2020 Q1 Form 10-Q Financial Statement

#000003490320000021 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $231.6M $232.2M
YoY Change -0.29% 3.03%
Cost Of Revenue $73.40M $71.90M
YoY Change 2.09% -1.78%
Gross Profit $158.2M $160.3M
YoY Change -1.31% 5.32%
Gross Profit Margin 68.32% 69.03%
Selling, General & Admin $10.30M $9.600M
YoY Change 7.29% 21.52%
% of Gross Profit 6.51% 5.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.20M $59.60M
YoY Change 4.36% 2.58%
% of Gross Profit 39.32% 37.18%
Operating Expenses $145.8M $141.1M
YoY Change 3.32% 1.35%
Operating Profit $85.74M $91.09M
YoY Change -5.87% 1.82%
Interest Expense $28.45M $28.03M
YoY Change 1.47% 7.06%
% of Operating Profit 33.18% 30.77%
Other Income/Expense, Net
YoY Change
Pretax Income $56.40M $61.80M
YoY Change -8.74% -1.75%
Income Tax
% Of Pretax Income
Net Earnings $54.76M $60.14M
YoY Change -8.95% -1.8%
Net Earnings / Revenue 23.65% 25.9%
Basic Earnings Per Share $0.70 $0.78
Diluted Earnings Per Share $0.70 $0.78
COMMON SHARES
Basic Shares Outstanding 75.65M shares 74.20M shares
Diluted Shares Outstanding 75.36M shares 74.20M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $994.7M $43.00M
YoY Change 2213.26% -33.23%
Cash & Equivalents $994.7M $43.00M
Short-Term Investments
Other Short-Term Assets $192.0M $182.6M
YoY Change 5.15% -21.39%
Inventory
Prepaid Expenses
Receivables $153.2M $137.8M
Other Receivables $30.40M $30.40M
Total Short-Term Assets $1.370B $393.8M
YoY Change 247.97% -16.27%
LONG-TERM ASSETS
Property, Plant & Equipment $6.333B $5.877B
YoY Change 7.76% 1.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $26.00M $30.50M
YoY Change -14.75% 29.79%
Other Assets $30.50M $50.00M
YoY Change -39.0% 35.5%
Total Long-Term Assets $6.390B $5.958B
YoY Change 7.25% 2.31%
TOTAL ASSETS
Total Short-Term Assets $1.370B $393.8M
Total Long-Term Assets $6.390B $5.958B
Total Assets $7.760B $6.351B
YoY Change 22.18% 0.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $246.0M $156.0M
YoY Change 57.69% -14.0%
Accrued Expenses $74.10M $75.10M
YoY Change -1.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $423.9M $329.0M
YoY Change 28.84% 20.03%
LONG-TERM LIABILITIES
Long-Term Debt $4.427B $3.229B
YoY Change 37.1% -3.2%
Other Long-Term Liabilities $150.4M $157.5M
YoY Change -4.51% -7.08%
Total Long-Term Liabilities $4.577B $3.386B
YoY Change 35.17% -3.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $423.9M $329.0M
Total Long-Term Liabilities $4.577B $3.386B
Total Liabilities $5.001B $3.715B
YoY Change 34.61% -1.69%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.168B $3.073B
YoY Change 3.09% 7.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.502B $2.388B
YoY Change
Total Liabilities & Shareholders Equity $7.760B $6.351B
YoY Change 22.18% 0.92%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $54.76M $60.14M
YoY Change -8.95% -1.8%
Depreciation, Depletion And Amortization $62.20M $59.60M
YoY Change 4.36% 2.58%
Cash From Operating Activities $118.7M $104.9M
YoY Change 13.18% -15.51%
INVESTING ACTIVITIES
Capital Expenditures -$129.5M -$102.6M
YoY Change 26.22% 14.89%
Acquisitions
YoY Change
Other Investing Activities -$22.40M -$1.400M
YoY Change 1500.0% -103.25%
Cash From Investing Activities -$151.8M -$104.0M
YoY Change 45.94% 125.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.00K $59.43M
YoY Change -99.97% 4348.13%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $898.9M -$27.00M
YoY Change -3428.99% -8.47%
NET CHANGE
Cash From Operating Activities $118.7M $104.9M
Cash From Investing Activities -$151.8M -$104.0M
Cash From Financing Activities $898.9M -$27.00M
Net Change In Cash $865.8M -$26.12M
YoY Change -3414.75% -153.86%
FREE CASH FLOW
Cash From Operating Activities $118.7M $104.9M
Capital Expenditures -$129.5M -$102.6M
Free Cash Flow $248.2M $207.5M
YoY Change 19.63% -2.79%

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CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-209000 USD
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DividendsCommonStockCash
76106000 USD
CY2019Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
2010000 USD
CY2019Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1266000 USD
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
59353000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
528000 USD
CY2019Q1 frt Share Based Compensation Expense Net Value
ShareBasedCompensationExpenseNetValue
3861000 USD
CY2019Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
4414000 USD
CY2019Q1 frt Conversion And Redemption Of Operating Partnership Units
ConversionAndRedemptionOfOperatingPartnershipUnits
0 USD
CY2019Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-667000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2501563000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
56441000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
61803000 USD
CY2020Q1 frt Adjustment Depreciation And Amortization
AdjustmentDepreciationAndAmortization
62188000 USD
CY2019Q1 frt Adjustment Depreciation And Amortization
AdjustmentDepreciationAndAmortization
59622000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1164000 USD
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1434000 USD
CY2020Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
110000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2230000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-3012000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
