0000034903-23-000020 | 10-K | XBRL Viewer | Federal Realty Investment Trust

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

12 Months Ended

Dec. 31, 2022

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

Schedule III - Summary of Real Estate and Accumulated Depreciation


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements		Land				Building and Improvements		Total
29TH PLACE (Virginia)			$	10,211	$	18,863	$	11,627	$	10,195	$	30,506	$	40,701	$	16,582	1975 - 2001	5/30/2007	(1)
ANDORRA (Pennsylvania)			2,432		12,346		18,628		2,432		30,974		33,406		22,902		1953	1/12/1988	(1)
ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts)			93,252		34,196		991,368		69,421		1,049,395		1,118,816		137,485		2005, 2012-2022	2005-2013	(1)
AZALEA (California)		39,850	40,219		67,117		1,918		40,219		69,035		109,254		13,549		2014	8/2/2017	(1)
BALA CYNWYD (Pennsylvania)			3,565		14,466		54,758		2,683		70,106		72,789		31,192		1955/2020	9/22/1993	(1)
BARCROFT PLAZA (Virginia)			12,617		29,603		8,338		12,617		37,941		50,558		8,656		1963, 1972, 1990, & 2000	1/13/16 & 11/7/16	(1)
BARRACKS ROAD (Virginia)			4,363		16,459		52,498		4,363		68,957		73,320		51,953		1958	12/31/1985	(1)
BELL GARDENS (California)		11,629	24,406		85,947		8,090		24,406		94,037		118,443		22,722		1990, 2003, 2006	8/2/17 & 11/29/18	(1)
BETHESDA ROW (Maryland)			46,579		35,406		174,823		44,437		212,371		256,808		104,068		1945-2008	12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	(1)
BIRCH & BROAD (Virginia)			1,798		1,270		22,674		1,819		23,923		25,742		10,663		1960/1962	9/30/67 & 10/05/72	(1)
BRICK PLAZA (New Jersey)			—		24,715		82,169		4,385		102,499		106,884		64,220		1958	12/28/1989	(1)
BRISTOL PLAZA (Connecticut)			3,856		15,959		16,487		3,856		32,446		36,302		21,938		1959	9/22/1995	(1)
BROOK 35 (New Jersey)		11,366	7,128		38,355		5,614		7,128		43,969		51,097		12,751		1986/2004	1/1/2014	(1)
CAMELBACK COLONNADE (Arizona)			52,658		126,646		734		52,658		127,380		180,038		7,204		1977/2019	6/14/2021	(1)
CAMPUS PLAZA (Massachusetts)			16,710		13,412		737		16,710		14,149		30,859		3,810		1970	1/13/2016	(1)
CHELSEA COMMONS (Massachusetts)		4,304	8,689		19,466		3,125		8,669		22,611		31,280		10,254		1962/1969/ 2008	8/25/06, 1/30/07, & 7/16/08	(1)
CHESTERBROOK (Virginia)			13,042		24,725		3,172		13,042		27,897		40,939		1,486		1967/1991	4/30/21	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements	Land		Building and Improvements	Total
COCOWALK (Florida)			32,513	71,536	96,837	48,944	151,942	200,886	21,876	1990/1994, 1922-1973, 2018-2021	5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17	(1)
COLORADO BLVD (California)			2,415	3,964	7,535	2,415	11,499	13,914	10,052	1905-1988	8/14/98	(1)
CONGRESSIONAL PLAZA (Maryland)			2,793	7,424	99,671	2,793	107,095	109,888	67,014	1965/2003/2016	4/1/1965	(1)
COURTHOUSE CENTER (Maryland)			1,750	1,869	3,585	1,750	5,454	7,204	3,455	1975	12/17/1997	(1)
CROSSROADS (Illinois)			4,635	11,611	19,957	4,635	31,568	36,203	23,145	1959	7/19/1993	(1)
CROW CANYON COMMONS (California)			27,245	54,575	9,263	27,245	63,838	91,083	32,610	Late 1970's/ 1998/2006	12/29/05 & 2/28/07	(1)
DARIEN COMMONS (Connecticut)			30,368	19,523	90,301	30,368	109,824	140,192	4,526	1920-2009	4/3/13 & 7/20/18	(1)
DEDHAM PLAZA (Massachusetts)			16,354	13,413	19,609	16,354	33,022	49,376	20,497	1959	12/31/93, 12/14/16, 1/29/19, & 3/12/19	(1)
DEL MAR VILLAGE (Florida)			15,624	41,712	17,861	15,587	59,610	75,197	30,199	1982/1994/ 2007	5/30/08, 7/11/08, & 10/14/14	(1)
EAST BAY BRIDGE (California)			29,069	138,035	12,534	29,069	150,569	179,638	51,835	1994-2001, 2011/2012	12/21/2012	(1)
ELLISBURG (New Jersey)			4,028	11,309	22,022	4,013	33,346	37,359	23,410	1959	10/16/1992	(1)

FAIRFAX JUNCTION (Virgina)			16,768	23,825	3,547	16,768	27,372	44,140	3,843	1981/1986/ 2000	2/8/19 & 1/10/20	(1)
FEDERAL PLAZA (Maryland)			10,216	17,895	45,511	10,216	63,406	73,622	52,462	1970	6/29/1989	(1)
FINLEY SQUARE (Illinois)			9,252	9,544	23,530	9,252	33,074	42,326	25,593	1974	4/27/1995	(1)
FLOURTOWN (Pennsylvania)			1,345	3,943	13,018	1,507	16,799	18,306	8,227	1957	4/25/1980	(1)
FOURTH STREET (California)			13,978	9,909	3,932	13,978	13,841	27,819	3,518	1948,1975	5/19/2017	(1)
FREEDOM PLAZA (California)			—	3,255	40,841	—	44,096	44,096	2,965	2018-2020	6/15/2018	(1)
FRESH MEADOWS (New York)			24,625	25,255	44,707	24,633	69,954	94,587	50,551	1946-1949	12/5/1997	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements	Land		Building and Improvements	Total
FRIENDSHIP CENTER (District of Columbia)			12,696	20,803	4,062	12,696	24,865	37,561	15,023	1998	9/21/2001	(1)
GAITHERSBURG SQUARE (Maryland)			7,701	5,271	26,088	5,973	33,087	39,060	20,489	1966	4/22/1993	(1)
GARDEN MARKET (Illinois)			2,677	4,829	7,859	2,677	12,688	15,365	10,066	1958	7/28/1994	(1)
GEORGETOWNE SHOPPING CENTER (New York)			32,202	49,586	3,730	32,202	53,316	85,518	5,686	1969/2006/ 2015	11/15/19	(1)
GOVERNOR PLAZA (Maryland)			2,068	4,905	26,671	2,068	31,576	33,644	22,416	1963	10/1/1985	(1)
GRAHAM PARK PLAZA (Virginia)			642	7,629	16,943	653	24,561	25,214	18,777	1971	7/21/1983	(1)
GRATIOT PLAZA (Michigan)			525	1,601	18,580	525	20,181	20,706	18,518	1964	3/29/1973	(1)
GREENLAWN PLAZA (New York)			10,590	20,869	2,210	10,743	22,926	33,669	5,832	1975/2004	1/13/2016	(1)
GREENWICH AVENUE (Connecticut)			7,484	5,445	10,819	7,484	16,264	23,748	6,767	1968	4/12/1995	(1)
GROSSMONT CENTER (California)			125,434	50,311	691	125,434	51,002	176,436	5,589	1961, 1963, 1982-1983, 2002	6/1/2021	(1)
HASTINGS RANCH PLAZA (California)			2,257	22,393	1,067	2,257	23,460	25,717	4,626	1958, 1984, 2006, 2007	2/1/2017	(1)
HAUPPAUGE (New York)			8,791	15,262	11,611	8,519	27,145	35,664	15,449	1963	8/6/1998	(1)
HILTON VILLAGE (Arizona)			—	85,431	218	—	85,649	85,649	2,881	1982/1989	6/14/21 & 7/18/22	(1)
HOBOKEN (New Jersey)		85,684	56,866	167,835	2,805	56,868	170,638	227,506	16,501	1887-2006	9/18/19, 11/26/19, 12/19/19, 2/12/20, & 11/18/22	(1)
HOLLYWOOD BLVD (California)			8,300	16,920	36,670	8,370	53,520	61,890	22,892	1929/1991	3/22/99 & 6/18/99	(1)
HUNTINGTON (New York)			12,194	16,008	51,607	12,294	67,515	79,809	17,994	1962	12/12/88, 10/26/07, & 11/24/15	(1)
HUNTINGTON SQUARE (New York)			—	10,075	3,851	506	13,420	13,926	5,782	1980/2004-2007	8/16/2010	(1)
IDYLWOOD PLAZA (Virginia)			4,308	10,026	3,792	4,308	13,818	18,126	10,783	1991	4/15/1994	(1)
KINGS COURT (California)			—	10,714	917	—	11,631	11,631	10,939	1960	8/24/1998	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements	Land		Building and Improvements	Total
KINGSTOWNE TOWNE CENTER (Virginia)			72,234	137,466	134	72,234	137,600	209,834	2,827	1996/2001/ 2006	4/20/22 & 7/27/22	(1)
LANCASTER (Pennsylvania)			—	2,103	6,621	432	8,292	8,724	6,460	1958	4/24/1980	(1)
LANGHORNE SQUARE (Pennsylvania)			720	2,974	21,044	720	24,018	24,738	18,544	1966	1/31/1985	(1)
LAUREL (Maryland)			7,458	22,525	31,484	7,551	53,916	61,467	44,562	1956	8/15/1986	(1)
LAWRENCE PARK (Pennsylvania)			6,150	8,491	47,128	6,161	55,608	61,769	26,059	1972	7/23/1980 & 4/3/17	(1)
LINDEN SQUARE (Massachusetts)			79,382	19,247	59,103	79,346	78,386	157,732	33,750	1960-2008	8/24/2006	(1)
MELVILLE MALL (New York)			35,622	32,882	36,431	35,622	69,313	104,935	25,179	1974	10/16/2006	(1)
MERCER MALL (New Jersey)			5,917	18,358	51,788	5,868	70,195	76,063	40,726	1975	10/14/03 & 1/31/17	(1)
MONTROSE CROSSING (Maryland)			48,624	91,819	31,945	48,624	123,764	172,388	44,035	1960s, 1970s, 1996 & 2011	12/27/11 & 12/19/13	(1)
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)			15,769	33,501	45,682	15,851	79,101	94,952	47,780	1966/1972/ 1987/2001	3/31/03, 3/21/03, & 1/27/06	(1)
NORTH DARTMOUTH (Massachusetts)			9,366	—	3	9,366	3	9,369	2	2004	8/24/2006	(1)
NORTHEAST (Pennsylvania)			938	8,779	25,542	939	34,320	35,259	22,611	1959	8/30/1983	(1)
OLD KEENE MILL (Virginia)			638	998	12,045	638	13,043	13,681	7,309	1968	6/15/1976	(1)
OLD TOWN CENTER (California)			3,420	2,765	35,035	3,420	37,800	41,220	25,856	1962, 1997-1998	10/22/1997	(1)
OLIVO AT MISSION HILLS (California)			15,048	46,732	20,903	15,048	67,635	82,683	8,590	2017-2018	8/2/2017	(1)
PAN AM (Virginia)			8,694	12,929	10,055	8,695	22,983	31,678	18,204	1979	2/5/1993	(1)
PERRING PLAZA (Maryland)			2,800	6,461	26,183	2,800	32,644	35,444	24,815	1963	10/1/1985	(1)
PIKE & ROSE (Maryland)			31,471	10,335	761,536	33,716	769,626	803,342	103,351	1963, 2012-2022	5/18/82, 10/26/07, & 7/31/12	(1)
PIKE 7 PLAZA (Virginia)			14,970	22,799	14,342	14,914	37,197	52,111	21,950	1968	3/31/97 & 7/8/15	(1)
PLAZA DEL MERCADO (Maryland)			10,305	21,553	15,022	10,305	36,575	46,880	10,092	1969	1/13/2016	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements	Land		Building and Improvements	Total
PLAZA DEL SOL (California)			5,605	12,331	19	5,605	12,350	17,955	2,258	2009	8/2/2017	(1)
PLAZA EL SEGUNDO/THE POINT (California)		124,614	62,127	153,556	88,748	64,463	239,968	304,431	74,977	2006/2007/ 2016	12/30/11, 6/14/13, 7/26/13, & 12/27/13	(1)
QUEEN ANNE PLAZA (Massachusetts)			3,319	8,457	7,542	3,319	15,999	19,318	11,884	1967	12/23/1994	(1)
QUINCE ORCHARD (Maryland)			3,197	7,949	29,436	2,928	37,654	40,582	26,197	1975	4/22/1993	(1)
RIVERPOINT CENTER (Illinois)			15,422	104,572	2,173	15,422	106,745	122,167	19,616	1989, 2012	3/31/2017	(1)
SAN ANTONIO CENTER (California)			26,400	18,462	5,887	26,400	24,349	50,749	6,144	1958, 1964-1965, 1974-1975, 1995-1997	1/9/2015, 9/13/19	(1)
SANTANA ROW (California)			66,682	7,502	1,205,916	57,592	1,222,508	1,280,100	295,689	1999-2006, 2009, 2011, 2014, 2016-2022	3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13	(1)
SYLMAR TOWNE CENTER (California)			18,522	24,637	3,160	18,522	27,797	46,319	4,791	1973	8/2/2017	(1)
THE AVENUE AT WHITE MARSH (Maryland)			20,682	72,432	34,072	20,685	106,501	127,186	49,604	1997	3/8/2007	(1)
THE GROVE AT SHREWSBURY (New Jersey)		43,168	18,016	103,115	9,200	18,021	112,310	130,331	31,948	1988/1993/ 2007	1/1/2014 & 10/6/14	(1)
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)			4,441	12,849	2,208	4,441	15,057	19,498	7,448	2005 - 2006	3/8/2007	(1)
THE SHOPS AT PEMBROKE GARDENS (Florida)			39,506	141,356	96	39,506	141,452	180,958	2,489	2007	7/27/2022	(1)
THIRD STREET PROMENADE (California)			22,645	12,709	53,725	25,125	63,954	89,079	38,262	1888-2000	1996-2000	(1)
TOWER SHOPPNG CENTER (Virginia)			7,170	10,518	5,434	7,280	15,842	23,122	11,161	1953-1960	8/24/1998	(1)
TOWER SHOPS (Florida)			29,940	43,390	29,095	29,962	72,463	102,425	28,776	1989, 2017	1/19/11 & 6/13/14	(1)
TOWN CENTER OF NEW BRITAIN (Pennsylvania)			1,282	12,285	4,219	1,827	15,959	17,786	7,643	1969	6/29/2006	(1)
TROY HILLS (New Jersey)			3,126	5,193	33,191	5,865	35,645	41,510	25,966	1966	7/23/1980	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land			Building and Improvements		Land				Building and Improvements		Total
TWINBROOKE SHOPPING CENTRE (Virginia)				16,484		18,898		334		16,484		19,232		35,716		1,043		1977	9/2/2021	(1)
TYSON'S STATION (Virginia)				388		453		5,615		493		5,963		6,456		4,133		1954	1/17/1978	(1)
VILLAGE AT SHIRLINGTON (Virginia)				9,761		14,808		44,879		5,949		63,499		69,448		35,458		1940, 2006-2009	12/21/1995	(1)
WESTGATE CENTER (California)				6,319		107,284		43,641		6,319		150,925		157,244		77,351		1960-1966	3/31/2004	(1)
WESTPOST (FORMERLY KNOWN AS PENTAGON ROW) (Virginia)				—		2,955		111,100		—		114,055		114,055		61,422		1999 - 2002	1998 & 11/22/10	(1)
WHITE MARSH PLAZA (Maryland)				3,478		21,413		2,113		3,514		23,490		27,004		11,813		1987	3/8/2007	(1)
WHITE MARSH OTHER (Maryland)				27,720		—		195		27,750		165		27,915		—		1985	3/8/2007	(1)
WILDWOOD (Maryland)				9,111		1,061		17,774		9,111		18,835		27,946		10,965		1958	5/5/1969	(1)
WILLOW GROVE (Pennsylvania)				1,499		6,643		29,039		1,499		35,682		37,181		23,076		1953	11/20/1984	(1)
WILLOW LAWN (Virginia)				3,192		7,723		95,106		7,790		98,231		106,021		70,589		1957	12/5/1983	(1)
WYNNEWOOD (Pennsylvania)				8,055		13,759		22,003		8,055		35,762		43,817		28,189		1948	10/29/1996	(1)

TOTALS		$	320,615	$	1,682,853	$	3,022,488	$	5,399,158	$	1,678,321	$	8,426,178	$	10,104,499	$	2,715,817

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


Balance, December 31, 2019	$	8,298,132
Additions during period
Acquisitions	39,440
Improvements	473,679

Deductions during period
Impairment of property	(68,484)
Dispositions and retirements of property	(159,897)
Balance, December 31, 2020	8,582,870
Additions during period
Acquisitions	519,350
Improvements	424,521

Deduction during period—dispositions and retirements of property	(104,679)


Balance, December 31, 2021	9,422,062

Additions during period
Acquisitions	445,319
Improvements	399,623


Deduction during period—dispositions and retirements of property
Dispositions and retirements of property	(107,682)
Deconsolidation of VIE	(54,823)
Balance, December 31, 2022 (1)	$	10,104,499

_____________________

(1)For Federal tax purposes, the aggregate cost basis is approximately $9.0 billion as of December 31, 2022.

FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP

SCHEDULE III

SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED

Three Years Ended December 31, 2022

Reconciliation of Accumulated Depreciation and Amortization

(In thousands)


Balance, December 31, 2019	$	2,215,413

Additions during period—depreciation and amortization expense	229,199
Deductions during period
Impairment of property	(11,631)
Dispositions and retirements of property	(75,289)
Balance, December 31, 2020	2,357,692
Additions during period—depreciation and amortization expense	246,338
Deductions during period -dispositions and retirements of property	(72,935)


Balance, December 31, 2021	2,531,095
Additions during period—depreciation and amortization expense	266,877
Deductions during period

Dispositions and retirements of property	(59,066)
Deconsolidation of VIE	(23,089)
Balance, December 31, 2022	$	2,715,817

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2022

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

Schedule IV - Mortgage Loans on Real Estate

FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

Year Ended December 31, 2022

(Dollars in thousands)


Column A	Column B	Column C	Column D	Column E			Column F		Column G		Column H
Description of Lien	Interest Rate	Maturity Date	Periodic Payment Terms	Prior Liens			Face Amount of Mortgages		Carrying Amount of Mortgages(1)		Principal Amount of Loans Subject to delinquent Principal or Interest


Second mortgage on a retail shopping center in Rockville, MD	11.5%	February 2026	Interest only monthly; balloon payment due at maturity	$	58,750	(2)	$	5,075	$	4,956	$	—
Second mortgage on a retail shopping center in Rockville, MD	10.75%	February 2026	Interest only monthly; balloon payment due at maturity	58,750		(2)	4,500		4,500		—
Second mortgage on a retail shopping center in Baltimore, MD	7.0%	October 2031	Principal and interest monthly; balloon payment due at maturity	4,990		(3)	600		—		—
				$	63,740		$	10,175	$	9,456	$	—

_____________________

(1)The amounts are net of any expected losses in accordance with ASU 2016-13. See note 2 to the consolidated financial statements. For Federal tax purposes, the aggregate tax basis is approximately $10.1 million as of December 31, 2022.

(2)These mortgages are both subordinate to a first mortgage of $58.8 million in total. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2022 is estimated.

(3)This mortgage is subordinate to a first mortgage of $5.0 million. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2022 is estimated.

FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE - CONTINUED

Three Years Ended December 31, 2022

Reconciliation of Carrying Amount

(In thousands)



Balance, December 31, 2019	$	30,429
January 1, 2020 adoption of new accounting standard - See Note 2	(790)
Additions during period:
Acquisition of loan, net of valuation adjustments	9,560
Issuance of loans	693




Balance, December 31, 2020	39,892

Additions during period:

Issuance of loans	600
Deductions during period:
Collection and satisfaction of loans	(30,339)
Valuation adjustments	(610)
Balance, December 31, 2021	9,543


Deductions during period:

Valuation adjustments	(44)
Collection and satisfaction of loans	(43)
Balance, December 31, 2022	$	9,456

Commitments and Contingencies Finance Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Lease, Liability, to be Paid [Abstract]
2023	$ 59,713
2024	713
2025	713
2026	713
2027	748
Thereafter	68,676
Total future minimum finance lease payments	131,276
Less amount representing interest	(63,616)
Finance lease liabilities	$ 67,660	$ 72,032

Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 10, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted in period		0		0
Weighted average grant date fair value of options granted			$ 16.40
Total unrecognized compensation cost related to unvested share-based compensation arrangements		$ 19.2
Period for recognition (in years)		4 years 6 months
Weighted-average period for recognition		2 years 1 month 6 days
Performance Incentive Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		1,750,000
Performance Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		2,450,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of stock awarded		$ 125.34	$ 97.46	$ 124.55
Total vesting-date fair value of shares vested during the year		$ 14.3	$ 11.0	$ 12.4
Granted (in shares)		116,266
Grants of common shares and options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Grants of common shares and options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		7 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)		10 years
Restricted stock units \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Weighted-average grant-date fair value of stock awarded		$ 0	$ 97.01
Granted (in shares)	10,441	0
Restricted stock units \| Minimum \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Final award earned percentage of original award	0.00%
Restricted stock units \| Maximum \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Final award earned percentage of original award	200.00%

Acquired In-Place Leases

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUIRED IN-PLACE LEASES

ACQUIRED LEASES

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


	December 31, 2022				December 31, 2021
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
	(in thousands)
Above market leases, lessor	$	45,737	$	(33,892)	$	46,951	$	(33,617)
Below market leases, lessee	34,604		(5,847)		34,604		(5,019)
Total	$	80,341	$	(39,739)	$	81,555	$	(38,636)

Below market leases, lessor	$	(267,910)	$	91,989	$	(230,059)	$	78,327
Above market leases, lessee	(11,127)		3,208		(10,347)		2,654
Total	$	(279,037)	$	95,197	$	(240,406)	$	80,981

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Amortization of above market leases, lessor	$	(3,437)	$	(3,150)	$	(4,060)
Amortization of below market leases, lessor	14,543		11,897		8,406
Net increase in rental income	$	11,106	$	8,747	$	4,346

Amortization of below market leases, lessee	$	828	$	828	$	828
Amortization of above market leases, lessee	(554)		(538)		(525)
Net increase in rental expense	$	274	$	290	$	303

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


						December 31, 2022

Above market leases, lessor						3.0 years
Below market leases, lessee						36.6 years
Below market leases, lessor						17.6 years
Above market leases, lessee						19.1 years

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


	Acquired Lease Assets		Acquired Lease Liabilities
	(In thousands)
Year ending December 31,
2023	$	3,869	$	15,555
2024	3,347		15,005
2025	2,277		11,507
2026	2,005		11,074
2027	1,717		10,601
Thereafter	27,387		120,098
	$	40,602	$	183,840

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 15, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 14, 2022
Class of Stock [Line Items]
Shares issued under dividend reinvestment plan (in shares)		19,502	19,758	24,491
Preferred shares, par value		$ 0.01	$ 0.01
Net cash proceeds of common stock		$ 307,275	$ 172,981	$ 99,177
At The Market Equity Program
Class of Stock [Line Items]
Shares issued		430,473	847,471
Aggregate offering price of common shares					$ 500,000
Net cash proceeds of common stock		$ 47,400	$ 87,000
Weighted average price per common share		$ 111.49	$ 104.19
Remaining capacity to issue		$ 452,000
At The Market Equity Program \| Commissions
Class of Stock [Line Items]
Commissions related to sales of common shares		500	$ 900
At The Market Equity Program \| Other Offering Costs
Class of Stock [Line Items]
Commissions related to sales of common shares		$ 100	$ 400
Forward Sales Contracts
Class of Stock [Line Items]
Shares issued		2,203,655	796,300
Net cash proceeds of common stock		$ 259,400	$ 85,700
Weighted average price per common share			$ 120.22
Forward Contract Indexed to Issuer's Equity, Shares			2,999,955
5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage		5.00%	5.00%	5.00%
Preferred shares, par value		$ 0.01	$ 0.01	$ 0.01
Preferred shares, liquidation preference per share		$ 25,000	$ 25,000	$ 25,000
Preferred Stock, Shares Outstanding		6,000	6,000
5.417% Series 1 Cumulative Convertible Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage		5.417%	5.417%	5.417%
Preferred shares, par value		$ 0.01	$ 0.01	$ 0.01
Preferred shares, liquidation preference per share		$ 25	$ 25	$ 25
Preferred Stock, Shares Outstanding		392,878	399,896	399,896
Conversion price per share		$ 104.69
Preferred shares converted	7,018
Common shares
Class of Stock [Line Items]
Common shares issued upon conversion	1,675
Depositary Shares \| 5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference per share		$ 25.00	$ 25.00	$ 25.00
Preferred Shares \| Depositary Shares \| 5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Shares issued		6,000,000	6,000,000	6,000,000

Summary Of Significant Accounting Policies (Income Taxes, Segments, Forward Equity Sales, and Recent Accounting Pronouncements) (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) property segment	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of segments \| segment	1
Segment Reporting, Factors Used to Identify Entity's Reportable Segments	10% of our revenues or property operating income
Number of properties exceeding segment reporting threshold \| property	0
Material unrecognized tax benefits	$ 0	$ 0
Minimum percentage of taxable income distributed to shareholders	90.00%
Assembly Row Hotel
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mortgage loan on unconsolidated real estate property	$ 38,200,000
Our share of unconsolidated mortgage debt	19,100,000
Mortgages Payable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mortgage payable	322,317,000	$ 341,579,000
Hoboken Provident Bank \| Mortgages Payable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Mortgage payable	$ 55,100,000

Fair Value Of Financial Instruments (Summary of Financial Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	$ 6,100
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	6,144
Derivative liability		$ (1,511)
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	0
Derivative liability		0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	6,144
Derivative liability		(1,511)
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	$ 0
Derivative liability		$ 0

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 2021 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. Certain 2021, 2020, and 2019 amounts have been reclassified to conform to current period presentation.

Principles of Consolidation

As discussed in the Explanatory Note, we have combined the Annual Reports on Form 10-K 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 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, and 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.

Revenue Recognition and Accounts Receivable

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

In April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of December 31, 2022, we executed rent deferral agreements related to the COVID-19 pandemic representing approximately $48 million of rent. We have subsequently collected approximately $35 million of those amounts previously deferred. As of December 31, 2022, we have entered into rent abatement agreements related to the COVID-19 pandemic totaling $4 million, $26 million, and $48 million of rents due in 2022, 2021, and 2020 respectively.

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

Our collection of rents has continued to improve from the initial impacts of COVID-19, including collecting rents related to prior periods. As a result, our collectibility related adjustments for the year ended December 31, 2022 resulted in an increase to rental income of $4.1 million, as compared to a $24.0 million and $106.6 million decrease to rental income during the years ended December 31, 2021 and 2020, respectively, which reflected lower levels of cash collections and elevated levels of rent abatements and disputes directly related to COVID-19. This includes changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements directly related to COVID-19. As of December 31, 2022 and 2021, the revenue from approximately 31% and 34% of our tenants (based on total commercial leases), respectively, is being recognized on a cash basis. As of December 31, 2022 and 2021, our straight-line rent receivables balance was $126.6 million and $110.7 million, respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet.

Other revenue recognition policies

Sales of real estate are recognized upon the transfer of control, which usually occurs when the real estate is legally sold. When we enter into a transaction to sell a property or a portion of a property, we evaluate the recognition of the sale under ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets." In accordance with ASC 610-20, we apply the guidance in ASC 606, "Revenue from Contracts with Customers," to determine whether and when control

transfers and how to measure the associated gain or loss. We determine the transaction price based on the consideration we expect to receive. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of a gain recognized will not occur. We analyze the risk of a significant gain reversal and if necessary limit the amount of variable consideration recognized in order to mitigate this risk. The estimation of variable consideration requires us to make assumptions and apply significant judgment.

Real Estate

Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2022, 2021 and 2020, real estate depreciation expense was $265.7 million, $245.1 million and $227.9 million, respectively, including amounts from real estate sold.

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

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

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

Long-Lived Assets and Impairment

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

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

Cash and Cash Equivalents

We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2022, we had $113.2 million in excess of the FDIC insured limit.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are incremental direct costs incurred which were essential to originate a successful leasing arrangement and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the initial life of the related lease which generally ranges from three to ten years. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow and therefore, we classify cash outflows related to leasing costs as an investing activity in our consolidated statements of cash flows. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any previously capitalized lease costs are written off. See the "Leases" section in this note for further discussion regarding the change in accounting for lease costs.

Debt Issuance Costs

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

Derivative Instruments

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

Interest rate swaps associated with cash flow hedges are recorded at fair value on a recurring basis. Effectiveness of cash flow hedges is assessed both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recorded in other comprehensive income (loss) which is included in accumulated other comprehensive income (loss) on the balance sheet and statement of shareholders' equity. Cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, the default risk of the counterparty is evaluated by monitoring the credit worthiness of the counterparty which includes reviewing debt ratings and financial performance. If a cash flow hedge is deemed ineffective, the ineffective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recognized in earnings in the period affected.

At December 31, 2022, we have two interest rate swap agreements that effectively fix the interest rate on a mortgage payable associated with our Hoboken property at 3.67%. Both swaps were designated and qualify for cash flow hedge accounting. As of December 31, 2022, our Assembly Row hotel joint venture is a party to two interest rate swap agreements that effectively fix the interest rate on the joint venture's mortgage debt at 5.206%. Both swaps were designated and qualify as cash flow hedges. Hedge ineffectiveness has not impacted earnings in 2022, 2021 and 2020.

Mortgage Notes Receivable

We have invested in certain mortgage loans that, because of their nature, qualify as loan receivables. At the time of investment, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom.

Mortgage notes receivable are recorded at cost, net of any valuation adjustments. Effective January 1, 2020, (upon the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," as amended and interpreted), we account for mortgage notes receivable using the "expected credit loss" model, and accordingly impairment losses are estimated and recorded for the entire

life of the loan. Prior to the implementation of ASC 326, we recognized impairment losses as incurred. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable and update our expected credit loss model based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the mortgage note receivable to the present value of expected future cash flows. As our loans are collateralized by mortgages, these loans have risk characteristics similar to the risks in owning commercial real estate.

At December 31, 2022, we had three mortgage notes receivable with an aggregate carrying amount, net of valuation adjustments of $9.5 million, and a weighted average interest rate of 10.9%.

Share Based Compensation

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

Variable Interest Entities

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

Our equity method investments in the Assembly Row hotel joint venture, the La Alameda shopping center, the Chandler Festival and Chandler Gateway shopping centers, and our mortgage notes receivable are considered variable interests in a VIE (see Note 3 to the consolidated financial statements for additional information on the Chandler Festival and Chandler Gateway shopping centers). As we do not control the activities that most significantly impact the economic performance of our equity method joint ventures or the borrower entities related to our mortgage notes receivable, we are not the primary beneficiary and do not consolidate. As of December 31, 2022 and 2021, our investment in the equity method joint ventures and maximum exposure to loss was $34.0 million and $8.9 million, respectively. As of December 31, 2022 and 2021, our investment in mortgage notes receivable and maximum exposure to loss was $9.5 million for both periods. We also own a 77.7% tenancy in common ("TIC") interest in Escondido Promenade which is recorded as an equity method investment and included in investments in partnerships" on our December 31, 2022 consolidated balance sheets. Our TIC interest in Escondido Promenade is not considered a variable interest in a variable interest entity. See Note 3 to the consolidated financial statements for additional information.

In addition, we have 19 entities that meet the criteria of a VIE in which we hold a variable interest. For each of these entities, we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. Net real estate assets related to VIEs included in our consolidated balance sheets were approximately $1.6 billion and $1.8 billion as of December 31, 2022 and 2021, respectively, and mortgages related to VIEs included in our consolidated balance sheets were approximately $191.8 million and $335.3 million, as of December 31, 2022 and 2021, respectively.

Redeemable Noncontrolling Interests

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

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


	Year Ended
	December 31,
	2022		2021
	(In thousands)
Beginning balance	$	213,708	$	137,720
Net income	6,613		4,296
Contributions	2,111		74,530

Other comprehensive income - change in value of interest rate swaps	765		320
Distributions & redemptions	(32,445)		(5,268)

Change in redemption value	(12,382)		2,110
Ending balance	$	178,370	$	213,708

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%.

Leases

We have ground leases at 11 properties which are accounted for as operating leases. The operating lease right of use ("ROU") assets and related liabilities are shown separately on the face of our consolidated balance sheet and reflect the present value of the minimum lease payments. A key input in the calculation is the discount rate. As the rate implied in the lease agreements is not readily determinable, we utilize our incremental borrowing rate that corresponds to the remaining term of the lease, our credit spread, and an adjustment to reflect the collateralized payment terms present in the lease. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the non-cancellable lease term and is included in rental expenses in our consolidated statements of operations. We do not record an ROU asset or lease liability for leases with terms of less than 12 months.

Income Taxes

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

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

With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2018. As of December 31, 2022 and 2021, we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense.

Segment Information

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

Forward Equity Sales

Our at-the-market (“ATM”) equity program allows shares to be sold through forward sales contracts. Our forward sales contracts currently meet all the conditions for equity classification; and therefore, we record common stock on the settlement date at the purchase price contemplated by the contract. Furthermore, we consider the potential dilution resulting from forward sales contracts in our earnings per share calculations. We use the treasury method to determine the dilution, if any, from the forward sales contracts during the period of time prior to settlement. See Note 8 to the consolidated financial statements for details of our forward sales transactions.

Recent Accounting Pronouncements

Standard

Description

Effect on the financial statements or significant matters

Adopted on January 1, 2022:

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

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

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

ASU 2021-05, July 2021, Lessors - Certain Leases with Variable Lease Payments (Topic 842)

This ASU amends the lessor lease classification in ASC 842 for leases that include variable lease payments that are not based on an index or rate. Under the amended guidance, lessors will classify a lease with variable payments that do not depend on an index or rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under the previous ASU 842 classification criteria, and sales-type or direct financing lease classification would result in a Day 1 loss.

This guidance is effective for annual periods beginning after December 15, 2021, and interim periods therein.

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

Issued in 2022:

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.

Issued in 2020:

Reference Rate Reform (Topic 848) and related update:

ASU 2020-04, March 2020,

Reference Rate Reform

(Topic 848)

ASU 2022-06, December

2022, Deferral of the Sunset

Date

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.

ASU 2022-06 extended the period for which this guidance can be immediately applied through December 31, 2024.

We expect to apply some of the practical expedients, as we are in the process of transitioning the $55.1 million mortgage loan on Hoboken and the $38.2 million mortgage loan related to the unconsolidated Assembly Row hotel (of which our share is $19.1 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.

Consolidated Statements of Cash Flows—Supplemental Disclosures

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


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	155,659	$	150,324	$	159,718
Interest capitalized	(18,670)		(22,626)		(23,429)
Interest expense	$	136,989	$	127,698	$	136,289
Cash paid for interest, net of amounts capitalized	$	130,912	$	123,585	$	130,248
Cash paid for income taxes	$	624	$	386	$	580
NON-CASH INVESTING AND FINANCING TRANSACTIONS:

DownREIT operating partnership units issued with acquisition	$	—	$	—	$	18,920
Mortgage loans assumed with acquisition (1)	$	—	$	—	$	8,903




DownREIT operating partnership units redeemed for common shares	$	1,385	$	7,545	$	—

Shares issued under dividend reinvestment plan	$	1,718	$	1,727	$	1,734
5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares	$	175	$	—	$	—

(1) See our Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures relating to the mortgages entered into and assumed as a result of the Hoboken acquisition.


	December 31,
	2022		2021
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	85,558	$	162,132
Restricted cash (1)	10,790		13,031
Total cash, cash equivalents, and restricted cash	$	96,348	$	175,163

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

Earnings Per Share (Details) - shares	12 Months Ended
Earnings Per Share (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted average unvested shares outstanding	300,000	300,000	200,000
Federal Realty OP LP
Weighted average unvested shares outstanding	300,000	300,000	200,000
5.417% Series 1 Cumulative Convertible Preferred Shares
Preferred shares, percentage	5.417%	5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred Units \| Federal Realty OP LP
Preferred units, percentage	5.417%	5.417%	5.417%
Stock options
Anti-dilutive issuable shares			682
Stock options \| Federal Realty OP LP
Anti-dilutive issuable units			682
Forward Sales Contracts
Anti-dilutive issuable shares		1,800,000
Forward Sales Contracts \| Federal Realty OP LP
Anti-dilutive issuable units		1,800,000
Performance based unvested restricted stock units
Anti-dilutive issuable shares	10,441	10,441
Performance based unvested restricted stock units \| Federal Realty OP LP
Anti-dilutive issuable units	10,441	10,441

Fair Value Of Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) agreement	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Increase in derivative assets	$ 7,700
Amount reclassified from other comprehensive income to interest expense	100
Other comprehensive income (loss)	8,569	$ 3,917	$ (5,302)
Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	6,100
Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	6,144
Accumulated Other Comprehensive income (loss) \| One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss)	900	700
Mortgage Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgage payable	$ 322,317	$ 341,579
Hoboken \| Mortgage Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	2
Notional amount of interest rate swap agreements	$ 55,100
Mortgage payable	$ 55,100
Fixed interest rate of derivative instrument	3.67%
Interest Rate Swap \| Fair Value, Measurements, Recurring \| One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements \| agreement	2

Commitments and Contingencies (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 13, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2026	Sep. 30, 2025	Sep. 30, 2023
Loss Contingencies [Line Items]
Reserves for warranties and general liability		$ 3,300	$ 5,200
Payments from reserves		2,300	1,500
Costs associated with property sold under threat of condemnation, net		18,031	$ 0	$ 12,924
Letters of credit outstanding, amount		$ 6,700
downREIT OP units
Loss Contingencies [Line Items]
DownREIT operating partnership units, outstanding		644,554
Operating partnership units outstanding, fair value		$ 65,100
San Antonio Center
Loss Contingencies [Line Items]
Gain on tenant costs associated with property sold under threat of condemnation		9,300
Costs associated with property sold under threat of condemnation, net		18,000
Estimated Litigation Liability		$ 5,000
Plaza El Segundo \| Redeemable Noncontrolling Interests
Loss Contingencies [Line Items]
Redeemable noncontrolling interest purchased	21.80%
Payments for repurchase of redeemable noncontrolling interest	$ 23,600
Ownership interest subsequent to redemption	100.00%
Congressional Plaza \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		26.63%
Congressional Plaza \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 62,000
Congressional Plaza \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 65,000
The Grove at Shrewsbury \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		4.10%
Brook 35 \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		6.50%
Grove at Shrewsbury and Brook 35 \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 6,000
Grove at Shrewsbury and Brook 35 \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 7,000
Hoboken \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		10.00%
Hoboken \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 8,000
Hoboken \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 9,000
Camelback Colonnade and Hilton Village \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		2.00%
Camelback Colonnade and Hilton Village \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 4,000
Camelback Colonnade and Hilton Village \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 5,000
Chandler Festival and Chandler Gateway \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		2.50%
Chandler Festival and Chandler Gateway \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 1,000
Chandler Festival and Chandler Gateway \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 2,000
Grossmont Center \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage		40.00%
Grossmont Center \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		$ 68,000
Grossmont Center \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option		73,000
Scenario, Forecast \| Mercer Mall
Loss Contingencies [Line Items]
Purchase price under option							$ 55,000
Scenario, Forecast \| Melville Mall
Loss Contingencies [Line Items]
Purchase price under option						$ 3,600
Scenario, Forecast \| Melville Mall \| Put Option
Loss Contingencies [Line Items]
Purchase price under option					$ 3,600
Capital Improvement, Development, and Redevelopment Projects
Loss Contingencies [Line Items]
Contractual obligations		$ 262,100

Share-Based Compensation Plans (Restricted Share Activity) (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at the beginning of year (in shares)	288,996
Granted (in shares)	116,266
Vested (in shares)	(119,646)
Forfeited (in shares)	(5,871)
Unvested at the end of year (in shares)	279,745	288,996
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 112.29
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	125.34	$ 97.46	$ 124.55
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)	118.81
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)	120.62
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 114.75	$ 112.29

Debt

12 Months Ended

Dec. 31, 2022

Debt Instruments [Abstract]

Debt Disclosure [Text Block]

DEBT

The following is a summary of our total debt outstanding as of December 31, 2022 and 2021:


	Principal Balance as of December 31,				Stated Interest Rate as of		Stated Maturity Date as of
Description of Debt	2022		2021		December 31, 2022		December 31, 2022
Mortgages payable	(Dollars in thousands)
























Azalea	$	40,000	$	40,000	3.73	%	November 1, 2025
Bell Gardens	11,835		12,127		4.06	%	August 1, 2026
Plaza El Segundo	125,000		125,000		3.83	%	June 5, 2027
The Grove at Shrewsbury (East)	43,600		43,600		3.77	%	September 1, 2027
Brook 35	11,500		11,500		4.65	%	July 1, 2029
Hoboken (24 Buildings) (1)	55,060		56,450		LIBOR + 1.95%		December 15, 2029
Various Hoboken (14 Buildings)	30,876		31,817		Various (2)		Various through 2029
Chelsea	4,446		4,851		5.36	%	January 15, 2031
Hoboken (1 Building)	—		16,234		3.75	%	July 1, 2042
Subtotal	322,317		341,579
Net unamortized debt issuance costs and premium	(1,702)		(1,586)
Total mortgages payable, net	320,615		339,993
Notes payable
Term Loan (3)(5)	600,000		300,000		SOFR + 0.85%		April 16, 2024
Revolving credit facility (3)(4)(5)	—		—		SOFR + 0.775%		April 5, 2027
Various	2,957		2,635		Various (6)		Various through 2059
Subtotal	602,957		302,635
Net unamortized debt issuance costs	(1,880)		(1,169)
Total notes payable, net	601,077		301,466
Senior notes and debentures


2.75% notes	275,000		275,000		2.75	%	June 1, 2023
3.95% notes	600,000		600,000		3.95	%	January 15, 2024
1.25% notes	400,000		400,000		1.25	%	February 15, 2026
7.48% debentures	29,200		29,200		7.48	%	August 15, 2026
3.25% notes	475,000		475,000		3.25	%	July 15, 2027
6.82% medium term notes	40,000		40,000		6.82	%	August 1, 2027
3.20% notes	400,000		400,000		3.20	%	June 15, 2029
3.50% notes	400,000		400,000		3.50	%	June 1, 2030
4.50% notes	550,000		550,000		4.50	%	December 1, 2044
3.625% notes	250,000		250,000		3.625	%	August 1, 2046
Subtotal	3,419,200		3,419,200
Net unamortized debt issuance costs and premium	(11,499)		(13,112)
Total senior notes and debentures	3,407,701		3,406,088


Total debt	$	4,329,393	$	4,047,547

_____________________

(1)On November 26, 2019, we entered into two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%.

