2024 Q1 Form 10-K Financial Statement

#000003490324000032 Filed on February 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $291.3M $291.8M $1.132B
YoY Change 6.69% 4.2% 5.38%
Cost Of Revenue $95.72M $95.69M $363.1M
YoY Change 9.06% -0.28% 1.77%
Gross Profit $195.6M $196.1M $769.1M
YoY Change 5.57% 6.53% 7.17%
Gross Profit Margin 67.14% 67.21% 67.93%
Selling, General & Admin $12.01M $13.10M $58.69M
YoY Change -4.3% -3.61% -2.92%
% of Gross Profit 6.14% 6.68% 7.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $83.40M $82.46M $321.8M
YoY Change 6.06% 4.17% 6.4%
% of Gross Profit 42.64% 42.05% 41.84%
Operating Expenses $191.1M $95.52M $735.6M
YoY Change 6.8% 2.98% 3.33%
Operating Profit $100.2M $100.6M $406.5M
YoY Change 4.58% 10.14% -22.78%
Interest Expense $43.69M -$41.69M $167.8M
YoY Change 11.39% 11.45% 22.5%
% of Operating Profit 43.61% -41.44% 41.28%
Other Income/Expense, Net
YoY Change
Pretax Income $58.02M $67.09M $247.2M
YoY Change 0.49% -43.0% -37.52%
Income Tax
% Of Pretax Income
Net Earnings $56.74M $61.78M $237.0M
YoY Change 2.53% -45.47% -38.52%
Net Earnings / Revenue 19.48% 21.17% 20.93%
Basic Earnings Per Share $0.66 $2.80
Diluted Earnings Per Share $0.66 $0.76 $2.80
COMMON SHARES
Basic Shares Outstanding 82.99M shares 81.62M shares 81.31M shares
Diluted Shares Outstanding 82.61M shares 81.31M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.94M $250.8M $250.8M
YoY Change -3.53% 193.16% 193.16%
Cash & Equivalents $95.94M $250.8M $250.8M
Short-Term Investments
Other Short-Term Assets $250.2M $254.2M $243.7M
YoY Change 0.4% -0.94% -0.45%
Inventory
Prepaid Expenses
Receivables $207.7M $201.7M $201.7M
Other Receivables $9.183M $9.196M $9.196M
Total Short-Term Assets $563.0M $716.0M $705.4M
YoY Change 0.78% 30.34% 31.26%
LONG-TERM ASSETS
Property, Plant & Equipment $7.666B $7.677B $7.677B
YoY Change 1.41% 1.96% 1.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $33.69M $34.87M $34.87M
YoY Change -76.52% -75.99% -75.99%
Other Assets $8.885M $9.179M $9.179M
YoY Change 13.49% -14.93% -14.93%
Total Long-Term Assets $7.709B $7.721B $7.731B
YoY Change -0.03% 0.47% 0.45%
TOTAL ASSETS
Total Short-Term Assets $563.0M $716.0M $705.4M
Total Long-Term Assets $7.709B $7.721B $7.731B
Total Assets $8.272B $8.437B $8.437B
YoY Change 0.03% 2.46% 2.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $185.6M $174.7M $174.7M
YoY Change -5.35% -8.21% -8.21%
Accrued Expenses $75.28M $75.87M $75.87M
YoY Change -2.8% -2.41% -2.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $383.6M $373.7M $373.7M
YoY Change -2.23% -3.4% -3.4%
LONG-TERM LIABILITIES
Long-Term Debt $4.496B $4.612B $4.612B
YoY Change 0.88% 4.88% 4.88%
Other Long-Term Liabilities $213.0M $225.4M $225.4M
YoY Change -10.23% -5.16% -5.16%
Total Long-Term Liabilities $4.709B $4.837B $4.837B
YoY Change 0.31% 4.37% 4.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $383.6M $373.7M $373.7M
Total Long-Term Liabilities $4.709B $4.837B $4.837B
Total Liabilities $5.093B $5.211B $5.473B
YoY Change 0.12% 3.77% 3.66%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.948B $3.960B
YoY Change 3.08% 3.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.918B $2.964B $2.964B
YoY Change
Total Liabilities & Shareholders Equity $8.272B $8.437B $8.437B
YoY Change 0.03% 2.46% 2.46%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $56.74M $61.78M $237.0M
YoY Change 2.53% -45.47% -38.52%
Depreciation, Depletion And Amortization $83.40M $82.46M $321.8M
YoY Change 6.06% 4.17% 6.4%
Cash From Operating Activities $141.2M $112.6M $555.8M
YoY Change -1.29% 4.8% 7.56%
INVESTING ACTIVITIES
Capital Expenditures $63.75M $76.25M $371.7M
YoY Change -43.01% -46.05% -56.53%
Acquisitions
YoY Change
Other Investing Activities -$3.195M $6.623M $13.42M
YoY Change -128.92% -74.0% -80.6%
Cash From Investing Activities -$66.94M -$69.72M -$358.3M
YoY Change -33.6% -39.81% -54.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $131.9M
YoY Change -57.08%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$229.4M 114.3M -$33.85M
YoY Change 633.71% -311.9% -117.78%
NET CHANGE
Cash From Operating Activities $141.2M 112.6M $555.8M
Cash From Investing Activities -$66.94M -69.72M -$358.3M
Cash From Financing Activities -$229.4M 114.3M -$33.85M
Net Change In Cash -$155.2M 157.2M $163.7M
YoY Change -1519.79% -352.31% -307.65%
FREE CASH FLOW
Cash From Operating Activities $141.2M $112.6M $555.8M
Capital Expenditures $63.75M $76.25M $371.7M
Free Cash Flow $77.41M $36.38M $184.1M
YoY Change 148.52% -207.5% -154.39%

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CY2021 us-gaap Earnings Per Share Diluted
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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247217000 usd
CY2022 us-gaap Profit Loss
ProfitLoss
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CY2021 us-gaap Profit Loss
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CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax
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3917000 usd
CY2023 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2022 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2021 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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272998000 usd
