol	8,409			8,579			5.23	%	December 1, 2021
THE AVENUE at White Marsh	52,705			52,705			3.35	%	January 1, 2022
Montrose Crossing	69,310			71,054			4.20	%	January 10, 2022
Azalea	40,000			40,000			3.73	%	November 1, 2025
Bell Gardens	12,936			13,184			4.06	%	August 1, 2026
Plaza El Segundo	125,000			125,000			3.83	%	June 5, 2027
The Grove at Shrewsbury (East)	43,600			43,600			3.77	%	September 1, 2027
Brook 35	11,500			11,500			4.65	%	July 1, 2029
Chelsea	5,941			6,268			5.36	%	January 15, 2031
Subtotal	475,308			491,561
Net unamortized premium and debt issuance costs	(929		)	(56		)
Total mortgages payable	474,379			491,505
Notes payable
Term loan	275,000			275,000			LIBOR + 0.90%		November 21, 2019
Revolving credit facility	—			41,000			LIBOR + 0.825%		April 20, 2020
Various	4,392			4,819			11.31	%	Various through 2028
Subtotal	279,392			320,819
Net unamortized debt issuance costs	(365		)	(554		)
Total notes payable	279,027			320,265
Senior notes and debentures
2.55% notes	250,000			250,000			2.55	%	January 15, 2021
3.00% notes	250,000			250,000			3.00	%	August 1, 2022
2.75% notes	275,000			275,000			2.75	%	June 1, 2023
3.95% notes	300,000			300,000			3.95	%	January 15, 2024
7.48% debentures	29,200			29,200			7.48	%	August 15, 2026
3.25% notes	475,000			475,000			3.25	%	July 15, 2027
6.82% medium term notes	40,000			40,000			6.82	%	August 1, 2027
4.50% notes	550,000			550,000			4.50	%	December 1, 2044
3.625% notes	250,000			250,000			3.625	%	August 1, 2046
Subtotal	2,419,200			2,419,200
Net unamortized discount and debt issuance costs	(14,921		)	(17,760		)
Total senior notes and debentures	2,404,279			2,401,440
Capital lease obligations
Various	71,519			71,556			Various		Various through 2106
Total debt and capital lease obligations	$	3,229,204		$	3,284,766

On March 1, 2018, we repaid the $10.5 million mortgage loan on The Grove at Shrewsbury (West) at par.

On August 10, 2018, we exercised our option to extend the maturity date of our $275.0 million unsecured term loan by one year to November 21, 2019.

During 2018, 2017 and 2016, the maximum amount of borrowings outstanding under our $800.0 million revolving credit facility was $177.0 million, $344.0 million and $251.5 million, respectively. The weighted average amount of borrowings outstanding was $83.1 million, $147.5 million and $77.3 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 2.7%, 1.9% and 1.3%, respectively. The revolving credit facility requires an annual facility fee of $1.0 million. At December 31, 2018, our revolving credit facility had no balance outstanding, and had $41.0 million outstanding at December 31, 2017.

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 December 31, 2018, we were in compliance with all default related debt covenants.

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2018 are as follows:



	Mortgages Payable			Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2019	$	25,795	(1)	$	275,551		$	—	$	301,346
2020	65,539			613		(2)	—		66,152
2021	30,541			682			250,000		281,223
2022	117,018			758			250,000		367,776
2023	730			787			275,000		276,517
Thereafter	235,685			1,001			1,644,200		1,880,886
	$	475,308		$	279,392		$	2,419,200	$	3,173,900	(3)

_____________________


(1)	2019 maturities include a $20.3 million mortgage loan, which was paid off at par on January 31, 2019, prior to its original maturity date.


(2)	Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of December 31, 2018, there was no outstanding balance under this credit facility.


(3)	The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net premium/discount and debt issuance costs on mortgage loans, notes payable, and senior notes as of December 31, 2018.

Future minimum lease payments and their present value for property under capital leases as of December 31, 2018, are as follows:




	(In thousands)
Year ending December 31,
2019	$	5,800
2020	5,800
2021	5,800
2022	5,810
2023	60,013
Thereafter	82,862
	166,085
Less amount representing interest	(94,566		)
Present value	$	71,519

Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 6—FAIR VALUE OF FINANCIAL INSTRUMENTS

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



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



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



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

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

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



	December 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	753,406	$	751,361	$	811,770	$	824,419
Senior notes and debentures	$	2,404,279	$	2,371,392	$	2,401,440	$	2,498,445

During 2018, we had two interest rate swap agreements with a notional amount of $275.0 million that were measured at fair value on a recurring basis, which expired on November 1, 2018. The interest rate swap agreements fixed the variable portion of our $275.0 million term loan at 1.72% through November 1, 2018. The fair values of the interest rate swap agreements were based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at December 31, 2017 was an asset of less than $0.1 million and is included in "prepaid expenses and other assets" on our consolidated balance sheet. During 2018, we reclassified $0.5 million from other comprehensive income as a decrease to interest expense. The value of our interest rate swaps increased $2.6 million in 2017 (including $1.8 million reclassified from other comprehensive income as an increase to interest expense). These changes in value are included in "accumulated other comprehensive income." A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:



	December 31, 2018								December 31, 2017
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	—	$	—	$	—	$	—	$	22	$	—	$	22

One of our equity method investees has two interest rate swaps which qualify as cash flow hedges. During 2018, our share of the change in fair value of the related swaps included in "accumulated other comprehensive (loss) income" was $0.4 million.

- 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

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.

We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. Other than as described below, we do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us.

In November 2016, we were included as a defendant in a class action lawsuit, in the circuit court for Montgomery County, Maryland, related to predatory towing by a third party company we had retained to provide towing services at several of our properties in Montgomery County, Maryland. Given the costs and risks of continuing litigation on this matter, we elected to participate in a settlement for which our share was approximately $0.4 million, and was reimbursed by insurance. The settlement did not cover liability for certain tows that were included in the lawsuit that the defendant class believes cannot be pursued because of the statute of limitations. Accordingly, we do not believe we should have any additional liability for these remaining tows; however, if we are unsuccessful in dismissing these tows from the litigation, our liability would be less than $0.1 million.

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

We reserve for estimated losses, if any, associated with warranties given to a buyer at the time real estate is sold or other potential liabilities relating to that sale, taking any insurance policies into account. These warranties may extend up to ten years and require significant judgment. If changes in facts and circumstances indicate that warranty reserves are understated, we will accrue additional reserves at such time a liability has been incurred and the costs can be reasonably estimated. Warranty reserves are released once the legal liability period has expired or all related work has been substantially completed. During 2016, the legal liability period relating to our latent defect warranty on condominiums sold at Santana Row expired. Upon expiration, we released the remaining $4.9 million warranty reserve which is included in "gain on sale of real estate and change in control of interests" in the consolidated statement of comprehensive income for the year ended December 31, 2016.

At December 31, 2018 and 2017, our reserves for general liability costs were $3.1 million and $3.3 million, respectively, and are included in “accounts payable and accrued expenses” in our consolidated balance sheets. Any potential losses which exceed our estimates would result in a decrease in our net income. During both 2018 and 2017, we made payments from these reserves of $1.4 million. Although we consider the reserve to be adequate, there can be no assurance that the reserve will prove to be adequate over-time to cover losses due to the difference between the assumptions used to estimate the reserve and actual losses.

At December 31, 2018, we had letters of credit outstanding of approximately $1.3 million.

As of December 31, 2018 in connection with capital improvement, development, and redevelopment projects, the Trust has contractual obligations of approximately $568.2 million.

We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2018:




	(In thousands)
Year ending December 31,
2019	$	4,794
2020	4,807
2021	4,815
2022	4,931
2023	4,971
Thereafter	184,803
	$	209,121

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

Under the terms of the Congressional Plaza partnership agreement, a minority partner has the right to require us and the other minority partner to purchase its 26.63% interest in Congressional Plaza at the interest’s then-current fair market value. If the other minority partner defaults in their obligation, we must purchase the full interest. Based on management’s current estimate of fair market value as of December 31, 2018, our estimated maximum liability upon exercise of the put option would range from approximately $78 million to $83 million.

A master lease for Melville Mall includes a fixed purchase price option in 2021 for $5 million. If we fail to exercise our purchase option, the owner of Melville Mall has a put option which would require us to purchase Melville Mall in 2023 for $5 million.

The other member in Montrose Crossing has the right to require us to purchase all of its 10.1% interest in Montrose Crossing at the interest's then-current fair market value. If the other member fails to exercise its put option, we have the right to purchase its interest on or after December 27, 2021 at fair market value. Based on management’s current estimate of fair market value as of December 31, 2018, our estimated maximum liability upon exercise of the put option would range from approximately $13 million to $14 million.

Two of the members in Plaza El Segundo have the right to require us to purchase their 10.0% and 11.8% ownership interests at the interests' then-current fair market value. If the members fail to exercise their put options, we have the right to purchase each of their interests on or after December 30, 2026 at fair market value. Based on management’s current estimate of fair market value as of December 31, 2018, our estimated maximum liability upon exercise of the put option would range from approximately $23 million to $26 million.

Effective January 1, 2017, the other member in The Grove at Shrewsbury and Brook 35 has the right to require us to purchase all of its approximately 4.8% interest in The Grove at Shrewsbury and approximately 8.8% interest in Brook 35 at the interests' then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2018, our estimated maximum liability upon exercise of the put option would range from $9 million to $10 million. On January 4, 2019, we acquired a portion of the noncontrolling interest in Brook 35 for $0.8 million, bringing the noncontrolling ownership interest down to 6.5%.

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 738,423 downREIT operating partnership units are outstanding which have a total fair value of $87.2 million, based on our closing stock price on December 31, 2018.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares. In 2018, 2017 and 2016, 17,952 shares, 17,911 shares and 15,619 shares, respectively, were issued under the Plan. On September 29, 2017, we issued 6,000,000 Depositary Shares, each representing 1/1000th interest of 5.0% Series C Cumulative Redeemable Preferred Share, par value $0.01 per share ("Series C Preferred Shares"), at the liquidation preference of $25.00 per depositary share (or $25,000 per Series C Preferred share) in an underwritten public offering, which were outstanding as of December 31, 2018 and 2017. The Series C Preferred Shares accrue dividends at a rate of 5.0% of the $25,000 liquidation preference per year and are redeemable at our option on or after September 29, 2022. Additionally, they are not convertible and holders of these shares generally have no voting rights, unless we fail to pay dividends for six or more quarters. The net proceeds after underwriting fees and other costs were approximately $145.0 million for the year ended December 31, 2017. As of December 31, 2018, 2017, and 2016, we had 399,896 shares of 5.417% Series 1 Cumulative Convertible Preferred Shares (“Series 1 Preferred Shares”) outstanding that have a liquidation preference of $25 per share and par value $0.01 per share. The Series 1 Preferred Shares accrue dividends at a rate of 5.417% per year and are convertible at any time by the holders to our common shares at a conversion rate of $104.69 per share. The Series 1 Preferred Shares are also convertible under certain circumstances at our election. The holders of the Series 1 Preferred Shares have no voting rights. On May 7, 2018, 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 $400.0 million. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay amounts of outstanding under our revolving credit facility and/or for general corporate purposes. For the year ended December 31, 2018, we issued 987,383 common shares at a weighted average price per share of $129.19 for net cash proceeds of $126.1 million and paid $1.3 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. For the year ended December 31, 2017, we issued 826,517 common shares at a weighted average price per share of $132.56 for net cash proceeds of $108.3 million and paid $1.1 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. As of December 31, 2018, we had the capacity to issue up to $272.4 million in common shares under our ATM equity program.

Dividends

12 Months Ended

Dec. 31, 2018

Dividends [Abstract]

DIVIDENDS

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



	Year Ended December 31,
	2018				2017				2016
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	4.040	$	4.020	$	3.960	$	3.940	$	3.840	$	3.800
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	1.250	$	1.306	$	0.368	$	—	$	—	$	—

(1) Amount represents dividends per depositary share, each representing 1/1000th of a share.

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



	Year Ended December 31,
	2018		2017		2016
Common shares
Ordinary dividend	$	3.859	$	3.940	$	3.800
Ordinary dividend eligible for 15% rate	0.161		—		—
	$	4.020	$	3.940	$	3.800
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	$	1.300	$	1.354	$	1.354
Ordinary dividend eligible for 15% rate	0.054		—		—
	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares
Ordinary dividend	$	1.254	$	—	$	—
Ordinary dividend eligible for 15% rate	0.052		$	—	$	—
	$	1.306	$	—	$	—

On October 31, 2018, the Trustees declared a quarterly cash dividend of $1.02 per common share, payable January 15, 2019 to common shareholders of record on January 2, 2019.

Operating Leases

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

OPERATING LEASES

At December 31, 2018, our 104 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 3,000 commercial leases and 2,600 residential leases. Our commercial tenants range from sole proprietorships to national retailers and corporations. At December 31, 2018, no one tenant or corporate group of tenants accounted for more than 2.7% of annualized base rent.

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

As of December 31, 2018, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales).




	(In thousands)
Year ending December 31,
2019	$	606,183
2020	561,265
2021	490,979
2022	418,337
2023	338,324
Thereafter	1,391,705
	$	3,806,793

Components Of Rental Income

12 Months Ended

Dec. 31, 2018

Components Of Rental Income and Expense [Abstract]

COMPONENTS OF RENTAL INCOME AND EXPENSE

The principal components of rental income are as follows:



	Year Ended December 31,
	2018		2017		2016
	(In thousands)
Minimum rents
Retail and commercial	$	616,137	$	585,178	$	549,552
Residential	71,001		55,416		49,465
Cost reimbursement	178,333		171,528		158,042
Percentage rent	11,241		11,148		10,977
Other	18,986		18,191		18,547
Total rental income	$	895,698	$	841,461	$	786,583

Minimum rents include the following:



	Year Ended December 31,
	2018		2017		2016
	(In millions)
Straight-line rents	$	5.0	$	12.9	$	8.1
Net amortization of above and below market leases	$	6.8	$	4.7	$	1.8

The principal components of rental expenses are as follows:



	Year Ended December 31,
	2018		2017		2016
	(In thousands)
Repairs and maintenance	$	67,745	$	67,996	$	64,942
Utilities	27,635		25,763		24,968
Management fees and costs	24,024		22,297		20,823
Payroll	16,140		14,922		13,832
Marketing	7,935		9,007		8,520
Insurance	7,547		7,762		7,758
Bad debt expense	4,708		2,591		2,375
Ground rent	4,697		3,826		2,561
Other operating	12,663		10,726		12,547
Total rental expenses	$	173,094	$	164,890	$	158,326

Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2018

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

SHARE-BASED COMPENSATION PLANS

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



	Year Ended December 31,
	2018			2017			2016
	(In thousands)

Grants of common shares and options	$	12,736		$	12,371		$	11,227
Capitalized share-based compensation	(1,017		)	(1,385		)	(1,310		)
Share-based compensation expense	$	11,719		$	10,986		$	9,917

In May 2010, our shareholders approved the 2010 Performance Incentive Plan, as amended (the "2010 Plan”), which authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest. As of December 31, 2018, we have grants outstanding under this one share-based compensation plan.

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

The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Expected volatilities, term, dividend yields, employee exercises and estimated forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of each share award is determined based on the closing trading price of our common shares on the grant date. No options were granted in 2017.

