0000034903-22-000068 | 10-Q | XBRL Viewer | Federal Realty Investment Trust

Earnings Per Share

9 Months Ended

Sep. 30, 2022

EARNINGS PER SHARE AND UNIT

We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For both the three and nine months ended September 30, 2022 and 2021, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliations below.

The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive:

•exercise of 682 stock options for the three and nine months ended September 30, 2021,

•conversions of downREIT operating partnership units for the three and nine months ended September 30, 2021,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for the nine months ended September 30, 2022, and the three and nine months ended September 30, 2021, and

•the issuance of 1.8 million shares and units issuable under common share forward sales agreements for the nine months ended September 30, 2022, and 0.9 million and 1.7 million, respectively, for the three and nine months ended September 30, 2021.

Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved.

Federal Realty Investment Trust Earnings per Share


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands, except per share data)
NUMERATOR
Net income	$	158,774	$	54,541	$	277,969	152,339
Less: Preferred share dividends	(2,008)		(2,010)		(6,026)		(6,031)
Less: Income from operations attributable to noncontrolling interests	(2,636)		(2,419)		(8,171)		(5,777)
Less: Earnings allocated to unvested shares	(535)		(309)		(935)		(901)



Net income available for common shareholders, basic and diluted	$	153,595	$	49,803	$	262,837	$	139,630
DENOMINATOR
Weighted average common shares outstanding, basic	80,765		77,485		79,480		77,269
Effect of dilutive securities:

Open forward contracts for share issuances	—		90		1		18
DownREIT operating partnership units	652		—		656		—
5.417% Series 1 Cumulative Convertible Preferred Shares	94		—		—		—
Weighted average common shares outstanding, diluted	81,511		77,575		80,137		77,287

EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$	1.90	$	0.64	$	3.31	$	1.81

EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$	1.89	$	0.64	$	3.31	$	1.81

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands, except per unit data)
NUMERATOR
Net income	$	158,774	$	54,541	$	277,969	152,339
Less: Preferred unit distributions	(2,008)		(2,010)		(6,026)		(6,031)
Less: Income from operations attributable to noncontrolling interests	(2,636)		(2,419)		(8,171)		(5,777)
Less: Earnings allocated to unvested units	(535)		(309)		(935)		(901)



Net income available for common unit holders, basic and diluted	$	153,595	$	49,803	$	262,837	$	139,630
DENOMINATOR
Weighted average common units outstanding, basic	80,765		77,485		79,480		77,269
Effect of dilutive securities:

Common unit issuances relating to open common share forward contracts	—		90		1		18
DownREIT operating partnership units	652		—		656		—
5.417% Series 1 Cumulative Convertible Preferred Units	94		—		—		—
Weighted average common units outstanding, diluted	81,511		77,575		80,137		77,287

EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders	$	1.90	$	0.64	$	3.31	$	1.81

EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$	1.89	$	0.64	$	3.31	$	1.81

Business And Organization	9 Months Ended
Business And Organization	Sep. 30, 2022
Nature Of Operations [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the "Parent Company" and the “Trust”) is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of and exercises exclusive control over Federal Realty GP LLC ("the General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of September 30, 2022, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects. We operate in a manner intended to enable the Trust to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

Summary of Significant Accounting Policies (Policy)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

In January 2022, we completed a reorganization into an umbrella partnership real estate investment trust, or "UPREIT." For additional information on our UPREIT reorganization, please see our Current Reports on Form 8-K filed with the SEC on January 3, 2022 and January 5, 2022, as well our latest Annual Report on Form 10-K filed on February 10, 2022. Immediately following the reorganization, the Parent Company had the same consolidated assets and liabilities as Federal Realty Investment Trust immediately before the reorganization. The Parent Company exercises exclusive control over the General Partner and does not have assets or liabilities other than its investment in the Operating Partnership. As a result, the UPREIT reorganization represented a merger of entities under common control in accordance with accounting principles generally accepted in the United States ("GAAP"). Accordingly, the accompanying consolidated financial statements including the notes thereto, are presented as if the UPREIT reorganization had occurred at the earliest period presented.

The accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the full year. Certain 2021 amounts have been reclassified to conform to our current period presentation.

Principles of Consolidation

As discussed in the Explanatory Note, we have combined the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent Company, through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures which we do not control using the equity method of accounting.

Use of Estimates

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

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Standard

Description

Effect on the financial statements or significant matters

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 expect to apply some of the practical expedients, as we are in the process of transitioning the $55.4 million mortgage loan at Hoboken and the $39.2 million mortgage loan related to the unconsolidated Assembly Row hotel (of which our share is $19.6 million) from LIBOR to alternative interest rates. We do not expect a significant impact to our financial results, financial position, or cash flows from this transition.

ASU 2022-03, June 2022, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820)

This ASU clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, and requires specific disclosures for all entities with equity securities subject to a contractual sale restriction including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. In addition, the ASU prohibits an entity from recognizing a contractual sale as a separate unit of account.

This guidance is effective in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted.

We are assessing the impact of this ASU on OP units issued as consideration in future acquisitions.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Summary Of Significant Accounting Policies Impacts of COVID-19 Pandemic (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue Recognition and Accounts Receivable [Abstract]
Collectibility adjustment (increase) decrease in revenue	$ (0.9)	$ 0.6	$ (2.9)	$ 21.8
Percentage of tenants with revenue recognized on a cash basis	31.00%		31.00%
Rent deferred	$ 47.0		$ 47.0
Previously deferred rent, amount collected	$ 33.0		$ 33.0

Real Estate (Significant Dispositions and Other Transaction) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 25, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Significant Acquisitions, Dispositions, and Other Transaction
Gain on sale of real estate and change in control of interest		$ 29,723	$ 0	$ 29,723	$ 17,428
Gain on deconsolidation of VIE		70,374	$ 0	70,374	$ 0
Escondido Promenade \| TIC Interest
Significant Acquisitions, Dispositions, and Other Transaction
Ownership interest	77.70%
Ownership interest of partner	22.30%
One residential property (including an adjacent retail pad) and one retail property
Significant Acquisitions, Dispositions, and Other Transaction
Sales price of real estate		66,800		66,800
Gain on sale of real estate and change in control of interest		$ 20,400		$ 20,400
Escondido Promenade \| TIC Interest
Significant Acquisitions, Dispositions, and Other Transaction
Gain on deconsolidation of VIE	$ 70,400
Purchase option agreement payment required to acquire the TIC interest from our co-owner	1,500
Escondido Promenade \| Investment in Partnerships \| TIC Interest
Significant Acquisitions, Dispositions, and Other Transaction
Fair value of our investment	110,000
Escondido Promenade \| Accounts and notes receivable, net \| TIC Interest
Significant Acquisitions, Dispositions, and Other Transaction
Loan to co-owner	$ 3,500

Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2022	Oct. 31, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-07533
Name of Registrant	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
State of Organization	MD
IRS Employer Identification No.	87-3916363
Entity Address, Address	909 Rose Avenue, Suite 200
Entity Address, City	North Bethesda
Entity Address, State	MD
Entity Address, Zip Code	20852
City Area Code	301
Registrant's Telephone Number	998-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		81,209,479
Federal Realty OP LP
Entity Information [Line Items]
Entity File Number	333-262016-01
Name of Registrant	FEDERAL REALTY OP LP
State of Organization	DE
IRS Employer Identification No.	52-0782497
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
New York Stock Exchange \| 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 \| Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/1000 of a share of
Trading Symbol	FRT-C
Security Exchange Name	NYSE

Fair Value of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Mortgages payable and notes payable \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 889,601	$ 641,459
Mortgages payable and notes payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	867,018	655,864
Senior notes and debentures \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,407,298	3,406,088
Senior notes and debentures \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,043,034	$ 3,649,776

