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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Operating (including $1,898,790 and $1,832,190 of consolidated variable interest entities, respectively) $ 11,302,971 $ 11,265,167
Construction-in-progress (including $30,376 and $28,418 of consolidated variable interest entities, respectively) 358,950 374,735
Real estate, at cost, total 11,661,921 11,639,902
Less accumulated depreciation and amortization (including $474,534 and $468,725 of consolidated variable interest entities, respectively) (3,394,099) (3,351,881)
Net real estate 8,267,822 8,288,021
Cash and cash equivalents 115,633 107,415
Accounts and notes receivable, net 249,428 249,755
Mortgage notes receivable, net 0 9,091
Investment in partnerships 31,105 31,881
Operating lease right of use assets, net 82,234 83,120
Finance lease right of use assets, net 6,356 6,410
Prepaid expenses and other assets 344,192 354,767
TOTAL ASSETS 9,096,770 9,130,460
Liabilities    
Mortgages payable, net (including $191,475 and $194,176 of consolidated variable interest entities, respectively) 519,021 521,759
Notes payable, net 1,365,333 1,057,331
Senior notes and debentures, net 2,965,414 3,364,010
Accounts payable and accrued expenses 222,187 219,678
Dividends payable 99,926 99,792
Security deposits payable 32,489 31,548
Operating lease liabilities 71,484 72,304
Finance lease liabilities 12,935 12,903
Other liabilities and deferred credits 243,637 250,494
Total liabilities 5,532,426 5,629,819
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests 182,827 181,655
Shareholders’ equity    
Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized, 86,386,687 and 86,266,009 shares issued and outstanding, respectively 870 869
Additional paid-in capital 4,310,277 4,310,365
Accumulated dividends in excess of net income (1,164,907) (1,224,372)
Accumulated other comprehensive income 5,075 2,047
Total shareholders’ equity of the Trust 3,311,137 3,248,731
Noncontrolling interests 70,380 70,255
Total shareholders’ equity 3,381,517 3,318,986
Partner capital    
Accumulated other comprehensive income 5,075 2,047
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL 9,096,770 9,130,460
Federal Realty OP LP    
ASSETS    
Operating (including $1,898,790 and $1,832,190 of consolidated variable interest entities, respectively) 11,302,971 11,265,167
Construction-in-progress (including $30,376 and $28,418 of consolidated variable interest entities, respectively) 358,950 374,735
Real estate, at cost, total 11,661,921 11,639,902
Less accumulated depreciation and amortization (including $474,534 and $468,725 of consolidated variable interest entities, respectively) (3,394,099) (3,351,881)
Net real estate 8,267,822 8,288,021
Cash and cash equivalents 115,633 107,415
Accounts and notes receivable, net 249,428 249,755
Mortgage notes receivable, net 0 9,091
Investment in partnerships 31,105 31,881
Operating lease right of use assets, net 82,234 83,120
Finance lease right of use assets, net 6,356 6,410
Prepaid expenses and other assets 344,192 354,767
TOTAL ASSETS 9,096,770 9,130,460
Liabilities    
Mortgages payable, net (including $191,475 and $194,176 of consolidated variable interest entities, respectively) 519,021 521,759
Notes payable, net 1,365,333 1,057,331
Senior notes and debentures, net 2,965,414 3,364,010
Accounts payable and accrued expenses 222,187 219,678
Dividends payable 99,926 99,792
Security deposits payable 32,489 31,548
Operating lease liabilities 71,484 72,304
Finance lease liabilities 12,935 12,903
Other liabilities and deferred credits 243,637 250,494
Total liabilities 5,532,426 5,629,819
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests 182,827 181,655
Shareholders’ equity    
Accumulated other comprehensive income 5,075 2,047
Partner capital    
Preferred units, 398,878 units issued and outstanding 154,788 154,788
Common units, 86,386,687 and 86,266,009 units issued and outstanding, respectively 3,151,274 3,091,896
Accumulated other comprehensive income 5,075 2,047
Total partner capital 3,311,137 3,248,731
Noncontrolling interests in consolidated partnerships 70,380 70,255
Total capital 3,381,517 3,318,986
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL 9,096,770 9,130,460
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding    
Shareholders’ equity    
Preferred shares, authorized 15,000,000 shares, $.01 par: 150,000 150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding    
Shareholders’ equity    
Preferred shares, authorized 15,000,000 shares, $.01 par: $ 9,822 $ 9,822