The following table provides a summary of the weighted-average assumption used to value options granted in 2018 and 2016:



	Year Ended December 31,
	2018		2016
Volatility	18.0	%	18.8	%
Expected dividend yield	3.6	%	2.8	%
Expected term (in years)	7.5		6.0
Risk free interest rate	2.8	%	1.5	%

The following table provides a summary of option activity for 2018:



	Shares Under Option		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at December 31, 2017	106,485		$	44.18
Granted	488		111.34
Exercised	(105,803	)	43.48
Forfeited or expired	(488	)	111.34
Outstanding at December 31, 2018	682		$	152.34	7.1	$	—
Exercisable at December 31, 2018	273		$	152.34	7.1	$	—

The weighted-average grant-date fair value of options granted in 2018 and 2016 was $14.42 and $19.52 per share, respectively. The total cash received from options exercised during 2018, 2017 and 2016 was $4.6 million, $10.0 million and $4.5 million, respectively. The total intrinsic value of options exercised during the years ended December 31, 2018, 2017 and 2016 was $8.2 million, $10.7 million and $4.2 million, respectively.

The following table provides a summary of restricted share activity for 2018:



	Shares		Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2017	237,171		$	145.27
Granted	101,614		112.88
Vested	(86,294	)	143.71
Forfeited	(46,391	)	142.98
Unvested at December 31, 2018	206,100		$	130.46

The weighted-average grant-date fair value of stock awarded in 2018, 2017 and 2016 was $112.88, $139.31 and $152.70, respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2018, 2017 and 2016, was $9.7 million, $12.5 million and $13.8 million, respectively.

As of December 31, 2018, there was $14.2 million of total unrecognized compensation cost related to unvested share-based compensation arrangements (i.e. options and unvested shares) granted under our plans. This cost is expected to be recognized over the next 5.4 years with a weighted-average period of 1.9 years.

Subsequent to December 31, 2018, common shares were awarded under various compensation plans as follows:



Date	Award		Vesting Term	Beneficiary
January 2, 2019	6,177	Shares	Immediate	Trustees
February 5, 2019	103,658	Restricted Shares	3-5 years	Officers and key employees

Savings and Retirement Plans	12 Months Ended
Savings and Retirement Plans	Dec. 31, 2018
Savings and Retirement Plans [Abstract]
SAVINGS AND RETIREMENT PLANS	SAVINGS AND RETIREMENT PLANS We have a savings and retirement plan in accordance with the provisions of Section 401(k) of the Code. Generally, employees can elect, at their discretion, to contribute a portion of their compensation up to a maximum of $18,500 for 2018 and $18,000 for 2017 and 2016. Under the plan, we contribute 50% of each employee’s elective deferrals up to 5% of eligible earnings. In addition, we may make discretionary contributions within the limits of deductibility set forth by the Code. Our full-time employees are immediately eligible to become plan participants. Employees are eligible to receive matching contributions immediately on their participation; however, these matching payments will not vest until their third anniversary of employment. Our expense for the years ended December 31, 2018, 2017 and 2016 was approximately $688,000, $632,000 and $602,000, respectively. A non-qualified deferred compensation plan for our officers and certain other employees was established in 1994 that allows the participants to defer a portion of their income. As of December 31, 2018 and 2017, we are liable to participants for approximately $12.0 million and $12.8 million, respectively, under this plan. Although this is an unfunded plan, we have purchased certain investments to match this obligation. Our obligation under this plan and the related investments are both included in the accompanying consolidated financial statements.

Earnings Per Share

12 Months Ended

Dec. 31, 2018

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 2018, 2017, and 2016 we had 0.2 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 682 anti-dilutive stock options in 2018 and 2017, respectively, and no anti-dilutive stock options in 2016. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.



	Year Ended December 31,
	2018			2017			2016
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	237,111		$	219,948		$	226,425
Less: Preferred share dividends	(8,042		)	(2,458		)	(541		)
Less: Income from continuing operations attributable to noncontrolling interests	(7,119		)	(7,666		)	(7,648		)
Less: Earnings allocated to unvested shares	(930		)	(942		)	(702		)
Income from continuing operations available for common shareholders	221,020			208,882			217,534
Gain on sale of real estate and change in control of interests, net	11,915			77,632			31,133
Net income available for common shareholders, basic and diluted	$	232,935		$	286,514		$	248,667
DENOMINATOR
Weighted average common shares outstanding—basic	73,274			72,117			70,877
Effect of dilutive securities:
Stock options	28			116			172
Weighted average common shares outstanding—diluted	73,302			72,233			71,049

EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders	$	3.18		$	3.97		$	3.51
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders	$	3.18		$	3.97		$	3.50
Income from continuing operations attributable to the Trust	$	229,992		$	212,282		$	218,777

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized quarterly financial data is as follows:



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2018
Revenue	$	225,405	$	224,902	$	229,753	$	235,376
Operating income	$	86,145	$	89,896	$	90,342	$	83,338
Net income(1)	$	62,931	$	65,533	$	64,180	$	56,382
Net income attributable to the Trust(1)	$	61,247	$	63,595	$	62,558	$	54,507
Net income available for common shareholders(1)	$	59,237	$	61,584	$	60,548	$	52,496
Earnings per common share—basic(1)	$	0.81	$	0.84	$	0.82	$	0.71
Earnings per common share—diluted(1)	$	0.81	$	0.84	$	0.82	$	0.71
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2017
Revenue	$	207,389	$	208,049	$	217,953	$	223,957
Operating income	$	81,544	$	83,090	$	84,497	$	83,157
Net income(2)	$	58,070	$	78,133	$	108,882	$	52,785
Net income attributable to the Trust(2)	$	56,190	$	76,291	$	106,777	$	50,656
Net income available for common shareholders(2)	$	56,055	$	76,156	$	106,600	$	48,645
Earnings per common share—basic(2)	$	0.78	$	1.05	$	1.47	$	0.67
Earnings per common share—diluted(2)	$	0.78	$	1.05	$	1.47	$	0.67

(1)

First and second quarter 2018 include net gains of $3.3 million and $4.0 million, respectively, related to condominiums sold at our Assembly Row and Pike & Rose properties. Third quarter 2018 includes a $3.1 million gain on sale of real estate from our residential building at our Chelsea Commons property. Fourth quarter 2018 includes a $1.6 million gain on sale of real estate from our Atlantic Plaza property. All of these transactions are further discussed in Note 3.

(2)

Second quarter 2017 includes a $15.4 million gain related to the sale of three ground lease parcels at our Assembly Row property in Somerville, Massachusetts. Third quarter 2017 includes a $50.8 million gain on sale of real estate from our 150 Post Street and North Lake Commons properties. Fourth quarter 2017 includes a $6.5 million gain related to the sale of a parcel of land at our Bethesda Row property. Additionally, second, third, and fourth quarter 2017 include net percentage-of-completion gains of $3.3 million, $0.6 million, and $1.5 million, respectively, related to condominiums under binding contract at our Assembly Row property. All of these transactions are further discussed in Note 3. Fourth quarter 2017 includes a $12.3 million early extinguishment of debt charge.

Subsequent Event (Notes)	12 Months Ended
Subsequent Event (Notes)	Dec. 31, 2018
Subsequent Event [Line Items]
Subsequent Event	On January 31, 2019, we repaid the $20.3 million mortgage loan on Rollingwood Apartments, at par, prior to its original maturity date.

Schedule III - Summary of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Summary of Real Estate and Accumulated Depreciation

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
29TH PLACE (Virginia)	$	4,097	$	10,211	$	18,863	$	11,777	$	10,195	$	30,656	$	40,851	$	13,410	1975 - 2001	5/30/2007	35 years
ANDORRA (Pennsylvania)			2,432		12,346		10,857		2,432		23,203		25,635		19,686		1953	1/12/1988	35 years
ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts)			93,252		34,196		573,115		69,421		631,142		700,563		57,207		2005, 2012-2018	2005-2013	35 years
AZALEA (California)	39,655		40,219		67,117		115		40,219		67,232		107,451		3,586		2014	8/2/2017	35 years
BALA CYNWYD (Pennsylvania)			3,565		14,466		25,570		2,683		40,918		43,601		21,709		1955	9/22/1993	35 years
BARCROFT PLAZA (Virginia)			12,617		29,603		4,472		12,617		34,075		46,692		3,232		1963, 1972, 1990, & 2000	1/13/16 & 11/7/16	35 years
BARRACKS ROAD (Virginia)			4,363		16,459		47,397		4,363		63,856		68,219		44,674		1958	12/31/1985	35 years
BELL GARDENS (California)	12,492		24,403		85,947		183		24,403		86,130		110,533		6,000		1990, 2003, 2006	8/2/17 & 11/29/18	35 years
BETHESDA ROW (Maryland)			46,579		35,406		146,423		43,904		184,504		228,408		79,230		1945-2008	12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	35 - 50 years
BRICK PLAZA (New Jersey)			—		24,715		60,396		4,094		81,017		85,111		49,569		1958	12/28/1989	35 years
BRISTOL PLAZA (Connecticut)			3,856		15,959		12,156		3,856		28,115		31,971		18,839		1959	9/22/1995	35 years
BROOK 35 (New Jersey)	11,283		7,128		38,355		2,548		7,128		40,903		48,031		6,860		1986/2004	1/1/2014	35 years
CAMPUS PLAZA (Massachusetts)			16,710		13,412		314		16,710		13,726		30,436		1,826		1970	1/13/2016	35 years
CHELSEA COMMONS (Massachusetts)	5,729		8,689		19,466		1,626		8,669		21,112		29,781		7,722		1962/1969/2008	8/25/06, 1/30/07, & 7/16/08	35 years
COCOWALK (Florida)			35,063		71,476		23,773		34,406		95,906		130,312		8,379		1990/1994, 1922-1973, 2018	5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17	35 years
COLORADO BLVD (California)			5,262		4,071		10,209		5,262		14,280		19,542		11,088		1905-1988	12/31/96 & 8/14/98	35 years
CONGRESSIONAL PLAZA (Maryland)			2,793		7,424		92,870		1,020		102,067		103,087		56,821		1965/2003	4/1/1965	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
COURTHOUSE CENTER (Maryland)		1,750	1,869	2,866	1,750	4,735	6,485	2,115	1975	12/17/1997	35 years
CROSSROADS (Illinois)		4,635	11,611	18,490	4,635	30,101	34,736	17,297	1959	7/19/1993	35 years
CROW CANYON COMMONS (California)		27,245	54,575	8,065	27,245	62,640	89,885	23,626	Late 1970's/ 1998/2006	12/29/05 & 2/28/07	35 years
DARIEN (Connecticut)		30,368	19,523	4,278	30,368	23,801	54,169	3,722	1920-2009	4/3/13 & 7/20/18	35 years
DEDHAM PLAZA (Massachusetts)		14,841	12,918	14,925	14,841	27,843	42,684	16,192	1959	12/31/93 & 12/14/16	35 years
DEL MAR VILLAGE (Florida)		15,624	41,712	13,638	15,587	55,387	70,974	22,290	1982/1994/2007	5/30/08, 7/11/08, & 10/14/14	35 years
EAST BAY BRIDGE (California)		29,079	138,035	11,919	29,079	149,954	179,033	30,706	1994-2001, 2011/2012	12/21/2012	35 years
EASTGATE CROSSING (North Carolina)		1,608	5,775	27,193	1,608	32,968	34,576	20,680	1963	12/18/1986	35 years
ELLISBURG (New Jersey)		4,028	11,309	18,877	4,013	30,201	34,214	20,892	1959	10/16/1992	35 years
ESCONDIDO PROMENADE (California)		19,117	15,829	16,057	19,117	31,886	51,003	17,459	1987	12/31/96 & 11/10/10	35 years
FALLS PLAZA (Virginia)		1,798	1,270	10,880	1,819	12,129	13,948	8,897	1960/1962	9/30/67 & 10/05/72	25 years
FEDERAL PLAZA (Maryland)		10,216	17,895	42,145	10,216	60,040	70,256	44,673	1970	6/29/1989	35 years
FINLEY SQUARE (Illinois)		9,252	9,544	20,417	9,252	29,961	39,213	21,116	1974	4/27/1995	35 years
FLOURTOWN (Pennsylvania)		1,345	3,943	11,699	1,507	15,480	16,987	6,517	1957	4/25/1980	35 years
FOURTH STREET (California)		13,978	9,909	104	13,978	10,013	23,991	635	1948,1975	5/19/2017	35 years
FREE STATE SHOPPING CENTER (Maryland)		18,581	41,658	5,271	18,581	46,929	65,510	5,530	1970	1/13/2016	35 years
FRESH MEADOWS (New York)		24,625	25,255	41,722	24,633	66,969	91,602	40,833	1946-1949	12/5/1997	35 years
FRIENDSHIP CENTER (District of Columbia)		12,696	20,803	4,610	12,696	25,413	38,109	12,944	1998	9/21/2001	35 years
GAITHERSBURG SQUARE (Maryland)		7,701	5,271	15,716	5,973	22,715	28,688	18,358	1966	4/22/1993	35 years
GARDEN MARKET (Illinois)		2,677	4,829	7,173	2,677	12,002	14,679	8,030	1958	7/28/1994	35 years
GOVERNOR PLAZA (Maryland)		2,068	4,905	20,363	2,068	25,268	27,336	21,247	1963	10/1/1985	35 years
GRAHAM PARK PLAZA (Virginia)		1,237	15,096	19,277	1,169	34,441	35,610	27,995	1971	7/21/1983	35 years
GRATIOT PLAZA (Michigan)		525	1,601	17,840	525	19,441	19,966	17,770	1964	3/29/1973	25.75 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
GREENLAWN PLAZA (New York)		10,590	20,869	380	10,590	21,249	31,839	2,618	1975/2004	1/13/2016	35 years
GREENWICH AVENUE (Connecticut)		7,484	5,444	1,199	7,484	6,643	14,127	4,360	1968	4/12/1995	35 years
HASTINGS RANCH PLAZA (California)		—	22,393	269	—	22,662	22,662	1,476	1958, 1984, 2006, 2007	2/1/2017	35 years
HAUPPAUGE (New York)		8,791	15,262	5,125	8,419	20,759	29,178	12,449	1963	8/6/1998	35 years
HERMOSA AVENUE (California)		1,116	280	4,829	1,368	4,857	6,225	3,528	1922	9/17/1997	35 years
HOLLYWOOD BLVD (California)		8,300	16,920	21,492	8,370	38,342	46,712	15,374	1929/1991	3/22/99 & 6/18/99	35 years
HUNTINGTON (New York)		12,194	16,008	18,537	12,194	34,545	46,739	16,411	1962	12/12/88, 10/26/07, & 11/24/15	35 years
HUNTINGTON SQUARE (New York)		—	10,075	2,748	506	12,317	12,823	3,780	1980/2004-2007	8/16/2010	35 years
IDYLWOOD PLAZA (Virginia)		4,308	10,026	2,753	4,308	12,779	17,087	9,325	1991	4/15/1994	35 years
JORDAN DOWNS PLAZA (California)		—	3,255	11,697	—	14,952	14,952	—	2018	6/15/2018	N/A
KINGS COURT (California)		—	10,714	884	—	11,598	11,598	9,139	1960	8/24/1998	26 years
LANCASTER (Pennsylvania)	4,907	—	2,103	11,614	432	13,285	13,717	8,070	1958	4/24/1980	22 years
LANGHORNE SQUARE (Pennsylvania)		720	2,974	18,742	720	21,716	22,436	15,900	1966	1/31/1985	35 years
LAUREL (Maryland)		7,458	22,525	27,843	7,462	50,364	57,826	38,950	1956	8/15/1986	35 years
LAWRENCE PARK (Pennsylvania)		6,150	8,491	18,572	6,161	27,052	33,213	22,745	1972	7/23/1980 & 4/3/17	22 years
LEESBURG PLAZA (Virginia)		8,184	10,722	17,918	8,184	28,640	36,824	15,528	1967	9/15/1998	35 years
LINDEN SQUARE (Massachusetts)		79,382	19,247	50,936	79,346	70,219	149,565	24,578	1960-2008	8/24/2006	35 years
MELVILLE MALL (New York)		35,622	32,882	23,485	35,622	56,367	91,989	14,734	1974	10/16/2006	35 years
MERCER MALL (New Jersey)	55,472	29,738	51,047	47,401	29,738	98,448	128,186	44,812	1975	10/14/03 & 1/31/17	25 - 35 years
MONTROSE CROSSING (Maryland)	69,310	48,624	91,819	21,542	48,624	113,361	161,985	28,916	1960s, 1970s, 1996 & 2011	12/27/11 & 12/19/13	35 years
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)		10,068	33,501	41,621	10,150	75,040	85,190	36,802	1966/1972/1987/2001	3/31/03, 3/21/03, & 1/27/06	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
NORTH DARTMOUTH (Massachusetts)		9,366	—	3	9,366	3	9,369	1	2004	8/24/2006
NORTHEAST (Pennsylvania)		1,152	10,596	21,987	1,153	32,582	33,735	21,280	1959	8/30/1983	35 years
OLD KEENE MILL (Virginia)		638	998	7,151	638	8,149	8,787	5,715	1968	6/15/1976	33.33 years
OLD TOWN CENTER (California)		3,420	2,765	29,663	3,420	32,428	35,848	22,076	1962, 1997-1998	10/22/1997	35 years
OLIVO AT MISSION HILLS (California)		15,048	46,732	15,215	15,048	61,947	76,995	1,453	2017-2018	8/2/2017	35 years
PAN AM (Virginia)		8,694	12,929	7,892	8,695	20,820	29,515	15,818	1979	2/5/1993	35 years
PENTAGON ROW (Virginia)		—	2,955	103,348	—	106,303	106,303	49,449	1999 - 2002	1998 & 11/22/10	35 years
PERRING PLAZA (Maryland)		2,800	6,461	21,898	2,800	28,359	31,159	24,001	1963	10/1/1985	35 years
PIKE & ROSE (Maryland)		31,471	10,335	524,922	27,929	538,799	566,728	36,543	1963, 2012-2018	5/18/82, 10/26/07, & 7/31/12	50 years
PIKE 7 PLAZA (Virginia)		14,970	22,799	10,274	14,914	33,129	48,043	17,690	1968	3/31/97 & 7/8/15	35 years
PLAZA DEL MERCADO (Maryland)		10,305	21,553	14,705	10,305	36,258	46,563	3,964	1969	1/13/2016	35 years
PLAZA DEL SOL (California)	8,532	5,605	12,331	—	5,605	12,331	17,936	720	2009	8/2/2017	35 years
PLAZA EL SEGUNDO/THE POINT (California)	124,244	62,127	153,556	70,231	64,463	221,451	285,914	46,765	2006/2007/2016	12/30/11, 6/14/13, 7/26/13, & 12/27/13	35 years
PLAZA PACOIMA (California)		38,138	12,227	—	38,138	12,227	50,365	773	2010	8/2/2017	35 years
QUEEN ANNE PLAZA (Massachusetts)		3,319	8,457	6,525	3,319	14,982	18,301	10,359	1967	12/23/1994	35 years
QUINCE ORCHARD (Maryland)		3,197	7,949	28,316	2,928	36,534	39,462	21,216	1975	4/22/1993	35 years
RIVERPOINT CENTER (Illinois)		15,422	104,572	664	15,422	105,236	120,658	6,046	1989, 2012	3/31/2017	35 years
ROCKVILLE TOWN SQUARE (Maryland)	4,436	—	8,092	44,099	—	52,191	52,191	19,088	2005 - 2007	2006 - 2007	50 years
ROLLINGWOOD APTS. (Maryland)	20,326	552	2,246	8,302	774	10,326	11,100	9,653	1960	1/15/1971	25 years
SAM'S PARK & SHOP (District of Columbia)		4,840	6,319	2,697	4,840	9,016	13,856	5,518	1930	12/1/1995	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
SAN ANTONIO CENTER (California)		39,920	32,466	1,919	39,920	34,385	74,305	6,207	1958, 1964-1965, 1974-1975, 1995-1997	1/9/2015	35 years
SANTANA ROW (California)		66,682	7,502	887,246	53,217	908,213	961,430	200,651	1999-2006, 2009, 2011, 2014, 2016-2018	3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13	40 - 50 years
SAUGUS PLAZA (Massachusetts)		4,383	8,291	3,050	4,383	11,341	15,724	7,092	1976	10/1/1996	35 years
SYLMAR TOWNE CENTER (California)	17,446	18,522	24,636	325	18,522	24,961	43,483	1,319	1973	8/2/2017	35 years
THE AVENUE AT WHITE MARSH (Maryland)	52,543	20,682	72,432	26,626	20,685	99,055	119,740	35,323	1997	3/8/2007	35 years
THE GROVE AT SHREWSBURY (New Jersey)	42,776	18,016	103,115	4,223	18,021	107,333	125,354	17,289	1988/1993/2007	1/1/2014 & 10/6/14	35 years
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)		4,441	12,849	403	4,441	13,252	17,693	5,387	2005 - 2006	3/8/2007	35 years
THE SHOPS AT SUNSET PLACE (Florida)	65,946	64,499	50,853	9,076	64,499	59,929	124,428	9,406	1999	10/1/2015	35 years
THIRD STREET PROMENADE (California)		22,645	12,709	45,765	25,125	55,994	81,119	34,348	1888-2000	1996-2000	35 years
TOWER SHOPPNG CENTER (Virginia)		7,170	10,518	4,399	7,280	14,807	22,087	9,328	1953-1960	8/24/1998	35 years
TOWER SHOPS (Florida)		29,940	43,390	24,259	29,962	67,627	97,589	18,494	1989	1/19/11 & 6/13/14	35 years
TOWN CENTER OF NEW BRITAIN (Pennsylvania)		1,282	12,285	1,800	1,470	13,897	15,367	5,482	1969	6/29/2006	35 years
TOWSON RESIDENTIAL (FLATS @703) (Maryland)		2,328	—	20,047	2,328	20,047	22,375	837	2016-2017	3/8/2007	35 years
TROY HILLS (New Jersey)		3,126	5,193	30,974	5,865	33,428	39,293	22,105	1966	7/23/1980	22 years
TYSON'S STATION (Virginia)		388	453	3,890	493	4,238	4,731	3,869	1954	1/17/1978	17 years
VILLAGE AT SHIRLINGTON (Virginia)	6,704	9,761	14,808	41,784	4,234	62,119	66,353	29,320	1940, 2006-2009	12/21/1995	35 years
WESTGATE CENTER (California)		6,319	107,284	42,767	6,319	150,051	156,370	54,800	1960-1966	3/31/2004	35 years
WHITE MARSH PLAZA (Maryland)		3,478	21,413	835	3,478	22,248	25,726	9,106	1987	3/8/2007	35 years
WHITE MARSH OTHER (Maryland)		31,953	1,843	146	31,983	1,959	33,942	874	1985	3/8/2007	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
WILDWOOD (Maryland)			9,111		1,061		14,197		9,111		15,258		24,369		8,727		1958	5/5/1969	33.33 years
WILLOW GROVE (Pennsylvania)			1,499		6,643		22,117		1,499		28,760		30,259		27,126		1953	11/20/1984	35 years
WILLOW LAWN (Virginia)			3,192		7,723		92,318		7,790		95,443		103,233		60,517		1957	12/5/1983	35 years
WYNNEWOOD (Pennsylvania)			8,055		13,759		21,109		8,055		34,868		42,923		24,551		1948	10/29/1996	35 years
TOTALS	$	545,898	$	1,459,321	$	2,416,071	$	3,944,080	$	1,422,834	$	6,396,638	$	7,819,472	$	2,059,143