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net income	$ 277,969	$ 152,339
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	223,244	202,160
Deconsolidation of VIE, Gain (Loss), Amount	(70,374)	0
Gain on sale of real estate and change in control of interest	(29,723)	(17,428)
(Income) loss from partnerships	(4,878)	86
Straight-line rent	(14,414)	(4,114)
Share-based compensation expense	10,255	9,780
Other, net	(3,509)	(2,206)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable, net	(5,519)	4,857
Decrease (increase) in prepaid expenses and other assets	1,361	(6,004)
Increase in accounts payable and accrued expenses	13,948	15,505
Increase in security deposits and other liabilities	10,933	11,061
Net cash provided by operating activities	409,293	366,036
INVESTING ACTIVITIES
Acquisition of real estate	(429,990)	(366,466)
Capital expenditures - development and redevelopment	(213,881)	(282,833)
Capital expenditures - other	(70,004)	(48,693)
Costs associated with property sold under threat of condemnation	(2,915)	0
Proceeds from sale of real estate	66,682	19,896
Change in cash from deconsolidation of VIE	(4,192)	0
Investment in partnerships	(417)	(2,657)
Distribution from partnerships in excess of earnings	5,076	1,868
Leasing costs	(17,039)	(14,079)
(Issuance) repayment of mortgage and other notes receivable, net	(3,471)	31,122
Net cash used in investing activities	(670,151)	(661,842)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	267,000	0
Repayment of mortgages, finance leases and notes payable	(18,644)	(160,307)
Issuance of common shares, net of costs	292,671	87,279
Dividends paid to common and preferred shareholders	(258,009)	(250,849)
Shares withheld for employee taxes	(4,886)	(2,939)
Contributions from noncontrolling interests	0	104
Distributions to and redemptions of redeemable noncontrolling interests	(33,801)	(6,473)
Net cash provided by (used in) financing activities	244,331	(333,185)
Decrease in cash, cash equivalents and restricted cash	(16,527)	(628,991)
Cash, cash equivalents, and restricted cash at beginning of year	175,163	816,896
Cash, cash equivalents, and restricted cash at end of period	158,636	187,905
Federal Realty OP LP
OPERATING ACTIVITIES
Net income	277,969	152,339
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	223,244	202,160
Deconsolidation of VIE, Gain (Loss), Amount	(70,374)	0
Gain on sale of real estate and change in control of interest	(29,723)	(17,428)
(Income) loss from partnerships	(4,878)	86
Straight-line rent	(14,414)	(4,114)
Share-based compensation expense	10,255	9,780
Other, net	(3,509)	(2,206)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable, net	(5,519)	4,857
Decrease (increase) in prepaid expenses and other assets	1,361	(6,004)
Increase in accounts payable and accrued expenses	13,948	15,505
Increase in security deposits and other liabilities	10,933	11,061
Net cash provided by operating activities	409,293	366,036
INVESTING ACTIVITIES
Acquisition of real estate	(429,990)	(366,466)
Capital expenditures - development and redevelopment	(213,881)	(282,833)
Capital expenditures - other	(70,004)	(48,693)
Costs associated with property sold under threat of condemnation	(2,915)	0
Proceeds from sale of real estate	66,682	19,896
Change in cash from deconsolidation of VIE	(4,192)	0
Investment in partnerships	(417)	(2,657)
Distribution from partnerships in excess of earnings	5,076	1,868
Leasing costs	(17,039)	(14,079)
(Issuance) repayment of mortgage and other notes receivable, net	(3,471)	31,122
Net cash used in investing activities	(670,151)	(661,842)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	267,000	0
Repayment of mortgages, finance leases and notes payable	(18,644)	(160,307)
Issuance of common shares, net of costs	292,671	87,279
Dividends paid to common and preferred shareholders	(258,009)	(250,849)
Shares withheld for employee taxes	(4,886)	(2,939)
Contributions from noncontrolling interests	0	104
Distributions to and redemptions of redeemable noncontrolling interests	(33,801)	(6,473)
Net cash provided by (used in) financing activities	244,331	(333,185)
Decrease in cash, cash equivalents and restricted cash	(16,527)	(628,991)
Cash, cash equivalents, and restricted cash at beginning of year	175,163	816,896
Cash, cash equivalents, and restricted cash at end of period	$ 158,636	$ 187,905

Share-Based Compensation Plans

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION PLANS

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)
Grants of common shares, restricted stock units, and options	$	3,579	$	3,367	$	11,258	$	10,874


Capitalized share-based compensation	(344)		(336)		(1,003)		(1,094)
Share-based compensation expense	$	3,235	$	3,031	$	10,255	$	9,780

Business And Organization (Details)	9 Months Ended
Business And Organization (Details)	Sep. 30, 2022 project
Nature of Operations
Number of real estate properties	104
Minimum percentage of taxable income distributed to shareholders	90.00%
Federal Realty GP LLC
Nature of Operations
Limited liability company ownership interest	100.00%

Summary Of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Principles of Consolidation

Use of Estimates

Impacts of COVID-19 Pandemic and General Economic Conditions

Given ongoing workforce shortages, global supply chain bottlenecks and shortages, higher levels of inflation, and rising interest rates, we continue to monitor and address risks related to the global COVID-19 pandemic and the state of the economy. The extent of the future effects of COVID-19 and potentially worsening economic conditions on our business, results of operations, cash flows, and growth prospects is highly uncertain and will ultimately depend on future developments, none of which can be predicted with any certainty.

Our collection of rents has continued to improve including collecting rents related to prior periods. As a result, our collectibility related adjustments resulted in an increase to rental income of $0.9 million and $2.9 million, respectively, during the three and nine months ended September 30, 2022, as compared to a decrease to rental income during the three and nine months ended September 30, 2021 of $0.6 million and $21.8 million, respectively, which reflected lower levels of cash collections and elevated levels of rent abatements and disputes directly related to COVID-19. As of September 30, 2022, the revenue from approximately 31% of our tenants (based on total commercial leases) is being recognized on a cash basis.

As of September 30, 2022, we executed rent deferral agreements related to the COVID-19 pandemic representing approximately $47 million of rent. We have subsequently collected approximately $33 million of those amounts previously deferred.

For more information, see Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Outlook.

Recently Issued Accounting Pronouncements

Standard

Description

Effect on the financial statements or significant matters

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

ASU 2022-03, June 2022, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820)

We are assessing the impact of this ASU on OP units issued as consideration in future acquisitions.

Consolidated Statements of Cash Flows—Supplemental Disclosures

The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows:


	Nine Months Ended
	September 30,
	2022		2021
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	112,596	$	113,691
Interest capitalized	(13,889)		(18,180)
Interest expense	$	98,707	$	95,511
Cash paid for interest, net of amounts capitalized	$	94,712	$	91,887
Cash paid for income taxes	$	616	$	326
NON-CASH INVESTING AND FINANCING TRANSACTIONS:





DownREIT operating partnership units redeemed for common shares	$	1,385	$	5,121
Shares issued under dividend reinvestment plan	$	1,292	$	1,294
5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares	$	175	$	—


	September 30,		December 31,
	2022		2021
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	146,214	$	162,132
Restricted cash (1)	12,422		13,031
Total cash, cash equivalents, and restricted cash	$	158,636	$	175,163

