Federal Realty Investment Trust. 10-K12 Feb 242023 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 07, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Annual Report	true
Document Transition Report	false
Entity File Number	1-07533
Entity Registrant Name	FEDERAL REALTY INVESTMENT TRUST
State of Organization	MD
IRS Employer Identification No.	87-3916363
Entity Address, Address	909 Rose Avenue, Suite 200
Entity Address, City	North Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20852
City Area Code	301)
Local Phone Number	998-8100
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 7.9
Entity Common Stock, Shares Outstanding		82,989,879
Entity Central Index Key	0000034903
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Type	10-K
Federal Realty OP LP
Entity Information [Line Items]
Entity File Number	333-262016-01
Entity Registrant Name	FEDERAL REALTY OP LP
State of Organization	DE
IRS Employer Identification No.	52-0782497
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Central Index Key	0001901876
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
No Trading Symbol Flag
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Type	10-K
New York Stock Exchange, Inc. \| Common Shares Of Beneficial Interest
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	FRT
Security Exchange Name	NYSE
New York Stock Exchange, Inc. \| Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/1000 of a share
Trading Symbol	FRT-C
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	GRANT THORNTON LLP
Auditor Location	Jacksonville, Florida
Auditor Firm ID	248

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Operating (including $2,021,622 and $1,997,583 of consolidated variable interest entities, respectively)	$ 9,932,891	$ 9,441,945
Construction-in-progress (including $8,677 and $8,477 of consolidated variable interest entities, respectively)	613,296	662,554
Real estate, at cost, total	10,546,187	10,104,499
Less accumulated depreciation and amortization (including $416,663 and $362,921 of consolidated variable interest entities, respectively)	(2,963,519)	(2,715,817)
Net real estate	7,582,668	7,388,682
Cash and cash equivalents	250,825	85,558
Accounts and notes receivable, net	201,733	197,648
Mortgage notes receivable, net	9,196	9,456
Investment in partnerships	34,870	145,205
Operating lease right of use assets, net	86,993	94,569
Finance lease right of use assets, net	6,850	45,467
Prepaid expenses and other assets	263,377	267,406
TOTAL ASSETS	8,436,512	8,233,991
Liabilities
Mortgages payable, net (including $189,286 and $191,827 of consolidated variable interest entities, respectively)	516,936	320,615
Notes payable, net	601,945	601,077
Senior notes and debentures, net	3,480,296	3,407,701
Accounts payable and accrued expenses	174,714	190,340
Dividends payable	92,634	90,263
Security deposits payable	30,482	28,508
Operating lease liabilities	75,870	77,743
Finance lease liabilities	12,670	67,660
Other liabilities and deferred credits	225,443	237,699
Total liabilities	5,210,990	5,021,606
Redeemable noncontrolling interests	183,363	178,370
Shareholders’ equity
Common shares of beneficial interest, $0.01 par, 200,000,000 and 100,000,000 shares authorized, respectively, 82,775,286 and 81,342,959 shares issued and outstanding, respectively	833	818
Additional paid-in capital	3,959,276	3,821,801
Accumulated dividends in excess of net income	(1,160,474)	(1,034,186)
Accumulated other comprehensive income	4,052	5,757
Total shareholders’ equity of the Trust	2,963,509	2,954,012
Noncontrolling interests	78,650	80,003
Total shareholders’ equity	3,042,159	3,034,015
Partners' Capital
Accumulated other comprehensive income	4,052	5,757
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,436,512	8,233,991
Federal Realty OP LP
ASSETS
Operating (including $2,021,622 and $1,997,583 of consolidated variable interest entities, respectively)	9,932,891	9,441,945
Construction-in-progress (including $8,677 and $8,477 of consolidated variable interest entities, respectively)	613,296	662,554
Real estate, at cost, total	10,546,187	10,104,499
Less accumulated depreciation and amortization (including $416,663 and $362,921 of consolidated variable interest entities, respectively)	(2,963,519)	(2,715,817)
Net real estate	7,582,668	7,388,682
Cash and cash equivalents	250,825	85,558
Accounts and notes receivable, net	201,733	197,648
Mortgage notes receivable, net	9,196	9,456
Investment in partnerships	34,870	145,205
Operating lease right of use assets, net	86,993	94,569
Finance lease right of use assets, net	6,850	45,467
Prepaid expenses and other assets	263,377	267,406
TOTAL ASSETS	8,436,512	8,233,991
Liabilities
Mortgages payable, net (including $189,286 and $191,827 of consolidated variable interest entities, respectively)	516,936	320,615
Notes payable, net	601,945	601,077
Senior notes and debentures, net	3,480,296	3,407,701
Accounts payable and accrued expenses	174,714	190,340
Dividends payable	92,634	90,263
Security deposits payable	30,482	28,508
Operating lease liabilities	75,870	77,743
Finance lease liabilities	12,670	67,660
Other liabilities and deferred credits	225,443	237,699
Total liabilities	5,210,990	5,021,606
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	183,363	178,370
Shareholders’ equity
Accumulated other comprehensive income	4,052	5,757
Partners' Capital
Preferred units, 398,878 units issued and outstanding	154,788	154,788
Common units, 82,775,286 and 81,342,959 units issued and outstanding, respectively	2,804,669	2,793,467
Accumulated other comprehensive income	4,052	5,757
Total partner capital	2,963,509	2,954,012
Noncontrolling interests in consolidated partnerships	78,650	80,003
Total Capital	3,042,159	3,034,015
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,436,512	8,233,991
5.0% Series C Cumulative Redeemable Preferred
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $0.01 par:	150,000	150,000
5.417% Series 1 Cumulative Convertible Preferred
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $0.01 par:	$ 9,822	$ 9,822

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating real estate, consolidated variable interest entities	$ 2,021,622	$ 1,997,583
Construction-in-progress, consolidated variable interest entities	8,677	8,477
Accumulated depreciation and amortization, consolidated variable interest entities	416,663	362,921
Mortgages payable, consolidated variable interest entities	$ 189,286	$ 191,827
Preferred Stock, Shares Authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	200,000,000	100,000,000
Common Stock, Shares, Issued	82,775,286	81,342,959
Common Stock, Shares, Outstanding	82,775,286	81,342,959
Federal Realty OP LP
Operating real estate, consolidated variable interest entities	$ 2,021,622	$ 1,997,583
Construction-in-progress, consolidated variable interest entities	8,677	8,477
Accumulated depreciation and amortization, consolidated variable interest entities	416,663	362,921
Mortgages payable, consolidated variable interest entities	$ 189,286	$ 191,827
Preferred units, issued	398,878	398,878
Preferred units, outstanding	398,878	398,878
Common unit, issued	82,775,286	81,342,959
Common unit, outstanding	82,775,286	81,342,959
5.417% Series 1 Cumulative Convertible Preferred
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, percentage	5.417%	5.417%
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25
Preferred Stock, Shares Issued	392,878	392,878
Preferred Stock, Shares Outstanding	392,878	392,878
5.0% Series C Cumulative Redeemable Preferred
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, percentage	5%	5%
Preferred Stock, Liquidation Preference Per Share	$ 25,000	$ 25,000
Preferred Stock, Shares Issued	6,000	6,000
Preferred Stock, Shares Outstanding	6,000	6,000

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE
Rental income	$ 1,131,041	$ 1,073,292	$ 948,842
Mortgage interest income	1,113	1,086	2,382
Total revenue	1,132,154	1,074,378	951,224
EXPENSES
Rental expenses	231,666	228,958	198,121
Real estate taxes	131,429	127,824	118,496
General and administrative	50,707	52,636	49,856
Depreciation and amortization	321,763	302,409	279,976
Total operating expenses	735,565	711,827	646,449
Gain on deconsolidation of VIE	0	70,374	0
Gain on sale of real estate and change in control of interest	9,881	93,483	89,950
OPERATING INCOME	406,470	526,408	394,725
OTHER INCOME/(EXPENSE)
Other interest income	4,687	1,072	809
Interest expense	(167,809)	(136,989)	(127,698)
Income from partnerships	3,869	5,170	1,245
NET INCOME	247,217	395,661	269,081
Net income attributable to noncontrolling interests	(10,232)	(10,170)	(7,583)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	236,985	385,491	261,498
Dividends on preferred shares	(8,032)	(8,034)	(8,042)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 228,953	$ 377,457	$ 253,456
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders	$ 2.80	$ 4.71	$ 3.26
Weighted average number of common shares	81,313	79,854	77,336
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders	$ 2.80	$ 4.71	$ 3.26
Weighted average number of common shares	81,313	80,508	77,368
COMPREHENSIVE INCOME
NET INCOME	$ 247,217	$ 395,661	$ 269,081
Other comprehensive (loss) income - change in value of interest rate swaps	(1,824)	8,569	3,917
COMPREHENSIVE INCOME	245,393	404,230	272,998
Comprehensive income attributable to noncontrolling interests	(10,113)	(10,935)	(7,903)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	235,280	393,295	265,095
Federal Realty OP LP
REVENUE
Rental income	1,131,041	1,073,292	948,842
Mortgage interest income	1,113	1,086	2,382
Total revenue	1,132,154	1,074,378	951,224
EXPENSES
Rental expenses	231,666	228,958	198,121
Real estate taxes	131,429	127,824	118,496
General and administrative	50,707	52,636	49,856
Depreciation and amortization	321,763	302,409	279,976
Total operating expenses	735,565	711,827	646,449
Gain on deconsolidation of VIE	0	70,374	0
Gain on sale of real estate and change in control of interest	9,881	93,483	89,950
OPERATING INCOME	406,470	526,408	394,725
OTHER INCOME/(EXPENSE)
Other interest income	4,687	1,072	809
Interest expense	(167,809)	(136,989)	(127,698)
Income from partnerships	3,869	5,170	1,245
NET INCOME	247,217	395,661	269,081
Net income attributable to noncontrolling interests	(10,232)	(10,170)	(7,583)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	236,985	385,491	261,498
Distributions declared to preferred unit holders	(8,032)	(8,034)	(8,042)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS	$ 228,953	$ 377,457	$ 253,456
EARNINGS PER COMMON UNIT, BASIC
Net income available for common unit holders	$ 2.80	$ 4.71	$ 3.26
Weighted average common units outstanding, basic	81,313	79,854	77,336
EARNINGS PER COMMON UNIT, DILUTED
Net income available for common unit holders, diluted	$ 2.80	$ 4.71	$ 3.26
Weighted average common units outstanding, diluted	81,313	80,508	77,368
COMPREHENSIVE INCOME
NET INCOME	$ 247,217	$ 395,661	$ 269,081
Other comprehensive (loss) income - change in value of interest rate swaps	(1,824)	8,569	3,917
COMPREHENSIVE INCOME	245,393	404,230	272,998
Comprehensive income attributable to noncontrolling interests	(10,113)	(10,935)	(7,903)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$ 235,280	$ 393,295	$ 265,095

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	downREIT OP units	5.417% Series 1 Cumulative Convertible Preferred	Preferred Shares	Preferred Shares 5.417% Series 1 Cumulative Convertible Preferred	Common shares	Common shares downREIT OP units	Common shares 5.417% Series 1 Cumulative Convertible Preferred	Additional Paid-in Capital	Additional Paid-in Capital downREIT OP units	Additional Paid-in Capital 5.417% Series 1 Cumulative Convertible Preferred	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests	Noncontrolling Interests downREIT OP units
Beginning balance (in shares) at Dec. 31, 2020				405,896		76,727,394
Beginning balance at Dec. 31, 2020	$ 2,548,747			$ 159,997		$ 771			$ 3,297,305			$ (988,272)	$ (5,644)	$ 84,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to redeemable noncontrolling interests	264,785											261,498		3,287
Other comprehensive (loss) income - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	3,597												3,597
Dividends declared to common shareholders	(332,116)											(332,116)
Dividends declared to preferred shareholders	(8,042)											(8,042)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(4,341)													(4,341)
Common shares issued, net (in shares)						1,643,845
Common shares issued, net	$ 172,753					$ 17			172,736
Shares issued under dividend reinvestment plan (in shares)	19,758					19,758
Shares issued under dividend reinvestment plan	$ 1,955								1,955
Share-based compensation expense, net of forfeitures (in shares)						164,553
Share-based compensation expense, net of forfeitures	14,434					$ 2			14,432
Shares withheld for employee taxes (in shares)						(29,031)
Shares withheld for employee taxes	(2,998)								(2,998)
Conversion and redemption of downREIT OP units (in shares)							76,786
Conversion and redemption of downREIT OP units							$ 0			$ 7,474
Conversion and redemption of downREIT OP units		$ (99)													$ (7,573)
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	6,583													6,583
Adjustment to redeemable noncontrolling interests	(2,110)								(2,110)
Ending balance (in shares) at Dec. 31, 2021				405,896		78,603,305
Ending balance at Dec. 31, 2021	2,663,148			$ 159,997		$ 790			3,488,794			(1,066,932)	(2,047)	82,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to redeemable noncontrolling interests	389,048											385,491		3,557
Other comprehensive (loss) income - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	7,804												7,804
Dividends declared to common shareholders	(344,711)											(344,711)
Dividends declared to preferred shareholders	(8,034)											(8,034)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(5,007)													(5,007)
Common shares issued, net (in shares)						2,634,223
Common shares issued, net	306,854					$ 26			306,828
Exercise of stock options (in shares)						366
Exercise of stock options	$ 35								35
Shares issued under dividend reinvestment plan (in shares)	19,502					19,502
Shares issued under dividend reinvestment plan	$ 2,104								2,104
Share-based compensation expense, net of forfeitures (in shares)						110,395
Share-based compensation expense, net of forfeitures	15,018					$ 2			15,016
Shares withheld for employee taxes (in shares)						(41,105)
Shares withheld for employee taxes	(4,900)								(4,900)
Conversion of preferred shares (in shares)					(7,018)
Conversion of preferred shares					$ (175)
Conversion of preferred shares (in shares)								1,675
Conversion of preferred shares			$ 0								$ 175
Conversion and redemption of downREIT OP units (in shares)							14,598
Conversion and redemption of downREIT OP units							$ 0			1,367
Conversion and redemption of downREIT OP units		(698)													(2,065)
Deconsolidation of VIE	972													972
Adjustment to redeemable noncontrolling interests	12,382								12,382
Ending balance (in shares) at Dec. 31, 2022				398,878		81,342,959
Ending balance at Dec. 31, 2022	3,034,015			$ 159,822		$ 818			3,821,801			(1,034,186)	5,757	80,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to redeemable noncontrolling interests	239,964											236,985		2,979
Other comprehensive (loss) income - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	(1,705)												(1,705)
Dividends declared to common shareholders	(355,241)											(355,241)
Dividends declared to preferred shareholders	(8,032)											(8,032)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(4,541)													(4,541)
Common shares issued, net (in shares)						1,310,118
Common shares issued, net	$ 131,729					$ 13			131,716
Shares issued under dividend reinvestment plan (in shares)	19,847					19,847
Shares issued under dividend reinvestment plan	$ 1,870								1,870
Share-based compensation expense, net of forfeitures (in shares)						139,248
Share-based compensation expense, net of forfeitures	15,427					$ 2			15,425
Shares withheld for employee taxes (in shares)						(46,009)
Shares withheld for employee taxes	(5,019)								(5,019)
Conversion and redemption of downREIT OP units (in shares)							9,123
Conversion and redemption of downREIT OP units										$ 883
Conversion and redemption of downREIT OP units		$ 0													$ (883)
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	1,092													1,092
Adjustment to redeemable noncontrolling interests	(7,400)								(7,400)
Ending balance (in shares) at Dec. 31, 2023				398,878		82,775,286
Ending balance at Dec. 31, 2023	$ 3,042,159			$ 159,822		$ 833			$ 3,959,276			$ (1,160,474)	$ 4,052	$ 78,650

Consolidated Statement Of Sha_2

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
	Nov. 02, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Net income		$ 7,253	$ 6,613	$ 4,296
Other comprehensive income (loss) attributable to Redeemable Noncontrolling interest		$ (119)	$ 765	$ 320
Dividends declared to common shareholders (in dollars per share)	$ 1.09	$ 4.34	$ 4.30	$ 4.26
Distributions delcared to redeemable noncontrolling interests		$ 9,539	$ 8,090	$ 5,268
Contributions from redeemable noncontrolling interests		$ 0	$ 2,111	$ 74,530

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income	$ 247,217	$ 395,661	$ 269,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	321,763	302,409	279,976
Gain on deconsolidation of VIE	0	(70,374)	0
Gain on sale of real estate and change in control of interest	(9,881)	(93,483)	(89,950)
Income from partnerships	(3,869)	(5,170)	(1,245)
Straight-line rent	(11,576)	(18,326)	(9,397)
Share-based compensation expense	14,308	13,704	13,009
Other, net	(4,959)	(4,812)	(3,223)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable, net	3,468	(12,071)	1,214
Increase in prepaid expenses and other assets	(6,881)	(1,219)	(5,607)
Increase in accounts payable and accrued expenses	6,005	77	6,782
Increase in security deposits and other liabilities	235	10,373	10,712
Net cash provided by operating activities	555,830	516,769	471,352
INVESTING ACTIVITIES
Acquisition of real estate	(60,628)	(438,494)	(366,466)
Capital expenditures - development and redevelopment	(214,062)	(309,046)	(368,786)
Capital expenditures - other	(97,058)	(107,655)	(71,728)
Costs associated with property sold under threat of condemnation	(1,378)	(18,031)	0
Proceeds from sale of real estate	28,451	133,717	137,868
Change in cash from deconsolidation of VIE	0	(4,192)	0
Investment in partnerships	0	(23,155)	(3,115)
Distribution from partnerships in excess of earnings	9,860	6,864	2,970
Leasing costs	(23,510)	(22,541)	(21,990)
(Issuance) repayment of mortgage and other notes receivable, net	0	(3,465)	31,129
Net cash used in investing activities	(358,325)	(785,998)	(660,118)
FINANCING ACTIVITIES
Costs to amend revolving credit facility	0	(6,375)	0
Issuance of senior notes, net of costs	345,698	0	0
Repayment of senior notes	(275,000)	0	0
Issuance of mortgages and notes payable, net of costs	199,237	298,568	0
Repayment of mortgages, finance leases, and notes payable	(58,472)	(19,443)	(277,643)
Issuance of common shares, net of costs	131,895	307,275	172,981
Dividends paid to common and preferred shareholders	(359,194)	(347,284)	(335,656)
Shares withheld for employee taxes	(5,019)	(4,900)	(2,998)
Contributions from noncontrolling interests	1,092	0	133
Distributions to and redemptions of noncontrolling interests	(14,086)	(37,427)	(9,784)
Net cash (used in) provided by financing activities	(33,849)	190,414	(452,967)
Increase (decrease) in cash, cash equivalents, and restricted cash	163,656	(78,815)	(641,733)
Cash, cash equivalents, and restricted cash at beginning of year	96,348	175,163	816,896
Cash, cash equivalents, and restricted cash at end of year	260,004	96,348	175,163
Federal Realty OP LP
OPERATING ACTIVITIES
Net income	247,217	395,661	269,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	321,763	302,409	279,976
Gain on deconsolidation of VIE	0	(70,374)	0
Gain on sale of real estate and change in control of interest	(9,881)	(93,483)	(89,950)
Income from partnerships	(3,869)	(5,170)	(1,245)
Straight-line rent	(11,576)	(18,326)	(9,397)
Share-based compensation expense	14,308	13,704	13,009
Other, net	(4,959)	(4,812)	(3,223)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable, net	3,468	(12,071)	1,214
Increase in prepaid expenses and other assets	(6,881)	(1,219)	(5,607)
Increase in accounts payable and accrued expenses	6,005	77	6,782
Increase in security deposits and other liabilities	235	10,373	10,712
Net cash provided by operating activities	555,830	516,769	471,352
INVESTING ACTIVITIES
Acquisition of real estate	(60,628)	(438,494)	(366,466)
Capital expenditures - development and redevelopment	(214,062)	(309,046)	(368,786)
Capital expenditures - other	(97,058)	(107,655)	(71,728)
Costs associated with property sold under threat of condemnation	(1,378)	(18,031)	0
Proceeds from sale of real estate	28,451	133,717	137,868
Change in cash from deconsolidation of VIE	0	(4,192)	0
Investment in partnerships	0	(23,155)	(3,115)
Distribution from partnerships in excess of earnings	9,860	6,864	2,970
Leasing costs	(23,510)	(22,541)	(21,990)
(Issuance) repayment of mortgage and other notes receivable, net	0	(3,465)	31,129
Net cash used in investing activities	(358,325)	(785,998)	(660,118)
FINANCING ACTIVITIES
Costs to amend revolving credit facility	0	(6,375)	0
Issuance of senior notes, net of costs	345,698	0	0
Repayment of senior notes	(275,000)	0	0
Issuance of mortgages and notes payable, net of costs	199,237	298,568	0
Repayment of mortgages, finance leases, and notes payable	(58,472)	(19,443)	(277,643)
Issuance of common units, net of costs	131,895	307,275	172,981
Dividends paid to common and preferred unit holders	(359,194)	(347,284)	(335,656)
Shares withheld for employee taxes	(5,019)	(4,900)	(2,998)
Contributions from noncontrolling interests	1,092	0	133
Distributions to and redemptions of noncontrolling interests	(14,086)	(37,427)	(9,784)
Net cash (used in) provided by financing activities	(33,849)	190,414	(452,967)
Increase (decrease) in cash, cash equivalents, and restricted cash	163,656	(78,815)	(641,733)
Cash, cash equivalents, and restricted cash at beginning of year	96,348	175,163	816,896
Cash, cash equivalents, and restricted cash at end of year	$ 260,004	$ 96,348	$ 175,163

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Capital - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive (loss) income - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	$ (1,705)	$ 7,804	$ 3,597
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	1,092		6,583
Deconsolidation of VIE		972
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive (loss) income - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	(1,705)	7,804	3,597
Federal Realty OP LP
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	3,034,015	2,663,148	2,548,747
Net income, excluding amount attributable to redeemable noncontrolling interests	239,964	389,048	264,785
Other comprehensive (loss) income - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	(1,705)	7,804	3,597
Distributions declared to common unit holders	(355,241)	(344,711)	(332,116)
Distributions declared to preferred unit holders	(8,032)	(8,034)	(8,042)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(4,541)	(5,007)	(4,341)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	131,729	306,854	172,753
Exercise of stock options		35
Common units issued under dividend reinvestment plan	1,870	2,104	1,955
Share-based compensation expense, net of forfeitures	15,427	15,018	14,434
Common units withheld for employee taxes	(5,019)	(4,900)	(2,998)
Conversion of preferred units, value		0
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	1,092		6,583
Deconsolidation of VIE		972
Adjustment to redeemable noncontrolling interest	(7,400)	12,382	(2,110)
Ending balance	3,042,159	3,034,015	2,663,148
Federal Realty OP LP \| downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	0	(698)	(99)
Federal Realty OP LP \| Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	154,788	154,963	154,963
Net income, excluding amount attributable to redeemable noncontrolling interests	8,032	8,034	8,042
Distributions declared to preferred unit holders	(8,032)	(8,034)	(8,042)
Conversion of preferred units		(175)
Ending balance	154,788	154,788	154,963
Federal Realty OP LP \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,793,467	2,427,686	2,314,838
Net income, excluding amount attributable to redeemable noncontrolling interests	228,953	377,457	253,456
Distributions declared to common unit holders	(355,241)	(344,711)	(332,116)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	131,729	306,854	172,753
Exercise of stock options		35
Common units issued under dividend reinvestment plan	1,870	2,104	1,955
Share-based compensation expense, net of forfeitures	15,427	15,018	14,434
Common units withheld for employee taxes	(5,019)	(4,900)	(2,998)
Conversion of preferred units, value		175
Adjustment to redeemable noncontrolling interest	(7,400)	12,382	(2,110)
Ending balance	2,804,669	2,793,467	2,427,686
Federal Realty OP LP \| Common Units \| downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	883	1,367	7,474
Federal Realty OP LP \| Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	5,757	(2,047)	(5,644)
Other comprehensive (loss) income - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	(1,705)	7,804	3,597
Ending balance	4,052	5,757	(2,047)
Federal Realty OP LP \| Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,954,012	2,580,602	2,464,157
Net income, excluding amount attributable to redeemable noncontrolling interests	236,985	385,491	261,498
Other comprehensive (loss) income - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests	(1,705)	7,804	3,597
Distributions declared to common unit holders	(355,241)	(344,711)	(332,116)
Distributions declared to preferred unit holders	(8,032)	(8,034)	(8,042)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	131,729	306,854	172,753
Exercise of stock options		35
Common units issued under dividend reinvestment plan	1,870	2,104	1,955
Share-based compensation expense, net of forfeitures	15,427	15,018	14,434
Common units withheld for employee taxes	(5,019)	(4,900)	(2,998)
Adjustment to redeemable noncontrolling interest	(7,400)	12,382	(2,110)
Ending balance	2,963,509	2,954,012	2,580,602
Federal Realty OP LP \| Total Partner Capital \| downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	883	1,367	7,474
Federal Realty OP LP \| Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	80,003	82,546	84,590
Net income, excluding amount attributable to redeemable noncontrolling interests	2,979	3,557	3,287
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(4,541)	(5,007)	(4,341)
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	1,092		6,583
Deconsolidation of VIE		972
Ending balance	78,650	80,003	82,546
Federal Realty OP LP \| Noncontrolling Interests in Consolidated Partnerships \| downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion and redemption of downREIT OP units	$ (883)	$ (2,065)	$ (7,573)

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 7,253	$ 6,613	$ 4,296
Other comprehensive income (loss) attributable to Redeemable Noncontrolling interest	(119)	765	320
Distributions delcared to redeemable noncontrolling interests	9,539	8,090	5,268
Contributions from redeemable noncontrolling interests	0	2,111	74,530
Federal Realty OP LP
Net income	7,253	6,613	4,296
Other comprehensive income (loss) attributable to Redeemable Noncontrolling interest	(119)	765	320
Distributions delcared to redeemable noncontrolling interests	$ 9,539	$ 8,090	5,268
Contributions from redeemable noncontrolling interests			$ 74,530

Business And Organization

Business And Organization	12 Months Ended
Business And Organization	Dec. 31, 2023
Nature Of Operations [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the “Parent Company” and "Trust") is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operating and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of, and exercises control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of December 31, 2023, 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. General Economic Conditions

