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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number: 1-07533 (Federal Realty Investment Trust)
Commission file number: 333-262016-01 (Federal Realty OP LP)
FEDERAL REALTY INVESTMENT TRUST
FEDERAL REALTY OP LP
(Exact Name of Registrant as Specified in its Charter)
Maryland (Federal Realty Investment Trust)
 87-3916363
Delaware (Federal Realty OP LP)
52-0782497
(State of Organization) (IRS Employer Identification No.)
909 Rose Avenue, Suite 200, North Bethesda, Maryland 20852
(Address of Principal Executive Offices) (Zip Code)
(301) 998-8100
(Registrant’s Telephone Number, Including Area Code)

Federal Realty Investment Trust
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Common Shares of Beneficial InterestFRTNew York Stock Exchange
$.01 par value per share, with associated Common Share Purchase Rights
Depositary Shares, each representing 1/1000 of a share of FRT-CNew York Stock Exchange
5.00% Series C Cumulative Redeemable Preferred Stock, $.01 par value per share
Federal Realty OP LP
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
NoneN/AN/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
 Federal Realty Investment Trust   Yes      No Federal Realty OP LP   Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Federal Realty Investment Trust   Yes      No Federal Realty OP LP   Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Federal Realty Investment TrustFederal Realty OP LP
Large Accelerated Filer
Accelerated filer
Large Accelerated Filer
Accelerated filer
Non-Accelerated Filer
Smaller reporting company
Non-Accelerated Filer
Smaller reporting company
Emerging growth company
Emerging growth company
If an emerging growth company, indicate by checkmark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Federal Realty Investment Trust   Yes      No Federal Realty OP LP   Yes      No

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Federal Realty Investment Trust   Yes      No Federal Realty OP LP   Yes      No
The number of registrant’s common shares outstanding on May 2, 2022 was 79,420,226.


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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2022, of Federal Realty Investment Trust and Federal Realty OP, LP. Unless stated otherwise or the context otherwise requires, references to "Federal Realty Investment Trust," the "Parent Company" or the "Trust" mean Federal Realty Investment Trust; and references to "Federal Realty OP LP" or the "Operating Partnership" mean Federal Realty OP LP. The term "the Company," "we," "us," and "our" refer to the Parent Company and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. References to "shares" and "shareholders" refer to the shares and shareholders of the Parent Company and not the limited partnership interests for limited partners of the Operating Partnership.
The Parent Company is a real estate investment trust ("REIT") that owns 100% of the limited liability company interests of, is the sole member of, and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which is the sole general partner of the Operating Partnership. As of March 31, 2022, the Parent Company owned 100% of the outstanding partnership units (the "OP Units") in the Operating Partnership.
The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report provides the following benefits:
Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the businesses as a whole in the same manner as management views and operates the business;
Eliminates duplicate disclosure and provides a more streamlined and readable presentation; and
Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
Management operates the Parent Company and the Operating Partnership as one business. Since the Operating Partnership is managed by the Parent Company, and the Parent Company conducts substantially all of its operations through the Operating Partnership, the management of the Parent Company consists of the same individuals as the management of the Operating Partnership.
We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its direct and indirect interest in the Operating Partnership. As a result, the Parent Company does not conduct business itself other than issuing public equity from time to time. The Parent Company is not expected to incur any material indebtedness. The Operating Partnership holds substantially all of our assets and retains the ownership interests in the Company's joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates all capital required by the Company’s business. Sources of this capital include the Operating Partnership’s operations, its direct or indirect incurrence of indebtedness, and the issuance of partnership units.
Stockholders' equity, partner capital, and non-controlling interests are the primary areas of difference between the unaudited Condensed Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership’s capital currently includes OP Units owned by the Parent, and may in the future include OP Units owned by third parties. OP Units owned by third parties, if any, are accounted for in capital in the Operating Partnership’s financial statements and in non-controlling interests in the Parent Company’s financial statements.
The Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while stockholders’ equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.
In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements (but combined footnotes), separate controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.