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

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
Earnings Per Share (Details) - shares	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Weighted average unvested shares outstanding	300,000	300,000	300,000	300,000
Federal Realty OP LP
Weighted average unvested units outstanding	300,000	300,000	300,000	300,000
5.417% Series 1 Cumulative Convertible Preferred Shares
Preferred shares, percentage		5.417%	5.417%	5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred Units
Preferred units, percentage		5.417%	5.417%	5.417%
Stock Options
Anti-dilutive issuable shares		682		682
Forward Sales Contracts
Anti-dilutive issuable shares		900,000	1,800,000	1,700,000
Forward Sales Contracts \| Federal Realty OP LP
Anti-dilutive issuable units		900,000	1,800,000	1,700,000
Unvested restricted stock units
Anti-dilutive issuable shares	10,441	10,441	10,441	10,441

Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Jun. 15, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Feb. 14, 2022
Class of Stock [Line Items]
Net proceeds from issuance of common shares			$ 292,671	$ 87,279
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively
Class of Stock [Line Items]
Preferred shares converted	7,018
Common Shares
Class of Stock [Line Items]
Common shares issued upon conversion	1,675
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share					$ 500,000
Shares issued		296,843	296,843
Weighted Average Price Per Common Share		$ 112.11	$ 112.11
Net proceeds from issuance of common shares		$ 32,900	$ 32,900
Remaining capacity to issue		466,700	466,700
At The Market Equity Program \| Commissions
Class of Stock [Line Items]
Payments of Stock Issuance Costs		300	300
At The Market Equity Program \| Other Offering Costs
Class of Stock [Line Items]
Payments of Stock Issuance Costs		$ 100	$ 100
Forward Sales Contracts
Class of Stock [Line Items]
Shares issued			2,203,655
Net proceeds from issuance of common shares			$ 259,400

Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Capital - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	$ 157,000	$ 52,946	$ 272,668	$ 148,867
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,534	512	8,131	2,918
Deconsolidation of VIE	972		972
Contributions from noncontrolling interests				6,554
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,534	512	8,131	2,918
Federal Realty OP LP
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,876,427	2,575,839	2,663,148	2,548,747
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	157,000	52,946	272,668	148,867
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,534	512	8,131	2,918
Distributions declared to common unit holders	(87,694)	(83,212)	(256,867)	(248,000)
Distributions declared to preferred unit holders	(2,008)	(2,010)	(6,026)	(6,031)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(1,441)	(1,555)	(4,066)	(3,282)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	32,892	(67)	292,344	87,066
Exercise of stock options	35		35
Common units issued under dividend reinvestment plan	573	488	1,584	1,507
Share-based compensation expense, net of forfeitures	3,579	3,367	11,258	10,874
Common units withheld for employee taxes	(248)	(126)	(4,886)	(2,939)
Conversion of preferred units			0
Deconsolidation of VIE	972		972
Adjustment to redeemable noncontrolling interests	(741)		3,585
Contributions from noncontrolling interests				6,554
Ending balance	2,981,880	2,546,182	2,981,880	2,546,182
Federal Realty OP LP \| Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	154,788	154,963	154,963	154,963
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	2,008	2,010	6,026	6,031
Distributions declared to preferred unit holders	(2,008)	(2,010)	(6,026)	(6,031)
Conversion of preferred units			(175)
Ending balance	154,788	154,963	154,788	154,963
Federal Realty OP LP \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,637,545	2,338,364	2,427,686	2,314,838
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	154,130	50,112	263,772	140,531
Distributions declared to common unit holders	(87,694)	(83,212)	(256,867)	(248,000)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	32,892	(67)	292,344	87,066
Exercise of stock options	35		35
Common units issued under dividend reinvestment plan	573	488	1,584	1,507
Share-based compensation expense, net of forfeitures	3,579	3,367	11,258	10,874
Common units withheld for employee taxes	(248)	(126)	(4,886)	(2,939)
Conversion of preferred units			175
Adjustment to redeemable noncontrolling interests	(741)		3,585
Ending balance	2,740,071	2,308,926	2,740,071	2,308,926
Federal Realty OP LP \| Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	3,550	(3,238)	(2,047)	(5,644)
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,534	512	8,131	2,918
Ending balance	6,084	(2,726)	6,084	(2,726)
Federal Realty OP LP \| Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,795,883	2,490,089	2,580,602	2,464,157
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	156,138	52,122	269,798	146,562
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,534	512	8,131	2,918
Distributions declared to common unit holders	(87,694)	(83,212)	(256,867)	(248,000)
Distributions declared to preferred unit holders	(2,008)	(2,010)	(6,026)	(6,031)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	32,892	(67)	292,344	87,066
Exercise of stock options	35		35
Common units issued under dividend reinvestment plan	573	488	1,584	1,507
Share-based compensation expense, net of forfeitures	3,579	3,367	11,258	10,874
Common units withheld for employee taxes	(248)	(126)	(4,886)	(2,939)
Adjustment to redeemable noncontrolling interests	(741)		3,585
Ending balance	2,900,943	2,461,163	2,900,943	2,461,163
Federal Realty OP LP \| Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	80,544	85,750	82,546	84,590
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	862	824	2,870	2,305
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(1,441)	(1,555)	(4,066)	(3,282)
Deconsolidation of VIE	972		972
Contributions from noncontrolling interests				6,554
Ending balance	$ 80,937	$ 85,019	80,937	85,019
Federal Realty OP LP \| downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units			0	(99)
Federal Realty OP LP \| downREIT OP units \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units			1,385	5,049
Federal Realty OP LP \| downREIT OP units \| Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units			1,385	5,049
Federal Realty OP LP \| downREIT OP units \| Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units			$ (1,385)	$ (5,148)

