0000034903-24-000069 | 10-Q | XBRL Viewer | Federal Realty Investment Trust

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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. On April 1, 2024, we acquired the approximately 10% noncontrolling interest in the partnership that owns our CocoWalk property for $12.4 million, bringing our ownership to 100%. During the three months ended September 30, 2024, the term of our ground lease for our Kings Court property expired. 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 622,399 downREIT operating partnership units are outstanding which have a total fair value of approximately $71.6 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on September 30, 2024.

Earnings Per Share And Unit (Tables)

9 Months Ended

Sep. 30, 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 1,190 stock options for the three and nine months ended September 30, 2024, and 1,829 stock options for the three and nine months ended September 30, 2023,

•conversions of downREIT operating partnership units for both the three and nine months ended September 30, 2024 and 2023,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three and nine months ended September 30, 2024 and 2023,

•the issuance of 0.7 million shares and units issuable under common share forward sales agreements for the three and nine months ended September 30, 2024, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for the three and nine months ended September 30, 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In thousands, except per share data)
NUMERATOR
Net income	$	63,461	$	59,392	$	236,132	$	180,127
Less: Preferred share dividends	(2,008)		(2,008)		(6,024)		(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,508)		(2,344)		(6,461)		(7,245)
Less: Earnings allocated to unvested shares	(325)		(323)		(988)		(974)






Net income available for common shareholders, basic and diluted	$	58,620	$	54,717	$	222,659	$	165,884
DENOMINATOR






Weighted average common shares outstanding, basic and diluted	83,994		81,274		83,180		81,210




EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$	0.70	$	0.67	$	2.68	$	2.04

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In thousands, except per unit data)
NUMERATOR
Net income	$	63,461	$	59,392	$	236,132	$	180,127
Less: Preferred unit distributions	(2,008)		(2,008)		(6,024)		(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,508)		(2,344)		(6,461)		(7,245)
Less: Earnings allocated to unvested units	(325)		(323)		(988)		(974)






Net income available for common unit holders, basic and diluted	$	58,620	$	54,717	$	222,659	$	165,884
DENOMINATOR






Weighted average common units outstanding, basic and diluted	83,994		81,274		83,180		81,210




EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders	$	0.70	$	0.67	$	2.68	$	2.04

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,742	$ 1,817	$ 5,179	$ 5,036
Other comprehensive (loss) income attributable to redeemable noncontrolling interests	$ (187)	$ 118	$ (108)	$ 105
Dividends declared to common shareholders (in dollars per share)	$ 1.10	$ 1.09	$ 3.28	$ 3.25
Distributions declared to redeemable noncontrolling interests	$ 3,167	$ 3,545	$ 7,488	$ 6,972

Fair Value Of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable, net	$	1,116,319	$	1,094,666	$	1,118,881	$	1,101,479
Senior notes and debentures, net	$	3,356,298	$	3,221,518	$	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:


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	2,763	$	—	$	2,763	$	—	$	4,668	$	—	$	4,668

Commitments and Contingencies (Details) - USD ($) $ in Millions	Apr. 01, 2024	Sep. 30, 2024
downREIT OP units
Commitments [Line Items]
downREIT operating partnership units, outstanding		622,399
downREIT operating partnership units outstanding, fair value		$ 71.6
CocoWalk
Commitments [Line Items]
Noncontrolling interest purchased	10.00%
Payment to acquire noncontrolling interests	$ 12.4
Our ownership interest subsequent to acquisition	100.00%

Earnings Per Share And Unit

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 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 1,190 stock options for the three and nine months ended September 30, 2024, and 1,829 stock options for the three and nine months ended September 30, 2023,

•conversions of downREIT operating partnership units for both the three and nine months ended September 30, 2024 and 2023,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three and nine months ended September 30, 2024 and 2023,

•the issuance of 0.7 million shares and units issuable under common share forward sales agreements for the three and nine months ended September 30, 2024, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for the three and nine months ended September 30, 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In thousands, except per share data)
NUMERATOR
Net income	$	63,461	$	59,392	$	236,132	$	180,127
Less: Preferred share dividends	(2,008)		(2,008)		(6,024)		(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,508)		(2,344)		(6,461)		(7,245)
Less: Earnings allocated to unvested shares	(325)		(323)		(988)		(974)






Net income available for common shareholders, basic and diluted	$	58,620	$	54,717	$	222,659	$	165,884
DENOMINATOR






Weighted average common shares outstanding, basic and diluted	83,994		81,274		83,180		81,210




EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$	0.70	$	0.67	$	2.68	$	2.04

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In thousands, except per unit data)
NUMERATOR
Net income	$	63,461	$	59,392	$	236,132	$	180,127
Less: Preferred unit distributions	(2,008)		(2,008)		(6,024)		(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,508)		(2,344)		(6,461)		(7,245)
Less: Earnings allocated to unvested units	(325)		(323)		(988)		(974)






Net income available for common unit holders, basic and diluted	$	58,620	$	54,717	$	222,659	$	165,884
DENOMINATOR






Weighted average common units outstanding, basic and diluted	83,994		81,274		83,180		81,210




EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders	$	0.70	$	0.67	$	2.68	$	2.04

Fair Value Of Financial Instruments

9 Months Ended

Sep. 30, 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:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable, net	$	1,116,319	$	1,094,666	$	1,118,881	$	1,101,479
Senior notes and debentures, net	$	3,356,298	$	3,221,518	$	3,480,296	$	3,201,174

