2018 Q2 Form 10-Q Financial Statement

#000003490318000024 Filed on August 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $224.9M $208.0M
YoY Change 8.1% 5.09%
Cost Of Revenue $68.20M $63.70M
YoY Change 7.06% 5.46%
Gross Profit $156.7M $144.4M
YoY Change 8.52% 4.94%
Gross Profit Margin 69.67% 69.41%
Selling, General & Admin $8.400M $8.600M
YoY Change -2.33% -4.44%
% of Gross Profit 5.36% 5.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $58.40M $52.60M
YoY Change 11.03% 8.68%
% of Gross Profit 37.27% 36.43%
Operating Expenses $135.0M $125.0M
YoY Change 8.04% 6.04%
Operating Profit $93.87M $83.09M
YoY Change 12.97% 3.69%
Interest Expense $27.77M $23.91M
YoY Change 16.14% 3.49%
% of Operating Profit 29.58% 28.77%
Other Income/Expense, Net
YoY Change
Pretax Income $65.50M $59.10M
YoY Change 10.83% 3.5%
Income Tax
% Of Pretax Income
Net Earnings $63.60M $76.29M
YoY Change -16.64% 36.38%
Net Earnings / Revenue 28.28% 36.67%
Basic Earnings Per Share $0.84 $1.05
Diluted Earnings Per Share $0.84 $1.05
COMMON SHARES
Basic Shares Outstanding 72.99M shares 72.00M shares
Diluted Shares Outstanding 73.03M shares 72.12M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.10M $96.30M
YoY Change -41.74% 417.74%
Cash & Equivalents $56.12M $96.33M
Short-Term Investments
Other Short-Term Assets $268.7M $210.7M
YoY Change 27.53% 6.85%
Inventory
Prepaid Expenses
Receivables $149.9M $169.0M
Other Receivables $30.40M $30.40M
Total Short-Term Assets $505.1M $506.4M
YoY Change -0.26% 36.2%
LONG-TERM ASSETS
Property, Plant & Equipment $5.747B $5.283B
YoY Change 8.78% 9.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.60M $14.00M
YoY Change 61.43% 42.86%
Other Assets $27.80M $0.00
YoY Change
Total Long-Term Assets $5.798B $5.297B
YoY Change 9.45% 9.97%
TOTAL ASSETS
Total Short-Term Assets $505.1M $506.4M
Total Long-Term Assets $5.798B $5.297B
Total Assets $6.303B $5.804B
YoY Change 8.6% 11.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.7M $190.5M
YoY Change -6.19% 10.76%
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 $271.6M $278.8M
YoY Change -2.58% 8.99%
LONG-TERM LIABILITIES
Long-Term Debt $3.321B $3.143B
YoY Change 5.65% 17.94%
Other Long-Term Liabilities $181.6M $143.0M
YoY Change 26.99% 20.57%
Total Long-Term Liabilities $3.502B $3.286B
YoY Change 6.58% 18.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $271.6M $278.8M
Total Long-Term Liabilities $3.502B $3.286B
Total Liabilities $3.774B $3.565B
YoY Change 5.86% 17.29%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.886B $2.743B
YoY Change 5.21% 3.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.265B $1.992B
YoY Change
Total Liabilities & Shareholders Equity $6.303B $5.804B
YoY Change 8.6% 11.85%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $63.60M $76.29M
YoY Change -16.64% 36.38%
Depreciation, Depletion And Amortization $58.40M $52.60M
YoY Change 11.03% 8.68%
Cash From Operating Activities $138.9M $114.8M
YoY Change 20.99% 16.31%
INVESTING ACTIVITIES
Capital Expenditures -$98.20M -$151.2M
YoY Change -35.05% 54.6%
Acquisitions
YoY Change
Other Investing Activities $65.70M $43.80M
YoY Change 50.0% -3228.57%
Cash From Investing Activities -$32.50M -$107.4M
YoY Change -69.74% 8.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -71.20M 67.10M
YoY Change -206.11% -11283.33%
NET CHANGE
Cash From Operating Activities 138.9M 114.8M
Cash From Investing Activities -32.50M -107.4M
Cash From Financing Activities -71.20M 67.10M
Net Change In Cash 35.20M 74.50M
YoY Change -52.75% -6872.73%
FREE CASH FLOW
Cash From Operating Activities $138.9M $114.8M
Capital Expenditures -$98.20M -$151.2M
Free Cash Flow $237.1M $266.0M
YoY Change -10.86% 35.37%