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FEDERAL REALTY INVESTMENT TRUST
FEDERAL REALTY OP LP
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED MARCH 31, 2022

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
Federal Realty Investment Trust
Consolidated Balance Sheets (unaudited) as of March 31, 2022 and December 31, 2021
Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2022 and 2021
Consolidated Statements of Shareholders' Equity (unaudited) for the three months ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2022 and 2021
Federal Realty OP LP
Consolidated Balance Sheets (unaudited) as of March 31, 2022 and December 31, 2021
Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2022 and 2021
Consolidated Statements of Capital (unaudited) for the three months ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2022 and 2021
Federal Realty Investment Trust and Federal Realty OP LP
Notes to Consolidated Financial Statements (unaudited)
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
PART II. OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
SIGNATURES


2

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Federal Realty Investment Trust
Consolidated Balance Sheets
March 31,December 31,
20222021
 (In thousands, except share and per share data)
(Unaudited)
ASSETS
Real estate, at cost
Operating (including $2,210,901 and $2,207,648 of consolidated variable interest entities, respectively)
$8,843,063 $8,814,791 
Construction-in-progress (including $21,677 and $18,752 of consolidated variable interest entities, respectively)
662,985 607,271 
9,506,048 9,422,062 
Less accumulated depreciation and amortization (including $403,533 and $389,950 of consolidated variable interest entities, respectively)
(2,587,121)(2,531,095)
Net real estate6,918,927 6,890,967 
Cash and cash equivalents157,944 162,132 
Accounts and notes receivable, net183,479 169,007 
Mortgage notes receivable, net9,519 9,543 
Investment in partnerships13,183 13,027 
Operating lease right of use assets90,231 90,743 
Finance lease right of use assets49,511 49,832 
Prepaid expenses and other assets245,581 237,069 
TOTAL ASSETS$7,668,375 $7,622,320 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $334,640 and $335,301 of consolidated variable interest entities, respectively)
$339,236 $339,993 
Notes payable, net301,540 301,466 
Senior notes and debentures, net3,406,491 3,406,088 
Accounts payable and accrued expenses233,773 235,168 
Dividends payable86,617 86,538 
Security deposits payable26,073 25,331 
Operating lease liabilities72,317 72,661 
Finance lease liabilities72,028 72,032 
Other liabilities and deferred credits201,680 206,187 
Total liabilities4,739,755 4,745,464 
Commitments and contingencies (Note 5)
Redeemable noncontrolling interests214,043 213,708 
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
150,000 150,000 
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding
9,997 9,997 
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 79,417,472 and 78,603,305 shares issued and outstanding, respectively
799 790 
Additional paid-in capital3,572,591 3,488,794 
Accumulated dividends in excess of net income(1,101,154)(1,066,932)
Accumulated other comprehensive income (loss)1,525 (2,047)
Total shareholders’ equity of the Trust2,633,758 2,580,602 
Noncontrolling interests80,819 82,546 
Total shareholders’ equity2,714,577 2,663,148 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$7,668,375 $7,622,320 
The accompanying notes are an integral part of these consolidated statements.
3

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Federal Realty Investment Trust
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 31,
 20222021
 (In thousands, except per share data)
REVENUE
Rental income$256,507 $217,135 
Mortgage interest income264 1,026 
Total revenue256,771 218,161 
EXPENSES
Rental expenses56,211 49,238 
Real estate taxes30,560 29,420 
General and administrative12,342 10,258 
Depreciation and amortization71,674 63,874 
Total operating expenses170,787 152,790 
       Gain on sale of real estate and change in control of interest 17,428 
OPERATING INCOME85,984 82,799 
OTHER INCOME/(EXPENSE)
Other interest income120 363 
Interest expense(31,573)(32,085)
Income (loss) from partnerships197 (1,338)
NET INCOME54,728 49,739 
Net income attributable to noncontrolling interests(2,744)(1,503)
NET INCOME ATTRIBUTABLE TO THE TRUST51,984 48,236 
Dividends on preferred shares(2,010)(2,010)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS$49,974 $46,226 
EARNINGS PER COMMON SHARE, BASIC:
       Net income available for common shareholders$0.63 $0.60 
Weighted average number of common shares78,446 76,842 
EARNINGS PER COMMON SHARE, DILUTED:
       Net income available for common shareholders$0.63 $0.60 
Weighted average number of common shares78,543 76,842 
COMPREHENSIVE INCOME$58,644 $53,433 
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST$55,556 $51,580 

