0000034903-21-000020 | 10-K | XBRL Viewer | Federal Realty Investment Trust

Mortgage loans assumed with acquisition

$ 98,117,000

$ 116,393,000

$ 11,915,000

Assets held for sale

$ 0

1,729,000

8,903,000

98,041,000

Units of Partnership Interest, Amount | shares

163,322

Impairment charge

57,218,000

$ 0

Fair value of property

$ 57,000,000

Fairfax Junction

Square footage of real estate property | ft²

49,000

75,000

Georgetowne Shopping Center

$ 22,300,000

^[1]

$ 22,500,000

^[2]

Square footage of real estate property | ft²

147,000

^[3]

$ 83,700,000

Hoboken

Square footage of real estate property | ft²

12,000

158,000

Mortgage loans assumed with acquisition

$ 14,300,000

^[4]

$ 189,200,000

^[5]

$ 98,000,000.0

Number of Units in Real Estate Property

123

Ownership percentage in partnership

90.00%

San Antonio Center

Square footage of real estate property

11.7

6,000

Estimated Litigation Liability

$ 32,600,000

$ 45,500,000

$ 32,600,000

$ 154,700,000

$ 85,100,000

Three properties [Member]

$ 6,500,000

$ 149,000,000.0

The Shops at Sunset Place

28,300,000

65,500,000

Three properties 2020 [Member]

$ 9,200,000

Impairment charge

$ 57,200,000

186,100,000

Other Assets | Above Market Leases | Fairfax Junction

98,100,000

Net assets acquired allocated to intangible lease assets or liabilities

500,000

600,000

Other Assets | Above Market Leases | Georgetowne Shopping Center

Net assets acquired allocated to intangible lease assets or liabilities

2,000,000.0

Other Assets | Above Market Leases | Hoboken

Net assets acquired allocated to intangible lease assets or liabilities

100,000

3,600,000

Other Liabilities | Fairfax Junction

Net assets acquired allocated to below market leases

$ 400,000

Other Liabilities | Georgetowne Shopping Center

Net assets acquired allocated to below market leases

$ 400,000

Other Liabilities | Hoboken

Net assets acquired allocated to below market leases

3,300,000

8,100,000

Condominiums | Assembly Row and Pike & Rose

Number of condominium units sold

$ 2,100,000

$ 20,100,000

Assets held for sale

$ 1,700,000

Gain or loss on sale of properties, net of tax

$ 2,600,000

Mortgages [Member] | The Shops at Sunset Place | Nonrecourse [Member]

Debt Instrument, Face Amount

$ 60,600,000

Mortgages [Member] | Hoboken2Buildings [Member]

Mortgage loans assumed with acquisition

$ 8,900,000

[1]	(2)
[2]	Approximately $0.6 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.
[3]	Approximately $2.0 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.
[4]	(2)
[5]	These acquisitions were completed through a newly formed joint venture, for which we own a 90% interest. The purchase price includes new and assumptions of mortgage debt totaling approximately $98.0 million. This property includes 123 residential units in addition to the GLA in the table above. Approximately $3.6 million and $8.1 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.

Share-Based Compensation Plans (Allocated Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares and options	$ 13,243	$ 13,330	$ 12,736
Capitalized share-based compensation	(1,319)	(1,054)	(1,017)
Share-based compensation expense	$ 11,924	$ 12,276	$ 11,719

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

12 Months Ended

Dec. 31, 2020

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, 2020
(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
	Land		Building and Improvements		Land				Building and Improvements		Total
29TH PLACE (Virginia)			$	10,211	$	18,863	$	9,588	$	10,195	$	28,467	$	38,662	$	14,173	1975 - 2001	5/30/2007	(1)
ANDORRA (Pennsylvania)			2,432		12,346		16,148		2,432		28,494		30,926		21,200		1953	1/12/1988	(1)
ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts)			93,252		34,196		832,881		69,421		890,908		960,329		88,384		2005, 2012-2020	2005-2013	(1)
AZALEA (California)		39,750	40,219		67,117		(7)		40,219		67,110		107,329		8,550		2014	8/2/2017	(1)
BALA CYNWYD (Pennsylvania)			3,565		14,466		46,447		2,683		61,795		64,478		24,619		1955/2020	9/22/1993	(1)
BARCROFT PLAZA (Virginia)			12,617		29,603		7,235		12,617		36,838		49,455		5,904		1963, 1972, 1990, & 2000	1/13/16 & 11/7/16	(1)
BARRACKS ROAD (Virginia)			4,363		16,459		48,774		4,363		65,233		69,596		48,945		1958	12/31/1985	(1)
BELL GARDENS (California)		12,082	24,406		85,947		671		24,406		86,618		111,024		14,425		1990, 2003, 2006	8/2/17 & 11/29/18	(1)
BETHESDA ROW (Maryland)			46,579		35,406		162,367		43,904		200,448		244,352		92,357		1945-2008	12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	(1)
BRICK PLAZA (New Jersey)			—		24,715		78,133		4,094		98,754		102,848		56,240		1958	12/28/1989	(1)
BRISTOL PLAZA (Connecticut)			3,856		15,959		12,230		3,856		28,189		32,045		19,549		1959	9/22/1995	(1)
BROOK 35 (New Jersey)		11,325	7,128		38,355		3,103		7,128		41,458		48,586		9,853		1986/2004	1/1/2014	(1)
CAMPUS PLAZA (Massachusetts)			16,710		13,412		326		16,710		13,738		30,448		2,952		1970	1/13/2016	(1)
CHELSEA COMMONS (Massachusetts)		5,057	8,689		19,466		2,410		8,669		21,896		30,565		9,040		1962/1969/ 2008	8/25/06, 1/30/07, & 7/16/08	(1)
COCOWALK (Florida)			34,406		72,123		73,504		50,838		129,195		180,033		12,333		1990/1994, 1922-1973, 2018-2019	5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17	(1)
COLORADO BLVD (California)			2,415		3,964		6,905		2,415		10,869		13,284		9,397		1905-1988	8/14/98	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land		Building and Improvements	Land		Building and Improvements	Total
CONGRESSIONAL PLAZA (Maryland)			2,793	7,424	95,605	2,793	103,029	105,822	59,967	1965/2003/ 2016	4/1/1965	(1)
COURTHOUSE CENTER (Maryland)			1,750	1,869	3,445	1,750	5,314	7,064	2,768	1975	12/17/1997	(1)
CROSSROADS (Illinois)			4,635	11,611	19,649	4,635	31,260	35,895	20,191	1959	7/19/1993	(1)
CROW CANYON COMMONS (California)			27,245	54,575	8,911	27,245	63,486	90,731	28,124	Late 1970's/ 1998/2006	12/29/05 & 2/28/07	(1)
DEDHAM PLAZA (Massachusetts)			16,658	13,964	16,521	16,658	30,485	47,143	18,282	1959	12/31/93, 12/14/16, 1/29/19, & 3/12/19	(1)
DEL MAR VILLAGE (Florida)			15,624	41,712	16,427	15,587	58,176	73,763	26,043	1982/1994/ 2007	5/30/08, 7/11/08, & 10/14/14	(1)
EAST BAY BRIDGE (California)			29,069	138,035	12,123	29,069	150,158	179,227	41,377	1994-2001, 2011/2012	12/21/2012	(1)
ELLISBURG (New Jersey)			4,028	11,309	18,872	4,013	30,196	34,209	21,740	1959	10/16/1992	(1)
ESCONDIDO PROMENADE (California)			19,117	15,829	18,627	19,117	34,456	53,573	20,066	1987	12/31/96 & 11/10/10	(1)
FAIRFAX JUNCTION (Virgina)			16,768	23,825	575	16,768	24,400	41,168	1,647	1981/1986/ 2000	2/8/19 & 1/10/20	(1)
FALLS PLAZA (Virginia)			1,798	1,270	13,044	1,819	14,293	16,112	9,477	1960/1962	9/30/67 & 10/05/72	(1)
FEDERAL PLAZA (Maryland)			10,216	17,895	42,735	10,216	60,630	70,846	48,440	1970	6/29/1989	(1)
FINLEY SQUARE (Illinois)			9,252	9,544	22,603	9,252	32,147	41,399	23,198	1974	4/27/1995	(1)
FLOURTOWN (Pennsylvania)			1,345	3,943	11,645	1,507	15,426	16,933	7,369	1957	4/25/1980	(1)
FOURTH STREET (California)			13,978	9,909	3,085	13,978	12,994	26,972	1,752	1948,1975	5/19/2017	(1)
FREEDOM PLAZA (California)			—	3,255	37,242	—	40,497	40,497	761	2018-2020	6/15/2018	(1)
FRESH MEADOWS (New York)			24,625	25,255	43,873	24,633	69,120	93,753	46,378	1946-1949	12/5/1997	(1)
FRIENDSHIP CENTER (District of Columbia)			12,696	20,803	4,719	12,696	25,522	38,218	14,998	1998	9/21/2001	(1)
GAITHERSBURG SQUARE (Maryland)			7,701	5,271	16,697	5,973	23,696	29,669	19,442	1966	4/22/1993	(1)
GARDEN MARKET (Illinois)			2,677	4,829	7,370	2,677	12,199	14,876	9,241	1958	7/28/1994	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land		Building and Improvements	Land		Building and Improvements	Total
GEORGETOWNE SHOPPING CENTER (New York)			32,202	49,586	1,469	32,202	51,055	83,257	2,047	1969/2006/ 2015	11/15/19	(1)
GOVERNOR PLAZA (Maryland)			2,068	4,905	19,272	2,068	24,177	26,245	21,399	1963	10/1/1985	(1)
GRAHAM PARK PLAZA (Virginia)			1,237	15,096	20,319	1,169	35,483	36,652	28,815	1971	7/21/1983	(1)
GRATIOT PLAZA (Michigan)			525	1,601	17,963	525	19,564	20,089	17,985	1964	3/29/1973	(1)
GREENLAWN PLAZA (New York)			10,590	20,869	813	10,590	21,682	32,272	4,326	1975/2004	1/13/2016	(1)
GREENWICH AVENUE (Connecticut)			7,484	5,445	10,819	7,484	16,264	23,748	5,472	1968	4/12/1995	(1)
HASTINGS RANCH PLAZA (California)			2,257	22,393	616	2,257	23,009	25,266	3,013	1958, 1984, 2006, 2007	2/1/2017	(1)
HAUPPAUGE (New York)			8,791	15,262	5,829	8,419	21,463	29,882	13,729	1963	8/6/1998	(1)
HOBOKEN (New Jersey)		105,939	47,460	167,835	546	47,460	168,381	215,841	6,006	1887-2006	9/18/19, 11/26/19, 12/19/19, & 2/12/20	(1)
HOLLYWOOD BLVD (California)			8,300	16,920	36,159	8,370	53,009	61,379	18,599	1929/1991	3/22/99 & 6/18/99	(1)
HUNTINGTON (New York)			12,194	16,008	19,604	12,194	35,612	47,806	18,564	1962	12/12/88, 10/26/07, & 11/24/15	(1)
HUNTINGTON SQUARE (New York)			—	10,075	3,537	506	13,106	13,612	4,751	1980/2004-2007	8/16/2010	(1)
IDYLWOOD PLAZA (Virginia)			4,308	10,026	3,089	4,308	13,115	17,423	10,100	1991	4/15/1994	(1)
KINGS COURT (California)			—	10,714	894	—	11,608	11,608	9,979	1960	8/24/1998	(1)
LANCASTER (Pennsylvania)			—	2,103	5,951	432	7,622	8,054	6,009	1958	4/24/1980	(1)
LANGHORNE SQUARE (Pennsylvania)			720	2,974	18,968	720	21,942	22,662	17,239	1966	1/31/1985	(1)
LAUREL (Maryland)			7,458	22,525	30,662	7,503	53,142	60,645	42,119	1956	8/15/1986	(1)
LAWRENCE PARK (Pennsylvania)			6,150	8,491	26,556	6,161	35,036	41,197	23,922	1972	7/23/1980 & 4/3/17	(1)
LEESBURG PLAZA (Virginia)			8,184	10,722	18,416	8,184	29,138	37,322	16,976	1967	9/15/1998	(1)
LINDEN SQUARE (Massachusetts)			79,382	19,247	51,727	79,346	71,010	150,356	29,105	1960-2008	8/24/2006	(1)
MELVILLE MALL (New York)			35,622	32,882	35,161	35,622	68,043	103,665	19,630	1974	10/16/2006	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land		Building and Improvements	Land		Building and Improvements	Total
MERCER MALL (New Jersey)			5,917	18,358	47,690	5,869	66,096	71,965	34,954	1975	10/14/03 & 1/31/17	(1)
MONTROSE CROSSING (Maryland)		65,596	48,624	91,819	24,539	48,624	116,358	164,982	35,861	1960s, 1970s, 1996 & 2011	12/27/11 & 12/19/13	(1)
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)			10,068	33,501	43,397	10,150	76,816	86,966	41,890	1966/1972/ 1987/2001	3/31/03, 3/21/03, & 1/27/06	(1)
NORTH DARTMOUTH (Massachusetts)			9,366	—	3	9,366	3	9,369	2	2004	8/24/2006	(1)
NORTHEAST (Pennsylvania)			938	8,779	23,919	939	32,697	33,636	19,880	1959	8/30/1983	(1)
OLD KEENE MILL (Virginia)			638	998	11,425	638	12,423	13,061	6,466	1968	6/15/1976	(1)
OLD TOWN CENTER (California)			3,420	2,765	31,684	3,420	34,449	37,869	23,745	1962, 1997-1998	10/22/1997	(1)
OLIVO AT MISSION HILLS (California)			15,048	46,732	19,503	15,048	66,235	81,283	4,706	2017-2018	8/2/2017	(1)
PAN AM (Virginia)			8,694	12,929	8,424	8,695	21,352	30,047	16,906	1979	2/5/1993	(1)
PENTAGON ROW (Virginia)			—	2,955	104,222	—	107,177	107,177	54,974	1999 - 2002	1998 & 11/22/10	(1)
PERRING PLAZA (Maryland)			2,800	6,461	22,637	2,800	29,098	31,898	24,646	1963	10/1/1985	(1)
PIKE & ROSE (Maryland)			31,471	10,335	608,663	27,929	622,540	650,469	65,962	1963, 2012-2020	5/18/82, 10/26/07, & 7/31/12	(1)
PIKE 7 PLAZA (Virginia)			14,970	22,799	11,775	14,914	34,630	49,544	19,814	1968	3/31/97 & 7/8/15	(1)
PLAZA DEL MERCADO (Maryland)			10,305	21,553	15,037	10,305	36,590	46,895	7,234	1969	1/13/2016	(1)
PLAZA DEL SOL (California)		8,072	5,605	12,331	(26)	5,605	12,305	17,910	1,546	2009	8/2/2017	(1)
PLAZA EL SEGUNDO/THE POINT (California)		124,429	62,127	153,556	81,203	64,788	232,098	296,886	61,152	2006/2007/ 2016	12/30/11, 6/14/13, 7/26/13, & 12/27/13	(1)
QUEEN ANNE PLAZA (Massachusetts)			3,319	8,457	6,654	3,319	15,111	18,430	10,991	1967	12/23/1994	(1)
QUINCE ORCHARD (Maryland)			3,197	7,949	29,958	2,928	38,176	41,104	24,574	1975	4/22/1993	(1)
RIVERPOINT CENTER (Illinois)			15,422	104,572	1,930	15,422	106,502	121,924	12,907	1989, 2012	3/31/2017	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land		Building and Improvements	Land		Building and Improvements	Total
ROCKVILLE TOWN SQUARE (Maryland)			—	8,092	37,191	—	45,283	45,283	18,838	2005 - 2007	2006 - 2007	(1)
ROLLINGWOOD APTS. (Maryland)			552	2,246	8,805	774	10,829	11,603	10,237	1960	1/15/1971	(1)
SAN ANTONIO CENTER (California)			26,400	18,462	1,714	26,400	20,176	46,576	4,584	1958, 1964-1965, 1974-1975, 1995-1997	1/9/2015, 9/13/19	(1)
SANTANA ROW (California)			66,682	7,502	1,076,914	57,592	1,093,506	1,151,098	243,734	1999-2006, 2009, 2011, 2014, 2016-2020	3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13	(1)
SAUGUS PLAZA (Massachusetts)			4,383	8,291	4,580	4,383	12,871	17,254	8,135	1976	10/1/1996	(1)
SYLMAR TOWNE CENTER (California)		16,238	18,522	24,637	2,501	18,522	27,138	45,660	3,062	1973	8/2/2017	(1)
THE AVENUE AT WHITE MARSH (Maryland)		52,651	20,682	72,432	29,339	20,685	101,768	122,453	42,152	1997	3/8/2007	(1)
THE COMMONS AT DARIEN (Connecticut)			30,368	19,523	26,037	30,368	45,560	75,928	5,051	1920-2009	4/3/13 & 7/20/18	(1)
THE GROVE AT SHREWSBURY (New Jersey)		42,972	18,016	103,115	6,002	18,021	109,112	127,133	24,453	1988/1993/ 2007	1/1/2014 & 10/6/14	(1)
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)			4,441	12,849	1,054	4,441	13,903	18,344	6,416	2005 - 2006	3/8/2007	(1)
THIRD STREET PROMENADE (California)			22,645	12,709	43,667	25,125	53,896	79,021	34,458	1888-2000	1996-2000	(1)
TOWER SHOPPNG CENTER (Virginia)			7,170	10,518	5,038	7,280	15,446	22,726	10,514	1953-1960	8/24/1998	(1)
TOWER SHOPS (Florida)			29,940	43,390	24,934	29,962	68,302	98,264	23,599	1989, 2017	1/19/11 & 6/13/14	(1)
TOWN CENTER OF NEW BRITAIN (Pennsylvania)			1,282	12,285	3,015	1,693	14,889	16,582	6,487	1969	6/29/2006	(1)
TOWSON RESIDENTIAL (FLATS @703) (Maryland)			2,328	—	20,063	2,328	20,063	22,391	2,075	2016-2017	3/8/2007	(1)
TROY HILLS (New Jersey)			3,126	5,193	32,700	5,865	35,154	41,019	24,180	1966	7/23/1980	(1)
TYSON'S STATION (Virginia)			388	453	4,891	493	5,239	5,732	4,046	1954	1/17/1978	(1)
VILLAGE AT SHIRLINGTON (Virginia)			9,761	14,808	39,325	4,234	59,660	63,894	32,191	1940, 2006-2009	12/21/1995	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land			Building and Improvements		Land				Building and Improvements		Total
WESTGATE CENTER (California)				6,319		107,284		43,851		6,319		151,135		157,454		66,806		1960-1966	3/31/2004	(1)
WHITE MARSH PLAZA (Maryland)				3,478		21,413		1,497		3,488		22,900		26,388		10,402		1987	3/8/2007	(1)
WHITE MARSH OTHER (Maryland)				29,724		1,843		148		29,754		1,961		31,715		968		1985	3/8/2007	(1)
WILDWOOD (Maryland)				9,111		1,061		17,271		9,111		18,332		27,443		9,723		1958	5/5/1969	(1)
WILLOW GROVE (Pennsylvania)				1,499		6,643		21,131		1,499		27,774		29,273		26,734		1953	11/20/1984	(1)
WILLOW LAWN (Virginia)				3,192		7,723		93,859		7,790		96,984		104,774		65,247		1957	12/5/1983	(1)
WYNNEWOOD (Pennsylvania)				8,055		13,759		20,822		8,055		34,581		42,636		26,423		1948	10/29/1996	(1)

