0000034903-24-000046 | 10-Q | XBRL Viewer | Federal Realty Investment Trust

Fair Value of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Mortgages and notes payable, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 1,130,169	$ 1,118,881
Mortgages and notes payable, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,112,230	1,101,479
Senior notes and debentures, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,353,228	3,480,296
Senior notes and debentures, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,044,373	$ 3,201,174

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us. Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or common shares, at our option. A total of 631,271 downREIT operating partnership units are outstanding which have a total fair value of approximately $64.5 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on March 31, 2024.

Earnings Per Share And Unit (Details) - shares	3 Months Ended		12 Months Ended
Earnings Per Share And Unit (Details) - shares	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 11, 2024
Weighted average unvested shares outstanding	300,000	300,000
Federal Realty OP LP
Weighted average unvested units outstanding	300,000	300,000
3.25% notes \| Exchangeable senior notes
Interest rate	3.25%			3.25%
3.25% notes \| Exchangeable senior notes \| Federal Realty OP LP
Interest rate	3.25%
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
Preferred units, percentage	5.417%	5.417%
Stock Options
Anti-dilutive issuable shares	3,019	1,829
Stock Options \| Federal Realty OP LP
Anti-dilutive issuable units	3,019	1,829
Unvested restricted stock units
Anti-dilutive issuable shares	10,441	10,441
Unvested restricted stock units \| Federal Realty OP LP
Anti-dilutive issuable units	10,441	10,441

Summary Of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Supplemental disclosures related to the Consolidated Statements Of Cash Flows

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


	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	48,999	$	44,606
Interest capitalized	(5,306)		(5,381)
Interest expense	$	43,693	$	39,225
Cash paid for interest, net of amounts capitalized	$	39,199	$	37,136
Cash refunded for income taxes	$	5	$	—
NON-CASH INVESTING AND FINANCING TRANSACTIONS:





Shares issued under dividend reinvestment plan	$	420	$	429
DownREIT operating partnership units redeemed for common shares	$	366	$	668

Reconciliation of cash, cash equivalents, and restricted cash


	March 31,		December 31,
	2024		2023
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	95,936	$	250,825
Restricted cash (1)	8,885		9,179
Total cash, cash equivalents, and restricted cash	$	104,821	$	260,004

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

Debt (Details) $ / shares in Units, $ in Thousands			3 Months Ended
Debt (Details) $ / shares in Units, $ in Thousands	Jan. 16, 2024 USD ($)	Jan. 11, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 $ / shares	Jan. 08, 2024 $ / shares
Debt Instrument [Line Items]
Divdends declared per common share \| $ / shares			$ 1.09	$ 1.08
Purchase of capped calls			$ 19,448
Unsecured term loan
Debt Instrument [Line Items]
Other notes payable			$ 600,000
3.25% notes \| Call Option
Debt Instrument [Line Items]
Share Price \| $ / shares					$ 102.33
Initial cap price \| $ / shares		$ 143.26
Percentage of cap price premium over share price		40.00%
Purchase of capped calls		$ 19,400
3.25% notes \| Exchangeable senior notes
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 485,000
Interest rate		3.25%	3.25%
Net proceeds		$ 471,600
Interest expense			$ 4,100
Exchange price \| $ / shares		$ 122.80
Exchange premium percentage		20.00%
Minimum redemption exchange price		130.00%
Note offering percent		100.00%
3.25% notes \| Exchangeable senior notes \| Per $1,000 principal amount
Debt Instrument [Line Items]
Exchange rate		8.1436
Exchange rate principal amount		$ 1
3.95% Notes \| Unsecured senior notes
Debt Instrument [Line Items]
Interest rate	3.95%
Repayments of Unsecured Debt	$ 600,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility			1,250,000
Maximum amount outstanding under revolving credit facility			12,500
Weighted average borrowings outstanding			$ 1,900
Weighted average interest rate, before amortization of debt fees			6.20%
Revolving credit facility			$ 12,500

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Operating real estate, consolidated variable interest entities	$ 2,024,995	$ 2,021,622
Construction-in-progress, consolidated variable interest entities	13,299	8,677
Accumulated depreciation and amortization, consolidated variable interest entities	430,578	416,663
Mortgages payable, consolidated variable interest entities	$ 188,629	$ 189,286
Preferred 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 shares of beneficial interest, shares authorized	200,000,000	200,000,000
Common shares of beneficial interest, shares issued	82,948,600	82,775,286
Common shares of beneficial interest, shares outstanding	82,948,600	82,775,286
Federal Realty OP LP
Operating real estate, consolidated variable interest entities	$ 2,024,995	$ 2,021,622
Construction-in-progress, consolidated variable interest entities	13,299	8,677
Accumulated depreciation and amortization, consolidated variable interest entities	430,578	416,663
Mortgages payable, consolidated variable interest entities	$ 188,629	$ 189,286
Preferred units, issued	398,878	398,878
Preferred units, outstanding	398,878	398,878
Common units, issued	82,948,600	82,775,286
Common units, outstanding	82,948,600	82,775,286
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
Preferred shares, percentage	5.417%	5.417%
Preferred shares, liquidation preference per share	$ 25	$ 25
Preferred shares, shares issued	392,878	392,878
Preferred shares, shares outstanding	392,878	392,878
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Preferred shares, percentage	5.00%	5.00%
Preferred shares, liquidation preference per share	$ 25,000	$ 25,000
Preferred shares, shares issued	6,000	6,000
Preferred shares, shares outstanding	6,000	6,000

