2014 Q2 Form 10-Q Financial Statement

#000003490314000030 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $167.9M $157.4M
YoY Change 6.71% 7.04%
Cost Of Revenue $50.60M $45.80M
YoY Change 10.48% 6.02%
Gross Profit $117.4M $111.5M
YoY Change 5.29% 8.04%
Gross Profit Margin 69.9% 70.84%
Selling, General & Admin $8.100M $8.300M
YoY Change -2.41% 16.9%
% of Gross Profit 6.9% 7.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.80M $39.90M
YoY Change 2.26% 13.35%
% of Gross Profit 34.75% 35.78%
Operating Expenses $99.59M $93.90M
YoY Change 6.06% 9.46%
Operating Profit $68.36M $63.49M
YoY Change 7.68% 3.35%
Interest Expense $23.21M $27.15M
YoY Change -14.49% -5.52%
% of Operating Profit 33.96% 42.76%
Other Income/Expense, Net
YoY Change
Pretax Income $45.40M $33.40M
YoY Change 35.93% 1.52%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $43.55M $37.54M
YoY Change 16.0% 15.14%
Net Earnings / Revenue 25.93% 23.85%
Basic Earnings Per Share $0.64 $0.57
Diluted Earnings Per Share $0.64 $0.57
COMMON SHARES
Basic Shares Outstanding 67.11M shares 65.15M shares
Diluted Shares Outstanding 67.28M shares 65.31M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.30M $108.4M
YoY Change -61.9% 30.92%
Cash & Equivalents $41.31M $108.4M
Short-Term Investments
Other Short-Term Assets $128.6M $125.8M
YoY Change 2.23% 10.06%
Inventory
Prepaid Expenses
Receivables $97.70M $84.10M
Other Receivables $55.00M $55.50M
Total Short-Term Assets $322.6M $373.8M
YoY Change -13.7% 13.41%
LONG-TERM ASSETS
Property, Plant & Equipment $4.060B $3.665B
YoY Change 10.78% 10.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $35.50M $33.00M
YoY Change 7.58% -3.23%
Other Assets
YoY Change
Total Long-Term Assets $4.109B $3.711B
YoY Change 10.71% 10.74%
TOTAL ASSETS
Total Short-Term Assets $322.6M $373.8M
Total Long-Term Assets $4.109B $3.711B
Total Assets $4.431B $4.085B
YoY Change 8.48% 10.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $168.6M $138.9M
YoY Change 21.38% 25.36%
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 $235.7M $200.0M
YoY Change 17.85% 18.98%
LONG-TERM LIABILITIES
Long-Term Debt $2.358B $2.310B
YoY Change 2.07% 9.46%
Other Long-Term Liabilities $109.2M $97.30M
YoY Change 12.23% 79.52%
Total Long-Term Liabilities $2.467B $2.407B
YoY Change 2.48% 11.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $235.7M $200.0M
Total Long-Term Liabilities $2.467B $2.407B
Total Liabilities $2.703B $2.607B
YoY Change 3.66% 11.77%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.171B $1.964B
YoY Change 10.55% 8.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.530B $1.361B
YoY Change
Total Liabilities & Shareholders Equity $4.431B $4.085B
YoY Change 8.48% 10.98%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $43.55M $37.54M
YoY Change 16.0% 15.14%
Depreciation, Depletion And Amortization $40.80M $39.90M
YoY Change 2.26% 13.35%
Cash From Operating Activities $92.90M $79.00M
YoY Change 17.59% -1.74%
INVESTING ACTIVITIES
Capital Expenditures -$95.20M -$117.7M
YoY Change -19.12% 278.46%
Acquisitions
YoY Change
Other Investing Activities -$7.000M $5.100M
YoY Change -237.25% -264.52%
Cash From Investing Activities -$102.1M -$112.5M
YoY Change -9.24% 230.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.20M 110.6M
YoY Change -122.78% -437.2%
NET CHANGE
Cash From Operating Activities 92.90M 79.00M
Cash From Investing Activities -102.1M -112.5M
Cash From Financing Activities -25.20M 110.6M
Net Change In Cash -34.40M 77.10M
YoY Change -144.62% 466.91%
FREE CASH FLOW
Cash From Operating Activities $92.90M $79.00M
Capital Expenditures -$95.20M -$117.7M
Free Cash Flow $188.1M $196.7M
YoY Change -4.37% 76.41%

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CY2013Q2 us-gaap Interest Income Other
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65000 USD
us-gaap Interest Income Other
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95000 USD
CY2014Q2 us-gaap Interest Income Other
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18000 USD
us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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CY2014Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
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us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
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CY2014Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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CY2013Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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CY2014Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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CY2013Q4 us-gaap Liabilities
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CY2014Q2 us-gaap Liabilities And Stockholders Equity
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us-gaap Line Of Credit Facility Average Outstanding Amount
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Nature Of Operations
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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;">June&#160;30, 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 a</font><font style="font-family:inherit;font-size:10pt;">s </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">89</font><font style="font-family:inherit;font-size:10pt;"> </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>
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2013Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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43410000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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71856000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Noncontrolling Interest Increase From Business Combination
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CY2014Q2 us-gaap Operating Expenses
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Noncash Income Expense
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CY2013Q2 us-gaap Other Real Estate Revenue
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us-gaap Other Real Estate Revenue
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CY2014Q2 us-gaap Other Real Estate Revenue
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us-gaap Other Real Estate Revenue
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us-gaap Payments For Capital Improvements
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us-gaap Payments To Acquire Real Estate
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us-gaap Payments To Acquire Real Estate
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us-gaap Percentage Rent
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CY2013Q2 us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
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271000 USD
CY2013Q4 us-gaap Preferred Stock Liquidation Preference
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CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q2 us-gaap Preferred Stock Liquidation Preference
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CY2014Q2 us-gaap Preferred Stock Shares Issued
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CY2013Q4 us-gaap Preferred Stock Shares Outstanding