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
Summary Of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In January 2022, we completed a reorganization into an umbrella partnership real estate investment trust, or "UPREIT." Immediately following the reorganization, the Parent Company had the same consolidated assets and liabilities as Federal Realty Investment Trust immediately before the reorganization. The Parent Company exercises exclusive control over the General Partner and does not have assets or liabilities other than its investment in the Operating Partnership. As a result, the UPREIT reorganization represented a merger of entities under common control in accordance with accounting principles generally accepted in the United States ("GAAP"). Accordingly, the accompanying consolidated financial statements including the notes thereto, are presented as if the UPREIT reorganization had occurred at the earliest period presented. Principles of Consolidation As discussed in the Explanatory Note, we have combined the Annual Reports on Form 10-K of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to the primary beneficiary of a variable interest entity (“VIE”). The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent, and through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Revenue Recognition and Accounts Receivable Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Many of our leases contain tenant options that enable the tenant to extend the term of the lease at expiration at pre-established rental rates that often include fixed rent increases, consumer price index adjustments or other market rate adjustments from the prior base rent. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees are generally recognized on the termination date if the tenant has relinquished control of the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Lease concessions are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract. In April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of December 31, 2023, we have collected approximately $40 million out of a total of $48 million from executed rent deferral agreements related to the COVID-19 pandemic. As of December 31, 2023, we had rent abatement agreements related to the COVID-19 pandemic, impacting rents in 2023, 2022, and 2021 of less than $1 million, $4 million, and $26 million, respectively. When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. If leases currently classified as not probable are subsequently changed to probable, any lease receivables (including straight-line rent receivables) are re-instated with a corresponding increase to rental income. For the year ended December 31, 2023, our collectibility related adjustments resulted in a decrease to rental income of $0.4 million, an increase to rental income of $4.1 million for the year ended December 31, 2022, and a decrease to rental income of $24.0 million during the year ended December 31, 2021. This includes not only the impact of current period rent collections for leases classified as not probable but also collections of prior period rents for those tenants, changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements directly related to COVID-19. As of December 31, 2023 and 2022, the revenue from approximately 28% and 31% of our tenants (based on total commercial leases), respectively, is being recognized on a cash basis. As of December 31, 2023 and 2022, our straight-line rent receivables balance was $138.4 million and $126.6 million, respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet. Other revenue recognition policies Sales of real estate are recognized upon the transfer of control, which usually occurs when the real estate is legally sold. When we enter into a transaction to sell a property or a portion of a property, we evaluate the recognition of the sale under ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets." In accordance with ASC 610-20, we apply the guidance in ASC 606, "Revenue from Contracts with Customers," to determine whether and when control transfers and how to measure the associated gain or loss. We determine the transaction price based on the consideration we expect to receive. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of a gain recognized will not occur. We analyze the risk of a significant gain reversal and if necessary limit the amount of variable consideration recognized in order to mitigate this risk. The estimation of variable consideration requires us to make assumptions and apply significant judgment. Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2023, 2022 and 2021, real estate depreciation expense was $282.0 million, $265.7 million and $245.1 million, respectively, including amounts from real estate sold. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and/or appraised values. When we acquire operating real estate properties, the purchase price is allocated to land, building, improvements, leasing costs, intangibles such as acquired leases, assumed debt, if any, and to current assets acquired and current liabilities assumed, if any. The value allocated to acquired leases is amortized over the related lease term and reflected as rental income in the consolidated statements of comprehensive income. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of acquired lease value when we consider these to be bargain renewal options. If the value of below market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any acquired lease value is written off to rental income. Transaction costs related to asset acquisitions, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are capitalized as part of the acquisition cost. The acquisition of an operating shopping center typically qualifies as an asset acquisition. We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved, are capitalized. Additionally, we capitalize interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine the development or redevelopment is no longer probable of completion, we expense all capitalized costs which are not recoverable. Long-Lived Assets and Impairment There are estimates and assumptions made by management in preparing the consolidated financial statements for which the actual results will be determined over long periods of time. This includes the recoverability of long-lived assets, including our properties that have been acquired or redeveloped and our investment in certain joint ventures. Management’s evaluation of impairment includes review for possible indicators of impairment as well as, in certain circumstances, undiscounted and discounted cash flow analysis. Since most of our investments in real estate are wholly-owned or controlled assets which are held for use, a property with impairment indicators is first tested for impairment by comparing the undiscounted cash flows, including residual value, to the current net book value of the property. If the undiscounted cash flows are less than the net book value, the property is written down to expected fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Because our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income, because recording an impairment charge results in a negative adjustment to net income. Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2023, we had $257.2 million in excess of the FDIC insured limit. Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are incremental direct costs incurred which were essential to originate a successful leasing arrangement and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the initial life of the related lease which generally ranges from three Debt Issuance Costs Costs related to the issuance of debt instruments are deferred and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Debt issuance costs related to our revolving credit facility are classified as an asset and are included in "prepaid expenses and other assets" in our consolidated balance sheets. All other debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability. Derivative Instruments We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. Interest rate swaps associated with cash flow hedges are recorded at fair value on a recurring basis. Effectiveness of cash flow hedges is assessed both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recorded in other comprehensive income (loss) which is included in accumulated other comprehensive income (loss) on the balance sheet and statement of shareholders' equity. Cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and SOFR rate. In addition, the default risk of the counterparty is evaluated by monitoring the credit worthiness of the counterparty which includes reviewing debt ratings and financial performance. If a cash flow hedge is deemed ineffective, the ineffective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recognized in earnings in the period affected. At December 31, 2023, we have two interest rate swap agreements that effectively fix the interest rate on a mortgage payable associated with our Hoboken property at 3.67%, and three interest rate swap agreements that effectively fix the interest rate on a mortgage payable secured by our Bethesda Row property at a weighted average interest rate of 5.03% through the initial maturity date. As of December 31, 2023, our Assembly Row hotel joint venture is a party to two interest rate swap agreements that effectively fix the interest rate on 100% of the joint venture's mortgage debt through May 2025 at 6.39%, and 50% of its outstanding debt from June 2025 through May 2028 at 6.03%. All swaps were designated and qualify as cash flow hedges. Hedge ineffectiveness has not impacted earnings in 2023, 2022 and 2021. Mortgage Notes Receivable We have invested in certain mortgage loans that, because of their nature, qualify as loan receivables. At the time of investment, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. Mortgage notes receivable are recorded at cost, net of any valuation adjustments. We account for mortgage notes receivable using the "expected credit loss" model, and accordingly impairment losses are estimated and recorded for the entire life of the loan. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable and update our expected credit loss model based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the mortgage note receivable to the present value of expected future cash flows. As our loans are collateralized by mortgages, these loans have risk characteristics similar to the risks in owning commercial real estate. At December 31, 2023, we had three mortgage notes receivable with an aggregate carrying amount, net of valuation adjustments of $9.2 million, and a weighted average interest rate of 10.9%. Share Based Compensation We grant share based compensation awards to employees and trustees typically in the form of restricted common shares, common shares, and options. We measure share based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 12 to the consolidated financial statements for further discussion regarding our share based compensation plans and policies. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Our equity method investments in the Assembly Row hotel joint venture, the La Alameda shopping center, the Chandler Festival and Chandler Gateway shopping centers, and our mortgage notes receivable are considered variable interests in a VIE (see Note 3 to the consolidated financial statements for additional information on the Chandler Festival and Chandler Gateway shopping centers). As we do not control the activities that most significantly impact the economic performance of our equity method joint ventures or the borrower entities related to our mortgage notes receivable, we are not the primary beneficiary and do not consolidate. As of December 31, 2023 and 2022, our investment in the equity method joint ventures and maximum exposure to loss was $30.9 million and $34.0 million, respectively. As of December 31, 2023 and 2022, our investment in mortgage notes receivable and maximum exposure to loss was $9.2 million and $9.5 million, respectively. As of December 31, 2022, we had a 77.7% tenancy in common ("TIC") interest in Escondido Promenade which was recorded as an equity method investment and included in investments in partnerships" on our December 31, 2022 consolidated balance sheets. Our TIC interest in Escondido Promenade was not considered a variable interest in a VIE, and we subsequently purchased our co-owners interest on May 26, 2023, at which point we consolidated the property. See Note 3 to the consolidated financial statements for additional information. In addition, we have 19 entities that meet the criteria of a VIE in which we hold a variable interest. For each of these entities, we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. Net real estate assets related to VIEs included in our consolidated balance sheets were approximately $1.6 billion as of both December 31, 2023 and 2022, and mortgages related to VIEs included in our consolidated balance sheets were approximately $189.3 million and $191.8 million, as of December 31, 2023 and 2022, respectively. Redeemable Noncontrolling Interests We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity. We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date. Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity. These amounts are classified within the mezzanine section of the consolidated balance sheets. The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2023 2022 (In thousands) Beginning balance $ 178,370 $ 213,708 Net income 7,253 6,613 Contributions — 2,111 Other comprehensive (loss) income - change in value of interest rate swaps (119) 765 Distributions & redemptions (9,541) (32,445) Change in redemption value 7,400 (12,382) Ending balance $ 183,363 $ 178,370 On July 13, 2022, we acquired the 21.8% redeemable noncontrolling interest in the partnership that owns our Plaza El Segundo shopping center for $23.6 million, bringing our ownership interest to 100%. Leases We have ground leases at 11 properties which are accounted for as operating leases. The operating lease right of use ("ROU") assets and related liabilities are shown separately on the face of our consolidated balance sheet and reflect the present value of the minimum lease payments. A key input in the calculation is the discount rate. As the rate implied in the lease agreements is not readily determinable, we utilize our incremental borrowing rate that corresponds to the remaining term of the lease, our credit spread, and an adjustment to reflect the collateralized payment terms present in the lease. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the non-cancellable lease term and is included in rental expenses in our consolidated statements of operations. We do not record a ROU asset or lease liability for leases with terms of less than 12 months. Income Taxes We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material. We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS. In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). A TRS is subject to federal and state income taxes. Our TRS activities have not been material. With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2019. As of December 31, 2023 and 2022, we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense. Segment Information Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. We evaluate financial performance using property operating income, which consists of rental income, and mortgage interest income, less rental expenses and real estate taxes. No individual commercial or residential property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America. Therefore, we have aggregated our properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. Forward Equity Sales Our at-the-market (“ATM”) equity program allows shares to be sold through forward sales contracts. Our forward sales contracts currently meet all the conditions for equity classification; and therefore, we record common stock on the settlement date at the purchase price contemplated by the contract. Furthermore, we consider the potential dilution resulting from forward sales contracts in our earnings per share calculations. We use the treasury stock method to determine the dilution, if any, from the forward sales contracts during the period of time prior to settlement. See Note 8 to the consolidated financial statements for details of our forward sales transactions. Recent Accounting Pronouncements Standard Description Effect on the financial statements or significant matters Adopted during 2023: Reference Rate Reform (Topic 848) and related update: ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) ASU 2022-06 , December 2022, Deferral of the Sunset Date This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. ASU 2022-06 extended the period for which this guidance can be immediately applied through December 31, 2024. During the second quarter of 2023, the LIBOR based mortgage loan related to our unconsolidated Assembly Row hotel investment was refinanced. The resulting new mortgage loan and related swaps are SOFR based. The mortgage loan at Hoboken and related interest rate swaps were transitioned from LIBOR to SOFR effective July 1, 2023. Consequently, we applied the related practical expedients to the hedging relationship for the Hoboken loan and continue to apply hedge accounting. The critical terms of the loan and interest rate swaps continue to match subsequent to the transition from LIBOR to SOFR and the transition did not have a significant impact to our financial results, financial position, or cash flows. 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 segments'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 period beginning after December 15, 2024. Early adoption is permitted. While we are still assessing this ASU, we anticipate providing the disclosures required by ASC 280 for our single reportable segment. Standard Description Effect on the financial statements or significant matters ASU 2023-06, October 2023, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standard Codification (the "Codification"). The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by

Real Estate

Real Estate	12 Months Ended
Real Estate	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Disclosure	REAL ESTATE 2023 Property Acquisitions On January 31, 2023, we acquired the 168,000 square foot portion of Huntington Square shopping center that was not previously owned, as well as the fee interest in the land underneath the portion of the shopping center which we controlled under a long-term ground lease for $35.5 million. As a result of this transaction, we now own the entire fee interest in this 243,000 square foot property and the "operating lease right of use assets, net" on our consolidated balance sheet decreased by $5.3 million. Approximately $4.1 million and $1.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively. On May 26, 2023, we exercised our option and acquired the 22.3% tenancy in common ("TIC") interest from our co-owner at Escondido Promenade, as discussed in "2022 Other Transaction" below, for $30.5 million, bringing our ownership interest to 100%. As a result of the transaction, we gained control of this property, and effective May 26, 2023, we have consolidated this property. Approximately $1.8 million and $0.2 million of net assets associated with the 22.3% interest acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $1.1 million of net assets associated with the 22.3% interest acquired were allocated to other liabilities for "below market leases." On October 12, 2023, we acquired the fee interest under a portion of our Mercer on One (formerly Mercer Mall) shopping center for $55.0 million pursuant to the purchase option included in the master lease. As a result of this transaction, "finance lease right of use assets, net" of $37.8 million were allocated to "operating real estate" and "finance lease liabilities" decreased by $55.0 million. 2023 Property Dispositions During the year ended December 31, 2023, we sold one retail property and one portion of a property for sales prices totaling $30.4 million, resulting in net gains totaling approximately $9.7 million. 2022 Property Acquisitions During the year ended December 31, 2022, we acquired the following properties: Date Acquired Property City/State Gross Leasable Area (GLA) Purchase Price (in square feet) (in millions) April 20, 2022 & Kingstowne Towne Center Kingstowne, Virginia 410,000 $ 200.0 (1) July 18, 2022 Hilton Village (office building) Scottsdale, Arizona 212,000 $ 53.6 (2) July 27, 2022 The Shops at Pembroke Gardens Pembroke Pines, Florida 391,000 $ 180.5 (3) November 18, 2022 Hoboken (301 Washington St.) Hoboken, New Jersey N/A $ 9.0 (4) (1) Approximately $11.3 million and $0.3 million of net assets were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $20.2 million of net assets acquired were allocated to other liabilities for "below market leases." (2) This building is adjacent to, and will be operated as part of our Hilton Village property. The land is controlled under a long-term ground lease that expires on September 30, 2075, for which we have recorded a $6.5 million "operating lease right of use asset" (net of a $0.8 million above market liability) and a $7.3 million "operating lease liability." Approximately $8.9 million of net assets acquired were allocated to other assets for "acquired lease costs" and $0.1 million of net assets acquired were allocated to other liabilities for "below market leases." (3) Approximately $16.3 million and $1.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $18.4 million of net assets acquired were allocated to other liabilities for "below market leases." (4) This property, that we own a 90% ownership interest in, was acquired through our Hoboken joint venture, and is in the beginning stages of redevelopment. On October 6, 2022, we acquired a 47.5% net interest in an unconsolidated joint venture that owns two shopping centers for a combined price of $58.9 million. On the date of acquisition, the properties had combined mortgage debt of $76.1 million, of which, our share is approximately $36.2 million. Approximately $8.0 million and $2.0 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $17.1 million of net assets acquired were allocated to other liabilities for "below market leases." Additional information on the properties is listed below: Property City/State Gross Leasable Area (GLA) Purchase Price (in square feet) (in millions) Chandler Festival Chandler, Arizona 355,000 $ 40.8 Chandler Gateway Chandler, Arizona 262,000 $ 18.1 2022 Property Dispositions During the year ended December 31, 2022, we sold two residential properties (one included an adjacent retail pad), one retail property, one parcel of land, and one portion of a property for sales prices totaling $136.2 million, resulting in net gains totaling approximately $84.1 million. 2022 Other Transaction On August 25, 2022, we entered into a tenancy in common ("TIC") agreement with our partner in the partnership that owned Escondido Promenade. As a result, the Company owned a 77.7% TIC interest, and our former partner owned the remaining 22.3% interest. While the Company controlled and consolidated Escondido Promenade under the previous partnership arrangement, control is shared under the TIC agreement. The transaction was considered a transfer of our previous controlling partner interest in exchange for a non-controlling TIC interest. Accordingly, we deconsolidated the entity and recorded our TIC interest at fair value as an equity method investment. We recognized a $70.4 million "gain on deconsolidation of VIE" on our consolidated statements of operations, which is the difference between the net carrying value of the deconsolidated entity and the fair value of our TIC interest. As of August 25, 2022, the fair value of our investment in the entity was $110.0 million, and is included in "investment in partnerships" on our consolidated balance sheet as of December 31, 2022. As a part of this transaction, we made a $3.5 million loan to our co-owner, which is included in "accounts and notes receivable, net" on our consolidated balance sheet at December 31, 2022. In addition, we entered into a purchase option agreement to acquire the TIC

Acquired In-Place Leases

Acquired In-Place Leases	12 Months Ended
Acquired In-Place Leases	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
ACQUIRED IN-PLACE LEASES	ACQUIRED LEASES Acquired lease assets comprise of above market leases where we are the lessor and below market leases where we are the lessee. Acquired lease liabilities comprise of below market leases where we are the lessor and above market leases where we are the lessee. As a lessor, acquired above market leases are included in prepaid expenses and other assets, and acquired below market leases are included in other liabilities and deferred credits. In accordance with our adoption of ASC Topic 842, acquired below market leases and acquired above market leases where we are the lessee are included in right of use assets. The following is a summary of our acquired lease assets and liabilities: December 31, 2023 December 31, 2022 Cost Accumulated Amortization Cost Accumulated Amortization (in thousands) Above market leases, lessor $ 45,726 $ (35,209) $ 45,737 $ (33,892) Below market leases, lessee 28,101 (5,411) 34,604 (5,847) Total $ 73,827 $ (40,620) $ 80,341 $ (39,739) Below market leases, lessor $ (269,268) $ 104,072 $ (267,910) $ 91,989 Above market leases, lessee (11,127) 3,771 (11,127) 3,208 Total $ (280,395) $ 107,843 $ (279,037) $ 95,197 The value allocated to acquired leases where we are the lessor is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. The related amortization of acquired leases where we are the lessee is reflected as additional rental expense for below market leases or a reduction of rental expenses for above market leases in the consolidated statements of comprehensive income. The following is a summary of acquired lease amortization: Year Ended December 31, 2023 2022 2021 (in thousands) Amortization of above market leases, lessor $ (3,254) $ (3,437) $ (3,150) Amortization of below market leases, lessor 15,864 14,543 11,897 Net increase in rental income $ 12,610 $ 11,106 $ 8,747 Amortization of below market leases, lessee $ 742 $ 828 $ 828 Amortization of above market leases, lessee (563) (554) (538) Net increase in rental expense $ 179 $ 274 $ 290 The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities: December 31, 2023 Above market leases, lessor 2.8 years Below market leases, lessee 31.0 years Below market leases, lessor 16.9 years Above market leases, lessee 18.1 years The amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows: Acquired Lease Assets Acquired Lease Liabilities (In thousands) Year ending December 31, 2024 $ 3,478 $ 15,291 2025 2,409 11,860 2026 2,143 11,392 2027 1,849 10,895 2028 1,474 10,105 Thereafter 21,854 113,009 $ 33,207 $ 172,552

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Instruments [Abstract]
Debt Disclosure [Text Block]	DEBT The following is a summary of our total debt outstanding as of December 31, 2023 and 2022: Principal Balance as of December 31, Stated Interest Rate as of Stated Maturity Date as of Description of Debt 2023 2022 December 31, 2023 December 31, 2023 Mortgages payable (Dollars in thousands) Azalea $ 40,000 $ 40,000 3.73 % November 1, 2025 Bethesda Row (1) 200,000 — SOFR + 0.95% December 28, 2025 Bell Gardens 11,531 11,835 4.06 % August 1, 2026 Plaza El Segundo 125,000 125,000 3.83 % June 5, 2027 The Grove at Shrewsbury (East) 43,600 43,600 3.77 % September 1, 2027 Brook 35 11,500 11,500 4.65 % July 1, 2029 Hoboken (24 Buildings) (2) 53,617 55,060 SOFR + 1.95% December 15, 2029 Various Hoboken (14 Buildings)(3) 29,878 30,876 Various Various through 2029 Chelsea 4,018 4,446 5.36 % January 15, 2031 Subtotal 519,144 322,317 Net unamortized debt issuance costs and discount (2,208) (1,702) Total mortgages payable, net 516,936 320,615 Notes payable Term Loan (4)(5)(7) 600,000 600,000 SOFR + 0.85% April 16, 2024 Revolving credit facility (5)(6)(7) — — SOFR + 0.775% April 5, 2027 Various 2,387 2,957 Various Various through 2059 Subtotal 602,387 602,957 Net unamortized debt issuance costs (442) (1,880) Total notes payable, net 601,945 601,077 Senior notes and debentures (7) 2.75% notes — 275,000 2.75 % June 1, 2023 3.95% notes 600,000 600,000 3.95 % January 15, 2024 1.25% notes 400,000 400,000 1.25 % February 15, 2026 7.48% debentures 29,200 29,200 7.48 % August 15, 2026 3.25% notes 475,000 475,000 3.25 % July 15, 2027 6.82% medium term notes 40,000 40,000 6.82 % August 1, 2027 5.375% notes 350,000 — 5.375 % May 1, 2028 3.20% notes 400,000 400,000 3.20 % June 15, 2029 3.50% notes 400,000 400,000 3.50 % June 1, 2030 4.50% notes 550,000 550,000 4.50 % December 1, 2044 3.625% notes 250,000 250,000 3.625 % August 1, 2046 Subtotal 3,494,200 3,419,200 Net unamortized debt issuance costs and premium (13,904) (11,499) Total senior notes and debentures, net 3,480,296 3,407,701 Total debt $ 4,599,177 $ 4,329,393 _____________________ (1) On December 29, 2023, we entered into three interest rate swap agreements that fix the interest rate on the mortgage loan at a weighted average interest rate of 5.03% through the initial maturity date. (2) On November 26, 2019, we entered into two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%. The reference rate for the mortgage loan and related swaps was amended from LIBOR to SOFR in May 2023. The amendment was effective for interest payments subsequent to July 1, 2023. (3) The interest rates on these mortgages range from 3.91% to 5.00%. (4) On February 6, 2024, we extended the maturity date to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026. (5) Our revolving credit facility SOFR loans bear interest at Daily Simple SOFR or Term SOFR and our term loan bears interest at Term SOFR as defined in the respective credit agreements, plus 0.10%, plus a spread, based on our current credit rating. (6) The maximum amount drawn under our revolving credit facility during the year ended December 31, 2023 was $115.5 million and the weighted average interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 5.9%. (7) The Operating Partnership is the obligor under our revolving credit facility, term loan, and senior notes and debentures. On April 12, 2023, we issued $350.0 million of fixed rate senior unsecured notes that mature on May 1, 2028 and bear interest at 5.375%. The notes were offered at 99.590% of the principal amount with a yield to maturity of 5.468%. The net proceeds, after issuance discount, underwriting fees, and other costs were $345.7 million. On June 1, 2023, we repaid our $275.0 million 2.75% senior unsecured notes at maturity. On December 28, 2023, one of our wholly-owned subsidiaries entered into a $200.0 million mortgage loan, which bears interest at SOFR plus a 95 basis point spread, matures on December 28, 2025, plus two one-year extensions, at our option, and is secured by our Bethesda Row property. The interest rate is effectively fixed at 5.03% through the initial maturity date, as a result of three interest rate swap agreements. Our net proceeds were $199.1 million, after debt issuance costs. Our subsidiary's obligations under the mortgage loan are guaranteed by the Operating Partnership. During 2023, 2022 and 2021, the maximum amount of borrowings outstanding under our revolving credit facility was $115.5 million, $330.0 million and $150.0 million, respectively. The weighted average amount of borrowings outstanding was $44.7 million, $80.3 million and $19.6 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 5.9%, 3.2% and 0.9%, respectively. The revolving credit facility requires an annual facility fee which is $1.9 million under the amended credit agreement. At December 31, 2023 and December 31, 2022, 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 December 31, 2023, we were in compliance with all default related debt covenants. Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2023 are as follows: Mortgages Notes Senior Notes and Total (In thousands) Year ending December 31, 2024 $ 3,262 $ 600,674 (1) $ 600,000 $ 1,203,936 2025 247,630 (2) 490 — 248,120 2026 26,282 144 429,200 455,626 2027 178,282 79 (3) 515,000 693,361 2028 2,511 — 350,000 352,511 Thereafter 61,177 1,000 1,600,000 1,662,177 $ 519,144 $ 602,387 $ 3,494,200 $ 4,615,731 (4) _____________________ (1) Our $600.0 million term loan had an original maturity date of April 16, 2024. On February 6, 2024, we extended the maturity date to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026. (2) Our $200.0 million mortgage loan secured by Bethesda Row matures on December 28, 2025 plus two one-year extensions, at our option to December 28, 2027. (3) Our $1.25 billion revolving credit facility matures on April 5, 2027 plus two six-month extensions, at our option to April 5, 2028. As of December 31, 2023, there was no balance outstanding under this credit facility. (4) The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2023.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	12 Months Ended
Fair Value Of Financial Instruments	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: December 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable $ 1,118,881 $ 1,101,479 $ 921,692 $ 895,654 Senior notes and debentures $ 3,480,296 $ 3,201,174 $ 3,407,701 $ 3,048,456 As of December 31, 2023, we have five interest rate swap agreements with total notional amounts of $253.6 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 $53.6 million of mortgage payables at 3.67% through December 15, 2029. During December 2023, we entered into 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 December 31, 2023 was an asset of $4.7 million and is included in "prepaid expenses and other assets" on our consolidated balance sheet. During 2023, the value of our interest rate swaps decreased $1.5 million (including $1.9 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: December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 4,668 $ — $ 4,668 $ — $ 6,144 $ — $ 6,144 One of our equity method investees has two interest rate swaps which qualify as cash flow hedges. At December 31, 2023 and December 31, 2022, our share of the change in fair value of the related swaps included in "accumulated other comprehensive (loss) income" was a loss of $0.3 million and income of $0.9 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
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. We are self-insured for general liability costs up to predetermined retained amounts per claim, and we believe that we maintain adequate accruals to cover our retained liability. We currently do not maintain third party stop-loss insurance policies to cover liability costs in excess of predetermined retained amounts. Our accrual for self-insurance liability is determined by management and is based on claims filed and an estimate of claims incurred but not yet reported. Management considers a number of factors, including third-party actuarial analysis, previous experience in our portfolio, and future increases in costs of claims, when making these determinations. If our liability costs exceed these accruals, it will reduce our net income. We reserve for estimated losses, if any, associated with warranties given to a buyer at the time real estate is sold or other potential liabilities relating to that sale, taking any insurance policies into account. These warranties may extend up to ten years and require significant judgment. If changes in facts and circumstances indicate that warranty reserves are understated, we will accrue additional reserves at such time a liability has been incurred and the costs can be reasonably estimated. Warranty reserves are released once the legal liability period has expired or all related work has been substantially completed. At December 31, 2023 and 2022, our reserves for general liability costs were $3.5 million and $3.3 million, respectively, and are included in “accounts payable and accrued expenses” in our consolidated balance sheets. Any potential losses which exceed our estimates would result in a decrease in our net income. During 2023 and 2022, we made payments from these reserves of $2.0 million and $2.3 million, respectively. Although we consider the reserve to be adequate, there can be no assurance that the reserve will prove to be adequate over-time to cover losses due to the difference between the assumptions used to estimate the reserve and actual losses. On December 11, 2019, we received proceeds related to the sale under the threat of condemnation at San Antonio Center as discussed in our Annual Report on Form 10-K for the year ended December 31, 2019. We indemnified the condemning authority for all costs incurred related to the condemnation proceedings including any payments required to tenants at the property and recorded a corresponding liability for our estimate of these costs. During 2022, we recorded a net reduction of our liability for condemnation and transaction costs to reflect the impact of tenant settlement and our current estimate of remaining costs. As a result, for the year ended December 31, 2022, we recognized a gain of $9.3 million. During 2023 and 2022, we incurred $1.4 million and $18.0 million of payments to tenants, respectively. At December 31, 2023, we have a liability of $3.6 million to reflect our estimate of the remaining costs. At December 31, 2023, we had letters of credit outstanding of approximately $6.5 million. As of December 31, 2023 in connection with capital improvement, development, and redevelopment projects, we have contractual obligations of approximately $168.4 million . We are obligated under operating lease agreements on several shopping centers and one office lease requiring minimum annual payments as follows, as of December 31, 2023: (In thousands) Year ending December 31, 2024 $ 5,819 2025 5,772 2026 5,406 2027 5,042 2028 5,100 Thereafter 194,040 Total future minimum operating lease payments 221,179 Less amount representing interest (145,309) Operating lease liabilities $ 75,870 Future minimum lease payments and their present value for properties under finance leases as of December 31, 2023, are as follows: (In thousands) Year ending December 31, 2024 $ 713 2025 713 2026 713 2027 748 2028 801 Thereafter 67,875 Total future minimum finance lease payments 71,563 Less amount representing interest (58,893) Finance lease liabilities $ 12,670 Under the terms of the Congressional Plaza partnership agreement, a minority partner has the right to require us and the other minority partner to purchase its 26.63% interest in Congressional Plaza at the interest’s then-current fair market value. If the other minority partner defaults in their obligation, we must purchase the full interest. Based on management’s current estimate of fair market value as of December 31, 2023, our estimated maximum liability upon exercise of the put option would range from approximately $66 million to $69 million. A master lease for Melville Mall, as amended on October 14, 2021, includes a fixed price put option at any time prior to June 30, 2025, requiring us to purchase Melville Mall for approximately $3.6 million. Additionally, we have the right to purchase Melville Mall in 2026 for approximately $3.6 million. The consideration is net of a contract amendment fee to be paid by the landlord. The other member in The Grove at Shrewsbury and Brook 35 has the right to require us to purchase all of its approximately 4.1% interest in The Grove at Shrewsbury and approximately 6.5% interest in Brook 35 at the interests' then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2023, our estimated maximum liability upon exercise of the put option would range from $6 million to $7 million. The other member in Hoboken has the right to require us to purchase all of its 10.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2023, our estimated maximum liability upon exercise of the put option would range from $10 million to $11 million. Effective June 14, 2026, the other member in Camelback Colonnade and Hilton Village has the right to require us to purchase all of its 2.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair value as of December 31, 2023, our estimated maximum liability upon exercise of the put option would range from $4 million to $5 million. Effective October 6, 2027, the other member in the partnership that owns equity method investments in Chandler Festival and Chandler Gateway has the right to require us to purchase its 2.5% net ownership interest. Based on management's current estimate of fair value as of December 31, 2023, our estimated maximum liability upon exercise of the put option would range from $1 million and $2 million. Effective June 1, 2029, the other member in Grossmont Center has the right to require us to purchase all of its 40.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair value as of December 31, 2023, our estimated maximum liability upon exercise of the put option would range from $68 million to $73 million. Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option. A total of 635,431 downREIT operating partnership units are outstanding which have a total fair value of $65.5 million, based on our closing stock price on December 31, 2023.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares. In 2023, 2022 and 2021, 19,847 shares, 19,502 shares, and 19,758 shares, respectively, were issued under the Plan. As of December 31, 2023, 2022, and 2021, we had 6,000,000 Depositary Shares outstanding, each representing 1/1000th interest of 5.0% Series C Cumulative Redeemable Preferred Share, par value $0.01 per share ("Series C Preferred Shares"), at the liquidation preference of $25.00 per depositary share (or $25,000 per Series C Preferred share). The Series C Preferred Shares accrue dividends at a rate of 5.0% of the $25,000 liquidation preference per year and are redeemable at our option. Additionally, they are not convertible and holders of these shares generally have no voting rights, unless we fail to pay dividends for six or more quarters. As of December 31, 2023 and 2022, we had 392,878 shares of 5.417% Series 1 Cumulative Convertible Preferred Shares (“Series 1 Preferred Shares”) outstanding that have a liquidation preference of $25 per share and par value $0.01 per share, and 399,896 shares at December 31, 2021. The Series 1 Preferred Shares accrue dividends at a rate of 5.417% per year and are convertible at any time by the holders to our common shares at a conversion rate of $104.69 per share. On June 15, 2022, one of our Series 1 Preferred shareholders converted 7,018 preferred shares to 1,675 common shares. The Series 1 Preferred Shares are also convertible under certain circumstances at our election. The holders of the Series 1 Preferred Shares have no voting rights. On February 14, 2022, we replaced our existing at-the-market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds from ATM equity program issuances to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes. For the year ended December 31, 2023, we sold 1,372,889 common shares (of which, 62,895 settled on January 2, 2024) at a weighted average price per share of $101.89 for net cash proceeds of $138.3 million including paying $1.4 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. For the year ended December 31, 2022, we issued 430,473 common shares at a weighted average price per share of $111.49 for net cash proceeds of $47.4 million and paid $0.5 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. As of December 31, 2023, we have the remaining capacity to issue up to $312.1 million in common shares under our ATM equity program. During 2022, we settled forward sales contracts by issuing 2,203,655 common shares for net proceeds of $259.4 million. We have no outstanding forward sales agreements as of December 31, 2023. Effective May 4, 2023, our Declaration of Trust was amended to increase the number of authorized common shares of beneficial interest to 200,000,000.