As of September 30, 2024, we have five interest rate swap agreements with total notional amounts of $252.5 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 $52.5 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 September 30, 2024 was an asset of $2.8 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three and nine months ended September 30, 2024, the value of our interest rate swaps decreased $4.7 million and $1.9 million, respectively (including $1.1 million and $3.4 million, respectively, 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:


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	2,763	$	—	$	2,763	$	—	$	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 and nine months ended September 30, 2024, our share of the change in fair value of the related swaps included in "accumulated other comprehensive income" was a decrease of $0.4 million and $0.1 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

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+ Details

Debt (Details) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
Debt (Details) $ / shares in Units, $ in Thousands	Jan. 16, 2024 USD ($)	Jan. 11, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jan. 08, 2024 $ / shares
Debt Instrument [Line Items]
Purchase of capped calls				$ 19,448
Unsecured term loan
Debt Instrument [Line Items]
Other notes payable			$ 600,000	$ 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%	3.25%
Net proceeds		$ 471,500
Interest expense			$ 4,600	$ 13,300
Exchange price \| $ / shares		$ 122.80
Exchange premium percentage		20.00%
Quarterly common dividend payable, if in excess will adjust the initial exchange rate \| $ / shares		$ 1.09
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	1,250,000
Maximum amount outstanding under revolving credit facility			152,700	202,700
Weighted average borrowings outstanding			$ 52,100	$ 37,600
Weighted average interest rate, before amortization of debt fees			6.20%	6.20%
Revolving credit facility			$ 0	$ 0

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Total interest costs incurred			$ 147,939	$ 141,994
Interest capitalized			(15,697)	(17,159)
Interest expense	$ 44,237	$ 42,726	132,242	124,835
Cash paid for interest, net of amounts capitalized			123,586	113,414
Cash paid for income taxes			190	778
Shares issued under dividend reinvestment plan			1,259	1,275
DownREIT operating partnership units redeemed for common shares			$ 366	$ 883

- 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

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income attributable to redeemable noncontrolling interests	$ 1,742	$ 1,817	$ 5,179	$ 5,036
Other comprehensive (loss) income attributable to redeemable noncontrolling interests	(187)	118	(108)	105
Distributions declared to redeemable noncontrolling interests	3,167	3,545	7,488	6,972
Federal Realty OP LP
Net income attributable to redeemable noncontrolling interests	1,742	1,817	5,179	5,036
Other comprehensive (loss) income attributable to redeemable noncontrolling interests	(187)	118	(108)	105
Distributions declared to redeemable noncontrolling interests	$ 3,167	$ 3,545	$ 7,488	$ 6,972

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Dividends

Divdends declared per common share

$ 1.10

$ 1.09

$ 3.28

$ 3.25

Dividends paid per common share

$ 3.270

$ 3.240

5.417% Series 1 Cumulative Convertible Preferred shares

Dividends

Preferred shares, percentage

5.417%

Dividends declared per preferred share

$ 1.016

Dividends paid per preferred share

$ 1.016

5.0% Series C Cumulative Redeemable Preferred shares

Dividends

Preferred shares, percentage

5.00%

Dividends declared per preferred share

^[1]

$ 0.938

Dividends paid per preferred share

^[1]

$ 0.938

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

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

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

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

Cash and cash equivalents

$ 97,023

$ 250,825

Restricted cash

^[1]

8,583

9,179

Total cash, cash equivalents, and restricted cash

$ 105,606

$ 260,004

$ 102,791

$ 96,348

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

Real Estate	9 Months Ended
Real Estate	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Disclosure	REAL ESTATE On May 31, 2024, we acquired the fee interest in Virginia Gateway, which is comprised of five adjacent shopping centers in Gainesville, Virginia, totaling 664,000 square feet, for $215.0 million. Approximately $15.8 million and $0.4 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $13.3 million of net assets acquired were allocated to other liabilities for "below market leases." On July 31, 2024, we acquired the fee interest in Pinole Vista Crossing, a 216,000 square foot retail shopping center in Pinole, California for $60.0 million. Approximately $4.2 million of net assets acquired were allocated to other assets for "acquired lease costs," and $4.0 million of net assets acquired were allocated to other liabilities for "below market leases." During the nine months ended September 30, 2024, we sold our Third Street Promenade property for $103.0 million, resulting in a gain on sale of $52.0 million.

Fair Value of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 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	$ 1,116,319	$ 1,118,881
Mortgages and notes payable, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,094,666	1,101,479
Senior notes and debentures, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,356,298	3,480,296
Senior notes and debentures, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,221,518	$ 3,201,174

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 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:


	Nine Months Ended September 30,
	2024				2023
	Declared		Paid		Declared		Paid
Common shares	$	3.280	$	3.270	$	3.250	$	3.240
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.016	$	1.016	$	1.016	$	1.016
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.938	$	0.938	$	0.938	$	0.938