TOTALS		$	484,111	$	1,387,748	$	2,493,283	$	4,701,839	$	1,374,797	$	7,208,073	$	8,582,870	$	2,357,692

(1)Depreciation of building and improvements is calculated based on useful lives ranging from the life of the lease to 50 years.


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	7,819,472
January 1, 2019 adoption of new accounting standard - See Note 2	(71,859)
Additions during period
Acquisitions	309,921
Improvements	441,703

Deduction during period—dispositions and retirements of property	(201,105)
Balance, December 31, 2019	8,298,132

Additions during period
Acquisitions	39,440
Improvements	473,679
Deductions during period
Impairment of property	(68,484)
Dispositions and retirement of property	(159,897)
Balance, December 31, 2020 (1)	$	8,582,870

_____________________

(1)For Federal tax purposes, the aggregate cost basis is approximately $7.7 billion as of December 31, 2020.

FEDERAL REALTY INVESTMENT TRUST

SCHEDULE III

SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED

Three Years Ended December 31, 2020

Reconciliation of Accumulated Depreciation and Amortization

(in thousands)


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
January 1, 2019 adoption of new accounting standard - See Note 2	(18,173)
Additions during period—depreciation and amortization expense	215,382
Deductions during period—dispositions and retirements of property	(40,939)
Balance, December 31, 2019	2,215,413
Additions during period—depreciation and amortization expense	229,199
Deductions during period
Impairment of property	(11,631)
Dispositions and retirements of property	(75,289)
Balance, December 31, 2020	$	2,357,692

Summary Of Significant Accounting Policies (Derivative Instruments and Mortgage Notes Receivable) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residual profit maximum	50.00%
Number of mortgage receivables	4
Mortgage receivable, net of valuation allowances	$ 39,900
Weighted average interest rate on mortgage note receivables	10.00%
Hoboken
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	2
Assembly Row Hotel
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	2
Equity Method Investee \| Assembly Row Hotel
Derivatives, Fair Value [Line Items]
Fixed interest rate of derivative instrument	5.206%
First Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage receivable, net of valuation allowances	$ 30,300
Hoboken \| Mortgages Payable
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	2
Fixed interest rate of derivative instrument	3.67%

Operating Leases (Details) $ in Thousands	12 Months Ended
Operating Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($) project state lease
Property Subject to or Available for Operating Lease [Line Items]
Number of real estate properties \| project	101
Number of states in which entity has properties \| state	11
Percent of annualized base rent	3.60%
Operating Leases, Future Minimum Payments Receivable [Abstract]
2021	$ 586,082
2022	549,529
2023	486,269
2024	421,945
2025	349,671
Thereafter	1,493,377
Total	$ 3,886,873
Retail and commercial
Property Subject to or Available for Operating Lease [Line Items]
Number of leases \| lease	2,800
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	2,700
Residential \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	1 year