Dividends

Dividends	12 Months Ended
Dividends	Dec. 31, 2023
Dividends [Abstract]
DIVIDENDS	DIVIDENDS The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2023 2022 2021 Declared Paid Declared Paid Declared Paid Common shares $ 4.340 $ 4.330 $ 4.300 $ 4.290 $ 4.260 $ 4.250 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 (1) Amount represents dividends per depositary share, each representing 1/1000th of a share. A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2023 2022 2021 Common shares Ordinary dividend $ 3.551 $ 3.518 $ 3.358 Capital gain 0.130 0.772 0.680 Return of capital 0.649 — 0.212 $ 4.330 $ 4.290 $ 4.250 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.313 $ 1.110 $ 1.124 Capital gain 0.041 0.244 0.230 $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares Ordinary dividend $ 1.213 $ 1.025 1.038 Capital gain 0.037 0.225 0.212 $ 1.250 $ 1.250 $ 1.250 On November 2, 2023, the Trustees declared a quarterly cash dividend of $1.09 per common share, payable January 16, 2024 to common shareholders of record on January 2, 2024.

Operating Leases

Operating Leases	12 Months Ended
Operating Leases	Dec. 31, 2023
Leases [Abstract]
OPERATING LEASES	LEASES At December 31, 2023, our 102 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 3,300 commercial leases and 3,100 residential leases. Our commercial tenants range from sole proprietorships to national retailers and corporations. At December 31, 2023, no one tenant or corporate group of tenants accounted for more than 2.7% of annualized base rent. Our leases with commercial property and residential tenants are classified as operating leases. Commercial property leases generally range from three As of December 31, 2023, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales) are as follows: (In thousands) Year ending December 31, 2024 $ 725,458 2025 667,483 2026 601,092 2027 528,854 2028 424,229 Thereafter 1,680,181 $ 4,627,297 The following table provides additional information on our operating and finance leases where we are the lessee: Year Ended December 31, 2023 2022 2021 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 998 $ 1,251 $ 1,284 Interest on lease liabilities 4,332 5,743 5,828 Operating lease cost 6,232 6,138 5,687 Variable lease cost 348 309 246 Total lease cost $ 11,910 $ 13,441 $ 13,045 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 4,227 $ 5,642 $ 5,723 Operating cash flows for operating leases $ 6,146 $ 5,644 $ 5,288 Financing cash flows for finance leases $ 55,228 $ 50 $ 51 December 31, 2023 2022 Weighted-average remaining term - finance leases 70.6 years 13.9 years Weighted-average remaining term - operating leases 53.6 years 53.3 years Weighted-average discount rate - finance leases 6.5 % 8.1 % Weighted-average discount rate - operating leases 4.8 % 4.8 % ROU assets obtained in exchange for operating lease liabilities $ — $ 6,476

Components Of Rental Expense

Components Of Rental Expense	12 Months Ended
Components Of Rental Expense	Dec. 31, 2023
Components Of Rental Expense [Abstract]
COMPONENTS OF RENTAL EXPENSE	COMPONENTS OF RENTAL EXPENSES The principal components of rental expenses are as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Repairs and maintenance $ 87,349 $ 90,343 $ 78,028 Utilities 35,109 34,226 27,808 Management fees and costs 30,203 27,416 24,919 Payroll 20,598 19,693 18,341 Insurance 18,273 16,380 14,406 Marketing 7,978 7,814 7,481 Ground rent 5,303 5,092 4,571 Other operating 26,853 27,994 22,567 Total rental expenses $ 231,666 $ 228,958 $ 198,121

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
Share-Based Compensation Plans	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANS A summary of share-based compensation expense included in net income is as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Grants of common shares, restricted stock units, and options $ 15,427 $ 15,018 $ 14,434 Capitalized share-based compensation (1,119) (1,314) (1,425) Share-based compensation expense $ 14,308 $ 13,704 $ 13,009 As of December 31, 2023, we have grants outstanding under two share-based compensation plans. In May 2020, our shareholders approved the 2020 Performance Incentive Plan ("the 2020 Plan"), which authorized the grant of share options, common shares, and other share-based awards for up to 1,750,000 common shares of beneficial interest. Our 2010 Long Term Incentive Plan, as amended (the "2010 Plan”), which expired in May 2020, authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest. Option awards under the plans are required to have an exercise price at least equal to the closing trading price of our common shares on the date of grant. Options and restricted share awards under the plan generally vest over three ten The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Expected volatilities, term, dividend yields, employee exercises and estimated forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of each share award is determined based on the closing trading price of our common shares on the grant date. No options were granted in 2023 and 2022. The following table provides a summary of the assumptions used to value options granted in 2021: Year Ended December 31, 2021 Volatility 29.3 % Expected dividend yield 4.1 % Expected term (in years) 7.5 Risk free interest rate 0.9 % The weighted-average grant-date fair value of options granted in 2021 was $16.40 per share. The following table provides a summary of option activity for 2023: Shares Weighted- Weighted- Aggregate (In years) (In thousands) Outstanding at December 31, 2022 1,829 $ 95.77 Granted — — Exercised — — Forfeited or expired — — Outstanding at December 31, 2023 1,829 $ 95.77 7.1 $ 13 Exercisable at December 31, 2023 732 $ 95.77 7.1 $ 5 The following table provides a summary of restricted share activity for 2023: Shares Weighted-Average Unvested at December 31, 2022 279,745 $ 114.75 Granted 145,178 109.44 Vested (132,788) 115.25 Forfeited (5,930) 111.75 Unvested at December 31, 2023 286,205 $ 111.89 The weighted-average grant-date fair value of stock awarded in 2023, 2022 and 2021 was $109.44, $125.34 and $97.46, respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2023, 2022 and 2021, was $14.4 million, $14.3 million and $11.0 million, respectively. On February 10, 2021, 10,441 restricted stock units were awarded to an officer that vest at the end of four years. The final awards earned are based on meeting certain market based performance criteria, and may vary from 0% to 200% of the original award. The weighted-average grant-date fair value of the restricted stock units awarded in 2021 was $97.01. There has been no activity in 2023. As of December 31, 2023, there was $18.8 million of total unrecognized compensation cost related to unvested share-based compensation arrangements (i.e. options and unvested shares) granted under our plans. This cost is expected to be recognized over the next 4.5 years with a weighted-average period of 2.0 years. Subsequent to December 31, 2023, common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 2, 2024 6,693 Shares Immediate Trustees February 6, 2024 141,002 Restricted Shares 3-4 years Officers and key employees February 6, 2024 1,190 Options 5 years Officers and key employees

Savings and Retirement Plans

Savings and Retirement Plans	12 Months Ended
Savings and Retirement Plans	Dec. 31, 2023
Savings and Retirement Plans [Abstract]
SAVINGS AND RETIREMENT PLANS	SAVINGS AND RETIREMENT PLANS We have a savings and retirement plan in accordance with the provisions of Section 401(k) of the Code. Generally, employees can elect, at their discretion, to contribute a portion of their compensation up to a maximum of $22,500 for 2023, $20,500 for 2022, and 19,500 for 2021. Under the plan, we contribute 50% of each employee’s elective deferrals up to 5% of eligible earnings. In addition, we may make discretionary contributions within the limits of deductibility set forth by the Code. Our full-time employees are immediately eligible to become plan participants. Employees are eligible to receive matching contributions immediately on their participation; however, these matching payments will not vest until their third anniversary of employment. Our expense for the years ended December 31, 2023, 2022 and 2021 was approximately $960,000, $869,000 and $816,000, respectively. A non-qualified deferred compensation plan for our officers and certain other employees was established in 1994 that allows the participants to defer a portion of their income. As of December 31, 2023 and 2022, we are liable to participants for approximately $22.0 million and $18.0 million, respectively, under this plan. Although this is an unfunded plan, we have purchased certain investments to match this obligation. Our obligation under this plan and the related investments are both included in the accompanying consolidated financial statements.

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE AND UNIT We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For 2023, 2022, and 2021, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliation below. The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive: • exercise of 1,829 stock options in 2023, • conversions of downREIT operating partnership units for 2023 and 2021, • 5.417% Series 1 Cumulative Convertible Preferred Shares and units for 2023, 2022, and 2021, and • the issuance of 1.8 million shares and units issuable under forward sales agreements in 2021. Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the award has not yet been achieved. Federal Realty Investment Trust Earnings per Share Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) NUMERATOR Net income $ 247,217 $ 395,661 $ 269,081 Less: Preferred share dividends (8,032) (8,034) (8,042) Less: Income from operations attributable to noncontrolling interests (10,232) (10,170) (7,583) Less: Earnings allocated to unvested shares (1,286) (1,328) (1,211) Net income available for common shareholders, basic 227,667 376,129 252,245 Add: Income attributable to downREIT operating partnership units — 2,810 — Net income available for common shareholders, diluted $ 227,667 $ 378,939 $ 252,245 DENOMINATOR Weighted average common shares outstanding—basic 81,313 79,854 77,336 Effect of dilutive securities: Open forward contracts for share issuances — — 32 DownREIT operating partnership units — 654 — Weighted average common shares outstanding—diluted 81,313 80,508 77,368 EARNINGS PER COMMON SHARE, BASIC Net income available for common shareholders $ 2.80 $ 4.71 $ 3.26 EARNINGS PER COMMON SHARE, DILUTED Net income available for common shareholders $ 2.80 $ 4.71 $ 3.26 Federal Realty OP LP Trust Earnings per Unit Year Ended December 31, 2023 2022 2021 (In thousands, except per unit data) NUMERATOR Net income $ 247,217 $ 395,661 $ 269,081 Less: Preferred unit distributions (8,032) (8,034) (8,042) Less: Income from operations attributable to noncontrolling interests (10,232) (10,170) (7,583) Less: Earnings allocated to unvested units (1,286) (1,328) (1,211) Net income available for common unit holders, basic 227,667 376,129 252,245 Add: Income attributable to downREIT operating partnership units — 2,810 — Net income available for common unit holders, diluted $ 227,667 $ 378,939 $ 252,245 DENOMINATOR Weighted average common units outstanding—basic 81,313 79,854 77,336 Effect of dilutive securities: Common unit issuances relating to open common forward contracts — — 32 DownREIT operating partnership units — 654 — Weighted average common units outstanding—diluted 81,313 80,508 77,368 EARNINGS PER COMMON UNIT, BASIC Net income available for common unit holders $ 2.80 $ 4.71 $ 3.26 EARNINGS PER COMMON UNIT, DILUTED Net income available for common unit holders $ 2.80 $ 4.71 $ 3.26

Subsequent Event

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTS On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes (the “Notes”) that mature on January 15, 2029, unless earlier exchanged, purchased or redeemed. On or after July 15, 2028, the Notes will be exchangeable for cash up to the principal amount of the Notes 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. The exchange rate initially equals 8.1436 common shares per $1,000 principal amount of the Notes (equivalent to an exchange price of approximately $122.80 per common share). Net proceeds after the initial purchaser’s discount and estimated offering costs were approximately $471 million. 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 will be recorded in shareholders' equity for the Trust and capital for the Operating Partnership. On January 16, 2024, we repaid the $600.0 million 3.95% senior unsecured notes at maturity.

Schedule III - Summary of Real

Schedule III - Summary of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Summary of Real Estate and Accumulated Depreciation	FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total 29TH PLACE (Virginia) $ 10,211 $ 18,863 $ 11,795 $ 10,195 $ 30,674 $ 40,869 $ 17,699 1975 - 2001 5/30/2007 (1) ANDORRA (Pennsylvania) 2,432 12,346 19,203 2,432 31,549 33,981 23,774 1953 1/12/1988 (1) ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) 93,252 34,196 1,001,514 69,421 1,059,541 1,128,962 166,961 2005, 2012-2023 2005-2013 (1) AZALEA (California) 39,902 40,219 67,117 2,016 40,219 69,133 109,352 15,771 2014 8/2/2017 (1) BALA CYNWYD (Pennsylvania) 3,565 14,466 58,798 2,683 74,146 76,829 33,085 1955/2020 9/22/1993 (1) BARCROFT PLAZA (Virginia) 12,617 29,603 9,299 12,617 38,902 51,519 10,202 1963, 1972, 1990, & 2000 1/13/16 & 11/7/16 (1) BARRACKS ROAD (Virginia) 4,363 16,459 54,834 4,363 71,293 75,656 52,383 1958 12/31/1985 (1) BELL GARDENS (California) 11,386 24,406 85,947 8,906 24,406 94,853 119,259 27,185 1990, 2003, 2006 8/2/17 & 11/29/18 (1) BETHESDA ROW (Maryland) 199,151 46,579 35,406 183,832 44,350 221,467 265,817 110,714 1945-2008 12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10 (1) BIRCH & BROAD (Virginia) 1,798 1,270 23,021 1,819 24,270 26,089 11,743 1960/1962 9/30/67 & 10/05/72 (1) BRICK PLAZA (New Jersey) — 24,715 82,586 4,385 102,916 107,301 68,415 1958 12/28/1989 (1) BRISTOL PLAZA (Connecticut) 3,856 15,959 17,177 3,856 33,136 36,992 23,331 1959 9/22/1995 (1) BROOK 35 (New Jersey) 11,386 7,128 38,355 5,993 7,128 44,348 51,476 13,704 1986/2004 1/1/2014 (1) CAMELBACK COLONNADE (Arizona) 52,658 126,646 1,230 52,658 127,876 180,534 11,743 1977/2019 6/14/2021 (1) CAMPUS PLAZA (Massachusetts) 16,710 13,412 1,010 16,710 14,422 31,132 4,284 1970 1/13/2016 (1) CHELSEA COMMONS (Massachusetts) 3,894 8,689 19,466 9,951 8,669 29,437 38,106 11,045 1962/1969/ 8/25/06, 1/30/07, & 7/16/08 (1) CHESTERBROOK (Virginia) 13,042 24,725 8,566 13,042 33,291 46,333 2,436 1967/1991 4/30/21 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total COCOWALK (Florida) 32,513 71,536 100,055 48,943 155,161 204,104 28,093 1990/1994, 1922-1973, 2018-2021 5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17 (1) COLORADO BLVD (California) 2,415 3,964 7,604 2,415 11,568 13,983 10,299 1905-1988 8/14/98 (1) CONGRESSIONAL PLAZA (Maryland) 2,793 7,424 99,752 2,793 107,176 109,969 70,269 1965/2003/ 4/1/1965 (1) COURTHOUSE CENTER (Maryland) 1,750 1,869 3,717 1,750 5,586 7,336 3,775 1975 12/17/1997 (1) CROSSROADS (Illinois) 4,635 11,611 20,464 4,635 32,075 36,710 24,647 1959 7/19/1993 (1) CROW CANYON COMMONS (California) 27,245 54,575 10,416 27,245 64,991 92,236 34,787 Late 1970's/ 12/29/05 & 2/28/07 (1) DARIEN COMMONS (Connecticut) 30,368 19,523 99,046 30,368 118,569 148,937 7,299 1920-2009/2022-2023 4/3/13 & 7/20/18 (1) DEDHAM PLAZA (Massachusetts) 16,354 13,413 22,389 16,354 35,802 52,156 21,373 1959 12/31/93, 12/14/16, 1/29/19, & 3/12/19 (1) DEL MAR VILLAGE (Florida) 15,624 41,712 18,446 15,587 60,195 75,782 32,157 1982/1994/ 2007 5/30/08, 7/11/08, & 10/14/14 (1) EAST BAY BRIDGE (California) 29,069 138,035 12,975 29,069 151,010 180,079 56,523 1994-2001, 2011/2012 12/21/2012 (1) ELLISBURG (New Jersey) 4,028 11,309 23,327 4,013 34,651 38,664 24,486 1959 10/16/1992 (1) ESCONDIDO PROMENADE (California) 29,281 105,736 182 29,281 105,918 135,199 5,809 1987 5/26/2023 (1) FAIRFAX JUNCTION (Virgina) 16,768 23,825 5,648 16,768 29,473 46,241 5,174 1981/1986/ 2000 2/8/19 & 1/10/20 (1) FEDERAL PLAZA (Maryland) 10,216 17,895 45,417 10,216 63,312 73,528 53,555 1970 6/29/1989 (1) FINLEY SQUARE (Illinois) 9,252 9,544 20,918 9,252 30,462 39,714 24,206 1974 4/27/1995 (1) FLOURTOWN (Pennsylvania) 1,345 3,943 14,365 1,507 18,146 19,653 8,780 1957 4/25/1980 (1) FOURTH STREET (California) 13,978 9,909 3,995 13,978 13,904 27,882 4,572 1948,1975 5/19/2017 (1) FREEDOM PLAZA (California) — 3,255 40,950 — 44,205 44,205 4,262 2018-2020 6/15/2018 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total FRESH MEADOWS (New York) 24,625 25,255 46,717 24,633 71,964 96,597 51,580 1946-1949 12/5/1997 (1) FRIENDSHIP CENTER (District of Columbia) 12,696 20,803 3,757 12,696 24,560 37,256 14,997 1998 9/21/2001 (1) GAITHERSBURG SQUARE (Maryland) 7,701 5,271 26,720 5,973 33,719 39,692 21,815 1966 4/22/1993 (1) GARDEN MARKET (Illinois) 2,677 4,829 8,580 2,677 13,409 16,086 10,515 1958 7/28/1994 (1) GEORGETOWNE SHOPPING CENTER (New York) 32,202 49,586 4,766 32,202 54,352 86,554 7,562 1969/2006/ 2015 11/15/19 (1) GOVERNOR PLAZA (Maryland) 2,068 4,905 28,024 2,068 32,929 34,997 23,482 1963 10/1/1985 (1) GRAHAM PARK PLAZA (Virginia) 642 7,629 19,114 653 26,732 27,385 19,363 1971 7/21/1983 (1) GRATIOT PLAZA (Michigan) 525 1,601 17,836 525 19,437 19,962 18,005 1964 3/29/1973 (1) GREENLAWN PLAZA (New York) 10,590 20,869 2,376 10,917 22,918 33,835 6,543 1975/2004 1/13/2016 (1) GREENWICH AVENUE (Connecticut) 7,484 5,445 10,819 7,484 16,264 23,748 7,513 1968 4/12/1995 (1) GROSSMONT CENTER (California) 125,434 50,311 1,194 125,434 51,505 176,939 9,032 1961, 1963, 1982-1983, 2002 6/1/2021 (1) HASTINGS RANCH PLAZA (California) 2,257 22,393 1,071 2,257 23,464 25,721 5,442 1958, 1984, 2006, 2007 2/1/2017 (1) HAUPPAUGE (New York) 8,791 15,262 15,278 8,519 30,812 39,331 16,713 1963 8/6/1998 (1) HILTON VILLAGE (Arizona) — 85,431 988 — 86,419 86,419 6,030 1982/1989 6/14/21 & 7/18/22 (1) HOBOKEN (New Jersey) 83,245 56,866 167,835 3,580 56,872 171,409 228,281 22,079 1887-2006 9/18/19, 11/26/19, 12/19/19, 2/12/20, & 11/18/22 (1) HOLLYWOOD BLVD (California) 8,300 16,920 36,825 8,370 53,675 62,045 24,913 1929/1991 3/22/99 & 6/18/99 (1) HUNTINGTON (New York) 12,194 16,008 77,609 12,294 93,517 105,811 19,214 1962/2022-2023 12/12/88, 10/26/07, & 11/24/15 (1) HUNTINGTON SQUARE (New York) 12,026 33,509 5,142 12,537 38,140 50,677 7,230 1980/2004- 2007/2019 8/16/2010 & 1/31/2023 (1) IDYLWOOD PLAZA (Virginia) 4,308 10,026 3,761 4,308 13,787 18,095 11,137 1991 4/15/1994 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total KINGS COURT (California) — 10,714 901 — 11,615 11,615 11,361 1960 8/24/1998 (1) KINGSTOWNE TOWNE CENTER (Virginia) 72,234 137,466 1,523 72,234 138,989 211,223 8,021 1996/2001/ 2006 4/20/22 & 7/27/22 (1) LANCASTER (Pennsylvania) — 2,103 6,693 432 8,364 8,796 6,705 1958 4/24/1980 (1) LANGHORNE SQUARE (Pennsylvania) 720 2,974 21,264 720 24,238 24,958 19,250 1966 1/31/1985 (1) LAUREL (Maryland) 7,458 22,525 31,628 7,551 54,060 61,611 45,960 1956 8/15/1986 (1) LAWRENCE PARK (Pennsylvania) 6,150 8,491 50,304 6,161 58,784 64,945 27,813 1972 7/23/1980 & 4/3/17 (1) LINDEN SQUARE (Massachusetts) 79,382 19,247 59,687 79,346 78,970 158,316 36,551 1960-2008 8/24/2006 (1) MELVILLE MALL (New York) 35,622 32,882 36,638 35,622 69,520 105,142 27,995 1974 10/16/2006 (1) MERCER ON ONE (FORMERLY KNOWN AS MERCER MALL) (New Jersey) 19,152 44,384 52,891 19,102 97,325 116,427 43,920 1975 10/14/03, 1/31/17, & 10/12/2023 (1) MONTROSE CROSSING (Maryland) 48,624 91,819 32,056 48,624 123,875 172,499 48,448 1960s, 1970s, 1996 & 2011 12/27/11 & 12/19/13 (1) MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia) 15,769 33,501 46,133 15,851 79,552 95,403 50,467 1966/1972/ 1987/2001 3/31/03, 3/21/03, 1/27/06 & 1/4/21 (1) NORTH DARTMOUTH (Massachusetts) 9,366 — 3 9,366 3 9,369 2 2004 8/24/2006 (1) NORTHEAST (Pennsylvania) 938 8,779 25,941 939 34,719 35,658 23,769 1959 8/30/1983 (1) OLD KEENE MILL (Virginia) 638 998 13,047 638 14,045 14,683 7,614 1968 6/15/1976 (1) OLD TOWN CENTER (California) 3,420 2,765 37,064 3,420 39,829 43,249 26,408 1962, 1997-1998 10/22/1997 (1) OLIVO AT MISSION HILLS (California) 15,048 46,732 21,130 15,048 67,862 82,910 10,589 2017-2018 8/2/2017 (1) PAN AM (Virginia) 8,694 12,929 10,707 8,695 23,635 32,330 18,863 1979 2/5/1993 (1) PERRING PLAZA (Maryland) 2,800 6,461 28,432 2,800 34,893 37,693 25,530 1963 10/1/1985 (1) PIKE & ROSE (Maryland) 31,471 10,335 820,583 33,716 828,673 862,389 124,714 1963, 2012-2023 5/18/82, 10/26/07, & 7/31/12 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total PIKE 7 PLAZA (Virginia) 14,970 22,799 18,105 14,914 40,960 55,874 23,250 1968 3/31/97 & 7/8/15 (1) PLAZA DEL MERCADO (Maryland) 10,305 21,553 14,913 10,305 36,466 46,771 11,427 1969 1/13/2016 (1) PLAZA DEL SOL (California) 5,605 12,331 (19) 5,605 12,312 17,917 2,595 2009 8/2/2017 (1) PLAZA EL SEGUNDO/THE POINT (California) 124,706 62,127 153,556 93,766 64,463 244,986 309,449 83,364 2006/2007/ 2016 12/30/11, 6/14/13, 7/26/13, & 12/27/13 (1) QUEEN ANNE PLAZA (Massachusetts) 3,319 8,457 7,886 3,319 16,343 19,662 12,380 1967 12/23/1994 (1) QUINCE ORCHARD (Maryland) 3,197 7,949 29,972 2,928 38,190 41,118 27,989 1975 4/22/1993 (1) RIVERPOINT CENTER (Illinois) 15,422 104,572 2,603 15,422 107,175 122,597 23,045 1989, 2012 3/31/2017 (1) SAN ANTONIO CENTER (California) 26,400 18,462 7,232 26,400 25,694 52,094 7,252 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015, 9/13/19 (1) SANTANA ROW (California) 66,682 7,502 1,241,432 57,592 1,258,024 1,315,616 323,191 1999-2006, 2009, 2011, 2014, 2016-2023 3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13 (1) SHOPS AT PEMBROKE GARDENS (Florida) 39,506 141,356 650 39,506 142,006 181,512 8,087 2007 7/27/2022 (1) SYLMAR TOWNE CENTER (California) 18,522 24,637 3,420 18,522 28,057 46,579 5,567 1973 8/2/2017 (1) THE AVENUE AT WHITE MARSH (Maryland) 20,682 72,432 40,410 20,685 112,839 133,524 53,760 1997 3/8/2007 (1) THE GROVE AT SHREWSBURY (New Jersey) 43,266 18,016 103,115 10,581 18,021 113,691 131,712 35,803 1988/1993/ 2007 1/1/2014 & 10/6/14 (1) THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) 4,441 12,849 2,227 4,441 15,076 19,517 7,936 2005 - 2006 3/8/2007 (1) THIRD STREET PROMENADE (California) 17,161 12,051 51,169 19,642 60,739 80,381 36,598 1888-2000 1996-2000 (1) TOWER SHOPPNG CENTER (Virginia) 7,170 10,518 8,565 7,280 18,973 26,253 11,679 1953-1960 8/24/1998 (1) TOWER SHOPS (Florida) 29,940 43,390 31,962 29,962 75,330 105,292 30,876 1989, 2017 1/19/11 & 6/13/14 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total TROY HILLS (New Jersey) 3,126 5,193 33,050 5,865 35,504 41,369 26,645 1966 7/23/1980 (1) TWINBROOKE SHOPPING CENTRE (Virginia) 16,484 18,898 755 16,484 19,653 36,137 1,764 1977 9/2/2021 (1) TYSON'S STATION (Virginia) 388 453 6,323 493 6,671 7,164 4,383 1954 1/17/1978 (1) VILLAGE AT SHIRLINGTON (Virginia) 9,761 14,808 48,905 6,323 67,151 73,474 37,988 1940, 2006-2009 12/21/1995 (1) WESTGATE CENTER (California) 6,319 107,284 43,876 6,319 151,160 157,479 83,068 1960-1966 3/31/2004 (1) WESTPOST (Virginia) — 2,955 109,946 — 112,901 112,901 63,606 1999 - 2002 1998 & 11/22/10 (1) WHITE MARSH PLAZA (Maryland) 3,478 21,413 2,170 3,514 23,547 27,061 12,580 1987 3/8/2007 (1) WHITE MARSH OTHER (Maryland) 27,720 — 213 27,750 183 27,933 56 1985 3/8/2007 (1) WILDWOOD (Maryland) 9,111 1,061 18,370 9,111 19,431 28,542 11,661 1958 5/5/1969 (1) WILLOW GROVE (Pennsylvania) 1,499 6,643 41,838 1,499 48,481 49,980 23,360 1953 11/20/1984 (1) WILLOW LAWN (Virginia) 3,192 7,723 97,749 7,790 100,874 108,664 72,875 1957 12/5/1983 (1) WYNNEWOOD (Pennsylvania) 8,055 13,759 22,569 8,055 36,328 44,383 29,048 1948 10/29/1996 (1) TOTALS $ 516,936 $ 1,730,629 $ 3,164,741 $ 5,650,817 $ 1,726,021 $ 8,820,166 $ 10,546,187 $ 2,963,519 (1) Depreciation of building and improvements is calculated based on useful lives ranging from the life of the lease to 50 years. Balance, December 31, 2020 $ 8,582,870 Additions during period Acquisitions 519,350 Improvements 424,521 Deduction during period—dispositions and retirements of property (104,679) Balance, December 31, 2021 9,422,062 Additions during period Acquisitions 445,319 Improvements 399,623 Deductions during period Dispositions and retirements of property (107,682) Deconsolidation of VIE (54,823) Balance, December 31, 2022 10,104,499 Additions during period Improvements 287,286 Reconsolidation of VIE 135,017 Acquisitions 74,723 Deduction during period—dispositions and retirements of property (55,338) Balance, December 31, 2023 (1) $ 10,546,187 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $9.4 billion as of December 31, 2023. FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2023 Reconciliation of Accumulated Depreciation and Amortization (In thousands) Balance, December 31, 2020 $ 2,357,692 Additions during period—depreciation and amortization expense 246,338 Deductions during period -dispositions and retirements of property (72,935) Balance, December 31, 2021 2,531,095 Additions during period—depreciation and amortization expense 266,877 Deductions during period Dispositions and retirements of property (59,066) Deconsolidation of VIE (23,089) Balance, December 31, 2022 2,715,817 Additions during period Depreciation and amortization expense 282,896 Reconsolidation of VIE 2,869 Deductions during period -dispositions and retirements of property (38,063) Balance, December 31, 2023 $ 2,963,519