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

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Operating real estate, consolidated variable interest entities	$ 1,822,143	$ 1,822,143	$ 2,021,622
Construction-in-progress, consolidated variable interest entities	8,352	8,352	8,677
Accumulated depreciation and amortization, consolidated variable interest entities	414,128	414,128	416,663
Mortgages payable, consolidated variable interest entities	$ 187,311	$ 187,311	$ 189,286
Preferred shares, authorized	15,000,000	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01	$ 0.01
Common shares of beneficial interest, par value	$ 0.01	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	200,000,000	200,000,000	200,000,000
Common shares of beneficial interest, shares issued	84,952,538	84,952,538	82,775,286
Common shares of beneficial interest, shares outstanding	84,952,538	84,952,538	82,775,286
Federal Realty OP LP
Operating real estate, consolidated variable interest entities	$ 1,822,143	$ 1,822,143	$ 2,021,622
Construction-in-progress, consolidated variable interest entities	8,352	8,352	8,677
Accumulated depreciation and amortization, consolidated variable interest entities	414,128	414,128	416,663
Mortgages payable, consolidated variable interest entities	$ 187,311	$ 187,311	$ 189,286
Preferred units, issued	398,878	398,878	398,878
Preferred units, outstanding	398,878	398,878	398,878
Common units, issued	84,952,538	84,952,538	82,775,286
Common units, outstanding	84,952,538	84,952,538	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%	5.417%
Preferred shares, liquidation preference per share	$ 25	$ 25	$ 25
Preferred shares, shares issued	392,878	392,878	392,878
Preferred shares, shares outstanding	392,878	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	$ 25,000
Preferred shares, shares issued	6,000	6,000	6,000
Preferred shares, shares outstanding	6,000	6,000	6,000

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUE
Rental income	$ 303,352	$ 286,323	$ 890,172	$ 839,509
Mortgage interest income	281	281	836	833
Total revenue	303,633	286,604	891,008	840,342
EXPENSES
Rental expenses	63,898	58,595	184,448	169,410
Real estate taxes	36,053	33,045	105,402	97,992
General and administrative	10,822	13,149	34,920	37,607
Depreciation and amortization	87,028	81,731	255,481	239,342
Total operating expenses	197,801	186,520	580,251	544,351
Gain on sale of real estate	0	0	52,280	1,702
OPERATING INCOME	105,832	100,084	363,037	297,693
OTHER INCOME/(EXPENSE)
Other interest income	978	721	3,512	3,775
Interest expense	(44,237)	(42,726)	(132,242)	(124,835)
Income from partnerships	888	1,313	1,825	3,494
NET INCOME	63,461	59,392	236,132	180,127
Net income attributable to noncontrolling interests	(2,508)	(2,344)	(6,461)	(7,245)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	60,953	57,048	229,671	172,882
Dividends on preferred shares	(2,008)	(2,008)	(6,024)	(6,024)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 58,945	$ 55,040	$ 223,647	$ 166,858
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders, Basic	$ 0.70	$ 0.67	$ 2.68	$ 2.04
Weighted average number of common shares, Basic	83,994	81,274	83,180	81,210
Net income available for common shareholders, Diluted	$ 0.70	$ 0.67	$ 2.68	$ 2.04
Weighted average number of common shares, Diluted	83,994	81,274	83,180	81,210
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 58,404	$ 60,787	$ 234,144	$ 181,248
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	56,083	58,325	227,791	173,898
Federal Realty OP LP
REVENUE
Rental income	303,352	286,323	890,172	839,509
Mortgage interest income	281	281	836	833
Total revenue	303,633	286,604	891,008	840,342
EXPENSES
Rental expenses	63,898	58,595	184,448	169,410
Real estate taxes	36,053	33,045	105,402	97,992
General and administrative	10,822	13,149	34,920	37,607
Depreciation and amortization	87,028	81,731	255,481	239,342
Total operating expenses	197,801	186,520	580,251	544,351
Gain on sale of real estate	0	0	52,280	1,702
OPERATING INCOME	105,832	100,084	363,037	297,693
OTHER INCOME/(EXPENSE)
Other interest income	978	721	3,512	3,775
Interest expense	(44,237)	(42,726)	(132,242)	(124,835)
Income from partnerships	888	1,313	1,825	3,494
NET INCOME	63,461	59,392	236,132	180,127
Net income attributable to noncontrolling interests	(2,508)	(2,344)	(6,461)	(7,245)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	60,953	57,048	229,671	172,882
Distributions on preferred units	(2,008)	(2,008)	(6,024)	(6,024)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS	$ 58,945	$ 55,040	$ 223,647	$ 166,858
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders, Basic	$ 0.70	$ 0.67	$ 2.68	$ 2.04
Weighted average number of common units, Basic	83,994	81,274	83,180	81,210
Net income available for common unit holders, Diluted	$ 0.70	$ 0.67	$ 2.68	$ 2.04
Weighted average number of common units, Diluted	83,994	81,274	83,180	81,210
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 58,404	$ 60,787	$ 234,144	$ 181,248
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$ 56,083	$ 58,325	$ 227,791	$ 173,898

Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) agreement	Sep. 30, 2024 USD ($) agreement	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 2,800	$ 2,800
Accumulated other comprehensive income \| One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income	(400)	(100)
Fair Value, recurring \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 2,763	$ 2,763	$ 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	2
Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	5	5
Total notional amounts of interest rate swap agreements	$ 252,500	$ 252,500
Other comprehensive income	(4,700)	(1,900)
Amount reclassified from other comprehensive income to interest expense	$ (1,100)	$ (3,400)
Hoboken \| Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	2	2
Mortgage payable	$ 52,500	$ 52,500
Fixed interest rate of derivative instrument	3.67%	3.67%
Bethesda Row \| Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	3	3
Mortgage payable	$ 200,000	$ 200,000
Fixed interest rate of derivative instrument	5.03%	5.03%

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 3,777	$ 3,738	$ 11,952	$ 11,868
Capitalized share-based compensation	(263)	(352)	(799)	(1,037)
Share-based compensation expense	$ 3,514	$ 3,386	$ 11,153	$ 10,831

Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2024	Oct. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false
State of Organization	MD
IRS Employer Identification No.	87-3916363
Entity Address, Address	909 Rose Avenue, Suite 200
Entity Address, City	North Bethesda
Entity Address, State	MD
Entity Address, Zip Code	20852
City Area Code	301
Registrant's Telephone Number	998-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		84,964,130
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	Non-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 5.00%
Trading Symbol	FRT-C
Security Exchange Name	NYSE