CY2023 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2022 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2021 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
7903000 usd
CY2023 us-gaap Comprehensive Income Net Of Tax
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235280000 usd
CY2022 us-gaap Comprehensive Income Net Of Tax
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393295000 usd
CY2021 us-gaap Comprehensive Income Net Of Tax
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265095000 usd
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2548747000 usd
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264785000 usd
CY2021 frt Other Comprehensive Income Loss Attributable To Redeemable Noncontrolling Interest
OtherComprehensiveIncomeLossAttributableToRedeemableNoncontrollingInterest
320000 usd
CY2021 frt Other Comprehensive Income Loss Net Of Portion Attributable To Noncontrolling Interest
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3597000 usd
CY2021 us-gaap Common Stock Dividends Per Share Declared
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CY2021 frt Redeemable Noncontrolling Interest Decrease From Distributions To Redeemable Noncontrolling Interest Holders
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5268000 usd
CY2021 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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4341000 usd
CY2021 us-gaap Stock Issued During Period Value New Issues
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CY2021 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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CY2022 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2022 frt Profit Loss Excluding Redeemable Noncontrolling Interests
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389048000 usd
CY2022 frt Other Comprehensive Income Loss Attributable To Redeemable Noncontrolling Interest
OtherComprehensiveIncomeLossAttributableToRedeemableNoncontrollingInterest
765000 usd
CY2022 frt Other Comprehensive Income Loss Net Of Portion Attributable To Noncontrolling Interest
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7804000 usd
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CY2022 frt Redeemable Noncontrolling Interest Decrease From Distributions To Redeemable Noncontrolling Interest Holders
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CY2022 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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5007000 usd
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CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2023 frt Profit Loss Excluding Redeemable Noncontrolling Interests
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9539000 usd
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4541000 usd
CY2023 us-gaap Stock Issued During Period Value New Issues
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CY2023 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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CY2023 frt Share Based Compensation Expense Net Value
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15427000 usd
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5019000 usd
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1092000 usd
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7400000 usd
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247217000 usd
CY2022 us-gaap Profit Loss
ProfitLoss
395661000 usd
CY2021 us-gaap Profit Loss
ProfitLoss
269081000 usd
CY2023 frt Adjustment Depreciation And Amortization
AdjustmentDepreciationAndAmortization
321763000 usd
CY2022 frt Adjustment Depreciation And Amortization
AdjustmentDepreciationAndAmortization
302409000 usd
CY2021 frt Adjustment Depreciation And Amortization
AdjustmentDepreciationAndAmortization
279976000 usd
CY2023 frt Deconsolidation Of Vie Gain Loss Amount
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0 usd
CY2022 frt Deconsolidation Of Vie Gain Loss Amount
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70374000 usd
CY2021 frt Deconsolidation Of Vie Gain Loss Amount
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0 usd
CY2023 frt Gain On Sale Of Real Estate And Change In Control Of Interest
GainOnSaleOfRealEstateAndChangeInControlOfInterest
9881000 usd
CY2022 frt Gain On Sale Of Real Estate And Change In Control Of Interest
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93483000 usd
CY2021 frt Gain On Sale Of Real Estate And Change In Control Of Interest
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89950000 usd
CY2023 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3869000 usd
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5170000 usd
CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1245000 usd
CY2023 us-gaap Straight Line Rent
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11576000 usd
CY2022 us-gaap Straight Line Rent
StraightLineRent
18326000 usd
CY2021 us-gaap Straight Line Rent
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9397000 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
14308000 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
13704000 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
13009000 usd
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4959000 usd
CY2022 us-gaap Other Noncash Income Expense
