Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Armada Hoffler Properties, Inc. | ||
Entity Central Index Key | 1,569,187 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 443 | ||
Entity Common Stock, Shares Outstanding | 37,588,278 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate investments: | ||
Income producing property | $ 894,078 | $ 579,000 |
Held for development | 680 | 1,180 |
Construction in progress | 13,529 | 53,411 |
Real estate investments | 908,287 | 633,591 |
Accumulated depreciation | (139,553) | (125,380) |
Net real estate investments | 768,734 | 508,211 |
Real estate investments held for sale | 0 | 40,232 |
Cash and cash equivalents | 21,942 | 26,989 |
Restricted cash | 3,251 | 2,824 |
Accounts receivable, net | 15,052 | 21,982 |
Notes receivable | 59,546 | 7,825 |
Construction receivables, including retentions | 39,433 | 36,535 |
Construction contract costs and estimated earnings in excess of billings | 110 | 88 |
Equity method investments | 10,235 | 1,411 |
Other assets | 64,165 | 43,450 |
Total Assets | 982,468 | 689,547 |
LIABILITIES AND EQUITY | ||
Indebtedness, net | 522,180 | 377,593 |
Accounts payable and accrued liabilities | 10,804 | 6,472 |
Construction payables, including retentions | 51,130 | 52,067 |
Billings in excess of construction contract costs and estimated earnings | 10,167 | 2,224 |
Other liabilities | 39,209 | 25,471 |
Total Liabilities | 633,490 | 463,827 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of December 31, 2016 and 2015, respectively | 0 | 0 |
Common stock, $0.01 par value, 500,000,000 shares authorized, 37,490,361 and 30,076,359 shares issued and outstanding as of December 31, 2016 and 2015, respectively | 374 | 300 |
Additional paid-in capital | 197,114 | 102,906 |
Distributions in excess of earnings | (49,345) | (53,010) |
Accumulated other comprehensive loss | 0 | (648) |
Total stockholders’ equity | 148,143 | 49,548 |
Noncontrolling interests | 200,835 | 176,172 |
Total Equity | 348,978 | 225,720 |
Total Liabilities and Equity | $ 982,468 | $ 689,547 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in dollars per share) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in dollars per share) | 0 | 0 |
Preferred stock, shares outstanding (in dollars per share) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 37,490,361 | 30,076,359 |
Common stock, shares outstanding (in shares) | 37,490,361 | 30,076,359 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Rental revenues | $ 99,355 | $ 81,172 | $ 64,746 |
General contracting and real estate services revenues | 159,030 | 171,268 | 103,321 |
Total revenues | 258,385 | 252,440 | 168,067 |
Expenses | |||
Rental expenses | 21,904 | 19,204 | 16,667 |
Real estate taxes | 9,629 | 7,782 | 5,743 |
General contracting and real estate services expenses | 153,375 | 165,344 | 98,754 |
Depreciation and amortization | 35,328 | 23,153 | 17,569 |
General and administrative expenses | 9,552 | 8,397 | 7,711 |
Acquisition, development and other pursuit costs | 1,563 | 1,935 | 229 |
Impairment charges | 355 | 41 | 15 |
Total expenses | 231,706 | 225,856 | 146,688 |
Operating income | 26,679 | 26,584 | 21,379 |
Interest income | 3,228 | 126 | 0 |
Interest expense | (16,466) | (13,333) | (10,648) |
Loss on extinguishment of debt | (82) | (512) | 0 |
Gain on real estate dispositions | 30,533 | 18,394 | 2,211 |
Change in fair value of interest rate derivatives | (941) | (229) | (233) |
Other income | 147 | 119 | 120 |
Income before taxes | 43,098 | 31,149 | 12,829 |
Income tax benefit (provision) | (343) | 34 | (70) |
Net income | 42,755 | 31,183 | 12,759 |
Net income attributable to noncontrolling interests | (14,681) | (11,541) | (5,068) |
Net income attributable to stockholders | $ 28,074 | $ 19,642 | $ 7,691 |
Net income per share and unit: | |||
Basic and diluted (in dollars per share) | $ 0.85 | $ 0.75 | $ 0.36 |
Weighted-average outstanding: | |||
Common shares (in shares) | 33,057 | 26,006 | 20,946 |
Common units (in shares) | 17,167 | 15,377 | 14,125 |
Basic and diluted (in shares) | 50,224 | 41,383 | 35,071 |
Comprehensive income: | |||
Net income | $ 42,755 | $ 31,183 | $ 12,759 |
Unrealized cash flow hedge losses | 0 | (1,075) | 0 |
Realized cash flow hedge losses reclassified to net income | 0 | 27 | 0 |
Comprehensive income | 42,755 | 30,135 | 12,759 |
Comprehensive income attributable to noncontrolling interests | (14,681) | (11,141) | (5,068) |
Comprehensive income attributable to stockholders | $ 28,074 | $ 18,994 | $ 7,691 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid- in capital | Distributions in excess of earnings | Accumulated other comprehensive loss | Total stockholders’ equity (deficit) | Noncontrolling interests |
Beginning balance (in shares) at Dec. 31, 2013 | 19,163,413 | ||||||
Beginning balance at Dec. 31, 2013 | $ 105,521 | $ 192 | $ 1,247 | $ (47,934) | $ 0 | $ (46,495) | $ 152,016 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 12,759 | 7,691 | 7,691 | 5,068 | |||
Unrealized cash flow hedge losses | 0 | ||||||
Realized cash flow hedge losses reclassified to net income | 0 | ||||||
Net proceeds from sale of common stock (in shares) | 5,750,000 | ||||||
Net proceeds from sale of common stock | 49,299 | $ 57 | 49,242 | 49,299 | |||
Restricted stock award grants (in shares) | 109,288 | ||||||
Restricted stock awards | 1,285 | $ 1 | 1,284 | 1,285 | |||
Acquisitions of real estate investments | 16,351 | 16,351 | |||||
Exchange of owners’ equity for common units | 0 | (301) | (301) | 301 | |||
Dividends and distributions declared | (23,309) | (14,170) | (14,170) | (9,139) | |||
Ending balance (in shares) at Dec. 31, 2014 | 25,022,701 | ||||||
Ending balance at Dec. 31, 2014 | 161,906 | $ 250 | 51,472 | (54,413) | 0 | (2,691) | 164,597 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 31,183 | 19,642 | 19,642 | 11,541 | |||
Unrealized cash flow hedge losses | (1,075) | (665) | (665) | (410) | |||
Realized cash flow hedge losses reclassified to net income | 27 | 17 | 17 | 10 | |||
Net proceeds from sale of common stock (in shares) | 4,560,049 | ||||||
Net proceeds from sale of common stock | 46,035 | $ 45 | 45,990 | 46,035 | |||
Restricted stock award grants (in shares) | 78,109 | ||||||
Restricted stock awards | 993 | $ 1 | 992 | 993 | |||
Acquisitions of real estate investments (in shares) | 415,500 | ||||||
Acquisitions of real estate investments | 15,169 | $ 4 | 4,429 | 4,433 | 10,736 | ||
Exchange of owners’ equity for common units | (241) | 23 | 23 | (264) | |||
Dividends and distributions declared | $ (28,277) | (18,239) | (18,239) | (10,038) | |||
Ending balance (in shares) at Dec. 31, 2015 | 30,076,359 | 30,076,359 | |||||
Ending balance at Dec. 31, 2015 | $ 225,720 | $ 300 | 102,906 | (53,010) | (648) | 49,548 | 176,172 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 42,755 | 28,074 | 28,074 | 14,681 | |||
Unrealized cash flow hedge losses | 0 | ||||||
Realized cash flow hedge losses reclassified to net income | 0 | ||||||
Dedesignation of cash flow hedge | 1,048 | 648 | 648 | 400 | |||
Net proceeds from sale of common stock (in shares) | 5,312,855 | ||||||
Net proceeds from sale of common stock | 67,022 | $ 53 | 66,969 | 67,022 | |||
Restricted stock award grants (in shares) | 101,147 | ||||||
Restricted stock awards | 1,162 | $ 1 | 1,161 | 1,162 | |||
Acquisitions of real estate investments (in shares) | 2,000,000 | ||||||
Acquisitions of real estate investments | 47,278 | $ 20 | 26,080 | 26,100 | 21,178 | ||
Redemption of operating partnership units | (58) | (2) | (2) | (56) | |||
Dividends and distributions declared | $ (35,949) | (24,409) | (24,409) | (11,540) | |||
Ending balance (in shares) at Dec. 31, 2016 | 37,490,361 | 37,490,361 | |||||
Ending balance at Dec. 31, 2016 | $ 348,978 | $ 374 | $ 197,114 | $ (49,345) | $ 0 | $ 148,143 | $ 200,835 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | |||
Net income | $ 42,755 | $ 31,183 | $ 12,759 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of buildings and tenant improvements | 23,453 | 18,678 | 14,984 |
Amortization of leasing costs and in-place lease intangibles | 11,875 | 4,475 | 2,585 |
Accrued straight-line rental revenue | (1,091) | (1,924) | (2,203) |
Amortization of leasing incentives and above or below-market rents | (85) | 738 | 632 |
Accrued straight-line ground rent expense | 371 | 290 | 315 |
Bad debt expense | 203 | 131 | 79 |
Noncash stock compensation | 1,082 | 931 | 917 |
Impairment charges | 355 | 41 | 15 |
Noncash interest expense | 980 | 1,006 | 517 |
Loss on extinguishment of debt | 82 | 512 | 0 |
Gain on real estate dispositions | (30,533) | (18,394) | (2,211) |
Change in the fair value of interest rate derivatives | 941 | 229 | 233 |
Other noncash gain | 0 | 0 | (42) |
Changes in operating assets and liabilities: | |||
Property assets | (3,183) | (2,463) | (1,420) |
Property liabilities | 3,761 | 2,326 | (1,069) |
Construction assets | (6,385) | (17,337) | (5,893) |
Construction liabilities | 15,189 | 12,664 | 11,164 |
Net cash provided by operating activities | 59,770 | 33,086 | 31,362 |
INVESTING ACTIVITIES | |||
Development of real estate investments | (57,425) | (52,719) | (98,467) |
Tenant and building improvements | (6,698) | (5,157) | (6,362) |
Acquisitions of real estate investments | (195,645) | (68,445) | (2,754) |
Dispositions of real estate investments | 96,670 | 79,566 | 7,387 |
Notes receivable issuances | (51,721) | (7,825) | 0 |
Government development grants | 0 | 300 | 300 |
Decrease (increase) in restricted cash | (208) | 1,580 | (1,824) |
Leasing costs | (2,374) | (2,118) | (2,835) |
Leasing incentives | (236) | (1,563) | (751) |
Contributions to real estate joint ventures | (8,824) | 0 | 0 |
Net cash used for investing activities | (226,461) | (56,381) | (105,306) |
FINANCING ACTIVITIES | |||
Proceeds from sales of common stock | 68,475 | 46,462 | 49,566 |
Offering costs | (1,453) | (427) | (416) |
Debt issuances, credit facility and construction loan borrowings | 316,852 | 214,407 | 117,645 |
Debt and credit facility repayments, including principal amortization | (186,533) | (206,889) | (63,306) |
Debt issuance costs | (1,796) | (1,887) | (448) |
Redemption of operating partnership units | (58) | (241) | 0 |
Dividends and distributions | (33,843) | (27,024) | (22,096) |
Net cash provided by financing activities | 161,644 | 24,401 | 80,945 |
Net increase (decrease) in cash and cash equivalents | (5,047) | 1,106 | 7,001 |
Cash and cash equivalents, beginning of period | 26,989 | 25,883 | 18,882 |
Cash and cash equivalents, end of period | 21,942 | 26,989 | 25,883 |
Supplemental cash flow information: | |||
Cash paid for interest | (15,326) | (12,993) | (12,132) |
Cash refunded (paid) for income taxes | (121) | 276 | (821) |
Common shares and OP units issued for acquisitions | 47,278 | 15,169 | 16,351 |
Change in accrued capital improvements and development costs | $ 8,183 | $ 1,825 | $ 2,608 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Armada Hoffler Properties, Inc. (the “Company”) is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets primarily throughout the Mid-Atlantic United States. The Company is a real estate investment trust, or REIT, and is the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”), and as of December 31, 2016 , owned 68.1% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the “IPO”) and certain related formation transactions on May 13, 2013. As of December 31, 2016 , the Company owned 100% of the interests in each of the following properties in its operating property portfolio: Property Segment Location 4525 Main Street Office Virginia Beach, Virginia* Armada Hoffler Tower Office Virginia Beach, Virginia* Commonwealth of Virginia – Chesapeake Office Chesapeake, Virginia Commonwealth of Virginia – Virginia Beach Office Virginia Beach, Virginia One Columbus Office Virginia Beach, Virginia* Two Columbus Office Virginia Beach, Virginia* 249 Central Park Retail Retail Virginia Beach, Virginia* Alexander Pointe Retail Salisbury, North Carolina Bermuda Crossroads Retail Chester, Virginia Broad Creek Shopping Center Retail Norfolk, Virginia Broadmoor Plaza Retail South Bend, Indiana Columbus Village Retail Virginia Beach, Virginia* Columbus Village II Retail Virginia Beach, Virginia* Commerce Street Retail Retail Virginia Beach, Virginia* Courthouse 7-Eleven Retail Virginia Beach, Virginia Dick’s at Town Center Retail Virginia Beach, Virginia* Dimmock Square Retail Colonial Heights, Virginia Fountain Plaza Retail Retail Virginia Beach, Virginia* Gainsborough Square Retail Chesapeake, Virginia Greentree Shopping Center Retail Chesapeake, Virginia Hanbury Village Retail Chesapeake, Virginia Harper Hill Commons Retail Winston-Salem, North Carolina Harrisonburg Regal Retail Harrisonburg, Virginia North Hampton Market Retail Taylors, South Carolina North Point Center Retail Durham, North Carolina Oakland Marketplace Retail Oakland, Tennessee Parkway Marketplace Retail Virginia Beach, Virginia Patterson Place Retail Durham, North Carolina Perry Hall Marketplace Retail Perry Hall, Maryland Providence Plaza Retail Charlotte, North Carolina Renaissance Square Retail Davidson, North Carolina Sandbridge Commons Retail Virginia Beach, Virginia Socastee Commons Retail Myrtle Beach, South Carolina Southgate Square Retail Colonial Heights, Virginia Southshore Shops Retail Chesterfield, Virginia South Retail Retail Virginia Beach, Virginia* South Square Retail Durham, North Carolina Stone House Square Retail Hagerstown, Maryland Studio 56 Retail Retail Virginia Beach, Virginia* Tyre Neck Harris Teeter Retail Portsmouth, Virginia Waynesboro Commons Retail Waynesboro, Virginia Wendover Village Retail Greensboro, North Carolina Encore Apartments Multifamily Virginia Beach, Virginia* Liberty Apartments Multifamily Newport News, Virginia Smith’s Landing Multifamily Blacksburg, Virginia The Cosmopolitan Multifamily Virginia Beach, Virginia* ________________________________________ * Located in the Town Center of Virginia Beach As of December 31, 2016 , the following properties were under development or construction: Property Segment Location Ownership Interest Brooks Crossing Office/Retail Newport News, Virginia 65 % Johns Hopkins Village Multifamily Baltimore, Maryland 80 % (1) Lightfoot Marketplace Retail Williamsburg, Virginia 70 % Town Center Phase VI Multifamily Virginia Beach, Virginia* 80 % Harding Place Multifamily Charlotte, North Carolina 80 % (1) The noncontrolling interest holder of Johns Hopkins Village has the right to exchange its 20% ownership interest for Class A units of limited partnership interest in the Operating Partnership (“Class A Units”) upon and for a period of one year after the project’s completion. The Company is entitled to a preferred return of 9% on its investment in Johns Hopkins Village. *Located in the Town Center of Virginia Beach |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership, its wholly owned subsidiaries, and any interests in variable interest entities where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates. Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties. Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $1.1 million , $1.9 million and $2.2 million of straight-line rent adjustments for each of the three years ended December 31, 2016 . The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of such revenue is reasonably assured. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Contingent rents included in rental revenues were $0.1 million for each of the three years ended December 31, 2016 . The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization for each of the three years ended December 31, 2016 was $0.8 million , $0.8 million and $0.7 million , respectively. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenue on construction contracts using the percentage-of-completion method. Under this method, the Company recognizes revenue and an estimated profit as construction contract costs are incurred based on the proportion of incurred costs to total estimated construction contract costs at completion. Construction contract costs include all direct material, labor and subcontract costs as well as any indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income and are recognized in the period in which they are determined. Profit incentives are included in revenues when their realization is probable and when they can be reasonably estimated. The Company recognizes real estate services revenues from property development and management when realized and earned, generally as such services are provided. Multiple contracts with a single counterparty are not combined into a single contract for the revenue recognition purposes. Real Estate Investments Income producing property primarily includes land, buildings and tenant improvements and is stated at cost. Real estate investments held for development include land and capitalized development costs. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial construction of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition development and preconstruction costs including overhead, salaries and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent and interest. Interest capitalized during each of the three years ended December 31, 2016 was $1.0 million , $1.0 million and $3.1 million , respectively. Overhead, salaries and related personnel costs capitalized during each of the three years ended December 31, 2016 were $1.7 million , $2.1 million and $2.4 million , respectively. The Company capitalizes preacquisition development costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized preacquisition development costs are presented within other assets in the consolidated balance sheets. Capitalized preacquisition development costs as of December 31, 2016 and 2015 were $1.1 million and $2.5 million , respectively. Costs attributable to unsuccessful projects are expensed. The Company recognizes real estate development grants from state and local governments as reductions to the carrying amounts of the related real estate investments when any attached conditions are satisfied and when there is reasonable assurance that the grant will be received. Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 15—20 years Equipment 5—15 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Operating Property Acquisitions In connection with operating property acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their estimated fair values or relative fair values subsequent to the adoption of the new accounting guidance discussed below, as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangibles are presented within other assets and liabilities in the consolidated balance sheets and amortized over their respective lease terms. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases. Prior to October 1, 2016, the Company expensed all costs incurred related to operating property acquisitions. On October 1, 2016, the Company adopted newly issued accounting guidance that allows capitalization of costs related to operating property acquisitions that do not meet the definition of a business under the new guidance discussed below under "Recent Accounting Pronouncements". The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, and uses observable market-based inputs, including interest rate information as of the acquisition date. The Company also considers credit valuation adjustments for potential nonperformance risk. The Company classifies the inputs used to value debt assumed in connection with operating property acquisitions as Level 2 inputs in the fair value hierarchy as they are predominantly observable and market-based. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company classified the Richmond Tower office building as held for sale as of December 31, 2015. No properties were held for sale as of December 31, 2016 . Impairment of Long Lived Assets The Company evaluates its real estate assets for impairment on a property by property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. Impairment charges recognized during each of the three years ended December 31, 2016 represent unamortized leasing or acquired intangible assets related to vacated tenants. Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds and investments with an original maturity of three months or less. Restricted Cash Restricted cash represents amounts held by lenders for real estate taxes, insurance and reserves for capital improvements. The Company presents changes in cash restricted for real estate taxes and insurance as operating activities in the consolidated statements of cash flows. The Company presents changes in cash restricted for capital improvements as investing activities in the consolidated statements of cash flows. Accounts Receivable, net Accounts receivable include amounts from tenants for base rents, contingent rents and cost reimbursements as well as accrued straight-line rental revenue. As of December 31, 2016 and 2015 , accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $12.3 million and $20.3 million , respectively. The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The Company establishes reserves for tenant receivables outstanding over 90 days. For all such tenants, the Company also reserves any related accrued straight-line rental revenue. Additional reserves are recorded for more current amounts, as applicable, when the Company has determined collectability to be doubtful. As of December 31, 2016 and 2015 , the allowance for doubtful accounts was not significant. The Company presents bad debt expense within rental expenses in the consolidated statements of comprehensive income. Notes Receivable From time to time, the Company may provide financing to third parties in the form of mortgage or mezzanine loans for the development of new real estate. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The Company evaluates the collectability of both the interest on and principal of each of its notes receivable based primarily upon the financial condition of the individual borrowers. A loan is determined to be impaired when, based upon current information, it is no longer probable that the Company will be able to collect all contractual amounts due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value. Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets. Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets. Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. Derivative Financial Instruments The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the effective portion of the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. Stock-Based Compensation The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Total stock-based compensation expense recognized during each of the three years ended December 31, 2016 was $1.1 million , $0.9 million and $0.9 million , respectively. Stock-based compensation for personnel directly involved in the development and initial construction of a property is capitalized. During each of the three years ended December 31, 2016 , the Company capitalized $0.3 million , $0.4 million and $0.4 million , respectively, of stock-based compensation. Income Taxes The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary (“TRS”) subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carryback losses, the reversal of temporary differences, tax planning strategies and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes. Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations. Net Income Per Share and Unit The Company calculates net income per share and unit based upon the weighted average shares and units outstanding. Diluted net income per share and unit is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include nonvested restricted stock awards. However, there were no significant potential dilutive shares or units outstanding for each of the three years ended December 31, 2016 . As a result, basic and diluted outstanding shares and units were the same for all periods presented. See Note 11 for the changes in the Company’s nonvested restricted awards during each of the three years ended December 31, 2016 . Emerging Growth Company Status The Company qualifies as an emerging growth company (“EGC”) pursuant to the Jumpstart Our Business Startups Act. An EGC may choose to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board (the “FASB”) or the U.S. Securities and Exchange Commission (the “SEC”). The Company has elected to opt out of such extended transition period. This election is irrevocable. Recent Accounting Pronouncements On May 28, 2014, the FASB issued a new standard that provides a single, comprehensive model for recognizing revenue from contracts with customers. While the new standard does not supersede the guidance on accounting for leases, it could change the way the Company recognizes revenue from construction and development contracts with third party customers. The new standard will be effective for the Company on January 1, 2018. The Company plans to adopt the new standard using the full retrospective method. A substantial portion of our revenue consists of rental revenues from leasing arrangements, such as base rent, which is specifically excluded from the revenue guidance. Non-lease components, such as tenant reimbursements for real estate taxes and common area maintenance will be subject to the revenue guidance. Management is currently evaluating the potential impact of the new revenue standard on the Company’s consolidated financial statements. On August 15, 2014, the FASB issued guidance that requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date in order to determine whether substantial doubt about an entity's ability to continue as a going concern exists. This new guidance states that substantial doubt exists when relevant conditions and events, considered in the aggregate, indicate that it is probably that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued, or are available to be issued. The new guidance was applicable for the Company for the year ended December 31, 2016. Management performed its evaluation and determined that there was no substantial doubt about the Company's ability to continue as a going concern. On February 25, 2016, the FASB issued a new leases standard that requires lessees to recognize most leases in their balance sheets as lease liabilities with corresponding right-of-use assets. This guidance will specifically affect the ground leases where the Company is the lessee. The new standard also makes targeted changes to lessor accounting. The new standard will be effective for the Company on January 1, 2019 and requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application with an option to use certain transition relief. For lease contracts with a duration of more than one year in which the Company is the lessee, the present value of future lease payments will be recognized on the balance sheet as a right-of-use asset and a corresponding lease liability. Management is currently evaluating the potential impact of the new leases standard on the Company’s consolidated financial statements. On March 30, 2016, the FASB issued new guidance that will change the accounting for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled, and allows the Company to account for forfeitures as they occur. The new guidance is effective for the Company on January 1, 2017. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On August 26, 2016, the FASB issued new guidance that addresses eight classification issues related to the statement of cash flows. Early adoption is permitted, including adoption in an interim period. This guidance should be applied retrospectively to each period presented. This new guidance is effective for the Company on January 1, 2018. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On October 26, 2016, the FASB issued new guidance that updates the consolidation guidance on how a reporting entity that is a single decision maker of a variable interest entity ("VIE") should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The new guidance is effective for the Company on January 1, 2017. Management does not expect the adoption of the new guidance to have a material effect on the Company’s financial position or results of operations. On November 17, 2016, the FASB issued new guidance that requires the statement of cash flows explain the change during the period in the total of cash and cash equivalents along with restricted cash and cash equivalents. Early adoption is permitted, including adoption in an interim period. This new guidance is effective for the Company on January 1, 2018. