Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 573.6 | ||
Entity Common Stock, Shares Outstanding | 45,100,351 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate investments: | ||
Income producing property | $ 910,686 | $ 894,078 |
Held for development | 680 | 680 |
Construction in progress | 83,071 | 13,529 |
Real estate investments | 994,437 | 908,287 |
Accumulated depreciation | (164,521) | (139,553) |
Net real estate investments | 829,916 | 768,734 |
Cash and cash equivalents | 19,959 | 21,942 |
Restricted cash | 2,957 | 3,251 |
Accounts receivable, net | 15,691 | 15,052 |
Notes receivable | 83,058 | 59,546 |
Construction receivables, including retentions | 23,933 | 39,433 |
Construction contract costs and estimated earnings in excess of billings | 245 | 110 |
Equity method investments | 11,411 | 10,235 |
Other assets | 55,953 | 64,165 |
Total Assets | 1,043,123 | 982,468 |
LIABILITIES AND EQUITY | ||
Indebtedness, net | 517,272 | 522,180 |
Accounts payable and accrued liabilities | 15,180 | 10,804 |
Construction payables, including retentions | 47,445 | 51,130 |
Billings in excess of construction contract costs and estimated earnings | 3,591 | 10,167 |
Other liabilities | 39,352 | 39,209 |
Total Liabilities | 622,840 | 633,490 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of December 31, 2017 and 2016, respectively | 0 | 0 |
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,937,763 and 37,490,361 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 449 | 374 |
Additional paid-in capital | 287,407 | 197,114 |
Distributions in excess of earnings | (61,166) | (49,345) |
Total stockholders’ equity | 226,690 | 148,143 |
Noncontrolling interests | 193,593 | 200,835 |
Total Equity | 420,283 | 348,978 |
Total Liabilities and Equity | $ 1,043,123 | $ 982,468 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 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) | 44,937,763 | 37,490,361 |
Common stock, shares outstanding (in shares) | 44,937,763 | 37,490,361 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | |||
Rental revenues | $ 108,737 | $ 99,355 | $ 81,172 |
General contracting and real estate services revenues | 194,034 | 159,030 | 171,268 |
Total revenues | 302,771 | 258,385 | 252,440 |
Expenses | |||
Rental expenses | 25,422 | 21,904 | 19,204 |
Real estate taxes | 10,528 | 9,629 | 7,782 |
General contracting and real estate services expenses | 186,590 | 153,375 | 165,344 |
Depreciation and amortization | 37,321 | 35,328 | 23,153 |
General and administrative expenses | 10,435 | 9,552 | 8,397 |
Acquisition, development and other pursuit costs | 648 | 1,563 | 1,935 |
Impairment charges | 110 | 355 | 41 |
Total expenses | 271,054 | 231,706 | 225,856 |
Operating income | 31,717 | 26,679 | 26,584 |
Interest income | 7,077 | 3,228 | 126 |
Interest expense | (17,439) | (16,466) | (13,333) |
Loss on extinguishment of debt | (50) | (82) | (512) |
Gain on real estate dispositions | 8,087 | 30,533 | 18,394 |
Change in fair value of interest rate derivatives | 1,127 | (941) | (229) |
Other income | 131 | 147 | 119 |
Income before taxes | 30,650 | 43,098 | 31,149 |
Income tax benefit (provision) | (725) | (343) | 34 |
Net income | 29,925 | 42,755 | 31,183 |
Net income attributable to noncontrolling interests | (8,878) | (14,681) | (11,541) |
Net income attributable to stockholders | $ 21,047 | $ 28,074 | $ 19,642 |
Net income per share and unit: | |||
Basic and diluted (in dollars per share) | $ 0.50 | $ 0.85 | $ 0.75 |
Weighted-average outstanding: | |||
Common shares (in shares) | 42,423 | 33,057 | 26,006 |
Common units (in shares) | 17,758 | 17,167 | 15,377 |
Basic and diluted (in shares) | 60,181 | 50,224 | 41,383 |
Comprehensive income: | |||
Net income | $ 29,925 | $ 42,755 | $ 31,183 |
Unrealized cash flow hedge losses | 0 | 0 | (1,075) |
Realized cash flow hedge losses reclassified to net income | 0 | 0 | 27 |
Comprehensive income | 29,925 | 42,755 | 30,135 |
Comprehensive income attributable to noncontrolling interests | (8,878) | (14,681) | (11,141) |
Comprehensive income attributable to stockholders | $ 21,047 | $ 28,074 | $ 18,994 |
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, 2014 | 25,022,701 | ||||||
Beginning 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 (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 | ||||||
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 (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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 29,925 | 21,047 | 21,047 | 8,878 | |||
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) | 7,350,690 | ||||||
Net proceeds from sale of common stock | 91,381 | $ 74 | 91,307 | 91,381 | |||
Restricted stock award (in shares) | 97,173 | ||||||
Restricted stock awards | 1,443 | $ 1 | 1,442 | 1,443 | |||
Restricted stock award forfeitures (in shares) | (461) | ||||||
Restricted stock award forfeitures | (2) | (2) | (2) | ||||
Acquisitions of real estate investments | (511) | (1,493) | (1,493) | 982 | |||
Redemption of operating partnership units | (5,155) | (961) | (961) | (4,194) | |||
Dividends and distributions declared | $ (45,776) | (32,868) | (32,868) | (12,908) | |||
Ending balance (in shares) at Dec. 31, 2017 | 44,937,763 | 44,937,763 | |||||
Ending balance at Dec. 31, 2017 | $ 420,283 | $ 449 | $ 287,407 | $ (61,166) | $ 0 | $ 226,690 | $ 193,593 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
OPERATING ACTIVITIES | ||||
Net income | $ 29,925 | $ 42,755 | $ 31,183 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation of buildings and tenant improvements | 25,974 | 23,453 | 18,678 | |
Amortization of leasing costs and in-place lease intangibles | 11,347 | 11,875 | 4,475 | |
Accrued straight-line rental revenue | (1,222) | (1,091) | (1,924) | |
Amortization of leasing incentives and above or below-market rents | (195) | (85) | 738 | |
Accrued straight-line ground rent expense | 530 | 371 | 290 | |
Bad debt expense | 564 | 203 | 131 | |
Noncash stock compensation | 1,323 | 1,082 | 931 | |
Impairment charges | 110 | 355 | 41 | |
Noncash interest expense | 1,274 | 980 | 1,006 | |
Noncash loss on extinguishment of debt | 50 | 82 | 512 | |
Gain on real estate dispositions | (8,087) | (30,533) | (18,394) | |
Change in the fair value of interest rate derivatives | (1,127) | 941 | 229 | |
Changes in operating assets and liabilities: | ||||
Property assets | (2,415) | (2,964) | (2,283) | |
Property liabilities | 2,504 | 3,761 | 2,326 | |
Construction assets | 17,573 | (6,385) | (17,337) | |
Construction liabilities | (20,110) | 15,189 | 12,664 | |
Net cash provided by operating activities | 58,018 | 59,989 | 33,266 | |
INVESTING ACTIVITIES | ||||
Development of real estate investments | (45,730) | (57,425) | (52,719) | |
Tenant and building improvements | (12,252) | (6,698) | (5,157) | |
Acquisitions of real estate investments, net of cash received | (30,026) | (195,645) | (68,445) | |
Dispositions of real estate investments | 12,557 | 96,670 | 79,566 | |
Notes receivable issuances | (23,290) | (51,721) | (7,825) | |
Government development grants | 0 | 0 | 300 | |
Leasing costs | (2,235) | (2,374) | (2,118) | |
Leasing incentives | (274) | (236) | (1,563) | |
Contributions to equity method investments | (1,176) | (8,824) | 0 | |
Net cash used for investing activities | (102,426) | (226,253) | (57,961) | |
FINANCING ACTIVITIES | ||||
Proceeds from sales of common stock | 96,044 | 68,475 | 46,462 | |
Offering costs | (4,663) | (1,453) | (427) | |
Debt issuances, credit facility and construction loan borrowings | 162,585 | 316,852 | 214,407 | |
Debt and credit facility repayments, including principal amortization | (160,661) | (186,533) | (206,889) | |
Debt issuance costs | (2,403) | (1,796) | (1,887) | |
Redemption of operating partnership units | (5,155) | (58) | (241) | |
Dividends and distributions | (43,616) | (33,843) | (27,024) | |
Net cash provided by financing activities | 42,131 | 161,644 | 24,401 | |
Net decrease in cash, cash equivalents, and restricted cash | (2,277) | (4,620) | (294) | |
Cash, cash equivalents, and restricted cash, beginning of period | 25,193 | 29,813 | 30,107 | |
Cash, cash equivalents, and restricted cash, end of period | 22,916 | 25,193 | 29,813 | |
Supplemental cash flow information: | ||||
Cash paid for interest | (16,318) | (15,326) | (12,993) | |
Cash refunded (paid) for income taxes | (371) | (121) | 276 | |
Common shares and OP Units issued for acquisitions | [1] | 506 | 47,278 | 15,169 |
Change in accrued capital improvements and development costs | (10,899) | 8,183 | 1,825 | |
Debt principal extinguished in conjunction with real estate sales | 5,594 | 6,400 | 0 | |
Debt principal assumed in conjunction with real estate acquisitions | $ 0 | $ 21,150 | $ 13,824 | |
[1] | (1) 2017 issuance consists of OP Units contingently issuable upon the satisfaction of certain conditions relating to the Johns Hopkins Village property |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2017 | |
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 and Southeastern United States. The Company is a real estate investment trust ("REIT"), and is the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”), and as of December 31, 2017 , owned 72.0% 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, 2017 , the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% One Columbus Office Virginia Beach, Virginia* 100% Two Columbus Office Virginia Beach, Virginia* 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Alexander Pointe Retail Salisbury, North Carolina 100% Bermuda Crossroads Retail Chester, Virginia 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail Newport News, Virginia 65% (1) Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Courthouse 7-Eleven Retail Virginia Beach, Virginia 100% Dick’s at Town Center Retail Virginia Beach, Virginia* 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Gainsborough Square Retail Chesapeake, Virginia 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harper Hill Commons Retail Winston-Salem, North Carolina 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Lightfoot Marketplace Retail Williamsburg, Virginia 70% (2) North Hampton Market Retail Taylors, South Carolina 100% North Point Center Retail Durham, North Carolina 100% Oakland Marketplace Retail Oakland, Tennessee 100% Parkway Marketplace Retail Virginia Beach, Virginia 100% Patterson Place Retail Durham, North Carolina 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Providence Plaza Retail Charlotte, North Carolina 100% Renaissance Square Retail Davidson, North Carolina 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% Socastee Commons Retail Myrtle Beach, South Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Stone House Square Retail Hagerstown, Maryland 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Waynesboro Commons Retail Waynesboro, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Johns Hopkins Village Multifamily Baltimore, Maryland 100% Liberty Apartments Multifamily Newport News, Virginia 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% The Cosmopolitan Multifamily Virginia Beach, Virginia* 100% ________________________________________ (1) The Company is entitled to a preferred return of 8% on its investment in Brooks Crossing. (2) The Company is entitled to a preferred return of 9% on its investment in Lightfoot Marketplace. * Located in the Town Center of Virginia Beach As of December 31, 2017 , the following properties were under development or construction: Property Segment Location Ownership Interest Town Center Phase VI Mixed-use Virginia Beach, Virginia* 100 % Harding Place Multifamily Charlotte, North Carolina 80 % (1) 595 King Street Multifamily Charleston, South Carolina 92.5 % 530 Meeting Street Multifamily Charleston, South Carolina 90 % Brooks Crossing Office Newport News, Virginia 65 % (2) *Located in the Town Center of Virginia Beach (1) The Company is entitled to a preferred return of 9% on a portion of its investment in Harding Place. (2) The Company is entitled to a preferred return of 8% on its investment in Brooks Crossing. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 ("VIEs") 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 $1.2 million , $1.1 million and $1.9 million of straight-line rent adjustments for the years ended December 31, 2017 , 2016 , and 2015 , respectively. 