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4812000 usd
CY2021 us-gaap Other Noncash Income Expense
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3223000 usd
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CY2022 us-gaap Increase Decrease In Accounts And Other Receivables
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12071000 usd
CY2021 us-gaap Increase Decrease In Accounts And Other Receivables
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-1214000 usd
CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6881000 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1219000 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5607000 usd
CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
6005000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
77000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
6782000 usd
CY2023 frt Increase Decrease In Security Deposits And Other Liabilities
IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
235000 usd
CY2022 frt Increase Decrease In Security Deposits And Other Liabilities
IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
10373000 usd
CY2021 frt Increase Decrease In Security Deposits And Other Liabilities
IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
10712000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
555830000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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516769000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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471352000 usd
CY2023 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
60628000 usd
CY2022 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
438494000 usd
CY2021 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
366466000 usd
CY2023 frt Capital Expenditures Development Redevelopment
CapitalExpendituresDevelopmentRedevelopment
214062000 usd
CY2022 frt Capital Expenditures Development Redevelopment
CapitalExpendituresDevelopmentRedevelopment
309046000 usd
CY2021 frt Capital Expenditures Development Redevelopment
CapitalExpendituresDevelopmentRedevelopment
368786000 usd
CY2023 frt Capital Expenditures Other
CapitalExpendituresOther
97058000 usd
CY2022 frt Capital Expenditures Other
CapitalExpendituresOther
107655000 usd
CY2021 frt Capital Expenditures Other
CapitalExpendituresOther
71728000 usd
CY2023 frt Costs Associated With Lease Buyout For A Property Sold
CostsAssociatedWithLeaseBuyoutForAPropertySold
1378000 usd
CY2022 frt Costs Associated With Lease Buyout For A Property Sold
CostsAssociatedWithLeaseBuyoutForAPropertySold
18031000 usd
CY2021 frt Costs Associated With Lease Buyout For A Property Sold
CostsAssociatedWithLeaseBuyoutForAPropertySold
0 usd
CY2023 us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
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28451000 usd
CY2022 us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
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133717000 usd
CY2021 us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
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137868000 usd
CY2023 us-gaap Cash Divested From Deconsolidation
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CY2022 us-gaap Cash Divested From Deconsolidation
CashDivestedFromDeconsolidation
4192000 usd
CY2021 us-gaap Cash Divested From Deconsolidation
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0 usd
CY2022 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
23155000 usd
CY2021 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
3115000 usd
CY2023 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
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9860000 usd
CY2022 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
6864000 usd
CY2021 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
2970000 usd
CY2023 us-gaap Increase Decrease In Lease Acquisition Costs
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23510000 usd
CY2022 us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
22541000 usd
CY2021 us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
21990000 usd
CY2023 frt Issuance Repayments Of Mortgage And Other Notes Receivable Net
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CY2022 frt Issuance Repayments Of Mortgage And Other Notes Receivable Net
IssuanceRepaymentsOfMortgageAndOtherNotesReceivableNet
3465000 usd
CY2021 frt Issuance Repayments Of Mortgage And Other Notes Receivable Net
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-31129000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023 us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2022 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
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CY2021 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 usd
CY2023 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
345698000 usd
CY2022 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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0 usd
CY2021 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 usd
CY2023 us-gaap Repayments Of Senior Debt
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275000000 usd
CY2022 us-gaap Repayments Of Senior Debt
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CY2021 us-gaap Repayments Of Senior Debt