Business And Organization (Details)	3 Months Ended
Business And Organization (Details)	Mar. 31, 2024 project
Nature of Operations
Number of real estate properties	102
Minimum percentage of taxable income distributed to shareholders	90.00%
Federal Realty GP LLC
Nature of Operations
Limited liability company ownership interest	100.00%

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Instruments [Abstract]
DEBT	DEBT On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement. The notes bear interest at an annual rate of 3.25%, payable semiannually in arrears on January 15th and July 15th of each year, beginning July 15, 2024. The notes mature on January 15, 2029, unless earlier exchanged, purchased or redeemed. Net proceeds after the initial purchaser’s discount and offering costs were approximately $471.6 million. Interest expense related to these Notes for the three months ended March 31, 2024 was $4.1 million, including debt issuance cost amortization. Prior to the close of business on July 15, 2028, the Notes will be exchangeable at the option of holders only upon certain circumstances and during certain periods. On or after July 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes, holders may exchange their Notes at any time. The Operating Partnership will settle exchanges of the Notes by delivering cash up to the principal amount of the Notes exchanged, and if applicable, cash, common shares of the Trust, or a combination thereof at our option, in respect of the remainder, if any, of the exchange obligation in excess of the principal amount. If we elect to settle any portion of the exchange obligation in excess of the principal amount with shares of the Trust, an equivalent number of common units will be issued by the Operating Partnership to the Trust. The exchange rate initially equals 8.1436 common shares per $1,000 principal amount of the Notes (which is equivalent to an exchange price of approximately $122.80 per common share and reflects an exchange premium of approximately 20% based on the closing price of $102.33 on January 8, 2024). The initial exchange rate is subject to adjustment upon the occurrence of certain events, including in the event of a payment of a quarterly common dividend in excess of $1.09 per share, but will not be adjusted for any accrued and unpaid interest. The Operating Partnership may redeem the Notes, at its option, in whole or in part, on or after January 20, 2027 if the last reported sales price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 day consecutive trading period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. The capped call transactions cover, subject to customary adjustments, the number of our common shares that initially underlie the Notes. The capped call transactions are expected generally to reduce the potential dilution to our common shares upon exchange of any Notes and/or offset any cash payments we are required to make in excess of the principal amount of the Notes, with such reduction and/or offset subject to a cap. The cap price of the capped call transaction initially is approximately $143.26 per share, which represents a premium of approximately 40% over the last reported sale price of our common shares of $102.33 on the New York Stock Exchange on January 8, 2024, and is subject to certain adjustments under the terms of the capped call transactions. A portion of the proceeds from the Notes were used to pay the capped call premium of $19.4 million, which is recorded in shareholders' equity for the Trust and capital for the Operating Partnership. On January 16, 2024, we repaid our $600.0 million 3.95% senior unsecured notes at maturity. On February 6, 2024, we exercised our first option and extended the maturity date of our $600.0 million unsecured term loan to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026. During the three months ended March 31, 2024, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $12.5 million. The weighted average amount of borrowings outstanding was $1.9 million, and the weighted average interest rate, before amortization of debt fees, was 6.2% for the three months ended March 31, 2024. At March 31, 2024, our revolving credit facility had $12.5 million outstanding. 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 March 31, 2024, we were in compliance with all default related debt covenants.

- Definition

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

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Summary of dividends declared and paid per share

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


	Three Months Ended March 31,
	2024				2023
	Declared		Paid		Declared		Paid
Common shares	$	1.090	$	1.090	$	1.080	$	1.080
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.339	$	0.339	$	0.339	$	0.339
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.313	$	0.313	$	0.313	$	0.313

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

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) agreement	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 7,400
Accumulated other comprehensive income \| One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income	200
Fair Value, recurring \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 7,357	$ 4,668
Fair Value, recurring \| Interest rate swap \| One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements \| agreement	2
Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	5
Total notional amounts of interest rate swap agreements	$ 253,200
Other comprehensive income	2,700
Amount reclassified from other comprehensive income to interest expense	$ (1,100)
Hoboken \| Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	2
Mortgage payable	$ 53,200
Fixed interest rate of derivative instrument	3.67%
Bethesda Row \| Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	3
Mortgage payable	$ 200,000
Fixed interest rate of derivative instrument	5.03%

Business And Organization	3 Months Ended
Business And Organization	Mar. 31, 2024
Nature Of Operations [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the "Parent Company" and the “Trust”) is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of and exercises exclusive control over Federal Realty GP LLC ("the General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of March 31, 2024, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects. We operate in a manner intended to enable the Trust to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material. General Economic Conditions Heightened levels of inflation and higher interest rates present risks for our business and our tenants. We continue to monitor and address risks related to the general state of the economy. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted.