(2)The interest rates on these mortgages range from 3.91% to 5.00%.

(3)Our revolving credit facility SOFR loans bear interest at Daily Simple SOFR or Term SOFR as defined in the credit agreement and our term loan bears interest at Term SOFR, plus 0.10%, plus a spread, based on our current credit rating.

(4)The maximum amount drawn under our revolving credit facility during the year ended December 31, 2022 was $330.0 million and the weighted average interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 3.2%.

(5)The Operating Partnership is the obligor under our revolving credit facility, term loan, and senior notes and debentures.

(6)The interest rates on these notes payable range from 3.00% to 11.31%.

On June 29, 2022, we repaid the $16.1 million mortgage loan on one of the buildings at our Hoboken property, at par.

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.

During 2022, 2021 and 2020, the maximum amount of borrowings outstanding under our revolving credit facility was $330.0 million, $150.0 million and $990.0 million, respectively. The weighted average amount of borrowings outstanding was $80.3 million, $19.6 million and $138.5 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 3.2%, 0.9% and 1.5%, respectively. The revolving credit facility requires an annual facility fee which is $1.9 million under the amended credit agreement. At December 31, 2022 and December 31, 2021, our revolving credit facility had no balance outstanding.

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. This SOFR based loan bears interest at Term SOFR as defined in the agreement, plus 0.10%, plus a 85 basis point spread, based on our current credit rating. The net proceeds from the term loan after underwriting fees and other costs were $298.5 million, and were used to repay the $267.0 million outstanding balance on the revolving credit facility and for general corporate purposes.

Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of December 31, 2022, we were in compliance with all default related debt covenants.

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2022 are as follows:


	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2023	$	3,138	$	755		$	275,000	$	278,893
2024	3,299		600,671		(1)	600,000		1,203,970
2025	47,630		418			—		48,048
2026	26,240		76			429,200		455,516
2027	178,278		37		(2)	515,000		693,315
Thereafter	63,732		1,000			1,600,000		1,664,732
	$	322,317	$	602,957		$	3,419,200	$	4,344,474	(3)

_____________________

(1)Our $600.0 million term loan matures on April 16, 2024 plus two one-year extensions, at our option.

(2)Our $1.25 billion revolving credit facility matures on April 5, 2027 plus two six-month extensions, at our option. As of December 31, 2022, there was no balance outstanding under this credit facility.

(3)The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2022.

- 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
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-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
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-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
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-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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Operating (including $1,997,583 and $2,207,648 of consolidated variable interest entities, respectively)	$ 9,441,945	$ 8,814,791
Construction-in-progress (including $8,477 and $18,752 of consolidated variable interest entities, respectively)	662,554	607,271
Real estate, at cost, total	10,104,499	9,422,062
Less accumulated depreciation and amortization (including $362,921 and $389,950 of consolidated variable interest entities, respectively)	(2,715,817)	(2,531,095)
Net real estate	7,388,682	6,890,967
Cash and cash equivalents	85,558	162,132
Accounts and notes receivable, net	197,648	169,007
Mortgage notes receivable, net	9,456	9,543
Investment in partnerships	145,205	13,027
Operating lease right of use assets, net	94,569	90,743
Finance lease right of use assets, net	45,467	49,832
Prepaid expenses and other assets	267,406	237,069
TOTAL ASSETS	8,233,991	7,622,320
Liabilities
Mortgages payable, net (including $191,827 and $335,301 of consolidated variable interest entities, respectively)	320,615	339,993
Notes payable, net	601,077	301,466
Senior notes and debentures, net	3,407,701	3,406,088
Accounts payable and accrued expenses	190,340	235,168
Dividends payable	90,263	86,538
Security deposits payable	28,508	25,331
Operating lease liabilities	77,743	72,661
Finance lease liabilities	67,660	72,032
Other liabilities and deferred credits	237,699	206,187
Total liabilities	5,021,606	4,745,464
Redeemable noncontrolling interests	178,370	213,708
Shareholders’ equity
Common shares of beneficial interest, $0.01 par, 100,000,000 shares authorized, 81,342,959 and 78,603,305 shares issued and outstanding, respectively	818	790
Additional paid-in capital	3,821,801	3,488,794
Accumulated dividends in excess of net income	(1,034,186)	(1,066,932)
Accumulated other comprehensive income (loss)	5,757	(2,047)
Total shareholders’ equity of the Trust	2,954,012	2,580,602
Noncontrolling interests	80,003	82,546
Total shareholders’ equity	3,034,015	2,663,148
Partners' Capital
Accumulated other comprehensive income (loss)	5,757	(2,047)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,233,991	7,622,320
Federal Realty OP LP
ASSETS
Operating (including $1,997,583 and $2,207,648 of consolidated variable interest entities, respectively)	9,441,945	8,814,791
Construction-in-progress (including $8,477 and $18,752 of consolidated variable interest entities, respectively)	662,554	607,271
Real estate, at cost, total	10,104,499	9,422,062
Less accumulated depreciation and amortization (including $362,921 and $389,950 of consolidated variable interest entities, respectively)	(2,715,817)	(2,531,095)
Net real estate	7,388,682	6,890,967
Cash and cash equivalents	85,558	162,132
Accounts and notes receivable, net	197,648	169,007
Mortgage notes receivable, net	9,456	9,543
Investment in partnerships	145,205	13,027
Operating lease right of use assets, net	94,569	90,743
Finance lease right of use assets, net	45,467	49,832
Prepaid expenses and other assets	267,406	237,069
TOTAL ASSETS	8,233,991	7,622,320
Liabilities
Mortgages payable, net (including $191,827 and $335,301 of consolidated variable interest entities, respectively)	320,615	339,993
Notes payable, net	601,077	301,466
Senior notes and debentures, net	3,407,701	3,406,088
Accounts payable and accrued expenses	190,340	235,168
Dividends payable	90,263	86,538
Security deposits payable	28,508	25,331
Operating lease liabilities	77,743	72,661
Finance lease liabilities	67,660	72,032
Other liabilities and deferred credits	237,699	206,187
Total liabilities	5,021,606	4,745,464
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	178,370	213,708
Shareholders’ equity
Accumulated other comprehensive income (loss)	5,757	(2,047)
Partners' Capital
Preferred units, 398,878 and 405,896 units issued and outstanding, respectively	154,788	154,963
Common units, 81,342,959 and 78,603,305 units issued and outstanding, respectively	2,793,467	2,427,686
Accumulated other comprehensive income (loss)	5,757	(2,047)
Total partner capital	2,954,012	2,580,602
Noncontrolling interests in consolidated partnerships	80,003	82,546
Total capital	3,034,015	2,663,148
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,233,991	7,622,320
5.0% Series C Cumulative Redeemable Preferred
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $0.01 par:	150,000	150,000
5.417% Series 1 Cumulative Convertible Preferred
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $0.01 par:	$ 9,822	$ 9,997

Consolidated Statements of Capital - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Capital - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Adoption of new accounting standard			$ (510)
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	$ 7,804	$ 3,597	(4,831)
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests		6,583	120
Purchase of noncontrolling interests			(7,321)
Deconsolidation of VIE	972
downREIT OP units
Purchase of noncontrolling interests	(698)	(99)	(3,320)
Accumulated Other Comprehensive Income (Loss)
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	7,804	3,597	(4,831)
Accumulated Dividends in Excess of Net Income
Adoption of new accounting standard			(510)
Additional Paid-in Capital
Purchase of noncontrolling interests			(1,210)
Federal Realty OP LP
Total capital	3,034,015	2,663,148	2,548,747	$ 2,636,132
Adoption of new accounting standard			(510)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	389,048	264,785	133,660
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	7,804	3,597	(4,831)
Distributions declared to common unit holders	(344,711)	(332,116)	(320,302)
Distributions declared to preferred unit holders	(8,034)	(8,042)	(8,042)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(5,007)	(4,341)	(8,874)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	306,854	172,753	98,839
Exercise of stock options	35
Common units issued under dividend reinvestment plan	2,104	1,955	2,072
Share-based compensation expense, net of forfeitures	15,018	14,434	13,243
Common units withheld for employee taxes	(4,900)	(2,998)	(4,052)
Conversion of preferred units, value	0
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests		6,583	120
Purchase of noncontrolling interests			(7,321)
Deconsolidation of VIE	972
Adjustment to redeemable noncontrolling interest	12,382	(2,110)	21,933
Federal Realty OP LP \| downREIT OP units
Conversion and redemption of downREIT OP units	(698)	(99)	(3,320)
Federal Realty OP LP \| 5.417% Series 1 Cumulative Convertible Preferred Units
Total capital	154,788	154,963	154,963	154,963
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	8,034	8,042	8,042
Distributions declared to preferred unit holders	(8,034)	(8,042)	(8,042)
Conversion of preferred units	(175)
Federal Realty OP LP \| Common Units
Total capital	2,793,467	2,427,686	2,314,838	2,381,191
Adoption of new accounting standard			(510)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	377,457	253,456	123,664
Distributions declared to common unit holders	(344,711)	(332,116)	(320,302)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	306,854	172,753	98,839
Exercise of stock options	35
Common units issued under dividend reinvestment plan	2,104	1,955	2,072
Share-based compensation expense, net of forfeitures	15,018	14,434	13,243
Common units withheld for employee taxes	(4,900)	(2,998)	(4,052)
Conversion of preferred units, value	175
Purchase of noncontrolling interests			(1,210)
Adjustment to redeemable noncontrolling interest	12,382	(2,110)	21,933
Federal Realty OP LP \| Common Units \| downREIT OP units
Conversion and redemption of downREIT OP units	1,367	7,474	(30)
Federal Realty OP LP \| Parent
Total capital	2,954,012	2,580,602	2,464,157	2,535,341
Adoption of new accounting standard			(510)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	385,491	261,498	131,706
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	7,804	3,597	(4,831)
Distributions declared to common unit holders	(344,711)	(332,116)	(320,302)
Distributions declared to preferred unit holders	(8,034)	(8,042)	(8,042)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	306,854	172,753	98,839
Exercise of stock options	35
Common units issued under dividend reinvestment plan	2,104	1,955	2,072
Share-based compensation expense, net of forfeitures	15,018	14,434	13,243
Common units withheld for employee taxes	(4,900)	(2,998)	(4,052)
Purchase of noncontrolling interests			(1,210)
Adjustment to redeemable noncontrolling interest	12,382	(2,110)	21,933
Federal Realty OP LP \| Parent \| downREIT OP units
Conversion and redemption of downREIT OP units	1,367	7,474	(30)
Federal Realty OP LP \| Noncontrolling Interests in Consolidated Partnerships
Total capital	80,003	82,546	84,590	100,791
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	3,557	3,287	1,954
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(5,007)	(4,341)	(8,874)
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests		6,583	120
Purchase of noncontrolling interests			(6,111)
Deconsolidation of VIE	972
Federal Realty OP LP \| Noncontrolling Interests in Consolidated Partnerships \| downREIT OP units
Conversion and redemption of downREIT OP units	(2,065)	(7,573)	(3,290)
Federal Realty OP LP \| Accumulated Other Comprehensive Income (Loss)
Total capital	5,757	(2,047)	(5,644)	$ (813)
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	$ 7,804	$ 3,597	$ (4,831)

Operating Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

OPERATING LEASES

LEASES

At December 31, 2022, our 103 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 3,300 commercial leases and 3,000 residential leases. Our commercial tenants range from sole proprietorships to national retailers and corporations. At December 31, 2022, no one tenant or corporate group of tenants accounted for more than 2.8% of annualized base rent.

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

As of December 31, 2022, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales) are as follows:



	(In thousands)
Year ending December 31,
2023	$	701,133
2024	649,472
2025	564,446
2026	490,884
2027	416,736
Thereafter	1,644,716
	$	4,467,387

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


	Year Ended December 31,
	2022		2021			2020
	(In thousands)
LEASE COST:
Finance lease cost:
Amortization of right-of-use assets	$	1,251	$	1,284		$	1,284
Interest on lease liabilities	5,743		5,828			5,826
Operating lease cost	6,138		5,687			5,946
Variable lease cost	309		246			353
Total lease cost	$	13,441	$	13,045		$	13,409

OTHER INFORMATION:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	5,642	$	5,723		$	5,736
Operating cash flows for operating leases	$	5,644	$	5,288		$	5,498
Financing cash flows for finance leases	$	50	$	51		$	46



			December 31,
			2022			2021
Weighted-average remaining term - finance leases			13.9 years			16.3 years
Weighted-average remaining term - operating leases			53.3 years			52.8 years
Weighted-average discount rate - finance leases			8.1		%	8.0		%
Weighted-average discount rate - operating leases			4.8		%	4.5		%
ROU assets obtained in exchange for operating lease liabilities			$	6,476		$	10,341

Share-Based Compensation Plans (Schedule of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of year (in shares)	3,658
Granted (in shares)	0	0
Exercised (in shares)	(366)
Forfeited or expired (in shares)	(1,463)
Outstanding at the end of year (in shares)	1,829
Exercisable at the end of year (in shares)	366
Outstanding at the beginning of year, Weighted-Average Exercise Price (in dollars per share)	$ 95.77
Granted, Weighted-Average Exercise Price (in dollars per share)	0
Exercised, Weighted-Average Exercise Price (in dollars per share)	95.77
Forfeited or Expired, Weighted-Average Exercise Price (in dollars per share)	95.77
Outstanding at the end of year, Weighted-Average Exercise Price (in dollars per share)	95.77
Exercisable at the end of the year, Weighted-Average Exercise Price (in dollars per share)	$ 95.77
Outstanding at the end of year, Weighted-Average Remaining Contractual Term (in years)	8 years 1 month 6 days
Exercisable at the end of year, Weighted-Average Remaining Contractual Term (in years)	8 years 1 month 6 days
Outstanding at the end of year, Aggregate Intrinsic Value	$ 10
Exercisable at the end of year, Aggregate Intrinsic Value	$ 2

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Revenue Recognition and Accounts Receivable

Other revenue recognition policies

Real Estate

Long Lived Assets and Impairment

Long-Lived Assets and Impairment

Cash and Cash Equivalents

Prepaid Expenses and Other Assets

Debt Issuance Costs

Derivative Instruments

Mortgage Notes Receivable

Share Based Compensation

Variable Interest Entities

Redeemable Noncontrolling Interests

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


	Year Ended
	December 31,
	2022		2021
	(In thousands)
Beginning balance	$	213,708	$	137,720
Net income	6,613		4,296
Contributions	2,111		74,530

Other comprehensive income - change in value of interest rate swaps	765		320
Distributions & redemptions	(32,445)		(5,268)

Change in redemption value	(12,382)		2,110
Ending balance	$	178,370	$	213,708

Leases

LeasesWe have ground leases at 11 properties which are accounted for as operating leases. The operating lease right of use ("ROU") assets and related liabilities are shown separately on the face of our consolidated balance sheet and reflect the present value of the minimum lease payments. A key input in the calculation is the discount rate. As the rate implied in the lease agreements is not readily determinable, we utilize our incremental borrowing rate that corresponds to the remaining term of the lease, our credit spread, and an adjustment to reflect the collateralized payment terms present in the lease. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the non-cancellable lease term and is included in rental expenses in our consolidated statements of operations. We do not record an ROU asset or lease liability for leases with terms of less than 12 months.

Income Taxes

Segment Information

Forward Equity Sales Policy

Forward Equity Sales

Recent Accounting Pronouncements

Standard

Description

Effect on the financial statements or significant matters

Adopted on January 1, 2022:

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

ASU 2021-05, July 2021, Lessors - Certain Leases with Variable Lease Payments (Topic 842)

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

Issued in 2022:

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.

Issued in 2020:

Reference Rate Reform (Topic 848) and related update:

ASU 2020-04, March 2020,

Reference Rate Reform

(Topic 848)

ASU 2022-06, December

2022, Deferral of the Sunset

Date

Business And Organization	12 Months Ended
Business And Organization	Dec. 31, 2022
Nature Of Operations [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the “Parent Company” and "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 operating and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of, and exercises 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. 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 December 31, 2022, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 103 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. Impacts of COVID-19 Pandemic and General Economic Conditions Given the 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.