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CY2013Q4 us-gaap Preferred Stock Value
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CY2013Q4 us-gaap Prepaid Expense And Other Assets
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CY2014Q2 us-gaap Prepaid Expense And Other Assets
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us-gaap Proceeds From Distributions Received From Real Estate Partnerships
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us-gaap Proceeds From Distributions Received From Real Estate Partnerships
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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CY2014Q2 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2013Q2 us-gaap Profit Loss
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38797000 USD
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CY2014Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2013Q4 us-gaap Real Estate Investment Property At Cost
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CY2014Q2 us-gaap Real Estate Investment Property At Cost
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CY2013Q4 us-gaap Real Estate Investment Property Net
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us-gaap Real Estate Tax Expense
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CY2013Q2 us-gaap Real Estate Tax Expense
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us-gaap Real Estate Tax Expense
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CY2014Q2 us-gaap Real Estate Tax Expense
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CY2014Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2013Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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104425000 USD
CY2013Q4 us-gaap Rental Properties
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CY2014Q2 us-gaap Rental Properties
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Repayments Of Long Term Debt And Capital Securities
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26097000 USD
us-gaap Repayments Of Senior Debt
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us-gaap Repayments Of Senior Debt
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CY2014Q2 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
Revenues
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CY2013Q2 us-gaap Revenues
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CY2013Q4 us-gaap Secured Debt
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CY2014Q2 us-gaap Secured Debt
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CY2014Q2 us-gaap Security Deposit Liability
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13502000 USD
CY2013Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
12772000 USD
CY2013Q4 us-gaap Senior Notes
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CY2014Q2 us-gaap Senior Notes
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CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2770000 USD
us-gaap Share Based Compensation
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5379000 USD
CY2013Q2 us-gaap Share Based Compensation
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2506000 USD
us-gaap Share Based Compensation
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2014Q2 us-gaap Stockholders Equity
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CY2013Q4 us-gaap Stockholders Equity
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CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Stockholders Equity Other
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us-gaap Straight Line Rent
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2200000 USD
CY2013Q2 us-gaap Straight Line Rent
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us-gaap Straight Line Rent
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2600000 USD
CY2014Q2 us-gaap Straight Line Rent
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us-gaap Tenant Reimbursements
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CY2014Q2 us-gaap Tenant Reimbursements
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CY2013Q2 us-gaap Tenant Reimbursements
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us-gaap Tenant Reimbursements
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frt Lineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebt Fees
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frt Minimum Percentage Of Taxable Income Distributed To Shareholders
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;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 </font><font style="font-family:inherit;font-size:10pt;">statements</font><font style="font-family:inherit;font-size:10pt;"> 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>
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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65311000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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67021000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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65080000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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66858000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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64922000 shares
CY2014Q2 frt Accumulated Depreciation And Amortization Consolidated Variable Interest Entities
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22840000 USD
CY2013Q4 frt Accumulated Depreciation And Amortization Consolidated Variable Interest Entities
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19086000 USD
frt Adjustment Depreciation And Amortization
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frt Adjustment Depreciation And Amortization
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frt Capital Expenditures Development Redevelopment
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93290000 USD
frt Capital Expenditures Development Redevelopment
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154732000 USD
frt Conversion And Redemption Of Operating Partnership Units
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frt Dividends Paid To Common And Preferred Shareholders
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frt Dividends Paid To Common And Preferred Shareholders
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94196000 USD
frt Dividends Reinvested In Noncash Financing Transaction
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894000 USD
frt Dividends Reinvested In Noncash Financing Transaction
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frt Earnings Allocated To Unvested Shares
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475000 USD
frt Earnings Allocated To Unvested Shares
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428000 USD
CY2014Q2 frt Earnings Allocated To Unvested Shares
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237000 USD
CY2013Q2 frt Earnings Allocated To Unvested Shares
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214000 USD
frt Gain On Sale Of Real Estate Per Basic Share
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CY2014Q2 frt Gain On Sale Of Real Estate Per Basic Share