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2018 Reconciliation of Total Cost (in thousands)

Balance, December 31, 2015	$	6,064,406
Additions during period
Acquisitions	229,296
Improvements	483,932
Deduction during period—dispositions and retirements of property	(18,561		)
Balance, December 31, 2016	6,759,073
Additions during period
Acquisitions	555,476
Improvements	492,541
Deduction during period—dispositions and retirements of property	(172,029		)
Balance, December 31, 2017	7,635,061
Additions during period
Acquisitions	14,940
Improvements	407,225
Deduction during period—dispositions and retirements of property	(237,754		)
Balance, December 31, 2018 (1)	$	7,819,472

_____________________


(1)	For Federal tax purposes, the aggregate cost basis is approximately $7.2 billion as of December 31, 2018.

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2018 Reconciliation of Accumulated Depreciation and Amortization (in thousands)

Balance, December 31, 2015	$	1,574,041
Additions during period—depreciation and amortization expense	173,244
Deductions during period—dispositions and retirements of property	(18,051		)
Balance, December 31, 2016	1,729,234
Additions during period—depreciation and amortization expense	193,340
Deductions during period—dispositions and retirements of property	(46,030		)
Balance, December 31, 2017	1,876,544
Additions during period—depreciation and amortization expense	215,969
Deductions during period—dispositions and retirements of property	(33,370		)
Balance, December 31, 2018	$	2,059,143

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

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Summary of Real Estate and Accumulated Depreciation