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income	$ 58,016	$ 57,731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	83,404	78,637
Gain on sale of real estate	0	(1,702)
Income from partnerships	(32)	(516)
Straight-line rent	(5,207)	(2,478)
Share-based compensation expense	4,160	4,097
Other, net	(1,001)	(1,277)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(500)	(466)
Decrease in prepaid expenses and other assets	3,624	3,563
Increase in accounts payable and accrued expenses	7,194	1,941
(Decrease) increase in security deposits and other liabilities	(8,498)	3,477
Net cash provided by operating activities	141,160	143,007
INVESTING ACTIVITIES
Acquisition of real estate	0	(35,340)
Capital expenditures - development and redevelopment	(35,993)	(50,780)
Capital expenditures - other	(27,754)	(25,737)
Proceeds from sale of real estate	0	12,626
Distribution from partnerships in excess of earnings	1,454	2,174
Leasing costs	(4,649)	(3,754)
Net cash used in investing activities	(66,942)	(100,811)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	12,500	60,000
Issuance of senior notes, net of costs	471,576	0
Repayment of senior notes	(600,000)	0
Costs to extend and issue notes and mortgages payable	(902)	0
Repayment of mortgages, finance leases, and notes payable	(819)	(819)
Purchase of capped calls	(19,448)	0
Issuance of common shares, net of costs	6,312	6,245
Dividends paid to common and preferred shareholders	(91,883)	(89,431)
Shares withheld for employee taxes	(4,614)	(4,645)
Contributions from noncontrolling interests	725	0
Distributions to and redemptions of redeemable noncontrolling interests	(2,848)	(2,616)
Net cash used in financing activities	(229,401)	(31,266)
(Decrease) increase in cash, cash equivalents and restricted cash	(155,183)	10,930
Cash, cash equivalents, and restricted cash at beginning of year	260,004	96,348
Cash, cash equivalents, and restricted cash at end of period	104,821	107,278
Federal Realty OP LP
OPERATING ACTIVITIES
Net income	58,016	57,731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	83,404	78,637
Gain on sale of real estate	0	(1,702)
Income from partnerships	(32)	(516)
Straight-line rent	(5,207)	(2,478)
Share-based compensation expense	4,160	4,097
Other, net	(1,001)	(1,277)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(500)	(466)
Decrease in prepaid expenses and other assets	3,624	3,563
Increase in accounts payable and accrued expenses	7,194	1,941
(Decrease) increase in security deposits and other liabilities	(8,498)	3,477
Net cash provided by operating activities	141,160	143,007
INVESTING ACTIVITIES
Acquisition of real estate	0	(35,340)
Capital expenditures - development and redevelopment	(35,993)	(50,780)
Capital expenditures - other	(27,754)	(25,737)
Proceeds from sale of real estate	0	12,626
Distribution from partnerships in excess of earnings	1,454	2,174
Leasing costs	(4,649)	(3,754)
Net cash used in investing activities	(66,942)	(100,811)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	12,500	60,000
Issuance of senior notes, net of costs	471,576	0
Repayment of senior notes	(600,000)	0
Costs to extend and issue notes and mortgages payable	(902)	0
Repayment of mortgages, finance leases, and notes payable	(819)	(819)
Purchase of capped calls	(19,448)	0
Issuance of common units, net of costs	6,312	6,245
Dividends paid to common and preferred unit holders	(91,883)	(89,431)
Shares withheld for employee taxes	(4,614)	(4,645)
Contributions from noncontrolling interests	725	0
Distributions to and redemptions of redeemable noncontrolling interests	(2,848)	(2,616)
Net cash used in financing activities	(229,401)	(31,266)
(Decrease) increase in cash, cash equivalents and restricted cash	(155,183)	10,930
Cash, cash equivalents, and restricted cash at beginning of year	260,004	96,348
Cash, cash equivalents, and restricted cash at end of period	$ 104,821	$ 107,278

Commitments and Contingencies (Details) - downREIT OP units $ in Millions	Mar. 31, 2024 USD ($) shares
Commitments [Line Items]
downREIT operating partnership units, outstanding \| shares	631,271
downREIT operating partnership units outstanding, fair value \| $	$ 64.5