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frt Gain On Sale Of Real Estate Per Basic Share
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0.08
CY2013Q2 frt Gain On Sale Of Real Estate Per Basic Share
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frt Gain On Sale Of Real Estate Per Diluted Share
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CY2014Q2 frt Gain On Sale Of Real Estate Per Diluted Share
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CY2013Q2 frt Gain On Sale Of Real Estate Per Diluted Share
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frt Gain On Sale Of Real Estate Per Diluted Share
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frt Income Loss From Continuing Operations Available For Common Shareholders
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frt Income Loss From Continuing Operations Available For Common Shareholders
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81552000 USD
CY2013Q2 frt Income Loss From Continuing Operations Available For Common Shareholders
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31772000 USD
CY2014Q2 frt Income Loss From Continuing Operations Available For Common Shareholders
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43173000 USD
frt Increase Decrease In Security Deposits And Other Liabilities
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frt Increase Decrease In Security Deposits And Other Liabilities
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frt Issuance And Repayments Of Mortgage And Other Notes Receivable Net
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frt Issuance And Repayments Of Mortgage And Other Notes Receivable Net
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frt Liabilitiesassumedunpaidprincipalbalance
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dei Entity Current Reporting Status
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frt Liabilitiesassumedunpaidprincipalbalance
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68282000 USD
CY2014Q2 frt Lineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebt Fees
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CY2013Q4 frt Mortgage Payable From Consolidated Variable Interest Entities
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202782000 USD
CY2014Q2 frt Mortgage Payable From Consolidated Variable Interest Entities
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188739000 USD
frt Net Income Available For Common Shareholders Basic And Diluted
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81552000 USD
CY2014Q2 frt Net Income Available For Common Shareholders Basic And Diluted
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43173000 USD
CY2013Q2 frt Net Income Available For Common Shareholders Basic And Diluted
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37190000 USD
frt Net Income Available For Common Shareholders Basic And Diluted
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71428000 USD
CY2014Q2 frt Operating Partnership Units Fair Value
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110900000 USD
CY2013Q4 frt Operating Real Estate From Consolidated Variable Interest Entities
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CY2014Q2 frt Operating Real Estate From Consolidated Variable Interest Entities
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281311000 USD
frt Other Rental Income
OtherRentalIncome
5189000 USD
frt Other Rental Income
OtherRentalIncome
5532000 USD
CY2013Q2 frt Other Rental Income
OtherRentalIncome
2732000 USD
CY2014Q2 frt Other Rental Income
OtherRentalIncome
2808000 USD
frt Paymentof Credit Facility Costs
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1929000 USD
frt Paymentof Credit Facility Costs
PaymentofCreditFacilityCosts
0 USD
frt Paymentsofdividendsandredemptionsminorityinterest
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frt Paymentsofdividendsandredemptionsminorityinterest
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-3540000 USD
frt Profit Loss Excluding Redeemable Noncontrolling Interests
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84321000 USD
frt Refinanceofmortgageloan
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11500000 USD
frt Refinanceofmortgageloan
Refinanceofmortgageloan
0 USD
frt Rental Income
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305828000 USD
frt Rental Income
RentalIncome
328576000 USD
CY2014Q2 frt Rental Income
RentalIncome
162383000 USD
CY2013Q2 frt Rental Income
RentalIncome
153212000 USD
frt Repaymentof Note Payablewith Public Funding
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10000000 USD
frt Repaymentof Note Payablewith Public Funding
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0 USD
frt Revenue Mortgage Interest
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2528000 USD
CY2013Q2 frt Revenue Mortgage Interest
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1263000 USD
frt Revenue Mortgage Interest
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2474000 USD
CY2014Q2 frt Revenue Mortgage Interest
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1239000 USD
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="16" rowspan="1"></td></tr><tr><td width="49%" 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><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><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><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;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;">Six 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;">June&#160;30,</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="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;">June&#160;30,</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><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;">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="15" 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;">1.8</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><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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">2.6</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;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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><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;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1.7</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">(1.5</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><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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">3.0</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>
frt Share Based Compensation Expense Net Value
ShareBasedCompensationExpenseNetValue
3292000 USD
CY2014Q2 frt Totalfixedinterestrateduringswap
Totalfixedinterestrateduringswap
0.0302
dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000034903
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
67718240 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
FEDERAL REALTY INVESTMENT TRUST
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
dei Trading Symbol
TradingSymbol
FRT

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