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
29TH PLACE (Virginia)	$	4,097	$	10,211	$	18,863	$	11,777	$	10,195	$	30,656	$	40,851	$	13,410	1975 - 2001	5/30/2007	35 years
ANDORRA (Pennsylvania)			2,432		12,346		10,857		2,432		23,203		25,635		19,686		1953	1/12/1988	35 years
ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts)			93,252		34,196		573,115		69,421		631,142		700,563		57,207		2005, 2012-2018	2005-2013	35 years
AZALEA (California)	39,655		40,219		67,117		115		40,219		67,232		107,451		3,586		2014	8/2/2017	35 years
BALA CYNWYD (Pennsylvania)			3,565		14,466		25,570		2,683		40,918		43,601		21,709		1955	9/22/1993	35 years
BARCROFT PLAZA (Virginia)			12,617		29,603		4,472		12,617		34,075		46,692		3,232		1963, 1972, 1990, & 2000	1/13/16 & 11/7/16	35 years
BARRACKS ROAD (Virginia)			4,363		16,459		47,397		4,363		63,856		68,219		44,674		1958	12/31/1985	35 years
BELL GARDENS (California)	12,492		24,403		85,947		183		24,403		86,130		110,533		6,000		1990, 2003, 2006	8/2/17 & 11/29/18	35 years
BETHESDA ROW (Maryland)			46,579		35,406		146,423		43,904		184,504		228,408		79,230		1945-2008	12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	35 - 50 years
BRICK PLAZA (New Jersey)			—		24,715		60,396		4,094		81,017		85,111		49,569		1958	12/28/1989	35 years
BRISTOL PLAZA (Connecticut)			3,856		15,959		12,156		3,856		28,115		31,971		18,839		1959	9/22/1995	35 years
BROOK 35 (New Jersey)	11,283		7,128		38,355		2,548		7,128		40,903		48,031		6,860		1986/2004	1/1/2014	35 years
CAMPUS PLAZA (Massachusetts)			16,710		13,412		314		16,710		13,726		30,436		1,826		1970	1/13/2016	35 years
CHELSEA COMMONS (Massachusetts)	5,729		8,689		19,466		1,626		8,669		21,112		29,781		7,722		1962/1969/2008	8/25/06, 1/30/07, & 7/16/08	35 years
COCOWALK (Florida)			35,063		71,476		23,773		34,406		95,906		130,312		8,379		1990/1994, 1922-1973, 2018	5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17	35 years
COLORADO BLVD (California)			5,262		4,071		10,209		5,262		14,280		19,542		11,088		1905-1988	12/31/96 & 8/14/98	35 years
CONGRESSIONAL PLAZA (Maryland)			2,793		7,424		92,870		1,020		102,067		103,087		56,821		1965/2003	4/1/1965	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
COURTHOUSE CENTER (Maryland)		1,750	1,869	2,866	1,750	4,735	6,485	2,115	1975	12/17/1997	35 years
CROSSROADS (Illinois)		4,635	11,611	18,490	4,635	30,101	34,736	17,297	1959	7/19/1993	35 years
CROW CANYON COMMONS (California)		27,245	54,575	8,065	27,245	62,640	89,885	23,626	Late 1970's/ 1998/2006	12/29/05 & 2/28/07	35 years
DARIEN (Connecticut)		30,368	19,523	4,278	30,368	23,801	54,169	3,722	1920-2009	4/3/13 & 7/20/18	35 years
DEDHAM PLAZA (Massachusetts)		14,841	12,918	14,925	14,841	27,843	42,684	16,192	1959	12/31/93 & 12/14/16	35 years
DEL MAR VILLAGE (Florida)		15,624	41,712	13,638	15,587	55,387	70,974	22,290	1982/1994/2007	5/30/08, 7/11/08, & 10/14/14	35 years
EAST BAY BRIDGE (California)		29,079	138,035	11,919	29,079	149,954	179,033	30,706	1994-2001, 2011/2012	12/21/2012	35 years
EASTGATE CROSSING (North Carolina)		1,608	5,775	27,193	1,608	32,968	34,576	20,680	1963	12/18/1986	35 years
ELLISBURG (New Jersey)		4,028	11,309	18,877	4,013	30,201	34,214	20,892	1959	10/16/1992	35 years
ESCONDIDO PROMENADE (California)		19,117	15,829	16,057	19,117	31,886	51,003	17,459	1987	12/31/96 & 11/10/10	35 years
FALLS PLAZA (Virginia)		1,798	1,270	10,880	1,819	12,129	13,948	8,897	1960/1962	9/30/67 & 10/05/72	25 years
FEDERAL PLAZA (Maryland)		10,216	17,895	42,145	10,216	60,040	70,256	44,673	1970	6/29/1989	35 years
FINLEY SQUARE (Illinois)		9,252	9,544	20,417	9,252	29,961	39,213	21,116	1974	4/27/1995	35 years
FLOURTOWN (Pennsylvania)		1,345	3,943	11,699	1,507	15,480	16,987	6,517	1957	4/25/1980	35 years
FOURTH STREET (California)		13,978	9,909	104	13,978	10,013	23,991	635	1948,1975	5/19/2017	35 years
FREE STATE SHOPPING CENTER (Maryland)		18,581	41,658	5,271	18,581	46,929	65,510	5,530	1970	1/13/2016	35 years
FRESH MEADOWS (New York)		24,625	25,255	41,722	24,633	66,969	91,602	40,833	1946-1949	12/5/1997	35 years
FRIENDSHIP CENTER (District of Columbia)		12,696	20,803	4,610	12,696	25,413	38,109	12,944	1998	9/21/2001	35 years
GAITHERSBURG SQUARE (Maryland)		7,701	5,271	15,716	5,973	22,715	28,688	18,358	1966	4/22/1993	35 years
GARDEN MARKET (Illinois)		2,677	4,829	7,173	2,677	12,002	14,679	8,030	1958	7/28/1994	35 years
GOVERNOR PLAZA (Maryland)		2,068	4,905	20,363	2,068	25,268	27,336	21,247	1963	10/1/1985	35 years
GRAHAM PARK PLAZA (Virginia)		1,237	15,096	19,277	1,169	34,441	35,610	27,995	1971	7/21/1983	35 years
GRATIOT PLAZA (Michigan)		525	1,601	17,840	525	19,441	19,966	17,770	1964	3/29/1973	25.75 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
GREENLAWN PLAZA (New York)		10,590	20,869	380	10,590	21,249	31,839	2,618	1975/2004	1/13/2016	35 years
GREENWICH AVENUE (Connecticut)		7,484	5,444	1,199	7,484	6,643	14,127	4,360	1968	4/12/1995	35 years
HASTINGS RANCH PLAZA (California)		—	22,393	269	—	22,662	22,662	1,476	1958, 1984, 2006, 2007	2/1/2017	35 years
HAUPPAUGE (New York)		8,791	15,262	5,125	8,419	20,759	29,178	12,449	1963	8/6/1998	35 years
HERMOSA AVENUE (California)		1,116	280	4,829	1,368	4,857	6,225	3,528	1922	9/17/1997	35 years
HOLLYWOOD BLVD (California)		8,300	16,920	21,492	8,370	38,342	46,712	15,374	1929/1991	3/22/99 & 6/18/99	35 years
HUNTINGTON (New York)		12,194	16,008	18,537	12,194	34,545	46,739	16,411	1962	12/12/88, 10/26/07, & 11/24/15	35 years
HUNTINGTON SQUARE (New York)		—	10,075	2,748	506	12,317	12,823	3,780	1980/2004-2007	8/16/2010	35 years
IDYLWOOD PLAZA (Virginia)		4,308	10,026	2,753	4,308	12,779	17,087	9,325	1991	4/15/1994	35 years
JORDAN DOWNS PLAZA (California)		—	3,255	11,697	—	14,952	14,952	—	2018	6/15/2018	N/A
KINGS COURT (California)		—	10,714	884	—	11,598	11,598	9,139	1960	8/24/1998	26 years
LANCASTER (Pennsylvania)	4,907	—	2,103	11,614	432	13,285	13,717	8,070	1958	4/24/1980	22 years
LANGHORNE SQUARE (Pennsylvania)		720	2,974	18,742	720	21,716	22,436	15,900	1966	1/31/1985	35 years
LAUREL (Maryland)		7,458	22,525	27,843	7,462	50,364	57,826	38,950	1956	8/15/1986	35 years
LAWRENCE PARK (Pennsylvania)		6,150	8,491	18,572	6,161	27,052	33,213	22,745	1972	7/23/1980 & 4/3/17	22 years
LEESBURG PLAZA (Virginia)		8,184	10,722	17,918	8,184	28,640	36,824	15,528	1967	9/15/1998	35 years
LINDEN SQUARE (Massachusetts)		79,382	19,247	50,936	79,346	70,219	149,565	24,578	1960-2008	8/24/2006	35 years
MELVILLE MALL (New York)		35,622	32,882	23,485	35,622	56,367	91,989	14,734	1974	10/16/2006	35 years
MERCER MALL (New Jersey)	55,472	29,738	51,047	47,401	29,738	98,448	128,186	44,812	1975	10/14/03 & 1/31/17	25 - 35 years
MONTROSE CROSSING (Maryland)	69,310	48,624	91,819	21,542	48,624	113,361	161,985	28,916	1960s, 1970s, 1996 & 2011	12/27/11 & 12/19/13	35 years
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)		10,068	33,501	41,621	10,150	75,040	85,190	36,802	1966/1972/1987/2001	3/31/03, 3/21/03, & 1/27/06	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
NORTH DARTMOUTH (Massachusetts)		9,366	—	3	9,366	3	9,369	1	2004	8/24/2006
NORTHEAST (Pennsylvania)		1,152	10,596	21,987	1,153	32,582	33,735	21,280	1959	8/30/1983	35 years
OLD KEENE MILL (Virginia)		638	998	7,151	638	8,149	8,787	5,715	1968	6/15/1976	33.33 years
OLD TOWN CENTER (California)		3,420	2,765	29,663	3,420	32,428	35,848	22,076	1962, 1997-1998	10/22/1997	35 years
OLIVO AT MISSION HILLS (California)		15,048	46,732	15,215	15,048	61,947	76,995	1,453	2017-2018	8/2/2017	35 years
PAN AM (Virginia)		8,694	12,929	7,892	8,695	20,820	29,515	15,818	1979	2/5/1993	35 years
PENTAGON ROW (Virginia)		—	2,955	103,348	—	106,303	106,303	49,449	1999 - 2002	1998 & 11/22/10	35 years
PERRING PLAZA (Maryland)		2,800	6,461	21,898	2,800	28,359	31,159	24,001	1963	10/1/1985	35 years
PIKE & ROSE (Maryland)		31,471	10,335	524,922	27,929	538,799	566,728	36,543	1963, 2012-2018	5/18/82, 10/26/07, & 7/31/12	50 years
PIKE 7 PLAZA (Virginia)		14,970	22,799	10,274	14,914	33,129	48,043	17,690	1968	3/31/97 & 7/8/15	35 years
PLAZA DEL MERCADO (Maryland)		10,305	21,553	14,705	10,305	36,258	46,563	3,964	1969	1/13/2016	35 years
PLAZA DEL SOL (California)	8,532	5,605	12,331	—	5,605	12,331	17,936	720	2009	8/2/2017	35 years
PLAZA EL SEGUNDO/THE POINT (California)	124,244	62,127	153,556	70,231	64,463	221,451	285,914	46,765	2006/2007/2016	12/30/11, 6/14/13, 7/26/13, & 12/27/13	35 years
PLAZA PACOIMA (California)		38,138	12,227	—	38,138	12,227	50,365	773	2010	8/2/2017	35 years
QUEEN ANNE PLAZA (Massachusetts)		3,319	8,457	6,525	3,319	14,982	18,301	10,359	1967	12/23/1994	35 years
QUINCE ORCHARD (Maryland)		3,197	7,949	28,316	2,928	36,534	39,462	21,216	1975	4/22/1993	35 years
RIVERPOINT CENTER (Illinois)		15,422	104,572	664	15,422	105,236	120,658	6,046	1989, 2012	3/31/2017	35 years
ROCKVILLE TOWN SQUARE (Maryland)	4,436	—	8,092	44,099	—	52,191	52,191	19,088	2005 - 2007	2006 - 2007	50 years
ROLLINGWOOD APTS. (Maryland)	20,326	552	2,246	8,302	774	10,326	11,100	9,653	1960	1/15/1971	25 years
SAM'S PARK & SHOP (District of Columbia)		4,840	6,319	2,697	4,840	9,016	13,856	5,518	1930	12/1/1995	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
SAN ANTONIO CENTER (California)		39,920	32,466	1,919	39,920	34,385	74,305	6,207	1958, 1964-1965, 1974-1975, 1995-1997	1/9/2015	35 years
SANTANA ROW (California)		66,682	7,502	887,246	53,217	908,213	961,430	200,651	1999-2006, 2009, 2011, 2014, 2016-2018	3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13	40 - 50 years
SAUGUS PLAZA (Massachusetts)		4,383	8,291	3,050	4,383	11,341	15,724	7,092	1976	10/1/1996	35 years
SYLMAR TOWNE CENTER (California)	17,446	18,522	24,636	325	18,522	24,961	43,483	1,319	1973	8/2/2017	35 years
THE AVENUE AT WHITE MARSH (Maryland)	52,543	20,682	72,432	26,626	20,685	99,055	119,740	35,323	1997	3/8/2007	35 years
THE GROVE AT SHREWSBURY (New Jersey)	42,776	18,016	103,115	4,223	18,021	107,333	125,354	17,289	1988/1993/2007	1/1/2014 & 10/6/14	35 years
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)		4,441	12,849	403	4,441	13,252	17,693	5,387	2005 - 2006	3/8/2007	35 years
THE SHOPS AT SUNSET PLACE (Florida)	65,946	64,499	50,853	9,076	64,499	59,929	124,428	9,406	1999	10/1/2015	35 years
THIRD STREET PROMENADE (California)		22,645	12,709	45,765	25,125	55,994	81,119	34,348	1888-2000	1996-2000	35 years
TOWER SHOPPNG CENTER (Virginia)		7,170	10,518	4,399	7,280	14,807	22,087	9,328	1953-1960	8/24/1998	35 years
TOWER SHOPS (Florida)		29,940	43,390	24,259	29,962	67,627	97,589	18,494	1989	1/19/11 & 6/13/14	35 years
TOWN CENTER OF NEW BRITAIN (Pennsylvania)		1,282	12,285	1,800	1,470	13,897	15,367	5,482	1969	6/29/2006	35 years
TOWSON RESIDENTIAL (FLATS @703) (Maryland)		2,328	—	20,047	2,328	20,047	22,375	837	2016-2017	3/8/2007	35 years
TROY HILLS (New Jersey)		3,126	5,193	30,974	5,865	33,428	39,293	22,105	1966	7/23/1980	22 years
TYSON'S STATION (Virginia)		388	453	3,890	493	4,238	4,731	3,869	1954	1/17/1978	17 years
VILLAGE AT SHIRLINGTON (Virginia)	6,704	9,761	14,808	41,784	4,234	62,119	66,353	29,320	1940, 2006-2009	12/21/1995	35 years
WESTGATE CENTER (California)		6,319	107,284	42,767	6,319	150,051	156,370	54,800	1960-1966	3/31/2004	35 years
WHITE MARSH PLAZA (Maryland)		3,478	21,413	835	3,478	22,248	25,726	9,106	1987	3/8/2007	35 years
WHITE MARSH OTHER (Maryland)		31,953	1,843	146	31,983	1,959	33,942	874	1985	3/8/2007	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (Dollars in thousands)

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions	Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions	Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
WILDWOOD (Maryland)			9,111		1,061		14,197		9,111		15,258		24,369		8,727		1958	5/5/1969	33.33 years
WILLOW GROVE (Pennsylvania)			1,499		6,643		22,117		1,499		28,760		30,259		27,126		1953	11/20/1984	35 years
WILLOW LAWN (Virginia)			3,192		7,723		92,318		7,790		95,443		103,233		60,517		1957	12/5/1983	35 years
WYNNEWOOD (Pennsylvania)			8,055		13,759		21,109		8,055		34,868		42,923		24,551		1948	10/29/1996	35 years
TOTALS	$	545,898	$	1,459,321	$	2,416,071	$	3,944,080	$	1,422,834	$	6,396,638	$	7,819,472	$	2,059,143

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2018 Reconciliation of Total Cost (in thousands)

Balance, December 31, 2015	$	6,064,406
Additions during period
Acquisitions	229,296
Improvements	483,932
Deduction during period—dispositions and retirements of property	(18,561		)
Balance, December 31, 2016	6,759,073
Additions during period
Acquisitions	555,476
Improvements	492,541
Deduction during period—dispositions and retirements of property	(172,029		)
Balance, December 31, 2017	7,635,061
Additions during period
Acquisitions	14,940
Improvements	407,225
Deduction during period—dispositions and retirements of property	(237,754		)
Balance, December 31, 2018 (1)	$	7,819,472

_____________________


(1)	For Federal tax purposes, the aggregate cost basis is approximately $7.2 billion as of December 31, 2018.

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2018 Reconciliation of Accumulated Depreciation and Amortization (in thousands)

Balance, December 31, 2015	$	1,574,041
Additions during period—depreciation and amortization expense	173,244
Deductions during period—dispositions and retirements of property	(18,051		)
Balance, December 31, 2016	1,729,234
Additions during period—depreciation and amortization expense	193,340
Deductions during period—dispositions and retirements of property	(46,030		)
Balance, December 31, 2017	1,876,544
Additions during period—depreciation and amortization expense	215,969
Deductions during period—dispositions and retirements of property	(33,370		)
Balance, December 31, 2018	$	2,059,143

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2018 (Dollars in thousands)

Column A	Column B	Column C	Column D	Column E		Column F		Column G			Column H
Description of Lien	Interest Rate	Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amount of Mortgages(1)			Principal Amount of Loans Subject to delinquent Principal or Interest
Mortgage on retail buildings in Philadelphia, PA	8% or 10% based on timing of draws, plus participation	May 2021	Interest only monthly; balloon payment due at maturity	$	—	$	21,179	$	21,179	(2)	$	—
Mortgage on retail buildings in Philadelphia, PA	10% plus participation	May 2021	Interest only monthly; balloon payment due at maturity	—		9,250		9,250			—
				$	—	$	30,429	$	30,429		$	—

_____________________


(1)	For Federal tax purposes, the aggregate tax basis is approximately $30.4 million as of December 31, 2018.


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

FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - CONTINUED Three Years Ended December 31, 2018 Reconciliation of Carrying Amount (in thousands)


Balance, December 31, 2015	$	41,618
Deductions during period:
Collection and satisfaction of loans	(11,714		)
Balance, December 31, 2016	29,904
Additions during period:
Issuance of loans	525
Balance, December 31, 2017	30,429
Balance, December 31, 2018	$	30,429

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Revenue Recognition and Accounts Receivable

Real Estate

Cash and Cash Equivalents

Prepaid Expenses and Other Assets

Debt Issuance Costs

Derivative Instruments

Mortgage Notes Receivable

Share Based Compensation

Variable Interest Entities

Redeemable Noncontrolling Interests

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



	Year Ended
	December 31,
	2018			2017
	(In thousands)
Beginning balance	$	141,157		$	143,694
Net income	3,865			3,874
Contributions	354			11,109
Distributions & Redemptions	(4,071		)	(6,914		)
Change in redemption value	(5,097		)	(10,606		)
Ending balance	$	136,208		$	141,157

On January 12, 2017, we exercised our purchase option on non-controlling interests in San Antonio Center for $2.6 million of cash and 44,195 of downREIT operating partnership units.

Income Taxes

Segment Information

Recent Accounting Pronouncements



Standard	Description	Date of Adoption	Effect on the financial statements or significant matters
Recently adopted:

Revenue from Contracts with Customers (Topic 606) and related updates: ASU 2014-09, May 2014, Revenue from Contracts with Customers ASU 2015-14, August 2015, Revenue from Contracts with Customers: Deferral of the Effective Date ASU 2016-08, March 2016, Revenue from Contracts with Customers: Principal versus Agent Considerations ASU 2016-10, April 2016, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ASU 2016-12, May 2016, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ASU 2016-20, December 2016, Revenue from Contracts with Customers: Technical Corrections and Improvements	In May 2014, the the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 as amended and interpreted by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20, supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. ASU 2016-08 clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transactions, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. ASU 2016-10 clarifies the existing guidance on identifying performance obligations and licensing implementation. ASU 2016-12 adds practical expedients related to the transition for contract modifications and further defines a completed contract, clarifies the objective of the collectability assessment and how revenue is recognized if collectability is not probable, and when non-cash considerations should be measured. ASU 2016-20 corrects or improves guidance in thirteen narrowly focused aspects of the guidance. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the cumulative impact of applying the standard is recognized in accumulated dividends in excess of net income on the date of application.	January 2018	We implemented the new revenue recognition guidance retrospectively with the cumulative effect recognized in accumulated dividends in excess of net income at the date of initial application. The primary impact relates to condominium sales. Most of our revenue is accounted for under the leasing standard, and therefore is not subject to this standard. In 2017, gains on contracted condominium sales were recognized using the percentage-of-completion method, with the gain recognized once certain criteria were met in advance of legal closing. Under the new guidance, condominium sale gains are recognized as the condominium units are legally sold, which is typically upon closing. $5.4 million of condominium gains (net of $1.4 million of income taxes) recorded under the percentage-of-completion method in 2017 were reversed through opening accumulated dividends in excess of net income. If we had used the percentage-of-completion method during 2018, we would have recorded $0.7 million of condominium gains (net of $0.2 million of income taxes) in 2018. With the exception of condominium sales, the adoption of the standard did not have a significant impact on our consolidated financial statements, with an additional cumulative effect of $0.6 million reflected in opening accumulated dividends in excess of net income.



Standard	Description	Date of Adoption	Effect on the financial statements or significant matters
ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments	This ASU provides classification guidance for eight specific topics including debt extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees.	January 2018	This standard did not have an impact on our consolidated financial statements.