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Operating (including $2,024,995 and $2,021,622 of consolidated variable interest entities, respectively)	$ 10,027,356	$ 9,932,891
Construction-in-progress (including $13,299 and $8,677 of consolidated variable interest entities, respectively)	577,745	613,296
Real estate, at cost, total	10,605,101	10,546,187
Less accumulated depreciation and amortization (including $430,578 and $416,663 of consolidated variable interest entities, respectively)	(3,032,163)	(2,963,519)
Net real estate	7,572,938	7,582,668
Cash and cash equivalents	95,936	250,825
Accounts and notes receivable, net	207,650	201,733
Mortgage notes receivable, net	9,183	9,196
Investment in partnerships	33,687	34,870
Operating lease right of use assets, net	86,359	86,993
Finance lease right of use assets, net	6,795	6,850
Prepaid expenses and other assets	259,112	263,377
TOTAL ASSETS	8,271,660	8,436,512
Liabilities
Mortgages payable, net (including $188,629 and $189,286 of consolidated variable interest entities, respectively)	516,257	516,936
Notes payable, net	613,912	601,945
Senior notes and debentures, net	3,353,228	3,480,296
Accounts payable and accrued expenses	185,594	174,714
Dividends payable	92,818	92,634
Security deposits payable	29,895	30,482
Operating lease liabilities	75,275	75,870
Finance lease liabilities	12,698	12,670
Other liabilities and deferred credits	213,027	225,443
Total liabilities	5,092,704	5,210,990
Commitments and contingencies (Note 5)
Redeemable noncontrolling interests	182,964	183,363
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized, respectively, 82,948,600 and 82,775,286 shares issued and outstanding, respectively	835	833
Additional paid-in capital	3,946,740	3,959,276
Accumulated dividends in excess of net income	(1,196,225)	(1,160,474)
Accumulated other comprehensive income	6,899	4,052
Total shareholders’ equity of the Trust	2,918,071	2,963,509
Noncontrolling interests	77,921	78,650
Total shareholders’ equity	2,995,992	3,042,159
Partner capital
Accumulated other comprehensive income	6,899	4,052
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,271,660	8,436,512
Federal Realty OP LP
ASSETS
Operating (including $2,024,995 and $2,021,622 of consolidated variable interest entities, respectively)	10,027,356	9,932,891
Construction-in-progress (including $13,299 and $8,677 of consolidated variable interest entities, respectively)	577,745	613,296
Real estate, at cost, total	10,605,101	10,546,187
Less accumulated depreciation and amortization (including $430,578 and $416,663 of consolidated variable interest entities, respectively)	(3,032,163)	(2,963,519)
Net real estate	7,572,938	7,582,668
Cash and cash equivalents	95,936	250,825
Accounts and notes receivable, net	207,650	201,733
Mortgage notes receivable, net	9,183	9,196
Investment in partnerships	33,687	34,870
Operating lease right of use assets, net	86,359	86,993
Finance lease right of use assets, net	6,795	6,850
Prepaid expenses and other assets	259,112	263,377
TOTAL ASSETS	8,271,660	8,436,512
Liabilities
Mortgages payable, net (including $188,629 and $189,286 of consolidated variable interest entities, respectively)	516,257	516,936
Notes payable, net	613,912	601,945
Senior notes and debentures, net	3,353,228	3,480,296
Accounts payable and accrued expenses	185,594	174,714
Dividends payable	92,818	92,634
Security deposits payable	29,895	30,482
Operating lease liabilities	75,275	75,870
Finance lease liabilities	12,698	12,670
Other liabilities and deferred credits	213,027	225,443
Total liabilities	5,092,704	5,210,990
Commitments and contingencies (Note 5)
Redeemable noncontrolling interests	182,964	183,363
Shareholders’ equity
Accumulated other comprehensive income	6,899	4,052
Partner capital
Preferred units, 398,878 units issued and outstanding	154,788	154,788
Common units, 82,948,600 and 82,775,286 units issued and outstanding, respectively	2,756,384	2,804,669
Accumulated other comprehensive income	6,899	4,052
Total partner capital	2,918,071	2,963,509
Noncontrolling interests in consolidated partnerships	77,921	78,650
Total capital	2,995,992	3,042,159
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,271,660	8,436,512
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	150,000	150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	$ 9,822	$ 9,822

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Rental income	$ 291,045	$ 272,798
Mortgage interest income	278	261
Total revenue	291,323	273,059
EXPENSES
Rental expenses	61,659	55,205
Real estate taxes	34,060	32,566
General and administrative	12,006	12,545
Depreciation and amortization	83,404	78,637
Total operating expenses	191,129	178,953
Gain on sale of real estate	0	1,702
OPERATING INCOME	100,194	95,808
OTHER INCOME/(EXPENSE)
Other interest income	1,483	632
Interest expense	(43,693)	(39,225)
Income from partnerships	32	516
NET INCOME	58,016	57,731
Net income attributable to noncontrolling interests	(1,280)	(2,396)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	56,736	55,335
Dividends on preferred shares	(2,008)	(2,008)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 54,728	$ 53,327
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders, Basic	$ 0.66	$ 0.65
Net income available for common shareholders, Diluted	$ 0.66	$ 0.65
Weighted average number of common shares, Basic	82,605	81,141
Weighted average number of common shares, Diluted	82,605	81,141
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 60,944	$ 56,395
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	59,583	54,124
Federal Realty OP LP
REVENUE
Rental income	291,045	272,798
Mortgage interest income	278	261
Total revenue	291,323	273,059
EXPENSES
Rental expenses	61,659	55,205
Real estate taxes	34,060	32,566
General and administrative	12,006	12,545
Depreciation and amortization	83,404	78,637
Total operating expenses	191,129	178,953
Gain on sale of real estate	0	1,702
OPERATING INCOME	100,194	95,808
OTHER INCOME/(EXPENSE)
Other interest income	1,483	632
Interest expense	(43,693)	(39,225)
Income from partnerships	32	516
NET INCOME	58,016	57,731
Net income attributable to noncontrolling interests	(1,280)	(2,396)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	56,736	55,335
Distributions declared to preferred unit holders	(2,008)	(2,008)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS	$ 54,728	$ 53,327
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders, Basic	$ 0.66	$ 0.65
Net income available for common unit holders, Diluted	$ 0.66	$ 0.65
Weighted average common units outstanding, Basic	82,605	81,141
Weighted average common units outstanding, Diluted	82,605	81,141
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 60,944	$ 56,395
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$ 59,583	$ 54,124

Summary of Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

The accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year.