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	downREIT OP units	5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively	Preferred Shares	Preferred Shares 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively	Common Shares	Common Shares downREIT OP units	Common Shares 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively	Additional Paid-in Capital	Additional Paid-in Capital downREIT OP units	Additional Paid-in Capital 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Noncontrolling Interest downREIT OP units
Beginning balance (in shares) at Dec. 31, 2020				405,896		76,727,394
Beginning balance at Dec. 31, 2020	$ 2,548,747			$ 159,997		$ 771			$ 3,297,305			$ (988,272)	$ (5,644)	$ 84,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	148,867											146,562		2,305
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,918												2,918
Dividends declared to common shareholders	(248,000)											(248,000)
Dividends declared to preferred shareholders	(6,031)											(6,031)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(3,282)													(3,282)
Common shares issued, net (in shares)						847,528
Common shares issued, net	87,066					$ 9			87,057
Shares issued under dividend reinvestment plan (in shares)						15,710
Shares issued under dividend reinvestment plan	1,507								1,507
Share-based compensation expense, net of forfeitures (in shares)						163,092
Share-based compensation expense, net of forfeitures	10,874					$ 2			10,872
Shares withheld for employee taxes (in shares)						(28,563)
Shares withheld for employee taxes	(2,939)								(2,939)
Conversion and redemption of downREIT OP units (in Shares)							49,484
Conversion and redemption of downREIT OP units							$ 0			$ 5,049
Conversion and redemption of downREIT OP units		$ (99)													$ (5,148)
Contributions from noncontrolling interests	6,554													6,554
Ending balance (in shares) at Sep. 30, 2021				405,896		77,774,645
Ending balance at Sep. 30, 2021	2,546,182			$ 159,997		$ 782			3,398,851			(1,095,741)	(2,726)	85,019
Beginning balance (in shares) at Jun. 30, 2021				405,896		77,760,588
Beginning balance at Jun. 30, 2021	2,575,839			$ 159,997		$ 782			3,395,189			(1,062,641)	(3,238)	85,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	52,946											52,122		824
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	512												512
Dividends declared to common shareholders	(83,212)											(83,212)
Dividends declared to preferred shareholders	(2,010)											(2,010)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,555)													(1,555)
Common shares issued, net (in shares)						19
Common shares issued, net	(67)					$ 0			(67)
Shares issued under dividend reinvestment plan (in shares)						4,194
Shares issued under dividend reinvestment plan	488								488
Share-based compensation expense, net of forfeitures (in shares)						10,907
Share-based compensation expense, net of forfeitures	3,367					$ 0			3,367
Shares withheld for employee taxes (in shares)						(1,063)
Shares withheld for employee taxes	(126)								(126)
Ending balance (in shares) at Sep. 30, 2021				405,896		77,774,645
Ending balance at Sep. 30, 2021	2,546,182			$ 159,997		$ 782			3,398,851			(1,095,741)	(2,726)	85,019
Beginning balance (in shares) at Dec. 31, 2021				405,896		78,603,305
Beginning balance at Dec. 31, 2021	2,663,148			$ 159,997		$ 790			3,488,794			(1,066,932)	(2,047)	82,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	272,668											269,798		2,870
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	8,131												8,131
Dividends declared to common shareholders	(256,867)											(256,867)
Dividends declared to preferred shareholders	(6,026)											(6,026)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(4,066)													(4,066)
Common shares issued, net (in shares)						2,500,569
Common shares issued, net	292,344					$ 25			292,319
Exercise of stock options (in shares)						366
Exercise of stock options	35								35
Shares issued under dividend reinvestment plan (in shares)						13,832
Shares issued under dividend reinvestment plan	1,584								1,584
Share-based compensation expense, net of forfeitures (in shares)						110,915
Share-based compensation expense, net of forfeitures	11,258					$ 2			11,256
Shares withheld for employee taxes (in shares)						(40,974)
Shares withheld for employee taxes	(4,886)								(4,886)
Conversion of preferred shares (in shares)					(7,018)
Conversion of preferred shares					$ (175)
Conversion of preferred shares (in shares)								1,675
Conversion of preferred shares			$ 0								$ 175
Conversion and redemption of downREIT OP units (in Shares)							14,598
Conversion and redemption of downREIT OP units		$ 0					$ 0			$ 1,385
Conversion and redemption of downREIT OP units															$ (1,385)
Deconsolidation of VIE	972													972
Adjustment to redeemable noncontrolling interests	3,585								3,585
Ending balance (in shares) at Sep. 30, 2022				398,878		81,204,286
Ending balance at Sep. 30, 2022	2,981,880			$ 159,822		$ 817			3,794,247			(1,060,027)	6,084	80,937
Beginning balance (in shares) at Jun. 30, 2022				398,878		80,896,804
Beginning balance at Jun. 30, 2022	2,876,427			$ 159,822		$ 813			3,758,161			(1,126,463)	3,550	80,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	157,000											156,138		862
Other comprehensive income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,534												2,534
Dividends declared to common shareholders	(87,694)											(87,694)
Dividends declared to preferred shareholders	(2,008)											(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,441)													(1,441)
Common shares issued, net (in shares)						296,872
Common shares issued, net	32,892					$ 3			32,889
Exercise of stock options (in shares)						366
Exercise of stock options	35								35
Shares issued under dividend reinvestment plan (in shares)						5,832
Shares issued under dividend reinvestment plan	573								573
Share-based compensation expense, net of forfeitures (in shares)						6,810
Share-based compensation expense, net of forfeitures	3,579					$ 1			3,578
Shares withheld for employee taxes (in shares)						(2,398)
Shares withheld for employee taxes	(248)								(248)
Deconsolidation of VIE	972													972
Adjustment to redeemable noncontrolling interests	(741)								(741)
Ending balance (in shares) at Sep. 30, 2022				398,878		81,204,286
Ending balance at Sep. 30, 2022	$ 2,981,880			$ 159,822		$ 817			$ 3,794,247			$ (1,060,027)	$ 6,084	$ 80,937

Debt (Details) - USD ($) $ in Millions				3 Months Ended	9 Months Ended
Debt (Details) - USD ($) $ in Millions	Jun. 29, 2022	Apr. 01, 2022	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2022
One of the buildings at our Hoboken property
Debt Instrument [Line Items]
Repayments of Secured Debt	$ 16.1
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility				$ 1,000.0	$ 1,000.0
Maximum amount outstanding under revolving credit facility				330.0	330.0
Weighted average borrowings outstanding				$ 229.5	$ 97.8
Weighted average interest rate, before amortization of debt fees				3.40%	3.10%
Revolving credit facility				$ 267.0	$ 267.0
Basis spread on LIBOR interest		0.825%	0.775%
Unsecured term loan
Debt Instrument [Line Items]
Basis spread on LIBOR interest		0.85%	0.80%

Share-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of share-based compensation expense included in net income

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)
Grants of common shares, restricted stock units, and options	$	3,579	$	3,367	$	11,258	$	10,874


Capitalized share-based compensation	(344)		(336)		(1,003)		(1,094)
Share-based compensation expense	$	3,235	$	3,031	$	10,255	$	9,780

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,774	$ 1,595	$ 5,301	$ 3,472
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	$ (261)	$ (42)	$ (802)	$ (273)
Dividends declared to common shareholders (in dollars per share)	$ 1.08	$ 1.07	$ 3.22	$ 3.19
Distributions declared to redeemable noncontrolling interests	$ 1,974	$ 1,310	$ 6,112	$ 3,045
Contributions from redeemable noncontrolling interests				$ 74,530

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 3,579	$ 3,367	$ 11,258	$ 10,874
Capitalized share-based compensation	(344)	(336)	(1,003)	(1,094)
Share-based compensation expense	$ 3,235	$ 3,031	$ 10,255	$ 9,780

Subsequent Event (Details) ft² in Thousands, $ in Millions	Oct. 06, 2022 USD ($) ft²	Oct. 05, 2022 USD ($)	Apr. 01, 2022	Mar. 31, 2022	Sep. 30, 2022 USD ($)
Revolving credit facility
Subsequent Event [Line Items]
Maximum borrowing capacity under revolving credit facility					$ 1,000.0
Basis spread			0.825%	0.775%
Revolving credit facility					$ 267.0
Unsecured term loan
Subsequent Event [Line Items]
Basis spread			0.85%	0.80%
Subsequent Event \| Two shopping centers in Chandler, Arizona
Subsequent Event [Line Items]
Ownership interest in joint venture	47.50%
Square footage of real estate property \| ft²	617
Purchase price of real estate acquisition	$ 58.9
Mortgage loan on unconsolidated real estate properties	76.1
Our share of unconsolidated mortgage debt	$ 36.2
Subsequent Event \| Revolving credit facility
Subsequent Event [Line Items]
Maximum borrowing capacity under revolving credit facility		$ 1,250.0
Maximum borrowing capacity after option to increase credit facility		$ 1,750.0
Subsequent Event \| Revolving credit facility \| SOFR
Subsequent Event [Line Items]
Spread adjustment on SOFR		0.10%
Basis spread		0.775%
Subsequent Event \| Unsecured term loan
Subsequent Event [Line Items]
Additional borrowings		$ 300.0
Other notes payable		$ 600.0
Subsequent Event \| Unsecured term loan \| SOFR
Subsequent Event [Line Items]
Basis spread		0.85%

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Summary of dividends declared and paid per share

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


	Nine Months Ended September 30,
	2022				2021
	Declared		Paid		Declared		Paid
Common shares	$	3.220	$	3.210	$	3.190	$	3.180
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.016	$	1.016	$	1.016	$	1.016
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.938	$	0.938	$	0.938	$	0.938