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 $0.4 million , $0.4 million , and $0.5 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.8 million for each of the years ended December 31, 2017 , 2016 , and 2015 . 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 development 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 the years ended December 31, 2017 , 2016 , and 2015 was $1.3 million , $1.0 million and $1.0 million , respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2017 , 2016 , and 2015 were $2.4 million , $1.7 million and $2.1 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, 2017 and 2016 were $1.4 million and $1.1 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 other 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. No properties were held for sale as of December 31, 2017 or 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 the years ended December 31, 2017 , 2016 , and 2015 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, 2017 and 2016 , accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $12.8 million and $12.3 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, 2017 and 2016 , the allowance for doubtful accounts was $0.5 million and $0.4 million , respectively. The Company presents bad debt expense within rental expenses in the consolidated statements of comprehensive income. Notes Receivable Notes receivable represent 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 the years ended December 31, 2017 , 2016 , and 2015 was $1.3 million , $1.1 million and $0.9 million , respectively. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. During the years ended December 31, 2017 , 2016 , and 2015 , the Company capitalized $0.4 million , 0.3 million , and $0.4 million , respectively, of stock-based compensation. The effect of forfeitures of awards is recorded as they occur. Income Taxes The Company has elected to be taxed as a 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, 2017 . 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, 2017 . Emerging Growth Company Status The Company currently qualifies as an emerging growth company (“EGC”) pursuant to the Jumpstart Our Business Startups Act and will lose this qualification on December 31, 2018, which is the last day of the fiscal year after the fifth anniversary of the Company's IPO. 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 will change the way the Company recognizes revenue from construction and development contracts with third party customers. The Company will adopt this standard on January 1, 2018 using the modified retrospective method, applying this standard to all contracts not yet completed as of that date. In applying the standard to the Company's future construction contracts, certain pre-contract costs incurred by the Company will be deferred and amortized over the period during which construction obligations are fulfilled. Previously, these costs were immediately recorded as general contracting expenses upon commencement of construction, with the corresponding general contracting revenue also recorded. Applying the standard to the Company's uncompleted contracts as of January 1, 2018 will not result in a material adjustment to the Company's financial position as of January 1, 2018. Any required adjustment will be recorded as a cumulative catch-up adjustment to stockholders' equity. On February 25, 2016, the FASB issued a new lease standard that requires lessees to recognize most leases in their balance sheets as lease liabilities with corresponding right-of-use assets. 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 beginning of the earliest comparative period presented, with an option to use certain transition relief. Management is currently evaluating the potential impact of the new standard on the Company’s consolidated financial statements. On March 30, 2016, the FASB issued new guidance that changed the accounting for certain aspects of share-based payments to employees. Entities are required to recognize the income tax effects of awards in the income statement when the awards vest or are settled, and the Company is allowed to account for forfeitures as they occur. The Company adopted the guidance on January 1, 2017 and it did not have a material impact on the Company’s consolidated financial statements. In 2016, the FASB issued new guidance that addresses eight classification issues related to the statement of cash flows and requires the presentation of total changes in cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The Company adopted this new guidance effective December 31, 2017, applying it retrospectively to each period presented. The new guidance requires that the statement of cash flows show changes in restricted cash in addition to changes in cash and cash equivalents. No additional changes were required to be made to the Company's consolidated statements of cash flows. The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31 2017 2016 2015 Cash and cash equivalents $ 19,959 $ 21,942 $ 26,989 Restricted cash 2,957 3,251 2,824 Cash, cash equivalents, and restricted cash $ 22,916 $ 25,193 $ 29,813 The following table summarizes the changes made to net cash provided by operating activities and net cash used in investing activities in consolidated statements of cash flows for the years ended December 31, 2016 and 2015 on a retrospective basis (no changes were made to net cash provided by financing activities): Years ended December 31, 2016 2015 Operating activities as originally presented $ 59,770 $ 33,086 Adjustments 219 180 Operating activities after adjustments $ 59,989 $ 33,266 Investing activities as originally presented $ (226,461 ) $ (56,381 ) Adjustments $ 208 $ (1,580 ) Investing activities after adjustments $ (226,253 ) $ (57,961 ) 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. 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. On February 22, 2017, the FASB issued new guidance that clarifies the scope and application of guidance on sales or transfers of nonfinancial assets and in substance nonfinancial assets to customers, including partial sales. The new guidance applies to all nonfinancial assets, including real estate, and defines an in substance nonfinancial asset. The new guidance is effective for the Company on January 1, 2018. 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 August 28, 2017, the FASB issued new guidance that simplifies some of the requirements relating to accounting for derivatives and hedging. The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness for a highly effective hedge and also simplifies certain documentation and assessment requirements relating to the determination of hedge effectiveness. The new guidance will be effective for the Company on January 1, 2019, with early adoption permitted. The Company does not currently have any derivatives designated as hedging instruments for accounting purposes. The application of this guidance to future hedging relationships could reduce or eliminate the gains and losses that would otherwise be recorded for these derivative instruments. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2017 | |
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 the years ended December 31, 2017 , 2016 , and 2015 was as follows (in thousands): Years Ended December 31, 2017 2016 2015 Office real estate Rental revenues $ 19,207 $ 20,929 $ 31,534 Rental expenses 5,483 5,560 6,938 Real estate taxes 1,859 2,000 2,950 Segment net operating income 11,865 13,369 21,646 Retail real estate Rental revenues 63,109 56,511 32,064 Rental expenses 10,233 9,116 5,915 Real estate taxes 6,176 5,395 2,928 Segment net operating income 46,700 42,000 23,221 Multifamily residential real estate Rental revenues 26,421 21,915 17,574 Rental expenses 9,705 7,228 6,351 Real estate taxes 2,494 2,234 1,904 Segment net operating income 14,222 12,453 9,319 General contracting and real estate services Segment revenues 194,034 159,030 171,268 Segment expenses 186,590 153,375 165,344 Segment gross profit 7,444 5,655 5,924 Net operating income $ 80,231 $ 73,477 $ 60,110 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 the years ended December 31, 2017 , 2016 , and 2015 exclude revenue related to intercompany construction contracts of $51.5 million , $43.3 million and $43.1 million , respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2017 , 2016 , and 2015 exclude expenses related to intercompany construction contracts of $51.0 million , $42.7 million and $42.8 million , respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2017 , 2016 , and 2015 include noncash stock compensation expense of $0.3 million , $0.2 million , and $0.2 million , respectively. The following table reconciles net operating income to net income for the years ended December 31, 2017 , 2016 , and 2015 (in thousands): Years Ended December 31, 2017 2016 2015 Net operating income $ 80,231 $ 73,477 $ 60,110 Depreciation and amortization (37,321 ) (35,328 ) (23,153 ) General and administrative expenses (10,435 ) (9,552 ) (8,397 ) Acquisition, development and other pursuit costs (648 ) (1,563 ) (1,935 ) Impairment charges (110 ) (355 ) (41 ) Interest income 7,077 3,228 126 Interest expense (17,439 ) (16,466 ) (13,333 ) Loss on extinguishment of debt (50 ) (82 ) (512 ) Gain on real estate dispositions 8,087 30,533 18,394 Change in fair value of interest rate derivatives 1,127 (941 ) (229 ) Other income 131 147 119 Income tax benefit (provision) (725 ) (343 ) 34 Net income $ 29,925 $ 42,755 $ 31,183 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 corporate office personnel salaries and benefits, bank fees, accounting fees, legal fees and other corporate office expenses. General and administrative expenses for the years ended December 31, 2017 , 2016 , and 2015 include noncash stock compensation expense of $0.9 million , $0.7 million and $0.7 million , respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
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): 2018 $ 71,439 2019 64,204 2020 54,582 2021 48,018 2022 41,441 Thereafter 184,844 Total $ 464,528 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, 2017 are generally less than one year . |
Real Estate Investments and Equ
Real Estate Investments and Equity Method Investments | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands): December 31, 2017 Income producing property Held for development Construction in progress Total Land $ 175,885 $ 680 $ 21,212 $ 197,777 Land improvements 44,681 — — 44,681 Buildings and improvements 690,120 — — 690,120 Development and construction costs — — 61,859 61,859 Real estate investments $ 910,686 $ 680 $ 83,071 $ 994,437 December 31, 2016 Income Held Construction 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 2017 Operating Property Acquisition On July 25, 2017, the Company acquired the outparcel phase of Wendover Village in Greensboro, North Carolina for a contract price of $14.3 million plus capitalized acquisition costs of $0.1 million . The following table summarizes the purchase price allocation, including acquisition costs, for this property (in thousands): Land $ 5,550 Site improvements 232 Building and improvements 6,977 In-place leases 1,382 Above-market leases 327 Below-market leases (50 ) Net assets acquired $ 14,418 Rental revenues and net income from the ourparcel phase of Wendover Village for the period from the acquisition date to December 31, 2017 included in the consolidated statement of comprehensive income were $0.6 million and $0.2 million , respectively. 2016 Operating Property Acquisitions On January 14, 2016, the Company completed the acquisition of an 11 -property 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 of limited partnership interest in the Operating Partnership ("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. The Class B Units were automatically converted to Class A Units on July 10, 2017. The Class C Units were converted to Class A Units on January 10, 2018. 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. Pro Forma Financial Information (Unaudited) The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if the 2017 acquisition had been acquired on January 1, 2016, each of the 2016 acquisitions had been acquired on January 1, 2015, and each of the 2015 acquisitions had been acquired on January 1, 2014 (in thousands): Years Ended December 31, 2017 2016 2015 Rental revenues $ 109,472 $ 102,579 $ 105,479 Net income 30,354 14,060 18,492 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, 2016, 2015, and 2014. 