Summary Of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 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:


	Nine Months Ended
	September 30,
	2024		2023
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	147,939	$	141,994
Interest capitalized	(15,697)		(17,159)
Interest expense	$	132,242	$	124,835
Cash paid for interest, net of amounts capitalized	$	123,586	$	113,414
Cash paid for income taxes	$	190	$	778
NON-CASH INVESTING AND FINANCING TRANSACTIONS:





Shares issued under dividend reinvestment plan	$	1,259	$	1,275
DownREIT operating partnership units redeemed for common shares	$	366	$	883

Reconciliation of cash, cash equivalents, and restricted cash


	September 30,		December 31,
	2024		2023
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	97,023	$	250,825
Restricted cash (1)	8,583		9,179
Total cash, cash equivalents, and restricted cash	$	105,606	$	260,004

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

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

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


	Nine Months Ended September 30,
	2024				2023
	Declared		Paid		Declared		Paid
Common shares	$	3.280	$	3.270	$	3.250	$	3.240
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.016	$	1.016	$	1.016	$	1.016
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.938	$	0.938	$	0.938	$	0.938

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

On 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 September 30, 2024, we issued 1,282,938 common shares at a weighted average price per share of $113.27 for net cash proceeds of $143.8 million including paying $1.5 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. For the nine months ended September 30, 2024, we issued 2,059,654 common shares (of which, 62,895 were sold during 2023 under our previous ATM equity program) at a weighted average price per share of $109.20 for net cash proceeds of $222.4 million, including paying $2.2 million in commissions and $0.3 million in additional offering expenses related to the sales of these common shares.

We also entered into forward sales contracts for the three and nine months ended September 30, 2024 for 709,925 common shares under our ATM equity program at a weighted average offering price of $115.91. The forward price that we will receive upon physical settlement of the agreements is subject to the adjustment for (i) commissions, (ii) floating interest rate factor equal to a specified daily rate less a spread, (iii) the forward purchasers' stock borrowing costs and (iv) scheduled dividends during the term of the forward sale agreements. The open forward shares may be settled at any time on or before multiple required settlement dates ranging from September 2025 to December 2025. As of September 30, 2024, we have the capacity to issue up to $199.4 million in common shares under our ATM equity program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Share-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In thousands)
Grants of common shares, restricted stock units, and options	$	3,777	$	3,738	$	11,952	$	11,868


Capitalized share-based compensation	(263)		(352)		(799)		(1,037)
Share-based compensation expense	$	3,514	$	3,386	$	11,153	$	10,831

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 236,132	$ 180,127
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	255,481	239,342
Gain on sale of real estate	(52,280)	(1,702)
Income from partnerships	(1,825)	(3,494)
Straight-line rent	(16,356)	(8,605)
Share-based compensation expense	11,153	10,831
Other, net	(1,603)	(3,891)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable, net	11,044	10,486
Increase in prepaid expenses and other assets	(3,600)	(1,739)
Increase in accounts payable and accrued expenses	22,783	21,282
(Decrease) increase in security deposits and other liabilities	(5,961)	578
Net cash provided by operating activities	454,968	443,215
INVESTING ACTIVITIES
Acquisition of real estate	(273,927)	(59,568)
Capital expenditures - development and redevelopment	(104,350)	(162,662)
Capital expenditures - other	(78,055)	(73,229)
Costs associated with property sold under threat of condemnation	0	(1,378)
Proceeds from sale of real estate	96,324	12,626
Distribution from partnerships in excess of earnings	3,603	9,314
Leasing costs	(19,047)	(13,741)
Net cash used in investing activities	(375,452)	(288,638)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	0	50,500
Issuance of senior notes, net of costs	471,507	345,698
Repayment of senior notes	(600,000)	(275,000)
Costs to extend and issue notes and mortgages payable	(902)	0
Repayment of mortgages, finance leases and notes payable	(2,662)	(2,528)
Purchase of capped calls	(19,448)	0
Issuance of common shares, net of costs	222,383	16,000
Dividends paid to common and preferred shareholders	(276,548)	(268,658)
Shares withheld for employee taxes	(4,972)	(4,979)
Contributions from noncontrolling interests	725	1,092
Distributions to and acquisition/redemptions of noncontrolling interests	(23,997)	(10,259)
Net cash used in financing activities	(233,914)	(148,134)
(Decrease) increase in cash, cash equivalents and restricted cash	(154,398)	6,443
Cash, cash equivalents, and restricted cash at beginning of year	260,004	96,348
Cash, cash equivalents, and restricted cash at end of period	105,606	102,791
Federal Realty OP LP
OPERATING ACTIVITIES
Net income	236,132	180,127
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	255,481	239,342
Gain on sale of real estate	(52,280)	(1,702)
Income from partnerships	(1,825)	(3,494)
Straight-line rent	(16,356)	(8,605)
Share-based compensation expense	11,153	10,831
Other, net	(1,603)	(3,891)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable, net	11,044	10,486
Increase in prepaid expenses and other assets	(3,600)	(1,739)
Increase in accounts payable and accrued expenses	22,783	21,282
(Decrease) increase in security deposits and other liabilities	(5,961)	578
Net cash provided by operating activities	454,968	443,215
INVESTING ACTIVITIES
Acquisition of real estate	(273,927)	(59,568)
Capital expenditures - development and redevelopment	(104,350)	(162,662)
Capital expenditures - other	(78,055)	(73,229)
Costs associated with property sold under threat of condemnation	0	(1,378)
Proceeds from sale of real estate	96,324	12,626
Distribution from partnerships in excess of earnings	3,603	9,314
Leasing costs	(19,047)	(13,741)
Net cash used in investing activities	(375,452)	(288,638)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	0	50,500
Issuance of senior notes, net of costs	471,507	345,698
Repayment of senior notes	(600,000)	(275,000)
Costs to extend and issue notes and mortgages payable	(902)	0
Repayment of mortgages, finance leases and notes payable	(2,662)	(2,528)
Purchase of capped calls	(19,448)	0
Issuance of common units, net of costs	222,383	16,000
Dividends paid to common and preferred unit holders	(276,548)	(268,658)
Shares withheld for employee taxes	(4,972)	(4,979)
Contributions from noncontrolling interests	725	1,092
Distributions to and acquisition/redemptions of noncontrolling interests	(23,997)	(10,259)
Net cash used in financing activities	(233,914)	(148,134)
(Decrease) increase in cash, cash equivalents and restricted cash	(154,398)	6,443
Cash, cash equivalents, and restricted cash at beginning of year	260,004	96,348
Cash, cash equivalents, and restricted cash at end of period	$ 105,606	$ 102,791

Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Mar. 08, 2024
Class of Stock [Line Items]
Net proceeds from issuance of common shares		$ 222,383	$ 16,000
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share				$ 500,000
Shares issued	1,282,938	2,059,654
Weighted Average Price Per Common Share	$ 113.27	$ 109.20
Net proceeds from issuance of common shares	$ 143,800	$ 222,400
Previously sold shares that settled during period		62,895
Remaining capacity to issue	199,400	$ 199,400
At The Market Equity Program \| Commissions
Class of Stock [Line Items]
Payments of Stock Issuance Costs	1,500	2,200
At The Market Equity Program \| Other Offering Costs
Class of Stock [Line Items]
Payments of Stock Issuance Costs	$ 100	$ 300
Forward Sales Contracts
Class of Stock [Line Items]
Shares issued	709,925	709,925
Weighted Average Price Per Common Share	$ 115.91	$ 115.91

Fair Value of Financial Instruments (Summary of Financial Assets Measured At Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 2,800
Interest rate swap \| Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	2,763	$ 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	2,763	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.

+ References

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Operating (including $1,822,143 and $2,021,622 of consolidated variable interest entities, respectively)	$ 10,355,292	$ 9,932,891
Construction-in-progress (including $8,352 and $8,677 of consolidated variable interest entities, respectively)	524,707	613,296
Real estate, at cost, total	10,879,999	10,546,187
Less accumulated depreciation and amortization (including $414,128 and $416,663 of consolidated variable interest entities, respectively)	(3,115,910)	(2,963,519)
Net real estate	7,764,089	7,582,668
Cash and cash equivalents	97,023	250,825
Accounts and notes receivable, net	206,513	201,733
Mortgage notes receivable, net	9,157	9,196
Investment in partnerships	33,008	34,870
Operating lease right of use assets, net	86,415	86,993
Finance lease right of use assets, net	6,685	6,850
Prepaid expenses and other assets	276,328	263,377
TOTAL ASSETS	8,479,218	8,436,512
Liabilities
Mortgages payable, net (including $187,311 and $189,286 of consolidated variable interest entities, respectively)	515,012	516,936
Notes payable, net	601,307	601,945
Senior notes and debentures, net	3,356,298	3,480,296
Accounts payable and accrued expenses	201,066	174,714
Dividends payable	95,849	92,634
Security deposits payable	30,284	30,482
Operating lease liabilities	75,409	75,870
Finance lease liabilities	12,754	12,670
Other liabilities and deferred credits	224,693	225,443
Total liabilities	5,112,672	5,210,990
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	180,946	183,363
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized, respectively, 84,952,538 and 82,775,286 shares issued and outstanding, respectively	855	833
Additional paid-in capital	4,160,451	3,959,276
Accumulated dividends in excess of net income	(1,211,833)	(1,160,474)
Accumulated other comprehensive income	2,172	4,052
Total shareholders’ equity of the Trust	3,111,467	2,963,509
Noncontrolling interests	74,133	78,650
Total shareholders’ equity	3,185,600	3,042,159
Partner capital
Accumulated other comprehensive income	2,172	4,052
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,479,218	8,436,512
Federal Realty OP LP
ASSETS
Operating (including $1,822,143 and $2,021,622 of consolidated variable interest entities, respectively)	10,355,292	9,932,891
Construction-in-progress (including $8,352 and $8,677 of consolidated variable interest entities, respectively)	524,707	613,296
Real estate, at cost, total	10,879,999	10,546,187
Less accumulated depreciation and amortization (including $414,128 and $416,663 of consolidated variable interest entities, respectively)	(3,115,910)	(2,963,519)
Net real estate	7,764,089	7,582,668
Cash and cash equivalents	97,023	250,825
Accounts and notes receivable, net	206,513	201,733
Mortgage notes receivable, net	9,157	9,196
Investment in partnerships	33,008	34,870
Operating lease right of use assets, net	86,415	86,993
Finance lease right of use assets, net	6,685	6,850
Prepaid expenses and other assets	276,328	263,377
TOTAL ASSETS	8,479,218	8,436,512
Liabilities
Mortgages payable, net (including $187,311 and $189,286 of consolidated variable interest entities, respectively)	515,012	516,936
Notes payable, net	601,307	601,945
Senior notes and debentures, net	3,356,298	3,480,296
Accounts payable and accrued expenses	201,066	174,714
Dividends payable	95,849	92,634
Security deposits payable	30,284	30,482
Operating lease liabilities	75,409	75,870
Finance lease liabilities	12,754	12,670
Other liabilities and deferred credits	224,693	225,443
Total liabilities	5,112,672	5,210,990
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	180,946	183,363
Shareholders’ equity
Accumulated other comprehensive income	2,172	4,052
Partner capital
Preferred units, 398,878 units issued and outstanding	154,788	154,788
Common units, 84,952,538 and 82,775,286 units issued and outstanding, respectively	2,954,507	2,804,669
Accumulated other comprehensive income	2,172	4,052
Total partner capital	3,111,467	2,963,509
Noncontrolling interests in consolidated partnerships	74,133	78,650
Total capital	3,185,600	3,042,159
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,479,218	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