1245000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153614000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
108332000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1019426000 USD
CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-8618000 USD
CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1168000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3619000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-6815000 USD
CY2020Q1 frt Increase Decrease In Security Deposits And Other Liabilities
IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
-8945000 USD
CY2019Q1 frt Increase Decrease In Security Deposits And Other Liabilities
IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
-13278000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
118749000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
104919000 USD
CY2020Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
7109000 USD
CY2019Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
25176000 USD
CY2020Q1 frt Capital Expenditures Development Redevelopment
CapitalExpendituresDevelopmentRedevelopment
106572000 USD
CY2019Q1 frt Capital Expenditures Development Redevelopment
CapitalExpendituresDevelopmentRedevelopment
63380000 USD
CY2020Q1 frt Capital Expenditures Other
CapitalExpendituresOther
15792000 USD
CY2019Q1 frt Capital Expenditures Other
CapitalExpendituresOther
14061000 USD
CY2020Q1 frt Costsassociatedwithleasebuyoutforapropertysold
Costsassociatedwithleasebuyoutforapropertysold
17412000 USD
CY2019Q1 frt Costsassociatedwithleasebuyoutforapropertysold
Costsassociatedwithleasebuyoutforapropertysold
0 USD
CY2020Q1 frt Proceedsfromthesaleofrealestateandrealestatepartnershipinterests
Proceedsfromthesaleofrealestateandrealestatepartnershipinterests
0 USD
CY2019Q1 frt Proceedsfromthesaleofrealestateandrealestatepartnershipinterests
Proceedsfromthesaleofrealestateandrealestatepartnershipinterests
6106000 USD
CY2020Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
136000 USD
CY2019Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
300000 USD
CY2020Q1 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
849000 USD
CY2019Q1 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
983000 USD
CY2020Q1 us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
5001000 USD
CY2019Q1 us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
8259000 USD
CY2020Q1 frt Issuance And Repayments Of Mortgage And Other Notes Receivable Net
IssuanceAndRepaymentsOfMortgageAndOtherNotesReceivableNet
659000 USD
CY2019Q1 frt Issuance And Repayments Of Mortgage And Other Notes Receivable Net
IssuanceAndRepaymentsOfMortgageAndOtherNotesReceivableNet
-50000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-151832000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-104037000 USD
CY2020Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
990000000 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
20000000 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1524000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
21718000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
59427000 USD
CY2020Q1 frt Dividends Paid To Common And Preferred Shareholders
DividendsPaidToCommonAndPreferredShareholders
80898000 USD
CY2019Q1 frt Dividends Paid To Common And Preferred Shareholders
DividendsPaidToCommonAndPreferredShareholders
77296000 USD
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3982000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4414000 USD
CY2020Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2019Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
106000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-27002000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
865812000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-26120000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3635000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82212000 USD
CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
BUSINESS AND ORGANIZATION<div style="line-height:120%;padding-top:6px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Federal Realty Investment Trust (the “Trust”) is an equity real estate investment trust (“REIT”) 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 </span><span style="font-family:inherit;font-size:10pt;">March 31, 2020</span><span 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 </span><span style="font-family:inherit;font-size:10pt;"><span>104</span></span><span style="font-family:inherit;font-size:10pt;"> predominantly retail real estate projects.</span></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><span 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 </span><span style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;"><span>90%</span></span><span 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.</span></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Impacts of COVID-19 Pandemic</span></div>In March 2020, the World Health Organization declared the outbreak of novel coronavirus disease (“COVID-19”) as a pandemic. While we currently expect the impact to our properties is temporary in nature, the extent of the future effects of COVID-19 on our business, results of operations, cash flows, and growth prospects is highly uncertain and will ultimately depend on future developments, none of which can be predicted with any certainty.