Schedule III Part II - Summary

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Summary of Real Estate and Accumulated Depreciation	FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total 29TH PLACE (Virginia) $ 10,211 $ 18,863 $ 11,795 $ 10,195 $ 30,674 $ 40,869 $ 17,699 1975 - 2001 5/30/2007 (1) ANDORRA (Pennsylvania) 2,432 12,346 19,203 2,432 31,549 33,981 23,774 1953 1/12/1988 (1) ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) 93,252 34,196 1,001,514 69,421 1,059,541 1,128,962 166,961 2005, 2012-2023 2005-2013 (1) AZALEA (California) 39,902 40,219 67,117 2,016 40,219 69,133 109,352 15,771 2014 8/2/2017 (1) BALA CYNWYD (Pennsylvania) 3,565 14,466 58,798 2,683 74,146 76,829 33,085 1955/2020 9/22/1993 (1) BARCROFT PLAZA (Virginia) 12,617 29,603 9,299 12,617 38,902 51,519 10,202 1963, 1972, 1990, & 2000 1/13/16 & 11/7/16 (1) BARRACKS ROAD (Virginia) 4,363 16,459 54,834 4,363 71,293 75,656 52,383 1958 12/31/1985 (1) BELL GARDENS (California) 11,386 24,406 85,947 8,906 24,406 94,853 119,259 27,185 1990, 2003, 2006 8/2/17 & 11/29/18 (1) BETHESDA ROW (Maryland) 199,151 46,579 35,406 183,832 44,350 221,467 265,817 110,714 1945-2008 12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10 (1) BIRCH & BROAD (Virginia) 1,798 1,270 23,021 1,819 24,270 26,089 11,743 1960/1962 9/30/67 & 10/05/72 (1) BRICK PLAZA (New Jersey) — 24,715 82,586 4,385 102,916 107,301 68,415 1958 12/28/1989 (1) BRISTOL PLAZA (Connecticut) 3,856 15,959 17,177 3,856 33,136 36,992 23,331 1959 9/22/1995 (1) BROOK 35 (New Jersey) 11,386 7,128 38,355 5,993 7,128 44,348 51,476 13,704 1986/2004 1/1/2014 (1) CAMELBACK COLONNADE (Arizona) 52,658 126,646 1,230 52,658 127,876 180,534 11,743 1977/2019 6/14/2021 (1) CAMPUS PLAZA (Massachusetts) 16,710 13,412 1,010 16,710 14,422 31,132 4,284 1970 1/13/2016 (1) CHELSEA COMMONS (Massachusetts) 3,894 8,689 19,466 9,951 8,669 29,437 38,106 11,045 1962/1969/ 8/25/06, 1/30/07, & 7/16/08 (1) CHESTERBROOK (Virginia) 13,042 24,725 8,566 13,042 33,291 46,333 2,436 1967/1991 4/30/21 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total COCOWALK (Florida) 32,513 71,536 100,055 48,943 155,161 204,104 28,093 1990/1994, 1922-1973, 2018-2021 5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17 (1) COLORADO BLVD (California) 2,415 3,964 7,604 2,415 11,568 13,983 10,299 1905-1988 8/14/98 (1) CONGRESSIONAL PLAZA (Maryland) 2,793 7,424 99,752 2,793 107,176 109,969 70,269 1965/2003/ 4/1/1965 (1) COURTHOUSE CENTER (Maryland) 1,750 1,869 3,717 1,750 5,586 7,336 3,775 1975 12/17/1997 (1) CROSSROADS (Illinois) 4,635 11,611 20,464 4,635 32,075 36,710 24,647 1959 7/19/1993 (1) CROW CANYON COMMONS (California) 27,245 54,575 10,416 27,245 64,991 92,236 34,787 Late 1970's/ 12/29/05 & 2/28/07 (1) DARIEN COMMONS (Connecticut) 30,368 19,523 99,046 30,368 118,569 148,937 7,299 1920-2009/2022-2023 4/3/13 & 7/20/18 (1) DEDHAM PLAZA (Massachusetts) 16,354 13,413 22,389 16,354 35,802 52,156 21,373 1959 12/31/93, 12/14/16, 1/29/19, & 3/12/19 (1) DEL MAR VILLAGE (Florida) 15,624 41,712 18,446 15,587 60,195 75,782 32,157 1982/1994/ 2007 5/30/08, 7/11/08, & 10/14/14 (1) EAST BAY BRIDGE (California) 29,069 138,035 12,975 29,069 151,010 180,079 56,523 1994-2001, 2011/2012 12/21/2012 (1) ELLISBURG (New Jersey) 4,028 11,309 23,327 4,013 34,651 38,664 24,486 1959 10/16/1992 (1) ESCONDIDO PROMENADE (California) 29,281 105,736 182 29,281 105,918 135,199 5,809 1987 5/26/2023 (1) FAIRFAX JUNCTION (Virgina) 16,768 23,825 5,648 16,768 29,473 46,241 5,174 1981/1986/ 2000 2/8/19 & 1/10/20 (1) FEDERAL PLAZA (Maryland) 10,216 17,895 45,417 10,216 63,312 73,528 53,555 1970 6/29/1989 (1) FINLEY SQUARE (Illinois) 9,252 9,544 20,918 9,252 30,462 39,714 24,206 1974 4/27/1995 (1) FLOURTOWN (Pennsylvania) 1,345 3,943 14,365 1,507 18,146 19,653 8,780 1957 4/25/1980 (1) FOURTH STREET (California) 13,978 9,909 3,995 13,978 13,904 27,882 4,572 1948,1975 5/19/2017 (1) FREEDOM PLAZA (California) — 3,255 40,950 — 44,205 44,205 4,262 2018-2020 6/15/2018 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total FRESH MEADOWS (New York) 24,625 25,255 46,717 24,633 71,964 96,597 51,580 1946-1949 12/5/1997 (1) FRIENDSHIP CENTER (District of Columbia) 12,696 20,803 3,757 12,696 24,560 37,256 14,997 1998 9/21/2001 (1) GAITHERSBURG SQUARE (Maryland) 7,701 5,271 26,720 5,973 33,719 39,692 21,815 1966 4/22/1993 (1) GARDEN MARKET (Illinois) 2,677 4,829 8,580 2,677 13,409 16,086 10,515 1958 7/28/1994 (1) GEORGETOWNE SHOPPING CENTER (New York) 32,202 49,586 4,766 32,202 54,352 86,554 7,562 1969/2006/ 2015 11/15/19 (1) GOVERNOR PLAZA (Maryland) 2,068 4,905 28,024 2,068 32,929 34,997 23,482 1963 10/1/1985 (1) GRAHAM PARK PLAZA (Virginia) 642 7,629 19,114 653 26,732 27,385 19,363 1971 7/21/1983 (1) GRATIOT PLAZA (Michigan) 525 1,601 17,836 525 19,437 19,962 18,005 1964 3/29/1973 (1) GREENLAWN PLAZA (New York) 10,590 20,869 2,376 10,917 22,918 33,835 6,543 1975/2004 1/13/2016 (1) GREENWICH AVENUE (Connecticut) 7,484 5,445 10,819 7,484 16,264 23,748 7,513 1968 4/12/1995 (1) GROSSMONT CENTER (California) 125,434 50,311 1,194 125,434 51,505 176,939 9,032 1961, 1963, 1982-1983, 2002 6/1/2021 (1) HASTINGS RANCH PLAZA (California) 2,257 22,393 1,071 2,257 23,464 25,721 5,442 1958, 1984, 2006, 2007 2/1/2017 (1) HAUPPAUGE (New York) 8,791 15,262 15,278 8,519 30,812 39,331 16,713 1963 8/6/1998 (1) HILTON VILLAGE (Arizona) — 85,431 988 — 86,419 86,419 6,030 1982/1989 6/14/21 & 7/18/22 (1) HOBOKEN (New Jersey) 83,245 56,866 167,835 3,580 56,872 171,409 228,281 22,079 1887-2006 9/18/19, 11/26/19, 12/19/19, 2/12/20, & 11/18/22 (1) HOLLYWOOD BLVD (California) 8,300 16,920 36,825 8,370 53,675 62,045 24,913 1929/1991 3/22/99 & 6/18/99 (1) HUNTINGTON (New York) 12,194 16,008 77,609 12,294 93,517 105,811 19,214 1962/2022-2023 12/12/88, 10/26/07, & 11/24/15 (1) HUNTINGTON SQUARE (New York) 12,026 33,509 5,142 12,537 38,140 50,677 7,230 1980/2004- 2007/2019 8/16/2010 & 1/31/2023 (1) IDYLWOOD PLAZA (Virginia) 4,308 10,026 3,761 4,308 13,787 18,095 11,137 1991 4/15/1994 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total KINGS COURT (California) — 10,714 901 — 11,615 11,615 11,361 1960 8/24/1998 (1) KINGSTOWNE TOWNE CENTER (Virginia) 72,234 137,466 1,523 72,234 138,989 211,223 8,021 1996/2001/ 2006 4/20/22 & 7/27/22 (1) LANCASTER (Pennsylvania) — 2,103 6,693 432 8,364 8,796 6,705 1958 4/24/1980 (1) LANGHORNE SQUARE (Pennsylvania) 720 2,974 21,264 720 24,238 24,958 19,250 1966 1/31/1985 (1) LAUREL (Maryland) 7,458 22,525 31,628 7,551 54,060 61,611 45,960 1956 8/15/1986 (1) LAWRENCE PARK (Pennsylvania) 6,150 8,491 50,304 6,161 58,784 64,945 27,813 1972 7/23/1980 & 4/3/17 (1) LINDEN SQUARE (Massachusetts) 79,382 19,247 59,687 79,346 78,970 158,316 36,551 1960-2008 8/24/2006 (1) MELVILLE MALL (New York) 35,622 32,882 36,638 35,622 69,520 105,142 27,995 1974 10/16/2006 (1) MERCER ON ONE (FORMERLY KNOWN AS MERCER MALL) (New Jersey) 19,152 44,384 52,891 19,102 97,325 116,427 43,920 1975 10/14/03, 1/31/17, & 10/12/2023 (1) MONTROSE CROSSING (Maryland) 48,624 91,819 32,056 48,624 123,875 172,499 48,448 1960s, 1970s, 1996 & 2011 12/27/11 & 12/19/13 (1) MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia) 15,769 33,501 46,133 15,851 79,552 95,403 50,467 1966/1972/ 1987/2001 3/31/03, 3/21/03, 1/27/06 & 1/4/21 (1) NORTH DARTMOUTH (Massachusetts) 9,366 — 3 9,366 3 9,369 2 2004 8/24/2006 (1) NORTHEAST (Pennsylvania) 938 8,779 25,941 939 34,719 35,658 23,769 1959 8/30/1983 (1) OLD KEENE MILL (Virginia) 638 998 13,047 638 14,045 14,683 7,614 1968 6/15/1976 (1) OLD TOWN CENTER (California) 3,420 2,765 37,064 3,420 39,829 43,249 26,408 1962, 1997-1998 10/22/1997 (1) OLIVO AT MISSION HILLS (California) 15,048 46,732 21,130 15,048 67,862 82,910 10,589 2017-2018 8/2/2017 (1) PAN AM (Virginia) 8,694 12,929 10,707 8,695 23,635 32,330 18,863 1979 2/5/1993 (1) PERRING PLAZA (Maryland) 2,800 6,461 28,432 2,800 34,893 37,693 25,530 1963 10/1/1985 (1) PIKE & ROSE (Maryland) 31,471 10,335 820,583 33,716 828,673 862,389 124,714 1963, 2012-2023 5/18/82, 10/26/07, & 7/31/12 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total PIKE 7 PLAZA (Virginia) 14,970 22,799 18,105 14,914 40,960 55,874 23,250 1968 3/31/97 & 7/8/15 (1) PLAZA DEL MERCADO (Maryland) 10,305 21,553 14,913 10,305 36,466 46,771 11,427 1969 1/13/2016 (1) PLAZA DEL SOL (California) 5,605 12,331 (19) 5,605 12,312 17,917 2,595 2009 8/2/2017 (1) PLAZA EL SEGUNDO/THE POINT (California) 124,706 62,127 153,556 93,766 64,463 244,986 309,449 83,364 2006/2007/ 2016 12/30/11, 6/14/13, 7/26/13, & 12/27/13 (1) QUEEN ANNE PLAZA (Massachusetts) 3,319 8,457 7,886 3,319 16,343 19,662 12,380 1967 12/23/1994 (1) QUINCE ORCHARD (Maryland) 3,197 7,949 29,972 2,928 38,190 41,118 27,989 1975 4/22/1993 (1) RIVERPOINT CENTER (Illinois) 15,422 104,572 2,603 15,422 107,175 122,597 23,045 1989, 2012 3/31/2017 (1) SAN ANTONIO CENTER (California) 26,400 18,462 7,232 26,400 25,694 52,094 7,252 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015, 9/13/19 (1) SANTANA ROW (California) 66,682 7,502 1,241,432 57,592 1,258,024 1,315,616 323,191 1999-2006, 2009, 2011, 2014, 2016-2023 3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13 (1) SHOPS AT PEMBROKE GARDENS (Florida) 39,506 141,356 650 39,506 142,006 181,512 8,087 2007 7/27/2022 (1) SYLMAR TOWNE CENTER (California) 18,522 24,637 3,420 18,522 28,057 46,579 5,567 1973 8/2/2017 (1) THE AVENUE AT WHITE MARSH (Maryland) 20,682 72,432 40,410 20,685 112,839 133,524 53,760 1997 3/8/2007 (1) THE GROVE AT SHREWSBURY (New Jersey) 43,266 18,016 103,115 10,581 18,021 113,691 131,712 35,803 1988/1993/ 2007 1/1/2014 & 10/6/14 (1) THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) 4,441 12,849 2,227 4,441 15,076 19,517 7,936 2005 - 2006 3/8/2007 (1) THIRD STREET PROMENADE (California) 17,161 12,051 51,169 19,642 60,739 80,381 36,598 1888-2000 1996-2000 (1) TOWER SHOPPNG CENTER (Virginia) 7,170 10,518 8,565 7,280 18,973 26,253 11,679 1953-1960 8/24/1998 (1) TOWER SHOPS (Florida) 29,940 43,390 31,962 29,962 75,330 105,292 30,876 1989, 2017 1/19/11 & 6/13/14 (1) FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total TROY HILLS (New Jersey) 3,126 5,193 33,050 5,865 35,504 41,369 26,645 1966 7/23/1980 (1) TWINBROOKE SHOPPING CENTRE (Virginia) 16,484 18,898 755 16,484 19,653 36,137 1,764 1977 9/2/2021 (1) TYSON'S STATION (Virginia) 388 453 6,323 493 6,671 7,164 4,383 1954 1/17/1978 (1) VILLAGE AT SHIRLINGTON (Virginia) 9,761 14,808 48,905 6,323 67,151 73,474 37,988 1940, 2006-2009 12/21/1995 (1) WESTGATE CENTER (California) 6,319 107,284 43,876 6,319 151,160 157,479 83,068 1960-1966 3/31/2004 (1) WESTPOST (Virginia) — 2,955 109,946 — 112,901 112,901 63,606 1999 - 2002 1998 & 11/22/10 (1) WHITE MARSH PLAZA (Maryland) 3,478 21,413 2,170 3,514 23,547 27,061 12,580 1987 3/8/2007 (1) WHITE MARSH OTHER (Maryland) 27,720 — 213 27,750 183 27,933 56 1985 3/8/2007 (1) WILDWOOD (Maryland) 9,111 1,061 18,370 9,111 19,431 28,542 11,661 1958 5/5/1969 (1) WILLOW GROVE (Pennsylvania) 1,499 6,643 41,838 1,499 48,481 49,980 23,360 1953 11/20/1984 (1) WILLOW LAWN (Virginia) 3,192 7,723 97,749 7,790 100,874 108,664 72,875 1957 12/5/1983 (1) WYNNEWOOD (Pennsylvania) 8,055 13,759 22,569 8,055 36,328 44,383 29,048 1948 10/29/1996 (1) TOTALS $ 516,936 $ 1,730,629 $ 3,164,741 $ 5,650,817 $ 1,726,021 $ 8,820,166 $ 10,546,187 $ 2,963,519 (1) Depreciation of building and improvements is calculated based on useful lives ranging from the life of the lease to 50 years. Balance, December 31, 2020 $ 8,582,870 Additions during period Acquisitions 519,350 Improvements 424,521 Deduction during period—dispositions and retirements of property (104,679) Balance, December 31, 2021 9,422,062 Additions during period Acquisitions 445,319 Improvements 399,623 Deductions during period Dispositions and retirements of property (107,682) Deconsolidation of VIE (54,823) Balance, December 31, 2022 10,104,499 Additions during period Improvements 287,286 Reconsolidation of VIE 135,017 Acquisitions 74,723 Deduction during period—dispositions and retirements of property (55,338) Balance, December 31, 2023 (1) $ 10,546,187 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $9.4 billion as of December 31, 2023. FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2023 Reconciliation of Accumulated Depreciation and Amortization (In thousands) Balance, December 31, 2020 $ 2,357,692 Additions during period—depreciation and amortization expense 246,338 Deductions during period -dispositions and retirements of property (72,935) Balance, December 31, 2021 2,531,095 Additions during period—depreciation and amortization expense 266,877 Deductions during period Dispositions and retirements of property (59,066) Deconsolidation of VIE (23,089) Balance, December 31, 2022 2,715,817 Additions during period Depreciation and amortization expense 282,896 Reconsolidation of VIE 2,869 Deductions during period -dispositions and retirements of property (38,063) Balance, December 31, 2023 $ 2,963,519