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, 2017 On January 9, 2018, the Company acquired Indian Lakes Crossing, a Harris Teeter-anchored shopping center in Virginia Beach, Virginia, for a contract price of $14.7 million plus capitalized acquisition costs of $0.2 million . On January 29, 2018, the Company acquired Parkway Centre, a newly developed Publix-anchored shopping center in Moultrie, Georgia, for total consideration of $11.3 million ( $9.6 million in cash and $1.7 million in the form of Class A Units) plus estimated capitalized acquisition costs of $0.3 million . On November 30, 2017, the Company entered into a lease agreement with Bottling Group, LLC for a new distribution facility that the Company will develop and construct for expected delivery in 2018. On January 29, 2018, the Company acquired undeveloped land in Chesterfield, Virginia, a portion of which will serve as the site for this facility, for a contract price of $2.4 million plus capitalized acquisition costs of $0.1 million . On February 16, 2018, through a consolidated joint venture, the Company acquired undeveloped land in Mount Pleasant, South Carolina for a contract price of $2.9 million plus capitalized acquisition costs of $0.1 million . The Company plans to use the land for the development of an estimated $23.0 million Lowes Foods-anchored shopping center. Other 2017 Real Estate Transactions On January 4, 2017, the Company acquired undeveloped land in Charleston, South Carolina for a contract price of $7.1 million plus capitalized acquisition costs of $0.2 million . The Company is using the land for the development of the 595 King Street property. 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 . On July 11, 2017, the Company acquired undeveloped land in Charleston, South Carolina for a contract price of $7.2 million plus capitalized acquisition costs of $0.1 million . The Company is using the land for the development of the 530 Meeting Street property. On July 13, 2017, the Company completed the sale of two office properties leased by the Commonwealth of Virginia in Chesapeake, Virginia and Virginia Beach, Virginia. Aggregate net proceeds from the dispositions of the properties after transaction costs and repayment of the loan associated with the Chesapeake, Virginia property were $7.9 million , and the aggregate gain on the dispositions was $4.2 million . On August 10, 2017, the Company completed the sale of a land outparcel at Sandbridge Commons. Net proceeds after transaction costs and a partial loan paydown were $0.3 million . The gain on the disposition was $0.5 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 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 . 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. The Company is a minority partner in the joint venture and will serve as the project's general contractor, with full ownership of the office and retail portions of the project. As of December 31, 2017 and 2016 , the Company has invested $11.4 million and $10.3 million , respectively, 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, 2017 , $29.2 million has been drawn against the construction loan, of which $11.2 million is attributable to the Company's portion of the loan. As of December 31, 2016 , the construction loan had not been drawn against. As of December 31, 2017 , 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 years ended December 31, 2017 and 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 VIE, 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, 2017 | |
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 $98.0 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 the first quarter of 2018; however, management can provide no assurances that Point Street Apartments will open on the anticipated timeline or be completed at the anticipated cost. BDG secured a senior construction loan of up to $67.0 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 earliest 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, 2017 and 2016 , the Company had funded $22.4 million and $20.6 million , respectively, under the BDG loan and for the years ended December 31, 2017 and 2016 , the Company recognized $1.7 million and $1.2 million , respectively, of interest income on the BDG loan. No portion of the note receivable balance is past due, and the Company has not recorded an impairment balance on the note. 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 and does not consolidate the project in its consolidated financial statements. Annapolis Junction On April 21, 2016, the Company entered into a note receivable with a maximum principal balance of $48.1 million in the Annapolis Junction residential component of the Annapolis Junction Town Center project in Maryland (“Annapolis Junction”). Annapolis Junction is an estimated $106.0 million mixed-use development project with plans for 416 residential units., It is part of a mixed-use development project that is also planned to have 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. Portions of Annapolis Junction opened during the third and fourth quarters of 2017, and the remaining portions are scheduled to open during the first quarter of 2018; 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 $48.1 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 earliest 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. The balance on the Annapolis Junction note was $43.0 million and $38.9 million as of December 31, 2017 and 2016 , respectively. During the years ended December 31, 2017 and 2016 , the Company recognized $4.1 million and $2.0 million , respectively, 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. Management has concluded that this entity is a VIE. Because AJAO is the developer of Annapolis Junction, 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 and does not consolidate the project in its consolidated financial statements. North Decatur Square On May 15, 2017, the Company invested in the development of an estimated $34.0 million Whole Foods anchored center located in Decatur, Georgia. The Company's investment is in the form of a mezzanine loan of up to $21.8 million to the developer, North Decatur Square Holdings, LLC ("NDSH"). The mezzanine loan bears interest at an annual rate of 15% . The note matures on the earliest of (i) May 15, 2022, (ii) the maturity of the senior construction loan, (iii) the sale of NDSH or (iv) the sale of the center. NDSH is current on this loan. As of December 31, 2017 , the Company had funded $11.8 million on this loan. During the year ended December 31, 2017 , the Company recognized $1.0 million of interest income on this loan. No portion of the note receivable balance is past due, and the Company has not recorded an impairment balance on the note. Management has concluded that this entity is a VIE. Because NDSH is the developer of North Decatur Square, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Delray Plaza On October 27, 2017, the Company invested in the development of an estimated $20.0 million Whole Foods anchored center located in Delray Beach, Florida. The Company's investment is in the form of a mezzanine loan of up to $13.1 million to the developer, Delray Plaza Holdings, LLC ("DPH"). The mezzanine loan bears interest at an annual rate of 15% . The note matures on the earliest of (i) October 27, 2020, (ii) the date of any sale or refinance of the development project, or (iii) the disposition or change in control of the development project. As of December 31, 2017 , the Company had funded $5.4 million on this loan. During the year ended December 31, 2017 , the Company recognized $0.2 million of interest income on this loan. No portion of the note receivable balance is past due, and the Company has not recorded an impairment balance on the note. Management has concluded that this entity is a VIE. Because DPH is the developer of Delray Plaza, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Subsequent to December 31, 2017 On January 31, 2018, the North Decatur Square mezzanine loan was modified to increase the maximum amount of the loan to $25.7 million . |
Construction Contracts
Construction Contracts | 12 Months Ended |
Dec. 31, 2017 | |
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 in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. The Company defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Precontract costs of $0.6 million and $1.5 million were deferred as of December 31, 2017 and 2016 , respectively. 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, 2017 and 2016 , construction receivables included retentions of $9.9 million and $11.5 million , respectively. The Company expects to collect substantially all construction receivables as of December 31, 2017 during the year ending December 31, 2018 . As of December 31, 2017 and 2016 , construction payables included retentions of $17.4 million and $14.6 million , respectively. The Company expects to pay substantially all construction payables as of December 31, 2017 during the year ending December 31, 2018 . The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Costs incurred on uncompleted construction contracts $ 520,368 $ 333,744 Estimated earnings 18,070 10,936 Billings (541,784 ) (354,737 ) Net position $ (3,346 ) $ (10,057 ) December 31, 2017 2016 Construction contract costs and estimated earnings in excess of billings $ 245 $ 110 Billings in excess of construction contract costs and estimated earnings (3,591 ) (10,167 ) Net position $ (3,346 ) $ (10,057 ) The Company expects to complete all uncompleted contracts as of December 31, 2017 during the years ending December 31, 2018 and 2019 . |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The Company’s indebtedness was comprised of the following as of December 31, 2017 and 2016 (dollars in thousands): Stated Interest Stated Maturity Principal Balance Rate Date December 31, December 31, 2017 2016 2017 North Point Center Note 5 $ — $ 643 LIBOR + 2.00% February 1, 2017 Harrisonburg Regal — 3,256 6.06 % June 8, 2017 Commonwealth of Virginia - Chesapeake — 4,933 LIBOR + 1.90% August 28, 2017 Sandbridge Commons (2) 8,468 9,376 LIBOR + 1.75% January 17, 2018 Columbus Village Note 1 (1) 6,080 6,258 LIBOR + 2.00% April 5, 2018 Columbus Village Note 2 2,218 2,266 LIBOR + 2.00% April 5, 2018 Johns Hopkins Village 46,698 43,841 LIBOR + 1.90% July 30, 2018 Lightfoot Marketplace 10,500 12,194 LIBOR + 1.75% November 14, 2018 North Point Note 1 9,571 9,776 6.45 % February 5, 2019 Harding Place 3,874 — LIBOR + 2.95% February 24, 2020 Town Center Phase VI 1,505 — LIBOR + 3.50% June 29, 2020 Southgate Square 20,708 21,150 LIBOR + 2.00% April 29, 2021 249 Central Park Retail (3) 16,851 17,076 LIBOR + 1.95% August 8, 2021 Fountain Plaza Retail (3) 10,145 10,281 LIBOR + 1.95% August 8, 2021 South Retail (3) 7,394 7,493 LIBOR + 1.95% August 8, 2021 4525 Main Street (4) 32,034 32,034 3.25 % September 10, 2021 Encore Apartments (4) 24,966 24,966 3.25 % September 10, 2021 Revolving credit facility 66,000 107,000 LIBOR+1.40%-2.00% October 26, 2021 Hanbury Village 19,503 20,709 0.0378 August 15, 2022 Term loan (1) 50,000 50,000 LIBOR+1.35%-1.95% October 26, 2022 Term loan 100,000 50,000 LIBOR+1.35%-1.95% October 26, 2022 Socastee Commons 4,771 4,866 4.57 % January 6, 2023 North Point Note 2 2,459 2,564 7.25 % September 15, 2025 Smith's Landing 19,764 20,511 4.05 % June 1, 2035 Liberty Apartments 14,694 20,005 5.66 % November 1, 2043 The Cosmopolitan 45,209 45,884 3.35 % July 1, 2051 Total principal balance $ 523,412 $ 527,082 Unamortized fair value adjustments (1,211 ) (1,250 ) Unamortized debt issuance costs (4,929 ) (3,652 ) Indebtedness, net $ 517,272 $ 522,180 ________________________________________ (1) Subject to an interest rate swap agreement. (2) Subsequent to December 31, 2017, the Sandbridge Commons mortgage was extended for an additional 5 years. (3) Cross collateralized. (4) Cross collateralized. The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Fixed-rate debt $ 229,051 $ 241,472 Variable-rate debt 294,361 285,610 Total principal balance $ 523,412 $ 527,082 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, 2017 , the Company was in compliance with all loan covenants. Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year Scheduled Principal Payments Maturities Total Payments 2018 $ 4,361 $ 73,322 $ 77,683 2019 3,951 9,333 13,284 2020 4,959 5,379 10,338 2021 4,073 172,274 176,347 2022 2,699 167,109 169,808 Thereafter 70,385 5,567 75,952 Total $ 90,428 $ 432,984 $ 523,412 Credit Facility On October 26, 2017, the Operating Partnership entered into an amended and restated credit agreement (the “amended credit agreement”), which provides for a $300.0 million credit facility comprised of a $150.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $150.0 million senior unsecured term loan facility (the “term loan facility” and, together with the revolving credit facility, the “credit facility”), with a syndicate of banks. The amended credit facility replaces the prior $150.0 million revolving credit facility, which was scheduled to mature on February 20, 2019, and the prior $125.0 million term loan facility, which was scheduled to mature on February 20, 2021. The credit facility includes an accordion feature that allows the total commitments to be increased to $450.0 million , subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of October 26, 2021, with two six -month extension options, subject to certain conditions, including payment of a 0.075% extension fee at each extension. The term loan facility has a scheduled maturity date of October 26, 2022. The revolving credit facility bears interest at LIBOR plus a margin ranging from 1.40% to 2.00% and the term loan facility bears interest at LIBOR plus a margin ranging from 1.35% to 1.95% , in each case depending on the Company's total leverage. The Company is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the credit facility. As of December 31, 2017 , the interest rates on the revolving credit facility and the term loan facility were 3.11% and 3.06% , 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 Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower under the credit facility, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The credit agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants and other restrictions. The credit agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the credit facility to be immediately due and payable. The Company is currently in compliance with all covenants under the credit facility. Other 2017 Financing Activity On February 1, 2017, the Company paid off the North Point Center Note 5 in full for $0.6 million . On February 24, 2017, the Company secured a $29.8 million construction loan for the Harding Place project in Charlotte, North Carolina. On April 7, 2017, the Company paid off the Harrisonburg Regal note in full for $3.2 million . On April 19, 2017, the Company entered into a second amendment to the credit agreement for the Lightfoot Marketplace loan, which amended certain definitions and covenant requirements. On June 29, 2017, the Company secured a $27.9 million construction loan for the Town Center Phase VI project in Virginia Beach, Virginia. On July 13, 2017, the Company paid off the remaining balance of $4.9 million for the note secured by the Commonwealth of Virginia building in Chesapeake, Virginia in conjunction with the sale of this property. On August 9, 2017, the Company refinanced the Hanbury Village note. The new note matures in August 2022 and has a fixed annual interest rate of 3.78% . On August 10, 2017, the Company paid off $0.7 million of the Sandbridge Commons note in conjunction with the sale of a land outparcel at this property. On September 1, 2017, the Company entered into a modification of The Cosmopolitan note, which reduced the interest rate from 3.75% to 3.35% . On October 13, 2017, the Company paid down $5.0 million of the Liberty Apartments note. On November 1, 2017, the Company extended the Lightfoot construction loan after paying the balance down to $10.5 million and paying an extension fee. The loan is now set to mature in November 2018. On December 28, 2017, the Company secured a $66.5 million construction loan for the 595 King Street and 530 Meeting Street development projects. There are no borrowings on this loan as of December 31, 2017 . During the year ended December 31, 2017 , the Company borrowed $8.9 million under its construction loans to fund new development and construction. Subsequent to December 31, 2017 On January 22, 2018, the Company extended the Sandbridge Commons mortgage. The loan bears interest at a rate of LIBOR plus a spread of 1.75% and will mature on January 17, 2023. In January 2018, the Company increased its borrowings under the revolving credit facility by $58.0 million . 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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 expired 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 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. On June 23, 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 less than $0.2 million . The interest rate cap agreement expires on July 1, 2019. On September 18, 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 less than $0.2 million . The interest rate cap agreement expires on October 1, 2019. On November 28, 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 less than $0.4 million . The interest rate cap agreement expires on December 1, 2019. The Company’s derivatives comprised the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability Interest rate swaps $ 56,079 $ 10 $ (69 ) $ 56,901 $ — $ (829 ) Interest rate caps 345,000 1,515 — 270,000 259 — Total $ 401,079 $ 1,525 $ (69 ) $ 326,901 $ 259 $ (829 ) The changes in the fair value of the Company’s derivatives during the years ended December 31, 2017 , 2016 , and 2015 was as follows (in thousands): Years Ended December 31, 2017 2016 2015 Interest rate swaps $ 770 $ (795 ) $ (1,071 ) Interest rate caps 357 (146 ) (233 ) Total $ 1,127 $ (941 ) $ (1,304 ) Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ 1,127 $ (941 ) $ (229 ) Unrealized gain (loss) on cash flow hedge — — (1,075 ) Total $ 1,127 $ (941 ) $ (1,304 ) 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, 2017 were also recognized in earnings during the years ended December 31, 2017 and 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. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | Equity Stockholders’ Equity As of December 31, 2017 and 2016 , the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 44.9 million and 37.5 million shares of common stock issued and outstanding as of December 31, 2017 and 2016 , respectively. No shares of preferred stock were issued and outstanding as of December 31, 2017 and 2016 . 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 was able to, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $50.0 million (the "2015 ATM Program"). During the years ended December 31, 2016 and 2015 , the Company issued and sold 1,152,919 and 1,108,149 shares of common stock at weighted average prices of $10.87 and $10.26 per share, resulting in net proceeds to the Company after offering costs and commissions of $12.2 million and $10.9 million , respectively. 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 May 4, 2016, the Company commenced a new at-the-market continuous equity offering program (the “2016 ATM Program”) through which the Company was able to, 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. During the years ended December 31, 2017 and 2016 , the Company issued and sold 450,890 and 4,159,936 shares of common stock at a weighted average price of $14.08 and $13.45 per share under the 2016 ATM Program, receiving net proceeds after offering costs and commissions of $6.2 million and $54.8 million , respectively. 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, resulting in 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 May 12, 2017, the Company completed an underwritten public offering of 6,900,000 shares of common stock at a public offering price of $13.00 per share, which resulted in net proceeds after offering costs and commissions of $85.3 million . Redeemable Noncontrolling Interests The former noncontrolling interest holder of Johns Hopkins Village had an option to redeem the 20% noncontrolling interest in that entity. The noncontrolling interest of $2.0 million was included in temporary equity. On December 21, 2017, the Company redeemed the noncontrolling interest for a cash payment of $2.0 million and contingent future consideration of $0.5 million to be paid in Class A Units of the Operating Partnership upon the satisfaction of certain conditions. The contingent future consideration of $0.5 million has been recorded in accounts payable and accrued liabilities on the Company's consolidated balance sheets. Noncontrolling Interests As of December 31, 2017 and 2016 , the Company held a 72.0% and 68.1% 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. The Class B Units and Class C Units did not earn or accrue distributions until July 10, 2017 and January 10, 2018, respectively, at which time they automatically converted to Class A Units. On January 10, 2017, the Operating Partnership issued 68,691 Class A Units to acquire the remaining 20% interest in the Town Center Phase VI project. On October 2, 2017, due to the request of holders of Class A Units to tender an aggregate 358,879 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests with an aggregate cash payment of $4.9 million . 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, 2017 , 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 2, 2017 March 29, 2017 April 6, 2017 $ 0.19 May 5, 2017 June 28, 2017 July 6, 2017 0.19 August 4, 2017 September 27, 2017 October 5, 2017 0.19 November 2, 2017 December 27, 2017 January 4, 2018 0.19 Total $ 0.76 During the year ended December 31, 2017 , the Company paid cash dividends of $31.1 million to common stockholders and the Operating Partnership paid cash distributions of $12.6 million to holders of Class A Units. The tax treatment of dividends paid to common stockholders during the year ended December 31, 2017 was as follows (unaudited): Capital gains 9.06 % Ordinary income 71.59 % Return of capital 19.35 % Total 100.00 % 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 % Return of capital 22 % Total 100 % 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 OP 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 64.2 % Return of capital 35.8 % Total 100.0 % Subsequent to December 31, 2017 On January 2, 2018, due to the holders of Class A Units tendering an aggregate of 163,000 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock. On January 4, 2018, the Company paid cash dividends of $8.5 million to common stockholders and the Operating Partnership paid cash distributions of $3.3 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2017 . On January 29, 2018, the Company issued 117,228 Class A Units valued at $1.7 million in conjunction with the acquisition of Parkway Centre, a newly developed Publix-anchored shopping center in Moultrie, Georgia. On February 22, 2018, the Company announced that its Board of Directors declared a cash dividend of $0.20 per common share for the first quarter of 2018. This represents a 5.3% increase over the prior quarter's cash dividend. The first quarter dividend will be payable in cash on April 5, 2018 to stockholders of record on March 28, 2018. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s Amended and Restated 2013 Equity Incentive Plan (the "Equity 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 1,700,000 shares of common stock. As of December 31, 2017 , the Company had 1,083,838 shares of common stock reserved for issuance under the Equity Plan. During the years ended December 31, 2017 , 2016 , and 2015 , 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 the years ended December 31, 2017 , 2016 , and 2015 was $1.7 million , $1.4 million and $1.2 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 the years ended December 31, 2017 , 2016 , and 2015 , the Company recognized $1.5 million , $1.2 million and $1.0 million of stock-based compensation, respectively. As of December 31, 2017 , the total unrecognized compensation cost related to nonvested restricted shares was $0.5 million , substantially all of which the Company expects to recognize over the next 20 months . The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2017 : Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2017 104,839 $ 11.20 Granted 118,361 14.04 Vested (109,950 ) 12.26 Forfeited (461 ) 12.99 Nonvested as of December 31, 2017 112,789 $ 13.14 Restricted stock awards granted and vested during the year ended December 31, 2017 include 21,188 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, 2017 | |