Principles of Consolidation

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

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect

the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Exchangeable Senior Notes

On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement (see Note 3 for additional information). We account for our Notes in accordance with ASC 470-20, Debt with Conversion and Other Options (after the adoption of ASU 2020-06, Debt - Debt and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Contracts in an Entity's Own Equity ("ASU 2020-06)). The embedded exchange feature is eligible for an exception from derivative accounting because it is indexed to our own stock and meets the equity classification under ASC 815-40; therefore, the exchange feature is not bifurcated. At each reporting period, we calculate the effect of the Notes on our dilutive earnings per common share and per common unit using the if-converted method. In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. Similar to the exchange feature embedded in the Notes, the capped call transactions meet all the conditions for equity classification, and therefore, the related premiums paid are recorded in shareholders' equity for the Trust and capital for the Operating Partnership.

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Standard

Description

Effect on the financial statements or significant matters

Adopted during 2024:

ASU 2023-01, March 2023, Leases (Topic 842) Common Control Arrangements

This ASU requires all lessees in a lease with a lessor under common control to (1) amortize leasehold improvements over their useful life to the common control group, as long as the lessee controls the use of the underlying asset through a lease and (2) account for the leasehold improvements as a transfer of assets between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset.

The guidance may be applied prospectively to new and existing leasehold improvements, with the remaining balance of existing leasehold improvements amortized over their remaining useful life to the common control group or retrospectively, through a cumulative-effect adjustment to opening retained earnings.

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

We adopted this ASU as of January 1, 2024. The implementation of this ASU did not have an impact on our consolidated financial statements.

Issued in 2023:

ASU 2023-07, November 2023, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures

This ASU requires public entities to provide disclosures of significant segment expense and other significant segment items, as well as provide in interim period all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Additionally, public entities with a single reportable segment have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures.

The guidance is applied retrospectively to all periods presented in financial statements, unless it is impracticable. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted.

While we continue to evaluate the impact of this ASU on our Form 10-K for year ended December 31, 2024, we anticipate providing the disclosures required by ASC 280 for our single reportable segment.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income attributable to redeemable noncontrolling interests	$ 1,570	$ 1,668
Other comprehensive income (loss) attributable to redeemable noncontrolling interests	81	(125)
Distributions declared to redeemable noncontrolling interests	2,050	1,560
Federal Realty OP LP
Net income attributable to redeemable noncontrolling interests	1,570	1,668
Other comprehensive income (loss) attributable to redeemable noncontrolling interests	81	(125)
Distributions declared to redeemable noncontrolling interests	$ 2,050	$ 1,560

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

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2023

Dec. 31, 2022

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

Cash and cash equivalents

$ 95,936

$ 250,825

Restricted cash

^[1]

8,885

9,179

Total cash, cash equivalents, and restricted cash

$ 104,821

$ 260,004

$ 107,278

$ 96,348

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

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT On April 1, 2024, we acquired the approximately 10% noncontrolling interest in the partnership that owns our CocoWalk property for approximately $12 million, bringing our ownership to 100%.

Earnings Per Share And Unit (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 58,016	$ 57,731
Less: Preferred share dividends	(2,008)	(2,008)
Less: Income from operations attributable to noncontrolling interests	(1,280)	(2,396)
Less: Earnings allocated to unvested shares	(333)	(327)
Net income available for common shareholders, basic	54,395	53,000
Net income available for common shareholders, diluted	$ 54,395	$ 53,000
Weighted average common shares outstanding, basic	82,605	81,141
Weighted average common shares outstanding, diluted	82,605	81,141
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders, Basic	$ 0.66	$ 0.65
Net income available for common shareholders, Diluted	$ 0.66	$ 0.65
Federal Realty OP LP
Net income	$ 58,016	$ 57,731
Less: Preferred unit distributions	(2,008)	(2,008)
Less: Income from operations attributable to noncontrolling interests	(1,280)	(2,396)
Less: Earnings allocated to unvested units	(333)	(327)
Net income available for common unit holders, basic	54,395	53,000
Net income available for common unit holders, diluted	$ 54,395	$ 53,000
Weighted average common units outstanding, basic	82,605	81,141
Weighted average common units outstanding, Diluted	82,605	81,141
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders, Basic	$ 0.66	$ 0.65
Net income available for common unit holders, Diluted	$ 0.66	$ 0.65

Subsequent Event (Details) - Subsequent Event - CocoWalk $ in Millions	Apr. 01, 2024 USD ($)
Subsequent Event [Line Items]
Noncontrolling interest purchased	10.00%
Payment to acquire noncontrolling interests	$ 12
Our ownership interest subsequent to acquisition	100.00%

Fair Value of Financial Instruments (Summary of Financial Liabilities Measured At Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 7,400
Interest rate swap \| Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	7,357	$ 4,668
Interest rate swap \| Fair Value, Inputs, Level 1 \| Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Interest rate swap \| Fair Value, Inputs, Level 2 \| Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	7,357	4,668
Interest rate swap \| Fair Value, Inputs, Level 3 \| Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Summary Of Significant Accounting Policies (Exchangeable Senior Notes) (Details) - 3.25% notes - Exchangeable senior notes - USD ($) $ in Millions	Jan. 11, 2024	Mar. 31, 2024
Exchangeable Senior Notes [Line Items]
Proceeds from issuance of debt	$ 485.0
Interest rate	3.25%	3.25%

Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

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


	Three Months Ended March 31,
	2024				2023
	Declared		Paid		Declared		Paid
Common shares	$	1.090	$	1.090	$	1.080	$	1.080
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.339	$	0.339	$	0.339	$	0.339
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.313	$	0.313	$	0.313	$	0.313

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

On March 8, 2024, we amended our existing at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program 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 to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.