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

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) agreement	Sep. 30, 2022 USD ($) agreement	Dec. 31, 2021 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 6,500	$ 6,500
Amount reclassified from other comprehensive income to interest expense	100	300
Accumulated other comprehensive income \| One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income	200	900
Fair Value, recurring \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 6,508	$ 6,508
Derivative Liability			$ (1,511)
Fair Value, recurring \| Interest rate swap \| One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements \| agreement	2	2
Mortgage payable \| Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements \| agreement	2	2
Notional amount of derivative	$ 55,400	$ 55,400
Fixed interest rate on derivative	3.67%	3.67%
Other comprehensive income	$ 2,600	$ 8,000
Secured Debt \| Hoboken
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgage payable	55,400	55,400
Fair Value, Inputs, Level 1 \| Fair Value, recurring \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	0	0
Derivative Liability			0
Fair Value, Inputs, Level 2 \| Fair Value, recurring \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	6,508	6,508
Derivative Liability			(1,511)
Fair Value, Inputs, Level 3 \| Fair Value, recurring \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 0	$ 0
Derivative Liability			$ 0

Fair Value Of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

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


	September 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable, net	$	889,601	$	867,018	$	641,459	$	655,864
Senior notes and debentures, net	$	3,407,298	$	3,043,034	$	3,406,088	$	3,649,776

As of September 30, 2022, we have two interest rate swap agreements with notional amounts of $55.4 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the interest rate on $55.4 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 September 30, 2022 was an asset of $6.5 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three and nine months ended September 30, 2022, the value of our interest rate swaps increased $2.6 million and $8.0 million, respectively (including less than $0.1 million reclassified from other comprehensive income as a decrease to interest expense for the three months ended and $0.3 million for the nine months ended reclassified from other comprehensive income as an increase to interest expense,

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


	September 30, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	6,508	$	—	$	6,508	$	—	$	(1,511)	$	—	$	(1,511)

One of our equity method investees has two interest rate swaps which qualify for cash flow hedge accounting. For the three and nine months ended September 30, 2022, our share of the change in fair value of the related swaps included in "accumulated other comprehensive income" was an increase of $0.2 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

Debt	9 Months Ended
Debt	Sep. 30, 2022
Debt Instruments [Abstract]
DEBT	DEBT On June 29, 2022, we repaid the $16.1 million mortgage loan on one of the buildings at our Hoboken property, at par. During both the three and nine months ended September 30, 2022, the maximum amount of borrowings outstanding under our $1.0 billion revolving credit facility was $330.0 million. The weighted average amount of borrowings outstanding was $229.5 million and $97.8 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 3.4% and 3.1%, respectively, for the three and nine months ended September 30, 2022. At September 30, 2022, our revolving credit facility had $267.0 million outstanding. Effective April 1, 2022, as a result of the change in our credit rating, the spread over LIBOR on our revolving credit facility increased from 77.5 basis points to 82.5 basis, and the spread over LIBOR on our unsecured term loan increased from 80 basis points to 85 basis points. Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of September 30, 2022, we were in compliance with all default related debt covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Jul. 13, 2022	Sep. 30, 2022	Sep. 30, 2022
San Antonio Center
Commitments [Line Items]
Gain on tenant costs associated with property sold under threat of condemnation		$ 9.3	$ 9.3
Tenant settlement payments incurred			2.9
Estimated Litigation Liability		$ 20.1	$ 20.1
Plaza El Segundo \| Redeemable Noncontrolling Interests
Commitments [Line Items]
Redeemable noncontrolling interest purchased	21.80%
Payments for repurchase of redeemable noncontrolling interest	$ 23.6
Ownership interest subsequent to redemption	100.00%
downREIT OP units
Commitments [Line Items]
downREIT operating partnership units, outstanding		652,233	652,233
downREIT operating partnership units outstanding, fair value		$ 58.8	$ 58.8

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Operating real estate, consolidated variable interest entities	$ 1,963,129	$ 2,207,648
Construction-in-progress, consolidated variable interest entities	23,448	18,752
Accumulated depreciation and amortization, consolidated variable interest entities	349,553	389,950
Mortgages payable, consolidated variable interest entities	$ 192,442	$ 335,301
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, authorized	15,000,000	15,000,000
Common shares of beneficial interest, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, shares outstanding	81,204,286	78,603,305
Common shares of beneficial interest, shares issued	81,204,286	78,603,305
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Federal Realty OP LP
Operating real estate, consolidated variable interest entities	$ 1,963,129	$ 2,207,648
Construction-in-progress, consolidated variable interest entities	23,448	18,752
Accumulated depreciation and amortization, consolidated variable interest entities	349,553	389,950
Mortgages payable, consolidated variable interest entities	$ 192,442	$ 335,301
Preferred units, issued	398,878	405,896
Preferred units, outstanding	398,878	405,896
Common units, issued	81,204,286	78,603,305
Common units, outstanding	81,204,286	78,603,305
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Preferred shares, percentage	5.00%	5.00%
Preferred shares, liquidation preference	$ 25,000	$ 25,000
Preferred shares, shares outstanding	6,000	6,000
Preferred shares, shares issued	6,000	6,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively
Preferred shares, percentage	5.417%	5.417%
Preferred shares, liquidation preference	$ 25	$ 25
Preferred shares, shares outstanding	392,878	399,896
Preferred shares, shares issued	392,878	399,896

Fair Value Of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

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:


	September 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable, net	$	889,601	$	867,018	$	641,459	$	655,864
Senior notes and debentures, net	$	3,407,298	$	3,043,034	$	3,406,088	$	3,649,776

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

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


	September 30, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	6,508	$	—	$	6,508	$	—	$	(1,511)	$	—	$	(1,511)

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income attributable to redeemable noncontrolling interests	$ 1,774	$ 1,595	$ 5,301	$ 3,472
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	(261)	(42)	(802)	(273)
Distributions declared to redeemable noncontrolling interests	1,974	1,310	6,112	3,045
Contributions from redeemable noncontrolling interests				74,530
Federal Realty OP LP
Net income attributable to redeemable noncontrolling interests	1,774	1,595	5,301	3,472
Other comprehensive (income) loss attributable to redeemable noncontrolling interests	(261)	(42)	(802)	(273)
Distributions declared to redeemable noncontrolling interests	$ 1,974	$ 1,310	$ 6,112	3,045
Contributions from redeemable noncontrolling interests				$ 74,530

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 158,774	$ 54,541	$ 277,969	$ 152,339
Less: Preferred share dividends	(2,008)	(2,010)	(6,026)	(6,031)
Less: Income from operations attributable to noncontrolling interests	(2,636)	(2,419)	(8,171)	(5,777)
Less: Earnings allocated to unvested shares	(535)	(309)	(935)	(901)
Net income available for common shareholders, basic and diluted	$ 153,595	$ 49,803	$ 262,837	$ 139,630
Weighted average common shares outstanding, basic	80,765	77,485	79,480	77,269
Open forward contracts for share issuances	0	90	1	18
DownREIT operating partnership units	652	0	656	0
Weighted average common shares outstanding, diluted	81,511	77,575	80,137	77,287
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 1.90	$ 0.64	$ 3.31	$ 1.81
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 1.89	$ 0.64	$ 3.31	$ 1.81
5.417% Series 1 Cumulative Convertible Preferred Shares
5.417% Series 1 Cumulative Convertible Preferred Shares	94	0	0	0
Federal Realty OP LP
Net income	$ 158,774	$ 54,541	$ 277,969	$ 152,339
Less: Preferred unit distributions	(2,008)	(2,010)	(6,026)	(6,031)
Less: Income from operations attributable to noncontrolling interests	(2,636)	(2,419)	(8,171)	(5,777)
Less: Earnings allocated to unvested units	(535)	(309)	(935)	(901)
Net income available to common unit holders, basic and diluted	$ 153,595	$ 49,803	$ 262,837	$ 139,630
Weighted average common units outstanding, basic	80,765	77,485	79,480	77,269
Common unit issuances relating to open common share forward contracts	0	90	1	18
DownREIT operating partnership units	652	0	656	0
Weighted average common units outstanding, diluted	81,511	77,575	80,137	77,287
EARNINGS PER COMMON UNIT, BASIC:
Net income available for common shareholders	$ 1.90	$ 0.64	$ 3.31	$ 1.81
EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$ 1.89	$ 0.64	$ 3.31	$ 1.81
Federal Realty OP LP \| 5.417% Series 1 Cumulative Convertible Preferred Units
5.417% Series 1 Cumulative Convertible Preferred Units	94	0	0	0

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of earnings per share

The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive:

•exercise of 682 stock options for the three and nine months ended September 30, 2021,

•conversions of downREIT operating partnership units for the three and nine months ended September 30, 2021,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for the nine months ended September 30, 2022, and the three and nine months ended September 30, 2021, and

Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved.