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, 2017 and 2016 were as follows (in thousands): December 31, 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Indebtedness, net $ 517,272 $ 518,417 $ 522,180 $ 527,414 Interest rate swap liabilities 69 69 829 829 Interest rate swap and cap assets 1,525 1,525 259 259 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax benefit (provision) for the years ended December 31, 2017 , 2016 , and 2015 comprised the following (in thousands): Years Ended December 31, 2017 2016 2015 Federal income taxes: Current $ (516 ) $ (197 ) $ 102 Deferred (131 ) (109 ) (72 ) State income taxes: Current (62 ) (24 ) 13 Deferred (16 ) (13 ) (9 ) Income tax benefit (provision) $ (725 ) $ (343 ) $ 34 The legislation commonly known as the Tax Cuts and Jobs Act (the "Tax Act") was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21% (including with respect to taxable REIT subsidiaries), resulting in the Company's remeasuring its existing deferred tax balances. In addition, generally beginning in 2018, the Tax Act alters the deductibility of certain items (e.g., interest expense) and allows the cost of certain qualifying capital asset investments to be deducted fully in the year they were purchased, subject to a phase-down of the deduction percentage over time. As of December 31, 2017 , the Company has not fully completed its analysis of the tax effects of the Tax Act; however, it has made a reasonable estimate of the effects on the deferred tax balances. The Company remeasured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The provisional amounts recorded related to the remeasurement of the deferred tax balance was approximately $0.2 million of tax expense. The Company has not fully completed its analysis of the tax effects of the Tax Act; however, it has made a reasonable estimate of the effects on the deferred tax balances. Our estimates are subject to change as additional clarification and implementation guidance is made available by the Internal Revenue Service or other standard-setting bodies, and as a result, we may make adjustments to provisional amounts. It is not expected that such adjustments, however, will materially affect our financial position and results of operations or our effective tax rate in the period in which the adjustments are made. As of December 31, 2017 and 2016 , the Company had $0.3 million and $0.5 million , respectively, 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, 2017 and 2016 . The Company is generally subject to examination by the applicable taxing authorities for the tax years 2014 through 2017. The Company does not currently have any ongoing tax examinations by taxing authorities. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets were comprised of the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Acquired lease intangibles, net $ 29,881 $ 38,853 Leasing costs, net 9,651 9,338 Leasing incentives, net 4,217 4,764 Interest rate swaps and caps 1,515 259 Prepaid expenses and other 8,937 9,797 Advance deposits on property acquisitions 400 75 Preacquisition development costs 1,352 1,079 Other assets $ 55,953 $ 64,165 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities were comprised of the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Dividends and distributions payable $ 11,887 $ 9,727 Deferred ground rent payable 8,732 8,202 Acquired lease intangibles, net 13,829 15,545 Prepaid rent and other 3,171 3,227 Security deposits 1,674 1,679 Interest rate swaps 59 829 Other liabilities $ 39,352 $ 39,209 |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Acquired Lease Intangibles | |
Acquired Lease Intangibles | Acquired Lease Intangibles The following table summarizes the Company’s acquired lease intangibles as of December 31, 2017 (in thousands): December 31, 2017 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 50,506 $ 25,193 $ 25,313 Above-market lease assets 4,817 1,923 2,894 Below-market lease liabilities 18,089 4,260 13,829 Below-market ground lease assets 1,920 246 1,674 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 Amortization of in-place lease assets for the years ended December 31, 2017 , 2016 , and 2015 was $9.7 million , $10.2 million , and $2.9 million , respectively. Amortization of above-market lease assets for the years ended December 31, 2017 , 2016 , and 2015 was $0.8 million , $0.9 million , and $0.3 million , respectively. Amortization of below-market lease liabilities for the years ended December 31, 2017 , 2016 , and 2015 was $1.8 million , $1.8 million , and $0.1 million , respectively. Amortization of below-market ground lease assets for the years ended December 31, 2017 , 2016 , and 2015 was $0.1 million , $0.1 million , and $0.1 million , respectively. As of December 31, 2017 , the weighted-average remaining lives of in-place lease assets, above-market lease assets, below-market lease liabilities, and below-market ground lease assets were 4.9 years , 6.0 years , 4.9 years , and 31.5 years , respectively. As of December 31, 2017 , the weighted-average remaining life of below-market lease renewal options was 13.8 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, 2018 $ 928 $ 53 $ 7,170 2019 842 53 5,359 2020 706 53 3,659 2021 721 53 2,250 2022 689 53 1,669 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
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 $7.6 million , $26.7 million and $9.6 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Gross profits from such contracts were $0.4 million , $1.0 million and $0.3 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Amounts from related parties of the Company included in construction receivables as of December 31, 2017 and 2016 were $0.2 million and $3.4 million , respectively. Real estate services fees from affiliated entities of the Company were no t material for any of the years ended December 31, 2017 , 2016 , and 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 no t material for any of the years ended December 31, 2017 , 2016 , and 2015 . In connection with the formation transactions for the Company's IPO, 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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 $44.9 million and $40.5 million as of December 31, 2017 and 2016 , 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, 2017 and 2016 , the Operating Partnership had total outstanding letters of credit of $2.1 million and $4.1 million , respectively. The amounts outstanding at December 31, 2017 and 2016 include 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): 2018 $ 2,260 2019 2,145 2020 2,104 2021 2,057 2022 1,897 Thereafter 89,556 Total $ 100,019 Ground rent expense for the years ended December 31, 2017 , 2016 , and 2015 was $2.5 million , $2.0 million and $1.7 million , respectively. Concentrations of Credit Risk The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2017 , 2016 , and 2015 , rental revenues from Hampton Roads properties represented 53% , 58% and 68% , 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 the years ended December 31, 2017 , 2016 , and 2015 , rental revenues from Town Center properties represented 38% , 41% and 46% , respectively, of the Company’s rental revenues. Rental revenues from Richmond Tower, which the Company sold in January 2016, individually represented 1% and 11% of the Company’s rental revenues for the years ended December 31, 2016 and 2015 , respectively. A group of five construction customers comprised 88% , 52% , and 15% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The same customers represented 83% , 43% , and 20% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2017 , 2016 , and 2015 , respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following tables summarize certain selected quarterly financial data for 2017 and 2016 (in thousands, except per share data): 2017 Quarters First Second Third Fourth Rental revenues $ 27,232 $ 26,755 $ 27,096 $ 27,654 General contracting and real estate services revenues 63,519 56,671 41,201 32,643 Net operating income 20,978 20,645 19,397 19,211 Net income 8,753 4,943 10,461 5,768 Net income attributable to stockholders 5,936 3,471 7,488 4,152 Net income per share: basic and diluted $ 0.16 $ 0.08 $ 0.17 $ 0.09 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 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 |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 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 $ — $ 45,338 $ 982 $ 45,338 $ 46,320 $ 4,422 $ 41,898 2014 Armada Hoffler Tower — (2) 1,976 — 57,887 1,976 57,887 59,863 29,625 30,238 2002 One Columbus — (2) 960 10,269 8,772 960 19,041 20,001 10,280 9,721 1984 Two Columbus — (2) 53 — 19,364 53 19,364 19,417 6,941 12,476 2009 Total office $ 32,034 $ 3,971 $ 10,269 $ 131,361 $ 3,971 $ 141,630 $ 145,601 $ 51,268 $ 94,333 Retail 249 Central Park Retail $ 16,851 $ 712 $ — $ 15,108 $ 712 $ 15,108 $ 15,820 $ 8,228 $ 7,592 2004 Alexander Pointe — (2) 4,050 4,880 58 4,050 4,938 8,988 466 8,522 1997/2016 Bermuda Crossroads — (2) 5,450 10,641 1,053 5,450 11,694 17,144 2,183 14,961 2001/2013 Broad Creek Shopping Center — (2) — — 15,945 — 15,945 15,945 9,010 6,935 1997-2001 Broadmoor Plaza — (2) 2,410 9,010 346 2,410 9,356 11,766 881 10,885 1980/2016 Brooks Crossing — 117 — 2,213 117 2,213 2,330 88 2,242 2016 Columbus Village 8,298 7,631 10,135 9 7,631 10,144 17,775 732 17,043 1980/2015 Columbus Village II — (2) 14,536 10,922 23 14,536 10,945 25,481 520 24,961 1995/2016 Commerce Street Retail — (2) 118 — 3,220 118 3,220 3,338 1,342 1,996 2008 Courthouse 7-Eleven — (2) 1,007 — 1,043 1,007 1,043 2,050 163 1,887 2011 Dick’s at Town Center — (2) 67 — 10,572 67 10,572 10,639 3,920 6,719 2002 Dimmock Square — (2) 5,100 13,126 188 5,100 13,314 18,414 1,254 17,160 1998/2014 Fountain Plaza Retail 10,145 425 — 7,135 425 7,135 7,560 3,154 4,406 2004 Gainsborough Square — (2) 2,229 — 7,182 2,229 7,182 9,411 3,206 6,205 1999 Greentree Shopping Center — 1,103 — 4,018 1,103 4,018 5,121 513 4,608 2014 Hanbury Village 19,503 (2) 3,793 — 19,342 3,793 19,342 23,135 6,344 16,791 2006 Harper Hill Commons — (2) 2,840 8,510 93 2,840 8,603 11,443 608 10,835 2004/2016 Harrisonburg Regal — 1,554 — 4,148 1,554 4,148 5,702 1,989 3,713 1999 Lightfoot Marketplace 10,500 7,628 — 14,714 7,628 14,714 22,342 794 21,548 2016 North Hampton Market — (2) 7,250 10,210 401 7,250 10,611 17,861 953 16,908 2004/2016 North Point Center 12,030 (2) 1,936 — 25,417 1,936 25,417 27,353 12,652 14,701 1998 Oakland Marketplace — (2) 1,850 3,370 26 1,850 3,396 5,246 584 4,662 2004/2016 Parkway Marketplace — (2) 1,150 — 3,664 1,150 3,664 4,814 1,776 3,038 1998 Patterson Place — (2) 15,059 20,180 231 15,059 20,411 35,470 1,353 34,117 2004/2016 Perry Hall Marketplace — (2) 3,240 8,316 383 3,240 8,699 11,939 872 11,067 2001/2015 Providence Plaza — (2) 9,950 12,369 670 9,950 13,039 22,989 937 22,052 2007/2015 Renaissance Place — (2) 6,730 8,439 89 6,730 8,528 15,258 335 14,923 2008/2016 Sandbridge Commons 8,468 4,825 — 7,285 4,825 7,285 12,110 839 11,271 2015 Socastee Commons 4,771 2,320 5,380 121 2,320 5,501 7,821 530 7,291 2000/2015 South Retail 7,394 190 — 7,635 190 7,635 7,825 3,964 3,861 2002 South Square — (2) 14,130 12,670 164 14,130 12,834 26,964 953 26,011 1977/2016 Southgate Square 20,708 8,890 25,950 249 8,890 26,199 35,089 1,467 33,622 1991/2016 Southshore Shops — (2) 1,770 6,509 16 1,770 6,525 8,295 289 8,006 2006/2016 Stone House Square — (2) 6,360 16,350 277 6,360 16,627 22,987 1,548 21,439 2008/2015 Studio 56 Retail — (2) 76 — 2,475 76 2,475 2,551 825 1,726 2007 Tyre Neck Harris Teeter — (2) — — 3,306 — 3,306 3,306 923 2,383 2011 Waynesboro Commons — (2) 1,300 1,610 47 1,300 1,657 2,957 385 2,572 1993/2016 Wendover Village — (2) 18,260 21,700 52 18,260 21,752 40,012 1,100 38,912 2004/2016-2017 Total retail $ 118,668 $ 166,056 $ 220,277 $ 158,918 $ 166,056 $ 379,195 $ 545,251 $ 77,680 $ 467,571 Mutifamily Encore Apartments $ 24,966 $ 1,293 $ — $ 30,183 $ 1,293 $ 30,183 $ 31,476 $ 3,033 $ 28,443 2014 Harding Place 3,874 5,706 — 22,997 5,706 22,997 28,703 — 28,703 — (3) Johns Hopkins Village 46,698 — — 69,229 — 69,229 69,229 3,107 66,122 2016 King Street — 7,276 — 5,452 7,276 5,452 12,728 — 12,728 — (3) Liberty Apartments 14,694 3,580 23,494 1,407 3,580 24,900 28,480 3,456 25,024 2013/2014 Meeting Street — 7,265 — 6,372 7,265 6,372 13,637 — 13,637 — (3) Smith’s Landing 19,764 — 35,105 1,765 — 36,870 36,870 5,613 31,257 2009/2013 The Cosmopolitan 45,209 985 — 57,504 985 57,504 58,489 20,364 38,125 2006 Town Center Phase VI 1,505 965 — 22,328 965 22,328 23,293 — 23,293 — (3) Total multifamily $ 156,710 $ 27,070 $ 58,599 $ 217,237 $ 27,070 $ 275,835 $ 302,905 $ 35,573 $ 267,332 Held for development $ — $ 680 $ — $ — $ 680 $ — $ 680 $ — $ 680 Real estate investments $ 307,412 $ 197,777 $ 289,145 $ 507,516 $ 197,777 $ 796,660 $ 994,437 $ 164,521 $ 829,916 ________________________________________ (1) The net carrying amount of real estate for federal income tax purposes was $698.1 million as of December 31, 2017 . (2) Borrowing base collateral for the credit facility as of December 31, 2017 . (3) Construction in progress as of December 31, 2017 . 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, 2017 2016 2017 2016 Balance at beginning of the year $ 908,287 $ 633,591 $ 139,553 $ 125,380 Construction costs and improvements 84,142 56,630 — — Acquisitions 12,760 248,987 — — Dispositions (10,146 ) (30,467 ) (1,006 ) (352 ) Reclassifications (606 ) (454 ) — (8,928 ) Depreciation — — 25,974 23,453 Balance at end of the year $ 994,437 $ 908,287 $ 164,521 $ 139,553 |
