$FRT
FEDERAL REALTY INVESTMENT TRUST

2014 Q1 Form 10-Q Financial Statement

#000003490314000017 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $170.8M $157.1M
YoY Change 8.7% 7.83%
Cost Of Revenue $55.80M $47.10M
YoY Change 18.47% 11.61%
Gross Profit $115.0M $110.1M
YoY Change 4.45% 5.76%
Gross Profit Margin 67.32% 70.06%
Selling, General & Admin $7.700M $7.100M
YoY Change 8.45% 1.43%
% of Gross Profit 6.7% 6.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.90M $40.60M
YoY Change 8.13% 10.93%
% of Gross Profit 38.17% 36.88%
Operating Expenses $107.4M $94.65M
YoY Change 13.46% 10.39%
Operating Profit $63.44M $62.50M
YoY Change 1.51% 3.84%
Interest Expense $23.14M $27.41M
YoY Change -15.57% -4.82%
% of Operating Profit 36.47% 43.85%
Other Income/Expense, Net
YoY Change
Pretax Income $40.50M $35.40M
YoY Change 14.41% 9.6%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $38.75M $34.59M
YoY Change 12.04% -19.54%
Net Earnings / Revenue 22.69% 22.01%
Basic Earnings Per Share $0.58 $0.53
Diluted Earnings Per Share $0.57 $0.53
COMMON SHARES
Basic Shares Outstanding 66.62M shares 64.69M shares
Diluted Shares Outstanding 66.77M shares 64.85M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.70M $31.30M
YoY Change 141.85% -54.77%
Cash & Equivalents $75.70M $31.27M
Short-Term Investments
Other Short-Term Assets $130.9M $131.2M
YoY Change -0.23% 8.52%
Inventory
Prepaid Expenses
Receivables $92.80M $77.20M
Other Receivables $55.30M $55.60M
Total Short-Term Assets $354.7M $295.3M
YoY Change 20.12% -8.29%
LONG-TERM ASSETS
Property, Plant & Equipment $4.005B $3.567B
YoY Change 12.27% 8.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $32.10M $33.10M
YoY Change -3.02% -3.22%
Other Assets
YoY Change
Total Long-Term Assets $4.051B $3.611B
YoY Change 12.19% 7.88%
TOTAL ASSETS
Total Short-Term Assets $354.7M $295.3M
Total Long-Term Assets $4.051B $3.611B
Total Assets $4.406B $3.906B
YoY Change 12.79% 6.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $157.4M $126.7M
YoY Change 24.23% 37.12%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $223.8M $187.7M
YoY Change 19.23% 25.72%
LONG-TERM LIABILITIES
Long-Term Debt $2.392B $2.196B
YoY Change 8.93% 3.81%
Other Long-Term Liabilities $105.3M $94.50M
YoY Change 11.43% 69.35%
Total Long-Term Liabilities $2.497B $2.290B
YoY Change 9.03% 5.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $223.8M $187.7M
Total Long-Term Liabilities $2.497B $2.290B
Total Liabilities $2.721B $2.478B
YoY Change 9.8% 6.8%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.115B $1.911B
YoY Change 10.7% 6.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.486B $1.310B
YoY Change
Total Liabilities & Shareholders Equity $4.406B $3.906B
YoY Change 12.79% 6.46%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $38.75M $34.59M
YoY Change 12.04% -19.54%
Depreciation, Depletion And Amortization $43.90M $40.60M
YoY Change 8.13% 10.93%
Cash From Operating Activities $79.16M $67.69M
YoY Change 16.94% -2.54%
INVESTING ACTIVITIES
Capital Expenditures -$84.20M -$42.80M
YoY Change 96.73% 15.68%
Acquisitions
YoY Change
Other Investing Activities -$3.800M -$2.800M
YoY Change 35.71% 27.27%
Cash From Investing Activities -$88.04M -$45.68M
YoY Change 92.75% 16.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $51.62M $32.54M
YoY Change 58.61% 45.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$4.350M -$27.73M
YoY Change -84.31% -3.7%
NET CHANGE
Cash From Operating Activities $79.16M $67.69M
Cash From Investing Activities -$88.04M -$45.68M
Cash From Financing Activities -$4.350M -$27.73M
Net Change In Cash -$13.23M -$5.714M
YoY Change 131.5% -515.26%
FREE CASH FLOW
Cash From Operating Activities $79.16M $67.69M
Capital Expenditures -$84.20M -$42.80M
Free Cash Flow $163.4M $110.5M
YoY Change 47.85% 3.79%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BUSINESS AND ORGANIZATION</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal Realty Investment Trust (the &#8220;Trust&#8221;) is an equity real estate investment trust (&#8220;REIT&#8221;) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. Our properties are located primarily in densely populated and affluent communities in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, and California. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">89</font><font style="font-family:inherit;font-size:10pt;"> predominantly retail real estate projects.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">90%</font><font style="font-family:inherit;font-size:10pt;"> 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.</font></div></div>
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CY2013Q1 us-gaap Payments For Capital Improvements
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9460000 USD
CY2014Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
9834000 USD
CY2014Q1 us-gaap Payments To Acquire Real Estate
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-308000 USD
CY2013Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
CY2013Q1 us-gaap Percentage Rent
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2161000 USD
CY2014Q1 us-gaap Percentage Rent