The accompanying notes are an integral part of these consolidated statements.
4

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Federal Realty Investment Trust
Consolidated Statements of Shareholders’ Equity
For the Three Months Ended March 31, 2022 and 2021
(Unaudited)
 Shareholders’ Equity of the Trust  
 Preferred SharesCommon SharesAdditional
Paid-in
Capital
Accumulated
Dividends in
Excess of Net
Income
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling InterestsTotal Shareholders' Equity
 SharesAmountSharesAmount
 (In thousands, except share data)
BALANCE AT DECEMBER 31, 2021405,896 $159,997 78,603,305 $790 $3,488,794 $(1,066,932)$(2,047)$82,546 $2,663,148 
Net income, excluding $1,735 attributable to redeemable noncontrolling interests
— — — — — 51,984 — 1,009 52,993 
Other comprehensive income - change in fair value of interest rate swaps, excluding $344 attributable to redeemable noncontrolling interests
— — — — — — 3,572 — 3,572 
Dividends declared to common shareholders ($1.07 per share)
— — — — — (84,196)— — (84,196)
Dividends declared to preferred shareholders— — — — — (2,010)— — (2,010)
Distributions declared to noncontrolling interests, excluding $1,744 attributable to redeemable noncontrolling interests
— — — — — — — (1,759)(1,759)
Common shares issued, net— — 729,769 8 82,741 — — — 82,749 
Shares issued under dividend reinvestment plan— — 3,770 — 502 — — — 502 
Share-based compensation expense, net of forfeitures— — 108,891 1 4,178 — — — 4,179 
Shares withheld for employee taxes— — (38,270)— (4,601)— — — (4,601)
Conversion and redemption of downREIT OP units— — 10,007  977 — — (977) 
BALANCE AT MARCH 31, 2022405,896 $159,997 79,417,472 $799 $3,572,591 $(1,101,154)$1,525 $80,819 $2,714,577 
BALANCE AT DECEMBER 31, 2020405,896 $159,997 76,727,394 $771 $3,297,305 $(988,272)$(5,644)$84,590 $2,548,747 
Net income, excluding $808 attributable to redeemable noncontrolling interests
— — — — — 48,236 — 695 48,931 
Other comprehensive income - change in fair value of interest rate swaps, excluding $350 attributable to redeemable noncontrolling interests
— — — — — — 3,344 — 3,344 
Dividends declared to common shareholders ($1.06 per share)
— — — — — (82,371)— — (82,371)
Dividends declared to preferred shareholders— — — — — (2,010)— — (2,010)
Distributions declared to noncontrolling interests, excluding $696 attributable to redeemable noncontrolling interests
— — — — — — — (784)(784)
Common shares issued, net— — 847,493 8 87,206 — — — 87,214 
Shares issued under dividend reinvestment plan— — 6,280 — 545 — — — 545 
Share-based compensation expense, net of forfeitures— — 147,712 2 4,147 — — — 4,149 
Shares withheld for employee taxes— — (27,429)— (2,805)— — — (2,805)
Conversion and redemption of downREIT OP units— — 5,016  519 — (519) 
BALANCE AT MARCH 31, 2021405,896 $159,997 77,706,466 $781 $3,386,917 $(1,024,417)$(2,300)$83,982 $2,604,960 
The accompanying notes are an integral part of these consolidated statements.
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Federal Realty Investment Trust
Consolidated Statements of Cash Flows
 (Unaudited)
Three Months Ended March 31,
 20222021
 (In thousands)
OPERATING ACTIVITIES
Net income$54,728 $49,739 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization71,674 63,874 
Gain on sale of real estate and change in control of interest (17,428)
(Income) loss from partnerships(197)1,338 
Other, net(1,636)1,245 
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable, net(11,257)883 
(Increase) decrease in prepaid expenses and other assets(4,577)3,169 
(Decrease) increase in accounts payable and accrued expenses(5,419)7,987 
(Decrease) increase in security deposits and other liabilities(247)4,299 
Net cash provided by operating activities103,069 115,106 
INVESTING ACTIVITIES
Acquisition of real estate (5,694)
Capital expenditures - development and redevelopment(66,610)(68,527)
Capital expenditures - other(18,409)(15,189)
Proceeds from sale of real estate874 19,896 
Investment in partnerships (2,657)
Distribution from partnerships in excess of earnings517 285 
Leasing costs(4,577)(2,955)
Repayment of mortgage and other notes receivable, net11  
Net cash used in investing activities(88,194)(74,841)
FINANCING ACTIVITIES
Repayment of mortgages, finance leases and notes payable(869)(48,845)
Issuance of common shares, net of costs82,819 87,329 
Dividends paid to common and preferred shareholders(85,684)(82,913)
Shares withheld for employee taxes(4,601)(2,805)
Distributions to and redemptions of noncontrolling interests(3,514)(1,485)
Net cash used in financing activities(11,849)(48,719)
Increase (decrease) in cash, cash equivalents and restricted cash3,026 (8,454)
Cash, cash equivalents, and restricted cash at beginning of year175,163 816,896 
Cash, cash equivalents, and restricted cash at end of period$178,189 $808,442 