Real Estate (2021 Property Acquisitions and Dispositions) (Details)
$ in Thousands

12 Months Ended

Sep. 02, 2021

USD ($)

ft²

Jun. 14, 2021

USD ($)

ft²

Jun. 01, 2021

USD ($)

ft²

Apr. 30, 2021

USD ($)

ft²

Feb. 22, 2021

USD ($)

Jan. 04, 2021

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Business Acquisition and Disposition

Operating lease right of use asset

$ 94,569

$ 90,743

Operating lease liability

77,743

$ 72,661

Pike&Rose Hotel JV

Business Acquisition and Disposition

Ownership interest of partner in our joint venture

20.00%

Purchase price of partners interest

$ 2,300

Repayments of Secured Debt

31,500

Gain on acquisition of controlling interest

$ 2,100

Mount Vernon Plaza

Business Acquisition and Disposition

Purchase price of real estate acquisition

$ 5,600

Decrease in operating lease right of use assets

9,800

Decrease of operating lease liability

$ 9,800

Chesterbrook

Business Acquisition and Disposition

Square footage of real estate property | ft²

^[1]

90,000

Ownership %

^[1]

80.00%

Gross Value of Real Estate

^[1],[2]

$ 32,100

Chesterbrook | Other Assets | Acquired lease costs

Business Acquisition and Disposition

Acquired lease costs

1,900

Chesterbrook | Other Assets | Above Market Leases

Business Acquisition and Disposition

Above market leases

600

Chesterbrook | Other Liabilities

Business Acquisition and Disposition

Below market leases

$ 8,000

Grossmont Center

Business Acquisition and Disposition

Square footage of real estate property | ft²

^[1]

933,000

Ownership %

^[1]

60.00%

Gross Value of Real Estate

^[1],[3]

$ 175,000

Grossmont Center | Other Assets | Acquired lease costs

Business Acquisition and Disposition

Acquired lease costs

12,300

Grossmont Center | Other Assets | Above Market Leases

Business Acquisition and Disposition

Above market leases

2,600

Grossmont Center | Other Liabilities

Business Acquisition and Disposition

Below market leases

$ 14,700

Camelback Colonnade

Business Acquisition and Disposition

Square footage of real estate property | ft²

^[1]

642,000

Ownership %

^[1]

98.00%

Gross Value of Real Estate

^[1],[4]

$ 162,500

Camelback Colonnade | Other Assets | Acquired lease costs

Business Acquisition and Disposition

Acquired lease costs

11,600

Camelback Colonnade | Other Liabilities

Business Acquisition and Disposition

Below market leases

$ 28,300

Hilton Village

Business Acquisition and Disposition

Square footage of real estate property | ft²

^[1]

93,000

Ownership %

^[1]

98.00%

Gross Value of Real Estate

^[1],[5]

$ 37,500

Operating lease right of use asset

10,400

Above market liability

1,300

Operating lease liability

11,600

Hilton Village | Other Assets | Acquired lease costs

Business Acquisition and Disposition

Acquired lease costs

2,700

Hilton Village | Other Assets | Above Market Leases

Business Acquisition and Disposition

Above market leases

1,100

Hilton Village | Other Liabilities

Business Acquisition and Disposition

Below market leases

$ 3,600

Twinbrooke Shopping Centre

Business Acquisition and Disposition

Square footage of real estate property | ft²

106,000

Ownership %

100.00%

Gross Value of Real Estate

^[6]

$ 33,800

Twinbrooke Shopping Centre | Other Assets | Acquired lease costs

Business Acquisition and Disposition

Acquired lease costs

1,200

Twinbrooke Shopping Centre | Other Assets | Above Market Leases

Business Acquisition and Disposition

Above market leases

300

Twinbrooke Shopping Centre | Other Liabilities

Business Acquisition and Disposition

Below market leases

$ 2,700

Two properties and a portion of three properties

Business Acquisition and Disposition

Sales price of real estate

141,600

Gain on sale of real estate

$ 88,300

[1]	These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements.
[2]	Approximately $1.9 million and $0.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $8.0 million of net assets acquired were allocated to other liabilities for "below market leases."
[3]	Approximately $12.3 million and $2.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $14.7 million of net assets acquired were allocated to other liabilities for "below market leases."
[4]	Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases."
[5]	The land is controlled under a long-term ground lease that expires on December 31, 2076, for which we have recorded a $10.4 million "operating lease right of use asset" (net of a $1.3 million above market liability) and an $11.6 million "operating lease liability." Approximately $2.7 million and $1.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $3.6 million were allocated to other liabilities for "below market leases."
[6]	Approximately $1.2 million and $0.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $2.7 million of net assets acquired were allocated to other liabilities for "below market leases."

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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 2022 and 2021 we had 0.3 million weighted average unvested shares and units outstanding, and for 2020 we had 0.2 million 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 reconciliation 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 in 2020,

•conversions of downREIT operating partnership units for 2021 and 2020,

•and 5.417% Series 1 Cumulative Convertible Preferred Shares and units for 2022, 2021, and 2020, and

•the issuance of $1.8 million shares and units issuable under forward sales agreements in 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 award has not yet been achieved.

Federal Realty Investment Trust Earnings per Share


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share data)
NUMERATOR
Net income	$	395,661	$	269,081	$	135,888
Less: Preferred share dividends	(8,034)		(8,042)		(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,170)		(7,583)		(4,182)
Less: Earnings allocated to unvested shares	(1,328)		(1,211)		(992)
Net income available for common shareholders, basic	376,129		252,245		122,672
Add: Income attributable to downREIT operating partnership units	2,810		—		—
Net income available for common shareholders, diluted	$	378,939	$	252,245	$	122,672
DENOMINATOR
Weighted average common shares outstanding—basic	79,854		77,336		75,515
Effect of dilutive securities:
Open forward contracts for share issuances	—		32		—

DownREIT operating partnership units	654		—		—
Weighted average common shares outstanding—diluted	80,508		77,368		75,515

EARNINGS PER COMMON SHARE, BASIC



Net income available for common shareholders	$	4.71	$	3.26	$	1.62
EARNINGS PER COMMON SHARE, DILUTED



Net income available for common shareholders	$	4.71	$	3.26	$	1.62

Federal Realty OP LP Trust Earnings per Unit


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per unit data)
NUMERATOR
Net income	$	395,661	$	269,081	$	135,888
Less: Preferred unit distributions	(8,034)		(8,042)		(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,170)		(7,583)		(4,182)
Less: Earnings allocated to unvested units	(1,328)		(1,211)		(992)
Net income available for common unit holders, basic	376,129		252,245		122,672
Add: Income attributable to downREIT operating partnership units	2,810		—		—
Net income available for common unit holders, diluted	$	378,939	$	252,245	$	122,672
DENOMINATOR
Weighted average common units outstanding—basic	79,854		77,336		75,515
Effect of dilutive securities:
Common unit issuances relating to open common forward contracts	—		32		—

DownREIT operating partnership units	654		—		—
Weighted average common units outstanding—diluted	80,508		77,368		75,515

EARNINGS PER COMMON UNIT, BASIC



Net income available for common unit holders	$	4.71	$	3.26	$	1.62
EARNINGS PER COMMON UNIT, DILUTED



Net income available for common unit holders	$	4.71	$	3.26	$	1.62

Components Of Rental Expense

12 Months Ended

Dec. 31, 2022

Components Of Rental Expense [Abstract]

COMPONENTS OF RENTAL EXPENSE

COMPONENTS OF RENTAL EXPENSES

The principal components of rental expenses are as follows:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Repairs and maintenance	$	90,343	$	78,028	$	66,845
Utilities	34,226		27,808		25,065
Management fees and costs	27,416		24,919		23,752
Payroll	19,693		18,341		16,691
Insurance	16,380		14,406		12,439
Marketing	7,814		7,481		6,432
Ground rent	5,092		4,571		4,595
Other operating	27,994		22,567		15,101
Total rental expenses	$	228,958	$	198,121	$	170,920

Acquired In-Place Leases Acqured Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Total	$ 80,341	$ 81,555
Finite-Lived Intangible Assets, Accumulated Amortization	(39,739)	(38,636)
Finite-Lived Intangible Liabilities, Total	(279,037)	(240,406)
Finite-Lived Intangible Liabilities, Accumulated Amortization	95,197	80,981
Amortization of below market leases, lessor	14,543	11,897	$ 8,406
Net increase in rental income	11,106	8,747	4,346
Amortization of Below Market Lease, Lessee	828	828	828
Net increase in rental expense	274	290	303
Acquired Lease Liabilities
2023	15,555
2024	15,005
2025	11,507
2026	11,074
2027	10,601
Thereafter	120,098
Total future amortization expense from acquired below market leases	183,840
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of above market leases, lessor	(3,437)	(3,150)	(4,060)
Amortization of above market leases, lessee	$ (554)	(538)	$ (525)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 years
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	17 years 7 months 6 days
Acquired Lease Assets
2023	$ 3,869
2024	3,347
2025	2,277
2026	2,005
2027	1,717
Thereafter	27,387
Total future amortization expense from acquired lease assets	40,602
Above Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Total	45,737	46,951
Finite-Lived Intangible Assets, Accumulated Amortization	(33,892)	(33,617)
Below Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Total	34,604	34,604
Finite-Lived Intangible Assets, Accumulated Amortization	$ (5,847)	(5,019)
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	36 years 7 months 6 days
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	19 years 1 month 6 days
Below Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Total	$ (267,910)	(230,059)
Finite-Lived Intangible Liabilities, Accumulated Amortization	91,989	78,327
Above Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Total	(11,127)	(10,347)
Finite-Lived Intangible Liabilities, Accumulated Amortization	$ 3,208	$ 2,654

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

12 Months Ended

Dec. 31, 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:


	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	921,692	$	895,654	$	641,459	$	655,864
Senior notes and debentures	$	3,407,701	$	3,048,456	$	3,406,088	$	3,649,776

Summary of financial assets/(liabilities) 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:


	December 31, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	6,144	$	—	$	6,144	$	—	$	(1,511)	$	—	$	(1,511)

Real Estate

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Real Estate Disclosure

REAL ESTATE

2022 Property Acquisitions

During the year ended December 31, 2022, we acquired the following properties:


Date Acquired	Property	City/State	Gross Leasable Area (GLA)	Purchase Price
			(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	212,000	$	53.6	(2)
July 27, 2022	The Shops at Pembroke Gardens	Pembroke Pines, Florida	391,000	$	180.5	(3)
November 18, 2022	Hoboken (301 Washington St.)	Hoboken, New Jersey	N/A	$	9.0	(4)

(1)Approximately $11.3 million and $0.3 million of net assets 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."

(4)This property, that we own a 90% ownership interest in, was acquired through our Hoboken joint venture, and is in the beginning stages of redevelopment.

On October 6, 2022, we acquired a 47.5% net interest in an unconsolidated joint venture that owns two shopping centers for a combined price of $58.9 million. On the date of acquisition, the properties had combined mortgage debt of $76.1 million, of which, our share is approximately $36.2 million. Approximately $8.0 million and $2.0 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $17.1 million of net assets acquired were allocated to other liabilities for "below market leases." Additional information on the properties is listed below:

Property

City/State

Gross Leasable Area (GLA)

Purchase Price
(our share)

(in square feet)

(in millions)

Chandler Festival

Chandler, Arizona

355,000

40.8

Chandler Gateway

Chandler, Arizona

262,000

18.1

2022 Property Dispositions

During the year ended December 31, 2022, we sold two residential properties (one included an adjacent retail pad), one retail property, one parcel of land, and one portion of a property for sales prices totaling $136.2 million, resulting in net gains totaling approximately $84.1 million.

Other Transaction

On 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 December 31, 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 December 31, 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.

2021 Property Acquisitions

On January 4, 2021, we acquired our partner's 20% interest in our joint venture arrangement related to the Pike & Rose hotel for $2.3 million, and repaid the $31.5 million mortgage loan encumbering the hotel. As a result of the transaction, we gained control of the hotel, and effective January 4, 2021, we have consolidated this asset. We also recognized a gain on acquisition of the controlling interest of $2.1 million related to the difference between the carrying value and fair value of the previously held equity interest.

On February 22, 2021, we acquired the fee interest at our Mount Vernon Plaza property in Alexandria, Virginia for $5.6 million. As a result of this transaction, the "operating lease right of use assets" and "operating lease liabilities" on our consolidated balance sheet decreased by $9.8 million. We now own the entire fee interest on this property.

During the year ended December 31, 2021, we acquired the following properties:


Date Acquired	Property	City/State	Gross Leasable Area (GLA)	Ownership %		Gross Value
			(in square feet)			(in millions)
April 30, 2021	Chesterbrook (1)	McLean, Virginia	90,000	80	%	$	32.1	(2)
June 1, 2021	Grossmont Center (1)	La Mesa, California	933,000	60	%	$	175.0	(3)
June 14, 2021	Camelback Colonnade (1)	Phoenix, Arizona	642,000	98	%	$	162.5	(4)
June 14, 2021	Hilton Village (1)	Scottsdale, Arizona	93,000	98	%	$	37.5	(5)
September 2, 2021	Twinbrooke Shopping Centre	Fairfax, Virginia	106,000	100	%	$	33.8	(6)

(1)These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements.

(2)Approximately $1.9 million and $0.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $8.0 million of net assets acquired were allocated to other liabilities for "below market leases."

(3)Approximately $12.3 million and $2.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $14.7 million of net assets acquired were allocated to other liabilities for "below market leases."

(4)Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases."

(5)The land is controlled under a long-term ground lease that expires on December 31, 2076, for which we have recorded a $10.4 million "operating lease right of use asset" (net of a $1.3 million above market liability) and an $11.6 million "operating lease liability." Approximately $2.7 million and $1.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $3.6 million were allocated to other liabilities for "below market leases."

(6)Approximately $1.2 million and $0.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $2.7 million of net assets acquired were allocated to other liabilities for "below market leases."

2021 Property Dispositions

During the year ended December 31, 2021, we sold two properties and a portion of three properties for a total sales price of $141.6 million, which resulted in a net gain of $88.3 million.

Schedule III - Summary of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

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

Schedule III - Summary of Real Estate and Accumulated Depreciation


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements		Land				Building and Improvements		Total
29TH PLACE (Virginia)			$	10,211	$	18,863	$	11,627	$	10,195	$	30,506	$	40,701	$	16,582	1975 - 2001	5/30/2007	(1)
ANDORRA (Pennsylvania)			2,432		12,346		18,628		2,432		30,974		33,406		22,902		1953	1/12/1988	(1)
ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts)			93,252		34,196		991,368		69,421		1,049,395		1,118,816		137,485		2005, 2012-2022	2005-2013	(1)
AZALEA (California)		39,850	40,219		67,117		1,918		40,219		69,035		109,254		13,549		2014	8/2/2017	(1)
BALA CYNWYD (Pennsylvania)			3,565		14,466		54,758		2,683		70,106		72,789		31,192		1955/2020	9/22/1993	(1)
BARCROFT PLAZA (Virginia)			12,617		29,603		8,338		12,617		37,941		50,558		8,656		1963, 1972, 1990, & 2000	1/13/16 & 11/7/16	(1)
BARRACKS ROAD (Virginia)			4,363		16,459		52,498		4,363		68,957		73,320		51,953		1958	12/31/1985	(1)
BELL GARDENS (California)		11,629	24,406		85,947		8,090		24,406		94,037		118,443		22,722		1990, 2003, 2006	8/2/17 & 11/29/18	(1)
BETHESDA ROW (Maryland)			46,579		35,406		174,823		44,437		212,371		256,808		104,068		1945-2008	12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	(1)
BIRCH & BROAD (Virginia)			1,798		1,270		22,674		1,819		23,923		25,742		10,663		1960/1962	9/30/67 & 10/05/72	(1)
BRICK PLAZA (New Jersey)			—		24,715		82,169		4,385		102,499		106,884		64,220		1958	12/28/1989	(1)
BRISTOL PLAZA (Connecticut)			3,856		15,959		16,487		3,856		32,446		36,302		21,938		1959	9/22/1995	(1)
BROOK 35 (New Jersey)		11,366	7,128		38,355		5,614		7,128		43,969		51,097		12,751		1986/2004	1/1/2014	(1)
CAMELBACK COLONNADE (Arizona)			52,658		126,646		734		52,658		127,380		180,038		7,204		1977/2019	6/14/2021	(1)
CAMPUS PLAZA (Massachusetts)			16,710		13,412		737		16,710		14,149		30,859		3,810		1970	1/13/2016	(1)
CHELSEA COMMONS (Massachusetts)		4,304	8,689		19,466		3,125		8,669		22,611		31,280		10,254		1962/1969/ 2008	8/25/06, 1/30/07, & 7/16/08	(1)
CHESTERBROOK (Virginia)			13,042		24,725		3,172		13,042		27,897		40,939		1,486		1967/1991	4/30/21	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements	Land		Building and Improvements	Total
COCOWALK (Florida)			32,513	71,536	96,837	48,944	151,942	200,886	21,876	1990/1994, 1922-1973, 2018-2021	5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17	(1)
COLORADO BLVD (California)			2,415	3,964	7,535	2,415	11,499	13,914	10,052	1905-1988	8/14/98	(1)
CONGRESSIONAL PLAZA (Maryland)			2,793	7,424	99,671	2,793	107,095	109,888	67,014	1965/2003/2016	4/1/1965	(1)
COURTHOUSE CENTER (Maryland)			1,750	1,869	3,585	1,750	5,454	7,204	3,455	1975	12/17/1997	(1)
CROSSROADS (Illinois)			4,635	11,611	19,957	4,635	31,568	36,203	23,145	1959	7/19/1993	(1)
CROW CANYON COMMONS (California)			27,245	54,575	9,263	27,245	63,838	91,083	32,610	Late 1970's/ 1998/2006	12/29/05 & 2/28/07	(1)
DARIEN COMMONS (Connecticut)			30,368	19,523	90,301	30,368	109,824	140,192	4,526	1920-2009	4/3/13 & 7/20/18	(1)
DEDHAM PLAZA (Massachusetts)			16,354	13,413	19,609	16,354	33,022	49,376	20,497	1959	12/31/93, 12/14/16, 1/29/19, & 3/12/19	(1)
DEL MAR VILLAGE (Florida)			15,624	41,712	17,861	15,587	59,610	75,197	30,199	1982/1994/ 2007	5/30/08, 7/11/08, & 10/14/14	(1)
EAST BAY BRIDGE (California)			29,069	138,035	12,534	29,069	150,569	179,638	51,835	1994-2001, 2011/2012	12/21/2012	(1)
ELLISBURG (New Jersey)			4,028	11,309	22,022	4,013	33,346	37,359	23,410	1959	10/16/1992	(1)