Schedule III - Summary of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

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, 2020
(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
	Land		Building and Improvements		Land				Building and Improvements		Total
29TH PLACE (Virginia)			$	10,211	$	18,863	$	9,588	$	10,195	$	28,467	$	38,662	$	14,173	1975 - 2001	5/30/2007	(1)
ANDORRA (Pennsylvania)			2,432		12,346		16,148		2,432		28,494		30,926		21,200		1953	1/12/1988	(1)
ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts)			93,252		34,196		832,881		69,421		890,908		960,329		88,384		2005, 2012-2020	2005-2013	(1)
AZALEA (California)		39,750	40,219		67,117		(7)		40,219		67,110		107,329		8,550		2014	8/2/2017	(1)
BALA CYNWYD (Pennsylvania)			3,565		14,466		46,447		2,683		61,795		64,478		24,619		1955/2020	9/22/1993	(1)
BARCROFT PLAZA (Virginia)			12,617		29,603		7,235		12,617		36,838		49,455		5,904		1963, 1972, 1990, & 2000	1/13/16 & 11/7/16	(1)
BARRACKS ROAD (Virginia)			4,363		16,459		48,774		4,363		65,233		69,596		48,945		1958	12/31/1985	(1)
BELL GARDENS (California)		12,082	24,406		85,947		671		24,406		86,618		111,024		14,425		1990, 2003, 2006	8/2/17 & 11/29/18	(1)
BETHESDA ROW (Maryland)			46,579		35,406		162,367		43,904		200,448		244,352		92,357		1945-2008	12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	(1)
BRICK PLAZA (New Jersey)			—		24,715		78,133		4,094		98,754		102,848		56,240		1958	12/28/1989	(1)
BRISTOL PLAZA (Connecticut)			3,856		15,959		12,230		3,856		28,189		32,045		19,549		1959	9/22/1995	(1)
BROOK 35 (New Jersey)		11,325	7,128		38,355		3,103		7,128		41,458		48,586		9,853		1986/2004	1/1/2014	(1)
CAMPUS PLAZA (Massachusetts)			16,710		13,412		326		16,710		13,738		30,448		2,952		1970	1/13/2016	(1)
CHELSEA COMMONS (Massachusetts)		5,057	8,689		19,466		2,410		8,669		21,896		30,565		9,040		1962/1969/ 2008	8/25/06, 1/30/07, & 7/16/08	(1)
COCOWALK (Florida)			34,406		72,123		73,504		50,838		129,195		180,033		12,333		1990/1994, 1922-1973, 2018-2019	5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17	(1)
COLORADO BLVD (California)			2,415		3,964		6,905		2,415		10,869		13,284		9,397		1905-1988	8/14/98	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land		Building and Improvements	Land		Building and Improvements	Total
CONGRESSIONAL PLAZA (Maryland)			2,793	7,424	95,605	2,793	103,029	105,822	59,967	1965/2003/ 2016	4/1/1965	(1)
COURTHOUSE CENTER (Maryland)			1,750	1,869	3,445	1,750	5,314	7,064	2,768	1975	12/17/1997	(1)
CROSSROADS (Illinois)			4,635	11,611	19,649	4,635	31,260	35,895	20,191	1959	7/19/1993	(1)
CROW CANYON COMMONS (California)			27,245	54,575	8,911	27,245	63,486	90,731	28,124	Late 1970's/ 1998/2006	12/29/05 & 2/28/07	(1)
DEDHAM PLAZA (Massachusetts)			16,658	13,964	16,521	16,658	30,485	47,143	18,282	1959	12/31/93, 12/14/16, 1/29/19, & 3/12/19	(1)
DEL MAR VILLAGE (Florida)			15,624	41,712	16,427	15,587	58,176	73,763	26,043	1982/1994/ 2007	5/30/08, 7/11/08, & 10/14/14	(1)
EAST BAY BRIDGE (California)			29,069	138,035	12,123	29,069	150,158	179,227	41,377	1994-2001, 2011/2012	12/21/2012	(1)
ELLISBURG (New Jersey)			4,028	11,309	18,872	4,013	30,196	34,209	21,740	1959	10/16/1992	(1)
ESCONDIDO PROMENADE (California)			19,117	15,829	18,627	19,117	34,456	53,573	20,066	1987	12/31/96 & 11/10/10	(1)
FAIRFAX JUNCTION (Virgina)			16,768	23,825	575	16,768	24,400	41,168	1,647	1981/1986/ 2000	2/8/19 & 1/10/20	(1)
FALLS PLAZA (Virginia)			1,798	1,270	13,044	1,819	14,293	16,112	9,477	1960/1962	9/30/67 & 10/05/72	(1)
FEDERAL PLAZA (Maryland)			10,216	17,895	42,735	10,216	60,630	70,846	48,440	1970	6/29/1989	(1)
FINLEY SQUARE (Illinois)			9,252	9,544	22,603	9,252	32,147	41,399	23,198	1974	4/27/1995	(1)
FLOURTOWN (Pennsylvania)			1,345	3,943	11,645	1,507	15,426	16,933	7,369	1957	4/25/1980	(1)
FOURTH STREET (California)			13,978	9,909	3,085	13,978	12,994	26,972	1,752	1948,1975	5/19/2017	(1)
FREEDOM PLAZA (California)			—	3,255	37,242	—	40,497	40,497	761	2018-2020	6/15/2018	(1)
FRESH MEADOWS (New York)			24,625	25,255	43,873	24,633	69,120	93,753	46,378	1946-1949	12/5/1997	(1)
FRIENDSHIP CENTER (District of Columbia)			12,696	20,803	4,719	12,696	25,522	38,218	14,998	1998	9/21/2001	(1)
GAITHERSBURG SQUARE (Maryland)			7,701	5,271	16,697	5,973	23,696	29,669	19,442	1966	4/22/1993	(1)
GARDEN MARKET (Illinois)			2,677	4,829	7,370	2,677	12,199	14,876	9,241	1958	7/28/1994	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land		Building and Improvements	Land		Building and Improvements	Total
GEORGETOWNE SHOPPING CENTER (New York)			32,202	49,586	1,469	32,202	51,055	83,257	2,047	1969/2006/ 2015	11/15/19	(1)
GOVERNOR PLAZA (Maryland)			2,068	4,905	19,272	2,068	24,177	26,245	21,399	1963	10/1/1985	(1)
GRAHAM PARK PLAZA (Virginia)			1,237	15,096	20,319	1,169	35,483	36,652	28,815	1971	7/21/1983	(1)
GRATIOT PLAZA (Michigan)			525	1,601	17,963	525	19,564	20,089	17,985	1964	3/29/1973	(1)
GREENLAWN PLAZA (New York)			10,590	20,869	813	10,590	21,682	32,272	4,326	1975/2004	1/13/2016	(1)
GREENWICH AVENUE (Connecticut)			7,484	5,445	10,819	7,484	16,264	23,748	5,472	1968	4/12/1995	(1)
HASTINGS RANCH PLAZA (California)			2,257	22,393	616	2,257	23,009	25,266	3,013	1958, 1984, 2006, 2007	2/1/2017	(1)
HAUPPAUGE (New York)			8,791	15,262	5,829	8,419	21,463	29,882	13,729	1963	8/6/1998	(1)
HOBOKEN (New Jersey)		105,939	47,460	167,835	546	47,460	168,381	215,841	6,006	1887-2006	9/18/19, 11/26/19, 12/19/19, & 2/12/20	(1)
HOLLYWOOD BLVD (California)			8,300	16,920	36,159	8,370	53,009	61,379	18,599	1929/1991	3/22/99 & 6/18/99	(1)
HUNTINGTON (New York)			12,194	16,008	19,604	12,194	35,612	47,806	18,564	1962	12/12/88, 10/26/07, & 11/24/15	(1)
HUNTINGTON SQUARE (New York)			—	10,075	3,537	506	13,106	13,612	4,751	1980/2004-2007	8/16/2010	(1)
IDYLWOOD PLAZA (Virginia)			4,308	10,026	3,089	4,308	13,115	17,423	10,100	1991	4/15/1994	(1)
KINGS COURT (California)			—	10,714	894	—	11,608	11,608	9,979	1960	8/24/1998	(1)
LANCASTER (Pennsylvania)			—	2,103	5,951	432	7,622	8,054	6,009	1958	4/24/1980	(1)
LANGHORNE SQUARE (Pennsylvania)			720	2,974	18,968	720	21,942	22,662	17,239	1966	1/31/1985	(1)
LAUREL (Maryland)			7,458	22,525	30,662	7,503	53,142	60,645	42,119	1956	8/15/1986	(1)
LAWRENCE PARK (Pennsylvania)			6,150	8,491	26,556	6,161	35,036	41,197	23,922	1972	7/23/1980 & 4/3/17	(1)
LEESBURG PLAZA (Virginia)			8,184	10,722	18,416	8,184	29,138	37,322	16,976	1967	9/15/1998	(1)
LINDEN SQUARE (Massachusetts)			79,382	19,247	51,727	79,346	71,010	150,356	29,105	1960-2008	8/24/2006	(1)
MELVILLE MALL (New York)			35,622	32,882	35,161	35,622	68,043	103,665	19,630	1974	10/16/2006	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land		Building and Improvements	Land		Building and Improvements	Total
MERCER MALL (New Jersey)			5,917	18,358	47,690	5,869	66,096	71,965	34,954	1975	10/14/03 & 1/31/17	(1)
MONTROSE CROSSING (Maryland)		65,596	48,624	91,819	24,539	48,624	116,358	164,982	35,861	1960s, 1970s, 1996 & 2011	12/27/11 & 12/19/13	(1)
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)			10,068	33,501	43,397	10,150	76,816	86,966	41,890	1966/1972/ 1987/2001	3/31/03, 3/21/03, & 1/27/06	(1)
NORTH DARTMOUTH (Massachusetts)			9,366	—	3	9,366	3	9,369	2	2004	8/24/2006	(1)
NORTHEAST (Pennsylvania)			938	8,779	23,919	939	32,697	33,636	19,880	1959	8/30/1983	(1)
OLD KEENE MILL (Virginia)			638	998	11,425	638	12,423	13,061	6,466	1968	6/15/1976	(1)
OLD TOWN CENTER (California)			3,420	2,765	31,684	3,420	34,449	37,869	23,745	1962, 1997-1998	10/22/1997	(1)
OLIVO AT MISSION HILLS (California)			15,048	46,732	19,503	15,048	66,235	81,283	4,706	2017-2018	8/2/2017	(1)
PAN AM (Virginia)			8,694	12,929	8,424	8,695	21,352	30,047	16,906	1979	2/5/1993	(1)
PENTAGON ROW (Virginia)			—	2,955	104,222	—	107,177	107,177	54,974	1999 - 2002	1998 & 11/22/10	(1)
PERRING PLAZA (Maryland)			2,800	6,461	22,637	2,800	29,098	31,898	24,646	1963	10/1/1985	(1)
PIKE & ROSE (Maryland)			31,471	10,335	608,663	27,929	622,540	650,469	65,962	1963, 2012-2020	5/18/82, 10/26/07, & 7/31/12	(1)
PIKE 7 PLAZA (Virginia)			14,970	22,799	11,775	14,914	34,630	49,544	19,814	1968	3/31/97 & 7/8/15	(1)
PLAZA DEL MERCADO (Maryland)			10,305	21,553	15,037	10,305	36,590	46,895	7,234	1969	1/13/2016	(1)
PLAZA DEL SOL (California)		8,072	5,605	12,331	(26)	5,605	12,305	17,910	1,546	2009	8/2/2017	(1)
PLAZA EL SEGUNDO/THE POINT (California)		124,429	62,127	153,556	81,203	64,788	232,098	296,886	61,152	2006/2007/ 2016	12/30/11, 6/14/13, 7/26/13, & 12/27/13	(1)
QUEEN ANNE PLAZA (Massachusetts)			3,319	8,457	6,654	3,319	15,111	18,430	10,991	1967	12/23/1994	(1)
QUINCE ORCHARD (Maryland)			3,197	7,949	29,958	2,928	38,176	41,104	24,574	1975	4/22/1993	(1)
RIVERPOINT CENTER (Illinois)			15,422	104,572	1,930	15,422	106,502	121,924	12,907	1989, 2012	3/31/2017	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land		Building and Improvements	Land		Building and Improvements	Total
ROCKVILLE TOWN SQUARE (Maryland)			—	8,092	37,191	—	45,283	45,283	18,838	2005 - 2007	2006 - 2007	(1)
ROLLINGWOOD APTS. (Maryland)			552	2,246	8,805	774	10,829	11,603	10,237	1960	1/15/1971	(1)
SAN ANTONIO CENTER (California)			26,400	18,462	1,714	26,400	20,176	46,576	4,584	1958, 1964-1965, 1974-1975, 1995-1997	1/9/2015, 9/13/19	(1)
SANTANA ROW (California)			66,682	7,502	1,076,914	57,592	1,093,506	1,151,098	243,734	1999-2006, 2009, 2011, 2014, 2016-2020	3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13	(1)
SAUGUS PLAZA (Massachusetts)			4,383	8,291	4,580	4,383	12,871	17,254	8,135	1976	10/1/1996	(1)
SYLMAR TOWNE CENTER (California)		16,238	18,522	24,637	2,501	18,522	27,138	45,660	3,062	1973	8/2/2017	(1)
THE AVENUE AT WHITE MARSH (Maryland)		52,651	20,682	72,432	29,339	20,685	101,768	122,453	42,152	1997	3/8/2007	(1)
THE COMMONS AT DARIEN (Connecticut)			30,368	19,523	26,037	30,368	45,560	75,928	5,051	1920-2009	4/3/13 & 7/20/18	(1)
THE GROVE AT SHREWSBURY (New Jersey)		42,972	18,016	103,115	6,002	18,021	109,112	127,133	24,453	1988/1993/ 2007	1/1/2014 & 10/6/14	(1)
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)			4,441	12,849	1,054	4,441	13,903	18,344	6,416	2005 - 2006	3/8/2007	(1)
THIRD STREET PROMENADE (California)			22,645	12,709	43,667	25,125	53,896	79,021	34,458	1888-2000	1996-2000	(1)
TOWER SHOPPNG CENTER (Virginia)			7,170	10,518	5,038	7,280	15,446	22,726	10,514	1953-1960	8/24/1998	(1)
TOWER SHOPS (Florida)			29,940	43,390	24,934	29,962	68,302	98,264	23,599	1989, 2017	1/19/11 & 6/13/14	(1)
TOWN CENTER OF NEW BRITAIN (Pennsylvania)			1,282	12,285	3,015	1,693	14,889	16,582	6,487	1969	6/29/2006	(1)
TOWSON RESIDENTIAL (FLATS @703) (Maryland)			2,328	—	20,063	2,328	20,063	22,391	2,075	2016-2017	3/8/2007	(1)
TROY HILLS (New Jersey)			3,126	5,193	32,700	5,865	35,154	41,019	24,180	1966	7/23/1980	(1)
TYSON'S STATION (Virginia)			388	453	4,891	493	5,239	5,732	4,046	1954	1/17/1978	(1)
VILLAGE AT SHIRLINGTON (Virginia)			9,761	14,808	39,325	4,234	59,660	63,894	32,191	1940, 2006-2009	12/21/1995	(1)