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On January 5, 2017, the FASB issued new guidance that modifies the definition of a business. Under this new guidance, many real estate acquisitions will now be considered asset acquisitions, allowing costs associated with these acquisitions to be capitalized. Early adoption is permitted on a prospective basis for interim or annual periods for which the financial statements have not been issued or made available for issuance. The Company adopted this guidance on October 1, 2016, resulting in the capitalization of approximately $0.7 million of acquisition costs related to two acquisitions in the fourth quarter of 2016. If the Company had adopted this guidance on January 1, 2016, approximately $1.4 million in acquisition costs would have been capitalized. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments | Segments Net operating income (segment revenues minus segment expenses) is the measure used by the Company’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. Net operating income of the Company’s reportable segments for each of the three years ended December 31, 2016 was as follows (in thousands): Years Ended December 31, 2016 2015 2014 Office real estate Rental revenues $ 20,929 $ 31,534 $ 27,827 Rental expenses 5,560 6,938 6,395 Real estate taxes 2,000 2,950 2,315 Segment net operating income 13,369 21,646 19,117 Retail real estate Rental revenues 56,511 32,064 23,956 Rental expenses 9,116 5,915 5,011 Real estate taxes 5,395 2,928 2,097 Segment net operating income 42,000 23,221 16,848 Multifamily residential real estate Rental revenues 21,915 17,574 12,963 Rental expenses 7,228 6,351 5,261 Real estate taxes 2,234 1,904 1,331 Segment net operating income 12,453 9,319 6,371 General contracting and real estate services Segment revenues 159,030 171,268 103,321 Segment expenses 153,375 165,344 98,754 Segment gross profit 5,655 5,924 4,567 Net operating income $ 73,477 $ 60,110 $ 46,903 Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance and utilities. General contracting and real estate services revenues for each of the three years ended December 31, 2016 exclude revenue related to intercompany construction contracts of $43.3 million , $43.1 million and $85.4 million , respectively. General contracting and real estate services expenses for each of the three years ended December 31, 2016 exclude expenses related to intercompany construction contracts of $42.7 million , $42.8 million and $84.6 million , respectively. General contracting and real estate services expenses for each of the three years ended December 31, 2016 include noncash stock compensation expense of $0.2 million . The following table reconciles net operating income to net income for each of the three years ended December 31, 2016 (in thousands): Years Ended December 31, 2016 2015 2014 Net operating income $ 73,477 $ 60,110 $ 46,903 Depreciation and amortization (35,328 ) (23,153 ) (17,569 ) General and administrative expenses (9,552 ) (8,397 ) (7,711 ) Acquisition, development and other pursuit costs (1,563 ) (1,935 ) (229 ) Impairment charges (355 ) (41 ) (15 ) Interest income 3,228 126 — Interest expense (16,466 ) (13,333 ) (10,648 ) Loss on extinguishment of debt (82 ) (512 ) — Gain on real estate dispositions 30,533 18,394 2,211 Change in fair value of interest rate derivatives (941 ) (229 ) (233 ) Other income 147 119 120 Income tax benefit (provision) (343 ) 34 (70 ) Net income $ 42,755 $ 31,183 $ 12,759 General and administrative expenses represent costs not directly associated with the operation and management of the Company’s real estate properties and general contracting and real estate services businesses. General and administrative expenses include office personnel salaries and benefits, bank fees, accounting fees, legal fees and other corporate office expenses. General and administrative expenses for each of the three years ended December 31, 2016 include noncash stock compensation expense of $0.7 million , $0.7 million and $0.7 million , respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The Company’s commercial tenant leases generally range from five to 20 years , but certain leases with anchor tenants may be longer. The Company’s commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): 2017 $ 70,235 2018 65,384 2019 57,751 2020 47,217 2021 40,783 Thereafter 206,378 Total $ 487,748 Lease terms on multifamily apartment units generally range from seven to 15 months , with a majority having 12 -month lease terms. Apartment leases are not included in the preceding table as the remaining terms as of December 31, 2016 are generally less than one year . |
Real Estate Investments and Equ
Real Estate Investments and Equity Method Investments | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Investments and Equity Method Investments | Real Estate Investments and Equity Method Investments The Company’s real estate investments comprised the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 Income producing property Held for development Construction in progress Total Land $ 171,733 $ 680 $ 6,880 $ 179,293 Land improvements 45,052 — — 45,052 Buildings and improvements 677,293 — — 677,293 Development and construction costs — — 6,649 6,649 Real estate investments $ 894,078 $ 680 $ 13,529 $ 908,287 December 31, 2015 Income Held Construction Total Land $ 70,518 $ 1,180 $ 7,750 $ 79,448 Land improvements 26,172 — — 26,172 Buildings and improvements 482,310 — — 482,310 Development and construction costs — — 45,661 45,661 Real estate investments $ 579,000 $ 1,180 $ 53,411 $ 633,591 2016 Operating Property Acquisitions On January 14, 2016, the Company completed the acquisition of an 11 asset retail portfolio totaling 1.1 million square feet for $170.5 million . On April 29, 2016, the Company completed the acquisition of Southgate Square, a 220,000 square foot retail center located in Colonial Heights, Virginia, for aggregate consideration of $39.5 million , comprised of the assumption of $21.1 million in debt (which approximated fair value as of the closing date) and 1,575,185 Class A Units. As part of the Southgate Square purchase agreement, the Company acquired an option to purchase an adjacent undeveloped land parcel from the seller. The option for the land parcel is valid for an initial period of two years , and its value would be determined by applying a mutually agreed upon capitalization rate to the base rent of tenants provided by the seller and approved by the Company. If, at the end of the two -year period, no suitable tenants have been found, the Company has the option of either paying $3.0 million to the seller for the land parcel or extending the period for an additional year. If, at the end of the additional year, no suitable tenants have been found, the Company can either pay $1.25 million to the seller for the land parcel or let the option expire. Management has evaluated the option and determined that its value is immaterial to the consolidated financial statements. On August 4, 2016, the Company completed the acquisition of Southshore Shops, a 40,000 square foot retail center located in Midlothian, Virginia, for aggregate consideration of $9.3 million , comprised of $6.7 million in cash and 189,160 Class A Units. On October 13, 2016, the Company completed the acquisition of Columbus Village II, a 92,000 square foot retail and entertainment center located in Virginia Beach, Virginia for aggregate consideration of 2,000,000 shares of the Company's common stock, which based on the closing stock price on the date of the acquisition, led to an acquisition price of $26.2 million , excluding capitalized acquisition costs. On November 17, 2016, the Company completed the acquisition of Renaissance Square, a 80,000 square foot retail center located in Davidson, North Carolina, for $17.1 million , excluding capitalized acquisition costs. The following table summarizes the purchase price allocation (including acquisition costs for Columbus Village II and Renaissance Square) of the assets acquired and liabilities assumed during the year ended December 31, 2016 (in thousands): Retail Portfolio Southgate Square Southshore Shops Columbus Village II Renaissance Square Total Land $ 66,260 $ 8,890 $ 1,770 $ 14,536 $ 6,730 $ 98,186 Site improvements 3,870 2,140 490 939 303 7,742 Building and improvements 88,820 23,810 6,019 9,983 8,137 136,769 In-place leases 20,630 5,990 1,140 2,225 2,008 31,993 Above-market leases 1,960 100 120 — 70 2,250 Below-market leases (11,040 ) (1,400 ) (190 ) (939 ) (10 ) (13,579 ) Net assets acquired $ 170,500 $ 39,530 $ 9,349 $ 26,744 $ 17,238 $ 263,361 Rental revenues and net income from the 2016 acquired properties for the period from the respective acquisition dates to December 31, 2016 included in the consolidated statement of comprehensive income was $18.7 million and $2.9 million , respectively. 2015 Operating Property Acquisitions On April 8, 2015, the Company completed the acquisitions of Stone House Square in Hagerstown, Maryland and Perry Hall Marketplace in Perry Hall, Maryland. In exchange for both properties, the Company paid $35.4 million of cash and issued 415,500 shares of common stock. The acquisition date fair value of the total consideration transferred in exchange for Stone House Square and Perry Hall Marketplace was $39.8 million . On July 1, 2015, the Company completed the acquisition of Socastee Commons, a 57,000 square foot retail center in Myrtle Beach, South Carolina. The total consideration for Socastee Commons was $8.7 million , which was comprised of $3.7 million of cash and the assumption of debt with an outstanding principal balance of $5.0 million . The fair value adjustment to the assumed debt of Socastee Commons was a $0.1 million premium. On July 10, 2015, the Company acquired Columbus Village, a 65,000 square foot retail center in Virginia Beach, Virginia. In exchange for Columbus Village, the Company assumed debt with an aggregate outstanding principal balance and fair value of $8.8 million , issued 1,000,000 Class B units of limited partnership interest in the Operating Partnership (“Class B Units”) and agreed to issue 275,000 Class C units of limited partnership interest in the Operating Partnership (“Class C Units”) on January 10, 2017. Subject to the occurrence of certain events, the Class B Units and Class C Units will not earn or accrue distributions until July 10, 2017 and January 10, 2018, respectively, at which time they automatically convert to Class A Units and may be tendered for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock or, at the Company’s option and sole discretion, unregistered or registered shares of the Company’s common stock on a one-for-one basis. The estimated fair value of the Class B Units and Class C Units includes a discount for their lack of marketability and distributions until July 10, 2017 and January 10, 2018, respectively. The acquisition date fair value of the total consideration transferred in exchange for Columbus Village was $19.2 million . On September 1, 2015, the Company acquired Providence Plaza in Charlotte, North Carolina for $26.2 million of cash. Providence Plaza is a mixed-use property comprised of three buildings totaling 103,000 square feet, a two-level parking garage and approximately one acre of land zoned for multifamily development. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the year ended December 31, 2015 (in thousands): Land $ 29,500 Site improvements 3,290 Building and improvements 49,260 In-place leases 14,160 Above-market leases 2,260 Below-market leases (4,420 ) Indebtedness (13,935 ) Net assets acquired $ 80,115 Rental revenues and net income from the 2015 acquired properties for the period from the respective acquisition dates to December 31, 2015 included in the consolidated statement of comprehensive income was $4.8 million and $0.8 million , respectively. 2014 Operating Property Acquisitions The Company completed the acquisition of Liberty Apartments on January 17, 2014. The fair value of the total consideration transferred at the acquisition date to acquire Liberty Apartments was $26.7 million , consisting of 695,652 Class A Units, $3.0 million in cash and the assumption of $17.0 million of debt. The fair value adjustment to the assumed debt of Liberty Apartments was a $1.5 million discount. The outstanding principal balance of the assumed debt of Liberty Apartments at the acquisition date was $18.5 million . On August 15, 2014, the Company completed the acquisition of Dimmock Square, a 106,166 square foot retail center located in Colonial Heights, Virginia. The fair value of the total consideration transferred at the acquisition date to acquire Dimmock Square was $19.7 million , consisting of 990,952 OP Units and $10.1 million of cash that was used to immediately defease the loan secured by Dimmock Square upon its contribution to the Operating Partnership. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed during the year ended December 31, 2014 (in thousands): Land $ 8,680 Site improvements 880 Building and improvements 35,740 In-place leases 2,220 Indebtedness (16,966 ) Above and below-market leases (390 ) Net working capital (679 ) Net assets acquired $ 29,485 Rental revenues and net loss from the 2014 acquired properties for the period from the respective acquisition dates to December 31, 2014 included in the consolidated statement of comprehensive income was $1.8 million and $(2.2) million , respectively. Pro Forma Financial Information (Unaudited) The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if each of the 2016 acquisitions had been acquired on January 1, 2015, each of the 2015 acquisitions had been acquired on January 1, 2014 and each of the 2014 acquisitions had been acquired on January 1, 2013 (in thousands): Years Ended December 31, 2016 2015 2014 Rental revenues $ 101,250 $ 105,479 $ 74,530 Net income 13,327 18,492 13,378 The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if these acquisitions had taken place on January 1, 2015, 2014 and 2013. The pro forma financial information includes adjustments to rental revenue and rental expenses for above and below-market leases, adjustments to depreciation and amortization expense for acquired property and in-place lease assets and adjustments to interest expense for fair value adjustments to assumed debt. Subsequent to December 31, 2016 On January 20, 2017, the Company completed the sale of the Wawa outparcel at Greentree Shopping Center. Net proceeds after transaction costs were $4.4 million . The gain on the disposition was $3.4 million . Other 2016 Real Estate Transactions On January 7, 2016, the Company completed the sale of a building constructed for the Economic Development Authority of Newport News, Virginia. Net proceeds after transaction costs were $6.6 million . The gain on the disposition was $0.4 million . On January 8, 2016, the Company completed the sale of the Richmond Tower office building for $78.0 million . Net proceeds after transaction costs were $77.0 million . The gain on the disposition of Richmond Tower was $26.2 million . On June 20, 2016, the Company completed the sale of the Willowbrook Commons property located in Nashville, Tennessee for $9.2 million . The gain on the sale of the Willowbrook Commons property was less than $0.1 million . On July 29, 2016, the Company completed the sale of the Kroger Junction property located in Pasadena, Texas for $3.7 million . The loss on the sale of the Kroger Junction property was less than $0.1 million . On August 30, 2016, the Company entered into an operating agreement with Southern Apartment Group-Harding, LLC ("SAGH") to jointly develop an apartment development project in Charlotte, North Carolina. During the year ended December 31, 2016 , the Company purchased $5.7 million of land in conjunction with the project. On September 15, 2016, the Company completed the sale of the Oyster Point office property for $6.4 million . Net proceeds after transaction costs and settlement of liabilities were not significant. The gain on the disposition of Oyster Point was $3.8 million . On December 22, 2016, the Company completed the sale of land adjacent to the Brooks Crossing development for $0.4 million . The gain on the disposition of the land was less than $0.1 million . Other 2015 Real Estate Transactions On January 5, 2015, the Company completed the sale of the Sentara Williamsburg office property for $15.4 million . Net proceeds to the Company after transaction costs were $15.2 million . The Company recognized a gain on the disposition of the Sentara Williamsburg office property of $6.2 million . On February 13, 2015, the Company agreed to the future sale of the Oyster Point office property for $6.5 million . The Company completed the sale on September 15, 2016. On March 31, 2015, the Company purchased land held for development in the Town Center of Virginia Beach, Virginia for $1.2 million . On May 20, 2015, the Company completed the sale of Whetstone Apartments for $35.6 million . Net proceeds to the Company after transaction costs were $35.5 million . The Company recognized a gain on the disposition of Whetstone Apartments of $7.2 million . On October 5, 2015, the Company purchased 3.24 acres of land in Newport News, Virginia for $0.1 million for the development of Brooks Crossing, a new urban, mixed-use and low-rise development project, in partnership with the City of Newport News. On October 30, 2015, the Company completed the sale of the Oceaneering International facility for $30.0 million . Net proceeds to the Company after transaction costs were $29.0 million . The Company recognized a gain on the disposition of Oceaneering of $5.0 million . Other 2014 Real Estate Transactions On April 16, 2014, the Company purchased land in Williamsburg, Virginia for $7.6 million for the development and construction of Lightfoot Marketplace. On May 1, 2014, the Company purchased land in Chesapeake, Virginia for $0.3 million for the development and construction of a new administrative building for the Commonwealth of Virginia. On September 29, 2014, the Company purchased land in Virginia Beach, Virginia for $0.2 million for the development and construction of a new administrative building for the Commonwealth of Virginia. On November 20, 2014, the Company completed the sale of the Virginia Natural Gas office property for $8.9 million in cash. Net proceeds to the Company after transaction costs and tax protection payments were $7.4 million . The gain on the disposition of the Virginia Natural Gas office property was $2.2 million . Equity Method Investments City Center On February 25, 2016, the Company acquired a 37% interest in Durham City Center II, LLC (“City Center”) for purposes of developing a 22 -story mixed use tower in Durham, North Carolina. As of December 31, 2016 , the Company has invested $10.3 million in City Center. The Company has agreed to guarantee 37% of the construction loan for City Center; however, the loan is collateralized by 100% of the assets of City Center. As of December 31, 2016 , the construction loan has not been drawn against. As of December 31, 2016 , the difference between the carrying value of the Company’s initial investment in City Center and the amount of underlying equity was immaterial. For the year ended December 31, 2016 , City Center did not have any operating activity, and therefore the Company did not receive any dividends or allocated income. Based on the terms of City Center’s operating agreement, the Company has concluded that City Center is a variable interest entity, and that the Company holds a variable interest. The Company does not have the power to direct the activities of the project that most significantly impact its performance. Accordingly, the Company is not the project’s primary beneficiary and, therefore, does not consolidate City Center in its consolidated financial statements. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Notes Receivable | Notes Receivable Point Street Apartments On October 15, 2015, the Company agreed to invest up to $28.2 million in the Point Street Apartments project in the Harbor Point area of Baltimore, Maryland. Point Street Apartments is an estimated $93.0 million development project with plans for a 17 -story building comprised of 289 residential units and 18,000 square feet of street-level retail space. Beatty Development Group (“BDG”) is the developer of the project and has engaged the Company to serve as construction general contractor. Point Street Apartments is scheduled to open in 2017; however, management can provide no assurances that Point Street Apartments will open on the anticipated timeline. BDG secured a senior construction loan of up to $70.0 million to fund the development and construction of Point Street Apartments on November 10, 2016. The Company has agreed to guarantee $25.0 million of the senior construction loan in exchange for the option to purchase up to an 88% controlling interest in Point Street Apartments upon completion of the project as follows: (i) an option to purchase a 79% indirect interest in Point Street Apartments for $27.3 million , exercisable within one year from the project’s completion (the “First Option”) and (ii) provided that the Company has exercised the First Option, an option to purchase an additional 9% indirect interest in Point Street Apartments for $3.1 million , exercisable within 27 months from the project’s completion (the “Second Option”). The Company currently has a $2.1 million letter of credit for the guarantee of the senior construction loan. The Company’s investment in the Point Street Apartments project is in the form of a loan under which BDG may borrow up to $28.2 million (the “BDG loan”). Interest on the BDG loan accrues at 8.0% per annum and matures on the earlier of: (i) November 1, 2018, which may be extended by BDG under two one -year extension options, (ii) the maturity date or earlier termination of the senior construction loan or (iii) the date the Company exercises the Second Option as described further below. In the event the Company exercises the First Option, BDG is required to pay down the outstanding BDG loan in full, with the difference between the BDG loan and $28.2 million applied to the senior construction loan . In the event the Company exercises the Second Option, BDG is required to simultaneously repay any remaining amounts outstanding under the BDG loan, with any excess proceeds received from the exercise of the Second Option applied against the senior construction loan. In the event the Company does not exercise either the First Option or the Second Option, the interest rate on the BDG loan will automatically be reduced to the interest rate on the senior construction loan for the remaining term of the BDG loan. As of December 31, 2016 , the Company had funded $20.6 million under the BDG loan and for the year ended December 31, 2016 , the Company recognized $1.2 million of interest income on the BDG loan. Management has concluded that this entity is a VIE. Because BDG is the developer of Point Street Apartments, the Company does not have the power to direct the activities of the project that most significantly impact its performance, nor is the Company the party most closely associated with the project. Therefore, the Company is not the project's primary beneficiary. Annapolis Junction On April 21, 2016, the Company entered into a note receivable with a maximum principal balance of $42.0 million in the Annapolis Junction residential component of the Annapolis Junction Town Center project in Maryland (“Annapolis Junction”). Annapolis Junction is an estimated $102.0 million mixed-use development project with plans for 416 residential units, 17,000 square feet of retail space and a 150 -room hotel. Annapolis Junction Apartments Owner, LLC (“AJAO”) is the developer of the residential component and has engaged the Company to serve as construction general contractor for the residential component. Annapolis Junction is scheduled to open in 2017; however, management can provide no assurances that Annapolis Junction will open on the anticipated timeline or at the anticipated cost. AJAO secured a senior construction loan of up to $60.0 million to fund the development and construction of Annapolis Junction's residential component on September 30, 2016. The Company has agreed to guarantee up to $25.0 million of the senior construction loan in exchange for the option to purchase up to an 88% controlling interest in Annapolis Junction upon completion of the project as follows: (i) an option to purchase an 80% indirect interest in Annapolis Junction's residential component for the lesser of the seller’s budgeted or actual cost, exercisable within one year from the project’s completion (the “First Option”) and (ii) provided that the Company has exercised the First Option, an option to purchase an additional 8% indirect interest in Annapolis Junction for the lesser of the seller’s actual or budgeted cost, exercisable within 27 months from the project’s completion (the “Second Option”). The Company’s investment in the Annapolis Junction project is in the form of a loan under which AJAO may borrow up to $48.0 million , including a $6.0 million interest reserve (the “AJAO loan”). Interest on the AJAO loan accrues at 10.0% per annum and matures on the earlier of: (i) December 21, 2020, which may be extended by AJAO under two one -year extension options, (ii) the maturity date or earlier termination of the senior construction loan or (iii) the date the Company exercises the Second Option as described further below. In the event that the Company exercises the First Option, AJAO is required to simultaneously pay down both the senior construction loan and the AJAO loan by 80% , at which time the interest rate on the AJAO loan will automatically be reduced to the interest rate on the senior construction loan. In the event the Company exercises the Second Option, AJAO is required to simultaneously repay any remaining amounts outstanding under the AJAO loan, with any excess proceeds received from the exercise of the Second Option applied against the remaining balance of the senior construction loan. In the event that the Company does not exercise either the First Option or the Second Option, the interest rate on the AJAO loan will automatically be reduced to the interest rate on the senior construction loan for the remaining term of the AJAO loan. During the year ended December 31, 2016 , the Company recognized $2.0 million of interest income on the note. No portion of the note receivable balance is past due and the Company has not recorded an impairment balance on the note. The balance on the Annapolis Junction note was $38.9 million as of December 31, 2016 . Management has concluded that this entity is a VIE. Because AJAO is the developer of Point Street Apartments, the Company does not have the power to direct the activities of the project that most significantly impact its performance, nor is the Company the party most closely associated with the project. Therefore, the Company is not the project's primary beneficiary. |
Construction Contracts
Construction Contracts | 12 Months Ended |
Dec. 31, 2016 | |
Contractors [Abstract] | |