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CY2023 frt Issuance Of Mortgages And Notes Payable Net Of Costs
IssuanceOfMortgagesAndNotesPayableNetOfCosts
199237000 usd
CY2022 frt Issuance Of Mortgages And Notes Payable Net Of Costs
IssuanceOfMortgagesAndNotesPayableNetOfCosts
298568000 usd
CY2021 frt Issuance Of Mortgages And Notes Payable Net Of Costs
IssuanceOfMortgagesAndNotesPayableNetOfCosts
0 usd
CY2023 frt Repayment Of Mortgages Finance Leases And Notes Payable
RepaymentOfMortgagesFinanceLeasesAndNotesPayable
58472000 usd
CY2022 frt Repayment Of Mortgages Finance Leases And Notes Payable
RepaymentOfMortgagesFinanceLeasesAndNotesPayable
19443000 usd
CY2021 frt Repayment Of Mortgages Finance Leases And Notes Payable
RepaymentOfMortgagesFinanceLeasesAndNotesPayable
277643000 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
131895000 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
307275000 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
172981000 usd
CY2023 frt Dividends Paid To Common And Preferred Shareholders
DividendsPaidToCommonAndPreferredShareholders
359194000 usd
CY2022 frt Dividends Paid To Common And Preferred Shareholders
DividendsPaidToCommonAndPreferredShareholders
347284000 usd
CY2021 frt Dividends Paid To Common And Preferred Shareholders
DividendsPaidToCommonAndPreferredShareholders
335656000 usd
CY2023 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5019000 usd
CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4900000 usd
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2998000 usd
CY2023 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
1092000 usd
CY2022 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 usd
CY2021 us-gaap Proceeds From Minority Shareholders
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133000 usd
CY2023 frt Paymentsofdividendsandredemptionsminorityinterest
Paymentsofdividendsandredemptionsminorityinterest
14086000 usd
CY2022 frt Paymentsofdividendsandredemptionsminorityinterest
Paymentsofdividendsandredemptionsminorityinterest
37427000 usd
CY2021 frt Paymentsofdividendsandredemptionsminorityinterest
Paymentsofdividendsandredemptionsminorityinterest
9784000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-33849000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
190414000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-452967000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
163656000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-78815000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96348000 usd
CY2023 us-gaap Nature Of Operations
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BUSINESS AND ORGANIZATION<div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federal Realty Investment Trust (the “Parent Company” and "Trust") is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operating and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of, and exercises control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of December 31, 2023, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We operate in a manner intended to enable the Trust to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General Economic Conditions </span></div>The heightened levels of inflation, higher interest rates, and the potentially worsening of economic conditions presents risks for our business and our tenants. We continue to monitor and address risks related to the general state of the economy. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted.
CY2023Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
102 project
CY2023 frt Minimum Percentage Of Taxable Income Distributed To Shareholders
MinimumPercentageOfTaxableIncomeDistributedToShareholders
0.90
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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>
CY2023Q4 frt Deferred Rent Receivables Collected
DeferredRentReceivablesCollected
40000000 usd
CY2023Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
48000000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
175163000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
816896000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
260004000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96348000 usd
CY2023Q4 frt Rent Abatementin Period
RentAbatementinPeriod
1000000 usd
CY2022Q4 frt Rent Abatementin Period
RentAbatementinPeriod
4000000 usd
CY2021Q4 frt Rent Abatementin Period
RentAbatementinPeriod
26000000 usd
CY2023 frt Collectibility Adjustment Increase Decrease To Revenue
CollectibilityAdjustmentIncreaseDecreaseToRevenue
400000 usd
CY2022 frt Collectibility Adjustment Increase Decrease To Revenue
CollectibilityAdjustmentIncreaseDecreaseToRevenue
-4100000 usd
CY2021 frt Collectibility Adjustment Increase Decrease To Revenue
CollectibilityAdjustmentIncreaseDecreaseToRevenue
24000000 usd
CY2023Q4 frt Tenants With Revenue Recognized On A Cash Basis Method
TenantsWithRevenueRecognizedOnACashBasisMethod
0.28
CY2022Q4 frt Tenants With Revenue Recognized On A Cash Basis Method
TenantsWithRevenueRecognizedOnACashBasisMethod
0.31
CY2023Q4 frt Straight Line Rent Receivable
StraightLineRentReceivable
138400000 usd
CY2022Q4 frt Straight Line Rent Receivable
StraightLineRentReceivable
126600000 usd
CY2023 frt Depreciation Expense Real Estate