ASU 2016-18, November 2016, Statement of Cash Flows (Topic 203) - Restricted Cash	This ASU requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents. Amounts generally described as restricted cash and equivalents should be included with cash and cash equivalents when reconciling the beginning and end of period total amounts on the statement of cash flows.	January 2018	Prior to the adoption of this standard, "net cash provided by operating activities" was $423.7 million and $369.0 million for the years ended December 31, 2017 and 2016, respectively, and "net cash used in investing activities" was $590.2 million and $353.8 million for the years ended December 31, 2017 and 2016, respectively. After the adoption, "net cash provided by operating activities" was $458.8 million and $427.7 million for the years ended December 31, 2017 and 2016, respectively, and "net cash used in investing activities" was $837.9 million and $590.2, for the years ended December 31, 2017 and 2016, respectively. The reclassification is reflected in "increase in cash, cash equivalents, and restricted cash" in the Consolidated Statements of Cash Flows. See additional disclosures in "Consolidated Statement of Cash Flows - Supplemental Disclosures."

ASU 2017-05, February 2017, Other Income - Gains and Losses from the Recognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	This ASU clarifies that ASC 610-20 applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and also clarifies that all businesses are derecognized using the deconsolidation guidance. Additionally, it defines an insubstance nonfinancial asset as a financial asset that is promised to a counterparty in a contract in which substantially all of the fair value of the assets promised in the contract is concentrated in nonfinancial assets, which excludes cash or cash equivalents and liabilities. Under the current guidance, a partial sale is recognized and carryover basis is used for the retained interest, however, the new guidance eliminates the use of carryover basis and generally requires a full gain to be recognized for prospective disposals of nonfinancial assets.	January 2018	The new guidance is expected to impact the gain recognized when a real estate asset is sold to a non-customer and a noncontrolling interest is retained. The adoption of this standard did not have a significant impact on our consolidated financial statements.

ASU 2017-09, May 2017, Compensation-Stock Compensation (Topic 718): Scope of Modification Accoutning	The ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, an entity will not apply modification accounting if the awards' fair value, vesting conditions, and the classification of the award as equity or a liability are the same immediately before and after the change. The new guidance is applied prospectively to awards granted or modified after the adoption date.	January 2018	The adoption of this standard did not have a significant impact on our consolidated financial statements, as there have been no modifications to awards for the year ending December 31, 2018.



Standard	Description	Date of Adoption	Effect on the financial statements or significant matters

Adopted subsequent to December 31, 2018:

Leases (Topic 842) and related updates: ASU 2016-02, February 2016, Leases (Topic 842) ASU 2018-10, July 2018, Codification improvements to Topic 842, Leases ASU 2018-11, July 2018, Leases (Topic 842) ASU 2018-20, December 2018, Leases (Topic 842) Narrow Scope Improvements for Lessors	This ASU significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2018-10 provides narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016-02. ASU 2018-11 provides the option of an additional transition method, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. It also provides lessors an option to not separate lease and non-lease components when certain criteria are met. ASU 2018-20 provides narrow scope amendments including the requirement to exclude variable payments made by the lessee to a third party on behalf of the lessor from revenue (e.g., lessee payments of real estate taxes made directly to the taxing authority on behalf of the lessor are excluded from revenue).	January 2019	We have elected to apply the transition provisions of ASC Topic 842 at the beginning of the period of adoption (i.e., January 1, 2019), and therefore, will not retrospectively adjust prior periods presented. We have also elected to apply certain adoption related practical expedients for all leases that commenced prior to the effective date. These practical expedients include not reassessing whether any expired or existing contracts are or contain leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. The primary impact of adoption on January 1, 2019 will be to record a lease obligation liability and right of use asset for operating leases where we are the lessee. The most significant of these operating leases are ground leases at 14 properties. The lease obligation liability and right of use asset (prior to adjustments for unamortized direct costs and purchase accounting assets/liabilities) to be recorded on January 1, 2019 approximates $75 million. Given our application of the practical expedients noted above, we will apply the lease classification requirements under ASC Topic 842 for all new leases or existing leases that are modified after the adoption date and we will no longer be able to capitalize certain costs related to these leases. For the year ended December 31, 2018, we capitalized approximately $7.5 million of internal leasing and external legal leasing costs. For new leases and existing leases that are modified after the effective date, only a portion of these types of costs can be capitalized and as a result, the costs that no longer qualify for capitalization will be included in “general and administrative expense” in the period incurred. Additionally, the presentation of certain rental income and rental expense on the consolidated statements of comprehensive income will be impacted. For the year ended December 31, 2018, rental income and rental expense include $6.5 million relating to real estate taxes paid by tenants on our behalf directly to taxing authorities. Effective January 1, 2019, payments of this nature will no longer be recorded gross as revenue and expense on the consolidated statements of comprehensive income.



Standard	Description	Date of Adoption	Effect on the financial statements or significant matters
Not Yet Adopted:
Financial Instruments - Credit Losses (Topic 326) and related updates: ASU 2016-13, June 2016, Financial Instruments - Credit Losses (Topic 326) ASU 2018-19, November 2018, Codification improvements to Topic 326, Financial Instruments - Credit Losses	This ASU changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of of receivables arising from operating leases should accounted for in accordance with Topic 842, Leases.	January 2020	This standard is not expected to have a significant impact to our consolidated financial statements.

ASU 2018-15, August 2018, Intangibles - Goodwill and Other Internal Use Software: Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	This ASU requires a customer in a cloud computing arrangement (i.e. hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement. Entities will expense costs during the preliminary project and post-implementation stages as they are incurred. The guidance can be applied prospectively to all implementation costs incurred after th date of adoption or retrospectively in accordance with ASC 250-10-45-5 through ASC 250-10-45-10.	January 2020	This standard is not expected to have a significant impact to our consolidated financial statements.

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Rollforward table of the redeemable noncontrolling interest

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



	Year Ended
	December 31,
	2018			2017
	(In thousands)
Beginning balance	$	141,157		$	143,694
Net income	3,865			3,874
Contributions	354			11,109
Distributions & Redemptions	(4,071		)	(6,914		)
Change in redemption value	(5,097		)	(10,606		)
Ending balance	$	136,208		$	141,157

Schedule of supplemental disclosures related to the Consolidated Statements Of Cash Flows

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



	Year Ended December 31,
	2018			2017			2016
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	129,001		$	125,684		$	113,016
Interest capitalized	(18,847		)	(25,559		)	(18,022		)
Interest expense	$	110,154		$	100,125		$	94,994
Cash paid for interest, net of amounts capitalized	$	107,494		$	105,201		$	90,185
Cash paid for income taxes	$	675		$	352		$	296
NON-CASH INVESTING AND FINANCING TRANSACTIONS (1):
Mortgage loans refinanced	$	—		$	166,823		$	—
Mortgage loans assumed with acquisition	$	—		$	79,401		$	34,385
DownREIT operating partnership units issued with acquisition	$	—		$	5,918		$	—
DownREIT operating partnership units redeemed for common shares	$	101		$	2,569		$	18,679
Shares issued under dividend reinvestment plan	$	1,884		$	2,017		$	2,017
Contribution from noncontrolling interest	$	1,435		$	—		$	—

(1) See Note 3 for additional disclosures relating to our investment in the Assembly Row hotel joint venture.

Reconcilition of cash, cash equivalents, and restricted cash



	December 31,
	2018		2017
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	64,087	$	15,188
Restricted cash (1)	44,245		10,012
Total cash, cash equivalents, and restricted cash	$	108,332	$	25,200


(1)	Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Summary of real estate investments and related encumbrances

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



	Cost		Accumulated Depreciation and Amortization			Encumbrances
	(In thousands)
December 31, 2018
Retail and mixed-use properties	$	7,680,653	$	(2,000,274	)	$	454,053
Retail properties under capital leases	127,719		(49,216		)	71,519
Residential	11,100		(9,653		)	20,326
	$	7,819,472	$	(2,059,143	)	$	545,898
December 31, 2017
Retail and mixed-use properties	$	7,500,929	$	(1,821,046	)	$	470,720
Retail properties under capital leases	123,346		(46,140		)	71,556
Residential	10,786		(9,358		)	20,785
	$	7,635,061	$	(1,876,544	)	$	563,061

The residential property investment is our investment in Rollingwood Apartments. All of other residential units are included in retail and mixed-use properties.

Signficant property acquisition - Primestor

Additional information on the properties is listed below:



Property	City/State	GLA
		(in square feet)
Azalea	South Gate, CA	222,000
Bell Gardens	Bell Gardens, CA	330,000
La Alameda	Walnut Park, CA	245,000
Olivo at Mission Hills (1)	Mission Hills, CA	155,000
Plaza Del Sol	South El Monte, CA	48,000
Plaza Pacoima	Pacoima, CA	204,000
Sylmar Towne Center	Sylmar, CA	148,000
		1,352,000

(1) Property is currently being redeveloped. GLA reflects approximate square footage once the property is open and operating.

Pro Forma Information, Primestor acquisition

The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it represent the results of income for future periods.



	Year Ended December 31,
	2017		2016
	(in millions) (unaudited)

Total revenue	$	872.9	$	826.6
Net income available for common shareholders	284.6		244.3

Acquired In-Place Leases (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following is a summary of our acquired lease assets and liabilities:



	December 31, 2018						December 31, 2017
	Cost			Accumulated Amortization			Cost			Accumulated Amortization
	(in thousands)
Above market leases, lessor	$	49,128		$	(33,843	)	$	52,393		$	(31,406	)
Below market leases, lessee	34,604			(2,533		)	34,604			(1,705		)
Total	$	83,732		$	(36,376	)	$	86,997		$	(33,111	)

Below market leases, lessor	$	(189,379	)	$	65,408		$	(193,085	)	$	56,716
Above market leases, lessee	(9,084		)	1,065			(9,084		)	560
Total	$	(198,463	)	$	66,473		$	(202,169	)	$	57,276

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

The following is a summary of acquired lease amortization:



	Year Ended December 31,
	2018			2017			2016
	(in thousands)
Amortization of above market leases, lessor	$	(5,608	)	$	(6,005	)	$	(6,726	)
Amortization of below market leases, lessor	12,445			10,726			8,551
Net increase in rental income	$	6,837		$	4,721		$	1,825

Amortization of below market leases, lessee	$	828		$	781		$	255
Amortization of above market leases, lessee	(505		)	(290		)	(135		)
Net increase in rental expense	$	323		$	491		$	120

The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities:



		December 31, 2018

Above market leases, lessor		4.0 years
Below market leases, lessee		40.6 years
Below market leases, lessor		19.0 years
Above market leases, lessee		15.9 years

Amortization for acquired in-place leases during the next five years and thereafter

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



	Acquired Lease Assets		Acquired Lease Liabilities
	(In thousands)
Year ending December 31,
2019	$	3,720	$	9,284
2020	3,086		8,290
2021	2,730		7,677
2022	2,320		7,296
2023	2,191		7,030
Thereafter	33,309		92,413
	$	47,356	$	131,990

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Instruments [Abstract]

Summary of total debt outstanding

The following is a summary of our total debt outstanding as of December 31, 2018 and 2017:



	Principal Balance as of December 31,						Stated Interest Rate as of		Stated Maturity Date as of
Description of Debt	2018			2017			December 31, 2018		December 31, 2018
Mortgages payable	(Dollars in thousands)
The Grove at Shrewsbury (West)	$	—		$	10,545		6.38	%	March 1, 2018
Rollingwood Apartments	20,331			20,820			5.54	%	May 1, 2019
The Shops at Sunset Place	64,453			66,603			5.62	%	September 1, 2020
29th Place	4,117			4,341			5.91	%	January 31, 2021
Sylmar Towne Center	17,006			17,362			5.39	%	June 6, 2021
Plaza Del Sol	8,409			8,579			5.23	%	December 1, 2021
THE AVENUE at White Marsh	52,705			52,705			3.35	%	January 1, 2022
Montrose Crossing	69,310			71,054			4.20	%	January 10, 2022
Azalea	40,000			40,000			3.73	%	November 1, 2025
Bell Gardens	12,936			13,184			4.06	%	August 1, 2026
Plaza El Segundo	125,000			125,000			3.83	%	June 5, 2027
The Grove at Shrewsbury (East)	43,600			43,600			3.77	%	September 1, 2027
Brook 35	11,500			11,500			4.65	%	July 1, 2029
Chelsea	5,941			6,268			5.36	%	January 15, 2031
Subtotal	475,308			491,561
Net unamortized premium and debt issuance costs	(929		)	(56		)
Total mortgages payable	474,379			491,505
Notes payable
Term loan	275,000			275,000			LIBOR + 0.90%		November 21, 2019
Revolving credit facility	—			41,000			LIBOR + 0.825%		April 20, 2020
Various	4,392			4,819			11.31	%	Various through 2028
Subtotal	279,392			320,819
Net unamortized debt issuance costs	(365		)	(554		)
Total notes payable	279,027			320,265
Senior notes and debentures
2.55% notes	250,000			250,000			2.55	%	January 15, 2021
3.00% notes	250,000			250,000			3.00	%	August 1, 2022
2.75% notes	275,000			275,000			2.75	%	June 1, 2023
3.95% notes	300,000			300,000			3.95	%	January 15, 2024
7.48% debentures	29,200			29,200			7.48	%	August 15, 2026
3.25% notes	475,000			475,000			3.25	%	July 15, 2027
6.82% medium term notes	40,000			40,000			6.82	%	August 1, 2027
4.50% notes	550,000			550,000			4.50	%	December 1, 2044
3.625% notes	250,000			250,000			3.625	%	August 1, 2046
Subtotal	2,419,200			2,419,200
Net unamortized discount and debt issuance costs	(14,921		)	(17,760		)
Total senior notes and debentures	2,404,279			2,401,440
Capital lease obligations
Various	71,519			71,556			Various		Various through 2106
Total debt and capital lease obligations	$	3,229,204		$	3,284,766

Schedule of principal payments on mortgages payable, notes payable, senior notes and debentures

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2018 are as follows:



	Mortgages Payable			Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2019	$	25,795	(1)	$	275,551		$	—	$	301,346
2020	65,539			613		(2)	—		66,152
2021	30,541			682			250,000		281,223
2022	117,018			758			250,000		367,776
2023	730			787			275,000		276,517
Thereafter	235,685			1,001			1,644,200		1,880,886
	$	475,308		$	279,392		$	2,419,200	$	3,173,900	(3)

_____________________


(1)	2019 maturities include a $20.3 million mortgage loan, which was paid off at par on January 31, 2019, prior to its original maturity date.


(2)	Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of December 31, 2018, there was no outstanding balance under this credit facility.


(3)	The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net premium/discount and debt issuance costs on mortgage loans, notes payable, and senior notes as of December 31, 2018.

Schedule of future minimum lease payments and their present value for property under capital leases

Future minimum lease payments and their present value for property under capital leases as of December 31, 2018, are as follows:




	(In thousands)
Year ending December 31,
2019	$	5,800
2020	5,800
2021	5,800
2022	5,810
2023	60,013
Thereafter	82,862
	166,085
Less amount representing interest	(94,566		)
Present value	$	71,519

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Summary of carrying amount and fair value of financial instruments

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



	December 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	753,406	$	751,361	$	811,770	$	824,419
Senior notes and debentures	$	2,404,279	$	2,371,392	$	2,401,440	$	2,498,445

Summary of financial assets/(liabilities) measured at fair value on a recurring basis

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



	December 31, 2018								December 31, 2017
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	—	$	—	$	—	$	—	$	22	$	—	$	22

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Minimum annual payments

We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2018:




	(In thousands)
Year ending December 31,
2019	$	4,794
2020	4,807
2021	4,815
2022	4,931
2023	4,971
Thereafter	184,803
	$	209,121

Dividends (Tables)

12 Months Ended

Dec. 31, 2018

Dividends [Abstract]

Summary of dividends declared and paid per share

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



	Year Ended December 31,
	2018				2017				2016
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	4.040	$	4.020	$	3.960	$	3.940	$	3.840	$	3.800
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	1.250	$	1.306	$	0.368	$	—	$	—	$	—

(1) Amount represents dividends per depositary share, each representing 1/1000th of a share.