Construction Contracts | Construction Contracts Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. Billings of $13.5 million and $19.2 million were netted against construction contract costs and estimated earnings as of December 31, 2016 and 2015 , respectively. The Company expects to bill and collect substantially all construction contract costs incurred as of December 31, 2016 during the year ending December 31, 2017 . The Company defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Precontract costs of $1.5 million and $0.5 million were deferred as of December 31, 2016 and 2015 , respectively. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. Construction receivables and payables include retentions—amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of December 31, 2016 and 2015 , construction receivables included retentions of $11.5 million and $10.8 million , respectively. The Company expects to collect substantially all construction receivables as of December 31, 2016 during the year ending December 31, 2017 . As of December 31, 2016 and 2015 , construction payables included retentions of $14.6 million and $12.3 million , respectively. The Company expects to pay substantially all construction payables as of December 31, 2016 during the year ending December 31, 2017 . The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Costs incurred on uncompleted construction contracts $ 333,744 $ 228,184 Estimated earnings 10,936 9,739 Billings (354,737 ) (240,059 ) Net position $ (10,057 ) $ (2,136 ) December 31, 2016 2015 Construction contract costs and estimated earnings in excess of billings $ 110 $ 88 Billings in excess of construction contract costs and estimated earnings (10,167 ) (2,224 ) Net position $ (10,057 ) $ (2,136 ) The Company expects to complete all uncompleted contracts as of December 31, 2016 during the years ending December 31, 2017 , 2018 and 2019 . |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The Company’s indebtedness was comprised of the following as of December 31, 2016 and 2015 (dollars in thousands): Stated Interest Stated Maturity Principal Balance Rate Date December 31, December 31, 2016 2015 2016 249 Central Park Retail (1) $ 17,076 $ 15,282 LIBOR + 1.95% August 8, 2021 Fountain Plaza Retail (1) 10,281 7,641 LIBOR + 1.95% August 8, 2021 South Retail (1) 7,493 6,742 LIBOR + 1.95% August 8, 2021 4525 Main Street (2) 32,034 31,613 3.25 % September 10, 2021 Encore Apartments (2) 24,966 25,184 3.25 % September 10, 2021 North Point Center Note 5 (3) 643 664 LIBOR + 2.00% February 1, 2017 Oyster Point — 6,400 LIBOR+1.40%-2.00% February 28, 2017 Harrisonburg Regal 3,256 3,463 6.06 % June 8, 2017 Commonwealth of Virginia - Chesapeake 4,933 4,933 LIBOR + 1.90% August 28, 2017 Hanbury Village Note 1 20,709 20,970 6.67 % October 11, 2017 Lightfoot Marketplace 12,194 7,759 LIBOR + 1.90% November 14, 2017 Sandbridge Commons 9,376 9,010 LIBOR + 1.85% January 17, 2018 Southgate Square 21,150 — LIBOR + 2.00% April 29, 2021 Columbus Village Note 1 (3) 6,258 6,429 LIBOR + 2.00% April 5, 2018 Columbus Village Note 2 2,266 2,310 LIBOR + 2.00% April 5, 2018 Johns Hopkins Village 43,841 3,968 LIBOR + 1.90% July 30, 2018 North Point Center Note 1 9,776 9,969 6.45 % February 5, 2019 Revolving credit facility 107,000 74,000 LIBOR+1.40%-2.00% February 20, 2019 Term loan(3) 50,000 50,000 LIBOR+1.35%-1.95% February 20, 2020 Term loan 50,000 — LIBOR+1.35%-1.95% February 20, 2020 Socastee Commons 4,866 4,957 4.57 % January 6, 2023 North Point Center Note 2 2,564 2,662 7.25 % September 15, 2025 Smith's Landing 20,511 21,226 4.05 % June 1, 2035 Liberty Apartments 20,005 20,312 5.66 % November 1, 2043 The Cosmopolitan 45,884 46,519 3.75 % July 1, 2051 Total principal balance $ 527,082 $ 382,013 Unamortized fair value adjustments (1,250 ) (1,287 ) Unamortized debt issuance costs (3,652 ) (3,133 ) Indebtedness, net $ 522,180 $ 377,593 ________________________________________ (1) Cross collateralized. (2) Cross collateralized. (3) Subject to an interest rate swap agreement. The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Fixed-rate debt $ 241,472 $ 159,743 Variable-rate debt 285,610 222,270 Total principal balance $ 527,082 $ 382,013 Certain loans require the Company to comply with various financial and other covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2016 , the Company was in compliance with all loan covenants. Scheduled principal repayments and term-loan maturities during each of the next five years and thereafter are as follows (in thousands): Year Scheduled Principal Payments Term-Loan Maturities Total Payments 2017 $ 3,778 $ 41,432 $ 45,210 2018 3,655 60,873 64,528 2019 3,485 116,333 119,818 2020 4,482 100,000 104,482 2021 3,588 106,274 109,862 Thereafter 77,615 5,567 83,182 Total $ 96,603 $ 430,479 $ 527,082 Credit Facility On February 20, 2015, the Operating Partnership, as borrower, and the Company, as parent guarantor, entered into a $200.0 million senior unsecured credit facility that includes a $150.0 million senior unsecured revolving credit facility and a $50.0 million senior unsecured term loan facility. The credit facility includes an accordion feature that allows the total commitments to be increased to $350.0 million , subject to certain conditions. On January 5, 2016 and March 31, 2016, the Company increased the total borrowing capacity to $225.0 million and $250.0 million , respectively. The credit facility replaced the prior $155.0 million senior secured revolving credit facility that was scheduled to mature on May 13, 2016. Depending on the Operating Partnership’s total leverage, the revolving credit facility bears interest at LIBOR plus 1.40% to 2.00% and the term loan facility bears interest at LIBOR plus 1.35% to 1.95% . As of December 31, 2016 , the interest rates on the revolving credit facility and the term loan facility were 2.32% and 2.27% , respectively. If the Company attains investment grade credit ratings from S&P and Moody’s, the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Operating Partnership is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the credit facility, depending on the amount of borrowings under the new credit facility. The revolving credit facility has a scheduled maturity date of February 20, 2019, with a one -year extension option, subject to certain conditions, and the term loan facility has a scheduled maturity date of February 20, 2020. The Operating Partnership may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without a material premium or penalty. The amount permitted to be borrowed under the new credit facility, together with all of the Operating Partnership’s other unsecured indebtedness is generally limited to the lesser of: (i) 60% of the value of the unencumbered borrowing base properties, (ii) the maximum amount of principal that would result in a debt service coverage ratio of 1.50 to 1.0, and (iii) the maximum aggregate loan commitment, which was $250.0 million as of December 31, 2016 . The credit facility requires the Operating Partnership to comply with various financial covenants, affirmative covenants and other restrictions, including the following: • Total leverage ratio of the Company of not more than 60% (or 65% for the two consecutive quarters following any acquisition that is equal to or greater than 10% of our total asset value (as defined in the credit agreement), but only up to two times during the term of the credit facility); • Ratio of adjusted EBITDA to fixed charges of the Company of not less than 1.50 to 1.0; • Tangible net worth of not less than the sum of $220.0 million and 75% of the net equity proceeds received after December 31, 2014; • Ratio of variable rate indebtedness to total asset value of not more than 30% ; • Ratio of secured indebtedness to total asset value of not more than 45% ; and • Ratio of secured recourse debt to total asset value of not more than 25% . The credit facility limits the Company’s ability to pay cash dividends. However, so long as no default or event of default exists, the credit agreement allows the Company to pay cash dividends with respect to any 12 -month period in an amount not to exceed the greater of: (i) 95% of adjusted funds from operations (as defined in the credit agreement) or (ii) the amount required for the Company (a) to maintain its status as a REIT and (b) to avoid income or excise tax. If certain defaults or events of default exist, the Company may pay cash dividends with respect to any 12-month period to the extent necessary to maintain its status as a REIT. The credit facility also restricts the amount of capital that the Operating Partnership can invest in specific categories of assets, such as unimproved land holdings, development properties, notes receivable, mortgages, mezzanine loans and unconsolidated affiliates. Subsequent to December 31, 2016 On February 1, 2017, the Company increased the borrowings under the senior unsecured term loan facility to $125.0 million and increased the total capacity of the senior unsecured credit facility to $275.0 million , pursuant to the accordion feature of the credit facility. On February 1, 2017, the Company paid off the North Point Center Note 5 in full. On February 24, 2017, the Company secured a $29.8 million construction loan for the Harding Place project in Charlotte, North Carolina. Other 2016 Financing Activity On August 8, 2016, the Company repaid the existing $15.1 million mortgage loan secured by 249 Central Park Retail, the $6.7 million mortgage loan on South Retail and the $7.6 million mortgage loan on Fountain Plaza and refinanced them with a $35.0 million five -year term mortgage loan that bears interest at LIBOR plus 1.95% and matures on August 8, 2021. The new mortgage loan is collateralized by all three properties. The loss on extinguishment of debt recognized on the refinancing was less than $0.1 million . On August 30, 2016, the Company repaid the existing $31.6 million construction loan secured by 4525 Main Street and the $25.2 million construction loan on Encore Apartments and refinanced them with a $57.0 million five -year term mortgage loan that bears interest at 3.25% and matures on September 10, 2021. The new mortgage is collateralized by both properties. The loss on extinguishment of debt recognized on the refinancing was less than $0.1 million for the year ended December 31, 2016 . During the year ended December 31, 2016 , the Company borrowed $44.4 million under its construction loans to fund new development and construction. Other 2015 Financing Activity On May 20, 2015, the Company repaid the $17.8 million construction loan secured by Whetstone Apartments and recognized a loss on extinguishment of debt of $0.1 million representing unamortized debt issuance costs. On May 27, 2015, the Company repaid the existing $24.4 million mortgage secured by Smith’s Landing and refinanced the property with a new $21.6 million loan that bears interest at 4.05% and matures on June 1, 2035 . As a result of the refinancing, the Company recognized a $0.1 million loss on extinguishment of debt representing the unamortized debt issuance costs associated with the repaid mortgage. On July 1, 2015, the Company assumed debt with an outstanding principal balance of $5.0 million in connection with the acquisition of Socastee Commons. The mortgage bears interest at 4.57% and matures on January 6, 2023 . On July 10, 2015, the Company assumed two loans with an aggregate outstanding principal balance of $8.8 million in connection with the acquisition of Columbus Village. Both loans bear interest at LIBOR plus 2.00% and mature on April 5, 2018 . On July 30, 2015, the Company entered into a $50.0 million loan agreement to fund the development and construction of Johns Hopkins Village. The construction loan bears interest at LIBOR plus 1.90% and matures on July 30, 2018 . On September 1, 2015, the Company repaid the $6.1 million mortgage secured by the Oyster Point office building. On October 6, 2015, the Operating Partnership entered into a $6.4 million note secured by the Oyster Point office building, which bears interest at LIBOR plus 1.40% to 2.00% and matures on February 28, 2017 . This note was paid in full in conjunction with the sale of the Oyster Point office building. On October 30, 2015, the Company repaid the $18.7 million construction loan secured by the Oceaneering International building and recognized a loss on debt extinguishment of debt of $0.1 million representing unamortized debt issuance costs. Other 2014 Financing Activity On January 17, 2014, the Company assumed $17.0 million of debt at fair value in connection with the acquisition of Liberty Apartments. The fair value adjustment to the assumed debt of Liberty Apartments was a $1.5 million discount. The outstanding principal balance of the assumed debt of Liberty Apartments at the acquisition date was $18.5 million . On June 13, 2014, the Company borrowed the remaining $2.4 million available under the Liberty Apartments loan. The loan amortizes over 30 years, bears interest at 5.66% and matures on November 1, 2043 . On February 28, 2014, the Company closed on a $19.5 million loan to fund the development and construction of the Oceaneering International facility. The construction loan bears interest at LIBOR plus 1.75% and matures on February 28, 2018 . On August 15, 2014, the Company defeased the loan secured by Dimmock Square for $10.1 million . On August 28, 2014, the Company closed on a $5.4 million loan to fund the development and construction of a new administrative building for the Commonwealth of Virginia. The construction loan bears interest at LIBOR plus 1.90% and matures on August 28, 2017 . On November 3, 2014, the Company repaid North Point Center Note 4 for $1.0 million . On November 14, 2014, the Company closed on a $15.0 million loan to fund the development and construction of Lightfoot Marketplace. The construction loan bears interest at LIBOR plus 1.90% and matures on November 14, 2017 . |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments On February 20, 2015, the Operating Partnership entered into a $50.0 million floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments. The $50.0 million interest rate swap has a fixed rate of 2.00% , an effective date of March 1, 2016 and a maturity date of February 20, 2020. The Operating Partnership entered into this interest rate swap agreement in connection with the $50.0 million senior unsecured term loan facility that bears interest at LIBOR plus 1.35% to 1.95% , depending on the Operating Partnership’s total leverage. The Company designated this interest rate swap as a cash flow hedge of variable interest payments based on one-month LIBOR. On July 13, 2015, the Operating Partnership entered into a $6.5 million floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments. The $6.5 million interest rate swap has a fixed rate of 3.05% , an effective date of July 13, 2015 and a maturity date of April 5, 2018. The Company designated this interest rate swap as a cash flow hedge of variable interest payments based on one-month LIBOR. On October 26, 2015, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $75.0 million at a strike rate of 1.25% for a premium of $0.1 million . The interest rate cap agreement expires on October 15, 2017. On February 25, 2016, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $75.0 million at a strike rate of 1.50% for a premium of less than $0.1 million . The interest rate cap agreement expires on March 1, 2018. On June 17, 2016, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $70.0 million at a strike rate of 1.00% for a premium of less than $0.1 million . The interest rate cap agreement expires on June 17, 2018. On March 14, 2014, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.25% for a premium of $0.4 million . The interest rate cap agreement expires on March 1, 2017. The Company’s derivatives comprised the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability Interest rate swaps $ 56,901 $ — $ (829 ) $ 57,093 $ — $ (1,082 ) Interest rate caps 270,000 259 — 246,546 164 — Total $ 326,901 $ 259 $ (829 ) $ 303,639 $ 164 $ (1,082 ) The changes in the fair value of the Company’s derivatives during each of the three years ended December 31, 2016 was as follows (in thousands): Years Ended December 31, 2016 2015 2014 Interest rate swaps $ (795 ) $ (1,071 ) $ 5 Interest rate caps (146 ) (233 ) (238 ) Total $ (941 ) $ (1,304 ) $ (233 ) Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ (941 ) $ (229 ) $ (233 ) Unrealized gain (loss) on cash flow hedge — (1,075 ) — Total $ (941 ) $ (1,304 ) $ (233 ) Effective March 31, 2016, the Company determined that the short-cut method of hedge accounting was not appropriate for two of its interest-rate swaps and, for accounting purposes, the hedge relationship was terminated. The swaps were entered into in February and July 2015. Accordingly, changes in fair value of the swap should have been recorded in income rather than other comprehensive income. The Company determined that the errors were immaterial to all previously issued financial statements. The Company recognized $0.7 million of accumulated other comprehensive income and $0.4 million , which was previously allocated to noncontrolling interest as of December 31, 2015, in earnings during the first quarter of 2016. Subsequent changes in the value of the interest rate swap for the period from January 1, 2016 to December 31, 2016 were also recognized in earnings during the year ended December 31, 2016 . Net income for the year ended December 31, 2015 was overstated by $1.0 million . In reaching its conclusions, management considered the nature of the error, the effect of the error on operating results for 2015, and the effects of the error on important financial statement measures, including related trends. The Company has not designated any of its interest rate caps as hedging instruments under GAAP. Subsequent to December 31, 2016 On February 1, 2017, the North Point Center Note 5 was paid in full, which terminated the interest rate swap agreement associated with the note. The loss on the interest rate swap agreement was not significant. On February 7, 2017, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.50% for a premium of $0.2 million . The interest rate cap expires on March 1, 2019. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | Equity Stockholders’ Equity As of December 31, 2016 and 2015 , the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 37.5 million and 30.1 million shares of common stock issued and outstanding as of December 31, 2016 and 2015 , respectively. No shares of preferred stock were issued and outstanding as of December 31, 2016 and 2015 . On April 8, 2015, the Company issued 415,500 shares of common stock in a private placement as partial consideration for the acquisition of Perry Hall Marketplace. On May 5, 2015, the Company commenced an at-the-market continuous equity program through which the Company may, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $50.0 million (the "Prior ATM Program"). During the year ended December 31, 2015, the Company issued and sold an aggregate of 1,108,149 shares of common stock at a weighted average price of $10.26 per share. Net proceeds to the Company after offering costs and commissions were $10.9 million . On May 4, 2016, the Company commenced a new at-the-market continuous equity offering program (the “2016 ATM Program”) through which the Company may, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $75.0 million . Upon commencing the 2016 ATM Program, the Company simultaneously terminated the Prior ATM Program, which the Company entered into in May 2015 and under which, the Company issued and sold an aggregate of 1,152,919 shares of common stock at a weighted average price of $10.87 per share, resulting in aggregatenet proceeds after offering costs and commissions of $12.2 million . From the inception date of the 2016 ATM Program through December 31, 2016 , the Company issued and sold an aggregate of 4,159,936 shares of common stock at a weighted average price of $13.45 per share under the 2016 ATM Program, receiving net proceeds after offering costs and commissions of $54.8 million . On October 13, 2016, the Company completed the acquisition of Columbus Village II, a stabilized retail asset for aggregate consideration of 2,000,000 shares of common stock, which based on the closing stock price on the date of the acquisition, leads to an acquisition price of $26.2 million . On October 19, 2016, the Company filed a registration statement covering resales of the shares pursuant to a registration rights agreement with the sellers. On December 9, 2015, the Company completed an underwritten public offering of 3,450,000 shares of common stock. The net proceeds to the Company after deducting the underwriting discount and related offering costs were $35.1 million . On September 15, 2014, the Company completed an underwritten public offering of 5,750,000 shares of common stock. The net proceeds to the Company after deducting the underwriting discount and related offering costs were $49.3 million . Noncontrolling Interests As of December 31, 2016 and 2015 , the Company held a 68.1% and 65.6% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent OP Units not held by the Company. As partial consideration for Columbus Village, the Operating Partnership issued 1,000,000 Class B Units on July 10, 2015 and issued 275,000 Class C Units on January 10, 2017. Subject to the occurrence of certain events, the Class B Units and Class C Units will not earn or accrue distributions until July 10, 2017 and January 10, 2018, respectively, at which time they automatically convert to Class A Units. On January 17, 2014, the Operating Partnership issued 695,652 Class A Units as partial consideration for the acquisition of Liberty Apartments. On March 31, 2014, the Operating Partnership issued 30,000 Class A Units in exchange for all noncontrolling interests in Sandbridge Commons. The Company recognized the difference between the fair value of the Class A Units issued and the adjustment to the carrying amount of the noncontrolling interests in Sandbridge Commons directly in equity as additional paid-in capital. On August 15, 2014, the Operating Partnership issued 990,952 Class A Units as partial consideration for the acquisition of Dimmock Square. Holders of OP Units may not transfer their units without the Company’s prior consent as general partner of the Operating Partnership. Subject to the satisfaction of certain conditions, holders of Class A Units may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock at the time of redemption or, at the Company’s option and sole discretion, for unregistered or registered shares of common stock on a one -for-one basis. Accordingly, the Company presents OP Units of the Operating Partnership not held by the Company as noncontrolling interests within equity in the consolidated balance sheets. Common Stock Dividends and Class A Unit Distributions During the year ended December 31, 2016 , the Company declared the following dividends per share and distributions per unit: Declaration Date Record Date Paid Date Dividend Per Share/Distribution Per Unit January 31, 2016 March 30, 2016 April 7, 2016 $ 0.18 May 2, 2016 June 29, 2016 July 7, 2016 0.18 August 4, 2016 September 28, 2016 October 6, 2016 0.18 November 3, 2016 December 28, 2016 January 5, 2017 0.18 Total $ 0.72 During the year ended December 31, 2016 , the Company paid cash dividends of $22.7 million to common stockholders and the Operating Partnership paid cash distributions of $11.1 million to holders of Class A Units. The tax treatment of dividends paid to common stockholders during the year ended December 31, 2016 was as follows (unaudited): Capital gains — % Ordinary income 78.00 % Return of capital 22.00 % Total 100.00 % During the year ended December 31, 2015 , the Company declared the following dividends per share and distributions per unit: Declaration Date Record Date Paid Date Dividend Per Share/Distribution Per Unit January 28, 2015 April 1, 2015 April 9, 2015 $ 0.17 May 8, 2015 July 1, 2015 July 9, 2015 0.17 August 6, 2015 October 1, 2015 October 8, 2015 0.17 November 6, 2015 December 31, 2015 January 7, 2016 0.17 Total $ 0.68 During the year ended December 31, 2015 , the Company paid cash dividends of $17.1 million to common stockholders and the Operating Partnership paid cash distributions of $9.9 million to holders of Class A Units. The tax treatment of dividends paid to common stockholders during the year ended December 31, 2015 was as follows (unaudited): Capital gains — % Ordinary income 64.21 % Return of capital 35.79 % Total 100.00 % During the year ended December 31, 2014 , the Company declared the following dividends per share and distributions per unit: Declaration Date Record Date Paid Date Dividend Per Share/Distribution Per Unit February 18, 2014 April 1, 2014 April 10, 2014 $ 0.16 May 9, 2014 July 1, 2014 July 10, 2014 0.16 August 4, 2014 October 1, 2014 October 9, 2014 0.16 November 10, 2014 December 30, 2014 January 8, 2015 0.16 Total $ 0.64 During the year ended December 31, 2014 , the Company paid cash dividends of $13.2 million to common stockholders and the Operating Partnership paid cash distributions of $8.9 million to holders of OP Units. The tax treatment of dividends paid to common stockholders during the year ended December 31, 2014 was as follows (unaudited): Capital gains 5.3 % Ordinary income 52.3 % Return of capital 42.4 % Total 100.0 % Subsequent to December 31, 2016 On January 5, 2017, the Company paid cash dividends of $6.7 million to common stockholders and the Operating Partnership paid cash distributions of $3.0 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2016 . On January 10, 2017, the Company issued 275,000 Class C Units pursuant to the terms of the previously completed Columbus Village acquisition. On January 10, 2017, the Company issued 68,691 Class A Units for the remaining 20% interests in the Town Center Phase VI project. On February 2, 2017, the Board of Directors declared a cash dividend of $0.19 per share to stockholders of record on March 29, 2017 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s 2013 Equity Incentive Plan permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units and other equity-based awards up to an aggregate of 700,000 shares of common stock over the ten -year term of the plan. As of December 31, 2016 , the Company had 218,050 shares of common stock reserved for issuance under the 2013 Equity Incentive Plan. During the three years ended December 31, 2016 , the Company granted an aggregate of 0.1 million , 0.1 million and 0.1 million shares of restricted stock to employees and nonemployee directors, respectively. The weighted average grant date fair value of the restricted stock awards granted during each of the three years ended December 31, 2016 was $1.4 million , $1.2 million and $1.3 million , respectively. Employee restricted stock awards generally vest over a period of two years : one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Nonemployee director restricted stock awards vest either immediately upon grant or over a period of one year , subject to continued service to the Company. Unvested restricted stock awards are entitled to receive dividends from their grant date. During each of the three years ended December 31, 2016 , the Company recognized $1.2 million , $1.0 million and $1.3 million of stock-based compensation, respectively. As of December 31, 2016 , the total unrecognized compensation cost related to nonvested restricted shares was $0.4 million , substantially all of which the Company expects to recognize over the next 15 months . The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2016 : Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2016 102,055 $ 10.52 Granted 121,243 11.22 Vested (118,374 ) 10.63 Forfeited (85 ) 10.84 Nonvested as of December 31, 2016 104,839 $ 11.20 Restricted stock awards granted and vested during the year ended December 31, 2016 include 20,011 shares tendered by employees to satisfy minimum statutory tax withholding obligations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs—quoted prices in active markets for identical assets or liabilities Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs—unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair value. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and interest rate caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The fair value of the Company’s debt is sensitive to fluctuations in interest rates. Discounted cash flow analysis based on Level 2 inputs is generally used to estimate the fair value of the Company’s debt. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying amounts and fair values of the Company’s financial instruments, all of which are based on Level 2 inputs, as of December 31, 2016 and 2015 were as follows (in thousands): December 31, 2016 2015 Carrying Value Fair Value Carrying Value Fair Value Indebtedness, net $ 522,180 $ 527,414 $ 377,593 $ 384,691 Interest rate swap liabilities 829 829 1,082 1,082 Interest rate cap assets 259 259 164 164 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax benefit (provision) for each of the three years ended December 31, 2016 comprised the following (in thousands): Years Ended December 31, 2016 2015 2014 Federal income taxes: Current $ (197 ) $ 102 $ (37 ) Deferred (109 ) (72 ) (6 ) State income taxes: Current (24 ) 13 (26 ) Deferred (13 ) (9 ) (1 ) Income tax benefit (provision) $ (343 ) $ 34 $ (70 ) As of December 31, 2016 and 2015 , the Company had $0.5 million and $0.6 million of net deferred tax assets representing basis differences in the assets of the TRS and stock-based compensation attributable to the TRS. Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2016 and 2015 . The Company is subject to examination by the applicable taxing authorities for the tax years 2013 through 2016. For the year ended December 31, 2016 , the Company was subject to three separate tax examinations. The Internal Revenue Service ("IRS") is examining the Company's 2014 income tax returns. The Virginia Department of Taxation is examining the Company's Virginia tax returns for the tax years 2013 through 2016, and the North Carolina Department of Revenue is examining the Company's North Carolina sales tax returns for the tax years 2013 through 2016. The North Carolina Department of Revenue sales tax audit was completed in December 2016 resulting in no liability to the Company. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets were comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Acquired lease intangibles, net $ 38,853 $ 18,418 Leasing costs, net 9,338 10,839 Leasing incentives, net 4,764 5,408 Prepaid expenses and other 10,056 2,781 Advance deposits on property acquisitions 75 3,500 Preacquisition development costs 1,079 2,504 Other assets $ 64,165 $ 43,450 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities were comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Dividends and distributions payable $ 9,727 $ 7,621 Deferred ground rent payable 8,202 7,484 Acquired lease intangibles, net 15,545 5,872 Prepaid rent and other 3,227 2,145 Security deposits 1,679 1,267 Interest rate swaps 829 1,082 Other liabilities $ 39,209 $ 25,471 |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Acquired Lease Intangibles | |