FEDERAL REALTY INVESTMENT TRUST
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020
(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
	Land			Building and Improvements		Land				Building and Improvements		Total
WESTGATE CENTER (California)				6,319		107,284		43,851		6,319		151,135		157,454		66,806		1960-1966	3/31/2004	(1)
WHITE MARSH PLAZA (Maryland)				3,478		21,413		1,497		3,488		22,900		26,388		10,402		1987	3/8/2007	(1)
WHITE MARSH OTHER (Maryland)				29,724		1,843		148		29,754		1,961		31,715		968		1985	3/8/2007	(1)
WILDWOOD (Maryland)				9,111		1,061		17,271		9,111		18,332		27,443		9,723		1958	5/5/1969	(1)
WILLOW GROVE (Pennsylvania)				1,499		6,643		21,131		1,499		27,774		29,273		26,734		1953	11/20/1984	(1)
WILLOW LAWN (Virginia)				3,192		7,723		93,859		7,790		96,984		104,774		65,247		1957	12/5/1983	(1)
WYNNEWOOD (Pennsylvania)				8,055		13,759		20,822		8,055		34,581		42,636		26,423		1948	10/29/1996	(1)

TOTALS		$	484,111	$	1,387,748	$	2,493,283	$	4,701,839	$	1,374,797	$	7,208,073	$	8,582,870	$	2,357,692

(1)Depreciation of building and improvements is calculated based on useful lives ranging from the life of the lease to 50 years.


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	7,819,472
January 1, 2019 adoption of new accounting standard - See Note 2	(71,859)
Additions during period
Acquisitions	309,921
Improvements	441,703

Deduction during period—dispositions and retirements of property	(201,105)
Balance, December 31, 2019	8,298,132

Additions during period
Acquisitions	39,440
Improvements	473,679
Deductions during period
Impairment of property	(68,484)
Dispositions and retirement of property	(159,897)
Balance, December 31, 2020 (1)	$	8,582,870

_____________________

(1)For Federal tax purposes, the aggregate cost basis is approximately $7.7 billion as of December 31, 2020.

FEDERAL REALTY INVESTMENT TRUST

SCHEDULE III

SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED

Three Years Ended December 31, 2020

Reconciliation of Accumulated Depreciation and Amortization

(in thousands)


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
January 1, 2019 adoption of new accounting standard - See Note 2	(18,173)
Additions during period—depreciation and amortization expense	215,382
Deductions during period—dispositions and retirements of property	(40,939)
Balance, December 31, 2019	2,215,413
Additions during period—depreciation and amortization expense	229,199
Deductions during period
Impairment of property	(11,631)
Dispositions and retirements of property	(75,289)
Balance, December 31, 2020	$	2,357,692

Summary Of Significant Accounting Policies (Recent Accounting Pronouncements) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Rental Expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional credit losses recorded during the year	$ 400
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings	$ 500

Debt (Summary Of Debt Outstanding) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 25, 2019	Dec. 31, 2020	Dec. 15, 2020	Oct. 13, 2020	May 11, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgages payable		$ 484,111				$ 545,679
Revolving credit facility		0				0
Notes payable		402,776				3,781
Net unamortized discount and debt issuance costs		(494)				(62)
Senior notes and debentures, net		3,404,488				2,807,134
Total debt		4,291,375				3,356,594
Mortgages Payable
Debt Instrument [Line Items]
Principal balance		486,035				547,247
Net unamortized (discount) premium and debt issuance costs		(1,924)				(1,568)
Notes Payable
Debt Instrument [Line Items]
Notes payable		403,270				3,843
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		3,419,200				2,819,200
Net unamortized (discount) premium and debt issuance costs		(14,712)				(12,066)
The Shops at Sunset Place \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 0				61,987
Interest rate		5.62%
29th Place \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 0				3,878
Interest rate		5.91%
Sylmar Towne Center \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 16,236				16,630
Interest rate		5.39%
Plaza Del Sol \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 8,041				8,230
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		$ 65,596				67,492
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		$ 12,408				12,677
Interest rate		4.06%
Plaza El Segundo \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 125,000				125,000
Interest rate		3.83%
Brook 35 \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 11,500				11,500
Interest rate		4.65%
Hoboken (24 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 56,450				56,450
Debt Instrument, Basis Spread on Variable Rate		1.95%
Grove at Shrewsbury (East) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 43,600				43,600
Interest rate		3.77%
Hoboken (14 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 32,705				24,627
Chelsea \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 5,234				5,597
Interest rate		5.36%
Hoboken (1 Building) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 16,560				16,874
Interest rate		3.75%
Term Loan \| Notes Payable
Debt Instrument [Line Items]
Other Notes Payable		$ 400,000				0
Debt Instrument, Basis Spread on Variable Rate		0.90%
Various \| Notes Payable
Debt Instrument [Line Items]
Interest rate		11.31%
Other Notes Payable		$ 3,270				3,843
2.55% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 0				250,000
Interest rate		2.55%	2.55%
3.00% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 0				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		$ 600,000				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%
3.2% Senior Note \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 400,000				400,000
Interest rate		3.20%
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%
1.25% Senior Note [Member] \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 400,000				0
Interest rate		1.25%		1.25%
3.5% Senior Note [Member] \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 400,000				$ 0
Interest rate		3.50%			3.50%
Revolving credit facility
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.775%
Revolving credit facility \| Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.775%
Minimum \| Hoboken (14 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Interest rate		3.91%
Maximum \| Hoboken (14 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Interest rate		5.00%

Debt (Narrative) (Details) - USD ($) $ in Thousands							12 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 15, 2020	Oct. 13, 2020	May 11, 2020	May 06, 2020	Feb. 12, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 01, 2020	Dec. 09, 2013
Debt Instrument [Line Items]
Senior notes	$ 3,404,488						$ 3,404,488	$ 2,807,134
Issuance of senior notes, net of costs							1,094,283	399,913	$ 0
Revolving credit facility	0						0	0
Maximum borrowing capacity under revolving credit facility	1,000,000						1,000,000
Maximum amount of borrowings outstanding							990,000	116,500	177,000
Weighted average amount of borrowings outstanding							$ 138,500	$ 26,800	$ 83,100
Weighted average interest rate before amortization of debt fees							1.50%	3.20%	2.70%
Line of credit facility, annual facility fee	1,000						$ 1,000
Mortgage loans assumed with acquisition							8,903	$ 98,041	$ 0
Early extinguishment of debt							(11,179)	0	$ 0
The Shops at Sunset Place
Debt Instrument [Line Items]
Repayments of Debt	58,500
Escrow Deposit	4,500						4,500
29th Place
Debt Instrument [Line Items]
Repayments of Debt	3,600
Term Loan
Debt Instrument [Line Items]
Proceeds from Unsecured Notes Payable					$ 398,700
Other Notes Payable					400,000
Other Notes Payable					400,000
Proceeds from Unsecured Notes Payable					$ 398,700
Mortgages [Member] \| Hoboken2Buildings [Member]
Debt Instrument [Line Items]
Stated Interest Rate						4.00%
Mortgage loans assumed with acquisition						$ 8,900
Fair value of long-term debt						9,000
Fair value of long-term debt						$ 9,000
Mortgages [Member] \| The Shops at Sunset Place \| Nonrecourse [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 60,600
Term Loan \| Notes Payable
Debt Instrument [Line Items]
Other Notes Payable	400,000						400,000	0
Other Notes Payable	$ 400,000						$ 400,000	$ 0
3.5% Senior Note [Member] \| Senior Notes and Debentures
Debt Instrument [Line Items]
Stated Interest Rate	3.50%			3.50%			3.50%
Note Offering Percent				98.911%
Debt yield to maturity percent				3.63%
3.95% Senior Note [Member] \| Senior Notes and Debentures
Debt Instrument [Line Items]
Stated Interest Rate				3.95%
Note Offering Percent				103.257%
Debt yield to maturity percent				2.944%
Debt Instrument, Face Amount				$ 300,000							$ 300,000
3.95% and 3.50% Senior Notes [Member] \| Senior Notes and Debentures
Debt Instrument [Line Items]
Issuance of senior notes, net of costs				700,100
Debt Instrument, Face Amount				700,000
3.50% Senior Note [Member] \| Senior Notes and Debentures
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 400,000
The Shops at Sunset Place \| Mortgages Payable
Debt Instrument [Line Items]
Stated Interest Rate	5.62%						5.62%
1.25% Senior Note [Member] \| Senior Notes and Debentures
Debt Instrument [Line Items]
Stated Interest Rate	1.25%		1.25%				1.25%
Note Offering Percent			99.339%
Debt yield to maturity percent			1.379%
Issuance of senior notes, net of costs			$ 394,200
Debt Instrument, Face Amount			$ 400,000
2.55% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Stated Interest Rate	2.55%	2.55%					2.55%
Debt Instrument, Face Amount		$ 250,000
Early Repayment of Senior Debt		252,700
Debt Instrument, Increase, Accrued Interest		$ 2,700
3.00% Senior Note [Member] \| Senior Notes and Debentures
Debt Instrument [Line Items]
Stated Interest Rate	3.00%						3.00%
Debt Instrument, Face Amount	$ 250,000						$ 250,000
Early Repayment of Senior Debt	263,500
Debt Instrument, Increase, Accrued Interest	3,100
Payment for Debt Extinguishment or Debt Prepayment Cost	10,400
Early extinguishment of debt	$ 11,200