DepreciationExpenseRealEstate
282000000 usd
CY2022 frt Depreciation Expense Real Estate
DepreciationExpenseRealEstate
265700000 usd
CY2021 frt Depreciation Expense Real Estate
DepreciationExpenseRealEstate
245100000 usd
CY2023 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Long-Lived Assets and Impairment </span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are estimates and assumptions made by management in preparing the consolidated financial statements for which the actual results will be determined over long periods of time. This includes the recoverability of long-lived assets, including our properties that have been acquired or redeveloped and our investment in certain joint ventures. Management’s evaluation of impairment includes review for possible indicators of impairment as well as, in certain circumstances, undiscounted and discounted cash flow analysis. Since most of our investments in real estate are wholly-owned or controlled assets which are held for use, a property with impairment indicators is first tested for impairment by comparing the undiscounted cash flows, including residual value, to the current net book value of the property. If the undiscounted cash flows are less than the net book value, the property is written down to expected fair value. </span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Because our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income, because recording an impairment charge results in a negative adjustment to net income.</span></div>
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
257200000 usd
CY2023 srt Mortgage Loans On Real Estate Number Of Loans
MortgageLoansOnRealEstateNumberOfLoans
3
CY2023Q4 us-gaap Notes Receivable Net
NotesReceivableNet
9200000 usd
CY2023 frt Weighted Average Interest Rateon Financing Receivable
WeightedAverageInterestRateonFinancingReceivable
0.109
CY2023Q4 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
9200000 usd
CY2022Q4 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
9500000 usd
CY2023Q4 frt Numberof Consolidated Variable Interest Entities
NumberofConsolidatedVariableInterestEntities
19
CY2023Q4 frt Variable Interest Entity Net Real Estate Assets
VariableInterestEntityNetRealEstateAssets
1600000000 usd
CY2022Q4 frt Variable Interest Entity Net Real Estate Assets
VariableInterestEntityNetRealEstateAssets
1600000000 usd
CY2023Q4 frt Mortgage Payable From Consolidated Variable Interest Entities
MortgagePayableFromConsolidatedVariableInterestEntities
189300000 usd
CY2022Q4 frt Mortgage Payable From Consolidated Variable Interest Entities
MortgagePayableFromConsolidatedVariableInterestEntities
191800000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
178370000 usd
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
213708000 usd
CY2023 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
7253000 usd
CY2022 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
6613000 usd
CY2023 frt Contributions From Redeemable Noncontrolling Interests
ContributionsFromRedeemableNoncontrollingInterests
0 usd
CY2022 frt Contributions From Redeemable Noncontrolling Interests
ContributionsFromRedeemableNoncontrollingInterests
2111000 usd
CY2023 frt Other Comprehensive Income Loss Attributable To Redeemable Noncontrolling Interests
OtherComprehensiveIncomeLossAttributableToRedeemableNoncontrollingInterests
-119000 usd
CY2022 frt Other Comprehensive Income Loss Attributable To Redeemable Noncontrolling Interests
OtherComprehensiveIncomeLossAttributableToRedeemableNoncontrollingInterests
765000 usd
CY2023 frt Redeemable Noncontrolling Interest Decrease From Distributions And Purchases To Redeemable Noncontrolling Interest Holders
RedeemableNoncontrollingInterestDecreaseFromDistributionsAndPurchasesToRedeemableNoncontrollingInterestHolders
9541000 usd
CY2022 frt Redeemable Noncontrolling Interest Decrease From Distributions And Purchases To Redeemable Noncontrolling Interest Holders
RedeemableNoncontrollingInterestDecreaseFromDistributionsAndPurchasesToRedeemableNoncontrollingInterestHolders
32445000 usd
CY2023 us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
7400000 usd
CY2022 us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
-12382000 usd
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
183363000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
178370000 usd
CY2023 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Leases</span></div>We have ground leases at 11 properties which are accounted for as operating leases. The operating lease right of use ("ROU") assets and related liabilities are shown separately on the face of our consolidated balance sheet and reflect the present value of the minimum lease payments. A key input in the calculation is the discount rate. As the rate implied in the lease agreements is not readily determinable, we utilize our incremental borrowing rate that corresponds to the remaining term of the lease, our credit spread, and an adjustment to reflect the collateralized payment terms present in the lease. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the non-cancellable lease term and is included in rental expenses in our consolidated statements of operations. We do not record a ROU asset or lease liability for leases with terms of less than 12 months.