FAIRFAX JUNCTION (Virgina)			16,768	23,825	3,547	16,768	27,372	44,140	3,843	1981/1986/ 2000	2/8/19 & 1/10/20	(1)
FEDERAL PLAZA (Maryland)			10,216	17,895	45,511	10,216	63,406	73,622	52,462	1970	6/29/1989	(1)
FINLEY SQUARE (Illinois)			9,252	9,544	23,530	9,252	33,074	42,326	25,593	1974	4/27/1995	(1)
FLOURTOWN (Pennsylvania)			1,345	3,943	13,018	1,507	16,799	18,306	8,227	1957	4/25/1980	(1)
FOURTH STREET (California)			13,978	9,909	3,932	13,978	13,841	27,819	3,518	1948,1975	5/19/2017	(1)
FREEDOM PLAZA (California)			—	3,255	40,841	—	44,096	44,096	2,965	2018-2020	6/15/2018	(1)
FRESH MEADOWS (New York)			24,625	25,255	44,707	24,633	69,954	94,587	50,551	1946-1949	12/5/1997	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements	Land		Building and Improvements	Total
FRIENDSHIP CENTER (District of Columbia)			12,696	20,803	4,062	12,696	24,865	37,561	15,023	1998	9/21/2001	(1)
GAITHERSBURG SQUARE (Maryland)			7,701	5,271	26,088	5,973	33,087	39,060	20,489	1966	4/22/1993	(1)
GARDEN MARKET (Illinois)			2,677	4,829	7,859	2,677	12,688	15,365	10,066	1958	7/28/1994	(1)
GEORGETOWNE SHOPPING CENTER (New York)			32,202	49,586	3,730	32,202	53,316	85,518	5,686	1969/2006/ 2015	11/15/19	(1)
GOVERNOR PLAZA (Maryland)			2,068	4,905	26,671	2,068	31,576	33,644	22,416	1963	10/1/1985	(1)
GRAHAM PARK PLAZA (Virginia)			642	7,629	16,943	653	24,561	25,214	18,777	1971	7/21/1983	(1)
GRATIOT PLAZA (Michigan)			525	1,601	18,580	525	20,181	20,706	18,518	1964	3/29/1973	(1)
GREENLAWN PLAZA (New York)			10,590	20,869	2,210	10,743	22,926	33,669	5,832	1975/2004	1/13/2016	(1)
GREENWICH AVENUE (Connecticut)			7,484	5,445	10,819	7,484	16,264	23,748	6,767	1968	4/12/1995	(1)
GROSSMONT CENTER (California)			125,434	50,311	691	125,434	51,002	176,436	5,589	1961, 1963, 1982-1983, 2002	6/1/2021	(1)
HASTINGS RANCH PLAZA (California)			2,257	22,393	1,067	2,257	23,460	25,717	4,626	1958, 1984, 2006, 2007	2/1/2017	(1)
HAUPPAUGE (New York)			8,791	15,262	11,611	8,519	27,145	35,664	15,449	1963	8/6/1998	(1)
HILTON VILLAGE (Arizona)			—	85,431	218	—	85,649	85,649	2,881	1982/1989	6/14/21 & 7/18/22	(1)
HOBOKEN (New Jersey)		85,684	56,866	167,835	2,805	56,868	170,638	227,506	16,501	1887-2006	9/18/19, 11/26/19, 12/19/19, 2/12/20, & 11/18/22	(1)
HOLLYWOOD BLVD (California)			8,300	16,920	36,670	8,370	53,520	61,890	22,892	1929/1991	3/22/99 & 6/18/99	(1)
HUNTINGTON (New York)			12,194	16,008	51,607	12,294	67,515	79,809	17,994	1962	12/12/88, 10/26/07, & 11/24/15	(1)
HUNTINGTON SQUARE (New York)			—	10,075	3,851	506	13,420	13,926	5,782	1980/2004-2007	8/16/2010	(1)
IDYLWOOD PLAZA (Virginia)			4,308	10,026	3,792	4,308	13,818	18,126	10,783	1991	4/15/1994	(1)
KINGS COURT (California)			—	10,714	917	—	11,631	11,631	10,939	1960	8/24/1998	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements	Land		Building and Improvements	Total
KINGSTOWNE TOWNE CENTER (Virginia)			72,234	137,466	134	72,234	137,600	209,834	2,827	1996/2001/ 2006	4/20/22 & 7/27/22	(1)
LANCASTER (Pennsylvania)			—	2,103	6,621	432	8,292	8,724	6,460	1958	4/24/1980	(1)
LANGHORNE SQUARE (Pennsylvania)			720	2,974	21,044	720	24,018	24,738	18,544	1966	1/31/1985	(1)
LAUREL (Maryland)			7,458	22,525	31,484	7,551	53,916	61,467	44,562	1956	8/15/1986	(1)
LAWRENCE PARK (Pennsylvania)			6,150	8,491	47,128	6,161	55,608	61,769	26,059	1972	7/23/1980 & 4/3/17	(1)
LINDEN SQUARE (Massachusetts)			79,382	19,247	59,103	79,346	78,386	157,732	33,750	1960-2008	8/24/2006	(1)
MELVILLE MALL (New York)			35,622	32,882	36,431	35,622	69,313	104,935	25,179	1974	10/16/2006	(1)
MERCER MALL (New Jersey)			5,917	18,358	51,788	5,868	70,195	76,063	40,726	1975	10/14/03 & 1/31/17	(1)
MONTROSE CROSSING (Maryland)			48,624	91,819	31,945	48,624	123,764	172,388	44,035	1960s, 1970s, 1996 & 2011	12/27/11 & 12/19/13	(1)
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)			15,769	33,501	45,682	15,851	79,101	94,952	47,780	1966/1972/ 1987/2001	3/31/03, 3/21/03, & 1/27/06	(1)
NORTH DARTMOUTH (Massachusetts)			9,366	—	3	9,366	3	9,369	2	2004	8/24/2006	(1)
NORTHEAST (Pennsylvania)			938	8,779	25,542	939	34,320	35,259	22,611	1959	8/30/1983	(1)
OLD KEENE MILL (Virginia)			638	998	12,045	638	13,043	13,681	7,309	1968	6/15/1976	(1)
OLD TOWN CENTER (California)			3,420	2,765	35,035	3,420	37,800	41,220	25,856	1962, 1997-1998	10/22/1997	(1)
OLIVO AT MISSION HILLS (California)			15,048	46,732	20,903	15,048	67,635	82,683	8,590	2017-2018	8/2/2017	(1)
PAN AM (Virginia)			8,694	12,929	10,055	8,695	22,983	31,678	18,204	1979	2/5/1993	(1)
PERRING PLAZA (Maryland)			2,800	6,461	26,183	2,800	32,644	35,444	24,815	1963	10/1/1985	(1)
PIKE & ROSE (Maryland)			31,471	10,335	761,536	33,716	769,626	803,342	103,351	1963, 2012-2022	5/18/82, 10/26/07, & 7/31/12	(1)
PIKE 7 PLAZA (Virginia)			14,970	22,799	14,342	14,914	37,197	52,111	21,950	1968	3/31/97 & 7/8/15	(1)
PLAZA DEL MERCADO (Maryland)			10,305	21,553	15,022	10,305	36,575	46,880	10,092	1969	1/13/2016	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land		Building and Improvements	Land		Building and Improvements	Total
PLAZA DEL SOL (California)			5,605	12,331	19	5,605	12,350	17,955	2,258	2009	8/2/2017	(1)
PLAZA EL SEGUNDO/THE POINT (California)		124,614	62,127	153,556	88,748	64,463	239,968	304,431	74,977	2006/2007/ 2016	12/30/11, 6/14/13, 7/26/13, & 12/27/13	(1)
QUEEN ANNE PLAZA (Massachusetts)			3,319	8,457	7,542	3,319	15,999	19,318	11,884	1967	12/23/1994	(1)
QUINCE ORCHARD (Maryland)			3,197	7,949	29,436	2,928	37,654	40,582	26,197	1975	4/22/1993	(1)
RIVERPOINT CENTER (Illinois)			15,422	104,572	2,173	15,422	106,745	122,167	19,616	1989, 2012	3/31/2017	(1)
SAN ANTONIO CENTER (California)			26,400	18,462	5,887	26,400	24,349	50,749	6,144	1958, 1964-1965, 1974-1975, 1995-1997	1/9/2015, 9/13/19	(1)
SANTANA ROW (California)			66,682	7,502	1,205,916	57,592	1,222,508	1,280,100	295,689	1999-2006, 2009, 2011, 2014, 2016-2022	3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13	(1)
SYLMAR TOWNE CENTER (California)			18,522	24,637	3,160	18,522	27,797	46,319	4,791	1973	8/2/2017	(1)
THE AVENUE AT WHITE MARSH (Maryland)			20,682	72,432	34,072	20,685	106,501	127,186	49,604	1997	3/8/2007	(1)
THE GROVE AT SHREWSBURY (New Jersey)		43,168	18,016	103,115	9,200	18,021	112,310	130,331	31,948	1988/1993/ 2007	1/1/2014 & 10/6/14	(1)
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)			4,441	12,849	2,208	4,441	15,057	19,498	7,448	2005 - 2006	3/8/2007	(1)
THE SHOPS AT PEMBROKE GARDENS (Florida)			39,506	141,356	96	39,506	141,452	180,958	2,489	2007	7/27/2022	(1)
THIRD STREET PROMENADE (California)			22,645	12,709	53,725	25,125	63,954	89,079	38,262	1888-2000	1996-2000	(1)
TOWER SHOPPNG CENTER (Virginia)			7,170	10,518	5,434	7,280	15,842	23,122	11,161	1953-1960	8/24/1998	(1)
TOWER SHOPS (Florida)			29,940	43,390	29,095	29,962	72,463	102,425	28,776	1989, 2017	1/19/11 & 6/13/14	(1)
TOWN CENTER OF NEW BRITAIN (Pennsylvania)			1,282	12,285	4,219	1,827	15,959	17,786	7,643	1969	6/29/2006	(1)
TROY HILLS (New Jersey)			3,126	5,193	33,191	5,865	35,645	41,510	25,966	1966	7/23/1980	(1)


FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP
SCHEDULE III
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022
(Dollars in thousands)


COLUMN A		COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
	Land			Building and Improvements		Land				Building and Improvements		Total
TWINBROOKE SHOPPING CENTRE (Virginia)				16,484		18,898		334		16,484		19,232		35,716		1,043		1977	9/2/2021	(1)
TYSON'S STATION (Virginia)				388		453		5,615		493		5,963		6,456		4,133		1954	1/17/1978	(1)
VILLAGE AT SHIRLINGTON (Virginia)				9,761		14,808		44,879		5,949		63,499		69,448		35,458		1940, 2006-2009	12/21/1995	(1)
WESTGATE CENTER (California)				6,319		107,284		43,641		6,319		150,925		157,244		77,351		1960-1966	3/31/2004	(1)
WESTPOST (FORMERLY KNOWN AS PENTAGON ROW) (Virginia)				—		2,955		111,100		—		114,055		114,055		61,422		1999 - 2002	1998 & 11/22/10	(1)
WHITE MARSH PLAZA (Maryland)				3,478		21,413		2,113		3,514		23,490		27,004		11,813		1987	3/8/2007	(1)
WHITE MARSH OTHER (Maryland)				27,720		—		195		27,750		165		27,915		—		1985	3/8/2007	(1)
WILDWOOD (Maryland)				9,111		1,061		17,774		9,111		18,835		27,946		10,965		1958	5/5/1969	(1)
WILLOW GROVE (Pennsylvania)				1,499		6,643		29,039		1,499		35,682		37,181		23,076		1953	11/20/1984	(1)
WILLOW LAWN (Virginia)				3,192		7,723		95,106		7,790		98,231		106,021		70,589		1957	12/5/1983	(1)
WYNNEWOOD (Pennsylvania)				8,055		13,759		22,003		8,055		35,762		43,817		28,189		1948	10/29/1996	(1)

TOTALS		$	320,615	$	1,682,853	$	3,022,488	$	5,399,158	$	1,678,321	$	8,426,178	$	10,104,499	$	2,715,817

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


Balance, December 31, 2019	$	8,298,132
Additions during period
Acquisitions	39,440
Improvements	473,679

Deductions during period
Impairment of property	(68,484)
Dispositions and retirements of property	(159,897)
Balance, December 31, 2020	8,582,870
Additions during period
Acquisitions	519,350
Improvements	424,521

Deduction during period—dispositions and retirements of property	(104,679)


Balance, December 31, 2021	9,422,062

Additions during period
Acquisitions	445,319
Improvements	399,623


Deduction during period—dispositions and retirements of property
Dispositions and retirements of property	(107,682)
Deconsolidation of VIE	(54,823)
Balance, December 31, 2022 (1)	$	10,104,499

_____________________

(1)For Federal tax purposes, the aggregate cost basis is approximately $9.0 billion as of December 31, 2022.

FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP

SCHEDULE III

SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED

Three Years Ended December 31, 2022

Reconciliation of Accumulated Depreciation and Amortization

(In thousands)


Balance, December 31, 2019	$	2,215,413

Additions during period—depreciation and amortization expense	229,199
Deductions during period
Impairment of property	(11,631)
Dispositions and retirements of property	(75,289)
Balance, December 31, 2020	2,357,692
Additions during period—depreciation and amortization expense	246,338
Deductions during period -dispositions and retirements of property	(72,935)


Balance, December 31, 2021	2,531,095
Additions during period—depreciation and amortization expense	266,877
Deductions during period

Dispositions and retirements of property	(59,066)
Deconsolidation of VIE	(23,089)
Balance, December 31, 2022	$	2,715,817

Summary Of Significant Accounting Policies (Derivative Instruments and Mortgage Notes Receivable) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Number of mortgage receivables	3
Mortgage receivable, net of valuation allowances	$ 9.5
Weighted average interest rate on mortgage note receivables	10.90%
Hoboken
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	2
Assembly Row Hotel
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	2
One of our equity method investees \| Assembly Row Hotel
Derivatives, Fair Value [Line Items]
Fixed interest rate of derivative instrument	5.206%
Hoboken \| Mortgages Payable
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	2
Fixed interest rate of derivative instrument	3.67%

Summary Of Significant Accounting Policies (Variable Interest Entities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Aug. 25, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Maximum exposure to loss in variable interest entity	$ 9,500		$ 9,500
Number of consolidated variable interest entities	19
Net real estate assets of consolidated VIEs	$ 1,600,000		1,800,000
Mortgage Payable From Consolidated Variable Interest Entities	$ 191,827		335,301
Escondido Promenade \| TIC Interest
Variable Interest Entity [Line Items]
Ownership interest	77.70%	77.70%
Unconsolidated variable interest entities \| Equity method joint ventures
Variable Interest Entity [Line Items]
Maximum exposure to loss in variable interest entity	$ 34,000		$ 8,900

Real Estate (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

2022 Property Acquisitions

During the year ended December 31, 2022, we acquired the following properties:


Date Acquired	Property	City/State	Gross Leasable Area (GLA)	Purchase Price
			(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	212,000	$	53.6	(2)
July 27, 2022	The Shops at Pembroke Gardens	Pembroke Pines, Florida	391,000	$	180.5	(3)
November 18, 2022	Hoboken (301 Washington St.)	Hoboken, New Jersey	N/A	$	9.0	(4)

(4)This property, that we own a 90% ownership interest in, was acquired through our Hoboken joint venture, and is in the beginning stages of redevelopment.

Property

City/State

Gross Leasable Area (GLA)

Purchase Price
(our share)

(in square feet)

(in millions)

Chandler Festival

Chandler, Arizona

355,000

40.8

Chandler Gateway

Chandler, Arizona

262,000

18.1

2021 Property Acquisitions

During the year ended December 31, 2021, we acquired the following properties:


Date Acquired	Property	City/State	Gross Leasable Area (GLA)	Ownership %		Gross Value
			(in square feet)			(in millions)
April 30, 2021	Chesterbrook (1)	McLean, Virginia	90,000	80	%	$	32.1	(2)
June 1, 2021	Grossmont Center (1)	La Mesa, California	933,000	60	%	$	175.0	(3)
June 14, 2021	Camelback Colonnade (1)	Phoenix, Arizona	642,000	98	%	$	162.5	(4)
June 14, 2021	Hilton Village (1)	Scottsdale, Arizona	93,000	98	%	$	37.5	(5)
September 2, 2021	Twinbrooke Shopping Centre	Fairfax, Virginia	106,000	100	%	$	33.8	(6)

(4)Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases."

Debt (Summary Of Debt Outstanding) (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 05, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total mortgage payable, net		$ 320,615	$ 339,993
Revolving credit facility		0	0
Net unamortized debt issuance costs		(1,880)	(1,169)
Total notes payable, net		601,077	301,466
Senior notes and debentures, net		3,407,701	3,406,088
Total debt		4,329,393	4,047,547
Maximum amount of borrowings outstanding		$ 330,000	$ 150,000	$ 990,000
Weighted average interest rate before amortization of debt fees		3.20%	0.90%	1.50%
SOFR
Debt Instrument [Line Items]
Spread adjustment		0.10%
Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 322,317	$ 341,579
Net unamortized debt issuance costs and premium		(1,702)	(1,586)
Term Loan
Debt Instrument [Line Items]
Notes payable	$ 600,000	600,000	300,000
Notes Payable
Debt Instrument [Line Items]
Notes Payable		602,957	302,635
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		3,419,200	3,419,200
Net unamortized debt issuance costs and premium		(11,499)	(13,112)
Azalea \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 40,000	40,000
Interest rate		3.73%
Bell Gardens \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 11,835	12,127
Interest rate		4.06%
Plaza El Segundo \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 125,000	125,000
Interest rate		3.83%
Grove at Shrewsbury (East) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 43,600	43,600
Interest rate		3.77%
Brook 35 \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 11,500	11,500
Interest rate		4.65%
Hoboken (24 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 55,060	56,450
Hoboken (24 Buildings) \| Mortgages Payable \| LIBOR
Debt Instrument [Line Items]
Basis spread		1.95%
Hoboken (14 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 30,876	31,817
Chelsea \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 4,446	4,851
Interest rate		5.36%
Hoboken (1 Building) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 0	16,234
Interest rate		3.75%
Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread	0.85%	0.85%
Spread adjustment	0.10%
Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Basis spread	0.775%	0.775%
Spread adjustment	0.10%
Various \| Notes Payable
Debt Instrument [Line Items]
Notes payable		$ 2,957	2,635
2.75% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 275,000	275,000
Interest rate		2.75%
3.95% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 600,000	600,000
Interest rate		3.95%
1.25% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 400,000	400,000
Interest rate		1.25%
7.48% debentures \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 29,200	29,200
Interest rate		7.48%
3.25% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 475,000	475,000
Interest rate		3.25%
6.82% medium term notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 40,000	40,000
Interest rate		6.82%
3.20% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 400,000	400,000
Interest rate		3.20%
3.50% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 400,000	400,000
Interest rate		3.50%
4.50% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 550,000	550,000
Interest rate		4.50%
3.625% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 250,000	$ 250,000
Interest rate		3.625%
Minimum \| Hoboken (14 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Interest rate		3.91%
Minimum \| Various \| Notes Payable
Debt Instrument [Line Items]
Interest rate		3.00%
Maximum \| Hoboken (14 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Interest rate		5.00%
Maximum \| Various \| Notes Payable
Debt Instrument [Line Items]
Interest rate		11.31%

Savings and Retirement Plans (Details) - 401(K) and Deferred Compensation Plan - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401(k) Maximum annual contribution per employee	$ 20,500	$ 19,500	$ 19,500
401(k) Employer match	50.00%	50.00%	50.00%
401(k) Employer contribution expense	$ 869,000	$ 816,000	$ 813,000
Deferred compensation liability to participants	$ 18,000,000	$ 21,000,000
Maximum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401(k) Maximum of employer match as a percentage of employee eligible earnings	5.00%	5.00%	5.00%

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

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 in 2020,

•conversions of downREIT operating partnership units for 2021 and 2020,

•and 5.417% Series 1 Cumulative Convertible Preferred Shares and units for 2022, 2021, and 2020, and

•the issuance of $1.8 million shares and units issuable under forward sales agreements in 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 award has not yet been achieved.