The accompanying notes are an integral part of these consolidated statements.


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Table of Contents
Federal Realty OP LP
Consolidated Balance Sheets
March 31,December 31,
20222021
 (In thousands, except unit data)
(Unaudited)
ASSETS
Real estate, at cost
Operating (including $2,210,901 and $2,207,648 of consolidated variable interest entities, respectively)
$8,843,063 $8,814,791 
Construction-in-progress (including $21,677 and $18,752 of consolidated variable interest entities, respectively)
662,985 607,271 
9,506,048 9,422,062 
Less accumulated depreciation and amortization (including $403,533 and $389,950 of consolidated variable interest entities, respectively)
(2,587,121)(2,531,095)
Net real estate6,918,927 6,890,967 
Cash and cash equivalents157,944 162,132 
Accounts and notes receivable, net183,479 169,007 
Mortgage notes receivable, net9,519 9,543 
Investment in partnerships13,183 13,027 
Operating lease right of use assets90,231 90,743 
Finance lease right of use assets49,511 49,832 
Prepaid expenses and other assets245,581 237,069 
TOTAL ASSETS$7,668,375 $7,622,320 
LIABILITIES AND CAPITAL
Liabilities
Mortgages payable, net (including $334,640 and $335,301 of consolidated variable interest entities, respectively)
$339,236 $339,993 
Notes payable, net301,540 301,466 
Senior notes and debentures, net3,406,491 3,406,088 
Accounts payable and accrued expenses233,773 235,168 
Dividends payable86,617 86,538 
Security deposits payable26,073 25,331 
Operating lease liabilities72,317 72,661 
Finance lease liabilities72,028 72,032 
Other liabilities and deferred credits201,680 206,187 
Total liabilities4,739,755 4,745,464 
Commitments and contingencies (Note 5)
Redeemable noncontrolling interests214,043 213,708 
Partner capital
Preferred units, 405,896 units issued and outstanding
154,963 154,963 
Common units, 79,417,472 and 78,603,305 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively
2,477,270 2,427,686 
Accumulated other comprehensive income (loss)1,525 (2,047)
Total partner capital2,633,758 2,580,602 
Noncontrolling interests in consolidated partnerships80,819 82,546 
Total capital2,714,577 2,663,148 
TOTAL LIABILITIES AND CAPITAL$7,668,375 $7,622,320 
The accompanying notes are an integral part of these consolidated statements.
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Table of Contents
Federal Realty OP LP
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 31,
 20222021
 (In thousands, except per unit data)
REVENUE
Rental income$256,507 $217,135 
Mortgage interest income264 1,026 
Total revenue256,771 218,161 
EXPENSES
Rental expenses56,211 49,238 
Real estate taxes30,560 29,420 
General and administrative12,342 10,258 
Depreciation and amortization71,674 63,874 
Total operating expenses170,787 152,790 
       Gain on sale of real estate and change in control of interest 17,428 
OPERATING INCOME85,984 82,799 
OTHER INCOME/(EXPENSE)
Other interest income120 363 
Interest expense(31,573)(32,085)
Income (loss) from partnerships197 (1,338)
NET INCOME54,728 49,739 
Net income attributable to noncontrolling interests(2,744)(1,503)
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP51,984 48,236 
Distributions on preferred units(2,010)(2,010)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS$49,974 $46,226 
EARNINGS PER COMMON UNIT, BASIC:
       Net income available for common unit holders$0.63 $0.60 
Weighted average number of common units78,446 76,842 
EARNINGS PER COMMON UNIT, DILUTED:
       Net income available for common unit holders$0.63 $0.60 
Weighted average number of common units78,543 76,842 
COMPREHENSIVE INCOME$58,644 $53,433 
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE PARTNERSHIP$55,556 $51,580 