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2123000 USD
CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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135000 USD
CY2013Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
135000 USD
CY2013Q4 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25
CY2014Q1 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
399896 shares
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
399896 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
399896 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
399896 shares
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
9997000 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
9997000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets
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145062000 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
130921000 USD
CY2013Q1 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
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0 USD
CY2014Q1 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
92000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
32542000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
51615000 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
35842000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
40545000 USD
CY2013Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1350471000 USD
CY2014Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1383520000 USD
CY2013Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
5149463000 USD
CY2014Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
5388653000 USD
CY2013Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3798992000 USD
CY2014Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
4005133000 USD
CY2014Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
18700000 USD
CY2013Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
17572000 USD
CY2014Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
110368000 USD
CY2013Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
104425000 USD
CY2013Q4 us-gaap Rental Properties
RentalProperties
4618258000 USD
CY2014Q1 us-gaap Rental Properties
RentalProperties
4815667000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
2842000 USD
CY2013Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
12095000 USD
CY2013Q1 us-gaap Revenues
Revenues
157149000 USD
CY2014Q1 us-gaap Revenues
Revenues
170828000 USD
CY2013Q4 us-gaap Secured Debt
SecuredDebt
588456000 USD
CY2014Q1 us-gaap Secured Debt
SecuredDebt
658264000 USD
CY2014Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
13122000 USD
CY2013Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
12772000 USD
CY2013Q4 us-gaap Senior Notes
SeniorNotes
1360913000 USD
CY2014Q1 us-gaap Senior Notes
SeniorNotes
1361098000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3273000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2873000 USD
CY2014Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
515000 USD
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
50158000 USD
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1392000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
1485738000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1448160000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1471297000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1574268000 USD
CY2014Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-323000 USD
CY2014Q1 us-gaap Straight Line Rent
StraightLineRent
1100000 USD
CY2013Q1 us-gaap Straight Line Rent
StraightLineRent
800000 USD
CY2014Q1 us-gaap Tenant Reimbursements
TenantReimbursements
37459000 USD
CY2013Q1 us-gaap Tenant Reimbursements
TenantReimbursements
30828000 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as &#8220;GAAP,&#8221; 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&#8217;s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.</font></div></div>
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66773000 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64847000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64692000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66615000 shares
CY2014Q1 frt Accumulated Depreciation And Amortization Consolidated Variable Interest Entities
AccumulatedDepreciationAndAmortizationConsolidatedVariableInterestEntities
20974000 USD
CY2013Q4 frt Accumulated Depreciation And Amortization Consolidated Variable Interest Entities
AccumulatedDepreciationAndAmortizationConsolidatedVariableInterestEntities
19086000 USD
CY2013Q1 frt Adjustment Depreciation And Amortization
AdjustmentDepreciationAndAmortization
40624000 USD
CY2014Q1 frt Adjustment Depreciation And Amortization
AdjustmentDepreciationAndAmortization
43850000 USD
CY2013Q1 frt Capital Expenditures Development Redevelopment
CapitalExpendituresDevelopmentRedevelopment
33367000 USD
CY2014Q1 frt Capital Expenditures Development Redevelopment
CapitalExpendituresDevelopmentRedevelopment
74097000 USD
CY2014Q1 frt Dividends Paid To Common And Preferred Shareholders
DividendsPaidToCommonAndPreferredShareholders
51714000 USD