Significant Accounting Polici27
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 ("VIEs") 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 $1.2 million , $1.1 million and $1.9 million of straight-line rent adjustments for the years ended December 31, 2017 , 2016 , and 2015 , respectively. 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 $0.4 million , $0.4 million , and $0.5 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.8 million for each of the years ended December 31, 2017 , 2016 , and 2015 . 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 development 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 the years ended December 31, 2017 , 2016 , and 2015 was $1.3 million , $1.0 million and $1.0 million , respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2017 , 2016 , and 2015 were $2.4 million , $1.7 million and $2.1 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, 2017 and 2016 were $1.4 million and $1.1 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 other 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. |
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 the years ended December 31, 2017 , 2016 , and 2015 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. 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. |
Notes Receivable | Notes Receivable Notes receivable represent 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. |
Income Taxes | Income Taxes The Company has elected to be taxed as a 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. |
Emerging Growth Company Status | Emerging Growth Company Status The Company currently qualifies as an emerging growth company (“EGC”) pursuant to the Jumpstart Our Business Startups Act and will lose this qualification on December 31, 2018, which is the last day of the fiscal year after the fifth anniversary of the Company's IPO. 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 will change the way the Company recognizes revenue from construction and development contracts with third party customers. The Company will adopt this standard on January 1, 2018 using the modified retrospective method, applying this standard to all contracts not yet completed as of that date. In applying the standard to the Company's future construction contracts, certain pre-contract costs incurred by the Company will be deferred and amortized over the period during which construction obligations are fulfilled. Previously, these costs were immediately recorded as general contracting expenses upon commencement of construction, with the corresponding general contracting revenue also recorded. Applying the standard to the Company's uncompleted contracts as of January 1, 2018 will not result in a material adjustment to the Company's financial position as of January 1, 2018. Any required adjustment will be recorded as a cumulative catch-up adjustment to stockholders' equity. On February 25, 2016, the FASB issued a new lease standard that requires lessees to recognize most leases in their balance sheets as lease liabilities with corresponding right-of-use assets. 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 beginning of the earliest comparative period presented, with an option to use certain transition relief. Management is currently evaluating the potential impact of the new standard on the Company’s consolidated financial statements. On March 30, 2016, the FASB issued new guidance that changed the accounting for certain aspects of share-based payments to employees. Entities are required to recognize the income tax effects of awards in the income statement when the awards vest or are settled, and the Company is allowed to account for forfeitures as they occur. The Company adopted the guidance on January 1, 2017 and it did not have a material impact on the Company’s consolidated financial statements. In 2016, the FASB issued new guidance that addresses eight classification issues related to the statement of cash flows and requires the presentation of total changes in cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The Company adopted this new guidance effective December 31, 2017, applying it retrospectively to each period presented. The new guidance requires that the statement of cash flows show changes in restricted cash in addition to changes in cash and cash equivalents. No additional changes were required to be made to the Company's consolidated statements of cash flows. The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31 2017 2016 2015 Cash and cash equivalents $ 19,959 $ 21,942 $ 26,989 Restricted cash 2,957 3,251 2,824 Cash, cash equivalents, and restricted cash $ 22,916 $ 25,193 $ 29,813 The following table summarizes the changes made to net cash provided by operating activities and net cash used in investing activities in consolidated statements of cash flows for the years ended December 31, 2016 and 2015 on a retrospective basis (no changes were made to net cash provided by financing activities): Years ended December 31, 2016 2015 Operating activities as originally presented $ 59,770 $ 33,086 Adjustments 219 180 Operating activities after adjustments $ 59,989 $ 33,266 Investing activities as originally presented $ (226,461 ) $ (56,381 ) Adjustments $ 208 $ (1,580 ) Investing activities after adjustments $ (226,253 ) $ (57,961 ) 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. 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. On February 22, 2017, the FASB issued new guidance that clarifies the scope and application of guidance on sales or transfers of nonfinancial assets and in substance nonfinancial assets to customers, including partial sales. The new guidance applies to all nonfinancial assets, including real estate, and defines an in substance nonfinancial asset. The new guidance is effective for the Company on January 1, 2018. 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 August 28, 2017, the FASB issued new guidance that simplifies some of the requirements relating to accounting for derivatives and hedging. The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness for a highly effective hedge and also simplifies certain documentation and assessment requirements relating to the determination of hedge effectiveness. The new guidance will be effective for the Company on January 1, 2019, with early adoption permitted. The Company does not currently have any derivatives designated as hedging instruments for accounting purposes. The application of this guidance to future hedging relationships could reduce or eliminate the gains and losses that would otherwise be recorded for these derivative 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. |
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, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of 100% owned properties | As of December 31, 2017 , the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% One Columbus Office Virginia Beach, Virginia* 100% Two Columbus Office Virginia Beach, Virginia* 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Alexander Pointe Retail Salisbury, North Carolina 100% Bermuda Crossroads Retail Chester, Virginia 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail Newport News, Virginia 65% (1) Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Courthouse 7-Eleven Retail Virginia Beach, Virginia 100% Dick’s at Town Center Retail Virginia Beach, Virginia* 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Gainsborough Square Retail Chesapeake, Virginia 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harper Hill Commons Retail Winston-Salem, North Carolina 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Lightfoot Marketplace Retail Williamsburg, Virginia 70% (2) North Hampton Market Retail Taylors, South Carolina 100% North Point Center Retail Durham, North Carolina 100% Oakland Marketplace Retail Oakland, Tennessee 100% Parkway Marketplace Retail Virginia Beach, Virginia 100% Patterson Place Retail Durham, North Carolina 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Providence Plaza Retail Charlotte, North Carolina 100% Renaissance Square Retail Davidson, North Carolina 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% Socastee Commons Retail Myrtle Beach, South Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Stone House Square Retail Hagerstown, Maryland 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Waynesboro Commons Retail Waynesboro, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Johns Hopkins Village Multifamily Baltimore, Maryland 100% Liberty Apartments Multifamily Newport News, Virginia 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% The Cosmopolitan Multifamily Virginia Beach, Virginia* 100% ________________________________________ (1) The Company is entitled to a preferred return of 8% on its investment in Brooks Crossing. (2) The Company is entitled to a preferred return of 9% on its investment in Lightfoot Marketplace. * Located in the Town Center of Virginia Beach |
Schedule of properties under development or construction | As of December 31, 2017 , the following properties were under development or construction: Property Segment Location Ownership Interest Town Center Phase VI Mixed-use Virginia Beach, Virginia* 100 % Harding Place Multifamily Charlotte, North Carolina 80 % (1) 595 King Street Multifamily Charleston, South Carolina 92.5 % 530 Meeting Street Multifamily Charleston, South Carolina 90 % Brooks Crossing Office Newport News, Virginia 65 % (2) *Located in the Town Center of Virginia Beach (1) The Company is entitled to a preferred return of 9% on a portion of its investment in Harding Place. (2) The Company is entitled to a preferred return of 8% on its investment in Brooks Crossing. |
Significant Accounting Polici29
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) |
Schedule of Cash and Cash Equivalents | The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31 2017 2016 2015 Cash and cash equivalents $ 19,959 $ 21,942 $ 26,989 Restricted cash 2,957 3,251 2,824 Cash, cash equivalents, and restricted cash $ 22,916 $ 25,193 $ 29,813 |
Schedule of Restricted Cash | The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31 2017 2016 2015 Cash and cash equivalents $ 19,959 $ 21,942 $ 26,989 Restricted cash 2,957 3,251 2,824 Cash, cash equivalents, and restricted cash $ 22,916 $ 25,193 $ 29,813 |