CY2023Q4 us-gaap Number Of Properties Subject To Ground Leases
NumberOfPropertiesSubjectToGroundLeases
11 properties
CY2023 frt Minimum Percentage Of Taxable Income Distributed To Shareholders
MinimumPercentageOfTaxableIncomeDistributedToShareholders
0.90
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023 frt Numberof Properties Exceeding Segment Reporting Threshold
NumberofPropertiesExceedingSegmentReportingThreshold
0 property
CY2023 us-gaap Factors Used To Identify Entitys Reportable Segments
FactorsUsedToIdentifyEntitysReportableSegments
10% of our revenues or property operating income
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023 us-gaap Interest Costs Incurred
InterestCostsIncurred
190409000 usd
CY2022 us-gaap Interest Costs Incurred
InterestCostsIncurred
155659000 usd
CY2021 us-gaap Interest Costs Incurred
InterestCostsIncurred
150324000 usd
CY2023 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
22600000 usd
CY2022 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
18670000 usd
CY2021 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
22626000 usd
CY2023 us-gaap Interest Expense
InterestExpense
167809000 usd
CY2022 us-gaap Interest Expense
InterestExpense
136989000 usd
CY2021 us-gaap Interest Expense
InterestExpense
127698000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
158796000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
130912000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
123585000 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
284000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
624000 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
386000 usd
CY2023 frt Redemptionofoperatingpartnershipunitsforcommonshares
Redemptionofoperatingpartnershipunitsforcommonshares
883000 usd
CY2022 frt Redemptionofoperatingpartnershipunitsforcommonshares
Redemptionofoperatingpartnershipunitsforcommonshares
1385000 usd
CY2021 frt Redemptionofoperatingpartnershipunitsforcommonshares
Redemptionofoperatingpartnershipunitsforcommonshares
7545000 usd
CY2023 frt Dividends Reinvested In Noncash Financing Transaction
DividendsReinvestedInNoncashFinancingTransaction
1704000 usd
CY2022 frt Dividends Reinvested In Noncash Financing Transaction
DividendsReinvestedInNoncashFinancingTransaction
1718000 usd
CY2021 frt Dividends Reinvested In Noncash Financing Transaction
DividendsReinvestedInNoncashFinancingTransaction
1727000 usd
CY2023 frt Redemption Of Series1 Preferred Shares For Common Shares
RedemptionOfSeries1PreferredSharesForCommonShares
0 usd
CY2022 frt Redemption Of Series1 Preferred Shares For Common Shares
RedemptionOfSeries1PreferredSharesForCommonShares
175000 usd
CY2021 frt Redemption Of Series1 Preferred Shares For Common Shares
RedemptionOfSeries1PreferredSharesForCommonShares
0 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
250825000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
85558000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
9179000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10790000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
260004000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96348000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
73827000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
40620000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
80341000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
39739000 usd
CY2023Q4 frt Finite Lived Intangible Liabilities Gross
FiniteLivedIntangibleLiabilitiesGross
280395000 usd
CY2023Q4 frt Finite Lived Intangible Liabilities Accumulated Amortization
FiniteLivedIntangibleLiabilitiesAccumulatedAmortization
107843000 usd
CY2022Q4 frt Finite Lived Intangible Liabilities Gross
FiniteLivedIntangibleLiabilitiesGross
279037000 usd
CY2022Q4 frt Finite Lived Intangible Liabilities Accumulated Amortization
FiniteLivedIntangibleLiabilitiesAccumulatedAmortization
95197000 usd
CY2023 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
15864000 usd
CY2022 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
14543000 usd
CY2021 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
11897000 usd
CY2023 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
12610000 usd
CY2022 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
11106000 usd
CY2021 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
8747000 usd
CY2023 frt Amortizationof Below Market Lease Lessee
AmortizationofBelowMarketLeaseLessee
742000 usd
CY2022 frt Amortizationof Below Market Lease Lessee
AmortizationofBelowMarketLeaseLessee
828000 usd
CY2021 frt Amortizationof Below Market Lease Lessee
AmortizationofBelowMarketLeaseLessee
828000 usd
CY2023 frt Amortization Of Above And Below Market Leases Lessee
AmortizationOfAboveAndBelowMarketLeasesLessee
179000 usd
CY2022 frt Amortization Of Above And Below Market Leases Lessee
AmortizationOfAboveAndBelowMarketLeasesLessee
274000 usd
CY2021 frt Amortization Of Above And Below Market Leases Lessee
AmortizationOfAboveAndBelowMarketLeasesLessee
290000 usd
CY2023Q4 us-gaap Below Market Lease Amortization Income Next Twelve Months
BelowMarketLeaseAmortizationIncomeNextTwelveMonths
15291000 usd
CY2023Q4 us-gaap Below Market Lease Amortization Income Year Two
BelowMarketLeaseAmortizationIncomeYearTwo
11860000 usd
CY2023Q4 us-gaap Below Market Lease Amortization Income Year Three
BelowMarketLeaseAmortizationIncomeYearThree
11392000 usd
CY2023Q4 us-gaap Below Market Lease Amortization Income Year Four
BelowMarketLeaseAmortizationIncomeYearFour
10895000 usd
CY2023Q4 us-gaap Below Market Lease Amortization Income Year Five
BelowMarketLeaseAmortizationIncomeYearFive
10105000 usd
CY2023Q4 us-gaap Below Market Lease Amortization Income After Year Five
BelowMarketLeaseAmortizationIncomeAfterYearFive
113009000 usd
CY2023Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
172552000 usd
CY2023Q4 us-gaap Secured Debt
SecuredDebt
516936000 usd
CY2022Q4 us-gaap Secured Debt
SecuredDebt
320615000 usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2022Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
442000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1880000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
601945000 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
601077000 usd
CY2023Q4 us-gaap Senior Notes
SeniorNotes
3480296000 usd
CY2022Q4 us-gaap Senior Notes
SeniorNotes
3407701000 usd
CY2023Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4599177000 usd
CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4329393000 usd
CY2023 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
115500000 usd
CY2023 frt Lineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebt Fees
LineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebtFees
0.059
CY2023 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