Earnings Per Share And Unit (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
Earnings Per Share And Unit (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 11, 2024
Weighted average unvested shares outstanding	300,000	300,000	300,000	300,000
Federal Realty OP LP
Weighted average unvested units outstanding	300,000	300,000	300,000	300,000
3.25% notes \| Exchangeable senior notes
Interest rate	3.25%		3.25%			3.25%
3.25% notes \| Exchangeable senior notes \| Federal Realty OP LP
Interest rate	3.25%		3.25%
5.417% Series 1 Cumulative Convertible Preferred shares
Preferred shares, percentage	5.417%	5.417%	5.417%	5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred Units
Preferred units, percentage	5.417%	5.417%	5.417%	5.417%
Stock Options
Anti-dilutive issuable shares	1,190	1,829	1,190	1,829
Stock Options \| Federal Realty OP LP
Anti-dilutive issuable units	1,190	1,829	1,190	1,829
Unvested restricted stock units
Anti-dilutive issuable shares	10,441	10,441	10,441	10,441
Unvested restricted stock units \| Federal Realty OP LP
Anti-dilutive issuable units	10,441	10,441	10,441	10,441
Forward Sales Contracts
Anti-dilutive issuable shares	700,000		700,000
Forward Sales Contracts \| Federal Realty OP LP
Anti-dilutive issuable units	700,000		700,000

Debt	9 Months Ended
Debt	Sep. 30, 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 $471.5 million. Interest expense related to these Notes for the three and nine months ended September 30, 2024 was $4.6 million and $13.3 million, respectively, 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 and nine months ended September 30, 2024, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $152.7 million and $202.7 million, respectively. The weighted average amount of borrowings outstanding was $52.1 million and $37.6 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 6.2% for both the three and nine months ended September 30, 2024. At September 30, 2024, our revolving credit facility had no balance 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 September 30, 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.

+ References

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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	Sep. 30, 2024
Exchangeable Senior Notes [Line Items]
Proceeds from issuance of debt	$ 485.0
Interest rate	3.25%	3.25%

Earnings Per Share And Unit (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 63,461	$ 59,392	$ 236,132	$ 180,127
Less: Preferred share dividends	(2,008)	(2,008)	(6,024)	(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,508)	(2,344)	(6,461)	(7,245)
Less: Earnings allocated to unvested shares	(325)	(323)	(988)	(974)
Net income available for common shareholders, basic	58,620	54,717	222,659	165,884
Net income available for common shareholders, diluted	$ 58,620	$ 54,717	$ 222,659	$ 165,884
Weighted average common shares outstanding, basic	83,994	81,274	83,180	81,210
Weighted average common shares outstanding, diluted	83,994	81,274	83,180	81,210
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders, Basic	$ 0.70	$ 0.67	$ 2.68	$ 2.04
Net income available for common shareholders, Diluted	$ 0.70	$ 0.67	$ 2.68	$ 2.04
Federal Realty OP LP
Net income	$ 63,461	$ 59,392	$ 236,132	$ 180,127
Less: Preferred unit distributions	(2,008)	(2,008)	(6,024)	(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,508)	(2,344)	(6,461)	(7,245)
Less: Earnings allocated to unvested units	(325)	(323)	(988)	(974)
Net income available for common unit holders, basic	58,620	54,717	222,659	165,884
Net income available for common unit holders, diluted	$ 58,620	$ 54,717	$ 222,659	$ 165,884
Weighted average common units outstanding, basic	83,994	81,274	83,180	81,210
Weighted average common units outstanding, diluted	83,994	81,274	83,180	81,210
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders, Basic	$ 0.70	$ 0.67	$ 2.68	$ 2.04
Net income available for common unit holders, Diluted	$ 0.70	$ 0.67	$ 2.68	$ 2.04

Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Capital - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	$ 61,719	$ 57,575	$ 230,953	$ 175,091
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(4,870)	1,277	(1,880)	1,016
Contributions from noncontrolling interests		165	725	1,092
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(4,870)	1,277	(1,880)	1,016
Federal Realty OP LP
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	3,070,813	2,980,431	3,042,159	3,034,015
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	61,719	57,575	230,953	175,091
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(4,870)	1,277	(1,880)	1,016
Distributions declared to common unit holders	(93,442)	(88,958)	(275,006)	(265,022)
Distributions on preferred units	(2,008)	(2,008)	(6,024)	(6,024)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(1,293)	(1,081)	(3,183)	(3,283)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	151,389	9,703	222,319	15,895
Common units issued under dividend reinvestment plan	476	475	1,323	1,380
Share-based compensation expense, net of forfeitures	3,777	3,738	11,952	11,868
Common units withheld for employee taxes	(286)	(268)	(4,972)	(4,979)
Purchase of noncontrolling interest			(12,358)
Contributions from noncontrolling interests		165	725	1,092
Purchase of capped calls			(19,448)
Ending balance	3,185,600	2,961,049	3,185,600	2,961,049
Federal Realty OP LP \| Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	154,788	154,788	154,788	154,788
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	2,008	2,008	6,024	6,024
Distributions on preferred units	(2,008)	(2,008)	(6,024)	(6,024)
Ending balance	154,788	154,788	154,788	154,788
Federal Realty OP LP \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,833,788	2,740,405	2,804,669	2,793,467
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	58,945	55,040	223,647	166,858
Distributions declared to common unit holders	(93,442)	(88,958)	(275,006)	(265,022)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	151,389	9,703	222,319	15,895
Common units issued under dividend reinvestment plan	476	475	1,323	1,380
Share-based compensation expense, net of forfeitures	3,777	3,738	11,952	11,868
Common units withheld for employee taxes	(286)	(268)	(4,972)	(4,979)
Purchase of noncontrolling interest			(10,264)
Purchase of capped calls			(19,448)
Ending balance	2,954,507	2,720,350	2,954,507	2,720,350
Federal Realty OP LP \| Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	7,042	5,496	4,052	5,757
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(4,870)	1,277	(1,880)	1,016
Ending balance	2,172	6,773	2,172	6,773
Federal Realty OP LP \| Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,995,618	2,900,689	2,963,509	2,954,012
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	60,953	57,048	229,671	172,882
Other comprehensive (loss) income - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(4,870)	1,277	(1,880)	1,016
Distributions declared to common unit holders	(93,442)	(88,958)	(275,006)	(265,022)
Distributions on preferred units	(2,008)	(2,008)	(6,024)	(6,024)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	151,389	9,703	222,319	15,895
Common units issued under dividend reinvestment plan	476	475	1,323	1,380
Share-based compensation expense, net of forfeitures	3,777	3,738	11,952	11,868
Common units withheld for employee taxes	(286)	(268)	(4,972)	(4,979)
Purchase of noncontrolling interest			(10,264)
Purchase of capped calls			(19,448)
Ending balance	3,111,467	2,881,911	3,111,467	2,881,911
Federal Realty OP LP \| Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	75,195	79,742	78,650	80,003
Net Income, excluding amounts attributable to redeemable noncontrolling Interests	766	527	1,282	2,209
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(1,293)	(1,081)	(3,183)	(3,283)
Purchase of noncontrolling interest			(2,094)
Contributions from noncontrolling interests		165	725	1,092
Ending balance	74,133	79,138	74,133	79,138
Federal Realty OP LP \| downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	(675)	0	(960)	0
Federal Realty OP LP \| downREIT OP units \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	(140)	215	287	883
Federal Realty OP LP \| downREIT OP units \| Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	(140)	215	287	883
Federal Realty OP LP \| downREIT OP units \| Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	$ (535)	$ (215)	$ (1,247)	$ (883)

Business And Organization (Details)	9 Months Ended
Business And Organization (Details)	Sep. 30, 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%

Summary of Significant Accounting Policies (Policy)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 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 4 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 the year ended December 31, 2024, we anticipate providing 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 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Real Estate (Significant Acquisition and Disposition) (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 31, 2024 USD ($) ft²	May 31, 2024 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Significant Acquisition and Disposition
Gain on sale of real estate			$ 0	$ 0	$ 52,280	$ 1,702
Virginia Gateway
Significant Acquisition and Disposition
Adjacent shopping centers		5
Square footage of real estate property \| ft²		664,000
Purchase price of real estate acquisition		$ 215,000
Virginia Gateway \| Other Assets \| Acquired lease costs
Significant Acquisition and Disposition
Acquired lease costs		15,800
Virginia Gateway \| Other Assets \| Above market leases
Significant Acquisition and Disposition
Above market leases		400
Virginia Gateway \| Other Liabilities
Significant Acquisition and Disposition
Below market leases		$ 13,300
Pinole Vista Crossing
Significant Acquisition and Disposition
Square footage of real estate property \| ft²	216,000
Purchase price of real estate acquisition	$ 60,000
Pinole Vista Crossing \| Other Assets \| Acquired lease costs
Significant Acquisition and Disposition
Acquired lease costs	4,200
Pinole Vista Crossing \| Other Liabilities
Significant Acquisition and Disposition
Below market leases	$ 4,000
Third Street Promenade
Significant Acquisition and Disposition
Sales price of real estate					103,000
Gain on sale of real estate					$ 52,000