Acquired Lease Intangibles | Acquired Lease Intangibles The following table summarizes the Company’s acquired lease intangibles as of December 31, 2016 (in thousands): December 31, 2016 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 49,124 $ 15,350 $ 33,774 Above-market lease assets 4,490 1,138 3,352 Below-market lease liabilities 18,039 2,494 15,545 Below-market ground lease assets 1,920 193 1,727 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2015 (in thousands): December 31, 2015 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 19,700 $ 5,128 $ 14,572 Above-market lease assets 2,380 314 2,066 Below-market lease liabilities 6,640 768 5,872 Below-market ground lease assets 1,920 140 1,780 Amortization of in-place lease assets, net below-market lease liabilities and below-market ground lease assets for the year ended December 31, 2016 was $10.2 million , $1.8 million and less than $0.9 million , respectively. Amortization of in-place lease assets, net below-market lease liabilities and below-market ground lease assets for the year ended December 31, 2015 was $2.9 million , $0.1 million and less than $0.1 million , respectively. Amortization of in-place lease assets, net below-market lease liabilities and below-market ground lease assets for the year ended December 31, 2014 was $1.3 million , $0.2 million , and less than $0.1 million , respectively. As of December 31, 2016 , the weighted-average remaining lives of in-place lease assets, above-market lease assets, and below-market lease assets were 5.3 years , 6.7 years and 9.9 years , respectively. As of December 31, 2016, the weighted-average remaining life of below-market lease renewal options was 9.0 years . Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Depreciation and Rental Revenues Rental Expenses Amortization Year ending December 31, 2017 $ 1,002 $ 53 $ 9,535 2018 993 53 6,682 2019 883 53 5,192 2020 743 53 3,522 2021 755 53 2,125 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are not included in these consolidated financial statements. Revenue from construction contracts with related party entities of the Company was $26.7 million , $9.6 million and $5.3 million for each of the three years ended December 31, 2016 , respectively. Gross profits from such contracts were $1.0 million , $0.3 million and $0.3 million for each of the three years ended December 31, 2016 , respectively. Amounts from related parties of the Company included in construction receivables as of December 31, 2016 and 2015 were $3.4 million and $1.8 million , respectively. Real estate services fees from affiliated entities of the Company was $0.5 million for the year ended December 31, 2014 and were not significant for either of the years ended December 31, 2016 or 2015 . In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not significant for any of the three years ended December 31, 2016 . In connection with the formation transactions for the Company's initial public offering, the Operating Partnership entered into tax protection agreements that indemnify certain directors and executive officers of the Company from their tax liabilities resulting from the potential future sale of certain of the Company’s properties within seven (or, in a limited number of cases, ten ) years of the completion of the formation transactions on May 13, 2013. Upon completing the sale of the Virginia Natural Gas office property on November 20, 2014, the Operating Partnership paid $1.3 million under such tax protection agreements. The $1.3 million of tax protection payments made in connection with the Virginia Natural Gas office property sale is presented within gain on real estate dispositions in the consolidated statements of comprehensive income. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Commitments The Company has a bonding line of credit for its general contracting construction business and is contingently liable under performance and payment bonds, bonds for cancellation of mechanics liens and defect bonds. Such bonds collectively totaled $40.5 million and $183.0 million as of December 31, 2016 and 2015 , respectively. The Operating Partnership has entered into standby letters of credit using the available capacity under the credit facility. The letters of credit relate to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of December 31, 2016 and 2015 , the Operating Partnership had total outstanding letters of credit of $4.1 million and $8.0 million , respectively. The amount outstanding at December 31, 2016 includes a $2.1 million letter of credit related to the guarantee on the Point Street Apartments senior construction loan. The Company has five ground leases on four properties with initial terms that range from 20 to 65 years and options to extend up to an additional 40 years in certain cases. The Company also leases automobiles and equipment. Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands): 2017 $ 1,715 2018 1,738 2019 1,813 2020 1,821 2021 1,840 Thereafter 91,453 Total $ 100,380 Ground rent expense for each of the three years ended December 31, 2016 was $2.0 million , $1.7 million and $1.8 million , respectively. Concentrations of Credit Risk The majority of the Company’s properties are located in Hampton Roads, Virginia. For each of the three years ended December 31, 2016 , rental revenues from Hampton Roads properties represented 52% , 68% and 69% , respectively, of the Company’s rental revenues. Many of the Company’s Hampton Roads properties are located in the Town Center of Virginia Beach. For each of the three years ended December 31, 2016 , rental revenues from Town Center properties represented 41% , 46% and 47% , respectively, of the Company’s rental revenues. Rental revenues from Richmond Tower, which we sold in January 2016, individually represented 1% , 11% and 13% of the Company’s rental revenues for each of the three years ended December 31, 2016 , respectively. A single construction project in Baltimore, Maryland represented 18% and 64% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2016 and 2015 , respectively. The same project represented 29% and 50% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2016 and 2015 , respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following tables summarize certain selected quarterly financial data for 2016 and 2015 (in thousands, except per share data): 2016 Quarters First Second Third Fourth Rental revenues $ 23,283 $ 24,251 $ 25,305 $ 26,516 General contracting and real estate services revenues 36,803 33,200 38,552 50,475 Net operating income 17,371 17,973 18,393 19,740 Net income (1) 26,533 3,131 7,946 5,145 Net income attributable to stockholders 17,370 2,034 5,212 3,458 Net income per share: basic and diluted $ 0.57 $ 0.06 $ 0.15 $ 0.09 2015 Quarters First Second Third Fourth Rental revenues $ 18,190 $ 19,908 $ 21,303 $ 21,771 General contracting and real estate services revenues 29,071 47,066 53,822 41,309 Net operating income 12,702 15,101 16,488 15,819 Net income 8,118 10,285 4,337 8,443 Net income attributable to stockholders 5,105 6,521 2,688 5,328 Net income per share: basic and diluted $ 0.20 $ 0.25 $ 0.10 $ 0.19 (1) First quarter amount includes a $26.2 million gain on the disposition of Richmond Tower. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Consolidated Real Estate Investments and Accumulated Depreciation | SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation December 31, 2016 Initial Cost Cost Capitalized Gross Carrying Amount Year of Building and Subsequent to Building and Accumulated Net Carrying Construction/ Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Amount(1) Acquisition Office 4525 Main Street $ 32,034 $ 982 $ — $ 40,759 $ 982 $ 40,759 $ 41,741 $ 3,007 $ 38,734 2014 Armada Hoffler Tower — (2) 1,976 — 56,613 1,976 56,613 58,589 27,427 31,162 2002 Commonwealth of Virginia—Chesapeake 4,933 328 — 6,211 328 6,211 6,539 587 5,952 2015 Commonwealth of Virginia—Virginia Beach — 208 — 2,159 208 2,159 2,367 181 2,186 2015 One Columbus — (2) 960 10,269 7,345 960 17,614 18,574 9,627 8,947 1984/2000 Two Columbus — (2) 53 — 19,036 53 19,036 19,089 5,999 13,090 2009 Total office $ 36,967 $ 4,507 $ 10,269 $ 132,123 $ 4,507 $ 142,392 $ 146,899 $ 46,828 $ 100,071 Retail 249 Central Park Retail $ 17,076 $ 712 $ — $ 14,838 $ 712 $ 14,838 $ 15,550 $ 7,641 $ 7,909 2004 Alexander Pointe — (2) 4,050 4,880 23 4,050 4,903 8,953 232 8,721 1997 Bermuda Crossroads — (2) 5,450 10,641 689 5,450 11,330 16,780 1,804 14,976 2001/2013 Broad Creek Shopping Center — (2) — — 15,845 — 15,845 15,845 8,446 7,399 1997-2001 Broadmoor Plaza — 2,410 9,010 24 2,410 9,034 11,444 437 11,007 1980 Brooks Crossing — 117 — 2,276 117 2,276 2,393 22 2,371 2016 Columbus Village 8,524 7,631 10,135 — 7,631 10,135 17,766 439 17,327 1985/2015 Columbus Village II — 14,536 10,922 14 14,536 10,936 25,472 104 25,368 1995/1996 Commerce Street Retail — (2) 118 — 3,209 118 3,209 3,327 1,173 2,154 2008 Courthouse 7-Eleven — (2) 1,007 — 1,043 1,007 1,043 2,050 136 1,914 2011 Dick’s at Town Center — (2) 67 — 10,522 67 10,522 10,589 3,507 7,082 2002 Dimmock Square — (2) 5,100 13,126 46 5,100 13,172 18,272 877 17,395 1998/2014 Fountain Plaza Retail 10,281 425 — 7,112 425 7,112 7,537 2,950 4,587 2004 Gainsborough Square — (2) 2,229 — 7,064 2,229 7,064 9,293 3,005 6,288 1999 Greentree Shopping Center — 1,523 — 4,280 1,523 4,280 5,803 377 5,426 2014 Hanbury Village 20,709 (2) 3,793 — 19,262 3,793 19,262 23,055 5,770 17,285 2009 Harper Hill Commons — (2) 2,840 8,510 12 2,840 8,522 11,362 301 11,061 2004 Harrisonburg Regal 3,256 1,554 — 4,149 1,554 4,149 5,703 1,881 3,822 1999 Lightfoot Marketplace 12,194 7,628 — 14,728 7,628 14,728 22,356 227 (3) 22,129 0 (3) North Hampton Market — (2) 7,250 10,210 140 7,250 10,350 17,600 469 17,131 2004 North Point Center 12,983 (2) 1,936 — 25,119 1,936 25,119 27,055 11,788 15,267 1998 Oakland Marketplace — 1,850 3,370 10 1,850 3,380 5,230 436 4,794 2004 Parkway Marketplace — (2) 1,150 — 3,540 1,150 3,540 4,690 1,678 3,012 1998 Patterson Place — (2) 15,059 20,180 11 15,059 20,191 35,250 676 34,574 2004 Perry Hall Marketplace — (2) 3,240 8,316 91 3,240 8,407 11,647 548 11,099 2001/2015 Providence Plaza — (2) 9,950 12,369 476 9,950 12,845 22,795 505 22,290 2008/2015 Renaissance Place — 6,730 8,439 — 6,730 8,439 15,169 47 15,122 2008 Sandbridge Commons 9,376 5,267 — 7,236 5,267 7,236 12,503 511 11,992 2015 Socastee Commons 4,866 2,320 5,380 45 2,320 5,425 7,745 328 7,417 2000/2015 South Retail 7,493 190 — 7,623 190 7,623 7,813 3,731 4,082 2002 South Square — 14,130 12,670 14 14,130 12,684 26,814 476 26,338 1977/2005 Southgate Square 21,150 8,890 25,950 62 8,890 26,012 34,902 620 34,282 1991/2016 Southshore Shops — 1,770 6,509 5 1,770 6,514 8,284 85 8,199 2006 Stone House Square — (2) 6,360 16,350 236 6,360 16,586 22,946 974 21,972 2008/2015 Studio 56 Retail — (2) 76 — 2,477 76 2,477 2,553 727 1,826 2007 Tyre Neck Harris Teeter — (2) — — 3,306 — 3,306 3,306 756 2,550 2011 Waynesboro Commons — 1,300 1,610 10 1,300 1,620 2,920 192 2,728 1993 Wendover Village — (2) 12,710 14,490 7 12,710 14,497 27,207 498 26,709 2004 Total retail $ 127,908 $ 161,368 $ 213,067 $ 155,544 $ 161,368 $ 368,611 $ 529,979 $ 64,374 $ 465,605 Mutifamily Encore Apartments $ 24,966 $ 1,293 $ — $ 30,124 $ 1,293 $ 30,124 $ 31,417 $ 1,997 $ 29,420 2014 Harding Place — 5,706 — 2,453 5,706 2,453 8,159 — 8,159 — (3) Liberty Apartments 20,005 3,580 23,494 1,215 3,580 24,709 28,289 2,566 25,723 2013/2014 Johns Hopkins Village 43,841 — — 65,875 — 65,875 65,875 863 (3) 65,012 — (3) Smith’s Landing 20,511 — 35,105 1,153 — 36,258 36,258 4,284 31,974 2009/2013 The Cosmopolitan 45,884 985 — 56,957 985 56,957 57,942 18,641 39,301 2006 Town Center Phase VI — 1,174 — 1,615 1,174 1,615 2,789 — 2,789 — Total multifamily $ 155,207 $ 12,738 $ 58,599 $ 159,392 $ 12,738 $ 217,991 $ 230,729 $ 28,351 $ 202,378 Held for development $ — $ 680 $ — $ — $ 680 $ — $ 680 $ — $ 680 Real estate investments $ 320,082 $ 179,293 $ 281,935 $ 447,059 $ 179,293 $ 728,994 $ 908,287 $ 139,553 $ 768,734 ________________________________________ (1) The net carrying amount of real estate for federal income tax purposes was $655.9 million as of December 31, 2016 . (2) Borrowing base collateral for the credit facility as of December 31, 2016 . (3) Construction in progress as of December 31, 2016 . Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 15—20 years Equipment 5—15 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Real Estate Accumulated Investments Depreciation December 31, 2016 2015 2016 2015 Balance at beginning of the year $ 633,591 $ 595,000 $ 125,380 $ 116,099 Construction costs and improvements 56,630 52,533 — — Acquisitions 248,987 83,230 — — Dispositions (30,467 ) (23,181 ) (352 ) (668 ) Reclassifications (454 ) (73,991 ) (8,928 ) (8,729 ) Depreciation — — 23,453 18,678 Balance at end of the year $ 908,287 $ 633,591 $ 139,553 $ 125,380 |
Significant Accounting Polici27
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership, its wholly owned subsidiaries, and any interests in variable interest entities where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates. |
Segments | Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties. |
Revenue Recognition | Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $1.1 million , $1.9 million and $2.2 million of straight-line rent adjustments for each of the three years ended December 31, 2016 . The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of such revenue is reasonably assured. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Contingent rents included in rental revenues were $0.1 million for each of the three years ended December 31, 2016 . The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization for each of the three years ended December 31, 2016 was $0.8 million , $0.8 million and $0.7 million , respectively. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenue on construction contracts using the percentage-of-completion method. Under this method, the Company recognizes revenue and an estimated profit as construction contract costs are incurred based on the proportion of incurred costs to total estimated construction contract costs at completion. Construction contract costs include all direct material, labor and subcontract costs as well as any indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income and are recognized in the period in which they are determined. Profit incentives are included in revenues when their realization is probable and when they can be reasonably estimated. The Company recognizes real estate services revenues from property development and management when realized and earned, generally as such services are provided. Multiple contracts with a single counterparty are not combined into a single contract for the revenue recognition purposes. |
Real Estate Investments | Real Estate Investments Income producing property primarily includes land, buildings and tenant improvements and is stated at cost. Real estate investments held for development include land and capitalized development costs. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial construction of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition development and preconstruction costs including overhead, salaries and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent and interest. Interest capitalized during each of the three years ended December 31, 2016 was $1.0 million , $1.0 million and $3.1 million , respectively. Overhead, salaries and related personnel costs capitalized during each of the three years ended December 31, 2016 were $1.7 million , $2.1 million and $2.4 million , respectively. The Company capitalizes preacquisition development costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized preacquisition development costs are presented within other assets in the consolidated balance sheets. Capitalized preacquisition development costs as of December 31, 2016 and 2015 were $1.1 million and $2.5 million , respectively. Costs attributable to unsuccessful projects are expensed. The Company recognizes real estate development grants from state and local governments as reductions to the carrying amounts of the related real estate investments when any attached conditions are satisfied and when there is reasonable assurance that the grant will be received. Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 15—20 years Equipment 5—15 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) |
Operating Property Acquisitions | Operating Property Acquisitions In connection with operating property acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their estimated fair values or relative fair values subsequent to the adoption of the new accounting guidance discussed below, as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangibles are presented within other assets and liabilities in the consolidated balance sheets and amortized over their respective lease terms. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases. Prior to October 1, 2016, the Company expensed all costs incurred related to operating property acquisitions. On October 1, 2016, the Company adopted newly issued accounting guidance that allows capitalization of costs related to operating property acquisitions that do not meet the definition of a business under the new guidance discussed below under "Recent Accounting Pronouncements". The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, and uses observable market-based inputs, including interest rate information as of the acquisition date. The Company also considers credit valuation adjustments for potential nonperformance risk. The Company classifies the inputs used to value debt assumed in connection with operating property acquisitions as Level 2 inputs in the fair value hierarchy as they are predominantly observable and market-based. |
Real Estate Investments Held for Sale | Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company classified the Richmond Tower office building as held for sale as of December 31, 2015. |
Impairment of Long Lived Assets | Impairment of Long Lived Assets The Company evaluates its real estate assets for impairment on a property by property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. Impairment charges recognized during each of the three years ended December 31, 2016 represent unamortized leasing or acquired intangible assets related to vacated tenants. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds and investments with an original maturity of three months or less. |
Restricted Cash | Restricted Cash Restricted cash represents amounts held by lenders for real estate taxes, insurance and reserves for capital improvements. The Company presents changes in cash restricted for real estate taxes and insurance as operating activities in the consolidated statements of cash flows. The Company presents changes in cash restricted for capital improvements as investing activities in the consolidated statements of cash flows. |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable include amounts from tenants for base rents, contingent rents and cost reimbursements as well as accrued straight-line rental revenue. As of December 31, 2016 and 2015 , accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $12.3 million and $20.3 million , respectively. The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The Company establishes reserves for tenant receivables outstanding over 90 days. For all such tenants, the Company also reserves any related accrued straight-line rental revenue. Additional reserves are recorded for more current amounts, as applicable, when the Company has determined collectability to be doubtful. As of December 31, 2016 and 2015 , the allowance for doubtful accounts was not significant. The Company presents bad debt expense within rental expenses in the consolidated statements of comprehensive income. |
Notes Receivable | Notes Receivable From time to time, the Company may provide financing to third parties in the form of mortgage or mezzanine loans for the development of new real estate. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The Company evaluates the collectability of both the interest on and principal of each of its notes receivable based primarily upon the financial condition of the individual borrowers. A loan is determined to be impaired when, based upon current information, it is no longer probable that the Company will be able to collect all contractual amounts due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value. |
Leasing Costs | Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets. |
Leasing Incentives | Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets. |
Debt Issuance Costs | Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. |
Derivative Financial Instruments | Derivative Financial Instruments The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the effective portion of the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. |
Stock-Based Compensation | Stock-Based Compensation The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Total stock-based compensation expense recognized during each of the three years ended December 31, 2016 was $1.1 million , $0.9 million and $0.9 million , respectively. Stock-based compensation for personnel directly involved in the development and initial construction of a property is capitalized. |
Income Taxes | Income Taxes The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary (“TRS”) subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carryback losses, the reversal of temporary differences, tax planning strategies and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes. |
Discontinued Operations | Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations. |
Net Income Per Share and Unit | Net Income Per Share and Unit The Company calculates net income per share and unit based upon the weighted average shares and units outstanding. Diluted net income per share and unit is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include nonvested restricted stock awards. However, there were no significant potential dilutive shares or units outstanding for each of the three years ended December 31, 2016 . As a result, basic and diluted outstanding shares and units were the same for all periods presented. See Note 11 for the changes in the Company’s nonvested restricted awards during each of the three years ended December 31, 2016 . |
Emerging Growth Company Status | Emerging Growth Company Status The Company qualifies as an emerging growth company (“EGC”) pursuant to the Jumpstart Our Business Startups Act. An EGC may choose to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board (the “FASB”) or the U.S. Securities and Exchange Commission (the “SEC”). The Company has elected to opt out of such extended transition period. This election is irrevocable. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On May 28, 2014, the FASB issued a new standard that provides a single, comprehensive model for recognizing revenue from contracts with customers. While the new standard does not supersede the guidance on accounting for leases, it could change the way the Company recognizes revenue from construction and development contracts with third party customers. The new standard will be effective for the Company on January 1, 2018. The Company plans to adopt the new standard using the full retrospective method. A substantial portion of our revenue consists of rental revenues from leasing arrangements, such as base rent, which is specifically excluded from the revenue guidance. Non-lease components, such as tenant reimbursements for real estate taxes and common area maintenance will be subject to the revenue guidance. Management is currently evaluating the potential impact of the new revenue standard on the Company’s consolidated financial statements. On August 15, 2014, the FASB issued guidance that requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date in order to determine whether substantial doubt about an entity's ability to continue as a going concern exists. This new guidance states that substantial doubt exists when relevant conditions and events, considered in the aggregate, indicate that it is probably that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued, or are available to be issued. The new guidance was applicable for the Company for the year ended December 31, 2016. Management performed its evaluation and determined that there was no substantial doubt about the Company's ability to continue as a going concern. On February 25, 2016, the FASB issued a new leases standard that requires lessees to recognize most leases in their balance sheets as lease liabilities with corresponding right-of-use assets. This guidance will specifically affect the ground leases where the Company is the lessee. The new standard also makes targeted changes to lessor accounting. The new standard will be effective for the Company on January 1, 2019 and requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application with an option to use certain transition relief. For lease contracts with a duration of more than one year in which the Company is the lessee, the present value of future lease payments will be recognized on the balance sheet as a right-of-use asset and a corresponding lease liability. Management is currently evaluating the potential impact of the new leases standard on the Company’s consolidated financial statements. On March 30, 2016, the FASB issued new guidance that will change the accounting for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled, and allows the Company to account for forfeitures as they occur. The new guidance is effective for the Company on January 1, 2017. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On August 26, 2016, the FASB issued new guidance that addresses eight classification issues related to the statement of cash flows. Early adoption is permitted, including adoption in an interim period. This guidance should be applied retrospectively to each period presented. This new guidance is effective for the Company on January 1, 2018. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On October 26, 2016, the FASB issued new guidance that updates the consolidation guidance on how a reporting entity that is a single decision maker of a variable interest entity ("VIE") should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The new guidance is effective for the Company on January 1, 2017. Management does not expect the adoption of the new guidance to have a material effect on the Company’s financial position or results of operations. On November 17, 2016, the FASB issued new guidance that requires the statement of cash flows explain the change during the period in the total of cash and cash equivalents along with restricted cash and cash equivalents. Early adoption is permitted, including adoption in an interim period. This new guidance is effective for the Company on January 1, 2018. Management is currently evaluating the potential impact of the new guidance on the Company’s consolidated financial statements. On January 5, 2017, the FASB issued new guidance that modifies the definition of a business. Under this new guidance, many real estate acquisitions will now be considered asset acquisitions, allowing costs associated with these acquisitions to be capitalized. Early adoption is permitted on a prospective basis for interim or annual periods for which the financial statements have not been issued or made available for issuance. The Company adopted this guidance on October 1, 2016, resulting in the capitalization of approximately $0.7 million of acquisition costs related to two acquisitions in the fourth quarter of 2016. If the Company had adopted this guidance on January 1, 2016, approximately $1.4 million in acquisition costs would have been capitalized. |