Summary of income tax status of dividends per share paid

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



	Year Ended December 31,
	2018		2017		2016
Common shares
Ordinary dividend	$	3.859	$	3.940	$	3.800
Ordinary dividend eligible for 15% rate	0.161		—		—
	$	4.020	$	3.940	$	3.800
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	$	1.300	$	1.354	$	1.354
Ordinary dividend eligible for 15% rate	0.054		—		—
	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares
Ordinary dividend	$	1.254	$	—	$	—
Ordinary dividend eligible for 15% rate	0.052		$	—	$	—
	$	1.306	$	—	$	—

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Schedule of minimum future commercial property rentals from noncancelable operating leases




	(In thousands)
Year ending December 31,
2019	$	606,183
2020	561,265
2021	490,979
2022	418,337
2023	338,324
Thereafter	1,391,705
	$	3,806,793

Components of Rental Income and Expense (Tables)

12 Months Ended

Dec. 31, 2018

Components Of Rental Income and Expense [Abstract]

Schedule of principal components of rental income

The principal components of rental income are as follows:



	Year Ended December 31,
	2018		2017		2016
	(In thousands)
Minimum rents
Retail and commercial	$	616,137	$	585,178	$	549,552
Residential	71,001		55,416		49,465
Cost reimbursement	178,333		171,528		158,042
Percentage rent	11,241		11,148		10,977
Other	18,986		18,191		18,547
Total rental income	$	895,698	$	841,461	$	786,583

Schedule of minimum rents

Minimum rents include the following:



	Year Ended December 31,
	2018		2017		2016
	(In millions)
Straight-line rents	$	5.0	$	12.9	$	8.1
Net amortization of above and below market leases	$	6.8	$	4.7	$	1.8

Schedule of principal components of rental expenses

The principal components of rental expenses are as follows:



	Year Ended December 31,
	2018		2017		2016
	(In thousands)
Repairs and maintenance	$	67,745	$	67,996	$	64,942
Utilities	27,635		25,763		24,968
Management fees and costs	24,024		22,297		20,823
Payroll	16,140		14,922		13,832
Marketing	7,935		9,007		8,520
Insurance	7,547		7,762		7,758
Bad debt expense	4,708		2,591		2,375
Ground rent	4,697		3,826		2,561
Other operating	12,663		10,726		12,547
Total rental expenses	$	173,094	$	164,890	$	158,326

Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2018

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:



	Year Ended December 31,
	2018			2017			2016
	(In thousands)

Grants of common shares and options	$	12,736		$	12,371		$	11,227
Capitalized share-based compensation	(1,017		)	(1,385		)	(1,310		)
Share-based compensation expense	$	11,719		$	10,986		$	9,917

Summary of weighted average assumptions used to value options granted

The following table provides a summary of the weighted-average assumption used to value options granted in 2018 and 2016:



	Year Ended December 31,
	2018		2016
Volatility	18.0	%	18.8	%
Expected dividend yield	3.6	%	2.8	%
Expected term (in years)	7.5		6.0
Risk free interest rate	2.8	%	1.5	%

Summary of option activity

The following table provides a summary of option activity for 2018:



	Shares Under Option		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at December 31, 2017	106,485		$	44.18
Granted	488		111.34
Exercised	(105,803	)	43.48
Forfeited or expired	(488	)	111.34
Outstanding at December 31, 2018	682		$	152.34	7.1	$	—
Exercisable at December 31, 2018	273		$	152.34	7.1	$	—

Summary of restricted share activity

The following table provides a summary of restricted share activity for 2018:



	Shares		Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2017	237,171		$	145.27
Granted	101,614		112.88
Vested	(86,294	)	143.71
Forfeited	(46,391	)	142.98
Unvested at December 31, 2018	206,100		$	130.46

Schedule of common shares awarded under various compensation plans

Subsequent to December 31, 2018, common shares were awarded under various compensation plans as follows:



Date	Award		Vesting Term	Beneficiary
January 2, 2019	6,177	Shares	Immediate	Trustees
February 5, 2019	103,658	Restricted Shares	3-5 years	Officers and key employees

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Schedule of earnings per share



	Year Ended December 31,
	2018			2017			2016
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	237,111		$	219,948		$	226,425
Less: Preferred share dividends	(8,042		)	(2,458		)	(541		)
Less: Income from continuing operations attributable to noncontrolling interests	(7,119		)	(7,666		)	(7,648		)
Less: Earnings allocated to unvested shares	(930		)	(942		)	(702		)
Income from continuing operations available for common shareholders	221,020			208,882			217,534
Gain on sale of real estate and change in control of interests, net	11,915			77,632			31,133
Net income available for common shareholders, basic and diluted	$	232,935		$	286,514		$	248,667
DENOMINATOR
Weighted average common shares outstanding—basic	73,274			72,117			70,877
Effect of dilutive securities:
Stock options	28			116			172
Weighted average common shares outstanding—diluted	73,302			72,233			71,049

EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders	$	3.18		$	3.97		$	3.51
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders	$	3.18		$	3.97		$	3.50
Income from continuing operations attributable to the Trust	$	229,992		$	212,282		$	218,777

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary of quarterly financial data

Summarized quarterly financial data is as follows:



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2018
Revenue	$	225,405	$	224,902	$	229,753	$	235,376
Operating income	$	86,145	$	89,896	$	90,342	$	83,338
Net income(1)	$	62,931	$	65,533	$	64,180	$	56,382
Net income attributable to the Trust(1)	$	61,247	$	63,595	$	62,558	$	54,507
Net income available for common shareholders(1)	$	59,237	$	61,584	$	60,548	$	52,496
Earnings per common share—basic(1)	$	0.81	$	0.84	$	0.82	$	0.71
Earnings per common share—diluted(1)	$	0.81	$	0.84	$	0.82	$	0.71
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2017
Revenue	$	207,389	$	208,049	$	217,953	$	223,957
Operating income	$	81,544	$	83,090	$	84,497	$	83,157
Net income(2)	$	58,070	$	78,133	$	108,882	$	52,785
Net income attributable to the Trust(2)	$	56,190	$	76,291	$	106,777	$	50,656
Net income available for common shareholders(2)	$	56,055	$	76,156	$	106,600	$	48,645
Earnings per common share—basic(2)	$	0.78	$	1.05	$	1.47	$	0.67
Earnings per common share—diluted(2)	$	0.78	$	1.05	$	1.47	$	0.67

(1)

(2)

Business And Organization (Details)	12 Months Ended
Business And Organization (Details)	Dec. 31, 2018 project
Nature Of Operations [Abstract]
Number of real estate properties	104
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accounting Policies (Revenue Recognition and Accounts Receivable) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) condominiums	Dec. 31, 2017 USD ($)
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 12.7	$ 11.8
Collection of accounts receivable, period	1 year
Accounts receivable related to straight-line rents	$ 97.4	$ 93.1
Condominiums \| Assembly Row and Pike & Rose
Real estate property
Number of Units in Real Estate Property \| condominiums	221

Summary Of Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Real estate depreciation expense	$ 216.0	$ 193.3	$ 173.2
Building and Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	35 years
Building and Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Minor Improvements, Furniture and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minor Improvements, Furniture and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years

Summary Of Significant Accounting Policies (Cash and Cash Equivalents) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Accounting Policies [Abstract]
Cash in excess of the FDIC insured limit	$ 70.6

Summary Of Significant Accounting Policies (Derivative Instruments and Mortgage Notes Receivable) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Nov. 01, 2018
Derivatives, Fair Value [Line Items]
Residual profit maximum	50.00%
Aggregate tax basis for Federal tax purposes	$ 30.4	$ 30.4
Interest Rate	10.25%	10.00%
Derivative, Fixed Interest Rate			2.62%
Interest Rate Swap \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements			2
Equity Method Investee \| Assembly Row Hotel
Derivatives, Fair Value [Line Items]
Derivative, Fixed Interest Rate	5.206%

Summary Of Significant Accounting Policies (Variable Interest Entities) (Details) $ in Thousands	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities	18
Net real estate assets of consolidated VIEs	$ 1,500,000	$ 1,400,000
Mortgage Payable From Consolidated Variable Interest Entities	444,388	460,372
Unconsolidated variable interest entities
Variable Interest Entity [Line Items]
Maximum exposure to loss in variable interest entity	$ 26,900	$ 23,900

Summary Of Significant Accounting Policies (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 12, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Rollforward of Redeemable Noncontrolling Interests
Beginning balance		$ 141,157	$ 143,694
Net income		3,865	3,874	$ 2,713
Contributions		354	11,109
Distributions & Redemptions		(4,071)	(6,914)
Change in redemption value		(5,097)	(10,606)
Ending balance		$ 136,208	$ 141,157	$ 143,694
San Antonio Center
Redeemable Noncontrolling Interest [Line Items]
Payments to Acquire Outstanding Interest	$ 2,600
Number of downREIT units issued in connection with purchase option	44,195

Summary Of Significant Accounting Policies (Income Taxes and Segments) (Details)	12 Months Ended
	Dec. 31, 2018 USD ($) segment property
Accounting Policies [Abstract]
Minimum percentage of taxable income distributed to shareholders	90.00%
Material unrecognized tax benefits \| $	$ 0
Number of properties exceeding segment reporting threshold \| property	0
Segment reporting threshold	10% of our revenues or property operating income
Number of segments \| segment	1

Summary Of Significant Accounting Policies (Recent Accounting Pronouncements) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) lease property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 01, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ (6,028)	$ 0
Net Cash Provided by (Used in) Operating Activities	516,688	458,828	$ 427,672
Net Cash Provided by (Used in) Investing Activities	$ (192,247)	(837,922)	(590,221)
Number of Properties Subject to Ground Leases \| property	14
Capital Leased Assets, Number of Units \| lease	4
Capitalized internal leasing and external legal leasing costs	$ 7,500
Real estate taxes paid by tenants to taxing authorities	6,500
Additional cumulative effect
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	600
Condominium sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	5,400
Cumulative Effect on Retained Earnings, Tax	1,400
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
The obligation liability and right of use asset				$ 75,000
Pro Forma \| Condominium sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of completion gain	700
Income Tax Expense (Benefit)	$ 200
Restatement Adjustment \| Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		458,800	427,700
Net Cash Provided by (Used in) Investing Activities		(837,900)	(590,200)
Previously Reported \| Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		423,700	369,000
Net Cash Provided by (Used in) Investing Activities		$ (590,200)	$ (353,800)

Summary Of Significant Accounting Policies (Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Total interest costs incurred	$ 129,001	$ 125,684	$ 113,016
Interest capitalized	18,847	25,559	18,022
Interest expense	110,154	100,125	94,994
Cash paid for interest, net of amounts capitalized	107,494	105,201	90,185
Cash paid for income taxes	675	352	296
NON-CASH INVESTING AND FINANCING TRANSACTIONS (1):
Mortgage loans refinanced	0	166,823	0
Mortgage loans assumed with acquisition	0	79,401	34,385
DownREIT operating partnership units issued with acquisition	0	5,918	0
DownREIT operating partnership units redeemed for common shares	101	2,569	18,679
Shares issued under dividend reinvestment plan	1,884	2,017	2,017
Contribution of noncontrolling interest	$ 1,435	$ 0	$ 0
Minimum \| Retail and commercial
Operating Leased Assets [Line Items]
Operating lease, term	3 years
Maximum \| Retail and commercial
Operating Leased Assets [Line Items]
Operating lease, term	10 years

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Cash and cash equivalents

$ 64,087

$ 15,188

Restricted cash

^[1]

44,245

10,012

Total cash, cash equivalents, and restricted cash

$ 108,332

$ 25,200

$ 34,849

$ 28,560

[1]	(1)Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

Real Estate (Summary Of Real Estate Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Cost	$ 7,819,472	$ 7,635,061
Accumulated Depreciation and Amortization	(2,059,143)	(1,876,544)
Encumbrances	545,898	563,061
Retail and mixed-use properties
Real Estate Properties [Line Items]
Cost	7,680,653	7,500,929
Accumulated Depreciation and Amortization	(2,000,274)	(1,821,046)
Encumbrances	454,053	470,720
Retail properties under capital leases
Real Estate Properties [Line Items]
Cost	127,719	123,346
Accumulated Depreciation and Amortization	(49,216)	(46,140)
Encumbrances	71,519	71,556
Residential
Real Estate Properties [Line Items]
Cost	11,100	10,786
Accumulated Depreciation and Amortization	(9,653)	(9,358)
Encumbrances	$ 20,326	$ 20,785