For the three months ended March 31, 2024, we issued 62,895 common shares (which were sold during 2023 under our previous ATM equity program), at a weighted average price per share of $105.04 for net cash proceeds of $6.4 million including paying $0.1 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. There were no sales during the three months ended March 31, 2024 under the amended ATM equity program, and therefore we have the capacity to issue up to $500.0 million in common shares under this program as of March 31, 2024.

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
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+ Details

Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 08, 2024
Class of Stock [Line Items]
Net proceeds from issuance of common shares	$ 6,312	$ 6,245
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share			$ 500,000
Shares issued	62,895
Weighted Average Price Per Common Share	$ 105.04
Net proceeds from issuance of common shares	$ 6,400
Remaining capacity to issue	500,000
At The Market Equity Program \| Commissions
Class of Stock [Line Items]
Payments of Stock Issuance Costs	100
At The Market Equity Program \| Other Offering Costs
Class of Stock [Line Items]
Payments of Stock Issuance Costs	$ 100

Share-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of share-based compensation expense included in net income

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


	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
Grants of common shares, restricted stock units, and options	$	4,430	$	4,434


Capitalized share-based compensation	(270)		(337)
Share-based compensation expense	$	4,160	$	4,097

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 4,430	$ 4,434
Capitalized share-based compensation	(270)	(337)
Share-based compensation expense	$ 4,160	$ 4,097

Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Capital - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	$ 56,446	$ 56,063
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Contributions from noncontrolling interests	725
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Federal Realty OP LP
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	3,042,159	3,034,015
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	56,446	56,063
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Distributions declared to common unit holders	(90,479)	(88,033)
Distributions declared to preferred unit holders	(2,008)	(2,008)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(798)	(1,048)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	6,377	6,251
Common units issued under dividend reinvestment plan	355	423
Share-based compensation expense, net of forfeitures	4,430	4,434
Common units withheld for employee taxes	(4,614)	(4,645)
Contributions from noncontrolling interests	725
Purchase of capped calls	(19,448)
Ending balance	2,995,992	3,004,241
Federal Realty OP LP \| Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	154,788	154,788
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	2,008	2,008
Distributions declared to preferred unit holders	(2,008)	(2,008)
Ending balance	154,788	154,788
Federal Realty OP LP \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,804,669	2,793,467
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	54,728	53,327
Distributions declared to common unit holders	(90,479)	(88,033)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	6,377	6,251
Common units issued under dividend reinvestment plan	355	423
Share-based compensation expense, net of forfeitures	4,430	4,434
Common units withheld for employee taxes	(4,614)	(4,645)
Purchase of capped calls	(19,448)
Ending balance	2,756,384	2,765,892
Federal Realty OP LP \| Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	4,052	5,757
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Ending balance	6,899	4,546
Federal Realty OP LP \| Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,963,509	2,954,012
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	56,736	55,335
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Distributions declared to common unit holders	(90,479)	(88,033)
Distributions declared to preferred unit holders	(2,008)	(2,008)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	6,377	6,251
Common units issued under dividend reinvestment plan	355	423
Share-based compensation expense, net of forfeitures	4,430	4,434
Common units withheld for employee taxes	(4,614)	(4,645)
Purchase of capped calls	(19,448)
Ending balance	2,918,071	2,925,226
Federal Realty OP LP \| Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	78,650	80,003
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	(290)	728
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(798)	(1,048)
Contributions from noncontrolling interests	725
Ending balance	77,921	79,015
Federal Realty OP LP \| downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	0	0
Federal Realty OP LP \| downREIT OP units \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	366	668
Federal Realty OP LP \| downREIT OP units \| Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	366	668
Federal Realty OP LP \| downREIT OP units \| Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	$ (366)	$ (668)

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,570	$ 1,668
Other comprehensive income (loss) attributable to redeemable noncontrolling interests	$ 81	$ (125)
Dividends declared to common shareholders (in dollars per share)	$ 1.09	$ 1.08
Distributions declared to redeemable noncontrolling interests	$ 2,050	$ 1,560

Earnings Per Share And Unit (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of earnings per share and unit

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

•exercise of 3,019 and 1,829 stock options for the three months ended March 31, 2024 and 2023, respectively,

•conversions of downREIT operating partnership units for both the three months ended March 31, 2024 and 2023,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three months ended March 31, 2024 and 2023, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for the three months ended March 31, 2024.