Schedule of Prior Period Adjustments from Changes in Accounting Principles | The following table summarizes the changes made to net cash provided by operating activities and net cash used in investing activities in consolidated statements of cash flows for the years ended December 31, 2016 and 2015 on a retrospective basis (no changes were made to net cash provided by financing activities): Years ended December 31, 2016 2015 Operating activities as originally presented $ 59,770 $ 33,086 Adjustments 219 180 Operating activities after adjustments $ 59,989 $ 33,266 Investing activities as originally presented $ (226,461 ) $ (56,381 ) Adjustments $ 208 $ (1,580 ) Investing activities after adjustments $ (226,253 ) $ (57,961 ) |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Net operating income of reportable segments | Net operating income of the Company’s reportable segments for the years ended December 31, 2017 , 2016 , and 2015 was as follows (in thousands): Years Ended December 31, 2017 2016 2015 Office real estate Rental revenues $ 19,207 $ 20,929 $ 31,534 Rental expenses 5,483 5,560 6,938 Real estate taxes 1,859 2,000 2,950 Segment net operating income 11,865 13,369 21,646 Retail real estate Rental revenues 63,109 56,511 32,064 Rental expenses 10,233 9,116 5,915 Real estate taxes 6,176 5,395 2,928 Segment net operating income 46,700 42,000 23,221 Multifamily residential real estate Rental revenues 26,421 21,915 17,574 Rental expenses 9,705 7,228 6,351 Real estate taxes 2,494 2,234 1,904 Segment net operating income 14,222 12,453 9,319 General contracting and real estate services Segment revenues 194,034 159,030 171,268 Segment expenses 186,590 153,375 165,344 Segment gross profit 7,444 5,655 5,924 Net operating income $ 80,231 $ 73,477 $ 60,110 |
Reconciliation of net operating income to net income | The following table reconciles net operating income to net income for the years ended December 31, 2017 , 2016 , and 2015 (in thousands): Years Ended December 31, 2017 2016 2015 Net operating income $ 80,231 $ 73,477 $ 60,110 Depreciation and amortization (37,321 ) (35,328 ) (23,153 ) General and administrative expenses (10,435 ) (9,552 ) (8,397 ) Acquisition, development and other pursuit costs (648 ) (1,563 ) (1,935 ) Impairment charges (110 ) (355 ) (41 ) Interest income 7,077 3,228 126 Interest expense (17,439 ) (16,466 ) (13,333 ) Loss on extinguishment of debt (50 ) (82 ) (512 ) Gain on real estate dispositions 8,087 30,533 18,394 Change in fair value of interest rate derivatives 1,127 (941 ) (229 ) Other income 131 147 119 Income tax benefit (provision) (725 ) (343 ) 34 Net income $ 29,925 $ 42,755 $ 31,183 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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): 2018 $ 71,439 2019 64,204 2020 54,582 2021 48,018 2022 41,441 Thereafter 184,844 Total $ 464,528 Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands): 2018 $ 2,260 2019 2,145 2020 2,104 2021 2,057 2022 1,897 Thereafter 89,556 Total $ 100,019 |
Real Estate Investments and E32
Real Estate Investments and Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of real estate investments | The Company’s real estate investments comprised the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 Income producing property Held for development Construction in progress Total Land $ 175,885 $ 680 $ 21,212 $ 197,777 Land improvements 44,681 — — 44,681 Buildings and improvements 690,120 — — 690,120 Development and construction costs — — 61,859 61,859 Real estate investments $ 910,686 $ 680 $ 83,071 $ 994,437 December 31, 2016 Income Held Construction 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 |
Schedule of the purchase price allocation | The following table summarizes the purchase price allocation, including acquisition costs, for this property (in thousands): Land $ 5,550 Site improvements 232 Building and improvements 6,977 In-place leases 1,382 Above-market leases 327 Below-market leases (50 ) Net assets acquired $ 14,418 |
Summary of estimated fair values of assets acquired and liabilities assumed | 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 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 |
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 the 2017 acquisition had been acquired on January 1, 2016, each of the 2016 acquisitions had been acquired on January 1, 2015, and each of the 2015 acquisitions had been acquired on January 1, 2014 (in thousands): Years Ended December 31, 2017 2016 2015 Rental revenues $ 109,472 $ 102,579 $ 105,479 Net income 30,354 14,060 18,492 |
Construction Contracts (Tables)
Construction Contracts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Contractors [Abstract] | |
Net position of uncompleted construction contracts | The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Costs incurred on uncompleted construction contracts $ 520,368 $ 333,744 Estimated earnings 18,070 10,936 Billings (541,784 ) (354,737 ) Net position $ (3,346 ) $ (10,057 ) December 31, 2017 2016 Construction contract costs and estimated earnings in excess of billings $ 245 $ 110 Billings in excess of construction contract costs and estimated earnings (3,591 ) (10,167 ) Net position $ (3,346 ) $ (10,057 ) |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The Company’s indebtedness was comprised of the following as of December 31, 2017 and 2016 (dollars in thousands): Stated Interest Stated Maturity Principal Balance Rate Date December 31, December 31, 2017 2016 2017 North Point Center Note 5 $ — $ 643 LIBOR + 2.00% February 1, 2017 Harrisonburg Regal — 3,256 6.06 % June 8, 2017 Commonwealth of Virginia - Chesapeake — 4,933 LIBOR + 1.90% August 28, 2017 Sandbridge Commons (2) 8,468 9,376 LIBOR + 1.75% January 17, 2018 Columbus Village Note 1 (1) 6,080 6,258 LIBOR + 2.00% April 5, 2018 Columbus Village Note 2 2,218 2,266 LIBOR + 2.00% April 5, 2018 Johns Hopkins Village 46,698 43,841 LIBOR + 1.90% July 30, 2018 Lightfoot Marketplace 10,500 12,194 LIBOR + 1.75% November 14, 2018 North Point Note 1 9,571 9,776 6.45 % February 5, 2019 Harding Place 3,874 — LIBOR + 2.95% February 24, 2020 Town Center Phase VI 1,505 — LIBOR + 3.50% June 29, 2020 Southgate Square 20,708 21,150 LIBOR + 2.00% April 29, 2021 249 Central Park Retail (3) 16,851 17,076 LIBOR + 1.95% August 8, 2021 Fountain Plaza Retail (3) 10,145 10,281 LIBOR + 1.95% August 8, 2021 South Retail (3) 7,394 7,493 LIBOR + 1.95% August 8, 2021 4525 Main Street (4) 32,034 32,034 3.25 % September 10, 2021 Encore Apartments (4) 24,966 24,966 3.25 % September 10, 2021 Revolving credit facility 66,000 107,000 LIBOR+1.40%-2.00% October 26, 2021 Hanbury Village 19,503 20,709 0.0378 August 15, 2022 Term loan (1) 50,000 50,000 LIBOR+1.35%-1.95% October 26, 2022 Term loan 100,000 50,000 LIBOR+1.35%-1.95% October 26, 2022 Socastee Commons 4,771 4,866 4.57 % January 6, 2023 North Point Note 2 2,459 2,564 7.25 % September 15, 2025 Smith's Landing 19,764 20,511 4.05 % June 1, 2035 Liberty Apartments 14,694 20,005 5.66 % November 1, 2043 The Cosmopolitan 45,209 45,884 3.35 % July 1, 2051 Total principal balance $ 523,412 $ 527,082 Unamortized fair value adjustments (1,211 ) (1,250 ) Unamortized debt issuance costs (4,929 ) (3,652 ) Indebtedness, net $ 517,272 $ 522,180 ________________________________________ (1) Subject to an interest rate swap agreement. (2) Subsequent to December 31, 2017, the Sandbridge Commons mortgage was extended for an additional 5 years. (3) Cross collateralized. (4) Cross collateralized. |
Components of debt | The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Fixed-rate debt $ 229,051 $ 241,472 Variable-rate debt 294,361 285,610 Total principal balance $ 523,412 $ 527,082 |
Scheduled principal repayments and term-loan maturities | Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year Scheduled Principal Payments Maturities Total Payments 2018 $ 4,361 $ 73,322 $ 77,683 2019 3,951 9,333 13,284 2020 4,959 5,379 10,338 2021 4,073 172,274 176,347 2022 2,699 167,109 169,808 Thereafter 70,385 5,567 75,952 Total $ 90,428 $ 432,984 $ 523,412 |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivatives | The Company’s derivatives comprised the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability Interest rate swaps $ 56,079 $ 10 $ (69 ) $ 56,901 $ — $ (829 ) Interest rate caps 345,000 1,515 — 270,000 259 — Total $ 401,079 $ 1,525 $ (69 ) $ 326,901 $ 259 $ (829 ) |
Schedule of changes in fair value of derivatives | The changes in the fair value of the Company’s derivatives during the years ended December 31, 2017 , 2016 , and 2015 was as follows (in thousands): Years Ended December 31, 2017 2016 2015 Interest rate swaps $ 770 $ (795 ) $ (1,071 ) Interest rate caps 357 (146 ) (233 ) Total $ 1,127 $ (941 ) $ (1,304 ) Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ 1,127 $ (941 ) $ (229 ) Unrealized gain (loss) on cash flow hedge — — (1,075 ) Total $ 1,127 $ (941 ) $ (1,304 ) |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Declared dividends per share and distributions per unit | During the year ended December 31, 2017 , 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 2, 2017 March 29, 2017 April 6, 2017 $ 0.19 May 5, 2017 June 28, 2017 July 6, 2017 0.19 August 4, 2017 September 27, 2017 October 5, 2017 0.19 November 2, 2017 December 27, 2017 January 4, 2018 0.19 Total $ 0.76 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, 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 |
Tax treatment of dividends paid | The tax treatment of dividends paid to common stockholders during the year ended December 31, 2015 was as follows (unaudited): Capital gains — % Ordinary income 64.2 % Return of capital 35.8 % Total 100.0 % The tax treatment of dividends paid to common stockholders during the year ended December 31, 2017 was as follows (unaudited): Capital gains 9.06 % Ordinary income 71.59 % Return of capital 19.35 % Total 100.00 % 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 % Return of capital 22 % Total 100 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 : Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2017 104,839 $ 11.20 Granted 118,361 14.04 Vested (109,950 ) 12.26 Forfeited (461 ) 12.99 Nonvested as of December 31, 2017 112,789 $ 13.14 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 were as follows (in thousands): December 31, 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Indebtedness, net $ 517,272 $ 518,417 $ 522,180 $ 527,414 Interest rate swap liabilities 69 69 829 829 Interest rate swap and cap assets 1,525 1,525 259 259 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income tax provision | The income tax benefit (provision) for the years ended December 31, 2017 , 2016 , and 2015 comprised the following (in thousands): Years Ended December 31, 2017 2016 2015 Federal income taxes: Current $ (516 ) $ (197 ) $ 102 Deferred (131 ) (109 ) (72 ) State income taxes: Current (62 ) (24 ) 13 Deferred (16 ) (13 ) (9 ) Income tax benefit (provision) $ (725 ) $ (343 ) $ 34 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | Other assets were comprised of the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Acquired lease intangibles, net $ 29,881 $ 38,853 Leasing costs, net 9,651 9,338 Leasing incentives, net 4,217 4,764 Interest rate swaps and caps 1,515 259 Prepaid expenses and other 8,937 9,797 Advance deposits on property acquisitions 400 75 Preacquisition development costs 1,352 1,079 Other assets $ 55,953 $ 64,165 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities were comprised of the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Dividends and distributions payable $ 11,887 $ 9,727 Deferred ground rent payable 8,732 8,202 Acquired lease intangibles, net 13,829 15,545 Prepaid rent and other 3,171 3,227 Security deposits 1,674 1,679 Interest rate swaps 59 829 Other liabilities $ 39,352 $ 39,209 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (in thousands): December 31, 2017 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 50,506 $ 25,193 $ 25,313 Above-market lease assets 4,817 1,923 2,894 Below-market lease liabilities 18,089 4,260 13,829 Below-market ground lease assets 1,920 246 1,674 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 |
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, 2018 $ 928 $ 53 $ 7,170 2019 842 53 5,359 2020 706 53 3,659 2021 721 53 2,250 2022 689 53 1,669 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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): 2018 $ 71,439 2019 64,204 2020 54,582 2021 48,018 2022 41,441 Thereafter 184,844 Total $ 464,528 Future minimum rental payments during each of the next five years and thereafter are as follows (in thousands): 2018 $ 2,260 2019 2,145 2020 2,104 2021 2,057 2022 1,897 Thereafter 89,556 Total $ 100,019 |
Selected Quarterly Financial 44