Real Estate (Significant Acquisitions and Dispositions) (Details)														1 Months Ended	3 Months Ended								12 Months Ended
	Nov. 29, 2018 USD ($) ft²	Nov. 09, 2018 USD ($)	Aug. 16, 2018 USD ($)	Jun. 15, 2018 USD ($) a ft²	Dec. 28, 2017 USD ($)	Sep. 25, 2017 USD ($)	Aug. 25, 2017 USD ($)	Aug. 02, 2017 USD ($) ft² property	Jun. 28, 2017 USD ($)	May 19, 2017 USD ($) ft²	Apr. 04, 2017 USD ($)	Mar. 31, 2017 USD ($) ft²	Feb. 01, 2017 USD ($) ft²	Aug. 31, 2018 USD ($)	Dec. 31, 2018 USD ($) project	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 28, 2017 USD ($)	Dec. 31, 2018 USD ($) project	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Business Acquisition and Disposition
Distribution from real estate partnership in excess of earnings																							$ 275,000	$ 1,729,000	$ 3,910,000
Our investment in joint venture															$ 26,859,000				$ 23,941,000				26,859,000	23,941,000
Assets held for sale															$ 16,576,000				0				$ 16,576,000	0
Number of real estate properties \| project															104								104
Mortgage loans assumed with acquisition																							$ 0	79,401,000	34,385,000
Jordan Downs Plaza
Business Acquisition and Disposition
Square footage of real estate property \| ft²				113,000
Construction pre-funding investment				$ 34,400,000
Controlling interest percentage				91.00%
Land parcel acre on which the shopping center will be constructed \| a				9.4
Contribution from third party bank				$ 13,900,000
Strike price of put option				1,000
Direct and incremental costs of structuring the NMTC transaction				$ 1,600,000
Cash in escrow to be used for development															$ 32,200,000								32,200,000
Atlantic Plaza
Business Acquisition and Disposition
Proceeds from sale		$ 27,200,000
Gain on sale		$ 1,600,000													1,600,000
A building adjacent to Bell Gardens
Business Acquisition and Disposition
Square footage of real estate property \| ft²	40,000
Purchase price of real estate acquisition	$ 9,600,000
Hastings Ranch Plaza
Business Acquisition and Disposition
Square footage of real estate property \| ft²													274,000
Purchase price of real estate acquisition													$ 29,500,000
Riverpoint Center
Business Acquisition and Disposition
Square footage of real estate property \| ft²												211,000
Purchase price of real estate acquisition												$ 107,000,000
Fourth Street
Business Acquisition and Disposition
Square footage of real estate property \| ft²										71,000
Controlling interest percentage										90.00%
Gross value of acquisition										$ 23,900,000
Noncontrolling interest allocated in acquisition										2,400,000
Primestor
Business Acquisition and Disposition
Square footage of real estate property \| ft²								1,352,000
Gross value of acquisition								$ 357,000,000
Noncontrolling interest allocated in acquisition								$ 30,600,000
Azalea
Business Acquisition and Disposition
Square footage of real estate property \| ft²								222,000
Bell Gardens
Business Acquisition and Disposition
Square footage of real estate property \| ft²								330,000
La Alameda
Business Acquisition and Disposition
Square footage of real estate property \| ft²								245,000
Ownership percentage in partnership								24.50%
Olivo at Mission Hills
Business Acquisition and Disposition
Square footage of real estate property \| ft²								155,000
Plaza Del Sol
Business Acquisition and Disposition
Square footage of real estate property \| ft²								48,000
Plaza Pacoima
Business Acquisition and Disposition
Square footage of real estate property \| ft²								204,000
Sylmar Towne Center
Business Acquisition and Disposition
Square footage of real estate property \| ft²								148,000
150 Post Street
Business Acquisition and Disposition
Proceeds from sale							$ 69,300,000
Gain on sale							$ 45,200,000
North Lake Commons
Business Acquisition and Disposition
Proceeds from sale						$ 15,600,000
Gain on sale						$ 4,900,000
Primestor
Business Acquisition and Disposition
Number of real estate properties \| property								6
Asset Acquisitions, Pro Forma depreciation and amortization																								11,500,000	11,400,000
Asset Acquisitions Pro Forma Revenue																								872,900,000	826,600,000
Asset Acquisitions, Pro Forma Net Inome (Loss)																								284,600,000	$ 244,300,000
Other Assets \| Intangible lease assets acquired \| Hastings Ranch Plaza
Business Acquisition and Disposition
Net assets acquired allocated to intangible lease assets or liabilities													21,500,000
Other Assets \| Intangible lease assets acquired \| Primestor
Business Acquisition and Disposition
Net assets acquired allocated to intangible lease assets or liabilities								$ 7,800,000
Other Assets \| Above Market Leases \| Riverpoint Center
Business Acquisition and Disposition
Net assets acquired allocated to intangible lease assets or liabilities												1,000,000
Other Assets \| Above Market Leases \| Fourth Street
Business Acquisition and Disposition
Net assets acquired allocated to intangible lease assets or liabilities										800,000
Other Liabilities \| Riverpoint Center
Business Acquisition and Disposition
Net assets acquired allocated to below market leases												$ 12,300,000
Other Liabilities \| Fourth Street
Business Acquisition and Disposition
Net assets acquired allocated to below market leases										$ 300,000
Other Liabilities \| Intangible lease liabilities acquired \| Hastings Ranch Plaza
Business Acquisition and Disposition
Net assets acquired allocated to intangible lease assets or liabilities													$ 15,200,000
Other Liabilities \| Intangible lease liabilities acquired \| Primestor
Business Acquisition and Disposition
Net assets acquired allocated to intangible lease assets or liabilities								$ 36,200,000
FRIT/Primestor JV
Business Acquisition and Disposition
Controlling interest percentage								90.00%
FRIT/Primestor JV \| La Alameda
Business Acquisition and Disposition
Purchase price of equity method investment								$ 19,800,000
Mortgage loan on unconsolidated real estate property								41,000,000
Our share of unconsolidated mortgage debt								10,000,000
Residential \| Chelsea
Business Acquisition and Disposition
Proceeds from sale			$ 15,000,000
Gain on sale			$ 3,100,000													$ 3,100,000
Land \| Assembly Row
Business Acquisition and Disposition
Proceeds from sale									$ 17,300,000		$ 36,000,000
Gain on sale																						$ 15,400,000
Number of members with purchase options											2
Land \| A parcel of land at Bethesda Row
Business Acquisition and Disposition
Proceeds from sale					$ 8,500,000
Gain on sale					$ 6,500,000
Condominiums \| Assembly Row and Pike & Rose
Business Acquisition and Disposition
Proceeds from sale																							133,500,000
Gain on sale																	$ 4,000,000	$ 3,300,000	1,500,000	$ 600,000	$ 3,300,000		$ 7,200,000
Number of condominium units sold																							176
Taxes related to the sale of condominiums																							$ 1,600,000
Assets held for sale															16,600,000								16,600,000
Condominiums \| Assembly Row
Business Acquisition and Disposition
Taxes related to the sale of condominiums																								1,400,000
Gain on sale of real estate, net of income taxes																								5,400,000
Accounts receivable																			$ 67,100,000					$ 67,100,000
Primestor \| Mortgages
Business Acquisition and Disposition
Mortgage loans assumed with acquisition								$ 79,400,000
Equity method investments \| Hotel \| Assembly Row Hotel
Business Acquisition and Disposition
Contribution of Property														$ 44,000,000
Distribution from real estate partnership in excess of earnings														$ 38,000,000
Our investment in joint venture															$ 5,600,000								$ 5,600,000

Acquired In-Place Leases Acqured Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 83,732	$ 86,997
Finite-Lived Intangible Assets, Accumulated Amortization	(36,376)	(33,111)
Finite-Lived Intangible LIabilities, Net	(198,463)	(202,169)
Finite-Lived Intangible Liabilities, Accumulated Amortization	66,473	57,276
Amortization of below market leases, lessor	12,445	10,726	$ 8,551
Net increase in rental income	6,837	4,721	1,825
Amortization of Below Market Lease, Lessee	828	781	255
Net increase in rental expense	323	491	120
Acquired Lease Liabilities
2019	9,284
2020	8,290
2021	7,677
2022	7,296
2023	7,030
Thereafter	92,413
Total future amortization expense from acquired below market leases	131,990
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	47,356
Amortization of above market leases, lessor	(5,608)	(6,005)	(6,726)
Amortization of above market leases, lessee	$ (505)	(290)	$ (135)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	4 years
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	19 years
Acquired Lease Assets
2019	$ 3,720
2020	3,086
2021	2,730
2022	2,320
2023	2,191
Thereafter	33,309
Above Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	49,128	52,393
Finite-Lived Intangible Assets, Accumulated Amortization	(33,843)	(31,406)
Below Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	34,604	34,604
Finite-Lived Intangible Assets, Accumulated Amortization	$ (2,533)	(1,705)
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	40 years 7 months
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	15 years 11 months
Below Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Gross	$ (189,379)	(193,085)
Finite-Lived Intangible Liabilities, Accumulated Amortization	65,408	56,716
Above Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Gross	(9,084)	(9,084)
Finite-Lived Intangible Liabilities, Accumulated Amortization	$ 1,065	$ 560

Debt (Summary Of Debt Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Mortgages payable	$ 474,379	$ 491,505
Revolving credit facility	0	41,000
Notes payable	279,027	320,265
Net unamortized debt issuance costs	(365)	(554)
Senior notes and debentures	2,404,279	2,401,440
Capital lease obligations	71,519	71,556
Total debt and capital lease obligations	3,229,204	3,284,766
Mortgages Payable
Debt Instrument [Line Items]
Principal balance	475,308	491,561
Net unamortized (discount)/premium and debt issuance costs	(929)	(56)
Notes Payable
Debt Instrument [Line Items]
Notes payable	279,392	320,819
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	2,419,200	2,419,200
Net unamortized (discount)/premium and debt issuance costs	(14,921)	(17,760)
The Grove at Shrewsbury (West) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 0	10,545
Interest rate	6.38%
Rollingwood Apartments \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 20,331	20,820
Interest rate	5.54%
The Shops at Sunset Place \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 64,453	66,603
Interest rate	5.624%
29th Place \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 4,117	4,341
Interest rate	5.91%
Sylmar Towne Center \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 17,006	17,362
Interest rate	5.39%
Plaza Del Sol \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 8,409	8,579
Interest rate	5.23%
THE AVENUE at White Marsh \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 52,705	52,705
Interest rate	3.35%
Montrose Crossing \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 69,310	71,054
Interest rate	4.20%
Azalea \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 40,000	40,000
Interest rate	3.73%
Bell Gardens \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 12,936	13,184
Interest rate	4.06%
Plaza El Segundo \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 125,000	125,000
Interest rate	3.83%
The Grove at Shrewsbury (East) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 43,600	43,600
Interest rate	3.77%
Brook 35 \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 11,500	11,500
Interest rate	4.65%
Chelsea \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 5,941	6,268
Interest rate	5.36%
Term Loan \| Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.90%
Other Notes Payable	$ 275,000	275,000
Revolving credit facility \| Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.825%
Various \| Notes Payable
Debt Instrument [Line Items]
Interest rate	11.31%
Other Notes Payable	$ 4,392	4,819
2.55% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000	250,000
Interest rate	2.55%
3.00% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000	250,000
Interest rate	3.00%
2.75% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 275,000	275,000
Interest rate	2.75%
3.95% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 300,000	300,000
Interest rate	3.95%
7.48% debentures \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 29,200	29,200
Interest rate	7.48%
3.25% Senior notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 475,000	475,000
Interest rate	3.25%
6.82% medium term notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 40,000	40,000
Interest rate	6.82%
4.50% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 550,000	550,000
Interest rate	4.50%
3.625% Senior notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000	$ 250,000
Interest rate	3.625%

Debt (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Mar. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 10, 2018
Debt Instrument [Line Items]
Maximum outstanding under revolving credit facility		$ 800,000
Revolving credit facility		0	$ 41,000
The Grove at Shrewsbury (West) \| Mortgages
Debt Instrument [Line Items]
Repayments of mortgage loan	$ 10,500
Term Loan \| Notes Payable
Debt Instrument [Line Items]
Other Notes Payable		275,000	275,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum outstanding under revolving credit facility		800,000
Maximum amount of borrowings outstanding		177,000	344,000	$ 251,500
Weighted average amount of borrowings outstanding		$ 83,100	$ 147,500	$ 77,300
Weighted average interest rate before amortization of debt fees		2.70%	1.90%	1.30%
Line of credit facility, annual facility fee		$ 1,000
Extended maturity date by one year \| Term Loan \| Notes Payable
Debt Instrument [Line Items]
Other Notes Payable					$ 275,000

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

Jan. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Debt Instrument [Line Items]

$ 301,346

66,152

281,223

367,776

276,517

1,880,886

^[1]

3,173,900

Revolving credit facility

$ 41,000

Mortgages Payable

Debt Instrument [Line Items]

Principal balance

475,308

491,561

2019

^[2]

25,795

65,539

30,541

117,018

730

235,685

475,308

Debt Instrument [Line Items]

2019

275,551

2020

^[3]

613

682

758

787

1,001

279,392

Senior Notes and Debentures

Debt Instrument [Line Items]

Principal balance

2,419,200

$ 2,419,200

250,000

250,000

275,000

1,644,200

$ 2,419,200

Subsequent Event | Rollingwood Apartments

Debt Instrument [Line Items]

Repayments of mortgage loan

$ 20,300

[1]	The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net premium/discount and debt issuance costs on mortgage loans, notes payable, and senior notes as of December 31, 2018.
[2]	2019 maturities include a $20.3 million mortgage loan, which was paid off at par on January 31, 2019, prior to its original maturity date.
[3]	Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of December 31, 2018, there was no outstanding balance under this credit facility.

Debt (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Debt Disclosure [Abstract]
2019	$ 5,800
2020	5,800
2021	5,800
2022	5,810
2023	60,013
Thereafter	82,862
Future minimum lease payments	166,085
Less amount representing interest	(94,566)
Present value	$ 71,519

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Mortgages payable and notes payable \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 753,406	$ 811,770
Mortgages payable and notes payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	751,361	824,419
Senior notes and debentures \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	2,404,279	2,401,440
Senior notes and debentures \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 2,371,392	$ 2,498,445

Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 01, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest rate of variable portion of term loan				2.62%
Other comprehensive income (loss) - change in value of interest rate swaps	$ (438)	$ 2,599	$ 1,533
Interest expense reclassified from other comprehensive loss	500	1,800
Interest Rate Swap \| Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Term loan	275,000
Interest rate of variable portion of term loan				1.72%
Fair Value, Measurements, Recurring \| Prepaid assets and other expenses
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps (less than for 2017)		100
Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements				2
Notional amount of interest rate swap agreements				$ 275,000
Fair value of interest rate swaps (less than for 2017)	0	22
Accumulated Other Comprehensive Income (loss)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss) - change in value of interest rate swaps	(438)	$ 2,599	$ 1,533
Accumulated Other Comprehensive Income (loss) \| Equity Method Investee
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss) - change in value of interest rate swaps	$ (400)

Fair Value Of Financial Instruments (Summary of Financial Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 0	$ 22
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	0	22
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 0	$ 0

Commitments and Contingencies (Details) $ in Millions		12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jan. 04, 2019 USD ($)	Dec. 31, 2018 USD ($) shares	Dec. 31, 2016 USD ($)	Sep. 30, 2025 USD ($)	Oct. 16, 2023 USD ($)	Sep. 30, 2023 USD ($)	Oct. 16, 2021 USD ($)	Dec. 31, 2017 USD ($)	Jan. 01, 2017
Loss Contingencies [Line Items]
Settlement amount		$ 0.4
Reserves for warranties and general liability		3.1						$ 3.3
Payments from reserves		1.4
Letters of credit outstanding, amount		$ 1.3
DownREIT operating partnership units, outstanding \| shares		738,423
Operating partnership units outstanding, fair value		$ 87.2
Congressional Plaza \| Put Option
Loss Contingencies [Line Items]
Maximum partnership percentage required to purchase		100.00%
Indexed ownership interest percentage		26.63%
Congressional Plaza \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 78.0
Congressional Plaza \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		83.0
Montrose Crossing \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		13.0
Montrose Crossing \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 14.0
Montrose Crossing \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		10.10%
Plaza El Segundo \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 23.0
Plaza El Segundo \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 26.0
Plaza El Segundo \| Put Option
Loss Contingencies [Line Items]
Number of members with purchase options		2
The Grove at Shrewsbury \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage									4.80%
Brook 35 \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage									8.80%
Grove at Shrewsbury and Brook 35 \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 9.0
Grove at Shrewsbury and Brook 35 \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		10.0
Scenario, Forecast \| Mercer Mall
Loss Contingencies [Line Items]
Purchase price under option						$ 55.0
Scenario, Forecast \| Mercer Mall \| Put Option
Loss Contingencies [Line Items]
Purchase price under option				$ 60.0
Scenario, Forecast \| Melville Mall
Loss Contingencies [Line Items]
Purchase price under option					$ 5.0		$ 5.0
Capital improvement, development, and redevelopment projects
Loss Contingencies [Line Items]
Contractual obligations		$ 568.2
Member One In Plaza El Segundo \| Plaza El Segundo \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		10.00%
Member Two In Plaza El Segundo \| Plaza El Segundo \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		11.80%
Santana Row \| gain on sale of real estate
Loss Contingencies [Line Items]
Reversal of warranty reserve			$ 4.9
Pending Litigation
Loss Contingencies [Line Items]
Potential remaining liability (less than)		$ 0.1
Subsequent Event \| Brook 35
Loss Contingencies [Line Items]
Indexed ownership interest percentage	6.50%
Payments acquire noncontrolling interests	$ 0.8

Commitments and Contingencies (Schedule of Lease Payments) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	$ 4,794
2020	4,807
2021	4,815
2022	4,931
2023	4,971
Thereafter	184,803
Total	$ 209,121