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
Schedule IV - Mortgage Loans on Real Estate	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2023 (Dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Description of Lien Interest Rate Maturity Date Periodic Payment Prior Face Amount Carrying Principal Second mortgage on a retail shopping center in Rockville, MD 11.5% February 2026 Interest only monthly; $ 58,750 (2) $ 5,075 $ 4,696 $ — Second mortgage on a retail shopping center in Rockville, MD 10.75% February 2026 Interest only monthly; 58,750 (2) 4,500 4,500 — Second mortgage on a retail shopping center in Baltimore, MD 7.0% October 2031 Principal and interest monthly; balloon payment due at maturity 4,990 (3) 503 — — $ 63,740 $ 10,078 $ 9,196 $ — _____________________ (1) The amounts are net of any expected losses in accordance with ASU 2016-13. See note 2 to the consolidated financial statements. For Federal tax purposes, the aggregate tax basis is approximately $10.1 million as of December 31, 2023. (2) These mortgages are both subordinate to a first mortgage of $58.8 million in total. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2023 is estimated. (3) This mortgage is subordinate to a first mortgage of $5.0 million. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2023 is estimated. FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - CONTINUED Three Years Ended December 31, 2023 Reconciliation of Carrying Amount (In thousands) Balance, December 31, 2020 $ 39,892 Additions during period: Issuance of loans 600 Deductions during period: Collection and satisfaction of loans (30,339) Valuation adjustments (610) Balance, December 31, 2021 9,543 Deductions during period: Valuation adjustments (44) Collection and satisfaction of loans (43) Balance, December 31, 2022 9,456 Deductions during period: Valuation adjustments (213) Collection and satisfaction of loans (47) Balance, December 31, 2023 $ 9,196

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
Summary Of Significant Accounting Policies (Policy)	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation As discussed in the Explanatory Note, we have combined the Annual Reports on Form 10-K of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to the primary beneficiary of a variable interest entity (“VIE”). The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent, and through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Many of our leases contain tenant options that enable the tenant to extend the term of the lease at expiration at pre-established rental rates that often include fixed rent increases, consumer price index adjustments or other market rate adjustments from the prior base rent. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees are generally recognized on the termination date if the tenant has relinquished control of the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Lease concessions are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract. In April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of December 31, 2023, we have collected approximately $40 million out of a total of $48 million from executed rent deferral agreements related to the COVID-19 pandemic. As of December 31, 2023, we had rent abatement agreements related to the COVID-19 pandemic, impacting rents in 2023, 2022, and 2021 of less than $1 million, $4 million, and $26 million, respectively. When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. If leases currently classified as not probable are subsequently changed to probable, any lease receivables (including straight-line rent receivables) are re-instated with a corresponding increase to rental income. For the year ended December 31, 2023, our collectibility related adjustments resulted in a decrease to rental income of $0.4 million, an increase to rental income of $4.1 million for the year ended December 31, 2022, and a decrease to rental income of $24.0 million during the year ended December 31, 2021. This includes not only the impact of current period rent collections for leases classified as not probable but also collections of prior period rents for those tenants, changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements directly related to COVID-19. As of December 31, 2023 and 2022, the revenue from approximately 28% and 31% of our tenants (based on total commercial leases), respectively, is being recognized on a cash basis. As of December 31, 2023 and 2022, our straight-line rent receivables balance was $138.4 million and $126.6 million, respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet. Other revenue recognition policies Sales of real estate are recognized upon the transfer of control, which usually occurs when the real estate is legally sold. When we enter into a transaction to sell a property or a portion of a property, we evaluate the recognition of the sale under ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets." In accordance with ASC 610-20, we apply the guidance in ASC 606, "Revenue from Contracts with Customers," to determine whether and when control transfers and how to measure the associated gain or loss. We determine the transaction price based on the consideration we expect to receive. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of a gain recognized will not occur. We analyze the risk of a significant gain reversal and if necessary limit the amount of
Real Estate	Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2023, 2022 and 2021, real estate depreciation expense was $282.0 million, $265.7 million and $245.1 million, respectively, including amounts from real estate sold. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and/or appraised values. When we acquire operating real estate properties, the purchase price is allocated to land, building, improvements, leasing costs, intangibles such as acquired leases, assumed debt, if any, and to current assets acquired and current liabilities assumed, if any. The value allocated to acquired leases is amortized over the related lease term and reflected as rental income in the consolidated statements of comprehensive income. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of acquired lease value when we consider these to be bargain renewal options. If the value of below market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any acquired lease value is written off to rental income. Transaction costs related to asset acquisitions, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are capitalized as part of the acquisition cost. The acquisition of an operating shopping center typically qualifies as an asset acquisition. We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved, are capitalized. Additionally, we capitalize interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine the development or redevelopment is no longer probable of completion, we expense all capitalized costs which are not recoverable.
Long Lived Assets and Impairment	Long-Lived Assets and Impairment There are estimates and assumptions made by management in preparing the consolidated financial statements for which the actual results will be determined over long periods of time. This includes the recoverability of long-lived assets, including our properties that have been acquired or redeveloped and our investment in certain joint ventures. Management’s evaluation of impairment includes review for possible indicators of impairment as well as, in certain circumstances, undiscounted and discounted cash flow analysis. Since most of our investments in real estate are wholly-owned or controlled assets which are held for use, a property with impairment indicators is first tested for impairment by comparing the undiscounted cash flows, including residual value, to the current net book value of the property. If the undiscounted cash flows are less than the net book value, the property is written down to expected fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Because our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income, because recording an impairment charge results in a negative adjustment to net income.
Cash and Cash Equivalents	Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2023, we had $257.2 million in excess of the FDIC insured limit.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are incremental direct costs incurred which were essential to originate a successful leasing arrangement and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the initial life of the related lease which generally ranges from three
Debt Issuance Costs	Debt Issuance Costs Costs related to the issuance of debt instruments are deferred and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Debt issuance costs related to our revolving credit facility are classified as an asset and are included in "prepaid expenses and other assets" in our consolidated balance sheets. All other debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability.
Derivative Instruments	Derivative Instruments We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. Interest rate swaps associated with cash flow hedges are recorded at fair value on a recurring basis. Effectiveness of cash flow hedges is assessed both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recorded in other comprehensive income (loss) which is included in accumulated other comprehensive income (loss) on the balance sheet and statement of shareholders' equity. Cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and SOFR rate. In addition, the default risk of the counterparty is evaluated by monitoring the credit worthiness of the counterparty which includes reviewing debt ratings and financial performance. If a cash flow hedge is deemed ineffective, the ineffective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recognized in earnings in the period affected. At December 31, 2023, we have two interest rate swap agreements that effectively fix the interest rate on a mortgage payable associated with our Hoboken property at 3.67%, and three interest rate swap agreements that effectively fix the interest rate on a mortgage payable secured by our Bethesda Row property at a weighted average interest rate of 5.03% through the initial maturity date. As of December 31, 2023, our Assembly Row hotel joint venture is a party to two interest rate swap agreements that effectively fix the interest rate on 100% of the joint venture's mortgage debt through May 2025 at 6.39%, and 50% of its outstanding debt from June 2025 through May 2028 at 6.03%. All swaps were designated and qualify as cash flow hedges. Hedge ineffectiveness has not impacted earnings in 2023, 2022 and 2021.
Mortgage Notes Receivable	Mortgage Notes Receivable We have invested in certain mortgage loans that, because of their nature, qualify as loan receivables. At the time of investment, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. Mortgage notes receivable are recorded at cost, net of any valuation adjustments. We account for mortgage notes receivable using the "expected credit loss" model, and accordingly impairment losses are estimated and recorded for the entire life of the loan. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable and update our expected credit loss model based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the mortgage note receivable to the present value of expected future cash flows. As our loans are collateralized by mortgages, these loans have risk characteristics similar to the risks in owning commercial real estate.
Share Based Compensation	Share Based Compensation We grant share based compensation awards to employees and trustees typically in the form of restricted common shares, common shares, and options. We measure share based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 12 to the consolidated financial statements for further discussion regarding our share based compensation plans and policies.
Variable Interest Entities	Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Our equity method investments in the Assembly Row hotel joint venture, the La Alameda shopping center, the Chandler Festival and Chandler Gateway shopping centers, and our mortgage notes receivable are considered variable interests in a VIE (see Note 3 to the consolidated financial statements for additional information on the Chandler Festival and Chandler Gateway shopping centers). As we do not control the activities that most significantly impact the economic performance of our equity method joint ventures or the borrower entities related to our mortgage notes receivable, we are not the primary beneficiary and do not consolidate. As of December 31, 2023 and 2022, our investment in the equity method joint ventures and maximum exposure to loss was $30.9 million and $34.0 million, respectively. As of December 31, 2023 and 2022, our investment in mortgage notes receivable and maximum exposure to loss was $9.2 million and $9.5 million, respectively. As of December 31, 2022, we had a 77.7% tenancy in common ("TIC") interest in Escondido Promenade which was recorded as an equity method investment and included in investments in partnerships" on our December 31, 2022 consolidated balance sheets. Our TIC interest in Escondido Promenade was not considered a variable interest in a VIE, and we subsequently purchased our co-owners interest on May 26, 2023, at which point we consolidated the property. See Note 3 to the consolidated financial statements for additional information. In addition, we have 19 entities that meet the criteria of a VIE in which we hold a variable interest. For each of these entities, we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. Net real estate assets related to VIEs included in our consolidated balance sheets were approximately $1.6 billion as of both December 31, 2023 and 2022, and mortgages related to VIEs included in our consolidated balance sheets were approximately $189.3 million and $191.8 million, as of December 31, 2023 and 2022, respectively.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity. We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date. Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity. These amounts are classified within the mezzanine section of the consolidated balance sheets. The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2023 2022 (In thousands) Beginning balance $ 178,370 $ 213,708 Net income 7,253 6,613 Contributions — 2,111 Other comprehensive (loss) income - change in value of interest rate swaps (119) 765 Distributions & redemptions (9,541) (32,445) Change in redemption value 7,400 (12,382) Ending balance $ 183,363 $ 178,370 On July 13, 2022, we acquired the 21.8% redeemable noncontrolling interest in the partnership that owns our Plaza El Segundo shopping center for $23.6 million, bringing our ownership interest to 100%.
Leases	Leases
Income Taxes	Income Taxes We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material. We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS. In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). A TRS is subject to federal and state income taxes. Our TRS activities have not been material. With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2019. As of December 31, 2023 and 2022, we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense.
Segment Information	Segment Information Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. We evaluate financial performance using property operating income, which consists of rental income, and mortgage interest income, less rental expenses and real estate taxes. No individual commercial or residential property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America. Therefore, we have aggregated our properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes.
Forward Equity Sales Policy	Forward Equity Sales Our at-the-market (“ATM”) equity program allows shares to be sold through forward sales contracts. Our forward sales contracts currently meet all the conditions for equity classification; and therefore, we record common stock on the settlement date at the purchase price contemplated by the contract. Furthermore, we consider the potential dilution resulting from forward sales contracts in our earnings per share calculations. We use the treasury stock method to determine the dilution, if any, from the forward sales contracts during the period of time prior to settlement. See Note 8 to the consolidated financial statements for details of our forward sales transactions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Standard Description Effect on the financial statements or significant matters Adopted during 2023: Reference Rate Reform (Topic 848) and related update: ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) ASU 2022-06 , December 2022, Deferral of the Sunset Date This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. ASU 2022-06 extended the period for which this guidance can be immediately applied through December 31, 2024. During the second quarter of 2023, the LIBOR based mortgage loan related to our unconsolidated Assembly Row hotel investment was refinanced. The resulting new mortgage loan and related swaps are SOFR based. The mortgage loan at Hoboken and related interest rate swaps were transitioned from LIBOR to SOFR effective July 1, 2023. Consequently, we applied the related practical expedients to the hedging relationship for the Hoboken loan and continue to apply hedge accounting. The critical terms of the loan and interest rate swaps continue to match subsequent to the transition from LIBOR to SOFR and the transition did not have a significant impact to our financial results, financial position, or cash flows. 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 segments'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 period beginning after December 15, 2024. Early adoption is permitted. While we are still assessing this ASU, we anticipate providing the disclosures required by ASC 280 for our single reportable segment. Standard Description Effect on the financial statements or significant matters ASU 2023-06, October 2023, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standard Codification (the "Codification"). The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will be removed from the Codification and will not be effective. We do not expect this ASU to have a material impact on our consolidated financial statements. 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 withing those fiscal years. Early adoption is permitted. We do not expect this ASU to have an impact on our consolidated financial statements. Issued in 2022: ASU 2022-03, June 2022, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820) This ASU clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, and requires specific disclosures for all entities with equity securities subject to a contractual sale restriction including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. In addition, the ASU prohibits an entity from recognizing a contractual sale as a separate unit of account. This guidance is effective in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. We do not expect this ASU to have an impact on our consolidated financial statements. We will continue to assess the impact of this ASU on OP units issued as consideration in future acquisitions.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
Summary Of Significant Accounting Policies (Tables)	Dec. 31, 2023
Accounting Policies [Abstract]
Rollforward table of the redeemable noncontrolling interest	The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2023 2022 (In thousands) Beginning balance $ 178,370 $ 213,708 Net income 7,253 6,613 Contributions — 2,111 Other comprehensive (loss) income - change in value of interest rate swaps (119) 765 Distributions & redemptions (9,541) (32,445) Change in redemption value 7,400 (12,382) Ending balance $ 183,363 $ 178,370
Schedule of supplemental disclosures related to the Consolidated Statements Of Cash Flows	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Year Ended December 31, 2023 2022 2021 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 190,409 $ 155,659 $ 150,324 Interest capitalized (22,600) (18,670) (22,626) Interest expense $ 167,809 $ 136,989 $ 127,698 Cash paid for interest, net of amounts capitalized $ 158,796 $ 130,912 $ 123,585 Cash paid for income taxes $ 284 $ 624 $ 386 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units redeemed for common shares $ 883 $ 1,385 $ 7,545 Shares issued under dividend reinvestment plan $ 1,704 $ 1,718 $ 1,727 5.417% Series 1 Cumulative Convertible Preferred Shares redeemed for common shares $ — $ 175 $ —
Reconcilition of cash, cash equivalents, and restricted cash	December 31, 2023 2022 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 250,825 $ 85,558 Restricted cash (1) 9,179 10,790 Total cash, cash equivalents, and restricted cash $ 260,004 $ 96,348 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets, and is primarily related to escrow accounts.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
Real Estate (Tables)	Dec. 31, 2023
Real Estate [Abstract]
2022 Property Acquisitions	During the year ended December 31, 2022, we acquired the following properties: Date Acquired Property City/State Gross Leasable Area (GLA) Purchase Price (in square feet) (in millions) April 20, 2022 & Kingstowne Towne Center Kingstowne, Virginia 410,000 $ 200.0 (1) July 18, 2022 Hilton Village (office building) Scottsdale, Arizona 212,000 $ 53.6 (2) July 27, 2022 The Shops at Pembroke Gardens Pembroke Pines, Florida 391,000 $ 180.5 (3) November 18, 2022 Hoboken (301 Washington St.) Hoboken, New Jersey N/A $ 9.0 (4) (1) Approximately $11.3 million and $0.3 million of net assets were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $20.2 million of net assets acquired were allocated to other liabilities for "below market leases." (2) This building is adjacent to, and will be operated as part of our Hilton Village property. The land is controlled under a long-term ground lease that expires on September 30, 2075, for which we have recorded a $6.5 million "operating lease right of use asset" (net of a $0.8 million above market liability) and a $7.3 million "operating lease liability." Approximately $8.9 million of net assets acquired were allocated to other assets for "acquired lease costs" and $0.1 million of net assets acquired were allocated to other liabilities for "below market leases." (3) Approximately $16.3 million and $1.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $18.4 million of net assets acquired were allocated to other liabilities for "below market leases." (4) This property, that we own a 90% ownership interest in, was acquired through our Hoboken joint venture, and is in the beginning stages of redevelopment. On October 6, 2022, we acquired a 47.5% net interest in an unconsolidated joint venture that owns two shopping centers for a combined price of $58.9 million. On the date of acquisition, the properties had combined mortgage debt of $76.1 million, of which, our share is approximately $36.2 million. Approximately $8.0 million and $2.0 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $17.1 million of net assets acquired were allocated to other liabilities for "below market leases." Additional information on the properties is listed below: Property City/State Gross Leasable Area (GLA) Purchase Price (in square feet) (in millions) Chandler Festival Chandler, Arizona 355,000 $ 40.8 Chandler Gateway Chandler, Arizona 262,000 $ 18.1

Acquired In-Place Leases (Table

Acquired In-Place Leases (Tables)	12 Months Ended
Acquired In-Place Leases (Tables)	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The following is a summary of our acquired lease assets and liabilities: December 31, 2023 December 31, 2022 Cost Accumulated Amortization Cost Accumulated Amortization (in thousands) Above market leases, lessor $ 45,726 $ (35,209) $ 45,737 $ (33,892) Below market leases, lessee 28,101 (5,411) 34,604 (5,847) Total $ 73,827 $ (40,620) $ 80,341 $ (39,739) Below market leases, lessor $ (269,268) $ 104,072 $ (267,910) $ 91,989 Above market leases, lessee (11,127) 3,771 (11,127) 3,208 Total $ (280,395) $ 107,843 $ (279,037) $ 95,197
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	The following is a summary of acquired lease amortization: Year Ended December 31, 2023 2022 2021 (in thousands) Amortization of above market leases, lessor $ (3,254) $ (3,437) $ (3,150) Amortization of below market leases, lessor 15,864 14,543 11,897 Net increase in rental income $ 12,610 $ 11,106 $ 8,747 Amortization of below market leases, lessee $ 742 $ 828 $ 828 Amortization of above market leases, lessee (563) (554) (538) Net increase in rental expense $ 179 $ 274 $ 290 The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities: December 31, 2023 Above market leases, lessor 2.8 years Below market leases, lessee 31.0 years Below market leases, lessor 16.9 years Above market leases, lessee 18.1 years
Amortization for acquired in-place leases during the next five years and thereafter	The amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows: Acquired Lease Assets Acquired Lease Liabilities (In thousands) Year ending December 31, 2024 $ 3,478 $ 15,291 2025 2,409 11,860 2026 2,143 11,392 2027 1,849 10,895 2028 1,474 10,105 Thereafter 21,854 113,009 $ 33,207 $ 172,552

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2023
Debt Instruments [Abstract]
Schedule of principal payments on mortgages payable, notes payable, senior notes and debentures	Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2023 are as follows: Mortgages Notes Senior Notes and Total (In thousands) Year ending December 31, 2024 $ 3,262 $ 600,674 (1) $ 600,000 $ 1,203,936 2025 247,630 (2) 490 — 248,120 2026 26,282 144 429,200 455,626 2027 178,282 79 (3) 515,000 693,361 2028 2,511 — 350,000 352,511 Thereafter 61,177 1,000 1,600,000 1,662,177 $ 519,144 $ 602,387 $ 3,494,200 $ 4,615,731 (4) _____________________ (1) Our $600.0 million term loan had an original maturity date of April 16, 2024. On February 6, 2024, we extended the maturity date to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026. (2) Our $200.0 million mortgage loan secured by Bethesda Row matures on December 28, 2025 plus two one-year extensions, at our option to December 28, 2027. (3) Our $1.25 billion revolving credit facility matures on April 5, 2027 plus two six-month extensions, at our option to April 5, 2028. As of December 31, 2023, there was no balance outstanding under this credit facility. (4) The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2023.

Fair Value Of Financial Instr_2

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Summary of carrying amount and fair value of financial instruments	A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: December 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable $ 1,118,881 $ 1,101,479 $ 921,692 $ 895,654 Senior notes and debentures $ 3,480,296 $ 3,201,174 $ 3,407,701 $ 3,048,456
Summary of financial assets/(liabilities) 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: December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 4,668 $ — $ 4,668 $ — $ 6,144 $ — $ 6,144

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Minimum annual payments	We are obligated under operating lease agreements on several shopping centers and one office lease requiring minimum annual payments as follows, as of December 31, 2023: (In thousands) Year ending December 31, 2024 $ 5,819 2025 5,772 2026 5,406 2027 5,042 2028 5,100 Thereafter 194,040 Total future minimum operating lease payments 221,179 Less amount representing interest (145,309) Operating lease liabilities $ 75,870
Finance Lease, Liability, Fiscal Year Maturity	Future minimum lease payments and their present value for properties under finance leases as of December 31, 2023, are as follows: (In thousands) Year ending December 31, 2024 $ 713 2025 713 2026 713 2027 748 2028 801 Thereafter 67,875 Total future minimum finance lease payments 71,563 Less amount representing interest (58,893) Finance lease liabilities $ 12,670

Dividends (Tables)

Dividends (Tables)	12 Months Ended
Dividends (Tables)	Dec. 31, 2023
Dividends [Abstract]
Summary of dividends declared and paid per share	The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2023 2022 2021 Declared Paid Declared Paid Declared Paid Common shares $ 4.340 $ 4.330 $ 4.300 $ 4.290 $ 4.260 $ 4.250 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 (1) Amount represents dividends per depositary share, each representing 1/1000th of a share.
Summary of income tax status of dividends per share paid	A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2023 2022 2021 Common shares Ordinary dividend $ 3.551 $ 3.518 $ 3.358 Capital gain 0.130 0.772 0.680 Return of capital 0.649 — 0.212 $ 4.330 $ 4.290 $ 4.250 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.313 $ 1.110 $ 1.124 Capital gain 0.041 0.244 0.230 $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares Ordinary dividend $ 1.213 $ 1.025 1.038 Capital gain 0.037 0.225 0.212 $ 1.250 $ 1.250 $ 1.250

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
Operating Leases (Tables)	Dec. 31, 2023
Leases [Abstract]
Schedule of minimum future commercial property rentals from noncancelable operating leases	As of December 31, 2023, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales) are as follows: (In thousands) Year ending December 31, 2024 $ 725,458 2025 667,483 2026 601,092 2027 528,854 2028 424,229 Thereafter 1,680,181 $ 4,627,297
LEASE COST	The following table provides additional information on our operating and finance leases where we are the lessee: Year Ended December 31, 2023 2022 2021 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 998 $ 1,251 $ 1,284 Interest on lease liabilities 4,332 5,743 5,828 Operating lease cost 6,232 6,138 5,687 Variable lease cost 348 309 246 Total lease cost $ 11,910 $ 13,441 $ 13,045 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 4,227 $ 5,642 $ 5,723 Operating cash flows for operating leases $ 6,146 $ 5,644 $ 5,288 Financing cash flows for finance leases $ 55,228 $ 50 $ 51 December 31, 2023 2022 Weighted-average remaining term - finance leases 70.6 years 13.9 years Weighted-average remaining term - operating leases 53.6 years 53.3 years Weighted-average discount rate - finance leases 6.5 % 8.1 % Weighted-average discount rate - operating leases 4.8 % 4.8 % ROU assets obtained in exchange for operating lease liabilities $ — $ 6,476

Components of Rental Expense (T

Components of Rental Expense (Tables)	12 Months Ended
Components of Rental Expense (Tables)	Dec. 31, 2023
Components Of Rental Expense [Abstract]
Schedule of principal components of rental expenses	The principal components of rental expenses are as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Repairs and maintenance $ 87,349 $ 90,343 $ 78,028 Utilities 35,109 34,226 27,808 Management fees and costs 30,203 27,416 24,919 Payroll 20,598 19,693 18,341 Insurance 18,273 16,380 14,406 Marketing 7,978 7,814 7,481 Ground rent 5,303 5,092 4,571 Other operating 26,853 27,994 22,567 Total rental expenses $ 231,666 $ 228,958 $ 198,121

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
Share-Based Compensation Plans (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of share-based compensation expense	A summary of share-based compensation expense included in net income is as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Grants of common shares, restricted stock units, and options $ 15,427 $ 15,018 $ 14,434 Capitalized share-based compensation (1,119) (1,314) (1,425) Share-based compensation expense $ 14,308 $ 13,704 $ 13,009
Summary of weighted average assumptions used to value options granted	The following table provides a summary of the assumptions used to value options granted in 2021: Year Ended December 31, 2021 Volatility 29.3 % Expected dividend yield 4.1 % Expected term (in years) 7.5 Risk free interest rate 0.9 %
Summary of option activity	The following table provides a summary of option activity for 2023: Shares Weighted- Weighted- Aggregate (In years) (In thousands) Outstanding at December 31, 2022 1,829 $ 95.77 Granted — — Exercised — — Forfeited or expired — — Outstanding at December 31, 2023 1,829 $ 95.77 7.1 $ 13 Exercisable at December 31, 2023 732 $ 95.77 7.1 $ 5
Summary of restricted share activity	The following table provides a summary of restricted share activity for 2023: Shares Weighted-Average Unvested at December 31, 2022 279,745 $ 114.75 Granted 145,178 109.44 Vested (132,788) 115.25 Forfeited (5,930) 111.75 Unvested at December 31, 2023 286,205 $ 111.89
Summary of restricted stock units activity	There has been no activity in 2023.
Schedule of common shares awarded under various compensation plans	Subsequent to December 31, 2023, common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 2, 2024 6,693 Shares Immediate Trustees February 6, 2024 141,002 Restricted Shares 3-4 years Officers and key employees February 6, 2024 1,190 Options 5 years Officers and key employees

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share	The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive: • exercise of 1,829 stock options in 2023, • conversions of downREIT operating partnership units for 2023 and 2021, • 5.417% Series 1 Cumulative Convertible Preferred Shares and units for 2023, 2022, and 2021, and • the issuance of 1.8 million shares and units issuable under forward sales agreements in 2021. Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the award has not yet been achieved. Federal Realty Investment Trust Earnings per Share Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) NUMERATOR Net income $ 247,217 $ 395,661 $ 269,081 Less: Preferred share dividends (8,032) (8,034) (8,042) Less: Income from operations attributable to noncontrolling interests (10,232) (10,170) (7,583) Less: Earnings allocated to unvested shares (1,286) (1,328) (1,211) Net income available for common shareholders, basic 227,667 376,129 252,245 Add: Income attributable to downREIT operating partnership units — 2,810 — Net income available for common shareholders, diluted $ 227,667 $ 378,939 $ 252,245 DENOMINATOR Weighted average common shares outstanding—basic 81,313 79,854 77,336 Effect of dilutive securities: Open forward contracts for share issuances — — 32 DownREIT operating partnership units — 654 — Weighted average common shares outstanding—diluted 81,313 80,508 77,368 EARNINGS PER COMMON SHARE, BASIC Net income available for common shareholders $ 2.80 $ 4.71 $ 3.26 EARNINGS PER COMMON SHARE, DILUTED Net income available for common shareholders $ 2.80 $ 4.71 $ 3.26 Federal Realty OP LP Trust Earnings per Unit Year Ended December 31, 2023 2022 2021 (In thousands, except per unit data) NUMERATOR Net income $ 247,217 $ 395,661 $ 269,081 Less: Preferred unit distributions (8,032) (8,034) (8,042) Less: Income from operations attributable to noncontrolling interests (10,232) (10,170) (7,583) Less: Earnings allocated to unvested units (1,286) (1,328) (1,211) Net income available for common unit holders, basic 227,667 376,129 252,245 Add: Income attributable to downREIT operating partnership units — 2,810 — Net income available for common unit holders, diluted $ 227,667 $ 378,939 $ 252,245 DENOMINATOR Weighted average common units outstanding—basic 81,313 79,854 77,336 Effect of dilutive securities: Common unit issuances relating to open common forward contracts — — 32 DownREIT operating partnership units — 654 — Weighted average common units outstanding—diluted 81,313 80,508 77,368 EARNINGS PER COMMON UNIT, BASIC Net income available for common unit holders $ 2.80 $ 4.71 $ 3.26 EARNINGS PER COMMON UNIT, DILUTED Net income available for common unit holders $ 2.80 $ 4.71 $ 3.26