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

Federal Realty Investment Trust Earnings per Share


	Three Months Ended
	March 31,
			2024		2023
		(In thousands, except per share data)
NUMERATOR
Net income			$	58,016	$	57,731
Less: Preferred share dividends			(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests			(1,280)		(2,396)
Less: Earnings allocated to unvested shares			(333)		(327)



Net income available for common shareholders, basic and diluted			$	54,395	$	53,000



DENOMINATOR
Weighted average common shares outstanding, basic and diluted			82,605		81,141










EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders			$	0.66	$	0.65

Federal Realty OP LP Earnings per Unit


	Three Months Ended
	March 31,
			2024		2023
		(In thousands, except per unit data)
NUMERATOR
Net income			$	58,016	$	57,731
Less: Preferred unit distributions			(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests			(1,280)		(2,396)
Less: Earnings allocated to unvested units			(333)		(327)



Net income available for common unit holders, basic and diluted			$	54,395	$	53,000



DENOMINATOR
Weighted average common units outstanding, basic and diluted			82,605		81,141










EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders			$	0.66	$	0.65

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	downREIT OP units	Preferred Shares	Common Shares	Common Shares downREIT OP units	Additional Paid-in Capital	Additional Paid-in Capital downREIT OP units	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Noncontrolling Interest downREIT OP units
Beginning balance (in shares) at Dec. 31, 2022			398,878	81,342,959
Beginning balance at Dec. 31, 2022	$ 3,034,015		$ 159,822	$ 818		$ 3,821,801		$ (1,034,186)	$ 5,757	$ 80,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	56,063							55,335		728
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(1,211)								(1,211)
Dividends declared to common shareholders	(88,033)							(88,033)
Dividends declared to preferred shareholders	(2,008)							(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,048)									(1,048)
Common shares issued, net (in shares)				57,064
Common shares issued, net	6,251			$ 1		6,250
Shares issued under dividend reinvestment plan (in shares)				4,664
Shares issued under dividend reinvestment plan	423					423
Share-based compensation expense, net of forfeitures (in shares)				141,234
Share-based compensation expense, net of forfeitures	4,434			$ 1		4,433
Shares withheld for employee taxes (in shares)				(42,240)
Shares withheld for employee taxes	(4,645)					(4,645)
Conversion of downREIT OP units (in Shares)					7,523
Conversion of downREIT OP units					$ 0		$ 668
Conversion of downREIT OP units		$ 0									$ (668)
Ending balance (in shares) at Mar. 31, 2023			398,878	81,511,204
Ending balance at Mar. 31, 2023	3,004,241		$ 159,822	$ 820		3,828,930		(1,068,892)	4,546	79,015
Beginning balance (in shares) at Dec. 31, 2023			398,878	82,775,286
Beginning balance at Dec. 31, 2023	3,042,159		$ 159,822	$ 833		3,959,276		(1,160,474)	4,052	78,650
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	56,446							56,736		(290)
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847								2,847
Dividends declared to common shareholders	(90,479)							(90,479)
Dividends declared to preferred shareholders	(2,008)							(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(798)									(798)
Common shares issued, net (in shares)				62,923
Common shares issued, net	6,377			$ 1		6,376
Shares issued under dividend reinvestment plan (in shares)				4,628
Shares issued under dividend reinvestment plan	355					355
Share-based compensation expense, net of forfeitures (in shares)				147,407
Share-based compensation expense, net of forfeitures	4,430			$ 1		4,429
Shares withheld for employee taxes (in shares)				(45,804)
Shares withheld for employee taxes	(4,614)					(4,614)
Conversion of downREIT OP units (in Shares)					4,160
Conversion of downREIT OP units					$ 0		$ 366
Conversion of downREIT OP units		$ 0									$ (366)
Contributions from noncontrolling interests	725									725
Purchase of capped calls	(19,448)					(19,448)
Ending balance (in shares) at Mar. 31, 2024			398,878	82,948,600
Ending balance at Mar. 31, 2024	$ 2,995,992		$ 159,822	$ 835		$ 3,946,740		$ (1,196,225)	$ 6,899	$ 77,921

Summary Of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Principles of Consolidation

Use of Estimates

Exchangeable Senior Notes

Recent Accounting Pronouncements

Standard

Description

Effect on the financial statements or significant matters

Adopted during 2024:

ASU 2023-01, March 2023, Leases (Topic 842) Common Control Arrangements

We adopted this ASU as of January 1, 2024. The implementation of this ASU did not have an impact on our consolidated financial statements.

Issued in 2023:

ASU 2023-07, November 2023, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures

While we continue to evaluate the impact of this ASU on our Form 10-K for year ended December 31, 2024, we anticipate providing the disclosures required by ASC 280 for our single reportable segment.