Federal Realty Investment Trust Earnings per Share


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands, except per share data)
NUMERATOR
Net income	$	158,774	$	54,541	$	277,969	152,339
Less: Preferred share dividends	(2,008)		(2,010)		(6,026)		(6,031)
Less: Income from operations attributable to noncontrolling interests	(2,636)		(2,419)		(8,171)		(5,777)
Less: Earnings allocated to unvested shares	(535)		(309)		(935)		(901)



Net income available for common shareholders, basic and diluted	$	153,595	$	49,803	$	262,837	$	139,630
DENOMINATOR
Weighted average common shares outstanding, basic	80,765		77,485		79,480		77,269
Effect of dilutive securities:

Open forward contracts for share issuances	—		90		1		18
DownREIT operating partnership units	652		—		656		—
5.417% Series 1 Cumulative Convertible Preferred Shares	94		—		—		—
Weighted average common shares outstanding, diluted	81,511		77,575		80,137		77,287

EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$	1.90	$	0.64	$	3.31	$	1.81

EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$	1.89	$	0.64	$	3.31	$	1.81

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands, except per unit data)
NUMERATOR
Net income	$	158,774	$	54,541	$	277,969	152,339
Less: Preferred unit distributions	(2,008)		(2,010)		(6,026)		(6,031)
Less: Income from operations attributable to noncontrolling interests	(2,636)		(2,419)		(8,171)		(5,777)
Less: Earnings allocated to unvested units	(535)		(309)		(935)		(901)



Net income available for common unit holders, basic and diluted	$	153,595	$	49,803	$	262,837	$	139,630
DENOMINATOR
Weighted average common units outstanding, basic	80,765		77,485		79,480		77,269
Effect of dilutive securities:

Common unit issuances relating to open common share forward contracts	—		90		1		18
DownREIT operating partnership units	652		—		656		—
5.417% Series 1 Cumulative Convertible Preferred Units	94		—		—		—
Weighted average common units outstanding, diluted	81,511		77,575		80,137		77,287

EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders	$	1.90	$	0.64	$	3.31	$	1.81

EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$	1.89	$	0.64	$	3.31	$	1.81

Summary Of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Supplemental disclosures related to the Consolidated Statements Of Cash Flows

The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows:


	Nine Months Ended
	September 30,
	2022		2021
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	112,596	$	113,691
Interest capitalized	(13,889)		(18,180)
Interest expense	$	98,707	$	95,511
Cash paid for interest, net of amounts capitalized	$	94,712	$	91,887
Cash paid for income taxes	$	616	$	326
NON-CASH INVESTING AND FINANCING TRANSACTIONS:





DownREIT operating partnership units redeemed for common shares	$	1,385	$	5,121
Shares issued under dividend reinvestment plan	$	1,292	$	1,294
5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares	$	175	$	—

Reconciliation of cash, cash equivalents, and restricted cash


	September 30,		December 31,
	2022		2021
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	146,214	$	162,132
Restricted cash (1)	12,422		13,031
Total cash, cash equivalents, and restricted cash	$	158,636	$	175,163

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

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Operating (including $1,963,129 and $2,207,648 of consolidated variable interest entities, respectively)	$ 9,323,359	$ 8,814,791
Construction-in-progress (including $23,448 and $18,752 of consolidated variable interest entities, respectively)	681,641	607,271
Real estate, at cost, total	10,005,000	9,422,062
Less accumulated depreciation and amortization (including $349,553 and $389,950 of consolidated variable interest entities, respectively)	(2,660,799)	(2,531,095)
Net real estate	7,344,201	6,890,967
Cash and cash equivalents	146,214	162,132
Accounts and notes receivable, net	187,149	169,007
Mortgage notes receivable, net	9,475	9,543
Investment in partnerships	122,822	13,027
Operating lease right of use assets, net	95,187	90,743
Finance lease right of use assets, net	45,756	49,832
Prepaid expenses and other assets	266,203	237,069
TOTAL ASSETS	8,217,007	7,622,320
Liabilities
Mortgages payable, net (including $192,442 and $335,301 of consolidated variable interest entities, respectively)	321,299	339,993
Notes payable, net	568,302	301,466
Senior notes and debentures, net	3,407,298	3,406,088
Accounts payable and accrued expenses	245,610	235,168
Dividends payable	90,121	86,538
Security deposits payable	28,042	25,331
Operating lease liabilities	78,234	72,661
Finance lease liabilities	67,662	72,032
Other liabilities and deferred credits	242,800	206,187
Total liabilities	5,049,368	4,745,464
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	185,759	213,708
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 81,204,286 and 78,603,305 shares issued and outstanding, respectively	817	790
Additional paid-in capital	3,794,247	3,488,794
Accumulated dividends in excess of net income	(1,060,027)	(1,066,932)
Accumulated other comprehensive income (loss)	6,084	(2,047)
Total shareholders’ equity of the Trust	2,900,943	2,580,602
Noncontrolling interests	80,937	82,546
Total shareholders’ equity	2,981,880	2,663,148
Partner capital
Accumulated other comprehensive income (loss)	6,084	(2,047)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,217,007	7,622,320
Federal Realty OP LP
ASSETS
Operating (including $1,963,129 and $2,207,648 of consolidated variable interest entities, respectively)	9,323,359	8,814,791
Construction-in-progress (including $23,448 and $18,752 of consolidated variable interest entities, respectively)	681,641	607,271
Real estate, at cost, total	10,005,000	9,422,062
Less accumulated depreciation and amortization (including $349,553 and $389,950 of consolidated variable interest entities, respectively)	(2,660,799)	(2,531,095)
Net real estate	7,344,201	6,890,967
Cash and cash equivalents	146,214	162,132
Accounts and notes receivable, net	187,149	169,007
Mortgage notes receivable, net	9,475	9,543
Investment in partnerships	122,822	13,027
Operating lease right of use assets, net	95,187	90,743
Finance lease right of use assets, net	45,756	49,832
Prepaid expenses and other assets	266,203	237,069
TOTAL ASSETS	8,217,007	7,622,320
Liabilities
Mortgages payable, net (including $192,442 and $335,301 of consolidated variable interest entities, respectively)	321,299	339,993
Notes payable, net	568,302	301,466
Senior notes and debentures, net	3,407,298	3,406,088
Accounts payable and accrued expenses	245,610	235,168
Dividends payable	90,121	86,538
Security deposits payable	28,042	25,331
Operating lease liabilities	78,234	72,661
Finance lease liabilities	67,662	72,032
Other liabilities and deferred credits	242,800	206,187
Total liabilities	5,049,368	4,745,464
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	185,759	213,708
Shareholders’ equity
Accumulated other comprehensive income (loss)	6,084	(2,047)
Partner capital
Preferred units, 398,878 and 405,896 units issued and outstanding, respectively	154,788	154,963
Common units, 81,204,286 and 78,603,305 units issued and outstanding, respectively	2,740,071	2,427,686
Accumulated other comprehensive income (loss)	6,084	(2,047)
Total partner capital	2,900,943	2,580,602
Noncontrolling interests in consolidated partnerships	80,937	82,546
Total capital	2,981,880	2,663,148
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,217,007	7,622,320
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	150,000	150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	$ 9,822	$ 9,997