Business And Organization (Deta

Business And Organization (Details)	12 Months Ended
Business And Organization (Details)	Dec. 31, 2023 project
Nature of Operations
Number of real estate properties	102
Minimum percentage of taxable income distributed to shareholders	90%
Federal Realty GP LLC
Nature of Operations
Limited liability company ownership interest	100%

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Revenue Recognition and Accounts Receivable) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Deferred rent receivables collected	$ 40
Rent deferral agreements	48
Rent abatement agreements	1	$ 4	$ 26
Collectibility adjustment decrease (increase) to revenue	$ 0.4	$ (4.1)	$ 24
Percentage of tenants with revenue recognized on a cash basis	28%	31%
Straight-line rent receivables	$ 138.4	$ 126.6

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense real estate	$ 282	$ 265.7	$ 245.1
Building and major improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	35 years
Building and major improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Minor improvements, furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minor improvements, furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies (Cash and Cash Equivalents) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Cash in excess of the FDIC insured limit	$ 257.2

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Prepaid Expenses and Other Assets) (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Prepaid expenses and other assets
Capitalized lease costs amortization range	3 years
Maximum
Prepaid expenses and other assets
Capitalized lease costs amortization range	10 years

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies (Derivative Instruments and Mortgage Notes Receivable) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 28, 2023
Derivatives, Fair Value [Line Items]
Number of mortgage receivables	3
Mortgage receivable, net of valuation allowances	$ 9.2
Weighted average interest rate on mortgage note receivables	10.90%
Mortgages Payable
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	5
Mortgages Payable \| Hoboken
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	2
Fixed interest rate of derivative instrument	3.67%
Mortgages Payable \| Bethesda Row
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	3
Fixed interest rate of derivative instrument	5.03%	5.03%
Mortgages Payable \| Assembly Row Hotel
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements	2
Mortgages Payable \| Assembly Row Hotel \| Through May 2025
Derivatives, Fair Value [Line Items]
Fixed interest rate of derivative instrument	6.39%
Percentage of joint venture's outstanding mortgage debt	100%
Mortgages Payable \| Assembly Row Hotel \| June 2025 through May 2028
Derivatives, Fair Value [Line Items]
Fixed interest rate of derivative instrument	6.03%
Percentage of joint venture's outstanding mortgage debt	50%

Summary Of Significant Accoun_9

Summary Of Significant Accounting Policies (Variable Interest Entities) (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 25, 2022
Variable Interest Entity [Line Items]
Maximum exposure to loss in variable interest entity	$ 9,200	$ 9,500
Number of consolidated variable interest entities	19
Net real estate assets of consolidated VIEs	$ 1,600,000	1,600,000
Mortgage Payable From Consolidated Variable Interest Entities	189,286	$ 191,827
Escondido Promenade \| TIC Interest
Variable Interest Entity [Line Items]
Ownership interest		77.70%	77.70%
Unconsolidated variable interest entities \| Equity method joint ventures
Variable Interest Entity [Line Items]
Maximum exposure to loss in variable interest entity	$ 30,900	$ 34,000

Summary Of Significant Accou_10

Summary Of Significant Accounting Policies (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 13, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Rollforward of Redeemable Noncontrolling Interests
Beginning balance		$ 178,370	$ 213,708
Net income		7,253	6,613	$ 4,296
Contributions		0	2,111	74,530
Other comprehensive (loss) income - change in value of interest rate swaps		(119)	765
Distributions & redemptions		(9,541)	(32,445)
Change in redemption value		7,400	(12,382)
Ending balance		$ 183,363	$ 178,370	$ 213,708
Redeemable Noncontrolling Interests \| Plaza El Segundo
Rollforward of Redeemable Noncontrolling Interests
Redeemable noncontrolling interest purchased	21.80%
Payments for repurchase of redeemable noncontrolling interest	$ 23,600
Ownership interest subsequent to redemption	100%

Summary Of Significant Accou_11

Summary Of Significant Accounting Policies Lease Information (Details)	Dec. 31, 2023 properties
Accounting Policies [Abstract]
Number of properties subject to operating leases	11

Summary Of Significant Accou_12

Summary Of Significant Accounting Policies (Income Taxes, Segments, Forward Equity Sales, and Recent Accounting Pronouncements) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) property segment	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Minimum percentage of taxable income distributed to shareholders	90%
Material unrecognized tax benefits \| $	$ 0	$ 0
Number of properties exceeding segment reporting threshold \| property	0
Segment Reporting, Factors Used to Identify Entity's Reportable Segments	10% of our revenues or property operating income
Number of segments \| segment	1

Summary Of Significant Accou_13

Summary Of Significant Accounting Policies (Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Total interest costs incurred	$ 190,409	$ 155,659	$ 150,324
Interest capitalized	(22,600)	(18,670)	(22,626)
Interest expense	167,809	136,989	127,698
Cash paid for interest, net of amounts capitalized	158,796	130,912	123,585
Cash paid for income taxes	284	624	386
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
DownREIT operating partnership units redeemed for common shares	883	1,385	7,545
Shares issued under dividend reinvestment plan	1,704	1,718	1,727
Redemption of Series 1 Preferred Shares for common shares	$ 0	$ 175	$ 0

Summary Of Significant Accou_14

Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 250,825	$ 85,558
Restricted cash	[1]	9,179	10,790
Total cash, cash equivalents, and restricted cash		$ 260,004	$ 96,348	$ 175,163	$ 816,896

[1] Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets, and is primarily related to escrow accounts.

Real Estate (2023 Property Acqu

Real Estate (2023 Property Acquisitions and Dispositions) (Details) $ in Thousands					12 Months Ended
	Oct. 12, 2023 USD ($)	May 26, 2023 USD ($)	Jan. 31, 2023 USD ($) ft²	Aug. 25, 2022	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition and Disposition
Decrease of finance lease liabilities					$ 55,228	$ 50	$ 51
Escondido Promenade \| TIC Interest
Business Acquisition and Disposition
Ownership interest of partner		22.30%		22.30%
Our ownership interest subsequent to acquisition		100%
Other Liabilities \| Escondido Promenade
Business Acquisition and Disposition
Below market leases		$ 1,100
A portion of Huntington Square shopping center
Business Acquisition and Disposition
Square footage of real estate property \| ft²			168,000
Purchase price of real estate acquisition			$ 35,500
Decrease of operating lease right of use assets, net			5,300
A portion of Huntington Square shopping center \| Other Assets \| Acquired lease costs
Business Acquisition and Disposition
Acquired lease costs			4,100
A portion of Huntington Square shopping center \| Other Assets \| Above Market Leases
Business Acquisition and Disposition
Above market leases			$ 1,300
Huntington Square shopping center
Business Acquisition and Disposition
Square footage of real estate property \| ft²			243,000
Escondido Promenade
Business Acquisition and Disposition
Purchase price of real estate acquisition		30,500
Escondido Promenade \| Other Assets \| Acquired lease costs
Business Acquisition and Disposition
Acquired lease costs		1,800
Escondido Promenade \| Other Assets \| Above Market Leases
Business Acquisition and Disposition
Above market leases		$ 200
Mercer on One (formerly Mercer Mall)
Business Acquisition and Disposition
Purchase price of real estate acquisition	$ 55,000
Finance lease right of use assets, net allocated to operating real estate	37,800
Decrease of finance lease liabilities	$ 55,000
One retail property and one portion of a property
Business Acquisition and Disposition
Sales price of real estate					30,400
Gain on sale of real estate					$ 9,700

Real Estate (2022 Property Acqu

Real Estate (2022 Property Acquisitions and Dispositions) (Details) $ in Thousands								3 Months Ended	12 Months Ended
		May 26, 2023 USD ($)	Nov. 18, 2022 USD ($)	Oct. 06, 2022 USD ($) ft²	Aug. 25, 2022 USD ($)	Jul. 27, 2022 USD ($) ft²	Jul. 18, 2022 USD ($) ft²	Jul. 27, 2022 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition and Disposition
Operating lease right of use asset									$ 86,993	$ 94,569
Operating lease liabilities									75,870	77,743
Gain on sale of real estate and change in control of interest									9,881	93,483	$ 89,950
Gain on deconsolidation of VIE									$ 0	$ 70,374	$ 0
Unconsolidated joint venture that owns two shopping centers
Business Acquisition and Disposition
Purchase price of real estate acquisition				$ 58,900
Ownership interest				47.50%
Mortgage loan on unconsolidated real estate property				$ 76,100
Our share of unconsolidated mortgage debt				36,200
Unconsolidated joint venture that owns two shopping centers \| Other Assets \| Acquired lease costs
Business Acquisition and Disposition
Acquired lease costs				8,000
Unconsolidated joint venture that owns two shopping centers \| Other Assets \| Above Market Leases
Business Acquisition and Disposition
Above market leases				2,000
Unconsolidated joint venture that owns two shopping centers \| Other Liabilities
Business Acquisition and Disposition
Below market leases				$ 17,100
Escondido Promenade \| TIC Interest
Business Acquisition and Disposition
Ownership interest					77.70%					77.70%
Ownership interest of partner		22.30%			22.30%
Escondido Promenade \| Other Liabilities
Business Acquisition and Disposition
Below market leases		$ 1,100
Kingstowne Towne Center
Business Acquisition and Disposition
Square footage of real estate property \| ft²						410,000		410,000
Purchase price of real estate acquisition	[1]							$ 200,000
Kingstowne Towne Center \| Other Assets \| Acquired lease costs
Business Acquisition and Disposition
Acquired lease costs								11,300
Kingstowne Towne Center \| Other Assets \| Above Market Leases
Business Acquisition and Disposition
Above market leases								300
Kingstowne Towne Center \| Other Liabilities
Business Acquisition and Disposition
Below market leases								$ 20,200
Hilton Village (office buildig)
Business Acquisition and Disposition
Square footage of real estate property \| ft²							212,000
Purchase price of real estate acquisition	[2]						$ 53,600
Operating lease right of use asset							6,500
Above market liability							800
Operating lease liabilities							7,300
Hilton Village (office buildig) \| Other Assets \| Acquired lease costs
Business Acquisition and Disposition
Acquired lease costs							8,900
Hilton Village (office buildig) \| Other Liabilities
Business Acquisition and Disposition
Below market leases							$ 100
Shops at Pembroke Gardens
Business Acquisition and Disposition
Square footage of real estate property \| ft²						391,000		391,000
Purchase price of real estate acquisition	[3]					$ 180,500
Shops at Pembroke Gardens \| Other Assets \| Acquired lease costs
Business Acquisition and Disposition
Acquired lease costs						16,300
Shops at Pembroke Gardens \| Other Assets \| Above Market Leases
Business Acquisition and Disposition
Above market leases						1,600
Shops at Pembroke Gardens \| Other Liabilities
Business Acquisition and Disposition
Below market leases						$ 18,400
Hoboken (301 Washington St)
Business Acquisition and Disposition
Purchase price of real estate acquisition	[4]		$ 9,000
Ownership %			90%
Chandler Festival
Business Acquisition and Disposition
Square footage of real estate property \| ft²				355,000
Purchase price of real estate acquisition				$ 40,800
Chandler Gateway
Business Acquisition and Disposition
Square footage of real estate property \| ft²				262,000
Purchase price of real estate acquisition				$ 18,100
Two residential properties (one included an adjacent retail pad), one retail property, one parcel of land, and one portion of a property
Business Acquisition and Disposition
Sales price of real estate										$ 136,200
Gain on sale of real estate and change in control of interest										$ 84,100
Escondido Promenade
Business Acquisition and Disposition
Purchase price of real estate acquisition		30,500
Escondido Promenade \| TIC Interest
Business Acquisition and Disposition
Gain on deconsolidation of VIE					$ 70,400
Purchase option agreement price to acquire the TIC interest from our co-owner					1,500
Escondido Promenade \| Other Assets \| Acquired lease costs
Business Acquisition and Disposition
Acquired lease costs		1,800
Escondido Promenade \| Other Assets \| Above Market Leases
Business Acquisition and Disposition
Above market leases		$ 200
Escondido Promenade \| Investment in Partnerships \| TIC Interest
Business Acquisition and Disposition
Fair value of our investment					110,000
Escondido Promenade \| Accounts and notes receivable, net \| TIC Interest
Business Acquisition and Disposition
Loan to co-owner					$ 3,500

[1] Approximately $11.3 million and $0.3 million of net assets were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $20.2 million of net assets acquired were allocated to other liabilities for "below market leases." This building is adjacent to, and will be operated as part of our Hilton Village property. The land is controlled under a long-term ground lease that expires on September 30, 2075, for which we have recorded a $6.5 million "operating lease right of use asset" (net of a $0.8 million above market liability) and a $7.3 million "operating lease liability." Approximately $8.9 million of net assets acquired were allocated to other assets for "acquired lease costs" and $0.1 million of net assets acquired were allocated to other liabilities for "below market leases." Approximately $16.3 million and $1.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $18.4 million of net assets acquired were allocated to other liabilities for "below market leases." This property, that we own a 90% ownership interest in, was acquired through our Hoboken joint venture, and is in the beginning stages of redevelopment.

Acquired In-Place Leases Acqure

Acquired In-Place Leases Acqured Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Total	$ 73,827	$ 80,341
Finite-Lived Intangible Assets, Accumulated Amortization	(40,620)	(39,739)
Finite-Lived Intangible Liabilities, Total	(280,395)	(279,037)
Finite-Lived Intangible Liabilities, Accumulated Amortization	107,843	95,197
Amortization of below market leases, lessor	15,864	14,543	$ 11,897
Net increase in rental income	12,610	11,106	8,747
Amortization of Below Market Lease, Lessee	742	828	828
Net increase in rental expense	179	274	290
Acquired Lease Liabilities
2024	15,291
2025	11,860
2026	11,392
2027	10,895
2028	10,105
Thereafter	113,009
Total future amortization expense from acquired below market leases	172,552
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of above market leases, lessor	(3,254)	(3,437)	(3,150)
Amortization of above market leases, lessee	$ (563)	(554)	$ (538)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years 9 months 18 days
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	16 years 10 months 24 days
Acquired Lease Assets
2024	$ 3,478
2025	2,409
2026	2,143
2027	1,849
2028	1,474
Thereafter	21,854
Total future amortization expense from acquired lease assets	33,207
Above Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Total	45,726	45,737
Finite-Lived Intangible Assets, Accumulated Amortization	(35,209)	(33,892)
Below Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Total	28,101	34,604
Finite-Lived Intangible Assets, Accumulated Amortization	$ (5,411)	(5,847)
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	31 years
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life	18 years 1 month 6 days
Below Market Leases, Lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Total	$ (269,268)	(267,910)
Finite-Lived Intangible Liabilities, Accumulated Amortization	104,072	91,989
Above Market Leases, Lessee
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities, Total	(11,127)	(11,127)
Finite-Lived Intangible Liabilities, Accumulated Amortization	$ 3,771	$ 3,208

Debt (Summary Of Debt Outstandi

Debt (Summary Of Debt Outstanding) (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 01, 2023
Debt Instrument [Line Items]
Total mortgage payable, net		$ 516,936	$ 320,615
Revolving credit facility		0	0
Net unamortized debt issuance costs		(442)	(1,880)
Total notes payable, net		601,945	601,077
Senior notes and debentures, net		3,480,296	3,407,701
Total debt		4,599,177	4,329,393
Maximum amount of borrowings outstanding		$ 115,500	$ 330,000	$ 150,000
Weighted average interest rate before amortization of debt fees		5.90%	3.20%	0.90%
SOFR
Debt Instrument [Line Items]
Spread adjustment		0.10%
Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 519,144	$ 322,317
Net unamortized debt issuance costs and premium		$ (2,208)	(1,702)
Number of interest rate swap agreements		5
Term Loan
Debt Instrument [Line Items]
Notes payable		$ 600,000	600,000
Notes Payable
Debt Instrument [Line Items]
Notes Payable		602,387	602,957
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		3,494,200	3,419,200
Net unamortized debt issuance costs and premium		(13,904)	(11,499)
Azalea \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 40,000	40,000
Interest rate		3.73%
Bethesda Row \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 200,000	0
Number of interest rate swap agreements		3
Fixed interest rate of derivative instrument	5.03%	5.03%
Bethesda Row \| Mortgages Payable \| SOFR
Debt Instrument [Line Items]
Basis spread	0.95%	0.95%
Bell Gardens \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 11,531	11,835
Interest rate		4.06%
Plaza El Segundo \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 125,000	125,000
Interest rate		3.83%
Grove at Shrewsbury (East) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 43,600	43,600
Interest rate		3.77%
Brook 35 \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 11,500	11,500
Interest rate		4.65%
Hoboken (24 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 53,617	55,060
Hoboken (24 Buildings) \| Mortgages Payable \| SOFR
Debt Instrument [Line Items]
Basis spread		1.95%
Various Hoboken (14 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 29,878	30,876
Chelsea \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 4,018	4,446
Interest rate		5.36%
Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread		0.85%
Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Basis spread		0.775%
Various \| Notes Payable
Debt Instrument [Line Items]
Notes payable		$ 2,387	2,957
2.75% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 0	275,000
Interest rate		2.75%			2.75%
3.95% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 600,000	600,000
Interest rate		3.95%
1.25% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 400,000	400,000
Interest rate		1.25%
7.48% debentures \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 29,200	29,200
Interest rate		7.48%
3.25% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 475,000	475,000
Interest rate		3.25%
6.82% medium term notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 40,000	40,000
Interest rate		6.82%
5.375 Senior notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 350,000	0
Interest rate		5.375%
3.20% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 400,000	400,000
Interest rate		3.20%
3.50% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 400,000	400,000
Interest rate		3.50%
4.50% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 550,000	550,000
Interest rate		4.50%
3.625% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance		$ 250,000	$ 250,000
Interest rate		3.625%
Hoboken \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance		$ 53,600
Number of interest rate swap agreements		2
Fixed interest rate of derivative instrument		3.67%
Minimum \| Various Hoboken (14 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Interest rate		3.91%
Maximum \| Various Hoboken (14 Buildings) \| Mortgages Payable
Debt Instrument [Line Items]
Interest rate		5%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands				12 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Dec. 28, 2023	Jun. 01, 2023	Apr. 12, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Maximum amount of borrowings outstanding				$ 115,500	$ 330,000	$ 150,000
Weighted average amount of borrowings outstanding				$ 44,700	$ 80,300	$ 19,600
Weighted average interest rate before amortization of debt fees				5.90%	3.20%	0.90%
Line of credit facility, annual facility fee				$ 1,900
Revolving credit facility				$ 0	$ 0
Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Basis Spread on SOFR Interest				0.775%
Term Loan \| SOFR
Debt Instrument [Line Items]
Basis Spread on SOFR Interest				0.85%
Hoboken (14 Buildings) \| Mortgages Payable \| Minimum
Debt Instrument [Line Items]
Interest rate				3.91%
Hoboken (14 Buildings) \| Mortgages Payable \| Maximum
Debt Instrument [Line Items]
Interest rate				5%
Senior 5 Point 375 Percent Notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 350,000
Interest rate			5.375%
Note offering percent			99.59%
Debt instrument, yield to maturity			5.468%
Net proceeds, after debt issuance costs			$ 345,700
2.75% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Interest rate		2.75%		2.75%
Repayment of 2.75% Senior note		$ 275,000
Bethesda Row \| Mortgages Payable
Debt Instrument [Line Items]
Net proceeds, after debt issuance costs	$ 199,100
Issuance of mortgage loan	$ 200,000
Fixed interest rate of derivative instrument	5.03%			5.03%
Bethesda Row \| Mortgages Payable \| SOFR
Debt Instrument [Line Items]
Basis Spread on SOFR Interest	0.95%			0.95%

Debt (Principal Payments On Mor

Debt (Principal Payments On Mortgage Payable, Notes Payable, Senior Notes and Debentures) (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024		$ 1,203,936
2025		248,120
2026		455,626
2027		693,361
2028		352,511
Thereafter		1,662,177
Long-term Debt	[1]	4,615,731
Maximum borrowing capacity under revolving credit facility		1,250,000
Revolving credit facility		0	$ 0
Mortgages Payable
Debt Instrument [Line Items]
2024		3,262
2025	[2]	247,630
2026		26,282
2027		178,282
2028		2,511
Thereafter		61,177
Long-term Debt		519,144
Principal balance		519,144	322,317
Mortgages Payable \| Bethesda Row
Debt Instrument [Line Items]
Principal balance		200,000	0
Notes Payable
Debt Instrument [Line Items]
2024	[3]	600,674
2025		490
2026		144
2027	[4]	79
2028		0
Thereafter		1,000
Long-term Debt		602,387
Senior Notes and Debentures
Debt Instrument [Line Items]
2024		600,000
2025		0
2026		429,200
2027		515,000
2028		350,000
Thereafter		1,600,000
Long-term Debt		3,494,200
Principal balance		$ 3,494,200	$ 3,419,200

[1]The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2023[2] Our $200.0 million mortgage loan secured by Bethesda Row matures on December 28, 2025 plus two one-year extensions, at our option to December 28, 2027. Our $600.0 million term loan had an original maturity date of April 16, 2024. On February 6, 2024, we extended the maturity date to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026. Our $1.25 billion revolving credit facility matures on April 5, 2027 plus two six-month extensions, at our option to April 5, 2028. As of December 31, 2023, there was no balance outstanding under this credit facility.

Fair Value Of Financial Instr_3

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mortgages payable and notes payable \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 1,118,881	$ 921,692
Mortgages payable and notes payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,101,479	895,654
Senior notes and debentures \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,480,296	3,407,701
Senior notes and debentures \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,201,174	$ 3,048,456

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 28, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive (loss) income	$ (1,824)	$ 8,569	$ 3,917
Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	4,700
Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 4,668	6,144
Fair Value, Measurements, 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
Accumulated Other Comprehensive (loss) income \| One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive (loss) income	$ (300)	900
Mortgage Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	5
Total notional amounts of interest rate swap agreements	$ 253,600
Mortgage payable	519,144	322,317
Other comprehensive (loss) income	(1,500)
Amount reclassified from other comprehensive income to interest expense	$ (1,900)
Hoboken \| Mortgage Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	2
Mortgage payable	$ 53,600
Fixed interest rate of derivative instrument	3.67%
Bethesda Row \| Mortgage Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	3
Mortgage payable	$ 200,000	$ 0
Fixed interest rate of derivative instrument	5.03%			5.03%

Fair Value Of Financial Intrume

Fair Value Of Financial Intruments (Summary of Financial Liabilities Measured At Fair Value On a Recurring Basis) (Details) - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset	$ 4,700
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset	4,668	$ 6,144
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset	4,668	6,144
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2026	Jun. 30, 2025
Loss Contingencies [Line Items]
Reserves for warranties and general liability	$ 3,500	$ 3,300
Payments from reserves	2,000	2,300
Costs associated with property sold under threat of condemnation, net	1,378	18,031	$ 0
Letters of credit outstanding, amount	$ 6,500
downREIT OP units
Loss Contingencies [Line Items]
DownREIT operating partnership units, outstanding	635,431
Operating partnership units outstanding, fair value	$ 65,500
San Antonio Center
Loss Contingencies [Line Items]
Gain on tenant costs associated with property sold under threat of condemnation		9,300
Costs associated with property sold under threat of condemnation, net	1,400	$ 18,000
Estimated Litigation Liability	$ 3,600
Congressional Plaza \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	26.63%
Congressional Plaza \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 66,000
Congressional Plaza \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 69,000
The Grove at Shrewsbury \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	4.10%
Brook 35 \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	6.50%
Grove at Shrewsbury and Brook 35 \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 6,000
Grove at Shrewsbury and Brook 35 \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 7,000
Hoboken \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	10%
Hoboken \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 10,000
Hoboken \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 11,000
Camelback Colonnade and Hilton Village \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	2%
Camelback Colonnade and Hilton Village \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 4,000
Camelback Colonnade and Hilton Village \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 5,000
Chandler Festival and Chandler Gateway \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	2.50%
Chandler Festival and Chandler Gateway \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 1,000
Chandler Festival and Chandler Gateway \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 2,000
Grossmont Center \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage	40%
Grossmont Center \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	$ 68,000
Grossmont Center \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option	73,000
Scenario, Forecast \| Melville Mall
Loss Contingencies [Line Items]
Purchase price under option					$ 3,600
Scenario, Forecast \| Melville Mall \| Put Option
Loss Contingencies [Line Items]
Purchase price under option				$ 3,600
Capital Improvement, Development, and Redevelopment Projects
Loss Contingencies [Line Items]
Contractual obligations	$ 168,400

Commitments and Contingencies F

Commitments and Contingencies Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2024	$ 5,819
2025	5,772
2026	5,406
2027	5,042
2028	5,100
Thereafter	194,040
Total future minimum operating lease payments	221,179
Less amount representing interest	(145,309)
Operating lease liabilities	$ 75,870	$ 77,743

Commitments and Contingencies_3

Commitments and Contingencies Finance Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 713
2025	713
2026	713
2027	748
2028	801
Thereafter	67,875
Total future minimum finance lease payments	71,563
Less amount representing interest	(58,893)
Finance lease liabilities	$ 12,670	$ 67,660