Summary Of Significant Accounting Policies (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 02, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Rollforward of Redeemable Noncontrolling Interests
Beginning balance		$ 139,758	$ 136,208
Contributions		19,335	9,961
Net income		2,228	3,430	$ 3,865
Distributions & redemptions		(1,197)	(15,366)
Other comprehensive loss - change in value of interest rate swaps		(471)	0	0
Change in redemption value		(21,933)	5,525
Ending balance		$ 137,720	$ 139,758	$ 136,208
Montrose Crossing
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.10%
Montrose Crossing
Redeemable Noncontrolling Interest [Line Items]
Purchase Price Under Option	$ 10,000
Ownership interest subsequent to redemption	100.00%

Commitments and Contingencies Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2021	$ 5,077
2022	5,197
2023	5,243
2024	5,213
2025	5,084
Thereafter	175,387
Total future minimum operating lease payments	201,201
Less amount representing interest	(128,760)
Operating lease liabilities	$ 72,441	$ 73,628

Share-Based Compensation Plans (Restricted Share Activity) (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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)	220,578
Granted (in shares)	116,351
Vested (in shares)	(101,651)
Forfeited (in shares)	(2,100)
Unvested at the end of year (in shares)	233,178	220,578
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 129.78
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	124.55	$ 133.30	$ 112.88
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)	129.39
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)	131.78
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 127.32	$ 129.78

Components Of Rental Expense

12 Months Ended

Dec. 31, 2020

Components Of Rental Expense [Abstract]

COMPONENTS OF RENTAL EXPENSE

The principal components of rental expenses are as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Repairs and maintenance	$	66,845	$	73,179	$	67,745
Utilities	25,065		27,729		27,635
Management fees and costs	23,752		24,930		24,024
Payroll	16,691		16,485		16,140
Insurance	12,439		9,036		7,547
Marketing	6,432		7,427		7,935
Ground rent	4,595		4,803		4,697
Bad debt (1)	—		—		4,708
Other operating (2)	15,101		24,242		12,663
Total rental expenses	$	170,920	$	187,831	$	173,094

_____________________

(1)Collectibility adjustments are now presented as a reduction of rental income rather than rental expense in accordance with our adoption of the new lease standard in 2019.

(2)Other operating for the year ended December 31, 2019 includes an $11.9 million charge relating to the buyout of a lease at Assembly Square Marketplace.

Summary Of Significant Accounting Policies Lease Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2020 properties
Accounting Policies [Abstract]
Number of properties subject to operating leases \| properties		12
Accounting Standards Update 2016-02
Lessor, Lease, Description [Line Items]
Cumulative Effect on Retained Earnings \| $	$ 7,100

Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2020

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, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	886,887	$	879,390	$	549,460	$	562,049
Senior notes and debentures	$	3,404,488	$	3,761,465	$	2,807,134	$	3,001,216

As of December 31, 2020, we have two interest rate swap agreements with notional amounts of $56.5 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the interest rate on $56.5 million of mortgage payables at 3.67% through December 15, 2029. The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at December 31, 2020 was a liability of $4.7 million and is included in "prepaid expenses and other assets" on our consolidated balance sheet. During 2020, the value of our interest rate

swaps decreased $4.8 million (including $0.7 million reclassified from other comprehensive loss to interest expense). A summary of our financial (liabilities) assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:


	December 31, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	(4,711)	$	—	$	(4,711)	$	—	$	130	$	—	$	130

One of our equity method investees has two interest rate swaps which qualify as cash flow hedges. At December 31, 2020 and December 31, 2019, our share of the decrease in fair value of the related swaps included in "accumulated other comprehensive loss" was $0.5 million and $0.9 million, respectively.

- 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

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract]
Balance at beginning of year	$ 8,298,132	$ 7,819,472	$ 7,635,061
Acquisitions	39,440	309,921	14,940
Improvements	473,679	441,703	407,225
Impairment of property	(68,484)
Deduction during period—dispositions and retirements of property	(159,897)	(201,105)	(237,754)
Balance at end of year	8,582,870	8,298,132	7,819,472
Aggregate cost basis for Federal tax purposes	7,700,000
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	2,215,413	2,059,143	1,876,544
Additions during period—depreciation and amortization expense	229,199	215,382	215,969
Deductions during period—dispositions and retirements of property	(75,289)	(40,939)	(33,370)
Real estate accumulated depreciation impairment of property	(11,631)
Balance at end of year	$ 2,357,692	2,215,413	$ 2,059,143
Accounting Standards Update 2016-02
January 1, 2019 adoption of new accounting standard - See Note 2		(71,859)
January 1, 2019 adoption of new accounting standard - See Note 2		$ (18,173)

Earnings Per Share

12 Months Ended

Dec. 31, 2020

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 2020, 2019, and 2018 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 2020, 2019, and 2018, respectively. 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,
	2020		2019		2018
	(In thousands, except per share data)
NUMERATOR
Net income	$	135,888	$	360,542	$	249,026
Less: Preferred share dividends	(8,042)		(8,042)		(8,042)
Less: Income from operations attributable to noncontrolling interests	(4,182)		(6,676)		(7,119)
Less: Earnings allocated to unvested shares	(992)		(1,007)		(930)
Net income available for common shareholders, basic and diluted	$	122,672	$	344,817	$	232,935
DENOMINATOR
Weighted average common shares outstanding—basic	75,515		74,766		73,274

Stock options	—		—		28
Weighted average common shares outstanding—diluted	75,515		74,766		73,302

EARNINGS PER COMMON SHARE, BASIC AND DILUTED



Net income available for common shareholders	$	1.62	$	4.61	$	3.18

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

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.

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.

On December 17, 2020, we acquired one of our partner's preferred and common interests in the partnership that owns our Plaza El Segundo property for $7.3 million, bringing our ownership to approximately 78.2%.

On December 11, 2019, we received proceeds related to the sale under the threat of condemnation at San Antonio Center as discussed in Note 3 to the consolidated financial statements. We have indemnified the condemning authority for all costs incurred related to the condemnation proceedings including any payments required to tenants at the property and expect the process will take several years to complete. During 2020, we incurred $12.9 million of net payments to tenants, and consequently, at December 31, 2020, we have a liability of $32.6 million to reflect our estimate of the remaining consideration.

At December 31, 2020 and 2019, our reserves for general liability costs were $4.6 million and $3.0 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 2020 and 2019, we made payments from these reserves of $0.8 million and $1.3 million, respectively. Although we consider the reserve to be adequate, there can be no assurance that the reserve will prove to be adequate over-time to cover losses due to the difference between the assumptions used to estimate the reserve and actual losses.

At December 31, 2020, we had letters of credit outstanding of approximately $4.7 million.

As of December 31, 2020 in connection with capital improvement, development, and redevelopment projects, the Trust has contractual obligations of approximately $356.1 million.

We are obligated under operating lease agreements on several shopping centers and one office lease requiring minimum annual payments as follows, as of December 31, 2020:



	(In thousands)
Year ending December 31,
2021	$	5,077
2022	5,197
2023	5,243
2024	5,213
2025	5,084
Thereafter	175,387
Total future minimum operating lease payments	$	201,201
Less amount representing interest	(128,760)
Operating lease liabilities	$	72,441

Future minimum lease payments and their present value for properties under finance leases as of December 31, 2020, are as follows:



	(In thousands)
Year ending December 31,
2021	$	5,800
2022	5,810
2023	60,013
2024	1,013
2025	1,013
Thereafter	80,837
Total future minimum finance lease payments	154,486
Less amount representing interest	(82,437)
Finance lease liabilities	$	72,049

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 okother 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, 2020, our estimated maximum liability upon exercise of the put option would range from approximately $69 million to $72 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.

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, 2020, our estimated maximum liability upon exercise of the put option would range from approximately $28 million to $35 million.

The other member in The Grove at Shrewsbury and Brook 35 has the right to require us to purchase all of its approximately 4.1% interest in The Grove at Shrewsbury and approximately 6.5% 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, 2020, our estimated maximum liability upon exercise of the put option would range from $6 million to $7 million.

Effective September 18, 2023, the other member in Hoboken has the right to require us to purchase all of its 10.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2020, our estimated maximum liability upon exercise of the put option would range from $5 million to $6 million.

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 744,617 downREIT operating partnership units are outstanding which have a total fair value of $63.4 million, based on our closing stock price on December 31, 2020.

Earnings Per Share (Narrative) (Details) - shares	12 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	682
Cumulative convertible preferred share, dividend rate	5.00%	5.00%	5.00%
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%

Acquired In-Place Leases Acqured Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Total	$ 78,164	$ 83,134
Finite-Lived Intangible Assets, Accumulated Amortization	(35,851)	(36,195)
Finite-Lived Intangible Liabilities, Total	(183,666)	(186,596)
Finite-Lived Intangible Liabilities, Accumulated Amortization	70,402	68,009
Amortization of below market leases, lessor	8,406	9,623	$ 12,445
Net increase in rental income	4,346	6,384	6,837
Amortization of Below Market Lease, Lessee	828	828	828
Net increase in rental expense	303	303	323
Acquired Lease Liabilities
2021	7,738
2022	7,501
2023	7,253
2024	6,784
2025	6,300
Thereafter	77,688
Total future amortization expense from acquired below market leases	113,264
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of above market leases, lessor	(4,060)	(3,239)	(5,608)
Amortization of above market leases, lessee	$ (525)	(525)	$ (505)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 years 6 months
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	17 years 9 months 18 days
Acquired Lease Assets
2021	$ 3,302
2022	2,637
2023	2,439
2024	2,189
2025	1,911
Thereafter	29,835
Acquired Lease Liabilities
Finite-Lived Intangible Assets, Net	42,313
Above Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Total	43,560	48,530
Finite-Lived Intangible Assets, Accumulated Amortization	(31,661)	(32,833)
Below Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Total	34,604	34,604
Finite-Lived Intangible Assets, Accumulated Amortization	$ (4,190)	(3,362)
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	38 years 7 months 6 days
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	13 years 4 months 24 days
Below Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Total	$ (174,582)	(177,512)
Finite-Lived Intangible Liabilities, Accumulated Amortization	68,286	66,419
Above Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Total	(9,084)	(9,084)
Finite-Lived Intangible Liabilities, Accumulated Amortization	$ 2,116	$ 1,590

Business And Organization (Details)	12 Months Ended
Business And Organization (Details)	Dec. 31, 2020 project
Nature Of Operations [Abstract]
Number of real estate properties	101
Minimum percentage of taxable income distributed to shareholders	90.00%

Dividends (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020				2019				2018
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	4.220	$	4.210	$	4.140	$	4.110	$	4.040	$	4.020
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	$	1.250	$	1.250	$	1.250	$	1.250	$	1.306

(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,
	2020		2019		2018
Common shares
Ordinary dividend	$	3.452	$	4.110	$	3.859
Return of capital	0.758		—		—
Ordinary dividend eligible for 15% rate	—		—		0.161

	$	4.210	$	4.110	$	4.020
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	$	1.354	$	1.354	$	1.300


Ordinary dividend eligible for 15% rate	—		—		0.054
	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares
Ordinary dividend	$	1.250	$	1.250	1.254

Ordinary dividend eligible for 15% rate	—		—		0.052

	$	1.250	$	1.250	$	1.306

Summary Of Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation Expense Real Estate	$ 227.9	$ 215.4	$ 216.0
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

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2020	Feb. 08, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
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, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		76,747,943
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 6.4
Entity File Number	1-07533
Entity Tax Identification Number	52-0782497
Entity Address, Address Line One	909 Rose Avenue, Suite 200
Entity Address, City or Town	North Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20852
City Area Code	301)
Local Phone Number	998-8100
Entity Interactive Data Current	Yes
New York Stock Exchange, Inc. \| Common Shares Of Beneficial Interest
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	FRT
Security Exchange Name	NYSE
New York Stock Exchange, Inc. \| Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/1000 of a share
Trading Symbol	FRT-C
Security Exchange Name	NYSE