The accompanying notes are an integral part of these consolidated statements.
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Table of Contents
Federal Realty OP LP
Consolidated Statements of Capital
For the Three Months Ended March 31, 2022 and 2021
(Unaudited)
 Preferred UnitsCommon UnitsAccumulated
Other
Comprehensive
Income (Loss)
Total Partner CapitalNoncontrolling Interests in Consolidated PartnershipsTotal Capital
 
BALANCE AT DECEMBER 31, 2021$154,963 $2,427,686 $(2,047)$2,580,602 $82,546 $2,663,148 
Net income, excluding $1,735 attributable to redeemable noncontrolling interests
2,010 49,974 — 51,984 1,009 52,993 
Other comprehensive income - change in fair value of interest rate swaps, excluding $344 attributable to redeemable noncontrolling interest
— — 3,572 3,572 — 3,572 
Distributions declared to common unit holders— (84,196)— (84,196)— (84,196)
Distributions declared to preferred unit holders(2,010)— — (2,010)— (2,010)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding $1,744 attributable to redeemable noncontrolling interests
— — — — (1,759)(1,759)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs— 82,749 — 82,749 — 82,749 
Common units issued under dividend reinvestment plan— 502 — 502 — 502 
Share-based compensation expense, net of forfeitures— 4,179 — 4,179 — 4,179 
Common units withheld for employee taxes— (4,601)— (4,601)— (4,601)
Conversion and redemption of downREIT OP units— 977 — 977 (977) 
BALANCE AT MARCH 31, 2022$154,963 $2,477,270 $1,525 $2,633,758 $80,819 $2,714,577 
BALANCE AT DECEMBER 31, 2020$154,963 $2,314,838 $(5,644)$2,464,157 $84,590 $2,548,747 
Net income, excluding $808 attributable to redeemable noncontrolling interests
2,010 46,226 — 48,236 695 48,931 
Other comprehensive income - change in fair value of interest rate swaps, excluding $350 attributable to redeemable noncontrolling interests
— — 3,344 3,344 — 3,344 
Distributions declared to common unit holders— (82,371)— (82,371)— (82,371)
Distributions declared to preferred unit holders(2,010)— — (2,010)— (2,010)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding $696 attributable to redeemable noncontrolling interests
— — — — (784)(784)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs— 87,214 — 87,214 — 87,214 
Common units issued under dividend reinvestment plan— 545 — 545 — 545 
Share-based compensation expense, net of forfeitures— 4,149 — 4,149 — 4,149 
Common units withheld for employee taxes— (2,805)— (2,805)— (2,805)
Conversion and redemption of downREIT OP units— 519 — 519 (519) 
BALANCE AT MARCH 31, 2021$154,963 $2,368,315