Federal Realty Investment Trust Earnings per Share


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share data)
NUMERATOR
Net income	$	395,661	$	269,081	$	135,888
Less: Preferred share dividends	(8,034)		(8,042)		(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,170)		(7,583)		(4,182)
Less: Earnings allocated to unvested shares	(1,328)		(1,211)		(992)
Net income available for common shareholders, basic	376,129		252,245		122,672
Add: Income attributable to downREIT operating partnership units	2,810		—		—
Net income available for common shareholders, diluted	$	378,939	$	252,245	$	122,672
DENOMINATOR
Weighted average common shares outstanding—basic	79,854		77,336		75,515
Effect of dilutive securities:
Open forward contracts for share issuances	—		32		—

DownREIT operating partnership units	654		—		—
Weighted average common shares outstanding—diluted	80,508		77,368		75,515

EARNINGS PER COMMON SHARE, BASIC



Net income available for common shareholders	$	4.71	$	3.26	$	1.62
EARNINGS PER COMMON SHARE, DILUTED



Net income available for common shareholders	$	4.71	$	3.26	$	1.62

Federal Realty OP LP Trust Earnings per Unit


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per unit data)
NUMERATOR
Net income	$	395,661	$	269,081	$	135,888
Less: Preferred unit distributions	(8,034)		(8,042)		(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,170)		(7,583)		(4,182)
Less: Earnings allocated to unvested units	(1,328)		(1,211)		(992)
Net income available for common unit holders, basic	376,129		252,245		122,672
Add: Income attributable to downREIT operating partnership units	2,810		—		—
Net income available for common unit holders, diluted	$	378,939	$	252,245	$	122,672
DENOMINATOR
Weighted average common units outstanding—basic	79,854		77,336		75,515
Effect of dilutive securities:
Common unit issuances relating to open common forward contracts	—		32		—

DownREIT operating partnership units	654		—		—
Weighted average common units outstanding—diluted	80,508		77,368		75,515

EARNINGS PER COMMON UNIT, BASIC



Net income available for common unit holders	$	4.71	$	3.26	$	1.62
EARNINGS PER COMMON UNIT, DILUTED



Net income available for common unit holders	$	4.71	$	3.26	$	1.62

Savings and Retirement Plans	12 Months Ended
Savings and Retirement Plans	Dec. 31, 2022
Savings and Retirement Plans [Abstract]
SAVINGS AND RETIREMENT PLANS	SAVINGS AND RETIREMENT PLANS We have a savings and retirement plan in accordance with the provisions of Section 401(k) of the Code. Generally, employees can elect, at their discretion, to contribute a portion of their compensation up to a maximum of $20,500 for 2022, and 19,500 for 2021 and 2020. Under the plan, we contribute 50% of each employee’s elective deferrals up to 5% of eligible earnings. In addition, we may make discretionary contributions within the limits of deductibility set forth by the Code. Our full-time employees are immediately eligible to become plan participants. Employees are eligible to receive matching contributions immediately on their participation; however, these matching payments will not vest until their third anniversary of employment. Our expense for the years ended December 31, 2022, 2021 and 2020 was approximately $869,000, $816,000 and $813,000, respectively. A non-qualified deferred compensation plan for our officers and certain other employees was established in 1994 that allows the participants to defer a portion of their income. As of December 31, 2022 and 2021, we are liable to participants for approximately $18.0 million and $21.0 million, respectively, under this plan. Although this is an unfunded plan, we have purchased certain investments to match this obligation. Our obligation under this plan and the related investments are both included in the accompanying consolidated financial statements.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

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

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

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

Cash and cash equivalents

$ 85,558

$ 162,132

Restricted cash

^[1]

10,790

13,031

Total cash, cash equivalents, and restricted cash

$ 96,348

$ 175,163

$ 816,896

$ 153,614

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

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Rental Income	$ 1,073,292	$ 948,842	$ 832,171
Mortgage interest income	1,086	2,382	3,323
Total revenue	1,074,378	951,224	835,494
EXPENSES
Rental expenses	228,958	198,121	170,920
Real estate taxes	127,824	118,496	119,242
General and administrative	52,636	49,856	41,680
Depreciation and amortization	302,409	279,976	255,027
Total operating expenses	711,827	646,449	586,869
Impairment charge	0	0	(57,218)
Gain on deconsolidation of VIE	70,374	0	0
Gain on sale of real estate and change in control of interest, net of tax	93,483	89,950	98,117
OPERATING INCOME	526,408	394,725	289,524
OTHER INCOME/(EXPENSE)
Other interest income	1,072	809	1,894
Interest expense	(136,989)	(127,698)	(136,289)
Early extinguishment of debt	0	0	(11,179)
Income (loss) from partnerships	5,170	1,245	(8,062)
NET INCOME	395,661	269,081	135,888
Net income attributable to noncontrolling interests	(10,170)	(7,583)	(4,182)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	385,491	261,498	131,706
Dividends on preferred shares	(8,034)	(8,042)	(8,042)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 377,457	$ 253,456	$ 123,664
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders	$ 4.71	$ 3.26	$ 1.62
Weighted average number of common shares	79,854	77,336	75,515
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders	$ 4.71	$ 3.26	$ 1.62
Weighted average number of common shares	80,508	77,368	75,515
COMPREHENSIVE INCOME
NET INCOME	$ 395,661	$ 269,081	$ 135,888
Other comprehensive income (loss) - change in value of interest rate swaps	8,569	3,917	(5,302)
COMPREHENSIVE INCOME	404,230	272,998	130,586
Comprehensive income attributable to noncontrolling interests	(10,935)	(7,903)	(3,711)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	393,295	265,095	126,875
Federal Realty OP LP
REVENUE
Rental Income	1,073,292	948,842	832,171
Mortgage interest income	1,086	2,382	3,323
Total revenue	1,074,378	951,224	835,494
EXPENSES
Rental expenses	228,958	198,121	170,920
Real estate taxes	127,824	118,496	119,242
General and administrative	52,636	49,856	41,680
Depreciation and amortization	302,409	279,976	255,027
Total operating expenses	711,827	646,449	586,869
Impairment charge	0	0	(57,218)
Gain on deconsolidation of VIE	70,374	0	0
Gain on sale of real estate and change in control of interest, net of tax	93,483	89,950	98,117
OPERATING INCOME	526,408	394,725	289,524
OTHER INCOME/(EXPENSE)
Other interest income	1,072	809	1,894
Interest expense	(136,989)	(127,698)	(136,289)
Early extinguishment of debt	0	0	(11,179)
Income (loss) from partnerships	5,170	1,245	(8,062)
NET INCOME	395,661	269,081	135,888
Net income attributable to noncontrolling interests	(10,170)	(7,583)	(4,182)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	385,491	261,498	131,706
Distributions declared to preferred unit holders	(8,034)	(8,042)	(8,042)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS	$ 377,457	$ 253,456	$ 123,664
EARNINGS PER COMMON UNIT, BASIC
Net income available for common unit holders, basic	$ 4.71	$ 3.26	$ 1.62
Weighted average common units outstanding, basic	79,854	77,336	75,515
EARNINGS PER COMMON UNIT, DILUTED
Net income available for common unit holders, diluted	$ 4.71	$ 3.26	$ 1.62
Weighted average common units outstanding, diluted	80,508	77,368	75,515
COMPREHENSIVE INCOME
NET INCOME	$ 395,661	$ 269,081	$ 135,888
Other comprehensive income (loss) - change in value of interest rate swaps	8,569	3,917	(5,302)
COMPREHENSIVE INCOME	404,230	272,998	130,586
Comprehensive income attributable to noncontrolling interests	(10,935)	(7,903)	(3,711)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$ 393,295	$ 265,095	$ 126,875

Subsequent Event (Details) - Subsequent Event - A portion of Huntington Square shopping center $ in Millions	Jan. 31, 2023 USD ($) ft²
Subsequent Event [Line Items]
Square footage of real estate property \| ft²	180,000
Purchase price of real estate acquisition \| $	$ 35.5

Dividends (Details) - $ / shares		12 Months Ended
Dividends (Details) - $ / shares	Nov. 03, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividends declared to common shareholders	$ 1.08	$ 4.30	$ 4.26	$ 4.22
Common shares, paid		4.290	4.250	4.210
Payments of ordinary dividends, common stock		3.518	3.358	3.452
Common shares, capital gain		0.772	0.680	0
Return of capital, common shares		$ 0	$ 0.212	$ 0.758
5.417% Series 1 Cumulative Convertible Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage		5.417%	5.417%	5.417%
Preferred shares, declared		$ 1.354	$ 1.354	$ 1.354
Preferred shares, paid		1.354	1.354	1.354
Payment of ordinary dividends, preferred stock		1.110	1.124	1.354
Preferred shares, capital gain		$ 0.244	$ 0.230	$ 0
5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage		5.00%	5.00%	5.00%
Preferred shares, declared		$ 1.250	$ 1.250	$ 1.250
Preferred shares, paid		1.250	1.250	1.250
Payment of ordinary dividends, preferred stock		1.025	1.038	1.250
Preferred shares, capital gain		$ 0.225	$ 0.212	$ 0

Summary Of Significant Accounting Policies (Prepaid Expenses and Other Assets) (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Prepaid expenses and other assets
Capitalized lease costs amortization range	3 years
Maximum
Prepaid expenses and other assets
Capitalized lease costs amortization range	10 years

Share-Based Compensation Plans (Allocated Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 15,018	$ 14,434	$ 13,243
Capitalized share-based compensation	(1,314)	(1,425)	(1,319)
Share-based compensation expense	$ 13,704	$ 13,009	$ 11,924

Commitments and Contingencies Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2023	$ 5,775
2024	5,949
2025	5,815
2026	5,451
2027	5,037
Thereafter	198,973
Total future minimum operating lease payments	227,000
Less amount representing interest	(149,257)
Operating lease liabilities	$ 77,743	$ 72,661

Components of Rental Expense (Tables)

12 Months Ended

Dec. 31, 2022

Components Of Rental Expense [Abstract]

Schedule of principal components of rental expenses

The principal components of rental expenses are as follows:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Repairs and maintenance	$	90,343	$	78,028	$	66,845
Utilities	34,226		27,808		25,065
Management fees and costs	27,416		24,919		23,752
Payroll	19,693		18,341		16,691
Insurance	16,380		14,406		12,439
Marketing	7,814		7,481		6,432
Ground rent	5,092		4,571		4,595
Other operating	27,994		22,567		15,101
Total rental expenses	$	228,958	$	198,121	$	170,920

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share Narrative [Line Items]
Net income	$ 395,661	$ 269,081	$ 135,888
Less: Preferred share dividends	(8,034)	(8,042)	(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,170)	(7,583)	(4,182)
Less: Earnings allocated to unvested shares	(1,328)	(1,211)	(992)
Net income available for common shareholders, basic	376,129	252,245	122,672
Add: Income attributable to downREIT operating partnership units	2,810	0	0
Net income available for common shareholders, diluted	$ 378,939	$ 252,245	$ 122,672
Weighted average common shares outstanding—basic	79,854	77,336	75,515
Open forward contracts for share issuances	0	32	0
DownREIT operating partnership units	654	0	0
Weighted average common shares outstanding—diluted	80,508	77,368	75,515
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders	$ 4.71	$ 3.26	$ 1.62
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders	$ 4.71	$ 3.26	$ 1.62
Federal Realty OP LP
Earnings Per Share Narrative [Line Items]
Net income	$ 395,661	$ 269,081	$ 135,888
Less: Preferred unit distributions	(8,034)	(8,042)	(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,170)	(7,583)	(4,182)
Less: Earnings allocated to unvested units	(1,328)	(1,211)	(992)
Net income available for common unit holders, basic	376,129	252,245	122,672
Add: Income attributable to downREIT operating partnership units	2,810	0	0
Net income available for common unit holders, diluted	$ 378,939	$ 252,245	$ 122,672
Weighted average common units outstanding—basic	79,854	77,336	75,515
Common unit issuances relating to open common share forward contracts	0	32	0
DownREIT operating partnership units	654	0	0
Weighted average common units outstanding—diluted	80,508	77,368	75,515
EARNINGS PER COMMON UNIT, BASIC
Net income available for common unit holders	$ 4.71	$ 3.26	$ 1.62
EARNINGS PER COMMON UNIT, DILUTED
Net income available for common unit holders	$ 4.71	$ 3.26	$ 1.62

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of minimum future commercial property rentals from noncancelable operating leases



	(In thousands)
Year ending December 31,
2023	$	701,133
2024	649,472
2025	564,446
2026	490,884
2027	416,736
Thereafter	1,644,716
	$	4,467,387

LEASE COST

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


	Year Ended December 31,
	2022		2021			2020
	(In thousands)
LEASE COST:
Finance lease cost:
Amortization of right-of-use assets	$	1,251	$	1,284		$	1,284
Interest on lease liabilities	5,743		5,828			5,826
Operating lease cost	6,138		5,687			5,946
Variable lease cost	309		246			353
Total lease cost	$	13,441	$	13,045		$	13,409

OTHER INFORMATION:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	5,642	$	5,723		$	5,736
Operating cash flows for operating leases	$	5,644	$	5,288		$	5,498
Financing cash flows for finance leases	$	50	$	51		$	46



			December 31,
			2022			2021
Weighted-average remaining term - finance leases			13.9 years			16.3 years
Weighted-average remaining term - operating leases			53.3 years			52.8 years
Weighted-average discount rate - finance leases			8.1		%	8.0		%
Weighted-average discount rate - operating leases			4.8		%	4.5		%
ROU assets obtained in exchange for operating lease liabilities			$	6,476		$	10,341

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares. In 2022, 2021 and 2020, 19,502 shares, 19,758 shares, and 24,491 shares, respectively, were issued under the Plan. As of December 31, 2022, 2021, and 2020, we had 6,000,000 Depositary Shares outstanding, each representing 1/1000th interest of 5.0% Series C Cumulative Redeemable Preferred Share, par value $0.01 per share ("Series C Preferred Shares"), at the liquidation preference of $25.00 per depositary share (or $25,000 per Series C Preferred share). The Series C Preferred Shares accrue dividends at a rate of 5.0% of the $25,000 liquidation preference per year and are redeemable at our option. Additionally, they are not convertible and holders of these shares generally have no voting rights, unless we fail to pay dividends for six or more quarters. As of December 31, 2022, we had 392,878 shares of 5.417% Series 1 Cumulative Convertible Preferred Shares (“Series 1 Preferred Shares”) outstanding that have a liquidation preference of $25 per share and par value $0.01 per share, and 399,896 shares at December 31, 2021 and 2020. The Series 1 Preferred Shares accrue dividends at a rate of 5.417% per year and are convertible at any time by the holders to our common shares at a conversion rate of $104.69 per share. On June 15, 2022, one of our Series 1 Preferred shareholders converted 7,018 preferred shares to 1,675 common shares. The Series 1 Preferred Shares are also convertible under certain circumstances at our election. The holders of the Series 1 Preferred Shares have no voting rights. On February 14, 2022, we replaced our existing at-the-market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds from ATM equity program issuances to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes. For the year ended December 31, 2022, we issued 430,473 common shares at a weighted average price per share of $111.49 for net cash proceeds of $47.4 million including paying $0.5 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. For the year ended December 31, 2021, we issued 847,471 common shares at a weighted average price per share of $104.19 for net cash proceeds of $87.0 million and paid $0.9 million in commissions and $0.4 million in additional offering expenses related to the sales of these common shares. As of December 31, 2022, we have the remaining capacity to issue up to $452.0 million in common shares under our ATM equity program. During 2021, we entered into forward sales contracts for 2,999,955 common shares under our ATM equity program at a weighted average offering price of $120.22. During 2021, we settled a portion of these forward sales agreements by issuing 796,300 common shares for net proceeds of $85.7 million and during 2022, we settled the remaining forward sales contracts by issuing 2,203,655 common shares for net proceeds of $259.4 million. We have no outstanding forward sales agreements as of December 31, 2022.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

Summary Of Significant Accounting Policies (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 13, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Rollforward of Redeemable Noncontrolling Interests
Beginning balance		$ 213,708	$ 137,720
Contributions		2,111	74,530	$ 19,335
Net income		6,613	4,296	2,228
Other comprehensive income (loss) - change in value of interest rate swaps		765	320
Distributions & redemptions		(32,445)	(5,268)
Change in redemption value		(12,382)	2,110
Ending balance		$ 178,370	$ 213,708	$ 137,720
Redeemable Noncontrolling Interests \| Plaza El Segundo
Rollforward of Redeemable Noncontrolling Interests
Ownership interest subsequent to redemption	100.00%
Redeemable noncontrolling interest purchased	21.80%
Payments for repurchase of redeemable noncontrolling interest	$ 23,600

Operating Leases (Details) $ in Thousands	12 Months Ended
Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($) project state lease
Property Subject to or Available for Operating Lease [Line Items]
Number of real estate properties \| project	103
Number of states in which entity has properties \| state	12
Percent of annualized base rent	2.80%
Operating Leases, Future Minimum Payments
2023	$ 701,133
2024	649,472
2025	564,446
2026	490,884
2027	416,736
Thereafter	1,644,716
Total	$ 4,467,387
Commercial
Property Subject to or Available for Operating Lease [Line Items]
Number of leases \| lease	3,300
Commercial \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	3 years
Commercial \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	10 years
Residential
Property Subject to or Available for Operating Lease [Line Items]
Number of leases \| lease	3,000
Residential \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	1 year

Summary Of Significant Accounting Policies Lease Information (Details)	Dec. 31, 2022 properties
Accounting Policies [Abstract]
Number of properties subject to operating leases	11

Real Estate (2022 Property Acquisitions and Dispositions) (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 18, 2022

USD ($)

Oct. 06, 2022

USD ($)

ft²

Aug. 25, 2022

USD ($)

Jul. 27, 2022

USD ($)

ft²

Jul. 18, 2022

USD ($)

ft²

Jul. 27, 2022

USD ($)

ft²

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Business Acquisition and Disposition

Operating lease right of use asset

$ 94,569

$ 90,743

Operating lease liabilities

77,743

72,661

Gain on sale of real estate and change in control of interest

93,483

89,950

$ 98,117

Gain on deconsolidation of VIE

$ 70,374

$ 0

Unconsolidated joint venture that owns two shopping centers

Business Acquisition and Disposition

Purchase price of real estate acquisition

$ 58,900

Ownership interest

47.50%

Mortgage loans on unconsolidated real estate property

$ 76,100

Our share of unconsolidated mortgage debt

36,200

Unconsolidated joint venture that owns two shopping centers | Other Assets | Acquired lease costs

Business Acquisition and Disposition

Acquired lease costs

8,000

Unconsolidated joint venture that owns two shopping centers | Other Assets | Above Market Leases

Business Acquisition and Disposition

Above market leases

2,000

Unconsolidated joint venture that owns two shopping centers | Other Liabilities

Business Acquisition and Disposition

Below market leases

$ 17,100

Escondido Promenade | TIC Interest

Business Acquisition and Disposition

Ownership interest

77.70%

Ownership interest of partner

22.30%

Kingstowne Shopping Center

Business Acquisition and Disposition

Square footage of real estate property | ft²

410,000

Purchase price of real estate acquisition

^[1]

$ 200,000

Kingstowne Shopping Center | Other Assets | Acquired lease costs

Business Acquisition and Disposition

Acquired lease costs

11,300

Kingstowne Shopping Center | Other Assets | Above Market Leases

Business Acquisition and Disposition

Above market leases

300

Kingstowne Shopping Center | Other Liabilities

Business Acquisition and Disposition

Below market leases

$ 20,200

Hilton Village (office buildig)

Business Acquisition and Disposition

Square footage of real estate property | ft²

212,000

Purchase price of real estate acquisition

^[2]

$ 53,600

Operating lease right of use asset

6,500

Above market liability

800

Operating lease liabilities

7,300

Hilton Village (office buildig) | Other Assets | Acquired lease costs

Business Acquisition and Disposition

Acquired lease costs

8,900

Hilton Village (office buildig) | Other Liabilities

Business Acquisition and Disposition

Below market leases

$ 100

The Shops at Pembroke Gardens

Business Acquisition and Disposition

Square footage of real estate property | ft²

391,000

Purchase price of real estate acquisition

^[3]

$ 180,500

The Shops at Pembroke Gardens | Other Assets | Acquired lease costs

Business Acquisition and Disposition

Acquired lease costs

16,300

The Shops at Pembroke Gardens | Other Assets | Above Market Leases

Business Acquisition and Disposition

Above market leases

1,600

The Shops at Pembroke Gardens | Other Liabilities

Business Acquisition and Disposition

Below market leases

$ 18,400

Hoboken (301 Washington St)

Business Acquisition and Disposition

Purchase price of real estate acquisition

^[4]

$ 9,000

Ownership %

90.00%

Chandler Festival

Business Acquisition and Disposition

Square footage of real estate property | ft²

355,000

Purchase price of real estate acquisition

$ 40,800

Chandler Gateway

Business Acquisition and Disposition

Square footage of real estate property | ft²

262,000

Purchase price of real estate acquisition

$ 18,100

Two residential properties (one included an adjacent retail pad), one retail property, one parcel of land, and one portion of a property

Business Acquisition and Disposition

Sales price of real estate

$ 136,200

Gain on sale of real estate and change in control of interest

$ 84,100

Escondido Promenade | TIC Interest

Business Acquisition and Disposition

Gain on deconsolidation of VIE

$ 70,400

Purchase option agreement price to acquire the TIC interest from our co-owner

1,500

Escondido Promenade | Investment in Partnerships | TIC Interest

Business Acquisition and Disposition

Fair value of our investment

110,000

Escondido Promenade | Accounts and notes receivable, net | TIC Interest

Business Acquisition and Disposition

Loan to co-owner

$ 3,500

[1]	Approximately $11.3 million and $0.3 million of net assets 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."
[4]	This property, that we own a 90% ownership interest in, was acquired through our Hoboken joint venture, and is in the beginning stages of redevelopment.