Fair Value of Financial Instruments | Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs—quoted prices in active markets for identical assets or liabilities Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs—unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair value. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and interest rate caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The fair value of the Company’s debt is sensitive to fluctuations in interest rates. Discounted cash flow analysis based on Level 2 inputs is generally used to estimate the fair value of the Company’s debt. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. |
Legal Proceedings | Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. |
Business and Organization (Tabl
Business and Organization (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of 100% owned properties | As of December 31, 2016 , the Company owned 100% of the interests in each of the following properties in its operating property portfolio: Property Segment Location 4525 Main Street Office Virginia Beach, Virginia* Armada Hoffler Tower Office Virginia Beach, Virginia* Commonwealth of Virginia – Chesapeake Office Chesapeake, Virginia Commonwealth of Virginia – Virginia Beach Office Virginia Beach, Virginia One Columbus Office Virginia Beach, Virginia* Two Columbus Office Virginia Beach, Virginia* 249 Central Park Retail Retail Virginia Beach, Virginia* Alexander Pointe Retail Salisbury, North Carolina Bermuda Crossroads Retail Chester, Virginia Broad Creek Shopping Center Retail Norfolk, Virginia Broadmoor Plaza Retail South Bend, Indiana Columbus Village Retail Virginia Beach, Virginia* Columbus Village II Retail Virginia Beach, Virginia* Commerce Street Retail Retail Virginia Beach, Virginia* Courthouse 7-Eleven Retail Virginia Beach, Virginia Dick’s at Town Center Retail Virginia Beach, Virginia* Dimmock Square Retail Colonial Heights, Virginia Fountain Plaza Retail Retail Virginia Beach, Virginia* Gainsborough Square Retail Chesapeake, Virginia Greentree Shopping Center Retail Chesapeake, Virginia Hanbury Village Retail Chesapeake, Virginia Harper Hill Commons Retail Winston-Salem, North Carolina Harrisonburg Regal Retail Harrisonburg, Virginia North Hampton Market Retail Taylors, South Carolina North Point Center Retail Durham, North Carolina Oakland Marketplace Retail Oakland, Tennessee Parkway Marketplace Retail Virginia Beach, Virginia Patterson Place Retail Durham, North Carolina Perry Hall Marketplace Retail Perry Hall, Maryland Providence Plaza Retail Charlotte, North Carolina Renaissance Square Retail Davidson, North Carolina Sandbridge Commons Retail Virginia Beach, Virginia Socastee Commons Retail Myrtle Beach, South Carolina Southgate Square Retail Colonial Heights, Virginia Southshore Shops Retail Chesterfield, Virginia South Retail Retail Virginia Beach, Virginia* South Square Retail Durham, North Carolina Stone House Square Retail Hagerstown, Maryland Studio 56 Retail Retail Virginia Beach, Virginia* Tyre Neck Harris Teeter Retail Portsmouth, Virginia Waynesboro Commons Retail Waynesboro, Virginia Wendover Village Retail Greensboro, North Carolina Encore Apartments Multifamily Virginia Beach, Virginia* Liberty Apartments Multifamily Newport News, Virginia Smith’s Landing Multifamily Blacksburg, Virginia The Cosmopolitan Multifamily Virginia Beach, Virginia* ________________________________________ * Located in the Town Center of Virginia Beach |
Schedule of properties under development or construction | As of December 31, 2016 , the following properties were under development or construction: Property Segment Location Ownership Interest Brooks Crossing Office/Retail Newport News, Virginia 65 % Johns Hopkins Village Multifamily Baltimore, Maryland 80 % (1) Lightfoot Marketplace Retail Williamsburg, Virginia 70 % Town Center Phase VI Multifamily Virginia Beach, Virginia* 80 % Harding Place Multifamily Charlotte, North Carolina 80 % (1) The noncontrolling interest holder of Johns Hopkins Village has the right to exchange its 20% ownership interest for Class A units of limited partnership interest in the Operating Partnership (“Class A Units”) upon and for a period of one year after the project’s completion. The Company is entitled to a preferred return of 9% on its investment in Johns Hopkins Village. *Located in the Town Center of Virginia Beach |
Significant Accounting Polici29
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Estimated useful lives | Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 15—20 years Equipment 5—15 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Net operating income of reportable segments | Net operating income of the Company’s reportable segments for each of the three years ended December 31, 2016 was as follows (in thousands): Years Ended December 31, 2016 2015 2014 Office real estate Rental revenues $ 20,929 $ 31,534 $ 27,827 Rental expenses 5,560 6,938 6,395 Real estate taxes 2,000 2,950 2,315 Segment net operating income 13,369 21,646 19,117 Retail real estate Rental revenues 56,511 32,064 23,956 Rental expenses 9,116 5,915 5,011 Real estate taxes 5,395 2,928 2,097 Segment net operating income 42,000 23,221 16,848 Multifamily residential real estate Rental revenues 21,915 17,574 12,963 Rental expenses 7,228 6,351 5,261 Real estate taxes 2,234 1,904 1,331 Segment net operating income 12,453 9,319 6,371 General contracting and real estate services Segment revenues 159,030 171,268 103,321 Segment expenses 153,375 165,344 98,754 Segment gross profit 5,655 5,924 4,567 Net operating income $ 73,477 $ 60,110 $ 46,903 |
Reconciliation of net operating income to net income | The following table reconciles net operating income to net income for each of the three years ended December 31, 2016 (in thousands): Years Ended December 31, 2016 2015 2014 Net operating income $ 73,477 $ 60,110 $ 46,903 Depreciation and amortization (35,328 ) (23,153 ) (17,569 ) General and administrative expenses (9,552 ) (8,397 ) (7,711 ) Acquisition, development and other pursuit costs (1,563 ) (1,935 ) (229 ) Impairment charges (355 ) (41 ) (15 ) Interest income 3,228 126 — Interest expense (16,466 ) (13,333 ) (10,648 ) Loss on extinguishment of debt (82 ) (512 ) — Gain on real estate dispositions 30,533 18,394 2,211 Change in fair value of interest rate derivatives (941 ) (229 ) (233 ) Other income 147 119 120 Income tax benefit (provision) (343 ) 34 (70 ) Net income $ 42,755 $ 31,183 $ 12,759 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of future minimum rental payments | The Company’s commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): 2017 $ 70,235 2018 65,384 2019 57,751 2020 47,217 2021 40,783 Thereafter 206,378 Total $ 487,748 Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands): 2017 $ 1,715 2018 1,738 2019 1,813 2020 1,821 2021 1,840 Thereafter 91,453 Total $ 100,380 |
Real Estate Investments and E32
Real Estate Investments and Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Schedule of real estate investments | The Company’s real estate investments comprised the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 Income producing property Held for development Construction in progress Total Land $ 171,733 $ 680 $ 6,880 $ 179,293 Land improvements 45,052 — — 45,052 Buildings and improvements 677,293 — — 677,293 Development and construction costs — — 6,649 6,649 Real estate investments $ 894,078 $ 680 $ 13,529 $ 908,287 December 31, 2015 Income Held Construction Total Land $ 70,518 $ 1,180 $ 7,750 $ 79,448 Land improvements 26,172 — — 26,172 Buildings and improvements 482,310 — — 482,310 Development and construction costs — — 45,661 45,661 Real estate investments $ 579,000 $ 1,180 $ 53,411 $ 633,591 |
Summary of estimated fair values of assets acquired and liabilities assumed | The following table summarizes the purchase price allocation (including acquisition costs for Columbus Village II and Renaissance Square) of the assets acquired and liabilities assumed during the year ended December 31, 2016 (in thousands): Retail Portfolio Southgate Square Southshore Shops Columbus Village II Renaissance Square Total Land $ 66,260 $ 8,890 $ 1,770 $ 14,536 $ 6,730 $ 98,186 Site improvements 3,870 2,140 490 939 303 7,742 Building and improvements 88,820 23,810 6,019 9,983 8,137 136,769 In-place leases 20,630 5,990 1,140 2,225 2,008 31,993 Above-market leases 1,960 100 120 — 70 2,250 Below-market leases (11,040 ) (1,400 ) (190 ) (939 ) (10 ) (13,579 ) Net assets acquired $ 170,500 $ 39,530 $ 9,349 $ 26,744 $ 17,238 $ 263,361 The following table summarizes the estimated fair values of the assets acquired and liabilities assumed during the year ended December 31, 2014 (in thousands): Land $ 8,680 Site improvements 880 Building and improvements 35,740 In-place leases 2,220 Indebtedness (16,966 ) Above and below-market leases (390 ) Net working capital (679 ) Net assets acquired $ 29,485 The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the year ended December 31, 2015 (in thousands): Land $ 29,500 Site improvements 3,290 Building and improvements 49,260 In-place leases 14,160 Above-market leases 2,260 Below-market leases (4,420 ) Indebtedness (13,935 ) Net assets acquired $ 80,115 |
Summary of consolidated and combined results of operations on pro forma basis | The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if each of the 2016 acquisitions had been acquired on January 1, 2015, each of the 2015 acquisitions had been acquired on January 1, 2014 and each of the 2014 acquisitions had been acquired on January 1, 2013 (in thousands): Years Ended December 31, 2016 2015 2014 Rental revenues $ 101,250 $ 105,479 $ 74,530 Net income 13,327 18,492 13,378 |
Construction Contracts (Tables)
Construction Contracts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Contractors [Abstract] | |
Net position of uncompleted construction contracts | The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Costs incurred on uncompleted construction contracts $ 333,744 $ 228,184 Estimated earnings 10,936 9,739 Billings (354,737 ) (240,059 ) Net position $ (10,057 ) $ (2,136 ) December 31, 2016 2015 Construction contract costs and estimated earnings in excess of billings $ 110 $ 88 Billings in excess of construction contract costs and estimated earnings (10,167 ) (2,224 ) Net position $ (10,057 ) $ (2,136 ) |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The Company’s indebtedness was comprised of the following as of December 31, 2016 and 2015 (dollars in thousands): Stated Interest Stated Maturity Principal Balance Rate Date December 31, December 31, 2016 2015 2016 249 Central Park Retail (1) $ 17,076 $ 15,282 LIBOR + 1.95% August 8, 2021 Fountain Plaza Retail (1) 10,281 7,641 LIBOR + 1.95% August 8, 2021 South Retail (1) 7,493 6,742 LIBOR + 1.95% August 8, 2021 4525 Main Street (2) 32,034 31,613 3.25 % September 10, 2021 Encore Apartments (2) 24,966 25,184 3.25 % September 10, 2021 North Point Center Note 5 (3) 643 664 LIBOR + 2.00% February 1, 2017 Oyster Point — 6,400 LIBOR+1.40%-2.00% February 28, 2017 Harrisonburg Regal 3,256 3,463 6.06 % June 8, 2017 Commonwealth of Virginia - Chesapeake 4,933 4,933 LIBOR + 1.90% August 28, 2017 Hanbury Village Note 1 20,709 20,970 6.67 % October 11, 2017 Lightfoot Marketplace 12,194 7,759 LIBOR + 1.90% November 14, 2017 Sandbridge Commons 9,376 9,010 LIBOR + 1.85% January 17, 2018 Southgate Square 21,150 — LIBOR + 2.00% April 29, 2021 Columbus Village Note 1 (3) 6,258 6,429 LIBOR + 2.00% April 5, 2018 Columbus Village Note 2 2,266 2,310 LIBOR + 2.00% April 5, 2018 Johns Hopkins Village 43,841 3,968 LIBOR + 1.90% July 30, 2018 North Point Center Note 1 9,776 9,969 6.45 % February 5, 2019 Revolving credit facility 107,000 74,000 LIBOR+1.40%-2.00% February 20, 2019 Term loan(3) 50,000 50,000 LIBOR+1.35%-1.95% February 20, 2020 Term loan 50,000 — LIBOR+1.35%-1.95% February 20, 2020 Socastee Commons 4,866 4,957 4.57 % January 6, 2023 North Point Center Note 2 2,564 2,662 7.25 % September 15, 2025 Smith's Landing 20,511 21,226 4.05 % June 1, 2035 Liberty Apartments 20,005 20,312 5.66 % November 1, 2043 The Cosmopolitan 45,884 46,519 3.75 % July 1, 2051 Total principal balance $ 527,082 $ 382,013 Unamortized fair value adjustments (1,250 ) (1,287 ) Unamortized debt issuance costs (3,652 ) (3,133 ) Indebtedness, net $ 522,180 $ 377,593 ________________________________________ (1) Cross collateralized. (2) Cross collateralized. (3) Subject to an interest rate swap agreement. |
Components of debt | The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Fixed-rate debt $ 241,472 $ 159,743 Variable-rate debt 285,610 222,270 Total principal balance $ 527,082 $ 382,013 |
Scheduled principal repayments and term-loan maturities | Scheduled principal repayments and term-loan maturities during each of the next five years and thereafter are as follows (in thousands): Year Scheduled Principal Payments Term-Loan Maturities Total Payments 2017 $ 3,778 $ 41,432 $ 45,210 2018 3,655 60,873 64,528 2019 3,485 116,333 119,818 2020 4,482 100,000 104,482 2021 3,588 106,274 109,862 Thereafter 77,615 5,567 83,182 Total $ 96,603 $ 430,479 $ 527,082 |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivatives | The Company’s derivatives comprised the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability Interest rate swaps $ 56,901 $ — $ (829 ) $ 57,093 $ — $ (1,082 ) Interest rate caps 270,000 259 — 246,546 164 — Total $ 326,901 $ 259 $ (829 ) $ 303,639 $ 164 $ (1,082 ) |
Schedule of changes in fair value of derivatives | The changes in the fair value of the Company’s derivatives during each of the three years ended December 31, 2016 was as follows (in thousands): Years Ended December 31, 2016 2015 2014 Interest rate swaps $ (795 ) $ (1,071 ) $ 5 Interest rate caps (146 ) (233 ) (238 ) Total $ (941 ) $ (1,304 ) $ (233 ) Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ (941 ) $ (229 ) $ (233 ) Unrealized gain (loss) on cash flow hedge — (1,075 ) — Total $ (941 ) $ (1,304 ) $ (233 ) |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Declared dividends pershare and distributions per unit | During the year ended December 31, 2016 , the Company declared the following dividends per share and distributions per unit: Declaration Date Record Date Paid Date Dividend Per Share/Distribution Per Unit January 31, 2016 March 30, 2016 April 7, 2016 $ 0.18 May 2, 2016 June 29, 2016 July 7, 2016 0.18 August 4, 2016 September 28, 2016 October 6, 2016 0.18 November 3, 2016 December 28, 2016 January 5, 2017 0.18 Total $ 0.72 During the year ended December 31, 2014 , the Company declared the following dividends per share and distributions per unit: Declaration Date Record Date Paid Date Dividend Per Share/Distribution Per Unit February 18, 2014 April 1, 2014 April 10, 2014 $ 0.16 May 9, 2014 July 1, 2014 July 10, 2014 0.16 August 4, 2014 October 1, 2014 October 9, 2014 0.16 November 10, 2014 December 30, 2014 January 8, 2015 0.16 Total $ 0.64 During the year ended December 31, 2015 , the Company declared the following dividends per share and distributions per unit: Declaration Date Record Date Paid Date Dividend Per Share/Distribution Per Unit January 28, 2015 April 1, 2015 April 9, 2015 $ 0.17 May 8, 2015 July 1, 2015 July 9, 2015 0.17 August 6, 2015 October 1, 2015 October 8, 2015 0.17 November 6, 2015 December 31, 2015 January 7, 2016 0.17 Total $ 0.68 |
Tax treatment of dividends paid | The tax treatment of dividends paid to common stockholders during the year ended December 31, 2016 was as follows (unaudited): Capital gains — % Ordinary income 78.00 % Return of capital 22.00 % Total 100.00 % The tax treatment of dividends paid to common stockholders during the year ended December 31, 2015 was as follows (unaudited): Capital gains — % Ordinary income 64.21 % Return of capital 35.79 % Total 100.00 % The tax treatment of dividends paid to common stockholders during the year ended December 31, 2014 was as follows (unaudited): Capital gains 5.3 % Ordinary income 52.3 % Return of capital 42.4 % Total 100.0 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of the changes in the company's nonvested restricted stock awards | The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2016 : Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2016 102,055 $ 10.52 Granted 121,243 11.22 Vested (118,374 ) 10.63 Forfeited (85 ) 10.84 Nonvested as of December 31, 2016 104,839 $ 11.20 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Carrying amounts and fair values of financial instruments measured based on level two inputs | The carrying amounts and fair values of the Company’s financial instruments, all of which are based on Level 2 inputs, as of December 31, 2016 and 2015 were as follows (in thousands): December 31, 2016 2015 Carrying Value Fair Value Carrying Value Fair Value Indebtedness, net $ 522,180 $ 527,414 $ 377,593 $ 384,691 Interest rate swap liabilities 829 829 1,082 1,082 Interest rate cap assets 259 259 164 164 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income tax provision | The income tax benefit (provision) for each of the three years ended December 31, 2016 comprised the following (in thousands): Years Ended December 31, 2016 2015 2014 Federal income taxes: Current $ (197 ) $ 102 $ (37 ) Deferred (109 ) (72 ) (6 ) State income taxes: Current (24 ) 13 (26 ) Deferred (13 ) (9 ) (1 ) Income tax benefit (provision) $ (343 ) $ 34 $ (70 ) |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | Other assets were comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Acquired lease intangibles, net $ 38,853 $ 18,418 Leasing costs, net 9,338 10,839 Leasing incentives, net 4,764 5,408 Prepaid expenses and other 10,056 2,781 Advance deposits on property acquisitions 75 3,500 Preacquisition development costs 1,079 2,504 Other assets $ 64,165 $ 43,450 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities were comprised of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Dividends and distributions payable $ 9,727 $ 7,621 Deferred ground rent payable 8,202 7,484 Acquired lease intangibles, net 15,545 5,872 Prepaid rent and other 3,227 2,145 Security deposits 1,679 1,267 Interest rate swaps 829 1,082 Other liabilities $ 39,209 $ 25,471 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquired Lease Intangibles | |
Summary of the company's acquired lease intangibles | The following table summarizes the Company’s acquired lease intangibles as of December 31, 2016 (in thousands): December 31, 2016 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 49,124 $ 15,350 $ 33,774 Above-market lease assets 4,490 1,138 3,352 Below-market lease liabilities 18,039 2,494 15,545 Below-market ground lease assets 1,920 193 1,727 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2015 (in thousands): December 31, 2015 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 19,700 $ 5,128 $ 14,572 Above-market lease assets 2,380 314 2,066 Below-market lease liabilities 6,640 768 5,872 Below-market ground lease assets 1,920 140 1,780 |
Estimated amortization of acquired lease intangibles | Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Depreciation and Rental Revenues Rental Expenses Amortization Year ending December 31, 2017 $ 1,002 $ 53 $ 9,535 2018 993 53 6,682 2019 883 53 5,192 2020 743 53 3,522 2021 755 53 2,125 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rental payments | The Company’s commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): 2017 $ 70,235 2018 65,384 2019 57,751 2020 47,217 2021 40,783 Thereafter 206,378 Total $ 487,748 Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands): 2017 $ 1,715 2018 1,738 2019 1,813 2020 1,821 2021 1,840 Thereafter 91,453 Total $ 100,380 |
Selected Quarterly Financial 44
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Summary certain selected quarterly financial data | The following tables summarize certain selected quarterly financial data for 2016 and 2015 (in thousands, except per share data): 2016 Quarters First Second Third Fourth Rental revenues $ 23,283 $ 24,251 $ 25,305 $ 26,516 General contracting and real estate services revenues 36,803 33,200 38,552 50,475 Net operating income 17,371 17,973 18,393 19,740 Net income (1) 26,533 3,131 7,946 5,145 Net income attributable to stockholders 17,370 2,034 5,212 3,458 Net income per share: basic and diluted $ 0.57 $ 0.06 $ 0.15 $ 0.09 2015 Quarters First Second Third Fourth Rental revenues $ 18,190 $ 19,908 $ 21,303 $ 21,771 General contracting and real estate services revenues 29,071 47,066 53,822 41,309 Net operating income 12,702 15,101 16,488 15,819 Net income 8,118 10,285 4,337 8,443 Net income attributable to stockholders 5,105 6,521 2,688 5,328 Net income per share: basic and diluted $ 0.20 $ 0.25 $ 0.10 $ 0.19 (1) First quarter amount includes a $26.2 million gain on the disposition of Richmond Tower. |
Business and Organization - Add
Business and Organization - Additional Information (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
Business and Organization | ||
Percentage of operating partnerships held | 68.10% | 65.60% |
General Partner | ||
Business and Organization | ||
Percentage of operating partnerships held | 0.10% |
Business and Organization - Sch
Business and Organization - Schedule of Owned Properties (Details) | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership interest percentage in properties | 100.00% |
Business and Organization - Sc
Business and Organization - Schedule of Properties Under Development or Construction (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Business and Organization | |
Ownership interest percentage in properties | 100.00% |
Brooks Crossing | |
Business and Organization | |
Ownership interest percentage in properties | 65.00% |
Johns Hopkins Village | |
Business and Organization | |
Ownership interest percentage in properties | 80.00% |
Noncontrolling interest ownership percentage in properties | 20.00% |
Period for exchange of ownership interest after project completion | 1 year |
Percentage of preferred return on investment | 9.00% |
Lightfoot Marketplace | |
Business and Organization | |
Ownership interest percentage in properties | 70.00% |
Town Center Phase VI | |
Business and Organization | |
Ownership interest percentage in properties | 80.00% |
Harding Place | |
Business and Organization | |
Ownership interest percentage in properties | 80.00% |
Significant Accounting Polici48
Significant Accounting Policies - Additional Information (Details) $ in Thousands, shares in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($)segmentshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Oct. 01, 2016USD ($) | |
Accounting Policies [Line Items] | ||||
Business segments | segment | 4 | |||
Straight-line rent adjustments | $ 1,100 | $ 1,900 | $ 2,200 | |
Contingent rents included in revenue | 100 | 100 | 100 | |
Leasing incentive amortization | 800 | 800 | 700 | |
Interest capitalized | 1,000 | 1,000 | 3,100 | |
Indirect project costs | 1,700 | 2,100 | 2,400 | |
Capitalized preacquisition development costs | 1,079 | 2,504 | ||
Accounts receivable, net | 15,052 | 21,982 | ||
Allowance for doubtful accounts | 0 | 0 | ||
Stock-based compensation expense | 1,082 | 931 | 917 | |
Capitalized stock-based compensation | $ 300 | $ 400 | $ 400 | |
Percentage of taxable income for distributions to stockholders | 90.00% | |||
Dilutive shares outstanding (in shares) | shares | 0 | 0 | 0 | |
Accrued Straight-line Rental Revenue | ||||
Accounting Policies [Line Items] | ||||
Accounts receivable, net | $ 12,300 | $ 20,300 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||
Accounting Policies [Line Items] | ||||
Cost capitalized subsequent to acquisition | $ 700 | |||
Pro Forma [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | ||||
Accounting Policies [Line Items] | ||||
Cost capitalized subsequent to acquisition | $ 1,400 |
Significant Accounting Polici49
Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 39 years |
Capital improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Capital improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Segments - Net Income of Report
Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information | |||||||||||
Rental revenues | $ 26,516 | $ 25,305 | $ 24,251 | $ 23,283 | $ 21,771 | $ 21,303 | $ 19,908 | $ 18,190 | $ 99,355 | $ 81,172 | $ 64,746 |
Rental expenses | 21,904 | 19,204 | 16,667 | ||||||||
Real estate taxes | 9,629 | 7,782 | 5,743 | ||||||||
Segment revenues | 50,475 | 38,552 | 33,200 | 36,803 | 41,309 | 53,822 | 47,066 | 29,071 | 159,030 | 171,268 | 103,321 |
Segment expenses | 153,375 | 165,344 | 98,754 | ||||||||
Net operating income | $ 19,740 | $ 18,393 | $ 17,973 | $ 17,371 | $ 15,819 | $ 16,488 | $ 15,101 | $ 12,702 | 26,679 | 26,584 | 21,379 |
Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Net operating income | 73,477 | 60,110 | 46,903 | ||||||||
Operating Segments | Office real estate | |||||||||||
Segment Reporting Information | |||||||||||
Rental revenues | 20,929 | 31,534 | 27,827 | ||||||||
Rental expenses | 5,560 | 6,938 | 6,395 | ||||||||
Real estate taxes | 2,000 | 2,950 | 2,315 | ||||||||
Net operating income | 13,369 | 21,646 | 19,117 | ||||||||
Operating Segments | Retail real estate | |||||||||||
Segment Reporting Information | |||||||||||
Rental revenues | 56,511 | 32,064 | 23,956 | ||||||||
Rental expenses | 9,116 | 5,915 | 5,011 | ||||||||
Real estate taxes | 5,395 | 2,928 | 2,097 | ||||||||
Net operating income | 42,000 | 23,221 | 16,848 | ||||||||
Operating Segments | Multifamily residential real estate | |||||||||||
Segment Reporting Information | |||||||||||
Rental revenues | 21,915 | 17,574 | 12,963 | ||||||||
Rental expenses | 7,228 | 6,351 | 5,261 | ||||||||
Real estate taxes | 2,234 | 1,904 | 1,331 | ||||||||
Net operating income | 12,453 | 9,319 | 6,371 | ||||||||
Operating Segments | General contracting and real estate services | |||||||||||
Segment Reporting Information | |||||||||||
Segment revenues | 159,030 | 171,268 | 103,321 | ||||||||
Segment expenses | 153,375 | 165,344 | 98,754 | ||||||||
Net operating income | $ 5,655 | $ 5,924 | $ 4,567 |
Segments - Additional informati