Real Estate (Significant Acqusitions) (Details)
$ in Thousands

3 Months Ended

Jul. 27, 2022

USD ($)

ft²

Jul. 18, 2022

USD ($)

ft²

Jul. 27, 2022

USD ($)

ft²

Sep. 30, 2022

USD ($)

Dec. 31, 2021

USD ($)

Significant Acquisitions, Dispositions, and Other Transaction

Operating lease right of use assets, net

$ 95,187

$ 90,743

Operating lease liabilities

$ 78,234

$ 72,661

Kingstowne Towne Center

Significant Acquisitions, Dispositions, and Other Transaction

Square footage of real estate property | ft²

^[1]

410,000

Purchase price of real estate acquisition

^[1]

$ 200,000

Kingstowne Towne Center | Other Liabilities

Significant Acquisitions, Dispositions, and Other Transaction

Below market leases

20,200

Kingstowne Towne Center | Other Assets | Acquired lease costs

Significant Acquisitions, Dispositions, and Other Transaction

Acquired lease costs

11,300

Kingstowne Towne Center | Other Assets | Above market leases

Significant Acquisitions, Dispositions, and Other Transaction

Above market leases

$ 300

Hilton Village

Significant Acquisitions, Dispositions, and Other Transaction

Square footage of real estate property | ft²

^[2]

214,000

Purchase price of real estate acquisition

^[2]

$ 53,600

Operating lease right of use assets, net

6,500

Above Market Liability

800

Operating lease liabilities

7,300

Hilton Village | Other Liabilities

Significant Acquisitions, Dispositions, and Other Transaction

Below market leases

100

Hilton Village | Other Assets | Acquired lease costs

Significant Acquisitions, Dispositions, and Other Transaction

Acquired lease costs

$ 8,900

The Shops at Pembroke

Significant Acquisitions, Dispositions, and Other Transaction

Square footage of real estate property | ft²

^[3]

392,000

Purchase price of real estate acquisition

^[3]

$ 180,500

The Shops at Pembroke | Other Liabilities

Significant Acquisitions, Dispositions, and Other Transaction

Below market leases

18,400

The Shops at Pembroke | Other Assets | Acquired lease costs

Significant Acquisitions, Dispositions, and Other Transaction

Acquired lease costs

16,300

The Shops at Pembroke | Other Assets | Above market leases

Significant Acquisitions, Dispositions, and Other Transaction

Above market leases

$ 1,600

[1]	Approximately $11.3 million and $0.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $20.2 million of net assets acquired were allocated to other liabilities for "below market leases."
[2]	This building is adjacent to, and will be operated as part of our Hilton Village property. The land is controlled under a long-term ground lease that expires on September 30, 2075, for which we have recorded a $6.5 million "operating lease right of use asset" (net of a $0.8 million above market liability) and a $7.3 million "operating lease liability." Approximately $8.9 million of net assets acquired were allocated to other assets for "acquired lease costs" and $0.1 million of net assets acquired were allocated to other liabilities for "below market leases."
[3]	Approximately $16.3 million and $1.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $18.4 million of net assets acquired were allocated to other liabilities for "below market leases."

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us. On July 13, 2022, we acquired the 21.8% redeemable noncontrolling interest in the partnership that owns our Plaza El Segundo shopping center for $23.6 million, bringing our ownership interest to 100%. On December 11, 2019, we received proceeds related to the sale under the threat of condemnation at San Antonio Center as discussed in our Annual Report on Form 10-K for the year ended December 31, 2019. We indemnified the condemning authority for all costs incurred related to the condemnation proceedings including any payments required to tenants at the property and recorded a corresponding liability for our estimate of these costs. During September 2022, we recorded a net reduction to our liability for condemnation and transaction costs to reflect the impact of a recent tenant settlement agreement and our current estimate of remaining costs, and accordingly, for the three and nine months ended September 30, 2022, we have recognized a gain of $9.3 million, which is included in our consolidated statements of operations. Additionally, during the nine months ended September 30, 2022, we incurred $2.9 million of payments to tenants, and consequently, at September 30, 2022, we have a liability of $20.1 million to reflect our estimate of the remaining consideration. Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or common shares, at our option. A total of 652,233 downREIT operating partnership units are outstanding which have a total fair value of approximately $58.8 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on September 30, 2022.

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Total interest costs incurred			$ 112,596	$ 113,691
Interest capitalized			(13,889)	(18,180)
Interest expense	$ 35,060	$ 32,249	98,707	95,511
Cash paid for interest, net of amounts capitalized			94,712	91,887
Cash paid for income taxes			616	326
DownREIT operating partnership units redeemed for common shares			1,385	5,121
Shares issued under dividend reinvestment plan			1,292	1,294
5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares			$ 175	$ 0

Shareholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

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


	Nine Months Ended September 30,
	2022				2021
	Declared		Paid		Declared		Paid
Common shares	$	3.220	$	3.210	$	3.190	$	3.180
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.016	$	1.016	$	1.016	$	1.016
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.938	$	0.938	$	0.938	$	0.938

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

On February 14, 2022, we replaced our existing ATM equity program with a new ATM equity program under which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.

For the three and nine months ended September 30, 2022, we issued 296,843 common shares at a weighted average price per share of $112.11 for net cash proceeds of $32.9 million including paying $0.3 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. We have the remaining capacity to issue up to $466.7 million in common shares under our ATM equity program as of September 30, 2022.

For the nine months ended September 30, 2022, we settled forward sales agreements by issuing 2,203,655 common shares for net proceeds of $259.4 million. We have no outstanding forward sales agreements as of September 30, 2022.

On June 15, 2022, one of our 5.417% Series 1 Cumulative Convertible Preferred shareholders converted 7,018 preferred shares to 1,675 common shares.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (d)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTS On October 5, 2022, we amended our revolving credit facility, increasing the borrowing capacity from $1.0 billion to $1.25 billion, extending the maturity date to April 5, 2027, plus two six-month extension options, transitioning the interest rate provisions from LIBOR to the secured overnight financing rate ("SOFR"), and adjusting the spread for SOFR based loans. Our SOFR based loans bear interest at Daily Simple SOFR or Term SOFR as defined in the credit agreement plus 0.10% plus a spread, based on our credit rating. The current spread is 77.5 basis points. In addition, we have an option (subject to bank approval) to increase the credit facility through an accordion feature to $1.75 billion. On October 5, 2022, we also amended our unsecured term loan and borrowed an additional $300.0 million, bringing the total outstanding to $600.0 million. The term loan amendment also transitioned the interest rate provisions from LIBOR to SOFR, with the basis point spread over SOFR remaining at 85 basis points, based on our current credit rating. The net proceeds from the term loan were used to repay the $267.0 million outstanding balance on the revolving credit facility and for general corporate purposes. On October 6, 2022, we acquired a 47.5% interest in an unconsolidated joint venture that owns two shopping centers totaling 617,000 square feet in Chandler, Arizona for $58.9 million. The properties have combined mortgage debt of $76.1 million, of which our share is approximately $36.2 million.