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Instruments [Abstract]

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

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2022 are as follows:


	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2023	$	3,138	$	755		$	275,000	$	278,893
2024	3,299		600,671		(1)	600,000		1,203,970
2025	47,630		418			—		48,048
2026	26,240		76			429,200		455,516
2027	178,278		37		(2)	515,000		693,315
Thereafter	63,732		1,000			1,600,000		1,664,732
	$	322,317	$	602,957		$	3,419,200	$	4,344,474	(3)

_____________________

(1)Our $600.0 million term loan matures on April 16, 2024 plus two one-year extensions, at our option.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	GRANT THORNTON LLP
Auditor Location	New York, New York
Auditor Firm ID	248

Business And Organization (Details)	12 Months Ended
Business And Organization (Details)	Dec. 31, 2022 project
Nature Of Operations [Abstract]
Number of real estate properties	103
Minimum percentage of taxable income distributed to shareholders	90.00%

Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of share-based compensation expense

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


	Year Ended December 31,
	2022		2021		2020
	(In thousands)

Grants of common shares, restricted stock units, and options	$	15,018	$	14,434	$	13,243
Capitalized share-based compensation	(1,314)		(1,425)		(1,319)
Share-based compensation expense	$	13,704	$	13,009	$	11,924

Summary of weighted average assumptions used to value options granted

The following table provides a summary of the assumptions used to value options granted in 2021:


	Year Ended December 31,
	2021
Volatility	29.3	%
Expected dividend yield	4.1	%
Expected term (in years)	7.5
Risk free interest rate	0.9	%

Summary of option activity

The following table provides a summary of option activity for 2022:


	Shares Under Option	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In thousands)
Outstanding at December 31, 2021	3,658	$	95.77
Granted	—	—
Exercised	(366)	95.77
Forfeited or expired	(1,463)	95.77
Outstanding at December 31, 2022	1,829	$	95.77	8.1	$	10
Exercisable at December 31, 2022	366	$	95.77	8.1	$	2

Summary of restricted share activity

The following table provides a summary of restricted share activity for 2022:


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2021	288,996	$	112.29
Granted	116,266	125.34
Vested	(119,646)	118.81
Forfeited	(5,871)	120.62
Unvested at December 31, 2022	279,745	$	114.75

Summary of restricted stock units activity

The following table provides a summary of restricted stock unit activity for 2022:


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2021	10,441	$	97.01
Granted	—	—
Vested	—	—
Forfeited	—	—
Unvested at December 31, 2022	10,441	$	97.01

Schedule of common shares awarded under various compensation plans

Subsequent to December 31, 2022, common shares were awarded under various compensation plans as follows:

Date

Award

Vesting Term

Beneficiary

January 3, 2023

5,942

Immediate

Trustees

February 7, 2023

135,314

Restricted Shares

3-5 years

Officers and key employees

Share-Based Compensation Plans (Restricted Stock Units Activity) (Details) - Restricted stock units - Officer - $ / shares		12 Months Ended
	Feb. 10, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at the beginning of year (in shares)		10,441
Granted (in shares)	10,441	0
Vested (in shares)		0
Forfeited (in shares)		0
Unvested at the end of year (in shares)		10,441	10,441
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)		$ 97.01
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)		0	$ 97.01
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)		0
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)		0
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)		$ 97.01	$ 97.01

Dividends (Tables)

12 Months Ended

Dec. 31, 2022

Dividends [Abstract]

Summary of dividends declared and paid per share

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


	Year Ended December 31,
	2022				2021				2020
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	4.300	$	4.290	$	4.260	$	4.250	$	4.220	$	4.210
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	1.250	$	1.250	$	1.250	$	1.250	$	1.250	$	1.250

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

Summary of income tax status of dividends per share paid

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


	Year Ended December 31,
	2022		2021		2020
Common shares
Ordinary dividend	$	3.518	$	3.358	$	3.452
Capital gain	0.772		0.680		—
Return of capital	—		0.212		0.758


	$	4.290	$	4.250	$	4.210
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	$	1.110	$	1.124	$	1.354
Capital gain	0.244		0.230		—


	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares
Ordinary dividend	$	1.025	$	1.038	1.250


Capital gain	0.225		0.212		—
	$	1.250	$	1.250	$	1.250

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Minimum annual payments

We are obligated under operating lease agreements on several shopping centers and one office lease requiring minimum annual payments as follows, as of December 31, 2022:



	(In thousands)
Year ending December 31,
2023	$	5,775
2024	5,949
2025	5,815
2026	5,451
2027	5,037
Thereafter	198,973
Total future minimum operating lease payments	227,000
Less amount representing interest	(149,257)
Operating lease liabilities	$	77,743

Finance Lease, Liability, Fiscal Year Maturity

Future minimum lease payments and their present value for properties under finance leases as of December 31, 2022, are as follows:



	(In thousands)
Year ending December 31,
2023	$	59,713
2024	713
2025	713
2026	713
2027	748
Thereafter	68,676
Total future minimum finance lease payments	131,276
Less amount representing interest	(63,616)
Finance lease liabilities	$	67,660

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net income	$ 395,661	$ 269,081	$ 135,888
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	302,409	279,976	255,027
Impairment charge	0	0	57,218
Gain on deconsolidation of VIE	(70,374)	0	0
Gain on sale of real estate and change in control of interest, net of tax	(93,483)	(89,950)	(98,117)
Early extinguishment of debt	0	0	11,179
(Income) loss from partnerships	(5,170)	(1,245)	8,062
Straight-line rent	(18,326)	(9,397)	(4,492)
Share-based compensation expense	13,704	13,009	11,924
Other, net	(4,812)	(3,223)	(1,290)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable, net	(12,071)	1,214	(6,032)
Increase in prepaid expenses and other assets	(1,219)	(5,607)	(3,260)
Increase in accounts payable and accrued expenses	77	6,782	5,621
Increase (decrease) in security deposits and other liabilities	10,373	10,712	(1,799)
Net cash provided by operating activities	516,769	471,352	369,929
INVESTING ACTIVITIES
Acquisition of real estate	(438,494)	(366,466)	(9,589)
Capital expenditures - development and redevelopment	(309,046)	(368,786)	(433,872)
Capital expenditures - other	(107,655)	(71,728)	(68,064)
Costs associated with property sold under threat of condemnation, net	(18,031)	0	(12,924)
Proceeds from sale of real estate	133,717	137,868	183,461
Change in cash from deconsolidation of VIE	(4,192)	0	0
Investment in partnerships	(23,155)	(3,115)	(3,348)
Distribution from partnerships in excess of earnings	6,864	2,970	1,301
Leasing costs	(22,541)	(21,990)	(15,080)
(Issuance) repayment of mortgage and other notes receivable, net	(3,465)	31,129	(10,268)
Net cash used in investing activities	(785,998)	(660,118)	(368,383)
FINANCING ACTIVITIES
Costs to amend revolving credit facility	(6,375)	0	(638)
Issuance of senior notes, net of costs	0	0	1,094,283
Redemption and retirement of senior notes	0	0	(510,360)
Issuance of notes payable, net of costs	298,568	0	398,722
Repayment of mortgages, finance leases, and notes payable	(19,443)	(277,643)	(70,237)
Issuance of common shares, net of costs	307,275	172,981	99,177
Dividends paid to common and preferred shareholders	(347,284)	(335,656)	(324,596)
Shares withheld for employee taxes	(4,900)	(2,998)	(4,052)
Contributions from noncontrolling interests	0	133	0
Distributions to and redemptions of noncontrolling interests	(37,427)	(9,784)	(20,563)
Net cash provided by (used in) financing activities	190,414	(452,967)	661,736
(Decrease) increase in cash, cash equivalents, and restricted cash	(78,815)	(641,733)	663,282
Cash, cash equivalents, and restricted cash at beginning of year	175,163	816,896	153,614
Cash, cash equivalents, and restricted cash at end of year	96,348	175,163	816,896
Federal Realty OP LP
OPERATING ACTIVITIES
Net income	395,661	269,081	135,888
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	302,409	279,976	255,027
Impairment charge	0	0	57,218
Gain on deconsolidation of VIE	(70,374)	0	0
Gain on sale of real estate and change in control of interest, net of tax	(93,483)	(89,950)	(98,117)
Early extinguishment of debt	0	0	11,179
(Income) loss from partnerships	(5,170)	(1,245)	8,062
Straight-line rent	(18,326)	(9,397)	(4,492)
Share-based compensation expense	13,704	13,009	11,924
Other, net	(4,812)	(3,223)	(1,290)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable, net	(12,071)	1,214	(6,032)
Increase in prepaid expenses and other assets	(1,219)	(5,607)	(3,260)
Increase in accounts payable and accrued expenses	77	6,782	5,621
Increase (decrease) in security deposits and other liabilities	10,373	10,712	(1,799)
Net cash provided by operating activities	516,769	471,352	369,929
INVESTING ACTIVITIES
Acquisition of real estate	(438,494)	(366,466)	(9,589)
Capital expenditures - development and redevelopment	(309,046)	(368,786)	(433,872)
Capital expenditures - other	(107,655)	(71,728)	(68,064)
Costs associated with property sold under threat of condemnation, net	(18,031)	0	(12,924)
Proceeds from sale of real estate	133,717	137,868	183,461
Change in cash from deconsolidation of VIE	(4,192)	0	0
Investment in partnerships	(23,155)	(3,115)	(3,348)
Distribution from partnerships in excess of earnings	6,864	2,970	1,301
Leasing costs	(22,541)	(21,990)	(15,080)
(Issuance) repayment of mortgage and other notes receivable, net	(3,465)	31,129	(10,268)
Net cash used in investing activities	(785,998)	(660,118)	(368,383)
FINANCING ACTIVITIES
Costs to amend revolving credit facility	(6,375)	0	(638)
Issuance of senior notes, net of costs	0	0	1,094,283
Redemption and retirement of senior notes	0	0	(510,360)
Issuance of notes payable, net of costs	298,568	0	398,722
Repayment of mortgages, finance leases, and notes payable	(19,443)	(277,643)	(70,237)
Issuance of common shares, net of costs	307,275	172,981	99,177
Dividends paid to common and preferred shareholders	(347,284)	(335,656)	(324,596)
Shares withheld for employee taxes	(4,900)	(2,998)	(4,052)
Contributions from noncontrolling interests	0	133	0
Distributions to and redemptions of noncontrolling interests	(37,427)	(9,784)	(20,563)
Net cash provided by (used in) financing activities	190,414	(452,967)	661,736
(Decrease) increase in cash, cash equivalents, and restricted cash	(78,815)	(641,733)	663,282
Cash, cash equivalents, and restricted cash at beginning of year	175,163	816,896	153,614
Cash, cash equivalents, and restricted cash at end of year	$ 96,348	$ 175,163	$ 816,896

Share-Based Compensation Plans (Weighted Average Assumptions Used to Value Option Granted) (Details)	12 Months Ended
	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Volatility	29.30%
Expected dividend yield	4.10%
Expected term (in years)	7 years 6 months
Risk free interest rate	0.90%

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract]

Balance at beginning of year

$ 9,422,062

$ 8,582,870

$ 8,298,132

Acquisitions

445,319

519,350

39,440

Improvements

399,623

424,521

473,679

Impairment of property

(68,484)

Deduction during period—dispositions and retirements of property

(107,682)

(104,679)

(159,897)

Deconsolidation of VIE

(54,823)

Balance at end of year

10,104,499

^[1]

9,422,062

8,582,870

Aggregate cost basis for Federal tax purposes

9,000,000

Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]

Balance at beginning of year

2,531,095

2,357,692

2,215,413

Additions during period—depreciation and amortization expense

266,877

246,338

229,199

Real estate accumulated depreciation impairment of property

(11,631)

Deductions during period—dispositions and retirements of property

(59,066)

(72,935)

(75,289)

Real Estate Accumulated Depreciation Deconsolidation of VIE

(23,089)

Balance at end of year

$ 2,715,817

$ 2,531,095

$ 2,357,692

[1]	For Federal tax purposes, the aggregate cost basis is approximately $9.0 billion as of December 31, 2022.

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

Dec. 31, 2022

Dec. 31, 2021

Debt Instrument [Line Items]

$ 278,893

1,203,970

48,048

455,516

693,315

1,664,732

^[1]

4,344,474

Maximum borrowing capacity under revolving credit facility

1,250,000

Revolving credit facility

$ 0

Mortgages Payable

Debt Instrument [Line Items]

3,138

3,299

47,630

26,240

178,278

63,732

322,317

Debt Instrument [Line Items]

2023

755

2024

^[2]

600,671

418

^[3]

1,000

602,957

Senior Notes and Debentures

Debt Instrument [Line Items]

275,000

600,000

429,200

515,000

1,600,000

$ 3,419,200

[1]	The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2022
[2]	Our $600.0 million term loan matures on April 16, 2024 plus two one-year extensions, at our option.
[3]	Our $1.25 billion revolving credit facility matures on April 5, 2027 plus two six-month extensions, at our option. As of December 31, 2022, there was no balance outstanding under this credit facility.

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating real estate, consolidated variable interest entities	$ 1,997,583	$ 2,207,648
Construction-in-progress, consolidated variable interest entities	8,477	18,752
Accumulated depreciation and amortization, consolidated variable interest entities	362,921	389,950
Mortgages payable, consolidated variable interest entities	$ 191,827	$ 335,301
Preferred Stock, Shares Authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, par value	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	81,342,959	78,603,305
Common Stock, Shares, Outstanding	81,342,959	78,603,305
Federal Realty OP LP
Operating real estate, consolidated variable interest entities	$ 1,997,583	$ 2,207,648
Construction-in-progress, consolidated variable interest entities	8,477	18,752
Accumulated depreciation and amortization, consolidated variable interest entities	362,921	389,950
Mortgages payable, consolidated variable interest entities	$ 191,827	$ 335,301
Preferred units, issued	398,878	405,896
Preferred units, outstanding	398,878	405,896
Common unit, issued	81,342,959	78,603,305
Common unit, outstanding	81,342,959	78,603,305
5.417% Series 1 Cumulative Convertible Preferred
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, percentage	5.417%	5.417%
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25
Preferred Stock, Shares Issued	392,878	399,896
Preferred Stock, Shares Outstanding	392,878	399,896
5.0% Series C Cumulative Redeemable Preferred
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, percentage	5.00%	5.00%
Preferred Stock, Liquidation Preference Per Share	$ 25,000	$ 25,000
Preferred Stock, Shares Issued	6,000	6,000
Preferred Stock, Shares Outstanding	6,000	6,000

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 6,613	$ 4,296	$ 2,228
Other comprehensive income (loss) attributable to Redeemable Noncontrolling interest	765	320	471
Distributions & redemptions	8,090	5,268	1,197
Contributions from redeemable noncontrolling interests	2,111	74,530	19,335
Federal Realty OP LP
Net income	6,613	4,296	2,228
Other comprehensive income (loss) attributable to Redeemable Noncontrolling interest	765	320	471
Distributions & redemptions	$ 8,090	5,268	1,197
Contributions from redeemable noncontrolling interests		$ 74,530	$ 19,335

Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION PLANS

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


	Year Ended December 31,
	2022		2021		2020
	(In thousands)

Grants of common shares, restricted stock units, and options	$	15,018	$	14,434	$	13,243
Capitalized share-based compensation	(1,314)		(1,425)		(1,319)
Share-based compensation expense	$	13,704	$	13,009	$	11,924

As of December 31, 2022, we have grants outstanding under two share-based compensation plans. In May 2020, our shareholders approved the 2020 Performance Incentive Plan ("the 2020 Plan"), which authorized the grant of share options, common shares, and other share-based awards for up to 1,750,000 common shares of beneficial interest. Our 2010 Long Term Incentive Plan, as amended (the "2010 Plan”), which expired in May 2020, authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest.

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

The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Expected volatilities, term, dividend yields, employee exercises and estimated forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of each share award is determined based on the closing trading price of our common shares on the grant date. No options were granted in 2022 and 2020.

The following table provides a summary of the assumptions used to value options granted in 2021:


	Year Ended December 31,
	2021
Volatility	29.3	%
Expected dividend yield	4.1	%
Expected term (in years)	7.5
Risk free interest rate	0.9	%

The weighted-average grant-date fair value of options granted in 2021 was $16.40 per share. The following table provides a summary of option activity for 2022:


	Shares Under Option	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In thousands)
Outstanding at December 31, 2021	3,658	$	95.77
Granted	—	—
Exercised	(366)	95.77
Forfeited or expired	(1,463)	95.77
Outstanding at December 31, 2022	1,829	$	95.77	8.1	$	10
Exercisable at December 31, 2022	366	$	95.77	8.1	$	2

The following table provides a summary of restricted share activity for 2022:


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2021	288,996	$	112.29
Granted	116,266	125.34
Vested	(119,646)	118.81
Forfeited	(5,871)	120.62
Unvested at December 31, 2022	279,745	$	114.75

The weighted-average grant-date fair value of stock awarded in 2022, 2021 and 2020 was $125.34, $97.46 and $124.55, respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2022, 2021 and 2020, was $14.3 million, $11.0 million and $12.4 million, respectively.

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

award. The weighted-average grant-date fair value of the restricted stock units awarded in 2021 was $97.01. The following table provides a summary of restricted stock unit activity for 2022:


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2021	10,441	$	97.01
Granted	—	—
Vested	—	—
Forfeited	—	—
Unvested at December 31, 2022	10,441	$	97.01

As of December 31, 2022, there was $19.2 million of total unrecognized compensation cost related to unvested share-based compensation arrangements (i.e. options and unvested shares) granted under our plans. This cost is expected to be recognized over the next 4.5 years with a weighted-average period of 2.1 years.

Subsequent to December 31, 2022, common shares were awarded under various compensation plans as follows:

Date

Award

Vesting Term

Beneficiary

January 3, 2023

5,942

Immediate

Trustees

February 7, 2023

135,314

Restricted Shares

3-5 years

Officers and key employees

Summary Of Significant Accounting Policies (Supplemental Cash Flow Disclosures) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Supplemental Cash Flow Information [Abstract]

Total interest costs incurred

$ 155,659

$ 150,324

$ 159,718

Interest capitalized

(18,670)

(22,626)

(23,429)

Interest expense

136,989

127,698

136,289

Cash paid for interest, net of amounts capitalized

130,912

123,585

130,248

Cash paid for income taxes

624

386

580

NON-CASH INVESTING AND FINANCING TRANSACTIONS:

DownREIT operating partnership units issued with acquisition

18,920

Mortgage loans assumed with acquisition

^[1]

8,903

DownREIT operating partnership units redeemed for common shares

1,385

7,545

Shares issued under dividend reinvestment plan

1,718

1,727

1,734

Redemption of Series 1 Preferred Shares for common shares

$ 175

$ 0

[1]	See our Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures relating to the mortgages entered into and assumed as a result of the Hoboken acquisition

Components of Rental Expense (Components Of Rental Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components Of Rental Expense [Abstract]
Repairs and maintenance	$ 90,343	$ 78,028	$ 66,845
Utilities	34,226	27,808	25,065
Management fees and costs	27,416	24,919	23,752
Payroll	19,693	18,341	16,691
Insurance	16,380	14,406	12,439
Marketing	7,814	7,481	6,432
Ground rent	5,092	4,571	4,595
Other operating	27,994	22,567	15,101
Total rental expenses	$ 228,958	$ 198,121	$ 170,920

Share-Based Compensation Plans (Common Shares Awarded Under Various Compensation Plans) (Details) - shares			12 Months Ended
	Feb. 07, 2023	Jan. 03, 2023	Dec. 31, 2022
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			116,266
Restricted Stock \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	135,314	5,942
Restricted Stock \| Minimum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	3 years
Restricted Stock \| Maximum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	5 years
Grants of common shares and options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term			3 years
Grants of common shares and options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term			7 years

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 03, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Annual Report	true
Document Transition Report	false
Entity File Number	1-07533
Entity Registrant Name	FEDERAL REALTY INVESTMENT TRUST
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 or Province	MD
Entity Address, Postal Zip Code	20852
City Area Code	301)
Local Phone Number	998-8100
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 7.7
Entity Common Stock, Shares Outstanding		81,353,180
Entity Central Index Key	0000034903
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Type	10-K
Federal Realty OP LP
Entity Information [Line Items]
Entity File Number	333-262016-01
Entity Registrant Name	FEDERAL REALTY OP LP
State of Organization	DE
IRS Employer Identification No.	52-0782497
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Central Index Key	0001901876
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
No Trading Symbol Flag
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Type	10-K
New York Stock Exchange, Inc. \| Common Shares Of Beneficial Interest
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	FRT
Security Exchange Name	NYSE
New York Stock Exchange, Inc. \| Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/1000 of a share
Trading Symbol	FRT-C
Security Exchange Name	NYSE

Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

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


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


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


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

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

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


	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	921,692	$	895,654	$	641,459	$	655,864
Senior notes and debentures	$	3,407,701	$	3,048,456	$	3,406,088	$	3,649,776

As of December 31, 2022, we have two interest rate swap agreements with notional amounts of $55.1 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the interest rate on $55.1 million of mortgage payables at 3.67% through December 15, 2029. The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at December 31, 2022 was an asset of $6.1 million and is included in "prepaid expenses and other assets" on our consolidated balance sheet. During 2022, the value of our interest rate swaps increased $7.7 million (including less than $0.1 million reclassified from other comprehensive income as an increase to interest expense). 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:


	December 31, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	6,144	$	—	$	6,144	$	—	$	(1,511)	$	—	$	(1,511)

One of our equity method investees has two interest rate swaps which qualify as cash flow hedges. At December 31, 2022 and December 31, 2021, our share of the change in fair value of the related swaps included in "accumulated other comprehensive income (loss)" was an increase of $0.9 million and $0.7 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

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTOn January 31, 2023, we acquired the 180,000 square foot portion of Huntington Square shopping center that was not previously owned, as well as the fee interest in the land underneath the portion of the shopping center which we control under a long-term ground lease for $35.5 million.