Segments - Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information | |||||||||||
Segment revenues | $ 50,475 | $ 38,552 | $ 33,200 | $ 36,803 | $ 41,309 | $ 53,822 | $ 47,066 | $ 29,071 | $ 159,030 | $ 171,268 | $ 103,321 |
General contracting and real estate services expenses | 153,375 | 165,344 | 98,754 | ||||||||
Non-cash stock compensation | 1,082 | 931 | 917 | ||||||||
General and Administrative Expenses | |||||||||||
Segment Reporting Information | |||||||||||
Non-cash stock compensation | 700 | 700 | 700 | ||||||||
General contracting and real estate services | |||||||||||
Segment Reporting Information | |||||||||||
Non-cash stock compensation | 200 | 200 | 200 | ||||||||
General contracting and real estate services | Intersegment Eliminations | |||||||||||
Segment Reporting Information | |||||||||||
Segment revenues | 43,300 | 43,100 | 85,400 | ||||||||
General contracting and real estate services expenses | $ 42,700 | $ 42,800 | $ 84,600 |
Segments - Reconciliation of Ne
Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net operating income | $ 19,740 | $ 18,393 | $ 17,973 | $ 17,371 | $ 15,819 | $ 16,488 | $ 15,101 | $ 12,702 | $ 26,679 | $ 26,584 | $ 21,379 |
Depreciation and amortization | (35,328) | (23,153) | (17,569) | ||||||||
General and administrative expenses | (9,552) | (8,397) | (7,711) | ||||||||
Acquisition, development and other pursuit costs | (1,563) | (1,935) | (229) | ||||||||
Impairment charges | (355) | (41) | (15) | ||||||||
Interest income | 3,228 | 126 | 0 | ||||||||
Interest expense | (16,466) | (13,333) | (10,648) | ||||||||
Loss on extinguishment of debt | (82) | (512) | 0 | ||||||||
Change in fair value of interest rate derivatives | (941) | (229) | (233) | ||||||||
Other income | 147 | 119 | 120 | ||||||||
Income tax benefit (provision) | (343) | 34 | (70) | ||||||||
Net income | 42,755 | 31,183 | 12,759 | ||||||||
Operating Segments | |||||||||||
Net operating income | 73,477 | 60,110 | 46,903 | ||||||||
Segment Reconciling Items | |||||||||||
Depreciation and amortization | (35,328) | (23,153) | (17,569) | ||||||||
General and administrative expenses | (9,552) | (8,397) | (7,711) | ||||||||
Acquisition, development and other pursuit costs | (1,563) | (1,935) | (229) | ||||||||
Impairment charges | (355) | (41) | (15) | ||||||||
Interest income | 3,228 | 126 | 0 | ||||||||
Interest expense | (16,466) | (13,333) | (10,648) | ||||||||
Loss on extinguishment of debt | (82) | (512) | 0 | ||||||||
Gain on real estate dispositions | 30,533 | 18,394 | 2,211 | ||||||||
Change in fair value of interest rate derivatives | (941) | (229) | (233) | ||||||||
Other income | 147 | 119 | 120 | ||||||||
Income tax benefit (provision) | $ (343) | $ 34 | $ (70) |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Commercial Tenant Lease | Minimum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease term | 5 years |
Commercial Tenant Lease | Maximum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease term | 20 years |
Multifamily residential real estate | Minimum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease term | 7 months |
Multifamily residential real estate | Maximum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease term | 15 months |
Multifamily residential real estate | Majority | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease term | 12 months |
Apartment Leases | Maximum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease term | 1 year |
Operating Leases - Commercial T
Operating Leases - Commercial Tenant Leases, Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating lease | |
2,017 | $ 70,235 |
2,018 | 65,384 |
2,019 | 57,751 |
2,020 | 47,217 |
2,021 | 40,783 |
Thereafter | 206,378 |
Total | $ 487,748 |
Real Estate Investments and E55
Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | |||
Land | $ 179,293 | $ 79,448 | |
Land improvements | 45,052 | 26,172 | |
Buildings and improvements | 677,293 | 482,310 | |
Development and construction costs | 6,649 | 45,661 | |
Real estate investments | 908,287 | 633,591 | $ 595,000 |
Income producing property | |||
Real Estate Properties [Line Items] | |||
Land | 171,733 | 70,518 | |
Land improvements | 45,052 | 26,172 | |
Buildings and improvements | 677,293 | 482,310 | |
Development and construction costs | 0 | 0 | |
Real estate investments | 894,078 | 579,000 | |
Held for development | |||
Real Estate Properties [Line Items] | |||
Land | 680 | 1,180 | |
Land improvements | 0 | 0 | |
Buildings and improvements | 0 | 0 | |
Development and construction costs | 0 | 0 | |
Real estate investments | 680 | 1,180 | |
Construction in progress | |||
Real Estate Properties [Line Items] | |||
Land | 6,880 | 7,750 | |
Land improvements | 0 | 0 | |
Buildings and improvements | 0 | 0 | |
Development and construction costs | 6,649 | 45,661 | |
Real estate investments | $ 13,529 | $ 53,411 |
Real Estate Investments and E56
Real Estate Investments and Equity Method Investments - Additional Information (Details) | Jan. 20, 2017USD ($) | Jan. 10, 2017shares | Dec. 22, 2016USD ($) | Nov. 17, 2016USD ($)ft² | Oct. 13, 2016USD ($)ft²shares | Sep. 15, 2016USD ($) | Aug. 04, 2016USD ($)ft²shares | Jul. 29, 2016USD ($) | Jun. 20, 2016USD ($) | Apr. 29, 2016USD ($)ft²shares | Jan. 14, 2016USD ($)ft²portfolio | Jan. 08, 2016USD ($) | Jan. 07, 2016USD ($) | Oct. 30, 2015USD ($) | Oct. 05, 2015USD ($)a | Sep. 01, 2015USD ($)abuilding | Jul. 10, 2015USD ($)ft²shares | Jul. 01, 2015USD ($)ft² | May 20, 2015USD ($) | Apr. 08, 2015USD ($)shares | Mar. 31, 2015USD ($) | Feb. 13, 2015USD ($) | Jan. 05, 2015USD ($) | Nov. 20, 2014USD ($) | Sep. 29, 2014USD ($) | Aug. 15, 2014USD ($)ft²shares | May 01, 2014USD ($) | Apr. 16, 2014USD ($) | Jan. 17, 2014USD ($)shares | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 25, 2016story | Sep. 01, 2015ft² |
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 2,000,000 | ||||||||||||||||||||||||||||||||||
Acquisition, contract price | $ 26,200,000 | ||||||||||||||||||||||||||||||||||
Cash consideration for acquisition | $ 195,645,000 | $ 68,445,000 | $ 2,754,000 | ||||||||||||||||||||||||||||||||
Sale of office property | 96,670,000 | 79,566,000 | 7,387,000 | ||||||||||||||||||||||||||||||||
Equity method investments | 10,235,000 | 1,411,000 | |||||||||||||||||||||||||||||||||
Twenty Two Story Mixed Use Tower | Durham City CenterIi LLC | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Interests in equity method investments | 37.00% | ||||||||||||||||||||||||||||||||||
Number stories in the mixed use tower | story | 22 | ||||||||||||||||||||||||||||||||||
Equity method investments | 10,300,000 | ||||||||||||||||||||||||||||||||||
Guarantee of construction loan | 37.00% | ||||||||||||||||||||||||||||||||||
Assets being used as collateral for the construction loan | 100.00% | ||||||||||||||||||||||||||||||||||
Borrowings under construction loans | 0 | ||||||||||||||||||||||||||||||||||
Dividends from equity investment | 0 | ||||||||||||||||||||||||||||||||||
Income from equity method investment | 0 | ||||||||||||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Purchase of land conjunction with joint venture project | 5,700,000 | ||||||||||||||||||||||||||||||||||
Town Center of Virginia Beach | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 1,200,000 | ||||||||||||||||||||||||||||||||||
Newport News | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Area of property acquired | a | 3.24 | ||||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 100,000 | ||||||||||||||||||||||||||||||||||
Williamsburg VA | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 7,600,000 | ||||||||||||||||||||||||||||||||||
Chesapeake | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 300,000 | ||||||||||||||||||||||||||||||||||
Virginia Beach, VA | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 200,000 | ||||||||||||||||||||||||||||||||||
Oyster Point | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Sale of office property | $ 6,500,000 | ||||||||||||||||||||||||||||||||||
Sentara Williamsburg | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 15,200,000 | ||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | 6,200,000 | ||||||||||||||||||||||||||||||||||
Sale of office property | $ 15,400,000 | ||||||||||||||||||||||||||||||||||
Whetstone Apartments | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 35,500,000 | ||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | 7,200,000 | ||||||||||||||||||||||||||||||||||
Sale of office property | $ 35,600,000 | ||||||||||||||||||||||||||||||||||
Oceaneering | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 29,000,000 | ||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | 5,000,000 | ||||||||||||||||||||||||||||||||||
Sale of office property | $ 30,000,000 | ||||||||||||||||||||||||||||||||||
Virginia Natural Gas | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 7,400,000 | ||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | 2,200,000 | ||||||||||||||||||||||||||||||||||
Sale of office property | $ 8,900,000 | ||||||||||||||||||||||||||||||||||
Economic Development Authority Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 6,600,000 | ||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | $ 400,000 | ||||||||||||||||||||||||||||||||||
Richmond Tower | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 77,000,000 | ||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | 26,200,000 | $ 26,200,000 | |||||||||||||||||||||||||||||||||
Sale of office property | $ 78,000,000 | ||||||||||||||||||||||||||||||||||
Willowbrook Commons | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | $ 100,000 | ||||||||||||||||||||||||||||||||||
Sale of office property | $ 9,200,000 | ||||||||||||||||||||||||||||||||||
Kroger Junction | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | $ (100,000) | ||||||||||||||||||||||||||||||||||
Sale of office property | $ 3,700,000 | ||||||||||||||||||||||||||||||||||
Oyster Point | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 0 | ||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | 3,800,000 | ||||||||||||||||||||||||||||||||||
Sale of office property | $ 6,400,000 | ||||||||||||||||||||||||||||||||||
Brooks Crossing Land | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | $ 100,000 | ||||||||||||||||||||||||||||||||||
Sale of office property | $ 400,000 | ||||||||||||||||||||||||||||||||||
Subsequent Event | Wawa | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 4,400,000 | ||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | $ 3,400,000 | ||||||||||||||||||||||||||||||||||
Operating Property Acquisitions During 2016 | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Rental revenues | 18,700,000 | ||||||||||||||||||||||||||||||||||
Net Income | $ 2,900,000 | ||||||||||||||||||||||||||||||||||
11- asset retail portfolio | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Number of acquired assets in portfolio | portfolio | 11 | ||||||||||||||||||||||||||||||||||
Area of property acquired | ft² | 1,100,000 | ||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 170,500,000 | ||||||||||||||||||||||||||||||||||
Southgate Square | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Area of property acquired | ft² | 220,000 | ||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 39,500,000 | ||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 1,575,185 | ||||||||||||||||||||||||||||||||||
Period for option to buy adjacent land, option one | 2 years | ||||||||||||||||||||||||||||||||||
Future payment for option to buy adjacent land, option one | $ 3,000,000 | ||||||||||||||||||||||||||||||||||
Future payment for option to buy adjacent land, option two | 1,250,000 | ||||||||||||||||||||||||||||||||||
Southgate Square | Class A units | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 21,100,000 | ||||||||||||||||||||||||||||||||||
Southshore Shops | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Area of property acquired | ft² | 40,000 | ||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 9,300,000 | ||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 189,160 | ||||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 6,700,000 | ||||||||||||||||||||||||||||||||||
Columbus Village II | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Area of property acquired | ft² | 92,000 | ||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 2,000,000 | ||||||||||||||||||||||||||||||||||
Acquisition, contract price | $ 26,200,000 | ||||||||||||||||||||||||||||||||||
Renaissance Place | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Area of property acquired | ft² | 80,000 | ||||||||||||||||||||||||||||||||||
Renaissance Square | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Cash consideration for acquisition | $ 17,100,000 | ||||||||||||||||||||||||||||||||||
2015 Operating Property Acquisitions | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Rental revenues | 4,800,000 | ||||||||||||||||||||||||||||||||||
Net Income | $ 800,000 | ||||||||||||||||||||||||||||||||||
Stone House Square and Perry Hall Marketplace | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 35,400,000 | ||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 415,500 | ||||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 39,800,000 | ||||||||||||||||||||||||||||||||||
Socastee Commons | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Area of property acquired | ft² | 57,000 | ||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 8,700,000 | ||||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | 5,000,000 | ||||||||||||||||||||||||||||||||||
Acquisition, cash consideration | 3,700,000 | ||||||||||||||||||||||||||||||||||
Fair value premium adjustment to the assumed debt | $ 100,000 | ||||||||||||||||||||||||||||||||||
Columbus Village | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Area of property acquired | ft² | 65,000 | ||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 19,200,000 | ||||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 8,800,000 | ||||||||||||||||||||||||||||||||||
Columbus Village | Class B units | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 1,000,000 | ||||||||||||||||||||||||||||||||||
Columbus Village | Class C units | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 275,000 | ||||||||||||||||||||||||||||||||||
Columbus Village | Class C units | Subsequent Event | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 275,000 | ||||||||||||||||||||||||||||||||||
Providence Plaza | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Area of property acquired | 1 | 103,000 | |||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 26,200,000 | ||||||||||||||||||||||||||||||||||
Number of buildings | building | 3 | ||||||||||||||||||||||||||||||||||
2014 Operating Property Acquisitions | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Rental revenues | 1,800,000 | ||||||||||||||||||||||||||||||||||
Net Income | $ (2,200,000) | ||||||||||||||||||||||||||||||||||
Liberty Apartments | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 26,700,000 | ||||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | 17,000,000 | ||||||||||||||||||||||||||||||||||
Acquisition, cash consideration | 3,000,000 | ||||||||||||||||||||||||||||||||||
Fair value discount adjustment to the assumed debt | 1,500,000 | ||||||||||||||||||||||||||||||||||
Outstanding principal balance of the assumed debt | $ 18,500,000 | ||||||||||||||||||||||||||||||||||
Liberty Apartments | Class A units | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 695,652 | ||||||||||||||||||||||||||||||||||
Dimmock Square | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Area of property acquired | ft² | 106,166 | ||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 19,700,000 | ||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 990,952 | ||||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 10,100,000 | ||||||||||||||||||||||||||||||||||
Dimmock Square | Class A units | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 990,952 |
Real Estate Investments and E57
Real Estate Investments and Equity Method Investments - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | |||
Land | $ 98,186 | ||
Site improvements | 7,742 | ||
Building and improvements | 136,769 | ||
In-place leases | 31,993 | ||
Above-market leases | 2,250 | ||
Below-market leases | (13,579) | ||
Net assets acquired | 263,361 | ||
11- asset retail portfolio | |||
Real Estate Properties [Line Items] | |||
Land | 66,260 | ||
Site improvements | 3,870 | ||
Building and improvements | 88,820 | ||
In-place leases | 20,630 | ||
Above-market leases | 1,960 | ||
Below-market leases | (11,040) | ||
Net assets acquired | 170,500 | ||
Southgate Square | |||
Real Estate Properties [Line Items] | |||
Land | 8,890 | ||
Site improvements | 2,140 | ||
Building and improvements | 23,810 | ||
In-place leases | 5,990 | ||
Above-market leases | 100 | ||
Below-market leases | (1,400) | ||
Net assets acquired | 39,530 | ||
Southshore Shops | |||
Real Estate Properties [Line Items] | |||
Land | 1,770 | ||
Site improvements | 490 | ||
Building and improvements | 6,019 | ||
In-place leases | 1,140 | ||
Above-market leases | 120 | ||
Below-market leases | (190) | ||
Net assets acquired | 9,349 | ||
Columbus Village II | |||
Real Estate Properties [Line Items] | |||
Land | 14,536 | ||
Site improvements | 939 | ||
Building and improvements | 9,983 | ||
In-place leases | 2,225 | ||
Above-market leases | 0 | ||
Below-market leases | (939) | ||
Net assets acquired | 26,744 | ||
Renaissance Square | |||
Real Estate Properties [Line Items] | |||
Land | 6,730 | ||
Site improvements | 303 | ||
Building and improvements | 8,137 | ||
In-place leases | 2,008 | ||
Above-market leases | 70 | ||
Below-market leases | (10) | ||
Net assets acquired | $ 17,238 | ||
2015 Operating Property Acquisitions | |||
Real Estate Properties [Line Items] | |||
Land | $ 29,500 | ||
Site improvements | 3,290 | ||
Building and improvements | 49,260 | ||
In-place leases | 14,160 | ||
Above-market leases | 2,260 | ||
Below-market leases | (4,420) | ||
Indebtedness | (13,935) | ||
Net assets acquired | $ 80,115 | ||
2014 Operating Property Acquisitions | |||
Real Estate Properties [Line Items] | |||
Land | $ 8,680 | ||
Site improvements | 880 | ||
Building and improvements | 35,740 | ||
In-place leases | 2,220 | ||
Indebtedness | (16,966) | ||
Above and below-market leases | (390) | ||
Net working capital | (679) | ||
Net assets acquired | $ 29,485 |
Real Estate Investments and E58
Real Estate Investments and Equity Method Investments - Summary of Consolidated and Combined Results of Operations on Pro Forma Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate [Abstract] | |||
Rental revenues | $ 101,250 | $ 105,479 | $ 74,530 |
Net income | $ 13,327 | $ 18,492 | $ 13,378 |
Notes Receivable (Details)
Notes Receivable (Details) | Sep. 30, 2016USD ($) | Apr. 21, 2016USD ($)ft²unitextensionroom | Oct. 15, 2015USD ($)ft²storyunitextension | Jun. 30, 2016 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 10, 2016USD ($) |
Notes Receivable | ||||||||||
Ownership interest percentage in properties | 100.00% | |||||||||
Notes receivable | $ 59,546,000 | $ 7,825,000 | ||||||||
Interest income | 3,228,000 | $ 126,000 | $ 0 | |||||||
BDG Loan | ||||||||||
Notes Receivable | ||||||||||
Stated Interest Rate | 8.00% | |||||||||
Number of times the loan receivable can be extended | extension | 2 | |||||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||||||
Notes receivable | 20,600,000 | |||||||||
Interest income | 1,200,000 | |||||||||
Forecast | BDG Loan | ||||||||||
Notes Receivable | ||||||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||||||
BDG | BDG Loan | ||||||||||
Notes Receivable | ||||||||||
Extension period of the loan receivable | 1 year | |||||||||
Point Street Apartments | ||||||||||
Notes Receivable | ||||||||||
Development project future value | $ 93,000,000 | |||||||||
Number of stories | story | 17 | |||||||||
Number of residential units | unit | 289 | |||||||||
Area of retail space | ft² | 18,000 | |||||||||
Point Street Apartments | Forecast | ||||||||||
Notes Receivable | ||||||||||
Ownership interest percentage in properties | 9.00% | 79.00% | ||||||||
Purchase price | $ 3,100,000 | $ 27,300,000 | ||||||||
Period after completion to exercise purchase option | 27 months | 1 year | ||||||||
Point Street Apartments | Financial Guarantee | ||||||||||
Notes Receivable | ||||||||||
Guarantor obligations of the senior construction loan (up to) | $ 25,000,000 | |||||||||
Point Street Apartments | Financial Guarantee | Letter of Credit | ||||||||||
Notes Receivable | ||||||||||
Credit facility, amount outstanding | 2,100,000 | |||||||||
Point Street Apartments | Maximum | ||||||||||
Notes Receivable | ||||||||||
Commitment to invest in a development project (up to) | $ 28,200,000 | |||||||||
Ownership interest percentage in properties | 88.00% | |||||||||
Point Street Apartments | Maximum | BDG | ||||||||||
Notes Receivable | ||||||||||
Construction loan (up to) | $ 70,000,000 | |||||||||
Annapolis Junction Town Center | ||||||||||
Notes Receivable | ||||||||||
Development project future value | $ 102,000,000 | |||||||||
Number of residential units | unit | 416 | |||||||||
Area of retail space | ft² | 17,000 | |||||||||
Period after completion to exercise purchase option | 1 year | |||||||||
Number of times the loan receivable can be extended | extension | 2 | |||||||||
Notes receivable | 38,900,000 | |||||||||
Interest income | 2,000,000 | |||||||||
Note receivable maximum principal balance | $ 42,000,000 | |||||||||
Number of rooms (room) | room | 150 | |||||||||
Interest acquired | 80.00% | |||||||||
Option to acquire additional interest | 8.00% | |||||||||
Period after completion to exercise additional purchase option | 27 months | |||||||||
Interest reserve | $ 6,000,000 | |||||||||
Annapolis Junction Town Center | BDG Loan | ||||||||||
Notes Receivable | ||||||||||
Stated Interest Rate | 10.00% | |||||||||
Extension period of the loan receivable | 1 year | |||||||||
Annapolis Junction Town Center | Financial Guarantee | ||||||||||
Notes Receivable | ||||||||||
Guarantor obligations of the senior construction loan (up to) | $ 25,000,000 | |||||||||
Annapolis Junction Town Center | Annapolis Junction Apartments Owner LLC | BDG Loan | ||||||||||
Notes Receivable | ||||||||||
Required payment of loan | 80.00% | |||||||||
Note receivable, past due | $ 0 | |||||||||
Annapolis Junction Town Center | Maximum | ||||||||||
Notes Receivable | ||||||||||
Commitment to invest in a development project (up to) | $ 48,000,000 | |||||||||
Interest acquired | 88.00% | |||||||||
Annapolis Junction Town Center | Maximum | Annapolis Junction Apartments Owner LLC | ||||||||||
Notes Receivable | ||||||||||
Construction loan (up to) | $ 60,000,000 |
Construction Contracts - Additi
Construction Contracts - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Contractors [Abstract] | ||
Billings netted against construction contract costs and estimated earnings | $ 13.5 | $ 19.2 |
Deferred precontract costs | 1.5 | 0.5 |
Construction receivables retentions | 11.5 | 10.8 |
Construction payables retentions | $ 14.6 | $ 12.3 |
Construction Contracts - Net Po
Construction Contracts - Net Position of Uncompleted Construction Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Contractors [Abstract] | ||
Costs incurred on uncompleted construction contracts | $ 333,744 | $ 228,184 |
Estimated earnings | 10,936 | 9,739 |
Billings | (354,737) | (240,059) |
Construction contract costs and estimated earnings in excess of billings | 110 | 88 |
Billings in excess of construction contract costs and estimated earnings | (10,167) | (2,224) |
Net position | $ (10,057) | $ (2,136) |
Indebtedness - Schedule of Debt
Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands | Jul. 30, 2015 | Jul. 10, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 01, 2015 | May 27, 2015 |
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 527,082 | $ 382,013 | ||||
Unamortized fair value adjustments | (1,250) | (1,287) | ||||
Unamortized debt issuance costs | (3,652) | (3,133) | ||||
Indebtedness, net | 522,180 | 377,593 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | 107,000 | 74,000 | ||||
Term Loan With Related Hedging Instrument | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | 50,000 | 50,000 | ||||
Terrm Loan Without Related Hedging Instrument | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 50,000 | 0 | ||||
LIBOR | Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.40% | |||||
LIBOR | Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||
LIBOR | Term Loan With Related Hedging Instrument | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.35% | |||||
LIBOR | Term Loan With Related Hedging Instrument | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.95% | |||||
LIBOR | Terrm Loan Without Related Hedging Instrument | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.35% | |||||
LIBOR | Terrm Loan Without Related Hedging Instrument | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.95% | |||||
249 Central Park Retail | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 17,076 | 15,282 | ||||
249 Central Park Retail | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.95% | |||||
Fountain Plaza Retail | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 10,281 | 7,641 | ||||
Fountain Plaza Retail | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.95% | |||||
South Retail | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 7,493 | 6,742 | ||||
South Retail | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.95% | |||||
4525 Main Street | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 32,034 | 31,613 | ||||
Stated interest rate | 3.25% | |||||
Encore Apartments | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 24,966 | 25,184 | ||||
Stated interest rate | 3.25% | |||||
North Point Center | Note 5 | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 643 | 664 | ||||
North Point Center | Note 5 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||
North Point Center | Notes 1 | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 9,776 | 9,969 | ||||
Stated interest rate | 6.45% | |||||
North Point Center | Notes 2 | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 2,564 | 2,662 | ||||
Stated interest rate | 7.25% | |||||
Oyster Point | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 0 | 6,400 | ||||
Oyster Point | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.40% | |||||
Oyster Point | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||
Harrisonburg Regal | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 3,256 | 3,463 | ||||
Stated interest rate | 6.06% | |||||
Commonwealth of Virginia | Chesapeake | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 4,933 | 4,933 | ||||
Commonwealth of Virginia | LIBOR | Chesapeake | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.90% | |||||
Hanbury Village | Notes 1 | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 20,709 | 20,970 | ||||
Stated interest rate | 6.67% | |||||
Lightfoot Marketplace | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 12,194 | 7,759 | ||||
Lightfoot Marketplace | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.90% | |||||
Sandbridge Commons | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 9,376 | 9,010 | ||||
Sandbridge Commons | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.85% | |||||
Southgate Square | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 21,150 | 0 | ||||
Southgate Square | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||
Columbus Village | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||
Columbus Village | Notes 1 | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 6,258 | 6,429 | ||||
Columbus Village | Notes 1 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||
Columbus Village | Notes 2 | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 2,266 | 2,310 | ||||
Columbus Village | Notes 2 | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||
Johns Hopkins Village | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 43,841 | 3,968 | ||||
Johns Hopkins Village | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.90% | 1.90% | ||||