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

12 Months Ended

Dec. 31, 2020

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, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	886,887	$	879,390	$	549,460	$	562,049
Senior notes and debentures	$	3,404,488	$	3,761,465	$	2,807,134	$	3,001,216

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

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


	December 31, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	(4,711)	$	—	$	(4,711)	$	—	$	130	$	—	$	130

Savings and Retirement Plans	12 Months Ended
Savings and Retirement Plans	Dec. 31, 2020
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 $19,500 for 2020, $19,000 for 2019, and 18,500 for 2018. 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, 2020, 2019 and 2018 was approximately $813,000, $764,000 and $688,000, 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, 2020 and 2019, we are liable to participants for approximately $18.0 million and $14.7 million, respectively, under this plan. Although this is an unfunded plan, we have purchased certain investments to match this obligation. Our obligation under this plan and the related investments are both included in the accompanying consolidated financial statements.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 135,888	$ 360,542	$ 249,026
Less: Preferred share dividends	(8,042)	(8,042)	(8,042)
Net income attributable to noncontrolling interests	(4,182)	(6,676)	(7,119)
Less: Earnings allocated to unvested shares	(992)	(1,007)	(930)
Net income available for common shareholders, basic and diluted	$ 122,672	$ 344,817	$ 232,935
Weighted average common shares outstanding—basic	75,515	74,766	73,274
Stock options	0	0	28
Weighted average common shares outstanding—diluted	75,515	74,766	73,302
Earnings per common share, basic and diluted	$ 1.62	$ 4.61	$ 3.18

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating real estate, consolidated variable interest entities	$ 1,703,202	$ 1,676,866
Construction-in-progress, consolidated variable interest entities	44,896	102,583
Accumulated depreciation and amortization, consolidated variable interest entities	335,735	296,165
Mortgages payable, consolidated variable interest entities	$ 413,681	$ 469,184
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, percentage	5.00%	5.00%
Common shares of beneficial interest, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	76,727,394	75,540,804
Common shares of beneficial interest, shares outstanding	76,727,394	75,540,804
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, par value	$ 0.01	$ 0.01
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 Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES
Net income	$ 135,888	$ 360,542	$ 249,026
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	255,027	239,758	244,245
Impairment charge	57,218	0	0
Gain on sale of real estate, net of tax	(98,117)	(116,393)	(11,915)
Early extinguishment of debt	11,179	0	0
Loss from partnerships	8,062	2,012	3,398
Other, net	6,142	169	4,147
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Proceeds from new market tax credit transaction, net of deferred costs	0	0	12,353
(Increase) decrease in accounts receivable, net	(6,032)	(16,128)	917
Increase in prepaid expenses and other assets	(3,260)	(10,253)	(2,070)
Increase in accounts payable and accrued expenses	5,621	2,327	2,650
(Decrease) increase in security deposits and other liabilities	(1,799)	(115)	13,937
Net cash provided by operating activities	369,929	461,919	516,688
INVESTING ACTIVITIES
Acquisition of real estate	(9,589)	(204,516)	(13,503)
Capital expenditures - development and redevelopment	(433,872)	(327,074)	(302,120)
Capital expenditures other	(68,064)	(82,836)	(66,138)
Costs associated with property sold under threat of condemnation, net	(12,924)	0	0
Proceeds from sale of real estate	183,461	321,997	177,775
Proceeds from partnership formation	0	0	37,998
Investment in partnerships	(3,348)	(1,052)	(1,037)
Distribution from partnerships in excess of earnings	1,301	2,765	275
Leasing costs	(15,080)	(25,459)	(25,430)
Increase in mortgage and other notes receivable, net	(10,268)	(357)	(67)
Net cash used in investing activities	(368,383)	(316,532)	(192,247)
FINANCING ACTIVITIES
Net repayments under revolving credit facility, including costs	(638)	(4,012)	(41,000)
Issuance of senior notes, net of costs	1,094,283	399,913	0
Redemption and retirement of senior notes	(510,360)	0	0
Issuance of notes payable, net of costs	398,722	0	0
Repayment of mortgages, finance leases, and notes payable	(70,237)	(301,029)	(16,620)
Issuance of common shares, net of costs	99,177	143,027	130,918
Dividends paid to common and preferred shareholders	(324,596)	(313,649)	(301,194)
Shares withheld for employee taxes	(4,052)	(4,626)	(958)
Proceeds from Noncontrolling Interests	0	404	2,838
Distributions to and redemptions of noncontrolling interests	(20,563)	(20,133)	(15,293)
Net cash provided by (used in) financing activities	661,736	(100,105)	(241,309)
Increase in cash, cash equivalents, and restricted cash	663,282	45,282	83,132
Cash, cash equivalents, and restricted cash at beginning of year	153,614	108,332	25,200
Cash, cash equivalents, and restricted cash at end of year	$ 816,896	$ 153,614	$ 108,332

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of earnings per share


	Year Ended December 31,
	2020		2019		2018
	(In thousands, except per share data)
NUMERATOR
Net income	$	135,888	$	360,542	$	249,026
Less: Preferred share dividends	(8,042)		(8,042)		(8,042)
Less: Income from operations attributable to noncontrolling interests	(4,182)		(6,676)		(7,119)
Less: Earnings allocated to unvested shares	(992)		(1,007)		(930)
Net income available for common shareholders, basic and diluted	$	122,672	$	344,817	$	232,935
DENOMINATOR
Weighted average common shares outstanding—basic	75,515		74,766		73,274

Stock options	—		—		28
Weighted average common shares outstanding—diluted	75,515		74,766		73,302

EARNINGS PER COMMON SHARE, BASIC AND DILUTED



Net income available for common shareholders	$	1.62	$	4.61	$	3.18

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2020

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, 2020

(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	$	—		$	21,872	$	21,082	(2)	$	21,082	(3)
Mortgage on retail buildings in Philadelphia, PA	10% plus participation	May 2021	Interest only monthly; balloon payment due at maturity	—			9,250		9,250			9,250		(3)
Second mortgage on a retail shopping center in Rockville, MD	11.5%	February 2026	Interest only monthly; balloon payment due at maturity	58,750		(4)	5,075		5,075			—
Second mortgage on a retail shopping center in Rockville, MD	10.75%	February 2026	Interest only monthly; balloon payment due at maturity	58,750		(4)	4,500		4,485			—
				$	58,750		$	40,697	$	39,892		$	30,332

_____________________

(1)For Federal tax purposes, the aggregate tax basis is approximately $40.7 million as of December 31, 2020. Upon the adoption of ASU 2016-13, we recorded expected losses related to these loans, and are required to do so going forward. See note 2 to the consolidated financial statements.

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

(3)The borrower was notified in October 2020 that these mortgages were in default. No interest payments were made from April through July, and partial payments from August through December 31, 2020.

(4)These mortgages are both subordinate to a first mortgage of $58.8 million in total. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2020 is estimated.

FEDERAL REALTY INVESTMENT TRUST

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE - CONTINUED

Three Years Ended December 31, 2020

Reconciliation of Carrying Amount

(in thousands)



Balance, December 31, 2017, 2018, and 2019	$	30,429















January 1, 2020 adoption of new accounting standard - See Note 2	(790)
Additions during period:
Acquisition of loans, net of valuation adjustments	9,560
Issuance of loans	693



Balance, December 31, 2020	$	39,892

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2020
Equity [Abstract]
Schedule of Stockholders Equity	We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares. In 2020, 2019 and 2018, 24,491 shares, 15,909 shares and 17,952 shares, respectively, were issued under the Plan. As of December 31, 2020, 2019, and 2018, we had 6,000,000 Depositary Shares outstanding, 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). 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. As of December 31, 2020, 2019, and 2018, 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, 2020, we issued 1,080,804 common shares at a weighted average price per share of $92.51 for net cash proceeds of $98.8 million including paying $1.0 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. For the year ended December 31, 2019, we issued 1,069,699 common shares at a weighted average price per share of $134.71 for net cash proceeds of $142.7 million and paid $1.2 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. As of December 31, 2020, we had the capacity to issue up to $28.4 million in common shares under our ATM equity program.

Operating Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

OPERATING LEASES

LEASES

At December 31, 2020, our 101 predominantly retail shopping center and mixed-use properties are located in 11 states and the District of Columbia. There are approximately 2,800 commercial leases and 2,700 residential leases. Our commercial tenants range from sole proprietorships to national retailers and corporations. At December 31, 2020, no one tenant or corporate group of tenants accounted for more than 3.6% 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.



	(In thousands)
Year ending December 31,
2021	$	586,082
2022	549,529
2023	486,269
2024	421,945
2025	349,671
Thereafter	1,493,377
	$	3,886,873

The following table provides additional information on our operating and finance leases where we are the lessee:


	Year Ended December 31,
	2020			2019
	(In thousands)
LEASE COST:
Finance lease cost:
Amortization of right-of-use assets	$	1,284		$	1,284
Interest on lease liabilities	5,826			5,824
Operating lease cost	5,946			6,063
Variable lease cost	353			487
Total lease cost	$	13,409		$	13,658

OTHER INFORMATION:
ROU assets obtained in exchange for operating lease liabilities	855			—
ROU assets obtained in exchange for finance lease liabilities	—			—
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	5,736			5,759
Operating cash flows for operating leases	5,498			5,561
Financing cash flows for finance leases	46			47

	Year Ended December 31,
	2020			2019
Weighted-average remaining term - finance leases	17.3 years			18.2 years
Weighted-average remaining term - operating leases	53.4 years			53.7 years
Weighted-average discount rate - finance leases	8.0		%	8.0		%
Weighted-average discount rate - operating leases	4.4		%	4.5		%

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

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

Use of Estimates

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

Revenue Recognition and Accounts Receivable

Policy beginning January 1, 2019, with our adoption of Accounting Standards Codification (ASC) 842, "Leases"

Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Many of our leases contain tenant options that enable the tenant to extend the term of the lease at expiration at pre-established rental rates that often include fixed rent increases, consumer price index adjustments or other market rate adjustments from the prior base rent. 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 are generally recognized on the termination date if the tenant has relinquished control of the space. 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. Lease concessions (unrelated to the COVID-19 pandemic) are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract.

In April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of December 31, 2020, we have entered into rent deferral agreements and rent abatement agreements related to the COVID-19 pandemic representing approximately $36 million and $35 million, respectively, of rent otherwise owed during the year ended December 31, 2020, and continue negotiations with other tenants.

When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. If leases currently classified as not probable are subsequently changed to probable, any lease receivables (including straight-line rent receivables) are re-instated with a corresponding increase to rental income.

Since March 2020, federal, state, and local governments have taken various actions to mitigate the spread of COVID-19. This includes initially ordering closures of nonessential business and ordering residents to generally stay at home, subsequent phased re-openings, and during the fourth quarter of 2020, additional closures and capacity limitations as infection levels increased in certain areas. These actions, along with the general concern over the spread of COVID-19, have resulted in many of our tenants temporarily or even permanently closing their businesses, and for some, it has impacted their ability to pay rent. As a result, we revised our collectibility assumptions for many of our tenants most significantly impacted by COVID-19. Accordingly, during the year ended December 31, 2020, we recognized collectibility related adjustments of $106.6 million. This includes changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements directly related to COVID-19, as well as the write-off of $12.7 million of straight-line rent receivables related to tenants changed to a cash basis of revenue recognition during the year ended December 31, 2020. As of December 31, 2020, the revenue from approximately 35% of our tenants (based on total commercial leases) is being recognized on a cash basis. As of December 31, 2020 and 2019, our straight-line rent receivables balance was $103.3 million and $100.3 million, respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet.

Policy prior to January 1, 2019

Prior to January 1, 2019, management estimates of collectability were considered when reserving for billed and accrued lease receivables and straight-line rent receivables. Full and partial reserves were recorded when determined to be appropriate with a corresponding charge to bad debt expense. The primary impact of the adoption of ASC 842, “Leases,” on our recognition of lease revenue relates to the upfront and ongoing assessment of the collectability of substantially all lease payments required by the new standard.