CY2013Q1 frt Dividends Paid To Common And Preferred Shareholders
DividendsPaidToCommonAndPreferredShareholders
46884000 USD
CY2014Q1 frt Dividends Reinvested In Noncash Financing Transaction
DividendsReinvestedInNoncashFinancingTransaction
450000 USD
CY2013Q1 frt Dividends Reinvested In Noncash Financing Transaction
DividendsReinvestedInNoncashFinancingTransaction
450000 USD
CY2014Q1 frt Earnings Allocated To Unvested Shares
EarningsAllocatedToUnvestedShares
238000 USD
CY2013Q1 frt Earnings Allocated To Unvested Shares
EarningsAllocatedToUnvestedShares
214000 USD
CY2014Q1 frt Effective Economic Interest Acquisition
EffectiveEconomicInterestAcquisition
0.84
CY2014Q1 frt Income Loss From Continuing Operations Available For Common Shareholders
IncomeLossFromContinuingOperationsAvailableForCommonShareholders
38380000 USD
CY2013Q1 frt Income Loss From Continuing Operations Available For Common Shareholders
IncomeLossFromContinuingOperationsAvailableForCommonShareholders
33836000 USD
CY2014Q1 frt Increase Decrease In Security Deposits And Other Liabilities
IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
-2336000 USD
CY2013Q1 frt Increase Decrease In Security Deposits And Other Liabilities
IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
-7284000 USD
CY2014Q1 frt Issuance And Repayments Of Mortgage And Other Notes Receivable Net
IssuanceAndRepaymentsOfMortgageAndOtherNotesReceivableNet
-51000 USD
CY2013Q1 frt Issuance And Repayments Of Mortgage And Other Notes Receivable Net
IssuanceAndRepaymentsOfMortgageAndOtherNotesReceivableNet
125000 USD
CY2013Q1 frt Liabilitiesassumedunpaidprincipalbalance
Liabilitiesassumedunpaidprincipalbalance
0 USD
CY2014Q1 frt Liabilitiesassumedunpaidprincipalbalance
Liabilitiesassumedunpaidprincipalbalance
68282000 USD
CY2014Q1 frt Lineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebt Fees
LineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebtFees
0.0107
CY2014Q1 frt Minimum Percentage Of Taxable Income Distributed To Shareholders
MinimumPercentageOfTaxableIncomeDistributedToShareholders
0.9
CY2013Q4 frt Mortgage Payable From Consolidated Variable Interest Entities
MortgagePayableFromConsolidatedVariableInterestEntities
202782000 USD
CY2014Q1 frt Mortgage Payable From Consolidated Variable Interest Entities
MortgagePayableFromConsolidatedVariableInterestEntities
209742000 USD
CY2014Q1 frt Net Income Available For Common Shareholders Basic And Diluted
NetIncomeAvailableForCommonShareholdersBasicAndDiluted
38380000 USD
CY2013Q1 frt Net Income Available For Common Shareholders Basic And Diluted
NetIncomeAvailableForCommonShareholdersBasicAndDiluted
34239000 USD
CY2014Q1 frt Operating Partnership Units Fair Value
OperatingPartnershipUnitsFairValue
105300000 USD
CY2013Q4 frt Operating Real Estate From Consolidated Variable Interest Entities
OperatingRealEstateFromConsolidatedVariableInterestEntities
265138000 USD
CY2014Q1 frt Operating Real Estate From Consolidated Variable Interest Entities
OperatingRealEstateFromConsolidatedVariableInterestEntities
281602000 USD
CY2014Q1 frt Other Rental Income
OtherRentalIncome
2724000 USD
CY2013Q1 frt Other Rental Income
OtherRentalIncome
2457000 USD
CY2013Q1 frt Paymentsofdividendsandredemptionsminorityinterest
Paymentsofdividendsandredemptionsminorityinterest
-1295000 USD
CY2014Q1 frt Paymentsofdividendsandredemptionsminorityinterest
Paymentsofdividendsandredemptionsminorityinterest
-1409000 USD
CY2014Q1 frt Profit Loss Excluding Redeemable Noncontrolling Interests
ProfitLossExcludingRedeemableNoncontrollingInterests
39781000 USD
CY2013Q1 frt Rental Income
RentalIncome
152616000 USD
CY2014Q1 frt Rental Income
RentalIncome
166193000 USD
CY2014Q1 frt Revenue Mortgage Interest
RevenueMortgageInterest
1235000 USD
CY2013Q1 frt Revenue Mortgage Interest
RevenueMortgageInterest
1265000 USD
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
FEDERAL REALTY INVESTMENT TRUST
CY2014Q1 frt Schedule Of Minimum Rents Components Table Textblock
ScheduleOfMinimumRentsComponentsTableTextblock
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Minimum rents include the following:</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="75%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2013</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In millions)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Straight-line rents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amortization of above market leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1.0</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.7</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amortization of below market leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>
CY2014Q1 frt Share Based Compensation Expense Net Value
ShareBasedCompensationExpenseNetValue
222000 USD
CY2014Q1 frt Totalfixedinterestrateduringswap
Totalfixedinterestrateduringswap
0.0302
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000034903
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
67271589 shares
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014Q1 dei Trading Symbol
TradingSymbol
FRT

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