115500000 usd
CY2022 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
330000000 usd
CY2021 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
150000000 usd
CY2023 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
44700000 usd
CY2022 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
80300000 usd
CY2021 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
19600000 usd
CY2023 frt Lineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebt Fees
LineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebtFees
0.059
CY2022 frt Lineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebt Fees
LineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebtFees
0.032
CY2021 frt Lineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebt Fees
LineofcreditfacilityweightedaverageinterestratebeforeamortizationofdebtFees
0.009
CY2023Q4 frt Lineofcreditfacilityannualfacilityfee
Lineofcreditfacilityannualfacilityfee
1900000 usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1203936000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
248120000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
455626000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
693361000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
352511000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1662177000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
4615731000 usd
CY2023Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1250000000 usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3500000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3300000 usd
CY2023 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2000000 usd
CY2022 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2300000 usd
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
6500000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5819000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5772000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5406000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5042000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5100000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
194040000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
221179000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
145309000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
75870000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
713000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
713000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
713000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
748000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
801000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
67875000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
71563000 usd
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
58893000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
12670000 usd
CY2023 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
19847 shares
CY2022 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
19502 shares
CY2021 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
19758 shares
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
4.340
CY2023 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
4.330
CY2022 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
4.300
CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
4.290
CY2021 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
4.260
CY2021 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
4.250
CY2023 frt Common Stock Ordinary Dividends Per Share Cash Paid
CommonStockOrdinaryDividendsPerShareCashPaid
3.551
CY2022 frt Common Stock Ordinary Dividends Per Share Cash Paid
CommonStockOrdinaryDividendsPerShareCashPaid
3.518
CY2021 frt Common Stock Ordinary Dividends Per Share Cash Paid
CommonStockOrdinaryDividendsPerShareCashPaid
3.358
CY2023 frt Common Shares Capital Gain
CommonSharesCapitalGain
0.130
CY2022 frt Common Shares Capital Gain
CommonSharesCapitalGain
0.772
CY2021 frt Common Shares Capital Gain
CommonSharesCapitalGain
0.680
CY2023 frt Common Shares Return Of Capital
CommonSharesReturnOfCapital
0.649
CY2022 frt Common Shares Return Of Capital
CommonSharesReturnOfCapital
0
CY2021 frt Common Shares Return Of Capital
CommonSharesReturnOfCapital
0.212
CY2023 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
4.330
CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
4.290
CY2021 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
4.250
CY2023Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.09
CY2023Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
102 project
CY2023Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
12 state
CY2023Q4 frt Percent Of Annualized Base Rent Maximum
PercentOfAnnualizedBaseRentMaximum
0.027
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
725458000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
667483000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
601092000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
528854000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
424229000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
1680181000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
4627297000 usd
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PropertyPayrollExpense
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RealEstateInsurance
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RealEstateInsurance
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RealEstateInsurance
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GroundRentExpense
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GroundRentExpense
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GroundRentExpense
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DirectCostsOfLeasedAndRentedPropertyOrEquipment
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DirectCostsOfLeasedAndRentedPropertyOrEquipment
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AllocatedShareBasedCompensationExpense
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AllocatedShareBasedCompensationExpense
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AllocatedShareBasedCompensationExpense
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ShareBasedCompensation
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ShareBasedCompensation
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ShareBasedCompensation
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CY2021 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
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247217000 usd
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ProfitLoss
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PreferredStockDividendsIncomeStatementImpact