CY2020Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
104 project
CY2020Q1 frt Minimum Percentage Of Taxable Income Distributed To Shareholders
MinimumPercentageOfTaxableIncomeDistributedToShareholders
0.90
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-top:6px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><span 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 “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.</span></div>
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
91000 USD
CY2020Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
34159000 USD
CY2019Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
32580000 USD
CY2020Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
5714000 USD
CY2019Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
4547000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
28445000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
28033000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
29405000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
32485000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4000 USD
CY2019Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7000 USD
CY2020Q1 frt Valueofdown Reit Operating Partnership Units Issued With Acq.Of Noncontrolling Interest
ValueofdownREITOperatingPartnershipUnitsIssuedWithAcq.ofNoncontrollingInterest
18920000 USD
CY2019Q1 frt Valueofdown Reit Operating Partnership Units Issued With Acq.Of Noncontrolling Interest
ValueofdownREITOperatingPartnershipUnitsIssuedWithAcq.ofNoncontrollingInterest
0 USD
CY2020Q1 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
8903000 USD
CY2019Q1 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
0 USD
CY2020Q1 frt Redemptionofoperatingpartnershipunitsforcommonshares
Redemptionofoperatingpartnershipunitsforcommonshares
0 USD
CY2019Q1 frt Redemptionofoperatingpartnershipunitsforcommonshares
Redemptionofoperatingpartnershipunitsforcommonshares
7551000 USD
CY2020Q1 frt Dividends Reinvested In Noncash Financing Transaction
DividendsReinvestedInNoncashFinancingTransaction
429000 USD
CY2019Q1 frt Dividends Reinvested In Noncash Financing Transaction
DividendsReinvestedInNoncashFinancingTransaction
455000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
994688000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
127432000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
24738000 USD
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
26182000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1019426000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153614000 USD
CY2020Q1 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
744617 shares
CY2020Q1 frt Operating Partnership Units Fair Value
OperatingPartnershipUnitsFairValue
55600000 USD
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
321000 USD
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
321000 USD
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1456000 USD
CY2019Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1456000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1559000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1504000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
87000 USD
CY2020Q1 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
990000000.0 USD
CY2020Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000000.0 USD
CY2020Q1 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
990000000.0 USD
CY2020Q1 frt Lineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebt Fees
LineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebtFees
0.017
CY2020Q1 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
143700000 USD
CY2020Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
-100000 USD
CY2020Q1 us-gaap Lease Cost
LeaseCost
3423000 USD
CY2019Q1 us-gaap Lease Cost
LeaseCost
3372000 USD
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.050
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.050
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.020
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.020
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3942000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3861000 USD
CY2020Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
332000 USD
CY2019Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
226000 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3610000 USD
CY2020Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1433000 USD
CY2019Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1460000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1550000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1511000 USD
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
11000 USD
CY2019Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
10000 USD
CY2020Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P18Y
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P18Y10M24D
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P53Y2M12D
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P53Y8M12D
CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.080
CY2019Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.080
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2020Q1 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
200000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
682 shares
CY2020Q1 us-gaap Profit Loss
ProfitLoss
56441000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
61803000 USD
CY2020Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2010000 USD
CY2019Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2010000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1678000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1659000 USD
CY2020Q1 frt Earnings Allocated To Unvested Shares
EarningsAllocatedToUnvestedShares
247000 USD
CY2019Q1 frt Earnings Allocated To Unvested Shares
EarningsAllocatedToUnvestedShares
220000 USD
CY2020Q1 frt Net Income Available For Common Shareholders Basic And Diluted
NetIncomeAvailableForCommonShareholdersBasicAndDiluted
52506000 USD
CY2019Q1 frt Net Income Available For Common Shareholders Basic And Diluted
NetIncomeAvailableForCommonShareholdersBasicAndDiluted
57914000 USD
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
75360000 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
74200000 shares
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.70
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.78
CY2020Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000000.0 USD

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