Socastee Commons | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 4,866 | 4,957 | ||||
Stated interest rate | 4.57% | 4.57% | ||||
Socastee Commons | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.35% | |||||
Socastee Commons | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate, basis spread on variable rate | 1.95% | |||||
Smith's Landing | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 20,511 | 21,226 | ||||
Stated interest rate | 4.05% | 4.05% | ||||
Liberty Apartments | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 20,005 | 20,312 | ||||
Stated interest rate | 5.66% | |||||
The Cosmopolitan | ||||||
Debt Instrument [Line Items] | ||||||
Total principal balance | $ 45,884 | $ 46,519 | ||||
Stated interest rate | 3.75% |
Indebtedness - Components of De
Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total principal balance | $ 527,082 | $ 382,013 |
Fixed-rate | ||
Debt Instrument [Line Items] | ||
Total principal balance | 241,472 | 159,743 |
Variable-rate | ||
Debt Instrument [Line Items] | ||
Total principal balance | $ 285,610 | $ 222,270 |
Indebtedness - Scheduled Princi
Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Principal repayments and maturities | ||
2,017 | $ 45,210 | |
2,018 | 64,528 | |
2,019 | 119,818 | |
2,020 | 104,482 | |
2,021 | 109,862 | |
Thereafter | 83,182 | |
Total | 527,082 | $ 382,013 |
Scheduled Principal Payments | ||
Principal repayments and maturities | ||
2,017 | 3,778 | |
2,018 | 3,655 | |
2,019 | 3,485 | |
2,020 | 4,482 | |
2,021 | 3,588 | |
Thereafter | 77,615 | |
Total | 96,603 | |
Term-Loan Maturities | ||
Principal repayments and maturities | ||
2,017 | 41,432 | |
2,018 | 60,873 | |
2,019 | 116,333 | |
2,020 | 100,000 | |
2,021 | 106,274 | |
Thereafter | 5,567 | |
Total | $ 430,479 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Details) | Aug. 30, 2016USD ($) | Aug. 08, 2016USD ($) | Oct. 30, 2015USD ($) | Oct. 06, 2015USD ($) | Sep. 01, 2015USD ($) | Jul. 30, 2015USD ($) | Jul. 10, 2015USD ($)loan | Jul. 01, 2015USD ($) | May 27, 2015USD ($) | May 20, 2015USD ($) | Nov. 14, 2014USD ($) | Nov. 03, 2014USD ($) | Aug. 28, 2014USD ($) | Aug. 15, 2014USD ($) | Feb. 28, 2014USD ($) | Jan. 17, 2014USD ($) | Dec. 31, 2016USD ($)leverage_ratio_increase | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 24, 2017USD ($) | Feb. 01, 2017USD ($) | Mar. 31, 2016USD ($) | Jan. 05, 2016USD ($) | Feb. 20, 2015USD ($) | Jun. 13, 2014USD ($) | Oct. 10, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt and credit facility repayments, including principal amortization | $ 186,533,000 | $ 206,889,000 | $ 63,306,000 | |||||||||||||||||||||||
Loss on extinguishment of debt | $ (82,000) | $ (512,000) | $ 0 | |||||||||||||||||||||||
Liberty Apartments | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt, face value | $ 2,400,000 | |||||||||||||||||||||||||
Debt assumed, term | 30 years | |||||||||||||||||||||||||
Stated interest rate | 5.66% | |||||||||||||||||||||||||
Acquisition, assumption of debt | $ 17,000,000 | |||||||||||||||||||||||||
Fair value adjustment of debt | 1,500,000 | |||||||||||||||||||||||||
Outstanding principal amount of debt | $ 18,500,000 | |||||||||||||||||||||||||
Dimmock Square | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Defeased debt | $ 10,100,000 | |||||||||||||||||||||||||
Smith's Landing | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt, face value | $ 21,600,000 | |||||||||||||||||||||||||
Loss on extinguishment of debt | $ (100,000) | |||||||||||||||||||||||||
Stated interest rate | 4.05% | 4.05% | ||||||||||||||||||||||||
Repayment of debt | $ 24,400,000 | |||||||||||||||||||||||||
Socastee Commons | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate | 4.57% | 4.57% | ||||||||||||||||||||||||
Acquisition, assumption of debt | $ 5,000,000 | |||||||||||||||||||||||||
Columbus Village | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt, face value | $ 8,800,000 | |||||||||||||||||||||||||
Number of loans assumed | loan | 2 | |||||||||||||||||||||||||
Johns Hopkins Village | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt, face value | $ 50,000,000 | |||||||||||||||||||||||||
Oyster Point | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Repayment of debt | $ 6,100,000 | |||||||||||||||||||||||||
LIBOR | Columbus Village | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||||||||||||||||||||||
LIBOR | Johns Hopkins Village | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.90% | 1.90% | ||||||||||||||||||||||||
LIBOR | Lightfoot Marketplace | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.90% | |||||||||||||||||||||||||
Minimum | LIBOR | Socastee Commons | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.35% | |||||||||||||||||||||||||
Minimum | LIBOR | Oyster Point | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.40% | |||||||||||||||||||||||||
Maximum | LIBOR | Socastee Commons | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.95% | |||||||||||||||||||||||||
Maximum | LIBOR | Oyster Point | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||||||||||||||||||||||
New Retail Mortgage | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Proceeds from new mortgage | $ 35,000,000 | |||||||||||||||||||||||||
Debt assumed, term | 5 years | |||||||||||||||||||||||||
Loss on extinguishment of debt | $ (100,000) | |||||||||||||||||||||||||
New Retail Mortgage | LIBOR | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.95% | |||||||||||||||||||||||||
New Block 11 Mortgage | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Proceeds from new mortgage | $ 57,000,000 | |||||||||||||||||||||||||
Debt assumed, term | 5 years | |||||||||||||||||||||||||
Loss on extinguishment of debt | $ (100,000) | |||||||||||||||||||||||||
Stated interest rate | 3.25% | |||||||||||||||||||||||||
Note 4 | North Point Center | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Repayment of debt | $ 1,000,000 | |||||||||||||||||||||||||
New Credit Facility | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Credit facility maximum commitment amount | $ 250,000,000 | |||||||||||||||||||||||||
Unencumbered borrowing base properties, percentage | 60.00% | |||||||||||||||||||||||||
Debt service coverage ratio | 1.50% | |||||||||||||||||||||||||
Financial covenant, cash dividend period | 12 months | |||||||||||||||||||||||||
Percentage of adjusted funds from operations | 95.00% | |||||||||||||||||||||||||
New Credit Facility | Subsequent Event | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 275,000,000 | |||||||||||||||||||||||||
Construction Loans | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Borrowings under construction loans | $ 44,400,000 | |||||||||||||||||||||||||
Construction Loans | Whetstone Apartments | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Loss on extinguishment of debt | $ (100,000) | |||||||||||||||||||||||||
Repayment of debt | $ 17,800,000 | |||||||||||||||||||||||||
Construction Loans | Oceaneering | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt, face value | $ 19,500,000 | |||||||||||||||||||||||||
Loss on extinguishment of debt | $ (100,000) | |||||||||||||||||||||||||
Repayment of debt | $ 18,700,000 | |||||||||||||||||||||||||
Construction Loans | Commonwealth of Virginia | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt, face value | $ 5,400,000 | |||||||||||||||||||||||||
Construction Loans | Lightfoot Marketplace | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt, face value | $ 15,000,000 | |||||||||||||||||||||||||
Construction Loans | Subsequent Event | Harding Place | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt, face value | $ 29,800,000 | |||||||||||||||||||||||||
Construction Loans | LIBOR | Oceaneering | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | |||||||||||||||||||||||||
Construction Loans | LIBOR | Commonwealth of Virginia | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.90% | |||||||||||||||||||||||||
Construction Loans | LIBOR | Lightfoot Marketplace | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.90% | |||||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Interest rate on credit facility as of end of period (as a percent) | 2.32% | |||||||||||||||||||||||||
Revolving Credit Facility | Minimum | LIBOR | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.40% | |||||||||||||||||||||||||
Revolving Credit Facility | Maximum | LIBOR | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||||||||||||||||||||||
Revolving Credit Facility | New Credit Facility | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Revolving credit facility, extension option | 1 year | |||||||||||||||||||||||||
Senior Unsecured Term Loan Facility | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 50,000,000 | |||||||||||||||||||||||||
Interest rate on credit facility as of end of period (as a percent) | 2.27% | |||||||||||||||||||||||||
Senior Unsecured Term Loan Facility | Minimum | LIBOR | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.35% | |||||||||||||||||||||||||
Senior Unsecured Term Loan Facility | Maximum | LIBOR | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.95% | |||||||||||||||||||||||||
Senior Unsecured Term Loan Facility | New Credit Facility | Subsequent Event | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Credit facility, amount outstanding | $ 125,000,000 | |||||||||||||||||||||||||
Operating Partnership | Oyster Point | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt, face value | $ 6,400,000 | |||||||||||||||||||||||||
Operating Partnership | Minimum | Oyster Point | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.40% | |||||||||||||||||||||||||
Operating Partnership | Maximum | Oyster Point | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||||||||||||||||||||||
Operating Partnership | New Credit Facility | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Aggregate capacity under the credit facility | 200,000,000 | |||||||||||||||||||||||||
Credit facility maximum commitment amount | 350,000,000 | |||||||||||||||||||||||||
Financial covenant, minimum tangible net worth amount | $ 220,000,000 | |||||||||||||||||||||||||
Operating Partnership | New Credit Facility | Minimum | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Unused commitment fee | 0.15% | |||||||||||||||||||||||||
Ratio of adjusted EBITDA to fixed charges | 1.50% | |||||||||||||||||||||||||
Operating Partnership | New Credit Facility | Maximum | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Unused commitment fee | 0.25% | |||||||||||||||||||||||||
Financial covenant, maximum leverage ratio as of the last day of each fiscal quarter | 60.00% | |||||||||||||||||||||||||
Financial covenant, percentage of net equity proceeds | 75.00% | |||||||||||||||||||||||||
Financial covenant, maximum amount of variable rate indebtedness | 30.00% | |||||||||||||||||||||||||
Financial covenant, maximum amount of secured recourse indebtedness | 45.00% | |||||||||||||||||||||||||
Financial covenant, maximum amount of secured recourse debt | 25.00% | |||||||||||||||||||||||||
Operating Partnership | Unsecured Debt | New Credit Facility | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 250,000,000 | $ 225,000,000 | ||||||||||||||||||||||||
Financial covenant, leverage ratio consecutive quarters following any significant acquisition | 65.00% | |||||||||||||||||||||||||
Financial covenant, investments to total asset value | 10.00% | |||||||||||||||||||||||||
Financial covenant, maximum number of times maximum leverage ratio can increase | leverage_ratio_increase | 2 | |||||||||||||||||||||||||
Operating Partnership | Revolving Credit Facility | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 155,000,000 | |||||||||||||||||||||||||
Operating Partnership | Revolving Credit Facility | New Credit Facility | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Aggregate capacity under the credit facility | 150,000,000 | |||||||||||||||||||||||||
Operating Partnership | Senior Unsecured Term Loan Facility | New Credit Facility | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 50,000,000 | |||||||||||||||||||||||||
A249 Central Park Retail | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt and credit facility repayments, including principal amortization | $ 15,100,000 | |||||||||||||||||||||||||
South Retail | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt and credit facility repayments, including principal amortization | 6,700,000 | |||||||||||||||||||||||||
Fountain Plaza Retail | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt and credit facility repayments, including principal amortization | $ 7,600,000 | |||||||||||||||||||||||||
A4525 Main Street | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt and credit facility repayments, including principal amortization | $ 31,600,000 | |||||||||||||||||||||||||
Encore Apartments | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt and credit facility repayments, including principal amortization | $ 25,200,000 |
Derivative Financial Instrume66
Derivative Financial Instruments - Additional Information (Details) | Feb. 01, 2017USD ($) | Feb. 20, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 07, 2017USD ($) | Jun. 17, 2016USD ($) | Mar. 31, 2016swap | Feb. 25, 2016USD ($) | Oct. 26, 2015USD ($) | Jul. 13, 2015USD ($) | Mar. 14, 2014USD ($) |
Derivatives | |||||||||||
Interest rate agreement, notional amount | $ 326,901,000 | $ 303,639,000 | |||||||||
Senior Unsecured Term Loan Facility | |||||||||||
Derivatives | |||||||||||
Aggregate capacity under the credit facility | $ 50,000,000 | ||||||||||
Interest rate swaps | |||||||||||
Derivatives | |||||||||||
Interest rate agreement, notional amount | 56,901,000 | 57,093,000 | |||||||||
Number of interest rate swaps hedge relationship terminated (swap) | swap | 2 | ||||||||||
Amount of AOCI recognized into earnings | 700,000 | ||||||||||
Amount previously allocated to noncontrolling interest recognized in earnings | 400,000 | ||||||||||
Overstated net income | 1,000,000 | ||||||||||
Interest rate swaps | Subsequent Event | |||||||||||
Derivatives | |||||||||||
Loss on termination of North Point Center Note interest rate swap | $ 0 | ||||||||||
Interest rate caps | |||||||||||
Derivatives | |||||||||||
Interest rate agreement, notional amount | $ 270,000,000 | $ 246,546,000 | |||||||||
Interest rate caps | Subsequent Event | |||||||||||
Derivatives | |||||||||||
Interest rate agreement, notional amount | $ 50,000,000 | ||||||||||
Interest rate cap agreement, strike price | 1.50% | ||||||||||
Interest rate cap agreement, premium | $ 200,000 | ||||||||||
One Month Libor | Senior Unsecured Term Loan Facility | Minimum | |||||||||||
Derivatives | |||||||||||
Stated interest rate, basis spread on variable rate | 1.35% | ||||||||||
One Month Libor | Senior Unsecured Term Loan Facility | Maximum | |||||||||||
Derivatives | |||||||||||
Stated interest rate, basis spread on variable rate | 1.95% | ||||||||||
One Month Libor | Interest rate swaps | |||||||||||
Derivatives | |||||||||||
Interest rate agreement, notional amount | $ 50,000,000 | $ 6,500,000 | |||||||||
Fixed rate interest rate swap | 2.00% | 3.05% | |||||||||
LIBOR | Senior Unsecured Term Loan Facility | Minimum | |||||||||||
Derivatives | |||||||||||
Stated interest rate, basis spread on variable rate | 1.35% | ||||||||||
LIBOR | Senior Unsecured Term Loan Facility | Maximum | |||||||||||
Derivatives | |||||||||||
Stated interest rate, basis spread on variable rate | 1.95% | ||||||||||
LIBOR | Interest rate caps | |||||||||||
Derivatives | |||||||||||
Interest rate agreement, notional amount | $ 75,000,000 | $ 50,000,000 | |||||||||
Interest rate cap agreement, strike price | 1.25% | 1.25% | |||||||||
Interest rate cap agreement, premium | $ 100,000 | $ 400,000 | |||||||||
LIBOR | Interest rate caps | Operating Partnership | |||||||||||
Derivatives | |||||||||||
Interest rate agreement, notional amount | $ 70,000,000 | $ 75,000,000 | |||||||||
Interest rate cap agreement, strike price | 1.00% | 1.50% | |||||||||
LIBOR | Interest rate caps | Maximum | Operating Partnership | |||||||||||
Derivatives | |||||||||||
Interest rate cap agreement, premium | $ 100,000 | $ 100,000 |
Derivative Financial Instrume67
Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives | |||
Notional, Amount | $ 326,901 | $ 303,639 | |
Fair Value, Asset | 259 | 164 | |
Fair Value, Liability | (829) | (1,082) | |
Total change in fair value | (941) | (1,304) | $ (233) |
Change in fair value of interest rate derivatives | (941) | (229) | (233) |
Unrealized gain (loss) on cash flow hedge | 0 | (1,075) | 0 |
Interest rate swaps | |||
Derivatives | |||
Notional, Amount | 56,901 | 57,093 | |
Fair Value, Asset | 0 | 0 | |
Fair Value, Liability | (829) | (1,082) | |
Total change in fair value | (795) | (1,071) | 5 |
Interest rate caps | |||
Derivatives | |||
Notional, Amount | 270,000 | 246,546 | |
Fair Value, Asset | 259 | 164 | |
Fair Value, Liability | 0 | 0 | |
Total change in fair value | $ (146) | $ (233) | $ (238) |
Equity - Additional Information
Equity - Additional Information (Details) | Feb. 02, 2017$ / shares | Jan. 10, 2017shares | Jan. 05, 2017USD ($) | Nov. 03, 2016$ / shares | Oct. 13, 2016USD ($)shares | Aug. 04, 2016$ / shares | May 04, 2016USD ($) | May 02, 2016$ / shares | Jan. 31, 2016$ / shares | Dec. 09, 2015USD ($)shares | Nov. 06, 2015$ / shares | Aug. 06, 2015$ / shares | Jul. 10, 2015shares | May 08, 2015$ / shares | May 05, 2015USD ($) | Apr. 08, 2015shares | Jan. 28, 2015$ / shares | Nov. 10, 2014$ / shares | Sep. 15, 2014USD ($)shares | Aug. 15, 2014shares | Aug. 04, 2014$ / shares | May 09, 2014$ / shares | Mar. 31, 2014shares | Feb. 18, 2014$ / shares | Jan. 17, 2014shares | May 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013shares |
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Authorized capital shares of common stock (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||||||||||||||
Preferred stock, shares authorized (in dollars per share) | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||||||||||||||||||
Common stock, shares issued (in shares) | 37,490,361 | 37,490,361 | 30,076,359 | ||||||||||||||||||||||||||||
Common stock, shares outstanding (in shares) | 37,490,361 | 37,490,361 | 30,076,359 | ||||||||||||||||||||||||||||
Preferred stock, shares issued (in dollars per share) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Preferred stock, shares outstanding (in dollars per share) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 2,000,000 | ||||||||||||||||||||||||||||||
Shares issued through public offering (in shares) | 3,450,000 | 5,750,000 | |||||||||||||||||||||||||||||
Acquisition, contract price | $ | $ 26,200,000 | ||||||||||||||||||||||||||||||
Net proceeds from public offering | $ | $ 35,100,000 | $ 49,300,000 | $ 68,475,000 | $ 46,462,000 | $ 49,566,000 | ||||||||||||||||||||||||||
Percentage of operating partnerships held | 68.10% | 68.10% | 65.60% | ||||||||||||||||||||||||||||
Operating partnership units redemption ratio | 1 | ||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 33,843,000 | $ 27,024,000 | $ 22,096,000 | ||||||||||||||||||||||||||||
Cash dividend per share, declared (in dollars per share) | $ / shares | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.72 | $ 0.68 | $ 0.64 | ||||||||||||||||
Dividend Declared | Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Cash dividend per share, declared (in dollars per share) | $ / shares | $ 0.19 | ||||||||||||||||||||||||||||||
Operating Partnership | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 8,900,000 | ||||||||||||||||||||||||||||||
Town Center Phase VI | Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Ownership interest percentage in properties | 20.00% | ||||||||||||||||||||||||||||||
Class A units | Operating Partnership | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 11,100,000 | $ 9,900,000 | |||||||||||||||||||||||||||||
Class A units | Operating Partnership | Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 3,000,000 | ||||||||||||||||||||||||||||||
Class A units | Town Center Phase VI | Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 68,691 | ||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Common stock, shares outstanding (in shares) | 37,490,361 | 37,490,361 | 30,076,359 | 25,022,701 | 19,163,413 | ||||||||||||||||||||||||||
Shares issued through public offering (in shares) | 5,312,855 | 4,560,049 | 5,750,000 | ||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 22,700,000 | $ 17,100,000 | $ 13,200,000 | ||||||||||||||||||||||||||||
Common stock | Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 6,700,000 | ||||||||||||||||||||||||||||||
Columbus Village | Class B units | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 1,000,000 | ||||||||||||||||||||||||||||||
Columbus Village | Class C units | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 275,000 | ||||||||||||||||||||||||||||||
Columbus Village | Class C units | Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 275,000 | ||||||||||||||||||||||||||||||
Liberty Apartments | Class A units | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 695,652 | ||||||||||||||||||||||||||||||
Sandbridge Commons | Class A units | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Common units in exchange for all noncontrolling interests (in shares) | 30,000 | ||||||||||||||||||||||||||||||
Dimmock Square | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 990,952 | ||||||||||||||||||||||||||||||
Dimmock Square | Class A units | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 990,952 | ||||||||||||||||||||||||||||||
Private Placement | Perry Hall Marketplace | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 415,500 | ||||||||||||||||||||||||||||||
Continuous Equity Program | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Maximum aggregate offering price of shares to be sold (up to) | $ | $ 50,000,000 | ||||||||||||||||||||||||||||||
Shares issued through public offering (in shares) | 1,108,149 | ||||||||||||||||||||||||||||||
Numbers shares issued and sold, weighted average price per share (in dollars per share) | $ / shares | $ 10.26 | ||||||||||||||||||||||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 10,900,000 | ||||||||||||||||||||||||||||||
Continuous Equity Program | Common stock | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Maximum aggregate offering price of shares to be sold (up to) | $ | $ 75,000,000 | ||||||||||||||||||||||||||||||
Shares issued through public offering (in shares) | 4,159,936 | ||||||||||||||||||||||||||||||
Numbers shares issued and sold, weighted average price per share (in dollars per share) | $ / shares | $ 13.45 | $ 13.45 | |||||||||||||||||||||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 54,800,000 | ||||||||||||||||||||||||||||||
Prior Equity Program | Common stock | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Shares issued through public offering (in shares) | 1,152,919 | ||||||||||||||||||||||||||||||
Numbers shares issued and sold, weighted average price per share (in dollars per share) | $ / shares | $ 10.87 | ||||||||||||||||||||||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 12,200,000 |
Equity - Dividends Per Share an
Equity - Dividends Per Share and Distribution Per Unit Declared (Details) - $ / shares | Nov. 03, 2016 | Aug. 04, 2016 | May 02, 2016 | Jan. 31, 2016 | Nov. 06, 2015 | Aug. 06, 2015 | May 08, 2015 | Jan. 28, 2015 | Nov. 10, 2014 | Aug. 04, 2014 | May 09, 2014 | Feb. 18, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | |||||||||||||||
Dividend Per Share/Distribution Per Unit (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.72 | $ 0.68 | $ 0.64 |
Equity - Tax Treatment of Divid
Equity - Tax Treatment of Dividends Paid (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | |||
Tax treatment of dividends, % | 100.00% | 100.00% | 100.00% |
Capital gains | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, % | 0.00% | 0.00% | 5.30% |
Ordinary income | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, % | 78.00% | 64.21% | 52.30% |
Return of capital | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, % | 22.00% | 35.79% | 42.40% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted (in shares) | 121,243 | 100,000 | 100,000 |
Restricted stock, weighted average fair value | $ 1.4 | $ 1.2 | $ 1.3 |
Employee restricted stock award, vesting period | 2 years | ||
Nonemployee restricted stock award vest grant over period | 1 year | ||
Unrecognized compensation cost | $ 0.4 | ||
Unrecognized compensation cost, recognition period | 15 months | ||
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares) | 20,011 | ||
Restricted Stock | Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award, percentage vested on grant date | 33.33% | ||
Restricted Stock | Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award, percentage vested on grant date | 66.66% | ||
Restricted Stock | Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award, percentage vested on grant date | 66.66% | ||
2013 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate shares of common stock permitted to be granted (in shares) | 700,000 | ||
Equity based awards, term | 10 years | ||
Shares of common stock reserved for issuance (in shares) | 218,050 | ||
Stock-based compensation | $ 1.2 | $ 1 | $ 1.3 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Awards | |||
Nonvested as of beginning of period (in shares) | 102,055 | ||
Granted (in shares) | 121,243 | 100,000 | 100,000 |
Vested (in shares) | (118,374) | ||
Forfeited (in shares) | (85) | ||
Nonvested as of end of period (in shares) | 104,839 | 102,055 | |
Weighted Average Grant Date Fair Value Per Share | |||
Nonvested as of beginning of period (in dollars per share) | $ 10.52 | ||
Granted (in dollars per share) | 11.22 | ||
Vested (in dollars per share) | 10.63 | ||
Forfeited (in dollars per share) | 10.84 | ||
Nonvested as of end of period (in dollars per share) | $ 11.20 | $ 10.52 |
Fair Value of Financial Instr73
Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value of Financial Instruments] | ||
Indebtedness, net | $ 522,180 | $ 377,593 |
Carrying Value | ||
Fair Value of Financial Instruments] | ||
Indebtedness, net | 522,180 | 377,593 |
Interest rate swap liabilities | 829 | 1,082 |
Interest rate cap assets | 259 | 164 |
Fair Value | Level 2 | ||
Fair Value of Financial Instruments] | ||
Indebtedness, net | 527,414 | 384,691 |
Interest rate swap liabilities | 829 | 1,082 |
Interest rate cap assets | $ 259 | $ 164 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal income taxes: | |||
Current | $ (197) | $ 102 | $ (37) |
Deferred | (109) | (72) | (6) |
State income taxes: | |||
Current | (24) | 13 | (26) |
Deferred | (13) | (9) | (1) |
Income tax benefit (provision) | $ (343) | $ 34 | $ (70) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | Dec. 31, 2016USD ($)examination | Dec. 31, 2015USD ($) |
Income Tax Disclosure [Abstract] | ||
Net deferred tax assets | $ 500,000 | $ 600,000 |
Uncertain income tax positions | $ 0 | $ 0 |
Number of separate tax examinations | examination | 3 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Acquired lease intangibles, net | $ 38,853 | $ 18,418 |
Leasing costs, net | 9,338 | 10,839 |
Leasing incentives, net | 4,764 | 5,408 |
Prepaid expenses and other | 10,056 | 2,781 |
Advance deposits on property acquisitions | 75 | 3,500 |
Preacquisition development costs | 1,079 | 2,504 |
Other assets | $ 64,165 | $ 43,450 |
Other Liabilities - Other Liabi
Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities | ||
Dividends and distributions payable | $ 9,727 | $ 7,621 |
Deferred ground rent payable | 8,202 | 7,484 |
Acquired lease intangibles, net | 15,545 | 5,872 |
Prepaid rent and other | 3,227 | 2,145 |
Security deposits | 1,679 | 1,267 |
Interest rate swaps | 829 | 1,082 |
Other liabilities | $ 39,209 | $ 25,471 |
Acquired Lease Intangibles - Su
Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Below Market Lease | ||
Below Market Lease, Gross | $ 18,039 | $ 6,640 |
Below Market Lease, Accumulated Amortization | 2,494 | 768 |
Below Market Lease, Net | 15,545 | 5,872 |
In-place lease assets | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 49,124 | 19,700 |
Accumulated Amortization | 15,350 | 5,128 |