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 29, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	May 07, 2018
Class of Stock [Line Items]
Shares issued under dividend reinvestment plan (in shares)		17,952	17,911	15,619
Issuance of preferred shares, net of costs		$ 0	$ 144,991	$ 0
Preferred shares, par value			$ 0.01
Net cash proceeds of common stock		$ 130,918	$ 118,583	$ 329,103
At The Market Equity Program
Class of Stock [Line Items]
Shares issued		987,383	826,517
Net cash proceeds of common stock		$ 126,100	$ 108,300
Aggregate offering price of common shares					$ 400,000
Weighted average price per common share		$ 129.19	$ 132.56
Remaining capacity to issue		$ 272,400
At The Market Equity Program \| Commissions
Class of Stock [Line Items]
Commissions related to sales of common shares		1,300	$ 1,100
At The Market Equity Program \| Other Offering Costs
Class of Stock [Line Items]
Commissions related to sales of common shares		$ 200	$ 200
5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, shares outstanding		6,000	6,000
Preferred shares, percentage	5.00%	5.00%	5.00%	5.00%
Preferred shares, liquidation preference per share	$ 25,000	$ 25,000	$ 25,000
Issuance of preferred shares, net of costs	$ 145,000
Preferred shares, par value	$ 0.01
5.417% Series 1 Cumulative Convertible Preferred Shares
Class of Stock [Line Items]
Preferred shares, shares outstanding		399,896	399,896	399,896
Preferred shares, percentage		5.417%	5.417%	5.417%
Preferred shares, liquidation preference per share		$ 25	$ 25	$ 25
Preferred shares, par value		0.01	$ 0.01	$ 0.01
Conversion price per share		$ 104.69
Depositary Shares \| 5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference per share	$ 25.00
Common shares
Class of Stock [Line Items]
Shares issued under dividend reinvestment plan (in shares)		17,952	17,911	15,619
Shares issued		987,461	826,592	2,156,671
Preferred Shares
Class of Stock [Line Items]
Shares issued			6,000
Preferred Shares \| Depositary Shares \| 5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Shares issued	6,000,000

Dividends (Details) - $ / shares			12 Months Ended
Dividends (Details) - $ / shares	Oct. 31, 2018	Sep. 29, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common shares, declared	$ 1.02		$ 4.040	$ 3.960	$ 3.840
Common shares, paid			4.020	3.940	3.800
Payments of ordinary dividends, common stock			3.859	3.940	3.800
Common shares, ordinary dividend eligible for 15% rate			$ 0.161	$ 0.000	$ 0.000
Common shares, qualified dividends, tax rate			15.00%	15.00%	15.00%
Preferred stock, qualified dividends, tax rate			15.00%	15.00%	15.00%
5.417% Series 1 Cumulative Convertible Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage			5.417%	5.417%	5.417%
Preferred shares, declared			$ 1.354	$ 1.354	$ 1.354
Preferred shares, paid			1.354	1.354	1.354
Payment of ordinary dividends, preferred stock			1.300	1.354	1.354
Preferred shares, ordinary dividend eligible for 15% rate			$ 0.054	$ 0.000	$ 0.000
5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage		5.00%	5.00%	5.00%	5.00%
Preferred shares, declared			$ 1.250	$ 0.368	$ 0.000
Preferred shares, paid			1.306	0.000	0.000
Payment of ordinary dividends, preferred stock			1.254	0.000	0.000
Preferred shares, ordinary dividend eligible for 15% rate			$ 0.052	$ 0.000	$ 0.000

Operating Leases (Details) $ in Thousands	12 Months Ended
Operating Leases (Details) $ in Thousands	Dec. 31, 2018 USD ($) project lease state
Property Subject to or Available for Operating Lease [Line Items]
Number of real estate properties \| project	104
Number of states in which entity has properties \| state	12
Percent of annualized base rent	2.70%
Operating Leases, Future Minimum Payments Receivable [Abstract]
2019	$ 606,183
2020	561,265
2021	490,979
2022	418,337
2023	338,324
Thereafter	1,391,705
Total	$ 3,806,793
Retail and commercial
Property Subject to or Available for Operating Lease [Line Items]
Number of leases \| lease	3,000
Retail and commercial \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	3 years
Retail and commercial \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	10 years
Residential
Property Subject to or Available for Operating Lease [Line Items]
Number of leases	2,600
Residential \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	1 year

Components of Rental Income and Expense (Schedule Of Principal Components Of Rental Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Leases, Income Statement, Lease Revenue [Abstract]
Cost Reimbursement	$ 178,333	$ 171,528	$ 158,042
Percentage rent	11,241	11,148	10,977
Other	18,986	18,191	18,547
Rental Income	895,698	841,461	786,583
Retail and commercial
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	616,137	585,178	549,552
Residential
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	$ 71,001	$ 55,416	$ 49,465

Components of Rental Income and Expense (Schedule Of Minimum Rent) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Components Of Rental Income and Expense [Abstract]
Straight-line rents	$ 5,000	$ 12,900	$ 8,100
Net amortization of above and below market leases	$ 6,837	$ 4,721	$ 1,825

Components of Rental Income and Expense (Components Of Rental Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Components Of Rental Income and Expense [Abstract]
Repairs and maintenance	$ 67,745	$ 67,996	$ 64,942
Utilities	27,635	25,763	24,968
Management fees and costs	24,024	22,297	20,823
Payroll	16,140	14,922	13,832
Marketing	7,935	9,007	8,520
Insurance	7,547	7,762	7,758
Bad debt expense	4,708	2,591	2,375
Ground rent	4,697	3,826	2,561
Other operating	12,663	10,726	12,547
Total rental expenses	$ 173,094	$ 164,890	$ 158,326

Share-Based Compensation Plans (Allocated Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Grants of common shares and options	$ 12,736	$ 12,371	$ 11,227
Capitalized share-based compensation	(1,017)	(1,385)	(1,310)
Share-based compensation expense	$ 11,719	$ 10,986	$ 9,917

Share-Based Compensation Plans (Weighted Average Assumptions Used to Value Option Granted) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Volatility	18.00%	18.80%
Expected dividend yield	3.60%	2.80%
Expected term (in years)	7 years 6 months	6 years
Risk free interest rate	2.80%	1.50%

Share-Based Compensation Plans (Schedule of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of year (in shares)	106,485
Granted (in shares)	488	0
Exercised (in shares)	(105,803)
Forfeited or expired (in shares)	(488)
Outstanding at the end of year (in shares)	682	106,485
Exercisable at the end of year (in shares)	273
Outstanding at the beginning of year, Weighted-Average Exercise Price (in dollars per share)	$ 44.18
Granted, Weighted-Average Exercise Price (in dollars per share)	111.34
Exercised, Weighted-Average Exercise Price (in dollars per share)	43.48
Forfeited or Expired, Weighted-Average Exercise Price (in dollars per share)	111.34
Outstanding at the end of year, Weighted-Average Exercise Price (in dollars per share)	152.34	$ 44.18
Exercisable at the end of the year, Weighted-Average Exercise Price (in dollars per share)	$ 152.34
Outstanding at the end of year, Weighted-Average Remaining Contractual Term (in years)	7 years 1 month
Exercisable at the end of year, Weighted-Average Remaining Contractual Term (in years)	7 years 1 month
Outstanding at the end of year, Aggregate Intrinsic Value	$ 0
Exercisable at the end of year, Aggregate Intrinsic Value	$ 0

Share-Based Compensation Plans (Restricted Share Activity) (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at the beginning of year (in shares)	237,171
Granted (in shares)	101,614
Vested (in shares)	(86,294)
Forfeited (in shares)	(46,391)
Unvested at the end of year (in shares)	206,100	237,171
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 145.27
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	112.88	$ 139.31	$ 152.70
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)	143.71
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)	142.98
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 130.46	$ 145.27

Share-Based Compensation Plans (Common Shares Awarded Under Various Compensation Plans) (Details) - Restricted Stock - shares			12 Months Ended
	Feb. 05, 2019	Jan. 02, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			101,614
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	103,658	6,177
Subsequent Event \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	3 years
Subsequent Event \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	5 years

Share-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) plans $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans \| plans	1
Number of options granted in period \| shares	488	0
Weighted average grant date fair value of options granted \| $ / shares	$ 14.42		$ 19.52
Total cash received from options exercised	$ 4.6	$ 10.0	$ 4.5
Total intrinsic value of options exercised	8.2	$ 10.7	$ 4.2
Total unrecognized compensation cost related to unvested share-based compensation arrangements	$ 14.2
Period for recognition (in years)	5 years 5 months
Weighted-average period for recognition	1 year 11 months
Performance Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized \| shares	2,450,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of stock awarded \| $ / shares	$ 112.88	$ 139.31	$ 152.70
Total vesting-date fair value of shares vested during the year	$ 9.7	$ 12.5	$ 13.8
Grants of common shares and options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	3 years
Grants of common shares and options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	7 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)	10 years

Savings and Retirement Plans (Details) - 401(K) and Deferred Compensation Plan - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401(k) Maximum annual contribution per employee	$ 18,500	$ 18,000	$ 18,000
401(k) Employer match	50.00%	50.00%	50.00%
401(k) Employer contribution expense	$ 688,000	$ 632,000	$ 602,000
Deferred compensation liability to participants	$ 12,000,000	$ 12,800,000
Maximum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401(k) Maximum of employer match as a percentage of employee eligible earnings	5.00%	5.00%	5.00%

Earnings Per Share (Narrative) (Details) - shares	12 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share Narrative [Line Items]
Weighted average unvested shares outstanding	200,000	200,000	200,000
Anti-dilutive stock options excluded from dilutive earnings per share calculation	682	682	0
5.417% Series 1 Cumulative Convertible Preferred Shares
Earnings Per Share Narrative [Line Items]
Cumulative convertible preferred share, dividend rate	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

12 Months Ended

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[1]

Jun. 30, 2018

^[1]

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

^[2]

Jun. 30, 2017

Mar. 31, 2017

^[2]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Earnings Per Share [Abstract]

Income from continuing operations

$ 237,111

$ 219,948

$ 226,425

Less: Preferred share dividends

(8,042)

(2,458)

(541)

Less: Income from continuing operations attributable to noncontrolling interests

(7,119)

(7,666)

(7,648)

Less: Earnings allocated to unvested shares

(930)

(942)

(702)

Income from continuing operations available for common shareholders

221,020

208,882

217,534

Gain on sale of real estate and change in control of interests, net

(11,915)

(77,632)

(31,133)

Net income available for common shareholders, basic and diluted

$ 232,935

$ 286,514

$ 248,667

Weighted average common shares outstanding—basic

73,274

72,117

70,877

Stock options

116

172

Weighted average common shares outstanding—diluted

73,302

72,233

71,049

Earnings Per Common Share, Basic

$ 0.71

$ 0.82

$ 0.84

$ 0.81

$ 0.67

$ 1.47

$ 1.05

$ 0.78

$ 3.18

$ 3.97

$ 3.51

Earnings Per Common Share, Diluted

$ 0.71

$ 0.82

$ 0.84

$ 0.81

$ 0.67

$ 1.47

$ 1.05

$ 0.78

$ 3.18

$ 3.97

$ 3.50

Income from continuing operations attributable to the Trust

$ 229,992

$ 212,282

$ 218,777

[1]

[2]

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

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Revenue

$ 235,376

$ 229,753

$ 224,902

$ 225,405

$ 223,957

$ 217,953

$ 208,049

$ 207,389

$ 915,436

$ 857,348

$ 801,591

Operating income

83,338

90,342

89,896

86,145

83,157

84,497

83,090

81,544

349,721

332,288

320,995

Net income

56,382

^[1]

64,180

^[1]

65,533

^[1]

62,931

52,785

108,882

^[2]

78,133

58,070

^[2]

249,026

297,870

258,883

NET INCOME ATTRIBUTABLE TO THE TRUST

54,507

^[1]

62,558

^[1]

63,595

^[1]

61,247

50,656

106,777

^[2]

76,291

56,190

^[2]

241,907

289,914

249,910

Net income available for common shareholders

$ 52,496

^[1]

$ 60,548

^[1]

$ 61,584

^[1]

$ 59,237

$ 48,645

$ 106,600

^[2]

$ 76,156

$ 56,055

^[2]

$ 233,865

$ 287,456

$ 249,369

Earnings Per Common Share, Basic

$ 0.71

^[1]

$ 0.82

^[1]

$ 0.84

^[1]

$ 0.81

$ 0.67

$ 1.47

^[2]

$ 1.05

$ 0.78

^[2]

$ 3.18

$ 3.97

$ 3.51

Earnings Per Common Share, Diluted

$ 0.71

^[1]

$ 0.82

^[1]

$ 0.84

^[1]

$ 0.81

$ 0.67

$ 1.47

^[2]

$ 1.05

$ 0.78

^[2]

$ 3.18

$ 3.97

$ 3.50

[1]

[2]

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ in Thousands				3 Months Ended								12 Months Ended
	Nov. 09, 2018	Aug. 16, 2018	Dec. 28, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Jun. 28, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Early extinguishment of debt												$ 0	$ (12,273)	$ 0
Early extinguishment of debt charge								$ (12,300)
Atlantic Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale	$ 1,600			$ 1,600
150 Post Street And North Lake Commons
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale									$ 50,800
Land \| Assembly Row
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale											$ 15,400
Land \| Bethesda Row
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale			$ 6,500
Condominiums \| Assembly Row and Pike & Rose
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale						$ 4,000	$ 3,300	$ 1,500	$ 600	$ 3,300		$ 7,200
Condominiums \| Assembly Row
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate													$ 5,400
Residential \| Chelsea
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale		$ 3,100			$ 3,100

Subsequent Event (Details) $ in Millions	Jan. 31, 2019 USD ($)
Rollingwood Apartments \| Subsequent Event
Subsequent Event [Line Items]
Repayments of mortgage loan	$ 20.3

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract]
Balance at beginning of year	$ 7,635,061	$ 6,759,073	$ 6,064,406
Acquisitions	14,940	555,476	229,296
Improvements	407,225	492,541	483,932
Deduction during period—dispositions and retirements of property	(237,754)	(172,029)	(18,561)
Balance at end of year	7,819,472	7,635,061	6,759,073
Aggregate cost basis for Federal tax purposes	7,200,000
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	1,876,544	1,729,234	1,574,041
Additions during period—depreciation and amortization expense	215,969	193,340	173,244
Deductions during period—dispositions and retirements of property	(33,370)	(46,030)	(18,051)
Balance at end of year	$ 2,059,143	$ 1,876,544	$ 1,729,234

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2018

Dec. 31, 2017

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Interest Rate

10.25%

10.00%

Prior Liens

$ 0

Face Amount of Mortgages

30,429

Carrying Amount of Mortgages

$ 30,429

$ 29,904

$ 41,618

30,429

^[1]

$ 30,429

Principal Amount of Loans Subject to delinquent Principal or Interest

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Other Disclosure [Abstract]

Aggregate tax basis for Federal tax purposes

30,400

$ 30,400

SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]

Balance at beginning of year

30,429

29,904

41,618

Collection and satisfaction of loans

(11,714)

Issuance of loans

525

Balance at end of year

30,429

^[1]

$ 30,429

$ 29,904

Mortgage On Retail Buildings in Philadelphia, PA, Loan One

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Prior Liens

Face Amount of Mortgages

21,179

Carrying Amount of Mortgages

^[2]

21,179

Principal Amount of Loans Subject to delinquent Principal or Interest

SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]

Balance at end of year

^[2]

$ 21,179

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

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Face Amount of Mortgages

25,000

Mortgage On Retail Buildings in Philadelphia, PA, Loan Two

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Interest Rate

10.00%

Prior Liens

Face Amount of Mortgages

9,250

Carrying Amount of Mortgages

$ 9,250

9,250

Principal Amount of Loans Subject to delinquent Principal or Interest

$ 0

SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]

Balance at end of year

$ 9,250

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

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Interest Rate

8.00%

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

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Interest Rate

10.00%

[1]	For Federal tax purposes, the aggregate tax basis is approximately $30.4 million as of December 31, 2018.
[2]	This mortgage is available for up to $25.0 million.