Consolidated Statements of Cash Flows—Supplemental Disclosures

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


	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	48,999	$	44,606
Interest capitalized	(5,306)		(5,381)
Interest expense	$	43,693	$	39,225
Cash paid for interest, net of amounts capitalized	$	39,199	$	37,136
Cash refunded for income taxes	$	5	$	—
NON-CASH INVESTING AND FINANCING TRANSACTIONS:





Shares issued under dividend reinvestment plan	$	420	$	429
DownREIT operating partnership units redeemed for common shares	$	366	$	668


	March 31,		December 31,
	2024		2023
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	95,936	$	250,825
Restricted cash (1)	8,885		9,179
Total cash, cash equivalents, and restricted cash	$	104,821	$	260,004

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

Share-Based Compensation Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION PLANS

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


	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
Grants of common shares, restricted stock units, and options	$	4,430	$	4,434


Capitalized share-based compensation	(270)		(337)
Share-based compensation expense	$	4,160	$	4,097

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Total interest costs incurred	$ 48,999	$ 44,606
Interest capitalized	(5,306)	(5,381)
Interest expense	43,693	39,225
Cash paid for interest, net of amounts capitalized	39,199	37,136
Cash refunded for income taxes	5	0
Shares issued under dividend reinvestment plan	420	429
DownREIT operating partnership units redeemed for common shares	$ 366	$ 668

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable, net	$	1,130,169	$	1,112,230	$	1,118,881	$	1,101,479
Senior notes and debentures, net	$	3,353,228	$	3,044,373	$	3,480,296	$	3,201,174

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

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


	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	7,357	$	—	$	7,357	$	—	$	4,668	$	—	$	4,668

Earnings Per Share And Unit

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND UNIT

We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For both the three months ended March 31, 2024 and 2023, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliations below.

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

•exercise of 3,019 and 1,829 stock options for the three months ended March 31, 2024 and 2023, respectively,

•conversions of downREIT operating partnership units for both the three months ended March 31, 2024 and 2023,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three months ended March 31, 2024 and 2023, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for the three months ended March 31, 2024.

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

Federal Realty Investment Trust Earnings per Share


	Three Months Ended
	March 31,
			2024		2023
		(In thousands, except per share data)
NUMERATOR
Net income			$	58,016	$	57,731
Less: Preferred share dividends			(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests			(1,280)		(2,396)
Less: Earnings allocated to unvested shares			(333)		(327)



Net income available for common shareholders, basic and diluted			$	54,395	$	53,000



DENOMINATOR
Weighted average common shares outstanding, basic and diluted			82,605		81,141










EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders			$	0.66	$	0.65

Federal Realty OP LP Earnings per Unit


	Three Months Ended
	March 31,
			2024		2023
		(In thousands, except per unit data)
NUMERATOR
Net income			$	58,016	$	57,731
Less: Preferred unit distributions			(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests			(1,280)		(2,396)
Less: Earnings allocated to unvested units			(333)		(327)



Net income available for common unit holders, basic and diluted			$	54,395	$	53,000



DENOMINATOR
Weighted average common units outstanding, basic and diluted			82,605		81,141










EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders			$	0.66	$	0.65

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Dividends

Divdends declared per common share

$ 1.09

$ 1.08

Dividends paid per common share

$ 1.090

$ 1.080

5.417% Series 1 Cumulative Convertible Preferred shares

Dividends

Preferred shares, percentage

5.417%

Dividends declared per preferred share

$ 0.339

Dividends paid per preferred share

$ 0.339

5.0% Series C Cumulative Redeemable Preferred shares

Dividends

Preferred shares, percentage

5.00%

Dividends declared per preferred share

^[1]

$ 0.313

Dividends paid per preferred share

^[1]

$ 0.313

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

Fair Value Of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

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


	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable, net	$	1,130,169	$	1,112,230	$	1,118,881	$	1,101,479
Senior notes and debentures, net	$	3,353,228	$	3,044,373	$	3,480,296	$	3,201,174

As of March 31, 2024, we have five interest rate swap agreements with total notional amounts of $253.2 million that are measured at fair value on a recurring basis. We have two interest rate swap agreements associated with our Hoboken portfolio that fix the interest rate on $53.2 million of mortgage payables at 3.67% through December 15, 2029. We also have three interest rate swap agreements associated with our Bethesda Row property that fix the interest rate on a $200.0 million mortgage payable at a weighted average interest rate of 5.03% through December 28, 2025.

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 March 31, 2024 was an asset of $7.4 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three months ended March 31, 2024, the value of our interest rate swaps increased $2.7 million (including $1.1 million reclassified from other comprehensive income as a decrease to interest expense). A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:


	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	7,357	$	—	$	7,357	$	—	$	4,668	$	—	$	4,668

One of our equity method investees has two interest rate swaps which qualify for cash flow hedge accounting. For the three months ended March 31, 2024, our share of the change in fair value of the related swaps included in "accumulated other comprehensive income" was an increase of $0.2 million.

- 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

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-Topic 820
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-Section 55
-Paragraph 107
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Mar. 31, 2024	Apr. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-07533
Name of Registrant	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
State of Organization	MD
IRS Employer Identification No.	87-3916363
Entity Address, Address	909 Rose Avenue, Suite 200
Entity Address, City	North Bethesda
Entity Address, State	MD
Entity Address, Zip Code	20852
City Area Code	301
Registrant's Telephone Number	998-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,952,622
Federal Realty OP LP
Entity Information [Line Items]
Entity File Number	333-262016-01
Name of Registrant	FEDERAL REALTY OP LP
State of Organization	DE
IRS Employer Identification No.	52-0782497
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
New York Stock Exchange \| Common Shares of Beneficial Interest
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	FRT
Security Exchange Name	NYSE
New York Stock Exchange \| Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/1000 of a share of
Trading Symbol	FRT-C
Security Exchange Name	NYSE