Other revenue recognition policies

Sales of real estate are recognized generally upon the transfer of control, which usually occurs when the real estate is legally sold. When we enter into a transaction to sell a property or a portion of a property, we evaluate the recognition of the sale under ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets." In accordance with ASC 610-20, we apply the guidance in ASC 606, "Revenue from Contracts with Customers," to determine whether and when control transfers and how to measure the associated gain or loss. We determine the transaction price based on the consideration we expect to receive. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of a gain recognized will not occur. We analyze the risk of a significant gain reversal and if necessary limit the amount of variable consideration recognized in order to mitigate this risk. The estimation of variable consideration requires us to make assumptions and apply significant judgment.

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 2020, 2019 and 2018, real estate depreciation expense was $227.9 million, $215.4 million and $216.0 million, respectively, including amounts from real estate sold.

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.

Prior to the adoption of ASU 2016-02, "Leases," when applicable, as lessee, we classified our leases of land and building as operating or capital leases. We were 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. Subsequently, capital leases are now considered "finance leases."

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, are capitalized. 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.

Long Lived Assets and Impairment

Long-Lived Assets and Impairment

There are estimates and assumptions made by management in preparing the consolidated financial statements for which the actual results will be determined over long periods of time. This includes the recoverability of long-lived assets, including our properties that have been acquired or redeveloped and our investment in certain joint ventures. Management’s evaluation of impairment includes review for possible indicators of impairment as well as, in certain circumstances, undiscounted and discounted cash flow analysis. Since most of our investments in real estate are wholly-owned or controlled assets which are held for use, a property with impairment indicators is first tested for impairment by comparing the undiscounted cash flows, including residual value, to the current net book value of the property. If the undiscounted cash flows are less than the net book value, the property is written down to expected fair value.

The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Because our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income, because recording an impairment charge results in a negative adjustment to net income.

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, 2020, we had $803.6 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 incremental direct costs incurred which were essential to originate a successful leasing arrangement and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the initial life 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. 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. See the "Leases" section in this note for further discussion regarding the change in accounting for lease costs.

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.

At December 31, 2020, we have two interest rate swap agreements that effectively fix the interest rate on a mortgage payable associated with our Hoboken acquisition at 3.67%. Both swaps were designated and qualify for cash flow hedge accounting. As of December 31, 2020, 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 2020, 2019 and 2018.

Mortgage Notes Receivable

We have invested in certain mortgage loans that, because of their nature, qualify as loan receivables. At the time of investment, 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. In one of our mortgage loan arrangements, 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, 2020 and 2019.

Mortgage notes receivable are recorded at cost, net of any valuation adjustments. Effective January 1, 2020, (upon the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," as amended and interpreted), we account for mortgage notes receivable using the "expected credit loss" model, and accordingly impairment losses are estimated and recorded for the entire life of the loan. Prior to the implementation of ASC 326, we recognized impairment losses as incurred. 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 and update our expected credit loss model 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 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 two loans are collateralized by a first mortgage, these loans have risk characteristics similar to the risks in owning commercial real estate.At December 31, 2020, we had four mortgage notes receivable with an aggregate carrying amount, net of valuation adjustments of $39.9 million, and a weighted average interest rate of 10.0%. Approximately $30.3 million of the loans are secured by first mortgages on retail buildings at December 31, 2020.

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, 2020 and 2019, our investment in these joint ventures and maximum exposure to loss was $18.7 million and $23.4 million, respectively. On January 4, 2021, we acquired our partner's interest in the Pike & Rose hotel joint venture. See footnote 15 to the consolidated financial statements for additional details of this transaction.

In addition, we have 17 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 related to VIEs included in our consolidated balance sheets were approximately $1.4 billion and $1.5 billion as of December 31, 2020 and 2019, respectively, and mortgages related to VIEs included in our consolidated balance sheets were approximately $413.7 million and $469.2 million, as of December 31, 2020 and 2019, respectively.

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,
	2020		2019
	(In thousands)
Beginning balance	$	139,758	$	136,208
Contributions	19,335		9,961
Net income	2,228		3,430

Distributions & redemptions	(1,197)		(15,366)
Other comprehensive loss - change in value of interest rate swaps	(471)		—
Change in redemption value	(21,933)		5,525
Ending balance	$	137,720	$	139,758

Leases

We adopted ASC 842 effective January 1, 2019 under the modified retrospective approach and elected the optional transition method to apply the provisions of ASC 842 as of the adoption date, rather than the earliest period presented. We elected to apply certain adoption related practical expedients for all leases that commenced prior to the election date. These practical expedients included not reassessing whether any expired or existing contracts were or contained leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. We also elected the practical expedient for lessors to combine our lease and non-lease components (primarily impacts common area maintenance recoveries).

Lessor

We recorded a charge to the opening accumulated dividends in excess of net income of $7.1 million in 2019 as a result of the adoption of ASC 842. This charge was attributable to the write off certain direct leasing costs recorded under the previous lease accounting rules for leases which had not commenced as well as the write off of unreserved receivables (including straight-line receivables) for leases where we had determined the collection of substantially all the lease payments required for the term is not probable. Also upon adoption of ASC 842 and reflected in our 2019 and 2020 financial statements, we do not record a gross up of revenue and expense for costs (such as real estate taxes) paid directly by lessees on our behalf.

Lessee

We have ground leases at 12 properties which are accounted for as operating leases. The operating lease right of use ("ROU") assets and related liabilities are shown separately on the face of our consolidated balance sheet and reflect the present value of the minimum lease payments. A key input in the calculation is the discount rate. As the rate implied in the lease agreements is not readily determinable, we utilize our incremental borrowing rate that correspond to the remaining term of the lease, our credit spread, and and adjustment to reflect the collateralized payment terms present in the lease. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the non-cancellable lease term and is included in rental expenses in our consolidated statements of operations. We elected to apply the short-term lease exemption within ASC 842, and as such we have not recorded an ROU asset or lease liability for leases with terms of less than 12 months.

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 2016. As of December 31, 2020 and 2019, 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

Effect on the financial statements or significant matters

Adopted on January 1, 2020:

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.

Upon adoption of this standard, we recorded expected losses of $0.5 million in opening accumulated dividends in excess of net income. During the year ended December 31, 2020, we recorded additional expected losses of $0.4 million, which are included in rental expenses.

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 the date of adoption or retrospectively in accordance with ASC 250-10-45-5 through ASC 250-10-45-10.

The adoption of this standard did not have a significant impact to our consolidated financial statements.

Issued in 2020:

ASU 2020-04, March 2020, Reference Rate Reform (Topic 848)

This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, is generally only available through December 31, 2022.

We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients.

ASU 2020-06, August 2020, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity

This ASU simplifies the accounting for convertible instruments by removing the requirements to separately present certain conversion features in equity, simplifying the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification, and generally requiring use of the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive). The guidance is effective for annual periods beginning after December 15, 2021, and interim periods therein.

The adoption of this standard is not expected to have a significant impact to our consolidated financial statements.

Dividends

12 Months Ended

Dec. 31, 2020

Dividends [Abstract]

DIVIDENDS

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


	Year Ended December 31,
	2020				2019				2018
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	4.220	$	4.210	$	4.140	$	4.110	$	4.040	$	4.020
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	$	1.250	$	1.250	$	1.250	$	1.250	$	1.306

(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,
	2020		2019		2018
Common shares
Ordinary dividend	$	3.452	$	4.110	$	3.859
Return of capital	0.758		—		—
Ordinary dividend eligible for 15% rate	—		—		0.161

	$	4.210	$	4.110	$	4.020
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	$	1.354	$	1.354	$	1.300


Ordinary dividend eligible for 15% rate	—		—		0.054
	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares
Ordinary dividend	$	1.250	$	1.250	1.254

Ordinary dividend eligible for 15% rate	—		—		0.052

	$	1.250	$	1.250	$	1.306

On November 5, 2020, the Trustees declared a quarterly cash dividend of $1.06 per common share, payable January 15, 2021 to common shareholders of record on January 4, 2021.

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2020
Subsequent Event [Line Items]
Subsequent Event	SUBSEQUENT EVENTS On January 4, 2021, we acquired our partner's 20% interest in our joint venture arrangement related to the Pike & Rose hotel for $2.3 million, and repaid the $31.5 million mortgage loan. As a result of the transaction, we gained control of the hotel portion of this property, and effective January 4, 2021, we have consolidated this asset. On February 5, 2021, we repaid the $16.2 million mortgage loan on Sylmar Town Center, at par, prior to its original maturity date.

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE
Rental Income	$ 832,171	$ 932,738	$ 912,287
Mortgage interest income	3,323	3,050	3,149
Total revenue	835,494	935,788	915,436
EXPENSES
Rental expenses	170,920	187,831	173,094
Real estate taxes	119,242	110,927	114,776
General and administrative	41,680	42,754	33,600
Depreciation and amortization	255,027	239,758	244,245
Total operating expenses	586,869	581,270	565,715
Impairment charge	(57,218)	0	0
Gain on sale of real estate, net of tax	98,117	116,393	11,915
OPERATING INCOME	289,524	470,911	361,636
Other interest income	1,894	1,266	942
Interest expense	(136,289)	(109,623)	(110,154)
Early extinguishment of debt	(11,179)	0	0
(Loss) income from real estate partnerships	(8,062)	(2,012)	(3,398)
Net income	135,888	360,542	249,026
Net income attributable to noncontrolling interests	(4,182)	(6,676)	(7,119)
NET INCOME ATTRIBUTABLE TO THE TRUST	131,706	353,866	241,907
Dividends on preferred shares	(8,042)	(8,042)	(8,042)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 123,664	$ 345,824	$ 233,865
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders	$ 1.62	$ 4.61	$ 3.18
Weighted average common shares outstanding, basic	75,515	74,766	73,274
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders	$ 1.62	$ 4.61	$ 3.18
Weighted average number of common shares	75,515	74,766	73,302
Comprehensive Income
Net income	$ 135,888	$ 360,542	$ 249,026
Other comprehensive loss - change in value of interest rate swaps	(5,302)	(397)	(438)
COMPREHENSIVE INCOME	130,586	360,145	248,588
Comprehensive income attributable to noncontrolling interests	(3,711)	(6,676)	(7,119)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 126,875	$ 353,469	$ 241,469

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Mortgages payable and notes payable \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 886,887	$ 549,460
Mortgages payable and notes payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	879,390	562,049
Senior notes and debentures \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,404,488	2,807,134
Senior notes and debentures \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,761,465	$ 3,001,216

Savings and Retirement Plans (Details) - 401(K) and Deferred Compensation Plan - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401(k) Maximum annual contribution per employee	$ 19,500	$ 19,000	$ 18,500
401(k) Employer match	50.00%	50.00%	50.00%
401(k) Employer contribution expense	$ 813,000	$ 764,000	$ 688,000
Deferred compensation liability to participants	$ 18,000,000.0	$ 14,700,000
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%

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

Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION PLANS

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


	Year Ended December 31,
	2020		2019		2018
	(In thousands)

Grants of common shares and options	$	13,243	$	13,330	$	12,736
Capitalized share-based compensation	(1,319)		(1,054)		(1,017)
Share-based compensation expense	$	11,924	$	12,276	$	11,719

As of December 31, 2020, we have grants outstanding under two share-based compensation plans. In May 2020, our shareholders approved the 2020 Performance Incentive Plan ("the 2020 Plan"), which authorized the grant of share options, common shares, and other share-based awards for up to 1,750,000 common shares of beneficial interest. Our 2010 Long Term Incentive Plan, as amended (the "2010 Plan”), which expired in May 2020, authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest.

Option awards under the plans are required to have an exercise price at least equal to the closing trading price of our common shares on the date of grant. Options and restricted share awards under 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 2020 and 2019.