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, excluding amounts attributable to redeemable noncontrolling interests	175,091							172,882		2,209
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	1,016								1,016
Dividends declared to common shareholders	(265,022)							(265,022)
Dividends declared to preferred shareholders	(6,024)							(6,024)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(3,283)									(3,283)
Common shares issued, net (in shares)				152,141
Common shares issued, net	15,895			$ 2		15,893
Shares issued under dividend reinvestment plan (in shares)				14,398
Shares issued under dividend reinvestment plan	1,380					1,380
Share-based compensation expense, net of forfeitures (in shares)				145,156
Share-based compensation expense, net of forfeitures	11,868			$ 1		11,867
Shares withheld for employee taxes (in shares)				(45,615)
Shares withheld for employee taxes	(4,979)					(4,979)
Conversion and redemption of downREIT OP units (in Shares)					9,123
Conversion and redemption of downREIT OP units					$ 0		$ 883
Purchase of noncontrolling interest		$ 0									$ (883)
Contributions from noncontrolling interests	1,092									1,092
Ending balance (in shares) at Sep. 30, 2023			398,878	81,618,162
Ending balance at Sep. 30, 2023	2,961,049		$ 159,822	$ 821		3,846,845		(1,132,350)	6,773	79,138
Beginning balance (in shares) at Jun. 30, 2023			398,878	81,515,511
Beginning balance at Jun. 30, 2023	2,980,431		$ 159,822	$ 820		3,832,983		(1,098,432)	5,496	79,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	57,575							57,048		527
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	1,277								1,277
Dividends declared to common shareholders	(88,958)							(88,958)
Dividends declared to preferred shareholders	(2,008)							(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,081)									(1,081)
Common shares issued, net (in shares)				95,045
Common shares issued, net	9,703			$ 1		9,702
Shares issued under dividend reinvestment plan (in shares)				4,767
Shares issued under dividend reinvestment plan	475					475
Share-based compensation expense, net of forfeitures (in shares)				3,922
Share-based compensation expense, net of forfeitures	3,738			$ 0		3,738
Shares withheld for employee taxes (in shares)				(2,683)
Shares withheld for employee taxes	(268)					(268)
Conversion and redemption of downREIT OP units (in Shares)					1,600
Conversion and redemption of downREIT OP units		0			$ 0		215
Purchase of noncontrolling interest											(215)
Contributions from noncontrolling interests	165									165
Ending balance (in shares) at Sep. 30, 2023			398,878	81,618,162
Ending balance at Sep. 30, 2023	2,961,049		$ 159,822	$ 821		3,846,845		(1,132,350)	6,773	79,138
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, excluding amounts attributable to redeemable noncontrolling interests	230,953							229,671		1,282
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(1,880)								(1,880)
Dividends declared to common shareholders	(275,006)							(275,006)
Dividends declared to preferred shareholders	(6,024)							(6,024)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(3,183)									(3,183)
Common shares issued, net (in shares)				2,059,775
Common shares issued, net	222,319			$ 21		222,298
Shares issued under dividend reinvestment plan (in shares)				13,975
Shares issued under dividend reinvestment plan	1,323					1,323
Share-based compensation expense, net of forfeitures (in shares)				148,462
Share-based compensation expense, net of forfeitures	11,952			$ 1		11,951
Shares withheld for employee taxes (in shares)				(49,120)
Shares withheld for employee taxes	(4,972)					(4,972)
Conversion and redemption of downREIT OP units (in Shares)					4,160
Conversion and redemption of downREIT OP units					$ 0		287
Purchase of noncontrolling interest	(12,358)	(960)				(10,264)				(2,094)	(1,247)
Contributions from noncontrolling interests	725									725
Purchase of capped calls	(19,448)					(19,448)
Ending balance (in shares) at Sep. 30, 2024			398,878	84,952,538
Ending balance at Sep. 30, 2024	3,185,600		$ 159,822	$ 855		4,160,451		(1,211,833)	2,172	74,133
Beginning balance (in shares) at Jun. 30, 2024			398,878	83,590,543
Beginning balance at Jun. 30, 2024	3,070,813		$ 159,822	$ 841		4,005,249		(1,177,336)	7,042	75,195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amounts attributable to redeemable noncontrolling interests	61,719							60,953		766
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(4,870)								(4,870)
Dividends declared to common shareholders	(93,442)							(93,442)
Dividends declared to preferred shareholders	(2,008)							(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,293)									(1,293)
Common shares issued, net (in shares)				1,358,977
Common shares issued, net	151,389			$ 14		151,375
Shares issued under dividend reinvestment plan (in shares)				4,542
Shares issued under dividend reinvestment plan	476					476
Share-based compensation expense, net of forfeitures (in shares)				1,080
Share-based compensation expense, net of forfeitures	3,777			$ 0		3,777
Shares withheld for employee taxes (in shares)				(2,604)
Shares withheld for employee taxes	(286)					(286)
Conversion and redemption of downREIT OP units (in Shares)					0
Conversion and redemption of downREIT OP units					$ 0
Purchase of noncontrolling interest		$ (675)					$ (140)				$ (535)
Ending balance (in shares) at Sep. 30, 2024			398,878	84,952,538
Ending balance at Sep. 30, 2024	$ 3,185,600		$ 159,822	$ 855		$ 4,160,451		$ (1,211,833)	$ 2,172	$ 74,133

Business And Organization	9 Months Ended
Business And Organization	Sep. 30, 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 September 30, 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.

Share-Based Compensation Plans

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In thousands)
Grants of common shares, restricted stock units, and options	$	3,777	$	3,738	$	11,952	$	11,868


Capitalized share-based compensation	(263)		(352)		(799)		(1,037)
Share-based compensation expense	$	3,514	$	3,386	$	11,153	$	10,831

Summary Of Significant Accounting Policies

9 Months Ended

Sep. 30, 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 the year ended December 31, 2024, we anticipate providing 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:


	Nine Months Ended
	September 30,
	2024		2023
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	147,939	$	141,994
Interest capitalized	(15,697)		(17,159)
Interest expense	$	132,242	$	124,835
Cash paid for interest, net of amounts capitalized	$	123,586	$	113,414
Cash paid for income taxes	$	190	$	778
NON-CASH INVESTING AND FINANCING TRANSACTIONS:





Shares issued under dividend reinvestment plan	$	1,259	$	1,275
DownREIT operating partnership units redeemed for common shares	$	366	$	883


	September 30,		December 31,
	2024		2023
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	97,023	$	250,825
Restricted cash (1)	8,583		9,179
Total cash, cash equivalents, and restricted cash	$	105,606	$	260,004

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