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 02, 2024	Jun. 15, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 04, 2023	Feb. 14, 2022
Class of Stock [Line Items]
Shares issued under dividend reinvestment plan (in shares)			19,847	19,502	19,758
Preferred shares, par value			$ 0.01	$ 0.01
Net cash proceeds of common stock			$ 131,895	$ 307,275	$ 172,981
Common shares of beneficial interest, shares authorized			200,000,000	100,000,000		200,000,000
At The Market Equity Program
Class of Stock [Line Items]
Shares issued			1,372,889	430,473
Aggregate offering price of common shares							$ 500,000
Net cash proceeds of common stock			$ 138,300	$ 47,400
Weighted average price per common share			$ 101.89	$ 111.49
Remaining capacity to issue			$ 312,100
At The Market Equity Program \| Subsequent Event
Class of Stock [Line Items]
Shares settled	62,895
At The Market Equity Program \| Commissions
Class of Stock [Line Items]
Commissions related to sales of common shares			1,400	$ 500
At The Market Equity Program \| Other Offering Costs
Class of Stock [Line Items]
Commissions related to sales of common shares			$ 200	$ 100
Forward Sales Contracts
Class of Stock [Line Items]
Shares issued				2,203,655
Net cash proceeds of common stock				$ 259,400
5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage			5%	5%	5%
Preferred shares, par value			$ 0.01	$ 0.01	$ 0.01
Preferred shares, liquidation preference per share			$ 25,000	$ 25,000	$ 25,000
Preferred Stock, Shares Outstanding			6,000	6,000
5.417% Series 1 Cumulative Convertible Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage			5.417%	5.417%	5.417%
Preferred shares, par value			$ 0.01	$ 0.01	$ 0.01
Preferred shares, liquidation preference per share			$ 25	$ 25	$ 25
Preferred Stock, Shares Outstanding			392,878	392,878	399,896
Conversion price per share			$ 104.69
Preferred shares converted		7,018
Common shares
Class of Stock [Line Items]
Common shares issued upon conversion		1,675
Depositary Shares \| 5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference per share			$ 25	$ 25	$ 25
Preferred Shares \| Depositary Shares \| 5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Shares issued			6,000,000	6,000,000	6,000,000

Dividends (Details)

Dividends (Details) - $ / shares		12 Months Ended
Dividends (Details) - $ / shares	Nov. 02, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends declared to common shareholders	$ 1.09	$ 4.34	$ 4.30	$ 4.26
Common shares, paid		4.330	4.290	4.250
Payments of ordinary dividends, common stock		3.551	3.518	3.358
Common shares, capital gain		0.130	0.772	0.680
Return of capital, common shares		$ 0.649	$ 0	$ 0.212
5.417% Series 1 Cumulative Convertible Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage		5.417%	5.417%	5.417%
Preferred shares, declared		$ 1.354	$ 1.354	$ 1.354
Preferred shares, paid		1.354	1.354	1.354
Payment of ordinary dividends, preferred stock		1.313	1.110	1.124
Preferred shares, capital gain		$ 0.041	$ 0.244	$ 0.230
5.0% Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares, percentage		5%	5%	5%
Preferred shares, declared		$ 1.250	$ 1.250	$ 1.250
Preferred shares, paid		1.250	1.250	1.250
Payment of ordinary dividends, preferred stock		1.213	1.025	1.038
Preferred shares, capital gain		$ 0.037	$ 0.225	$ 0.212

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	12 Months Ended
Operating Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($) project lease state
Property Subject to or Available for Operating Lease [Line Items]
Number of real estate properties \| project	102
Number of states in which entity has properties \| state	12
Percent of annualized base rent	2.70%
Operating Leases, Future Minimum Payments
2024	$ 725,458
2025	667,483
2026	601,092
2027	528,854
2028	424,229
Thereafter	1,680,181
Total	$ 4,627,297
Commercial
Property Subject to or Available for Operating Lease [Line Items]
Number of leases \| lease	3,300
Commercial \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	3 years
Commercial \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	10 years
Residential
Property Subject to or Available for Operating Lease [Line Items]
Number of leases \| lease	3,100
Residential \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	1 year

Lease Costs (Detail)

Lease Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
Lease Costs (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Finance Lease, amortization of right-of-use assets	$ 998	$ 1,251	$ 1,284
Finance Lease, interest on lease liabilities	4,332	5,743	5,828
Operating lease cost	6,232	6,138	5,687
Variable lease cost	348	309	246
Total Lease Cost	11,910	13,441	13,045
Operating cash flows for finance leases	4,227	5,642	5,723
Operating cash flows for operating leases	6,146	5,644	5,288
Financing cash flows for finance leases	$ 55,228	$ 50	$ 51
Weighted-average remaining lease term - finance leases	70 years 7 months 6 days	13 years 10 months 24 days
Weighted-average remaining lease term - operating leases	53 years 7 months 6 days	53 years 3 months 18 days
Weighted-average discount rate - finance leases	6.50%	8.10%
Weighted-average discount rate - operating leases	4.80%	4.80%
ROU assets obtained in exchange for operating lease liabilities	$ 0	$ 6,476

Components of Rental Expense (C

Components of Rental Expense (Components Of Rental Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components Of Rental Expense [Abstract]
Repairs and maintenance	$ 87,349	$ 90,343	$ 78,028
Utilities	35,109	34,226	27,808
Management fees and costs	30,203	27,416	24,919
Payroll	20,598	19,693	18,341
Insurance	18,273	16,380	14,406
Marketing	7,978	7,814	7,481
Ground rent	5,303	5,092	4,571
Other operating	26,853	27,994	22,567
Total rental expenses	$ 231,666	$ 228,958	$ 198,121

Share-Based Compensation Plan_2

Share-Based Compensation Plans (Allocated Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 15,427	$ 15,018	$ 14,434
Capitalized share-based compensation	(1,119)	(1,314)	(1,425)
Share-based compensation expense	$ 14,308	$ 13,704	$ 13,009

Share-Based Compensation Plan_3

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

Share-Based Compensation Plan_4

Share-Based Compensation Plans (Schedule of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of year (in shares)	1,829
Granted (in shares)	0	0
Exercised (in shares)	0
Forfeited or expired (in shares)	0
Outstanding at the end of year (in shares)	1,829	1,829
Exercisable at the end of year (in shares)	732
Outstanding at the beginning of year, Weighted-Average Exercise Price (in dollars per share)	$ 95.77
Granted, Weighted-Average Exercise Price (in dollars per share)	0
Exercised, Weighted-Average Exercise Price (in dollars per share)	0
Forfeited or Expired, Weighted-Average Exercise Price (in dollars per share)	0
Outstanding at the end of year, Weighted-Average Exercise Price (in dollars per share)	95.77	$ 95.77
Exercisable at the end of the year, Weighted-Average Exercise Price (in dollars per share)	$ 95.77
Outstanding at the end of year, Weighted-Average Remaining Contractual Term (in years)	7 years 1 month 6 days
Exercisable at the end of year, Weighted-Average Remaining Contractual Term (in years)	7 years 1 month 6 days
Outstanding at the end of year, Aggregate Intrinsic Value	$ 13
Exercisable at the end of year, Aggregate Intrinsic Value	$ 5

Share-Based Compensation Plan_5

Share-Based Compensation Plans (Restricted Share Activity) (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at the beginning of year (in shares)	279,745
Granted (in shares)	145,178
Vested (in shares)	(132,788)
Forfeited (in shares)	(5,930)
Unvested at the end of year (in shares)	286,205	279,745
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 114.75
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	109.44	$ 125.34	$ 97.46
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)	115.25
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)	111.75
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 111.89	$ 114.75

Share-Based Compensation Plan_6

Share-Based Compensation Plans (Restricted Stock Units Activity) (Details) - Restricted stock units - Officer - $ / shares		12 Months Ended
	Feb. 10, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	10,441
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)		$ 97.01
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Final award earned percentage of original award	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Final award earned percentage of original award	200%

Share-Based Compensation Plan_7

Share-Based Compensation Plans (Common Shares Awarded Under Various Compensation Plans) (Details) - shares			12 Months Ended
	Feb. 06, 2024	Jan. 02, 2024	Dec. 31, 2023
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			145,178
Restricted Stock \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	141,002	6,693
Restricted Stock \| Minimum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	3 years
Restricted Stock \| Maximum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	4 years
Options \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	5 years
Granted (in shares)	1,190
Grants of common shares and options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term			3 years
Grants of common shares and options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term			7 years

Share-Based Compensation Plan_8

Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 10, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted in period		0	0
Weighted average grant date fair value of options granted				$ 16.40
Total unrecognized compensation cost related to unvested share-based compensation arrangements		$ 18.8
Period for recognition (in years)		4 years 6 months
Weighted-average period for recognition		2 years
Performance Incentive Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		1,750,000
Performance Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		2,450,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of stock awarded		$ 109.44	$ 125.34	$ 97.46
Total vesting-date fair value of shares vested during the year		$ 14.4	$ 14.3	$ 11
Granted (in shares)		145,178
Grants of common shares and options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Grants of common shares and options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		7 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)		10 years
Restricted stock units \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Weighted-average grant-date fair value of stock awarded				$ 97.01
Granted (in shares)	10,441
Restricted stock units \| Minimum \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Final award earned percentage of original award	0%
Restricted stock units \| Maximum \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Final award earned percentage of original award	200%

Savings and Retirement Plans (D

Savings and Retirement Plans (Details) - 401(K) and Deferred Compensation Plan - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401(k) Maximum annual contribution per employee	$ 22,500	$ 20,500	$ 19,500
401(k) Employer match	50%	50%	50%
401(k) Employer contribution expense	$ 960,000	$ 869,000	$ 816,000
Deferred compensation liability to participants	$ 22,000,000	$ 18,000,000
Maximum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401(k) Maximum of employer match as a percentage of employee eligible earnings	5%	5%	5%

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	12 Months Ended
Earnings Per Share (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average unvested shares outstanding	300,000	300,000	300,000
Federal Realty OP LP
Weighted average unvested units outstanding	300,000	300,000	300,000
5.417% Series 1 Cumulative Convertible Preferred Shares
Preferred shares, percentage	5.417%	5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred Units \| Federal Realty OP LP
Preferred units, percentage	5.417%	5.417%	5.417%
Stock options
Anti-dilutive issuable shares	1,829
Stock options \| Federal Realty OP LP
Anti-dilutive issuable units	1,829
Forward Sales Contracts
Anti-dilutive issuable shares			1,800,000
Forward Sales Contracts \| Federal Realty OP LP
Anti-dilutive issuable units			1,800,000
Performance based unvested restricted stock units
Anti-dilutive issuable shares	10,441	10,441	10,441
Performance based unvested restricted stock units \| Federal Realty OP LP
Anti-dilutive issuable units	10,441	10,441	10,441

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share Narrative [Line Items]
Net income	$ 247,217	$ 395,661	$ 269,081
Less: Preferred share dividends	(8,032)	(8,034)	(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,232)	(10,170)	(7,583)
Less: Earnings allocated to unvested shares	(1,286)	(1,328)	(1,211)
Net income available for common shareholders, basic	227,667	376,129	252,245
Add: Income attributable to downREIT operating partnership units	0	2,810	0
Net income available for common shareholders, diluted	$ 227,667	$ 378,939	$ 252,245
Weighted average common shares outstanding—basic	81,313	79,854	77,336
Open forward contracts for share issuances	0	0	32
DownREIT operating partnership units	0	654	0
Weighted average common shares outstanding—diluted	81,313	80,508	77,368
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders	$ 2.80	$ 4.71	$ 3.26
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders	$ 2.80	$ 4.71	$ 3.26
Federal Realty OP LP
Earnings Per Share Narrative [Line Items]
Net income	$ 247,217	$ 395,661	$ 269,081
Less: Preferred unit distributions	(8,032)	(8,034)	(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,232)	(10,170)	(7,583)
Less: Earnings allocated to unvested units	(1,286)	(1,328)	(1,211)
Net income available for common unit holders, basic	227,667	376,129	252,245
Add: Income attributable to downREIT operating partnership units	0	2,810	0
Net income available for common unit holders, diluted	$ 227,667	$ 378,939	$ 252,245
Weighted average common units outstanding—basic	81,313	79,854	77,336
Common unit issuances relating to open common share forward contracts	0	0	32
DownREIT operating partnership units	0	654	0
Weighted average common units outstanding—diluted	81,313	80,508	77,368
EARNINGS PER COMMON UNIT, BASIC
Net income available for common unit holders	$ 2.80	$ 4.71	$ 3.26
EARNINGS PER COMMON UNIT, DILUTED
Net income available for common unit holders	$ 2.80	$ 4.71	$ 3.26

Subsequent Event (Details)

Subsequent Event (Details) $ / shares in Units, $ in Thousands	Jan. 16, 2024 USD ($)	Jan. 11, 2024 USD ($) $ / shares	Jan. 08, 2024 $ / shares	Dec. 31, 2023
3.95% notes \| Senior Notes and Debentures
Subsequent Event [Line Items]
Interest rate				3.95%
Subsequent Event \| 3.25% notes \| Capped call transactions
Subsequent Event [Line Items]
Initial cap price \| $ / shares		$ 143.26
Percentage of cap price premium over share price		40%
Share price \| $ / shares			$ 102.33
Capped call premium		$ 19,400
Subsequent Event \| 3.25% notes \| Exchangeable Senior Notes
Subsequent Event [Line Items]
Proceeds from issuance of debt		$ 485,000
Interest rate		3.25%
Exchange price \| $ / shares		$ 122.80
Net proceeds, after debt issuance costs		$ 471,000
Subsequent Event \| 3.25% notes \| Exchangeable Senior Notes \| Per $1,000 principal amount
Subsequent Event [Line Items]
Exchange rate		8.1436
Exchange rate principal amount denominations		$ 1
Subsequent Event \| 3.95% notes \| Senior Notes and Debentures
Subsequent Event [Line Items]
Interest rate	3.95%
Repayment of senior unsecured notes	$ 600,000