Net Carrying Amount | 33,774 | 14,572 |
Above-market lease assets | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 4,490 | 2,380 |
Accumulated Amortization | 1,138 | 314 |
Net Carrying Amount | 3,352 | 2,066 |
Below-market ground lease assets | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 1,920 | 1,920 |
Accumulated Amortization | 193 | 140 |
Net Carrying Amount | $ 1,727 | $ 1,780 |
Acquired Lease Intangibles - Ad
Acquired Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets | |||
Amortization of below market lease liabilities | $ 1.8 | $ 0.1 | $ 0.2 |
In-place lease assets | |||
Acquired Finite-Lived Intangible Assets | |||
Amortization of lease assets | $ 10.2 | 2.9 | 1.3 |
Weighted-average remaining lives of lease assets | 5 years 3 months 18 days | ||
Below-market ground lease assets | Maximum | |||
Acquired Finite-Lived Intangible Assets | |||
Amortization of lease assets | $ 0.9 | $ 0.1 | $ 0.1 |
Above-market lease assets | |||
Acquired Finite-Lived Intangible Assets | |||
Weighted-average remaining lives of lease assets | 6 years 8 months 12 days | ||
Below Market Lease [Member] | |||
Acquired Finite-Lived Intangible Assets | |||
Weighted-average remaining lives of lease assets | 9 years 10 months 24 days | ||
Below Market Lease Renewal Options | |||
Acquired Finite-Lived Intangible Assets | |||
Weighted-average remaining lives of lease assets | 9 years |
Acquired Lease Intangibles - Es
Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Estimated amortization of acquired lease intangibles- Rental Revenues | |
2,017 | $ 1,002 |
2,018 | 993 |
2,019 | 883 |
2,020 | 743 |
2,021 | 755 |
Estimated amortization of acquired lease intangibles - Rental Expenses | |
2,017 | 53 |
2,018 | 53 |
2,019 | 53 |
2,020 | 53 |
2,021 | 53 |
Estimated amortization of acquired lease intangibles -Depreciation and Amortization | |
2,017 | 9,535 |
2,018 | 6,682 |
2,019 | 5,192 |
2,020 | 3,522 |
2,021 | $ 2,125 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | Nov. 20, 2014 | May 13, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transactions | |||||
Fees from contracts with affiliated entities | $ 0 | $ 0 | $ 0.5 | ||
Operating Partnership | |||||
Related Party Transactions | |||||
Amount paid under tax protection agreements | $ 1.3 | ||||
Operating Partnership | Maximum | |||||
Related Party Transactions | |||||
Future sale period for properties | 7 years | ||||
Future sale period for properties in limited number of cases | 10 years | ||||
Construction Contracts | |||||
Related Party Transactions | |||||
Revenue from contracts with affiliated entities | 26.7 | 9.6 | 5.3 | ||
Gross profit from related parties | 1 | 0.3 | 0.3 | ||
Due from related parties | 3.4 | 1.8 | |||
Cost Reimbursements | |||||
Related Party Transactions | |||||
Revenue from contracts with affiliated entities | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)propertylease | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Commitments and Contingencies | |||
Line of credit, performance and payment bonds | $ 40.5 | $ 183 | |
Number of ground leases | lease | 5 | ||
Number of properties subject to ground leases | property | 4 | ||
Maximum optional ground lease extension term | 40 years | ||
Ground rent expense | $ 2 | $ 1.7 | $ 1.8 |
Rental Revenues | Hampton Roads Properties | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 52.00% | 68.00% | 69.00% |
Rental Revenues | Town Center Properties | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 41.00% | 46.00% | 47.00% |
Rental Revenues | Richmond Tower | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 1.00% | 11.00% | 13.00% |
General Contracting and Real Estate Services Revenues | Baltimore | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 18.00% | 64.00% | |
General Contracting and Real Estate Services Segment Profit | Baltimore | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 29.00% | 50.00% | |
Minimum | |||
Commitments and Contingencies | |||
Lease term | 20 years | ||
Maximum | |||
Commitments and Contingencies | |||
Lease term | 65 years | ||
Point Street Apartments | Financial Guarantee | Letter of Credit | |||
Commitments and Contingencies | |||
Credit facility, amount outstanding | $ 2.1 | ||
Operating Partnership | |||
Commitments and Contingencies | |||
Outstanding letters of credit | $ 4.1 | $ 8 |
Commitments and Contingencies83
Commitments and Contingencies - Future Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 1,715 |
2,018 | 1,738 |
2,019 | 1,813 |
2,020 | 1,821 |
2,021 | 1,840 |
Thereafter | 91,453 |
Total | $ 100,380 |
Selected Quarterly Financial 84
Selected Quarterly Financial Data (Unaudited) - Summary Certain Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 08, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Quarterly Financial Data [Abstract] | ||||||||||||
Rental revenues | $ 26,516 | $ 25,305 | $ 24,251 | $ 23,283 | $ 21,771 | $ 21,303 | $ 19,908 | $ 18,190 | $ 99,355 | $ 81,172 | $ 64,746 | |
General contracting and real estate services revenues | 50,475 | 38,552 | 33,200 | 36,803 | 41,309 | 53,822 | 47,066 | 29,071 | 159,030 | 171,268 | 103,321 | |
Net operating income | 19,740 | 18,393 | 17,973 | 17,371 | 15,819 | 16,488 | 15,101 | 12,702 | 26,679 | 26,584 | 21,379 | |
Net income (1) | 5,145 | 7,946 | 3,131 | 26,533 | 8,443 | 4,337 | 10,285 | 8,118 | $ 28,074 | $ 19,642 | $ 7,691 | |
Net income attributable to stockholders | $ 3,458 | $ 5,212 | $ 2,034 | $ 17,370 | $ 5,328 | $ 2,688 | $ 6,521 | $ 5,105 | ||||
Net income per share: basic and diluted (in dollars per share) | $ 0.09 | $ 0.15 | $ 0.06 | $ 0.57 | $ 0.19 | $ 0.10 | $ 0.25 | $ 0.20 | $ 0.85 | $ 0.75 | $ 0.36 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Richmond Tower | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gain (loss) on disposition of property | $ 26,200 | $ 26,200 |
Schedule III - Consolidated R85
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | $ 320,082 | ||
Land | 179,293 | ||
Building and improvements | 281,935 | ||
Cost capitalized Subsequent to Acquisition | 447,059 | ||
Land | 179,293 | ||
Building and improvements | 728,994 | ||
Total | 908,287 | ||
Accumulated Depreciation | $ 125,380 | $ 116,099 | 139,553 |
Net Carrying Amount | 768,734 | ||
Amount of real estate for federal income tax purposes | 655,900 | ||
Real estate investments | |||
Balance at beginning of the year | 633,591 | 595,000 | |
Construction costs and improvements | 56,630 | 52,533 | |
Acquisitions | 248,987 | 83,230 | |
Dispositions | (30,467) | (23,181) | |
Reclassifications | (454) | (73,991) | |
Balance at end of the year | 908,287 | 633,591 | |
Accumulated Depreciation | |||
Balance at beginning of the year | 125,380 | 116,099 | |
Dispositions | (352) | (668) | |
Reclassifications | (8,928) | (8,729) | |
Depreciation | 23,453 | 18,678 | |
Depreciation | $ 139,553 | $ 125,380 | |
Buildings | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 39 years | ||
Capital improvements | Minimum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 15 years | ||
Capital improvements | Maximum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 20 years | ||
Equipment | Minimum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 5 years | ||
Equipment | Maximum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 15 years | ||
Office | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 36,967 | ||
Land | 4,507 | ||
Building and improvements | 10,269 | ||
Cost capitalized Subsequent to Acquisition | 132,123 | ||
Land | 4,507 | ||
Building and improvements | 142,392 | ||
Total | 146,899 | ||
Accumulated Depreciation | $ 46,828 | 46,828 | |
Net Carrying Amount | 100,071 | ||
Accumulated Depreciation | |||
Depreciation | 46,828 | ||
Office | 4525 Main Street | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 32,034 | ||
Land | 982 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 40,759 | ||
Land | 982 | ||
Building and improvements | 40,759 | ||
Total | 41,741 | ||
Accumulated Depreciation | 3,007 | 3,007 | |
Net Carrying Amount | 38,734 | ||
Accumulated Depreciation | |||
Depreciation | 3,007 | ||
Office | Armada Hoffler Tower | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,976 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 56,613 | ||
Land | 1,976 | ||
Building and improvements | 56,613 | ||
Total | 58,589 | ||
Accumulated Depreciation | 27,427 | 27,427 | |
Net Carrying Amount | 31,162 | ||
Accumulated Depreciation | |||
Depreciation | 27,427 | ||
Office | Commonwealth of Virginia - Chesapeake | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 4,933 | ||
Land | 328 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 6,211 | ||
Land | 328 | ||
Building and improvements | 6,211 | ||
Total | 6,539 | ||
Accumulated Depreciation | 587 | 587 | |
Net Carrying Amount | 5,952 | ||
Accumulated Depreciation | |||
Depreciation | 587 | ||
Office | Commonwealth of Virginia - Virginia Beach | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 208 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 2,159 | ||
Land | 208 | ||
Building and improvements | 2,159 | ||
Total | 2,367 | ||
Accumulated Depreciation | 181 | 181 | |
Net Carrying Amount | 2,186 | ||
Accumulated Depreciation | |||
Depreciation | 181 | ||
Office | One Columbus | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 960 | ||
Building and improvements | 10,269 | ||
Cost capitalized Subsequent to Acquisition | 7,345 | ||
Land | 960 | ||
Building and improvements | 17,614 | ||
Total | 18,574 | ||
Accumulated Depreciation | 9,627 | 9,627 | |
Net Carrying Amount | 8,947 | ||
Accumulated Depreciation | |||
Depreciation | 9,627 | ||
Office | Two Columbus | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 53 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 19,036 | ||
Land | 53 | ||
Building and improvements | 19,036 | ||
Total | 19,089 | ||
Accumulated Depreciation | 5,999 | 5,999 | |
Net Carrying Amount | 13,090 | ||
Accumulated Depreciation | |||
Depreciation | 5,999 | ||
Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 127,908 | ||
Land | 161,368 | ||
Building and improvements | 213,067 | ||
Cost capitalized Subsequent to Acquisition | 155,544 | ||
Land | 161,368 | ||
Building and improvements | 368,611 | ||
Total | 529,979 | ||
Accumulated Depreciation | 64,374 | 64,374 | |
Net Carrying Amount | 465,605 | ||
Accumulated Depreciation | |||
Depreciation | 64,374 | ||
Retail | 249 Central Park Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 17,076 | ||
Land | 712 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 14,838 | ||
Land | 712 | ||
Building and improvements | 14,838 | ||
Total | 15,550 | ||
Accumulated Depreciation | 7,641 | 7,641 | |
Net Carrying Amount | 7,909 | ||
Accumulated Depreciation | |||
Depreciation | 7,641 | ||
Retail | Alexander Point | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 4,050 | ||
Building and improvements | 4,880 | ||
Cost capitalized Subsequent to Acquisition | 23 | ||
Land | 4,050 | ||
Building and improvements | 4,903 | ||
Total | 8,953 | ||
Accumulated Depreciation | 232 | 232 | |
Net Carrying Amount | 8,721 | ||
Accumulated Depreciation | |||
Depreciation | 232 | ||
Retail | Broadmoor Plaza | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 2,410 | ||
Building and improvements | 9,010 | ||
Cost capitalized Subsequent to Acquisition | 24 | ||
Land | 2,410 | ||
Building and improvements | 9,034 | ||
Total | 11,444 | ||
Accumulated Depreciation | 437 | 437 | |
Net Carrying Amount | 11,007 | ||
Accumulated Depreciation | |||
Depreciation | 437 | ||
Retail | Brooks Crossing | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 117 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 2,276 | ||
Land | 117 | ||
Building and improvements | 2,276 | ||
Total | 2,393 | ||
Accumulated Depreciation | 22 | 22 | |
Net Carrying Amount | 2,371 | ||
Accumulated Depreciation | |||
Depreciation | 22 | ||
Retail | Bermuda Crossroads | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 5,450 | ||
Building and improvements | 10,641 | ||
Cost capitalized Subsequent to Acquisition | 689 | ||
Land | 5,450 | ||
Building and improvements | 11,330 | ||
Total | 16,780 | ||
Accumulated Depreciation | 1,804 | 1,804 | |
Net Carrying Amount | 14,976 | ||
Accumulated Depreciation | |||
Depreciation | 1,804 | ||
Retail | Broad Creek Shopping Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 0 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 15,845 | ||
Land | 0 | ||
Building and improvements | 15,845 | ||
Total | 15,845 | ||
Accumulated Depreciation | 8,446 | 8,446 | |
Net Carrying Amount | 7,399 | ||
Accumulated Depreciation | |||
Depreciation | 8,446 | ||
Retail | Columbus Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 8,524 | ||
Land | 7,631 | ||
Building and improvements | 10,135 | ||
Cost capitalized Subsequent to Acquisition | 0 | ||
Land | 7,631 | ||
Building and improvements | 10,135 | ||
Total | 17,766 | ||
Accumulated Depreciation | 439 | 439 | |
Net Carrying Amount | 17,327 | ||
Accumulated Depreciation | |||
Depreciation | 439 | ||
Retail | Columbus Village II | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 14,536 | ||
Building and improvements | 10,922 | ||
Cost capitalized Subsequent to Acquisition | 14 | ||
Land | 14,536 | ||
Building and improvements | 10,936 | ||
Total | 25,472 | ||
Accumulated Depreciation | 104 | 104 | |
Net Carrying Amount | 25,368 | ||
Accumulated Depreciation | |||
Depreciation | 104 | ||
Retail | Commerce Street Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 118 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 3,209 | ||
Land | 118 | ||
Building and improvements | 3,209 | ||
Total | 3,327 | ||
Accumulated Depreciation | 1,173 | 1,173 | |
Net Carrying Amount | 2,154 | ||
Accumulated Depreciation | |||
Depreciation | 1,173 | ||
Retail | Courthouse 7-Eleven | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,007 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 1,043 | ||
Land | 1,007 | ||
Building and improvements | 1,043 | ||
Total | 2,050 | ||
Accumulated Depreciation | 136 | 136 | |
Net Carrying Amount | 1,914 | ||
Accumulated Depreciation | |||
Depreciation | 136 | ||
Retail | Dick's at Town Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 67 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 10,522 | ||
Land | 67 | ||
Building and improvements | 10,522 | ||
Total | 10,589 | ||
Accumulated Depreciation | 3,507 | 3,507 | |
Net Carrying Amount | 7,082 | ||
Accumulated Depreciation | |||
Depreciation | 3,507 | ||
Retail | Dimmock Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 5,100 | ||
Building and improvements | 13,126 | ||
Cost capitalized Subsequent to Acquisition | 46 | ||
Land | 5,100 | ||
Building and improvements | 13,172 | ||
Total | 18,272 | ||
Accumulated Depreciation | 877 | 877 | |
Net Carrying Amount | 17,395 | ||
Accumulated Depreciation | |||
Depreciation | 877 | ||
Retail | Fountain Plaza Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 10,281 | ||
Land | 425 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 7,112 | ||
Land | 425 | ||
Building and improvements | 7,112 | ||
Total | 7,537 | ||
Accumulated Depreciation | 2,950 | 2,950 | |
Net Carrying Amount | 4,587 | ||
Accumulated Depreciation | |||
Depreciation | 2,950 | ||
Retail | Gainsborough Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 2,229 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 7,064 | ||
Land | 2,229 | ||
Building and improvements | 7,064 | ||
Total | 9,293 | ||
Accumulated Depreciation | 3,005 | 3,005 | |
Net Carrying Amount | 6,288 | ||
Accumulated Depreciation | |||
Depreciation | 3,005 | ||
Retail | Greentree Shopping Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,523 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 4,280 | ||
Land | 1,523 | ||
Building and improvements | 4,280 | ||
Total | 5,803 | ||
Accumulated Depreciation | 377 | 377 | |
Net Carrying Amount | 5,426 | ||
Accumulated Depreciation | |||
Depreciation | 377 | ||
Retail | Hanbury Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 20,709 | ||
Land | 3,793 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 19,262 | ||
Land | 3,793 | ||
Building and improvements | 19,262 | ||
Total | 23,055 | ||
Accumulated Depreciation | 5,770 | 5,770 | |
Net Carrying Amount | 17,285 | ||
Accumulated Depreciation | |||
Depreciation | 5,770 | ||
Retail | Harper Hill Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 2,840 | ||
Building and improvements | 8,510 | ||
Cost capitalized Subsequent to Acquisition | 12 | ||
Land | 2,840 | ||
Building and improvements | 8,522 | ||
Total | 11,362 | ||
Accumulated Depreciation | 301 | 301 | |
Net Carrying Amount | 11,061 | ||
Accumulated Depreciation | |||
Depreciation | 301 | ||
Retail | Harrisonburg Regal | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 3,256 | ||
Land | 1,554 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 4,149 | ||
Land | 1,554 | ||
Building and improvements | 4,149 | ||
Total | 5,703 | ||
Accumulated Depreciation | 1,881 | 1,881 | |
Net Carrying Amount | 3,822 | ||
Accumulated Depreciation | |||
Depreciation | 1,881 | ||
Retail | Lightfoot Marketplace | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 12,194 | ||
Land | 7,628 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 14,728 | ||
Land | 7,628 | ||
Building and improvements | 14,728 | ||
Total | 22,356 | ||
Accumulated Depreciation | 227 | 227 | |
Net Carrying Amount | 22,129 | ||
Accumulated Depreciation | |||
Depreciation | 227 | ||
Retail | North Hampton Market | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 7,250 | ||
Building and improvements | 10,210 | ||
Cost capitalized Subsequent to Acquisition | 140 | ||
Land | 7,250 | ||
Building and improvements | 10,350 | ||
Total | 17,600 | ||
Accumulated Depreciation | 469 | 469 | |
Net Carrying Amount | 17,131 | ||
Accumulated Depreciation | |||
Depreciation | 469 | ||
Retail | North Point Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 12,983 | ||
Land | 1,936 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 25,119 | ||
Land | 1,936 | ||
Building and improvements | 25,119 | ||
Total | 27,055 | ||
Accumulated Depreciation | 11,788 | 11,788 | |
Net Carrying Amount | 15,267 | ||
Accumulated Depreciation | |||
Depreciation | 11,788 | ||
Retail | Oakland Marketplace | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,850 | ||
Building and improvements | 3,370 | ||
Cost capitalized Subsequent to Acquisition | 10 | ||
Land | 1,850 | ||
Building and improvements | 3,380 | ||
Total | 5,230 | ||
Accumulated Depreciation | 436 | 436 | |
Net Carrying Amount | 4,794 | ||
Accumulated Depreciation | |||
Depreciation | 436 | ||
Retail | Parkway Marketplace | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,150 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 3,540 | ||
Land | 1,150 | ||
Building and improvements | 3,540 | ||
Total | 4,690 | ||
Accumulated Depreciation | 1,678 | 1,678 | |
Net Carrying Amount | 3,012 | ||
Accumulated Depreciation | |||
Depreciation | 1,678 | ||
Retail | Patterson Place | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 15,059 | ||
Building and improvements | 20,180 | ||
Cost capitalized Subsequent to Acquisition | 11 | ||
Land | 15,059 | ||
Building and improvements | 20,191 | ||
Total | 35,250 | ||
Accumulated Depreciation | 676 | 676 | |
Net Carrying Amount | 34,574 | ||
Accumulated Depreciation | |||
Depreciation | 676 | ||
Retail | Perry Hall Marketplace | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 3,240 | ||
Building and improvements | 8,316 | ||
Cost capitalized Subsequent to Acquisition | 91 | ||
Land | 3,240 | ||
Building and improvements | 8,407 | ||
Total | 11,647 | ||
Accumulated Depreciation | 548 | 548 | |
Net Carrying Amount | 11,099 | ||
Accumulated Depreciation | |||
Depreciation | 548 | ||
Retail | Providence Plaza | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 9,950 | ||
Building and improvements | 12,369 | ||
Cost capitalized Subsequent to Acquisition | 476 | ||
Land | 9,950 | ||
Building and improvements | 12,845 | ||
Total | 22,795 | ||
Accumulated Depreciation | 505 | 505 | |
Net Carrying Amount | 22,290 | ||
Accumulated Depreciation | |||
Depreciation | 505 | ||
Retail | Renaissance Place | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 6,730 | ||
Building and improvements | 8,439 | ||
Cost capitalized Subsequent to Acquisition | 0 | ||
Land | 6,730 | ||
Building and improvements | 8,439 | ||
Total | 15,169 | ||
Accumulated Depreciation | 47 | 47 | |
Net Carrying Amount | 15,122 | ||
Accumulated Depreciation | |||
Depreciation | 47 | ||
Retail | Sandbridge Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 9,376 | ||
Land | 5,267 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 7,236 | ||
Land | 5,267 | ||
Building and improvements | 7,236 | ||
Total | 12,503 | ||
Accumulated Depreciation | 511 | 511 | |
Net Carrying Amount | 11,992 | ||
Accumulated Depreciation | |||
Depreciation | 511 | ||
Retail | Socastee Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 4,866 | ||
Land | 2,320 | ||
Building and improvements | 5,380 | ||
Cost capitalized Subsequent to Acquisition | 45 | ||
Land | 2,320 | ||
Building and improvements | 5,425 | ||
Total | 7,745 | ||
Accumulated Depreciation | 328 | 328 | |
Net Carrying Amount | 7,417 | ||
Accumulated Depreciation | |||
Depreciation | 328 | ||
Retail | South Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 7,493 | ||
Land | 190 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 7,623 | ||
Land | 190 | ||
Building and improvements | 7,623 | ||
Total | 7,813 | ||
Accumulated Depreciation | 3,731 | 3,731 | |
Net Carrying Amount | 4,082 | ||
Accumulated Depreciation | |||
Depreciation | 3,731 | ||
Retail | South Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 14,130 | ||
Building and improvements | 12,670 | ||
Cost capitalized Subsequent to Acquisition | 14 | ||
Land | 14,130 | ||
Building and improvements | 12,684 | ||
Total | 26,814 | ||
Accumulated Depreciation | 476 | 476 | |
Net Carrying Amount | 26,338 | ||
Accumulated Depreciation | |||
Depreciation | 476 | ||
Retail | Southgate Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 21,150 | ||
Land | 8,890 | ||
Building and improvements | 25,950 | ||
Cost capitalized Subsequent to Acquisition | 62 | ||
Land | 8,890 | ||
Building and improvements | 26,012 | ||
Total | 34,902 | ||
Accumulated Depreciation | 620 | 620 | |
Net Carrying Amount | 34,282 | ||
Accumulated Depreciation | |||
Depreciation | 620 | ||
Retail | Southshore Shops | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,770 | ||
Building and improvements | 6,509 | ||
Cost capitalized Subsequent to Acquisition | 5 | ||
Land | 1,770 | ||
Building and improvements | 6,514 | ||
Total | 8,284 | ||
Accumulated Depreciation | 85 | 85 | |
Net Carrying Amount | 8,199 | ||
Accumulated Depreciation | |||
Depreciation | 85 | ||
Retail | Stone House Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 6,360 | ||
Building and improvements | 16,350 | ||
Cost capitalized Subsequent to Acquisition | 236 | ||
Land | 6,360 | ||
Building and improvements | 16,586 | ||
Total | 22,946 | ||
Accumulated Depreciation | 974 | 974 | |
Net Carrying Amount | 21,972 | ||
Accumulated Depreciation | |||
Depreciation | 974 | ||
Retail | Studio 56 Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 76 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 2,477 | ||
Land | 76 | ||
Building and improvements | 2,477 | ||
Total | 2,553 | ||
Accumulated Depreciation | 727 | 727 | |
Net Carrying Amount | 1,826 | ||
Accumulated Depreciation | |||
Depreciation | 727 | ||
Retail | Tyre Neck Harris Teeter | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 0 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 3,306 | ||
Land | 0 | ||
Building and improvements | 3,306 | ||
Total | 3,306 | ||
Accumulated Depreciation | 756 | 756 | |
Net Carrying Amount | 2,550 | ||
Accumulated Depreciation | |||
Depreciation | 756 | ||
Retail | Waynesboro Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,300 | ||
Building and improvements | 1,610 | ||
Cost capitalized Subsequent to Acquisition | 10 | ||
Land | 1,300 | ||
Building and improvements | 1,620 | ||
Total | 2,920 | ||
Accumulated Depreciation | 192 | 192 | |
Net Carrying Amount | 2,728 | ||
Accumulated Depreciation | |||
Depreciation | 192 | ||
Retail | Wendover Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 12,710 | ||
Building and improvements | 14,490 | ||
Cost capitalized Subsequent to Acquisition | 7 | ||
Land | 12,710 | ||
Building and improvements | 14,497 | ||
Total | 27,207 | ||
Accumulated Depreciation | 498 | 498 | |
Net Carrying Amount | 26,709 | ||
Accumulated Depreciation | |||
Depreciation | 498 | ||
Multifamily residential real estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 155,207 | ||
Land | 12,738 | ||
Building and improvements | 58,599 | ||
Cost capitalized Subsequent to Acquisition | 159,392 | ||
Land | 12,738 | ||
Building and improvements | 217,991 | ||
Total | 230,729 | ||
Accumulated Depreciation | 28,351 | 28,351 | |
Net Carrying Amount | 202,378 | ||
Accumulated Depreciation | |||
Depreciation | 28,351 | ||
Multifamily residential real estate | Encore Apartments | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 24,966 | ||
Land | 1,293 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 30,124 | ||
Land | 1,293 | ||
Building and improvements | 30,124 | ||
Total | 31,417 | ||
Accumulated Depreciation | 1,997 | 1,997 | |
Net Carrying Amount | 29,420 | ||
Accumulated Depreciation | |||
Depreciation | 1,997 | ||
Multifamily residential real estate | Harding Place | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 5,706 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 2,453 | ||
Land | 5,706 | ||
Building and improvements | 2,453 | ||
Total | 8,159 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | 8,159 | ||
Accumulated Depreciation | |||
Depreciation | 0 | ||
Multifamily residential real estate | Liberty Apartments | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 20,005 | ||
Land | 3,580 | ||
Building and improvements | 23,494 | ||
Cost capitalized Subsequent to Acquisition | 1,215 | ||
Land | 3,580 | ||
Building and improvements | 24,709 | ||
Total | 28,289 | ||
Accumulated Depreciation | 2,566 | 2,566 | |
Net Carrying Amount | 25,723 | ||
Accumulated Depreciation | |||
Depreciation | 2,566 | ||
Multifamily residential real estate | Johns Hopkins Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 43,841 | ||
Land | 0 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 65,875 | ||
Land | 0 | ||
Building and improvements | 65,875 | ||
Total | 65,875 | ||
Accumulated Depreciation | 863 | 863 | |
Net Carrying Amount | 65,012 | ||
Accumulated Depreciation | |||
Depreciation | 863 | ||
Multifamily residential real estate | Smith's Landing | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 20,511 | ||
Land | 0 | ||
Building and improvements | 35,105 | ||
Cost capitalized Subsequent to Acquisition | 1,153 | ||
Land | 0 | ||
Building and improvements | 36,258 | ||
Total | 36,258 | ||
Accumulated Depreciation | 4,284 | 4,284 | |
Net Carrying Amount | 31,974 | ||
Accumulated Depreciation | |||
Depreciation | 4,284 | ||
Multifamily residential real estate | The Cosmopolitan | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 45,884 | ||
Land | 985 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 56,957 | ||
Land | 985 | ||
Building and improvements | 56,957 | ||
Total | 57,942 | ||
Accumulated Depreciation | 18,641 | 18,641 | |
Net Carrying Amount | 39,301 | ||
Accumulated Depreciation | |||
Depreciation | 18,641 | ||
Multifamily residential real estate | Town Center Phase VI | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,174 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 1,615 | ||
Land | 1,174 | ||
Building and improvements | 1,615 | ||
Total | 2,789 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | 2,789 | ||
Accumulated Depreciation | |||
Depreciation | 0 | ||
Held for development | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 680 | ||
Building and improvements | 0 | ||
Cost capitalized Subsequent to Acquisition | 0 | ||
Land | 680 | ||
Building and improvements | 0 | ||
Total | 680 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | $ 680 | ||
Accumulated Depreciation | |||
Depreciation | $ 0 |