The following table provides a summary of the assumptions used to value options granted in 2018:


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

The following table provides a summary of option activity for 2020:


	Shares Under Option	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In thousands)
Outstanding at December 31, 2019	682	$	152.34
Granted	—	—
Exercised	—	—
Forfeited or expired	—	—
Outstanding at December 31, 2020	682	$	152.34	5.1	$	—
Exercisable at December 31, 2020	546	$	152.34	5.1	$	—

The weighted-average grant-date fair value of options granted in 2018 was $14.42 per share, which were later forfeited during 2018. The total cash received from options exercised during 2018 was $4.6 million. The total intrinsic value of options exercised during the year ended December 31, 2018 was $8.2 million.

The following table provides a summary of restricted share activity for 2020:


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2019	220,578	$	129.78
Granted	116,351	124.55
Vested	(101,651)	129.39
Forfeited	(2,100)	131.78
Unvested at December 31, 2020	233,178	$	127.32

The weighted-average grant-date fair value of stock awarded in 2020, 2019 and 2018 was $124.55, $133.30 and $112.88, respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2020, 2019 and 2018, was $12.4 million, $13.0 million and $9.7 million, respectively.

As of December 31, 2020, there was $17.0 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 5.3 years with a weighted-average period of 2.1 years.

Subsequent to December 31, 2020, common shares were awarded under various compensation plans as follows:

Date

Award

Vesting Term

Beneficiary

January 4, 2021

9,928

Immediate

Trustees

February 10, 2021

137,210

Restricted Shares

3-5 years

Officers and key employees

February 10, 2021

3,658

Options

5 years

Officers and key employees

Additionally, on February 10, 2021, 10,441 restricted stock units were awarded to an officer that vest at the end of four years. The final awards earned are based on meeting certain market based performance criteria, and may vary from 0% to 200% of the original award.

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, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative financial asset	$ (4,711)	$ 130
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative financial asset	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative financial asset	(4,711)	130
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative financial asset	$ 0	$ 0

Real Estate (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Acquisitions and Dispositions

2020 Property Acquisitions

Date Acquired

Property

City/State

Gross Leasable Area (GLA)

Purchase Price

(in square feet)

(in millions)

January 10, 2020

Fairfax Junction

Fairfax, Virginia

49,000

22.3

(1)

February 12, 2020

Hoboken (2 mixed-use buildings)

Hoboken, New Jersey

12,000

14.3

(2)

(1) This property is adjacent to, and will be operated as part of the property acquired in 2019. The purchase price was paid with a combination of cash and the issuance of 163,322 downREIT operating partnership units. Approximately $0.5 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.

(2) The purchase price includes the assumption of $8.9 million of mortgage debt, and is in addition to the 37 buildings previously acquired in 2019, and was completed through the same joint venture. Less than $0.1 million and approximately $3.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.

2019 Property Acquisitions


Date Acquired	Property	City/State	Gross Leasable Area (GLA)	Purchase Price
			(in square feet)	(in millions)
February 8, 2019	Fairfax Junction	Fairfax, Virginia	75,000	$	22.5	(1)
September 13, 2019	San Antonio Center	Mountain View, California	6,000	$	6.5
November 15, 2019	Georgetowne Shopping Center	Brooklyn, New York	147,000	$	83.7	(2)
Various 2019	Hoboken (37 mixed-use buildings)	Hoboken, New Jersey	158,000	$	189.2	(3)

(1) Approximately $0.6 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.

(2) Approximately $2.0 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.

(3) These acquisitions were completed through a newly formed joint venture, for which we own a 90% interest. The purchase price includes new and assumptions of mortgage debt totaling approximately $98.0 million. This property includes 123 residential units in addition to the GLA in the table above. Approximately $3.6 million and $8.1 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

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

Use of Estimates

Revenue Recognition and Accounts Receivable

Policy beginning January 1, 2019, with our adoption of Accounting Standards Codification (ASC) 842, "Leases"

Policy prior to January 1, 2019

Other revenue recognition policies

Real Estate

Long-Lived Assets and Impairment

Cash and Cash Equivalents

Prepaid Expenses and Other Assets

Debt Issuance Costs

Derivative Instruments

Mortgage Notes Receivable

At December 31, 2020, we had four mortgage notes receivable with an aggregate carrying amount, net of valuation adjustments of $39.9 million, and a weighted average interest rate of 10.0%. Approximately $30.3 million of the loans are secured by first mortgages on retail buildings at December 31, 2020.

Share Based Compensation

Variable Interest Entities

Redeemable Noncontrolling Interests

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


	Year Ended
	December 31,
	2020		2019
	(In thousands)
Beginning balance	$	139,758	$	136,208
Contributions	19,335		9,961
Net income	2,228		3,430

Distributions & redemptions	(1,197)		(15,366)
Other comprehensive loss - change in value of interest rate swaps	(471)		—
Change in redemption value	(21,933)		5,525
Ending balance	$	137,720	$	139,758

On August 2, 2019, we acquired the 10.1% redeemable noncontrolling interest in the partnership that owns our Montrose Crossing Shopping Center for $10.0 million, bringing our ownership interest to 100%.

Leases

Lessor

Lessee

Income Taxes

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.

Segment Information

Recent Accounting Pronouncements

Standard

Description

Effect on the financial statements or significant matters

Adopted on January 1, 2020:

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

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

The adoption of this standard did not have a significant impact to our consolidated financial statements.

Issued in 2020:

ASU 2020-04, March 2020, Reference Rate Reform (Topic 848)

We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients.

The adoption of 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,
	2020		2019		2018
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	159,718	$	130,110	$	129,001
Interest capitalized	(23,429)		(20,487)		(18,847)
Interest expense	$	136,289	$	109,623	$	110,154
Cash paid for interest, net of amounts capitalized	$	130,248	$	106,180	$	107,494
Cash paid for income taxes	$	580	$	483	$	675
NON-CASH INVESTING AND FINANCING TRANSACTIONS (1):

DownREIT operating partnership units issued with acquisition	$	18,920	$	—	$	—
Mortgage loans assumed with acquisition	$	8,903	$	98,041	$	—




DownREIT operating partnership units redeemed for common shares	$	—	$	14,105	$	101
Settlement of partner loan receivable via dilution of partner interests	$	—	$	5,379	$	—
Shares issued under dividend reinvestment plan	$	1,734	$	1,784	$	1,884
Contribution from noncontrolling interest	$	—	$	—	$	1,435

(1) See Note 5 for additional disclosures relating to the mortgages entered into and assumed as a result of the Hoboken acquisition.


	December 31,
	2020		2019
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	798,329	$	127,432
Restricted cash (1)	18,567		26,182
Total cash, cash equivalents, and restricted cash	$	816,896	$	153,614

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

Acquired In-Place Leases

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUIRED IN-PLACE LEASES

Acquired lease assets comprise above market leases where we are the lessor and below market leases where we are the lessee. Acquired lease liabilities comprise below market leases where we are the lessor and above market leases where we are the lessee. As a lessor, acquired above market leases are included in prepaid expenses and other assets, and acquired below market leases are included in other liabilities and deferred credits. In accordance with our adoption of ASC Topic 842, acquired below market leases and acquired above market leases where we are the lessee are included in right of use assets. The following is a summary of our acquired lease assets and liabilities:


	December 31, 2020				December 31, 2019
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
	(in thousands)
Above market leases, lessor	$	43,560	$	(31,661)	$	48,530	$	(32,833)
Below market leases, lessee	34,604		(4,190)		34,604		(3,362)
Total	$	78,164	$	(35,851)	$	83,134	$	(36,195)

Below market leases, lessor	$	(174,582)	$	68,286	$	(177,512)	$	66,419
Above market leases, lessee	(9,084)		2,116		(9,084)		1,590
Total	$	(183,666)	$	70,402	$	(186,596)	$	68,009

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,
	2020		2019		2018
	(in thousands)
Amortization of above market leases, lessor	$	(4,060)	$	(3,239)	$	(5,608)
Amortization of below market leases, lessor	8,406		9,623		12,445
Net increase in rental income	$	4,346	$	6,384	$	6,837

Amortization of below market leases, lessee	$	828	$	828	$	828
Amortization of above market leases, lessee	(525)		(525)		(505)
Net increase in rental expense	$	303	$	303	$	323

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


						December 31, 2020

Above market leases, lessor						3.5 years
Below market leases, lessee						38.6 years
Below market leases, lessor						17.8 years
Above market leases, lessee						13.4 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,
2021	$	3,302	$	7,738
2022	2,637		7,501
2023	2,439		7,253
2024	2,189		6,784
2025	1,911		6,300
Thereafter	29,835		77,688
	$	42,313	$	113,264

Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Interest expense reclassified from other comprehensive income (less than for 2019)	$ 700
Other comprehensive loss - change in value of interest rate swaps	(5,302)	$ (397)	$ (438)
Increase (Decrease) in Derivative Assets	4,800
Prepaid expenses and other assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	4,700
Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	(4,711)	130
Accumulated Other Comprehensive Income (loss)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive loss - change in value of interest rate swaps		(397)	$ (438)
Accumulated Other Comprehensive Income (loss) \| Equity Method Investee
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive loss - change in value of interest rate swaps	500	900
Mortgage Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgage payable	$ 486,035	$ 547,247
Hoboken \| Mortgage Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	2
Notional amount of interest rate swap agreements	$ 56,500
Mortgage payable	$ 56,500
Fixed interest rate of derivative instrument	3.67%

Summary Of Significant Accounting Policies (Variable Interest Entities) (Details) $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities	17
Net real estate assets of consolidated VIEs	$ 1,400,000	$ 1,500,000
Mortgage Payable From Consolidated Variable Interest Entities	413,681	469,184
Unconsolidated variable interest entities
Variable Interest Entity [Line Items]
Maximum exposure to loss in variable interest entity	$ 18,700	$ 23,400

Acquired In-Place Leases (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020				December 31, 2019
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
	(in thousands)
Above market leases, lessor	$	43,560	$	(31,661)	$	48,530	$	(32,833)
Below market leases, lessee	34,604		(4,190)		34,604		(3,362)
Total	$	78,164	$	(35,851)	$	83,134	$	(36,195)

Below market leases, lessor	$	(174,582)	$	68,286	$	(177,512)	$	66,419
Above market leases, lessee	(9,084)		2,116		(9,084)		1,590
Total	$	(183,666)	$	70,402	$	(186,596)	$	68,009

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

The following is a summary of acquired lease amortization:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Amortization of above market leases, lessor	$	(4,060)	$	(3,239)	$	(5,608)
Amortization of below market leases, lessor	8,406		9,623		12,445
Net increase in rental income	$	4,346	$	6,384	$	6,837

Amortization of below market leases, lessee	$	828	$	828	$	828
Amortization of above market leases, lessee	(525)		(525)		(505)
Net increase in rental expense	$	303	$	303	$	323

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


						December 31, 2020

Above market leases, lessor						3.5 years
Below market leases, lessee						38.6 years
Below market leases, lessor						17.8 years
Above market leases, lessee						13.4 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,
2021	$	3,302	$	7,738
2022	2,637		7,501
2023	2,439		7,253
2024	2,189		6,784
2025	1,911		6,300
Thereafter	29,835		77,688
	$	42,313	$	113,264

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

Dec. 31, 2020

Dec. 31, 2019

Maximum borrowing capacity under revolving credit facility

$ 428,777

120,457

279,314

604,344

48,366

2,827,247

^[1]

4,308,505

1,000,000

Revolving credit facility

$ 0

Mortgages Payable

Principal balance

486,035

547,247

28,101

119,706

3,549

3,688

48,033

282,958

486,035

Senior Notes and Debentures

2021

^[2]

400,676

2022

751

2023

765

2024

^[3]

656

2025

333

Thereafter

Long-term Debt

403,270