Schedule III - Summary of Rea_2

Schedule III - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 516,936
Initial cost to company, Land	1,730,629
Initial cost to company, Buildings and Improvements	3,164,741
Cost Capitalized Subsequent to Acquisition	5,650,817
Gross amount at which carried at close of period, Land	1,726,021
Gross amount at which carried at close of period, Buildings and Improvements	8,820,166
Gross amount at which carried at close of period, Total	10,546,187	[1]	$ 10,104,499	$ 9,422,062	$ 8,582,870
Accumulated Depreciation and Amortization	$ 2,963,519		$ 2,715,817	$ 2,531,095	$ 2,357,692
Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statements is computed	50 years
29th Place
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	$ 10,211
Initial cost to company, Buildings and Improvements	18,863
Cost Capitalized Subsequent to Acquisition	11,795
Gross amount at which carried at close of period, Land	10,195
Gross amount at which carried at close of period, Buildings and Improvements	30,674
Gross amount at which carried at close of period, Total	40,869
Accumulated Depreciation and Amortization	17,699
Andorra
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	2,432
Initial cost to company, Buildings and Improvements	12,346
Cost Capitalized Subsequent to Acquisition	19,203
Gross amount at which carried at close of period, Land	2,432
Gross amount at which carried at close of period, Buildings and Improvements	31,549
Gross amount at which carried at close of period, Total	33,981
Accumulated Depreciation and Amortization	23,774
Assembly Row/Assembly Square Market Place
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	93,252
Initial cost to company, Buildings and Improvements	34,196
Cost Capitalized Subsequent to Acquisition	1,001,514
Gross amount at which carried at close of period, Land	69,421
Gross amount at which carried at close of period, Buildings and Improvements	1,059,541
Gross amount at which carried at close of period, Total	1,128,962
Accumulated Depreciation and Amortization	166,961
Azalea
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	39,902
Initial cost to company, Land	40,219
Initial cost to company, Buildings and Improvements	67,117
Cost Capitalized Subsequent to Acquisition	2,016
Gross amount at which carried at close of period, Land	40,219
Gross amount at which carried at close of period, Buildings and Improvements	69,133
Gross amount at which carried at close of period, Total	109,352
Accumulated Depreciation and Amortization	15,771
Bala Cynwyd
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	3,565
Initial cost to company, Buildings and Improvements	14,466
Cost Capitalized Subsequent to Acquisition	58,798
Gross amount at which carried at close of period, Land	2,683
Gross amount at which carried at close of period, Buildings and Improvements	74,146
Gross amount at which carried at close of period, Total	76,829
Accumulated Depreciation and Amortization	33,085
Barcroft Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	12,617
Initial cost to company, Buildings and Improvements	29,603
Cost Capitalized Subsequent to Acquisition	9,299
Gross amount at which carried at close of period, Land	12,617
Gross amount at which carried at close of period, Buildings and Improvements	38,902
Gross amount at which carried at close of period, Total	51,519
Accumulated Depreciation and Amortization	10,202
Barracks Road
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	4,363
Initial cost to company, Buildings and Improvements	16,459
Cost Capitalized Subsequent to Acquisition	54,834
Gross amount at which carried at close of period, Land	4,363
Gross amount at which carried at close of period, Buildings and Improvements	71,293
Gross amount at which carried at close of period, Total	75,656
Accumulated Depreciation and Amortization	52,383
Bell Gardens
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,386
Initial cost to company, Land	24,406
Initial cost to company, Buildings and Improvements	85,947
Cost Capitalized Subsequent to Acquisition	8,906
Gross amount at which carried at close of period, Land	24,406
Gross amount at which carried at close of period, Buildings and Improvements	94,853
Gross amount at which carried at close of period, Total	119,259
Accumulated Depreciation and Amortization	27,185
Bethesda Row
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	199,151
Initial cost to company, Land	46,579
Initial cost to company, Buildings and Improvements	35,406
Cost Capitalized Subsequent to Acquisition	183,832
Gross amount at which carried at close of period, Land	44,350
Gross amount at which carried at close of period, Buildings and Improvements	221,467
Gross amount at which carried at close of period, Total	265,817
Accumulated Depreciation and Amortization	110,714
Birch & Broad (formerly known as Falls Plaza)
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	1,798
Initial cost to company, Buildings and Improvements	1,270
Cost Capitalized Subsequent to Acquisition	23,021
Gross amount at which carried at close of period, Land	1,819
Gross amount at which carried at close of period, Buildings and Improvements	24,270
Gross amount at which carried at close of period, Total	26,089
Accumulated Depreciation and Amortization	11,743
Brick Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	24,715
Cost Capitalized Subsequent to Acquisition	82,586
Gross amount at which carried at close of period, Land	4,385
Gross amount at which carried at close of period, Buildings and Improvements	102,916
Gross amount at which carried at close of period, Total	107,301
Accumulated Depreciation and Amortization	68,415
Bristol Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	3,856
Initial cost to company, Buildings and Improvements	15,959
Cost Capitalized Subsequent to Acquisition	17,177
Gross amount at which carried at close of period, Land	3,856
Gross amount at which carried at close of period, Buildings and Improvements	33,136
Gross amount at which carried at close of period, Total	36,992
Accumulated Depreciation and Amortization	23,331
Brook 35
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,386
Initial cost to company, Land	7,128
Initial cost to company, Buildings and Improvements	38,355
Cost Capitalized Subsequent to Acquisition	5,993
Gross amount at which carried at close of period, Land	7,128
Gross amount at which carried at close of period, Buildings and Improvements	44,348
Gross amount at which carried at close of period, Total	51,476
Accumulated Depreciation and Amortization	13,704
Camelback Colonnade
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	52,658
Initial cost to company, Buildings and Improvements	126,646
Cost Capitalized Subsequent to Acquisition	1,230
Gross amount at which carried at close of period, Land	52,658
Gross amount at which carried at close of period, Buildings and Improvements	127,876
Gross amount at which carried at close of period, Total	180,534
Accumulated Depreciation and Amortization	11,743
Campus Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	16,710
Initial cost to company, Buildings and Improvements	13,412
Cost Capitalized Subsequent to Acquisition	1,010
Gross amount at which carried at close of period, Land	16,710
Gross amount at which carried at close of period, Buildings and Improvements	14,422
Gross amount at which carried at close of period, Total	31,132
Accumulated Depreciation and Amortization	4,284
Chelsea Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,894
Initial cost to company, Land	8,689
Initial cost to company, Buildings and Improvements	19,466
Cost Capitalized Subsequent to Acquisition	9,951
Gross amount at which carried at close of period, Land	8,669
Gross amount at which carried at close of period, Buildings and Improvements	29,437
Gross amount at which carried at close of period, Total	38,106
Accumulated Depreciation and Amortization	11,045
Chesterbrook
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	13,042
Initial cost to company, Buildings and Improvements	24,725
Cost Capitalized Subsequent to Acquisition	8,566
Gross amount at which carried at close of period, Land	13,042
Gross amount at which carried at close of period, Buildings and Improvements	33,291
Gross amount at which carried at close of period, Total	46,333
Accumulated Depreciation and Amortization	2,436
CocoWalk
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	32,513
Initial cost to company, Buildings and Improvements	71,536
Cost Capitalized Subsequent to Acquisition	100,055
Gross amount at which carried at close of period, Land	48,943
Gross amount at which carried at close of period, Buildings and Improvements	155,161
Gross amount at which carried at close of period, Total	204,104
Accumulated Depreciation and Amortization	28,093
Colorado Blvd
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	2,415
Initial cost to company, Buildings and Improvements	3,964
Cost Capitalized Subsequent to Acquisition	7,604
Gross amount at which carried at close of period, Land	2,415
Gross amount at which carried at close of period, Buildings and Improvements	11,568
Gross amount at which carried at close of period, Total	13,983
Accumulated Depreciation and Amortization	10,299
Congressional Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	2,793
Initial cost to company, Buildings and Improvements	7,424
Cost Capitalized Subsequent to Acquisition	99,752
Gross amount at which carried at close of period, Land	2,793
Gross amount at which carried at close of period, Buildings and Improvements	107,176
Gross amount at which carried at close of period, Total	109,969
Accumulated Depreciation and Amortization	70,269
Courthouse Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	1,750
Initial cost to company, Buildings and Improvements	1,869
Cost Capitalized Subsequent to Acquisition	3,717
Gross amount at which carried at close of period, Land	1,750
Gross amount at which carried at close of period, Buildings and Improvements	5,586
Gross amount at which carried at close of period, Total	7,336
Accumulated Depreciation and Amortization	3,775
Crossroads
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	4,635
Initial cost to company, Buildings and Improvements	11,611
Cost Capitalized Subsequent to Acquisition	20,464
Gross amount at which carried at close of period, Land	4,635
Gross amount at which carried at close of period, Buildings and Improvements	32,075
Gross amount at which carried at close of period, Total	36,710
Accumulated Depreciation and Amortization	24,647
Crow Canyon Commons
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	27,245
Initial cost to company, Buildings and Improvements	54,575
Cost Capitalized Subsequent to Acquisition	10,416
Gross amount at which carried at close of period, Land	27,245
Gross amount at which carried at close of period, Buildings and Improvements	64,991
Gross amount at which carried at close of period, Total	92,236
Accumulated Depreciation and Amortization	34,787
Darien Commons
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	30,368
Initial cost to company, Buildings and Improvements	19,523
Cost Capitalized Subsequent to Acquisition	99,046
Gross amount at which carried at close of period, Land	30,368
Gross amount at which carried at close of period, Buildings and Improvements	118,569
Gross amount at which carried at close of period, Total	148,937
Accumulated Depreciation and Amortization	7,299
Dedham Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	16,354
Initial cost to company, Buildings and Improvements	13,413
Cost Capitalized Subsequent to Acquisition	22,389
Gross amount at which carried at close of period, Land	16,354
Gross amount at which carried at close of period, Buildings and Improvements	35,802
Gross amount at which carried at close of period, Total	52,156
Accumulated Depreciation and Amortization	21,373
Del Mar Village
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	15,624
Initial cost to company, Buildings and Improvements	41,712
Cost Capitalized Subsequent to Acquisition	18,446
Gross amount at which carried at close of period, Land	15,587
Gross amount at which carried at close of period, Buildings and Improvements	60,195
Gross amount at which carried at close of period, Total	75,782
Accumulated Depreciation and Amortization	32,157
East Bay Bridge
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	29,069
Initial cost to company, Buildings and Improvements	138,035
Cost Capitalized Subsequent to Acquisition	12,975
Gross amount at which carried at close of period, Land	29,069
Gross amount at which carried at close of period, Buildings and Improvements	151,010
Gross amount at which carried at close of period, Total	180,079
Accumulated Depreciation and Amortization	56,523
Elllisburg
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	4,028
Initial cost to company, Buildings and Improvements	11,309
Cost Capitalized Subsequent to Acquisition	23,327
Gross amount at which carried at close of period, Land	4,013
Gross amount at which carried at close of period, Buildings and Improvements	34,651
Gross amount at which carried at close of period, Total	38,664
Accumulated Depreciation and Amortization	24,486
Escondido Promenade
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	29,281
Initial cost to company, Buildings and Improvements	105,736
Cost Capitalized Subsequent to Acquisition	182
Gross amount at which carried at close of period, Land	29,281
Gross amount at which carried at close of period, Buildings and Improvements	105,918
Gross amount at which carried at close of period, Total	135,199
Accumulated Depreciation and Amortization	5,809
Fairfax Junction
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	16,768
Initial cost to company, Buildings and Improvements	23,825
Cost Capitalized Subsequent to Acquisition	5,648
Gross amount at which carried at close of period, Land	16,768
Gross amount at which carried at close of period, Buildings and Improvements	29,473
Gross amount at which carried at close of period, Total	46,241
Accumulated Depreciation and Amortization	5,174
Federal Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	10,216
Initial cost to company, Buildings and Improvements	17,895
Cost Capitalized Subsequent to Acquisition	45,417
Gross amount at which carried at close of period, Land	10,216
Gross amount at which carried at close of period, Buildings and Improvements	63,312
Gross amount at which carried at close of period, Total	73,528
Accumulated Depreciation and Amortization	53,555
Finley Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	9,252
Initial cost to company, Buildings and Improvements	9,544
Cost Capitalized Subsequent to Acquisition	20,918
Gross amount at which carried at close of period, Land	9,252
Gross amount at which carried at close of period, Buildings and Improvements	30,462
Gross amount at which carried at close of period, Total	39,714
Accumulated Depreciation and Amortization	24,206
Flourtown
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	1,345
Initial cost to company, Buildings and Improvements	3,943
Cost Capitalized Subsequent to Acquisition	14,365
Gross amount at which carried at close of period, Land	1,507
Gross amount at which carried at close of period, Buildings and Improvements	18,146
Gross amount at which carried at close of period, Total	19,653
Accumulated Depreciation and Amortization	8,780
Fourth Street
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	13,978
Initial cost to company, Buildings and Improvements	9,909
Cost Capitalized Subsequent to Acquisition	3,995
Gross amount at which carried at close of period, Land	13,978
Gross amount at which carried at close of period, Buildings and Improvements	13,904
Gross amount at which carried at close of period, Total	27,882
Accumulated Depreciation and Amortization	4,572
Freedom Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	3,255
Cost Capitalized Subsequent to Acquisition	40,950
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	44,205
Gross amount at which carried at close of period, Total	44,205
Accumulated Depreciation and Amortization	4,262
Fresh Meadows
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	24,625
Initial cost to company, Buildings and Improvements	25,255
Cost Capitalized Subsequent to Acquisition	46,717
Gross amount at which carried at close of period, Land	24,633
Gross amount at which carried at close of period, Buildings and Improvements	71,964
Gross amount at which carried at close of period, Total	96,597
Accumulated Depreciation and Amortization	51,580
Friendship Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	12,696
Initial cost to company, Buildings and Improvements	20,803
Cost Capitalized Subsequent to Acquisition	3,757
Gross amount at which carried at close of period, Land	12,696
Gross amount at which carried at close of period, Buildings and Improvements	24,560
Gross amount at which carried at close of period, Total	37,256
Accumulated Depreciation and Amortization	14,997
Gaithersburg Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	7,701
Initial cost to company, Buildings and Improvements	5,271
Cost Capitalized Subsequent to Acquisition	26,720
Gross amount at which carried at close of period, Land	5,973
Gross amount at which carried at close of period, Buildings and Improvements	33,719
Gross amount at which carried at close of period, Total	39,692
Accumulated Depreciation and Amortization	21,815
Garden Market
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	2,677
Initial cost to company, Buildings and Improvements	4,829
Cost Capitalized Subsequent to Acquisition	8,580
Gross amount at which carried at close of period, Land	2,677
Gross amount at which carried at close of period, Buildings and Improvements	13,409
Gross amount at which carried at close of period, Total	16,086
Accumulated Depreciation and Amortization	10,515
Georgetowne Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	32,202
Initial cost to company, Buildings and Improvements	49,586
Cost Capitalized Subsequent to Acquisition	4,766
Gross amount at which carried at close of period, Land	32,202
Gross amount at which carried at close of period, Buildings and Improvements	54,352
Gross amount at which carried at close of period, Total	86,554
Accumulated Depreciation and Amortization	7,562
Governor Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	2,068
Initial cost to company, Buildings and Improvements	4,905
Cost Capitalized Subsequent to Acquisition	28,024
Gross amount at which carried at close of period, Land	2,068
Gross amount at which carried at close of period, Buildings and Improvements	32,929
Gross amount at which carried at close of period, Total	34,997
Accumulated Depreciation and Amortization	23,482
Graham Park Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	642
Initial cost to company, Buildings and Improvements	7,629
Cost Capitalized Subsequent to Acquisition	19,114
Gross amount at which carried at close of period, Land	653
Gross amount at which carried at close of period, Buildings and Improvements	26,732
Gross amount at which carried at close of period, Total	27,385
Accumulated Depreciation and Amortization	19,363
Gratiot Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	525
Initial cost to company, Buildings and Improvements	1,601
Cost Capitalized Subsequent to Acquisition	17,836
Gross amount at which carried at close of period, Land	525
Gross amount at which carried at close of period, Buildings and Improvements	19,437
Gross amount at which carried at close of period, Total	19,962
Accumulated Depreciation and Amortization	18,005
Greenlawn Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	10,590
Initial cost to company, Buildings and Improvements	20,869
Cost Capitalized Subsequent to Acquisition	2,376
Gross amount at which carried at close of period, Land	10,917
Gross amount at which carried at close of period, Buildings and Improvements	22,918
Gross amount at which carried at close of period, Total	33,835
Accumulated Depreciation and Amortization	6,543
Greenwich Avenue
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	7,484
Initial cost to company, Buildings and Improvements	5,445
Cost Capitalized Subsequent to Acquisition	10,819
Gross amount at which carried at close of period, Land	7,484
Gross amount at which carried at close of period, Buildings and Improvements	16,264
Gross amount at which carried at close of period, Total	23,748
Accumulated Depreciation and Amortization	7,513
Grossmont Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	125,434
Initial cost to company, Buildings and Improvements	50,311
Cost Capitalized Subsequent to Acquisition	1,194
Gross amount at which carried at close of period, Land	125,434
Gross amount at which carried at close of period, Buildings and Improvements	51,505
Gross amount at which carried at close of period, Total	176,939
Accumulated Depreciation and Amortization	9,032
Hastings Ranch Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	2,257
Initial cost to company, Buildings and Improvements	22,393
Cost Capitalized Subsequent to Acquisition	1,071
Gross amount at which carried at close of period, Land	2,257
Gross amount at which carried at close of period, Buildings and Improvements	23,464
Gross amount at which carried at close of period, Total	25,721
Accumulated Depreciation and Amortization	5,442
Hauppauge
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	8,791
Initial cost to company, Buildings and Improvements	15,262
Cost Capitalized Subsequent to Acquisition	15,278
Gross amount at which carried at close of period, Land	8,519
Gross amount at which carried at close of period, Buildings and Improvements	30,812
Gross amount at which carried at close of period, Total	39,331
Accumulated Depreciation and Amortization	16,713
Hilton Village
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	85,431
Cost Capitalized Subsequent to Acquisition	988
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	86,419
Gross amount at which carried at close of period, Total	86,419
Accumulated Depreciation and Amortization	6,030
Hoboken
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	83,245
Initial cost to company, Land	56,866
Initial cost to company, Buildings and Improvements	167,835
Cost Capitalized Subsequent to Acquisition	3,580
Gross amount at which carried at close of period, Land	56,872
Gross amount at which carried at close of period, Buildings and Improvements	171,409
Gross amount at which carried at close of period, Total	228,281
Accumulated Depreciation and Amortization	22,079
Hollywood Blvd
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	8,300
Initial cost to company, Buildings and Improvements	16,920
Cost Capitalized Subsequent to Acquisition	36,825
Gross amount at which carried at close of period, Land	8,370
Gross amount at which carried at close of period, Buildings and Improvements	53,675
Gross amount at which carried at close of period, Total	62,045
Accumulated Depreciation and Amortization	24,913
Huntington
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	12,194
Initial cost to company, Buildings and Improvements	16,008
Cost Capitalized Subsequent to Acquisition	77,609
Gross amount at which carried at close of period, Land	12,294
Gross amount at which carried at close of period, Buildings and Improvements	93,517
Gross amount at which carried at close of period, Total	105,811
Accumulated Depreciation and Amortization	19,214
Huntington Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	12,026
Initial cost to company, Buildings and Improvements	33,509
Cost Capitalized Subsequent to Acquisition	5,142
Gross amount at which carried at close of period, Land	12,537
Gross amount at which carried at close of period, Buildings and Improvements	38,140
Gross amount at which carried at close of period, Total	50,677
Accumulated Depreciation and Amortization	7,230
Idylwood Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	4,308
Initial cost to company, Buildings and Improvements	10,026
Cost Capitalized Subsequent to Acquisition	3,761
Gross amount at which carried at close of period, Land	4,308
Gross amount at which carried at close of period, Buildings and Improvements	13,787
Gross amount at which carried at close of period, Total	18,095
Accumulated Depreciation and Amortization	11,137
Kings Court
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	10,714
Cost Capitalized Subsequent to Acquisition	901
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	11,615
Gross amount at which carried at close of period, Total	11,615
Accumulated Depreciation and Amortization	11,361
Kingstowne Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	72,234
Initial cost to company, Buildings and Improvements	137,466
Cost Capitalized Subsequent to Acquisition	1,523
Gross amount at which carried at close of period, Land	72,234
Gross amount at which carried at close of period, Buildings and Improvements	138,989
Gross amount at which carried at close of period, Total	211,223
Accumulated Depreciation and Amortization	8,021
Lancaster
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	2,103
Cost Capitalized Subsequent to Acquisition	6,693
Gross amount at which carried at close of period, Land	432
Gross amount at which carried at close of period, Buildings and Improvements	8,364
Gross amount at which carried at close of period, Total	8,796
Accumulated Depreciation and Amortization	6,705
Langhorne Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	720
Initial cost to company, Buildings and Improvements	2,974
Cost Capitalized Subsequent to Acquisition	21,264
Gross amount at which carried at close of period, Land	720
Gross amount at which carried at close of period, Buildings and Improvements	24,238
Gross amount at which carried at close of period, Total	24,958
Accumulated Depreciation and Amortization	19,250
Laurel
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	7,458
Initial cost to company, Buildings and Improvements	22,525
Cost Capitalized Subsequent to Acquisition	31,628
Gross amount at which carried at close of period, Land	7,551
Gross amount at which carried at close of period, Buildings and Improvements	54,060
Gross amount at which carried at close of period, Total	61,611
Accumulated Depreciation and Amortization	45,960
Lawrence Park
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	6,150
Initial cost to company, Buildings and Improvements	8,491
Cost Capitalized Subsequent to Acquisition	50,304
Gross amount at which carried at close of period, Land	6,161
Gross amount at which carried at close of period, Buildings and Improvements	58,784
Gross amount at which carried at close of period, Total	64,945
Accumulated Depreciation and Amortization	27,813
Linden Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	79,382
Initial cost to company, Buildings and Improvements	19,247
Cost Capitalized Subsequent to Acquisition	59,687
Gross amount at which carried at close of period, Land	79,346
Gross amount at which carried at close of period, Buildings and Improvements	78,970
Gross amount at which carried at close of period, Total	158,316
Accumulated Depreciation and Amortization	36,551
Melville Mall
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	35,622
Initial cost to company, Buildings and Improvements	32,882
Cost Capitalized Subsequent to Acquisition	36,638
Gross amount at which carried at close of period, Land	35,622
Gross amount at which carried at close of period, Buildings and Improvements	69,520
Gross amount at which carried at close of period, Total	105,142
Accumulated Depreciation and Amortization	27,995
Mercer One One (formerly known as Mercer Mall)
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	19,152
Initial cost to company, Buildings and Improvements	44,384
Cost Capitalized Subsequent to Acquisition	52,891
Gross amount at which carried at close of period, Land	19,102
Gross amount at which carried at close of period, Buildings and Improvements	97,325
Gross amount at which carried at close of period, Total	116,427
Accumulated Depreciation and Amortization	43,920
Montrose Crossing
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	48,624
Initial cost to company, Buildings and Improvements	91,819
Cost Capitalized Subsequent to Acquisition	32,056
Gross amount at which carried at close of period, Land	48,624
Gross amount at which carried at close of period, Buildings and Improvements	123,875
Gross amount at which carried at close of period, Total	172,499
Accumulated Depreciation and Amortization	48,448
Mount Vernon/South Valley/7770 Richmond Hwy.
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	15,769
Initial cost to company, Buildings and Improvements	33,501
Cost Capitalized Subsequent to Acquisition	46,133
Gross amount at which carried at close of period, Land	15,851
Gross amount at which carried at close of period, Buildings and Improvements	79,552
Gross amount at which carried at close of period, Total	95,403
Accumulated Depreciation and Amortization	50,467
North Dartmouth
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	9,366
Initial cost to company, Buildings and Improvements	0
Cost Capitalized Subsequent to Acquisition	3
Gross amount at which carried at close of period, Land	9,366
Gross amount at which carried at close of period, Buildings and Improvements	3
Gross amount at which carried at close of period, Total	9,369
Accumulated Depreciation and Amortization	2
Northeast
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	938
Initial cost to company, Buildings and Improvements	8,779
Cost Capitalized Subsequent to Acquisition	25,941
Gross amount at which carried at close of period, Land	939
Gross amount at which carried at close of period, Buildings and Improvements	34,719
Gross amount at which carried at close of period, Total	35,658
Accumulated Depreciation and Amortization	23,769
Old Keene Mill
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	638
Initial cost to company, Buildings and Improvements	998
Cost Capitalized Subsequent to Acquisition	13,047
Gross amount at which carried at close of period, Land	638
Gross amount at which carried at close of period, Buildings and Improvements	14,045
Gross amount at which carried at close of period, Total	14,683
Accumulated Depreciation and Amortization	7,614
Old Town Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	3,420
Initial cost to company, Buildings and Improvements	2,765
Cost Capitalized Subsequent to Acquisition	37,064
Gross amount at which carried at close of period, Land	3,420
Gross amount at which carried at close of period, Buildings and Improvements	39,829
Gross amount at which carried at close of period, Total	43,249
Accumulated Depreciation and Amortization	26,408
Olivo at Mission Hills
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	15,048
Initial cost to company, Buildings and Improvements	46,732
Cost Capitalized Subsequent to Acquisition	21,130
Gross amount at which carried at close of period, Land	15,048
Gross amount at which carried at close of period, Buildings and Improvements	67,862
Gross amount at which carried at close of period, Total	82,910
Accumulated Depreciation and Amortization	10,589
Pan Am
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	8,694
Initial cost to company, Buildings and Improvements	12,929
Cost Capitalized Subsequent to Acquisition	10,707
Gross amount at which carried at close of period, Land	8,695
Gross amount at which carried at close of period, Buildings and Improvements	23,635
Gross amount at which carried at close of period, Total	32,330
Accumulated Depreciation and Amortization	18,863
Perring Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	2,800
Initial cost to company, Buildings and Improvements	6,461
Cost Capitalized Subsequent to Acquisition	28,432
Gross amount at which carried at close of period, Land	2,800
Gross amount at which carried at close of period, Buildings and Improvements	34,893
Gross amount at which carried at close of period, Total	37,693
Accumulated Depreciation and Amortization	25,530
Pike & Rose
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	31,471
Initial cost to company, Buildings and Improvements	10,335
Cost Capitalized Subsequent to Acquisition	820,583
Gross amount at which carried at close of period, Land	33,716
Gross amount at which carried at close of period, Buildings and Improvements	828,673
Gross amount at which carried at close of period, Total	862,389
Accumulated Depreciation and Amortization	124,714
Pike 7 Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	14,970
Initial cost to company, Buildings and Improvements	22,799
Cost Capitalized Subsequent to Acquisition	18,105
Gross amount at which carried at close of period, Land	14,914
Gross amount at which carried at close of period, Buildings and Improvements	40,960
Gross amount at which carried at close of period, Total	55,874
Accumulated Depreciation and Amortization	23,250
Plaza Del Mercado
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	10,305
Initial cost to company, Buildings and Improvements	21,553
Cost Capitalized Subsequent to Acquisition	14,913
Gross amount at which carried at close of period, Land	10,305
Gross amount at which carried at close of period, Buildings and Improvements	36,466
Gross amount at which carried at close of period, Total	46,771
Accumulated Depreciation and Amortization	11,427
Plaza Del Sol
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	5,605
Initial cost to company, Buildings and Improvements	12,331
Cost Capitalized Subsequent to Acquisition	(19)
Gross amount at which carried at close of period, Land	5,605
Gross amount at which carried at close of period, Buildings and Improvements	12,312
Gross amount at which carried at close of period, Total	17,917
Accumulated Depreciation and Amortization	2,595
Plaza El Segundo/The Point
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	124,706
Initial cost to company, Land	62,127
Initial cost to company, Buildings and Improvements	153,556
Cost Capitalized Subsequent to Acquisition	93,766
Gross amount at which carried at close of period, Land	64,463
Gross amount at which carried at close of period, Buildings and Improvements	244,986
Gross amount at which carried at close of period, Total	309,449
Accumulated Depreciation and Amortization	83,364
Queen Anne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	3,319
Initial cost to company, Buildings and Improvements	8,457
Cost Capitalized Subsequent to Acquisition	7,886
Gross amount at which carried at close of period, Land	3,319
Gross amount at which carried at close of period, Buildings and Improvements	16,343
Gross amount at which carried at close of period, Total	19,662
Accumulated Depreciation and Amortization	12,380
Quince Orchard
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	3,197
Initial cost to company, Buildings and Improvements	7,949
Cost Capitalized Subsequent to Acquisition	29,972
Gross amount at which carried at close of period, Land	2,928
Gross amount at which carried at close of period, Buildings and Improvements	38,190
Gross amount at which carried at close of period, Total	41,118
Accumulated Depreciation and Amortization	27,989
Riverpoint Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	15,422
Initial cost to company, Buildings and Improvements	104,572
Cost Capitalized Subsequent to Acquisition	2,603
Gross amount at which carried at close of period, Land	15,422
Gross amount at which carried at close of period, Buildings and Improvements	107,175
Gross amount at which carried at close of period, Total	122,597
Accumulated Depreciation and Amortization	23,045
San Antonio Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	26,400
Initial cost to company, Buildings and Improvements	18,462
Cost Capitalized Subsequent to Acquisition	7,232
Gross amount at which carried at close of period, Land	26,400
Gross amount at which carried at close of period, Buildings and Improvements	25,694
Gross amount at which carried at close of period, Total	52,094
Accumulated Depreciation and Amortization	7,252
Santana Row
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	66,682
Initial cost to company, Buildings and Improvements	7,502
Cost Capitalized Subsequent to Acquisition	1,241,432
Gross amount at which carried at close of period, Land	57,592
Gross amount at which carried at close of period, Buildings and Improvements	1,258,024
Gross amount at which carried at close of period, Total	1,315,616
Accumulated Depreciation and Amortization	323,191
Shops at Pembroke Gardens
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	39,506
Initial cost to company, Buildings and Improvements	141,356
Cost Capitalized Subsequent to Acquisition	650
Gross amount at which carried at close of period, Land	39,506
Gross amount at which carried at close of period, Buildings and Improvements	142,006
Gross amount at which carried at close of period, Total	181,512
Accumulated Depreciation and Amortization	8,087
Sylmar Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	18,522
Initial cost to company, Buildings and Improvements	24,637
Cost Capitalized Subsequent to Acquisition	3,420
Gross amount at which carried at close of period, Land	18,522
Gross amount at which carried at close of period, Buildings and Improvements	28,057
Gross amount at which carried at close of period, Total	46,579
Accumulated Depreciation and Amortization	5,567
THE AVENUE at White Marsh
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	20,682
Initial cost to company, Buildings and Improvements	72,432
Cost Capitalized Subsequent to Acquisition	40,410
Gross amount at which carried at close of period, Land	20,685
Gross amount at which carried at close of period, Buildings and Improvements	112,839
Gross amount at which carried at close of period, Total	133,524
Accumulated Depreciation and Amortization	53,760
The Grove at Shrewsbury
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,266
Initial cost to company, Land	18,016
Initial cost to company, Buildings and Improvements	103,115
Cost Capitalized Subsequent to Acquisition	10,581
Gross amount at which carried at close of period, Land	18,021
Gross amount at which carried at close of period, Buildings and Improvements	113,691
Gross amount at which carried at close of period, Total	131,712
Accumulated Depreciation and Amortization	35,803
The Shoppes At Nottingham Square
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	4,441
Initial cost to company, Buildings and Improvements	12,849
Cost Capitalized Subsequent to Acquisition	2,227
Gross amount at which carried at close of period, Land	4,441
Gross amount at which carried at close of period, Buildings and Improvements	15,076
Gross amount at which carried at close of period, Total	19,517
Accumulated Depreciation and Amortization	7,936
Third Street Promenade
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	17,161
Initial cost to company, Buildings and Improvements	12,051
Cost Capitalized Subsequent to Acquisition	51,169
Gross amount at which carried at close of period, Land	19,642
Gross amount at which carried at close of period, Buildings and Improvements	60,739
Gross amount at which carried at close of period, Total	80,381
Accumulated Depreciation and Amortization	36,598
Tower Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	7,170
Initial cost to company, Buildings and Improvements	10,518
Cost Capitalized Subsequent to Acquisition	8,565
Gross amount at which carried at close of period, Land	7,280
Gross amount at which carried at close of period, Buildings and Improvements	18,973
Gross amount at which carried at close of period, Total	26,253
Accumulated Depreciation and Amortization	11,679
Tower Shops
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	29,940
Initial cost to company, Buildings and Improvements	43,390
Cost Capitalized Subsequent to Acquisition	31,962
Gross amount at which carried at close of period, Land	29,962
Gross amount at which carried at close of period, Buildings and Improvements	75,330
Gross amount at which carried at close of period, Total	105,292
Accumulated Depreciation and Amortization	30,876
Troy Hills
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	3,126
Initial cost to company, Buildings and Improvements	5,193
Cost Capitalized Subsequent to Acquisition	33,050
Gross amount at which carried at close of period, Land	5,865
Gross amount at which carried at close of period, Buildings and Improvements	35,504
Gross amount at which carried at close of period, Total	41,369
Accumulated Depreciation and Amortization	26,645
Twinbrooke Shopping Centre
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	16,484
Initial cost to company, Buildings and Improvements	18,898
Cost Capitalized Subsequent to Acquisition	755
Gross amount at which carried at close of period, Land	16,484
Gross amount at which carried at close of period, Buildings and Improvements	19,653
Gross amount at which carried at close of period, Total	36,137
Accumulated Depreciation and Amortization	1,764
Tyson's Station
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	388
Initial cost to company, Buildings and Improvements	453
Cost Capitalized Subsequent to Acquisition	6,323
Gross amount at which carried at close of period, Land	493
Gross amount at which carried at close of period, Buildings and Improvements	6,671
Gross amount at which carried at close of period, Total	7,164
Accumulated Depreciation and Amortization	4,383
Village at Shirlington
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	9,761
Initial cost to company, Buildings and Improvements	14,808
Cost Capitalized Subsequent to Acquisition	48,905
Gross amount at which carried at close of period, Land	6,323
Gross amount at which carried at close of period, Buildings and Improvements	67,151
Gross amount at which carried at close of period, Total	73,474
Accumulated Depreciation and Amortization	37,988
Westgate Center
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	6,319
Initial cost to company, Buildings and Improvements	107,284
Cost Capitalized Subsequent to Acquisition	43,876
Gross amount at which carried at close of period, Land	6,319
Gross amount at which carried at close of period, Buildings and Improvements	151,160
Gross amount at which carried at close of period, Total	157,479
Accumulated Depreciation and Amortization	83,068
Westpost
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	0
Initial cost to company, Buildings and Improvements	2,955
Cost Capitalized Subsequent to Acquisition	109,946
Gross amount at which carried at close of period, Land	0
Gross amount at which carried at close of period, Buildings and Improvements	112,901
Gross amount at which carried at close of period, Total	112,901
Accumulated Depreciation and Amortization	63,606
White Marsh Plaza
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	3,478
Initial cost to company, Buildings and Improvements	21,413
Cost Capitalized Subsequent to Acquisition	2,170
Gross amount at which carried at close of period, Land	3,514
Gross amount at which carried at close of period, Buildings and Improvements	23,547
Gross amount at which carried at close of period, Total	27,061
Accumulated Depreciation and Amortization	12,580
White Marsh Other
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	27,720
Initial cost to company, Buildings and Improvements	0
Cost Capitalized Subsequent to Acquisition	213
Gross amount at which carried at close of period, Land	27,750
Gross amount at which carried at close of period, Buildings and Improvements	183
Gross amount at which carried at close of period, Total	27,933
Accumulated Depreciation and Amortization	56
Wildwood
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	9,111
Initial cost to company, Buildings and Improvements	1,061
Cost Capitalized Subsequent to Acquisition	18,370
Gross amount at which carried at close of period, Land	9,111
Gross amount at which carried at close of period, Buildings and Improvements	19,431
Gross amount at which carried at close of period, Total	28,542
Accumulated Depreciation and Amortization	11,661
Willow Grove
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	1,499
Initial cost to company, Buildings and Improvements	6,643
Cost Capitalized Subsequent to Acquisition	41,838
Gross amount at which carried at close of period, Land	1,499
Gross amount at which carried at close of period, Buildings and Improvements	48,481
Gross amount at which carried at close of period, Total	49,980
Accumulated Depreciation and Amortization	23,360
Willow Lawn
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	3,192
Initial cost to company, Buildings and Improvements	7,723
Cost Capitalized Subsequent to Acquisition	97,749
Gross amount at which carried at close of period, Land	7,790
Gross amount at which carried at close of period, Buildings and Improvements	100,874
Gross amount at which carried at close of period, Total	108,664
Accumulated Depreciation and Amortization	72,875
Wynnewood
Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, Land	8,055
Initial cost to company, Buildings and Improvements	13,759
Cost Capitalized Subsequent to Acquisition	22,569
Gross amount at which carried at close of period, Land	8,055
Gross amount at which carried at close of period, Buildings and Improvements	36,328
Gross amount at which carried at close of period, Total	44,383
Accumulated Depreciation and Amortization	$ 29,048

[1] For Federal tax purposes, the aggregate cost basis is approximately $9.4 billion as of December 31, 2023.

Schedule III Part II - Summar_2

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract]
Balance at beginning of year	$ 10,104,499		$ 9,422,062	$ 8,582,870
Acquisitions	74,723		445,319	519,350
Improvements	287,286		399,623	424,521
Deduction during period—dispositions and retirements of property	(55,338)		(107,682)	(104,679)
Deconsolidation of VIE			(54,823)
Reconsolidation of VIE	135,017
Balance at end of year	10,546,187	[1]	10,104,499	9,422,062
Aggregate cost basis for Federal tax purposes	9,400,000
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	2,715,817		2,531,095	2,357,692
Additions during period—depreciation and amortization expense	282,896		266,877	246,338
Deductions during period—dispositions and retirements of property	(38,063)		(59,066)	(72,935)
Real Estate Accumulated Depreciation Deconsolidation of VIE			(23,089)
Real Estate Accumulated Depreciation Reconsolidation of VIE	2,869
Balance at end of year	$ 2,963,519		$ 2,715,817	$ 2,531,095

[1] For Federal tax purposes, the aggregate cost basis is approximately $9.4 billion as of December 31, 2023.

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens		$ 63,740
Face Amount of Mortgages		10,078
Carrying Amount of Mortgages		9,196	[1]	$ 9,456	$ 9,543
Principal Amount of Loans Subject to delinquent Principal or Interest		0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Other Disclosure [Abstract]
Aggregate tax basis for Federal tax purposes		10,100
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year		9,456		9,543	39,892
Issuance of loans					600
Collection and satisfaction of loans		(47)		(43)	(30,339)
Valuation adjustments		(213)		(44)	(610)
Balance at end of year		9,196	[1]	$ 9,456	$ 9,543
Second Mortgage on a retail shopping center in Rockville, MD One
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	[2]	58,750
Face Amount of Mortgages		5,075
Carrying Amount of Mortgages	[1]	4,696
Principal Amount of Loans Subject to delinquent Principal or Interest		0
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at end of year	[1]	4,696
Second Mortgage on a retail shopping center in Rockville, MD Two
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	[2]	58,750
Face Amount of Mortgages		4,500
Carrying Amount of Mortgages	[1]	4,500
Principal Amount of Loans Subject to delinquent Principal or Interest		0
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at end of year	[1]	$ 4,500
Second mortgage on a retail shopping center in Baltimore, MD
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate		7%
Prior Liens	[3]	$ 4,990
Face Amount of Mortgages		503
Carrying Amount of Mortgages	[1]	0
Principal Amount of Loans Subject to delinquent Principal or Interest		0
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at end of year	[1]	$ 0
Interest Rate One \| Second Mortgage on a retail shopping center in Rockville, MD One
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate		11.50%
Interest Rate Two \| Second Mortgage on a retail shopping center in Rockville, MD Two
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate		10.75%

[1] The amounts are net of any expected losses in accordance with ASU 2016-13. See note 2 to the consolidated financial statements. For Federal tax purposes, the aggregate tax basis is approximately $10.1 million as of December 31, 2023. These mortgages are both subordinate to a first mortgage of $58.8 million in total. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2023 is estimated. This mortgage is subordinate to a first mortgage of $5.0 million. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2023 is estimated.