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PreferredStockDividendsIncomeStatementImpact
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10232000 usd
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NetIncomeLossAttributableToNoncontrollingInterest
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EarningsAllocatedToUnvestedShares
1286000 usd
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EarningsAllocatedToUnvestedShares
1328000 usd
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EarningsAllocatedToUnvestedShares
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NetIncomeAvailableForCommonShareholdersBasic
227667000 usd
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NetIncomeAvailableForCommonShareholdersBasic
376129000 usd
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NetIncomeAvailableForCommonShareholdersBasic
252245000 usd
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IncomeAttributableToDownREITOperatingPartnershipUnits
2810000 usd
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RealEstateAccumulatedDepreciationDispositionsAndRetirements
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RealEstateDispositionsAndRetirements
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RealEstateFederalIncomeTaxBasis
9400000000 usd
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RealEstateAccumulatedDepreciation
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246338000 usd
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227667000 usd
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252245000 usd
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81313000 shares
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WeightedAverageNumberOfSharesOutstandingBasic
79854000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77336000 shares
CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2023 frt Common Shares Attributable To Dilutive Effect Of Down Reit Operating Partnership Units
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CommonSharesAttributableToDilutiveEffectOfDownREITOperatingPartnershipUnits
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81313000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80508000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77368000 shares
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EarningsPerShareBasic
2.80
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4.71
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3.26
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2.80
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4.71
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EarningsPerShareDiluted
3.26
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516936000 usd
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1730629000 usd
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3164741000 usd
CY2023Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
5650817000 usd
CY2023Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
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1726021000 usd
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8820166000 usd
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RealEstateGrossAtCarryingValue
10546187000 usd
CY2023Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2963519000 usd
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RealEstateGrossAtCarryingValue
8582870000 usd
CY2021 us-gaap Real Estate Other Acquisitions
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519350000 usd
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424521000 usd
CY2021 frt Real Estate Dispositions And Retirements
RealEstateDispositionsAndRetirements
104679000 usd
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9422062000 usd
CY2022 us-gaap Real Estate Other Acquisitions
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445319000 usd
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RealEstateImprovements
399623000 usd
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RealEstateDispositionsAndRetirements
107682000 usd
CY2022 frt Deconsolidation Of Vie
DeconsolidationOfVIE
54823000 usd
CY2022Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
10104499000 usd
CY2023 us-gaap Real Estate Improvements
RealEstateImprovements
287286000 usd
CY2023 frt Reconsolidation Of Vie
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135017000 usd
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RealEstateOtherAcquisitions
74723000 usd
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59066000 usd
CY2022 frt Real Estate Accumulated Depreciation Deconsolidation Of Vie
RealEstateAccumulatedDepreciationDeconsolidationOfVIE
23089000 usd
CY2022Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2715817000 usd
CY2023 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
282896000 usd
CY2023 frt Real Estate Accumulated Depreciation Reconsolidation Of Vie
RealEstateAccumulatedDepreciationReconsolidationOfVIE
2869000 usd
CY2023 frt Real Estate Accumulated Depreciation Dispositions And Retirements
RealEstateAccumulatedDepreciationDispositionsAndRetirements
38063000 usd
CY2023Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2963519000 usd
CY2023Q4 srt Mortgage Loans On Real Estate Prior Liens1
MortgageLoansOnRealEstatePriorLiens1
63740000 usd
CY2023Q4 srt Mortgage Loans On Real Estate Face Amount Of Mortgages
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10078000 usd
CY2023Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
9196000 usd
CY2023Q4 srt Mortgage Loans On Real Estate Principal Amount Of Delinquent Loans
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0 usd
CY2023Q4 srt Mortgage Loans On Real Estate Federal Income Tax Basis1
MortgageLoansOnRealEstateFederalIncomeTaxBasis1
10100000 usd
CY2020Q4 us-gaap Mortgage Loans On Real Estate
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39892000 usd
CY2021 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
600000 usd
CY2021 srt Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
30339000 usd
CY2021 frt Valuation Adjustments
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610000 usd
CY2021Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
9543000 usd
CY2022 frt Valuation Adjustments
ValuationAdjustments
44000 usd
CY2022 srt Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
43000 usd
CY2022Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
9456000 usd
CY2023 frt Valuation Adjustments
ValuationAdjustments
213000 usd
CY2023 srt Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
47000 usd
CY2023Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
9196000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3042159000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-641733000 usd

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