Debt (Narrative) (Details) - USD ($) $ in Thousands			12 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Oct. 05, 2022	Jun. 29, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility			$ 1,250,000
Maximum amount of borrowings outstanding			330,000	$ 150,000	$ 990,000
Weighted average amount of borrowings outstanding			$ 80,300	$ 19,600	$ 138,500
Weighted average interest rate before amortization of debt fees			3.20%	0.90%	1.50%
Line of credit facility, annual facility fee			$ 1,900
Revolving credit facility			$ 0	$ 0
Repayments of Lines of Credit	$ 267,000
SOFR
Debt Instrument [Line Items]
Spread adjustment			0.10%
Term Loan
Debt Instrument [Line Items]
Notes payable	600,000		$ 600,000	300,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	1,250,000					$ 1,000,000
Maximum borrowing capacity after option to increase credit facility	$ 1,750,000
Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Spread adjustment	0.10%
Basis Spread on SOFR Interest	0.775%		0.775%
Term Loan
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 300,000
Proceeds from Debt, Net of Issuance Costs	$ 298,500
Term Loan \| SOFR
Debt Instrument [Line Items]
Spread adjustment	0.10%
Basis Spread on SOFR Interest	0.85%		0.85%
Various \| Notes Payable
Debt Instrument [Line Items]
Notes payable			$ 2,957	$ 2,635
Hoboken (1 Building)
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 16,100

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

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

Prior Liens

$ 63,740

Face Amount of Mortgages

10,175

Carrying Amount of Mortgages

9,456

^[1]

$ 9,543

$ 39,892

Principal Amount of Loans Subject to delinquent Principal or Interest

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

Aggregate tax basis for Federal tax purposes

10,100

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

Balance at beginning of year

9,543

39,892

30,429

January 1, 2020 adoption of new accounting standard

(790)

Acquisitions of loans, net of valuation adjustements

9,560

Issuance of loans

600

693

Collection and satisfaction of loans

(43)

(30,339)

Valuation adjustments

(44)

(610)

Balance at end of year

9,456

^[1]

$ 9,543

$ 39,892

Second Mortgage on a retail shopping center in Rockville, MD One

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

Prior Liens

^[2]

58,750

Face Amount of Mortgages

5,075

Carrying Amount of Mortgages

^[1]

4,956

Principal Amount of Loans Subject to delinquent Principal or Interest

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

Balance at end of year

^[1]

4,956

Second Mortgage on a retail shopping center in Rockville, MD Two

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

Prior Liens

^[2]

58,750

Face Amount of Mortgages

4,500

Carrying Amount of Mortgages

^[1]

4,500

Principal Amount of Loans Subject to delinquent Principal or Interest

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

Balance at end of year

^[1]

$ 4,500

Second mortgage on a retail shopping center in Baltimore, MD

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

Interest Rate

7.00%

Prior Liens

^[3]

$ 4,990

Face Amount of Mortgages

600

Carrying Amount of Mortgages

^[1]

Principal Amount of Loans Subject to delinquent Principal or Interest

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

Balance at end of year

^[1]

$ 0

Interest Rate One | Second Mortgage on a retail shopping center in Rockville, MD One

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

Interest Rate

11.50%

Interest Rate Two | Second Mortgage on a retail shopping center in Rockville, MD Two

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

Interest Rate

10.75%

[1]	The amounts are net of any expected losses in accordance with ASU 2016-13. See note 2 to the consolidated financial statements. For Federal tax purposes, the aggregate tax basis is approximately $10.1 million as of December 31, 2022.
[2]	These mortgages are both subordinate to a first mortgage of $58.8 million in total. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2022 is estimated.
[3]	This mortgage is subordinate to a first mortgage of $5.0 million. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2022 is estimated.

Acquired In-Place Leases (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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

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


	December 31, 2022				December 31, 2021
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
	(in thousands)
Above market leases, lessor	$	45,737	$	(33,892)	$	46,951	$	(33,617)
Below market leases, lessee	34,604		(5,847)		34,604		(5,019)
Total	$	80,341	$	(39,739)	$	81,555	$	(38,636)

Below market leases, lessor	$	(267,910)	$	91,989	$	(230,059)	$	78,327
Above market leases, lessee	(11,127)		3,208		(10,347)		2,654
Total	$	(279,037)	$	95,197	$	(240,406)	$	80,981

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

The following is a summary of acquired lease amortization:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Amortization of above market leases, lessor	$	(3,437)	$	(3,150)	$	(4,060)
Amortization of below market leases, lessor	14,543		11,897		8,406
Net increase in rental income	$	11,106	$	8,747	$	4,346

Amortization of below market leases, lessee	$	828	$	828	$	828
Amortization of above market leases, lessee	(554)		(538)		(525)
Net increase in rental expense	$	274	$	290	$	303

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


						December 31, 2022

Above market leases, lessor						3.0 years
Below market leases, lessee						36.6 years
Below market leases, lessor						17.6 years
Above market leases, lessee						19.1 years

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

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


	Acquired Lease Assets		Acquired Lease Liabilities
	(In thousands)
Year ending December 31,
2023	$	3,869	$	15,555
2024	3,347		15,005
2025	2,277		11,507
2026	2,005		11,074
2027	1,717		10,601
Thereafter	27,387		120,098
	$	40,602	$	183,840

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
	Nov. 03, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Net income		$ 6,613	$ 4,296	$ 2,228
Other comprehensive income (loss) attributable to Redeemable Noncontrolling interest		$ 765	$ 320	$ 471
Dividends declared to common shareholders (in dollars per share)	$ 1.08	$ 4.30	$ 4.26	$ 4.22
Distributions delcared to redeemable noncontrolling interests		$ 8,090	$ 5,268	$ 1,197
Contributions from redeemable noncontrolling interests		$ 2,111	$ 74,530	$ 19,335

Dividends

12 Months Ended

Dec. 31, 2022

Dividends [Abstract]

DIVIDENDS

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


	Year Ended December 31,
	2022				2021				2020
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	4.300	$	4.290	$	4.260	$	4.250	$	4.220	$	4.210
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	1.250	$	1.250	$	1.250	$	1.250	$	1.250	$	1.250

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

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


	Year Ended December 31,
	2022		2021		2020
Common shares
Ordinary dividend	$	3.518	$	3.358	$	3.452
Capital gain	0.772		0.680		—
Return of capital	—		0.212		0.758


	$	4.290	$	4.250	$	4.210
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	$	1.110	$	1.124	$	1.354
Capital gain	0.244		0.230		—


	$	1.354	$	1.354	$	1.354
5.0% Series C Cumulative Redeemable Preferred shares
Ordinary dividend	$	1.025	$	1.038	1.250


Capital gain	0.225		0.212		—
	$	1.250	$	1.250	$	1.250

On November 3, 2022, the Trustees declared a quarterly cash dividend of $1.08 per common share, payable January 17, 2023 to common shareholders of record on January 3, 2023.

Summary Of Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation Expense Real Estate	$ 265.7	$ 245.1	$ 227.9
Building and Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	35 years
Building and Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Minor Improvements, Furniture and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minor Improvements, Furniture and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

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

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

We are self-insured for general liability costs up to predetermined retained amounts per claim, and we believe that we maintain adequate accruals to cover our retained liability. We currently do not maintain third party stop-loss insurance policies to cover

liability costs in excess of predetermined retained amounts. Our accrual for self-insurance liability is determined by management and is based on claims filed and an estimate of claims incurred but not yet reported. Management considers a number of factors, including third-party actuarial analysis, previous experience in our portfolio, and future increases in costs of claims, when making these determinations. If our liability costs exceed these accruals, it will reduce our net income.

We reserve for estimated losses, if any, associated with warranties given to a buyer at the time real estate is sold or other potential liabilities relating to that sale, taking any insurance policies into account. These warranties may extend up to ten years and require significant judgment. If changes in facts and circumstances indicate that warranty reserves are understated, we will accrue additional reserves at such time a liability has been incurred and the costs can be reasonably estimated. Warranty reserves are released once the legal liability period has expired or all related work has been substantially completed.

At December 31, 2022 and 2021, our reserves for general liability costs were $3.3 million and $5.2 million, respectively, and are included in “accounts payable and accrued expenses” in our consolidated balance sheets. Any potential losses which exceed our estimates would result in a decrease in our net income. During 2022 and 2021, we made payments from these reserves of $2.3 million and $1.5 million, respectively. Although we consider the reserve to be adequate, there can be no assurance that the reserve will prove to be adequate over-time to cover losses due to the difference between the assumptions used to estimate the reserve and actual losses.

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 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. As a result, for the year ended December 31, 2022, we have recognized a gain of $9.3 million, which is included in our consolidated statements of operations. Additionally, during 2022, we incurred $18.0 million of payments to tenants, and consequently, at December 31, 2022, we have a liability of $5.0 million to reflect our estimate of the remaining consideration.

At December 31, 2022, we had letters of credit outstanding of approximately $6.7 million.

As of December 31, 2022 in connection with capital improvement, development, and redevelopment projects, we have contractual obligations of approximately $262.1 million.

We are obligated under operating lease agreements on several shopping centers and one office lease requiring minimum annual payments as follows, as of December 31, 2022:



	(In thousands)
Year ending December 31,
2023	$	5,775
2024	5,949
2025	5,815
2026	5,451
2027	5,037
Thereafter	198,973
Total future minimum operating lease payments	227,000
Less amount representing interest	(149,257)
Operating lease liabilities	$	77,743

Future minimum lease payments and their present value for properties under finance leases as of December 31, 2022, are as follows:



	(In thousands)
Year ending December 31,
2023	$	59,713
2024	713
2025	713
2026	713
2027	748
Thereafter	68,676
Total future minimum finance lease payments	131,276
Less amount representing interest	(63,616)
Finance lease liabilities	$	67,660

A master lease for Mercer Mall includes a fixed purchase price option for $55 million in 2023. During 2022, we exercised our option to purchase the fee interest, which is expected to close in the second half of 2023.

Under the terms of the Congressional Plaza partnership agreement, a minority partner has the right to require us and the other minority partner to purchase its 26.63% interest in Congressional Plaza at the interest’s then-current fair market value. If the other minority partner defaults in their obligation, we must purchase the full interest. Based on management’s current estimate of fair market value as of December 31, 2022, our estimated maximum liability upon exercise of the put option would range from approximately $62 million to $65 million.

A master lease for Melville Mall, as amended on October 14, 2021, includes a fixed price put option at any time prior to June 30, 2025, requiring us to purchase Melville Mall for approximately $3.6 million. Additionally, we have the right to purchase Melville Mall in 2026 for approximately $3.6 million. The consideration is net of a contract amendment fee to be paid by the landlord.

The other member in The Grove at Shrewsbury and Brook 35 has the right to require us to purchase all of its approximately 4.1% interest in The Grove at Shrewsbury and approximately 6.5% interest in Brook 35 at the interests' then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2022, our estimated maximum liability upon exercise of the put option would range from $6 million to $7 million.

Effective September 18, 2023, the other member in Hoboken has the right to require us to purchase all of its 10.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2022, our estimated maximum liability upon exercise of the put option would range from $8 million to $9 million.

Effective June 14, 2026, the other member in Camelback Colonnade and Hilton Village has the right to require us to purchase all of its 2.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair value as of December 31, 2022, our estimated maximum liability upon exercise of the put option would range from $4 million to $5 million.

Effective October 6, 2027, the other member in the partnership that owns equity method investments in Chandler Festival and Chandler Gateway has the right to require us to purchase its 2.5% net ownership interest. Based on management's current estimate of fair value as of December 31, 2022, our estimated maximum liability upon exercise of the put option would range from $1 million and $2 million.

Effective June 1, 2029, the other member in Grossmont Center has the right to require us to purchase all of its 40.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair value as of December 31, 2022, our estimated maximum liability upon exercise of the put option would range from $68 million to $73 million.

Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option. A total of 644,554 downREIT operating partnership units are outstanding which have a total fair value of $65.1 million, based on our closing stock price on December 31, 2022.

Summary Of Significant Accounting Policies (Revenue Recognition and Accounts Receivable) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Rent deferral agreements	$ 48,000
Deferred Rent Receivables, Collected	35,000
Rent abatement agreements	4,000	$ 26,000	$ 48,000
Collectibility adjustment (Increase) decrease to revenue	$ (4,100)	$ 24,000	$ 106,600
Percentage of tenants with revenue recognized on a cash basis	31.00%	34.00%
Straight line rent receivable	$ 126,600	$ 110,700

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Rollforward table of the redeemable noncontrolling interest

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


	Year Ended
	December 31,
	2022		2021
	(In thousands)
Beginning balance	$	213,708	$	137,720
Net income	6,613		4,296
Contributions	2,111		74,530

Other comprehensive income - change in value of interest rate swaps	765		320
Distributions & redemptions	(32,445)		(5,268)

Change in redemption value	(12,382)		2,110
Ending balance	$	178,370	$	213,708

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

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


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	155,659	$	150,324	$	159,718
Interest capitalized	(18,670)		(22,626)		(23,429)
Interest expense	$	136,989	$	127,698	$	136,289
Cash paid for interest, net of amounts capitalized	$	130,912	$	123,585	$	130,248
Cash paid for income taxes	$	624	$	386	$	580
NON-CASH INVESTING AND FINANCING TRANSACTIONS:

DownREIT operating partnership units issued with acquisition	$	—	$	—	$	18,920
Mortgage loans assumed with acquisition (1)	$	—	$	—	$	8,903




DownREIT operating partnership units redeemed for common shares	$	1,385	$	7,545	$	—

Shares issued under dividend reinvestment plan	$	1,718	$	1,727	$	1,734
5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares	$	175	$	—	$	—

(1) See our Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures relating to the mortgages entered into and assumed as a result of the Hoboken acquisition.

Reconcilition of cash, cash equivalents, and restricted cash


	December 31,
	2022		2021
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	85,558	$	162,132
Restricted cash (1)	10,790		13,031
Total cash, cash equivalents, and restricted cash	$	96,348	$	175,163

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

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	downREIT OP units	5.417% Series 1 Cumulative Convertible Preferred	Preferred Shares	Preferred Shares 5.417% Series 1 Cumulative Convertible Preferred	Common shares	Common shares downREIT OP units	Common shares 5.417% Series 1 Cumulative Convertible Preferred	Additional Paid-in Capital	Additional Paid-in Capital downREIT OP units	Additional Paid-in Capital 5.417% Series 1 Cumulative Convertible Preferred	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Noncontrolling Interests downREIT OP units
Beginning balance (in shares) at Dec. 31, 2019				405,896		75,540,804
Beginning balance at Dec. 31, 2019	$ 2,636,132			$ 159,997		$ 759			$ 3,166,522			$ (791,124)	$ (813)	$ 100,791
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new accounting standard	(510)											(510)
Net income, excluding amount attributable to redeemable noncontrolling interests	133,660											131,706		1,954
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	(4,831)												(4,831)
Dividends declared to common shareholders	(320,302)											(320,302)
Dividends declared to preferred shareholders	(8,042)											(8,042)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(8,874)													(8,874)
Common shares issued, net (in shares)						1,080,882
Common shares issued, net	$ 98,839					$ 11			98,828
Shares issued under dividend reinvestment plan (in shares)	24,491					24,491
Shares issued under dividend reinvestment plan	$ 2,072								2,072
Share-based compensation expense, net of forfeitures (in shares)						114,251
Share-based compensation expense, net of forfeitures	13,243					$ 1			13,242
Shares withheld for employee taxes (in shares)						(33,034)
Shares withheld for employee taxes	(4,052)								(4,052)
Conversion and redemption of downREIT OP units							0
Conversion and redemption of downREIT OP units							$ 0			$ (30)
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	120													120
Purchase of noncontrolling interest	(7,321)	$ (3,320)							(1,210)					(6,111)	$ (3,290)
Adjustment to redeemable noncontrolling interests	21,933								21,933
Ending balance (in shares) at Dec. 31, 2020				405,896		76,727,394
Ending 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 amount attributable to redeemable noncontrolling interests	264,785											261,498		3,287
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	3,597												3,597
Dividends declared to common shareholders	(332,116)											(332,116)
Dividends declared to preferred shareholders	(8,042)											(8,042)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(4,341)													(4,341)
Common shares issued, net (in shares)						1,643,845
Common shares issued, net	$ 172,753					$ 17			172,736
Shares issued under dividend reinvestment plan (in shares)	19,758					19,758
Shares issued under dividend reinvestment plan	$ 1,955								1,955
Share-based compensation expense, net of forfeitures (in shares)						164,553
Share-based compensation expense, net of forfeitures	14,434					$ 2			14,432
Shares withheld for employee taxes (in shares)						(29,031)
Shares withheld for employee taxes	(2,998)								(2,998)
Conversion and redemption of downREIT OP units							76,786
Conversion and redemption of downREIT OP units										7,474
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	6,583													6,583
Purchase of noncontrolling interest		(99)													(7,573)
Adjustment to redeemable noncontrolling interests	(2,110)								(2,110)
Ending balance (in shares) at Dec. 31, 2021				405,896		78,603,305
Ending 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 amount attributable to redeemable noncontrolling interests	389,048											385,491		3,557
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	7,804												7,804
Dividends declared to common shareholders	(344,711)											(344,711)
Dividends declared to preferred shareholders	(8,034)											(8,034)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(5,007)													(5,007)
Common shares issued, net (in shares)						2,634,223
Common shares issued, net	306,854					$ 26			306,828
Exercise of stock options						366
Exercise of stock options	$ 35								35
Shares issued under dividend reinvestment plan (in shares)	19,502					19,502
Shares issued under dividend reinvestment plan	$ 2,104								2,104
Share-based compensation expense, net of forfeitures (in shares)						110,395
Share-based compensation expense, net of forfeitures	15,018					$ 2			15,016
Shares withheld for employee taxes (in shares)						(41,105)
Shares withheld for employee taxes	(4,900)								(4,900)
Conversion of preferred shares					(7,018)
Conversion of preferred shares					$ (175)
Conversion of preferred shares								1,675
Conversion of preferred shares			$ 0								$ 175
Conversion and redemption of downREIT OP units							14,598
Conversion and redemption of downREIT OP units							$ 0			$ 1,367
Purchase of noncontrolling interest		$ (698)													$ (2,065)
Deconsolidation of VIE	972													972
Adjustment to redeemable noncontrolling interests	12,382								12,382
Ending balance (in shares) at Dec. 31, 2022				398,878		81,342,959
Ending balance at Dec. 31, 2022	$ 3,034,015			$ 159,822		$ 818			$ 3,821,801			$ (1,034,186)	$ 5,757	$ 80,003

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 921,692	$ 641,459
Mortgages payable and notes payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	895,654	655,864
Senior notes and debentures \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,407,701	3,406,088
Senior notes and debentures \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,048,456	$ 3,649,776

Summary Of Significant Accounting Policies (Cash and Cash Equivalents) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Cash in excess of the FDIC insured limit	$ 113.2

Lease Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
Lease Costs (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Finance Lease, amortization of right-of-use assets	$ 1,251	$ 1,284	$ 1,284
Finance Lease, interest on lease liabilities	5,743	5,828	5,826
Operating lease cost	6,138	5,687	5,946
Variable lease cost	309	246	353
Total Lease Cost	13,441	13,045	13,409
Operating cash flows for finance leases	5,642	5,723	5,736
Operating cash flows for operating leases	5,644	5,288	5,498
Financing cash flows for finance leases	$ 50	$ 51	$ 46
Weighted-average remaining lease term - finance leases	13 years 10 months 24 days	16 years 3 months 18 days
Weighted-average remaining lease term - operating leases	53 years 3 months 18 days	52 years 9 months 18 days
Weighted-average discount rate - finance leases	8.10%	8.00%
Weighted-average discount rate - operating leases	4.80%	4.50%
ROU assets obtained in exchange for operating lease liabilities	$ 6,476	$ 10,341