Facts In Submission

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IncomeLossFromContinuingOperations
57477000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
113597000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
59623000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
117554000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
59137000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
117029000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
61561000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
121176000 USD
CY2017Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-114000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-114000 USD
CY2018Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-728000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1253000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
341000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
692000 USD
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-3467000 USD
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
3805000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1065000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1286000 USD
us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
6273000 USD
us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
12339000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-9928000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-10077000 USD
CY2017Q2 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
200000 shares
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
200000 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
300000 shares
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
300000 shares
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
123000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
133000 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
35000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
49000 shares
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
11639000 USD
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
10735000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
59304000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
64685000 USD
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InterestExpense
23907000 USD
us-gaap Interest Expense
InterestExpense
47665000 USD
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InterestExpense
27766000 USD
us-gaap Interest Expense
InterestExpense
53950000 USD
CY2017Q2 us-gaap Interest Income Other
InterestIncomeOther
68000 USD
us-gaap Interest Income Other
InterestIncomeOther
174000 USD
CY2018Q2 us-gaap Interest Income Other
InterestIncomeOther
159000 USD
us-gaap Interest Income Other
InterestIncomeOther
338000 USD
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47995000 USD
us-gaap Interest Paid Net
InterestPaidNet
52997000 USD
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200000 USD
us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
100000 USD
CY2018Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
400000 USD
CY2017Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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23941000 USD
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22613000 USD
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Liabilities
3743084000 USD
CY2018Q2 us-gaap Liabilities
Liabilities
3773694000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6275755000 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6302703000 USD
CY2018Q2 us-gaap Line Of Credit
LineOfCredit
89000000 USD
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119800000 USD
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
109900000 USD
CY2018Q2 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
177000000 USD
us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
177000000 USD
CY2018Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
800000000 USD
CY2017Q4 us-gaap Minority Interest
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124808000 USD
CY2018Q2 us-gaap Minority Interest
MinorityInterest
122648000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2767000 USD
CY2017Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
30429000 USD
CY2018Q2 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
30429000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
221108000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-100654000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-386699000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-78695000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
238660000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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263111000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
76291000 USD
us-gaap Net Income Loss
NetIncomeLoss
132481000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
63595000 USD
us-gaap Net Income Loss
NetIncomeLoss
124842000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1842000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3722000 USD
CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1938000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3622000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1998000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
76156000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
132210000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
61584000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
120821000 USD
CY2017Q4 us-gaap Notes Payable
NotesPayable
320265000 USD
CY2018Q2 us-gaap Notes Payable
NotesPayable
368389000 USD
CY2018Q2 us-gaap Number Of Properties Subject To Ground Leases
NumberOfPropertiesSubjectToGroundLeases
14 property
CY2018Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
105 project
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
124959000 USD
us-gaap Operating Expenses
OperatingExpenses
250804000 USD
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
135006000 USD
us-gaap Operating Expenses
OperatingExpenses
274266000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
83090000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
89896000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
176041000 USD
CY2018Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
220476000 USD
CY2017Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
204246000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
164634000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
408693000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
441057000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
390000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1761000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2825000 USD
CY2017Q2 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
3068000 USD
us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
5258000 USD
CY2018Q2 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
3692000 USD
us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
7759000 USD
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752036 shares
us-gaap Payments For Capital Improvements
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33622000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
35654000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4077000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
777000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
430000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
120000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
165065000 USD
us-gaap Payments To Acquire Real Estate
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1736000 USD
CY2017Q2 us-gaap Percentage Rent
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2397000 USD
us-gaap Percentage Rent
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5220000 USD
CY2018Q2 us-gaap Percentage Rent
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2707000 USD
us-gaap Percentage Rent
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5481000 USD
CY2017Q2 us-gaap Preferred Stock Dividend Rate Percentage
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0.05417
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.05417
CY2018Q2 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.05417
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.05417
CY2017Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
135000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
271000 USD
CY2018Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2011000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4021000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
237803000 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
268747000 USD
us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
1672000 USD
us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
205000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
17390000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
22492000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
399410000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
13068000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
1728000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
48000000 USD
CY2017Q2 us-gaap Profit Loss
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78133000 USD
us-gaap Profit Loss
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136203000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
65533000 USD
us-gaap Profit Loss
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128464000 USD
CY2017Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
CY2018Q2 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
27773000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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1876544000 USD
CY2018Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
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1970173000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
7635061000 USD
CY2018Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
7745110000 USD
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RealEstateInvestmentPropertyNet
5758517000 USD
CY2018Q2 us-gaap Real Estate Investment Property Net
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5774937000 USD
CY2017Q2 us-gaap Real Estate Tax Expense
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26522000 USD
us-gaap Real Estate Tax Expense
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51612000 USD
CY2018Q2 us-gaap Real Estate Tax Expense
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28307000 USD
us-gaap Real Estate Tax Expense
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56755000 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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141157000 USD
CY2018Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
141417000 USD
CY2017Q4 us-gaap Rental Properties
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6950188000 USD
CY2018Q2 us-gaap Rental Properties
RentalProperties
7181679000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
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53924000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
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13408000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
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10012000 USD
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52846000 USD
CY2017Q2 us-gaap Revenues
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us-gaap Revenues
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CY2018Q2 us-gaap Revenues
Revenues
224902000 USD
us-gaap Revenues
Revenues
450307000 USD
CY2017Q4 us-gaap Secured Debt
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491505000 USD
CY2018Q2 us-gaap Secured Debt
SecuredDebt
477706000 USD
CY2017Q4 us-gaap Security Deposit Liability
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16667000 USD
CY2018Q2 us-gaap Security Deposit Liability
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17187000 USD
CY2017Q4 us-gaap Senior Notes
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2401440000 USD
CY2018Q2 us-gaap Senior Notes
SeniorNotes
2402851000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2527000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5759000 USD
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2786000 USD
us-gaap Share Based Compensation
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6218000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
2264944000 USD
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2391514000 USD
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2387592000 USD
CY2017Q2 us-gaap Straight Line Rent
StraightLineRent
3800000 USD
CY2018Q2 us-gaap Straight Line Rent
StraightLineRent
1400000 USD
us-gaap Straight Line Rent
StraightLineRent
3300000 USD
CY2017Q2 us-gaap Tenant Reimbursements
TenantReimbursements
39877000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
81395000 USD
CY2018Q2 us-gaap Tenant Reimbursements
TenantReimbursements
42531000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
87735000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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72124000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72061000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73025000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72997000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72001000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71928000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72990000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72948000 shares
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 style="width:49%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="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 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 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;">2018</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;">2017</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;">2018</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;">2017</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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">3.8</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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">7.4</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;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1.3</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">(1.4</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;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3.0</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">(2.8</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></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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">2.7</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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">5.2</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></tr></table></div></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<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, California, and South Florida. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</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;">105</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 Use Of Estimates
UseOfEstimates
<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 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>

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