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUE
Rental income	$ 273,179	$ 247,024	$ 793,516	$ 694,954
Mortgage interest income	272	260	805	2,116
Total revenue	273,451	247,284	794,321	697,070
EXPENSES
Rental expenses	58,809	49,318	166,189	141,474
Real estate taxes	32,803	29,529	94,628	88,272
General and administrative	13,100	12,253	39,046	35,357
Depreciation and amortization	77,109	70,611	223,244	202,160
Total operating expenses	181,821	161,711	523,107	467,263
Gain on deconsolidation of VIE	70,374	0	70,374	0
Gain on sale of real estate and change in control of interest	29,723	0	29,723	17,428
OPERATING INCOME	191,727	85,573	371,311	247,235
OTHER INCOME/(EXPENSE)
Other interest income	234	88	487	701
Interest expense	(35,060)	(32,249)	(98,707)	(95,511)
Income (loss) from partnerships	1,873	1,129	4,878	(86)
NET INCOME	158,774	54,541	277,969	152,339
Net income attributable to noncontrolling interests	(2,636)	(2,419)	(8,171)	(5,777)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	156,138	52,122	269,798	146,562
Dividends on preferred shares	(2,008)	(2,010)	(6,026)	(6,031)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 154,130	$ 50,112	$ 263,772	$ 140,531
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$ 1.90	$ 0.64	$ 3.31	$ 1.81
Weighted average number of common shares	80,765	77,485	79,480	77,269
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$ 1.89	$ 0.64	$ 3.31	$ 1.81
Weighted average number of common shares	81,511	77,575	80,137	77,287
EARNINGS PER COMMON UNIT, DILUTED:
COMPREHENSIVE INCOME	$ 161,569	$ 55,095	$ 286,902	$ 155,530
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	158,672	52,634	277,929	149,480
Federal Realty OP LP
REVENUE
Rental income	273,179	247,024	793,516	694,954
Mortgage interest income	272	260	805	2,116
Total revenue	273,451	247,284	794,321	697,070
EXPENSES
Rental expenses	58,809	49,318	166,189	141,474
Real estate taxes	32,803	29,529	94,628	88,272
General and administrative	13,100	12,253	39,046	35,357
Depreciation and amortization	77,109	70,611	223,244	202,160
Total operating expenses	181,821	161,711	523,107	467,263
Gain on deconsolidation of VIE	70,374	0	70,374	0
Gain on sale of real estate and change in control of interest	29,723	0	29,723	17,428
OPERATING INCOME	191,727	85,573	371,311	247,235
OTHER INCOME/(EXPENSE)
Other interest income	234	88	487	701
Interest expense	(35,060)	(32,249)	(98,707)	(95,511)
Income (loss) from partnerships	1,873	1,129	4,878	(86)
NET INCOME	158,774	54,541	277,969	152,339
Net income attributable to noncontrolling interests	(2,636)	(2,419)	(8,171)	(5,777)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	156,138	52,122	269,798	146,562
Distributions declared to preferred unit holders	(2,008)	(2,010)	(6,026)	(6,031)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS	$ 154,130	$ 50,112	$ 263,772	$ 140,531
EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders	$ 1.90	$ 0.64	$ 3.31	$ 1.81
Weighted average common units outstanding	80,765	77,485	79,480	77,269
EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$ 1.89	$ 0.64	$ 3.31	$ 1.81
Weighted average common units outstanding	81,511	77,575	80,137	77,287
COMPREHENSIVE INCOME	$ 161,569	$ 55,095	$ 286,902	$ 155,530
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$ 158,672	$ 52,634	$ 277,929	$ 149,480

Shareholders' Equity (Summary of Dividends) (Details) - $ / shares

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dividends

Divdends declared per common share

$ 1.08

$ 1.07

$ 3.22

$ 3.19

Dividends paid per common share

3.210

3.180

5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively

Dividends

Dividends declared per preferred share

1.016

Dividends paid per preferred share

1.016

5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding

Dividends

Dividends declared per preferred share

^[1]

0.938

Dividends paid per preferred share

^[1]

$ 0.938

[1]	Amount represents dividends per depository share, each representing 1/1000th of a share.

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

Sep. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

Dec. 31, 2020

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

Cash and cash equivalents

$ 146,214

$ 162,132

Restricted cash

^[1]

12,422

13,031

Total cash, cash equivalents, and restricted cash

$ 158,636

$ 175,163

$ 187,905

$ 816,896

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

Real Estate (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Property Acquisitions

During the nine months ended September 30, 2022, we acquired the following properties:


Date Acquired	Property	City/State	Gross Leasable Area (GLA)	Gross Value
			(in square feet)	(in millions)
April 20, 2022 & July 27, 2022	Kingstowne Towne Center	Kingstowne, Virginia	410,000	$	200.0	(1)
July 18, 2022	Hilton Village (office building)	Scottsdale, Arizona	214,000	$	53.6	(2)
July 27, 2022	The Shops at Pembroke Gardens	Pembroke Pines, Florida	392,000	$	180.5	(3)

(1) Approximately $11.3 million and $0.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $20.2 million of net assets acquired were allocated to other liabilities for "below market leases."

(2) This building is adjacent to, and will be operated as part of our Hilton Village property. The land is controlled under a long-term ground lease that expires on September 30, 2075, for which we have recorded a $6.5 million "operating lease right of use asset" (net of a $0.8 million above market liability) and a $7.3 million "operating lease liability." Approximately $8.9 million of net assets acquired were allocated to other assets for "acquired lease costs" and $0.1 million of net assets acquired were allocated to other liabilities for "below market leases."

(3) Approximately $16.3 million and $1.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $18.4 million of net assets acquired were allocated to other liabilities for "below market leases."

Real Estate

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Real Estate Disclosure

REAL ESTATE

Property Acquisitions

During the nine months ended September 30, 2022, we acquired the following properties:


Date Acquired	Property	City/State	Gross Leasable Area (GLA)	Gross Value
			(in square feet)	(in millions)
April 20, 2022 & July 27, 2022	Kingstowne Towne Center	Kingstowne, Virginia	410,000	$	200.0	(1)
July 18, 2022	Hilton Village (office building)	Scottsdale, Arizona	214,000	$	53.6	(2)
July 27, 2022	The Shops at Pembroke Gardens	Pembroke Pines, Florida	392,000	$	180.5	(3)

Property Dispositions

During the three and nine months ended September 30, 2022, we sold one residential property (including an adjacent retail pad) and one retail property for sales prices totaling $66.8 million, resulting in net gains totaling approximately $20.4 million.

Other TransactionOn August 25, 2022, we entered into a tenancy in common ("TIC") agreement with our partner in the partnership that owned Escondido Promenade. As a result, the Company owns a 77.7% TIC interest, and our former partner owns the remaining 22.3% interest. While the Company controlled and consolidated Escondido Promenade under the previous partnership arrangement, control is shared under the TIC agreement. The transaction is considered a transfer of our previous controlling partner interest in exchange for a non-controlling TIC interest. Accordingly, we deconsolidated the entity and recorded our TIC interest at fair value as an equity method investment. We recognized a $70.4 million "gain on deconsolidation of VIE" on our consolidated statements of operations, which is the difference between the net carrying value of the deconsolidated entity and the fair value of our TIC interest. As of August 25, 2022, the fair value of our investment in the entity was $110.0 million, and is included in "investment in partnerships" on our consolidated balance sheet as of September 30, 2022. As a part of this transaction, we made a $3.5 million loan to our co-owner, which is included in "accounts and notes receivable, net" on our consolidated balance sheet at September 30, 2022. In addition, we entered into a purchase option agreement to acquire the TIC interest from our co-owner, which was secured through an option payment of $1.5 million, and allows us to exercise our option at any time between February 1, 2023 and March 15, 2023.

Summary Of Significant Accounting Policies Recently Issued Accounting Pronouncements (Details) $ in Millions	Sep. 30, 2022 USD ($)
Hoboken \| Secured Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mortgage payable	$ 55.4
Assembly Row hotel
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mortgage loan on unconsolidated real estate properties	39.2
Our share of unconsolidated mortgage debt	$ 19.6