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Summary certain selected quarterly financial data | The following tables summarize certain selected quarterly financial data for 2017 and 2016 (in thousands, except per share data): 2017 Quarters First Second Third Fourth Rental revenues $ 27,232 $ 26,755 $ 27,096 $ 27,654 General contracting and real estate services revenues 63,519 56,671 41,201 32,643 Net operating income 20,978 20,645 19,397 19,211 Net income 8,753 4,943 10,461 5,768 Net income attributable to stockholders 5,936 3,471 7,488 4,152 Net income per share: basic and diluted $ 0.16 $ 0.08 $ 0.17 $ 0.09 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 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 |
Business and Organization - Add
Business and Organization - Additional Information (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Business and Organization | ||
Percentage of operating partnerships held | 72.00% | 68.10% |
General Partner | ||
Business and Organization | ||
Percentage of operating partnerships held | 0.10% |
Business and Organization - Sch
Business and Organization - Schedule of Owned Properties (Details) | 12 Months Ended |
Dec. 31, 2017 | |
4525 Main Street | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Armada Hoffler Tower | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
One Columbus | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Two Columbus | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
249 Central Park Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Alexander Pointe | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Bermuda Crossroads | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Broad Creek Shopping Center | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Broadmoor Plaza | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Brooks Crossing | |
Business and Organization | |
Preferred return | 8.00% |
Brooks Crossing | Office | |
Business and Organization | |
Ownership interest percentage in property | 65.00% |
Brooks Crossing | Retail | |
Business and Organization | |
Ownership interest percentage in property | 65.00% |
Columbus Village | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Columbus Village II | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Commerce Street Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Courthouse 7-Eleven | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Dick’s at Town Center | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Dimmock Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Fountain Plaza Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Gainsborough Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Greentree Shopping Center | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Hanbury Village | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Harper Hill Commons | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Harrisonburg Regal | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Lightfoot Marketplace | |
Business and Organization | |
Preferred return | 9.00% |
Lightfoot Marketplace | Retail | |
Business and Organization | |
Ownership interest percentage in property | 70.00% |
North Hampton Market | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
North Point Center | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Oakland Marketplace | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Parkway Marketplace | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Patterson Place | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Perry Hall Marketplace | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Providence Plaza | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Renaissance Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Sandbridge Commons | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Socastee Commons | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Southgate Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Southshore Shops | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
South Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
South Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Stone House Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Studio 56 Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Tyre Neck Harris Teeter | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Waynesboro Commons | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Wendover Village | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Encore Apartments | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Johns Hopkins Village | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Liberty Apartments | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Smith’s Landing | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
The Cosmopolitan | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Business and Organization - S47
Business and Organization - Schedule of Properties Under Development or Construction (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Harding Place | |
Business and Organization | |
Preferred return | 9.00% |
Brooks Crossing | |
Business and Organization | |
Preferred return | 8.00% |
Mixed-use | Town Center Phase VI | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Multifamily | Harding Place | |
Business and Organization | |
Ownership interest percentage in property | 80.00% |
Multifamily | 595 King Street | |
Business and Organization | |
Ownership interest percentage in property | 92.50% |
Multifamily | 530 Meeting Street | |
Business and Organization | |
Ownership interest percentage in property | 90.00% |
Office | Brooks Crossing | |
Business and Organization | |
Ownership interest percentage in property | 65.00% |
Significant Accounting Polici48
Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016USD ($)acquisition | Dec. 31, 2017USD ($)business_segmentshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Oct. 01, 2016USD ($) | Jan. 01, 2016USD ($) | |
Accounting Policies [Line Items] | ||||||
Business segments | business_segment | 4 | |||||
Straight-line rent adjustments | $ 1,200 | $ 1,100 | $ 1,900 | |||
Contingent rents included in revenue | 400 | 400 | 500 | |||
Leasing incentive amortization | 800 | 800 | 800 | |||
Interest capitalized | 1,300 | 1,000 | 1,000 | |||
Indirect project costs | 2,400 | 1,700 | 2,100 | |||
Capitalized preacquisition development costs | $ 1,079 | 1,352 | 1,079 | |||
Accounts receivable, net | 15,052 | 15,691 | 15,052 | |||
Allowance for doubtful accounts | $ 400 | 500 | 400 | |||
Stock-based compensation expense | 1,323 | 1,082 | 931 | |||
Capitalized stock-based compensation | $ 400 | $ 300 | $ 400 | |||
Percentage of taxable income for distributions to stockholders | 90.00% | |||||
Dilutive shares outstanding (in shares) | shares | 0 | 0 | 0 | |||
Number of acquisitions | acquisition | 2 | |||||
Accrued Straight-line Rental Revenue | ||||||
Accounting Policies [Line Items] | ||||||
Accounts receivable, net | $ 12,300 | $ 12,800 | $ 12,300 | |||
Accounting Standards Update 2017-01 | ||||||
Accounting Policies [Line Items] | ||||||
Cost capitalized subsequent to acquisition | $ 700 | |||||
Pro Forma | Accounting Standards Update 2017-01 | ||||||
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, 2017 | |
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 |
Significant Accounting Polici50
Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 19,959 | $ 21,942 | $ 26,989 | |
Restricted cash | 2,957 | 3,251 | 2,824 | |
Cash, cash equivalents, and restricted cash | $ 22,916 | $ 25,193 | $ 29,813 | $ 30,107 |
Significant Accounting Polici51
Significant Accounting Policies - Prior Period Adjustments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net cash provided by operating activities | $ 58,018 | $ 59,989 | $ 33,266 |
Net cash used in investing activities | $ (102,426) | (226,253) | (57,961) |
Accounting Standards Update 2016-15 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net cash provided by operating activities | 59,989 | 33,266 | |
Net cash used in investing activities | (226,253) | (57,961) | |
Accounting Standards Update 2016-15 | Operating activities as originally presented | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net cash provided by operating activities | 59,770 | 33,086 | |
Net cash used in investing activities | (226,461) | (56,381) | |
Accounting Standards Update 2016-15 | Adjustments | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net cash provided by operating activities | 219 | 180 | |
Net cash used in investing activities | $ 208 | $ (1,580) |
Segments - Net Income of Report
Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information | |||||||||||
Rental revenues | $ 27,654 | $ 27,096 | $ 26,755 | $ 27,232 | $ 26,516 | $ 25,305 | $ 24,251 | $ 23,283 | $ 108,737 | $ 99,355 | $ 81,172 |
Rental expenses | 25,422 | 21,904 | 19,204 | ||||||||
General contracting and real estate services revenues | 32,643 | 41,201 | 56,671 | 63,519 | 50,475 | 38,552 | 33,200 | 36,803 | 194,034 | 159,030 | 171,268 |
General contracting and real estate services expenses | 186,590 | 153,375 | 165,344 | ||||||||
Real estate taxes | 10,528 | 9,629 | 7,782 | ||||||||
Net operating income | $ 19,211 | $ 19,397 | $ 20,645 | $ 20,978 | $ 19,740 | $ 18,393 | $ 17,973 | $ 17,371 | |||
Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Net operating income | 80,231 | 73,477 | 60,110 | ||||||||
Operating Segments | Office real estate | |||||||||||
Segment Reporting Information | |||||||||||
Rental revenues | 19,207 | 20,929 | 31,534 | ||||||||
Rental expenses | 5,483 | 5,560 | 6,938 | ||||||||
Real estate taxes | 1,859 | 2,000 | 2,950 | ||||||||
Net operating income | 11,865 | 13,369 | 21,646 | ||||||||
Operating Segments | Retail real estate | |||||||||||
Segment Reporting Information | |||||||||||
Rental revenues | 63,109 | 56,511 | 32,064 | ||||||||
Rental expenses | 10,233 | 9,116 | 5,915 | ||||||||
Real estate taxes | 6,176 | 5,395 | 2,928 | ||||||||
Net operating income | 46,700 | 42,000 | 23,221 | ||||||||
Operating Segments | Multifamily residential real estate | |||||||||||
Segment Reporting Information | |||||||||||
Rental revenues | 26,421 | 21,915 | 17,574 | ||||||||
Rental expenses | 9,705 | 7,228 | 6,351 | ||||||||
Real estate taxes | 2,494 | 2,234 | 1,904 | ||||||||
Net operating income | 14,222 | 12,453 | 9,319 | ||||||||
Operating Segments | General contracting and real estate services | |||||||||||
Segment Reporting Information | |||||||||||
General contracting and real estate services revenues | 194,034 | 159,030 | 171,268 | ||||||||
General contracting and real estate services expenses | 186,590 | 153,375 | 165,344 | ||||||||
Net operating income | $ 7,444 | $ 5,655 | $ 5,924 |
Segments - Additional informati
Segments - Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information | |||||||||||
General contracting and real estate services revenues | $ 32,643 | $ 41,201 | $ 56,671 | $ 63,519 | $ 50,475 | $ 38,552 | $ 33,200 | $ 36,803 | $ 194,034 | $ 159,030 | $ 171,268 |
General contracting and real estate services expenses | 186,590 | 153,375 | 165,344 | ||||||||
Non-cash stock compensation | 1,323 | 1,082 | 931 | ||||||||
General and Administrative Expenses | |||||||||||
Segment Reporting Information | |||||||||||
Non-cash stock compensation | 900 | 700 | 700 | ||||||||
General contracting and real estate services | |||||||||||
Segment Reporting Information | |||||||||||
Non-cash stock compensation | 300 | 200 | 200 | ||||||||
General contracting and real estate services | Intersegment Eliminations | |||||||||||
Segment Reporting Information | |||||||||||
General contracting and real estate services revenues | 51,500 | 43,300 | 43,100 | ||||||||
General contracting and real estate services expenses | $ 51,000 | $ 42,700 | $ 42,800 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information | |||||||||||
Net operating income | $ 19,211 | $ 19,397 | $ 20,645 | $ 20,978 | $ 19,740 | $ 18,393 | $ 17,973 | $ 17,371 | |||
Depreciation and amortization | $ (37,321) | $ (35,328) | $ (23,153) | ||||||||
General and administrative expenses | (10,435) | (9,552) | (8,397) | ||||||||
Acquisition, development and other pursuit costs | (648) | (1,563) | (1,935) | ||||||||
Impairment charges | (110) | (355) | (41) | ||||||||
Interest income | 7,077 | 3,228 | 126 | ||||||||
Interest expense | (17,439) | (16,466) | (13,333) | ||||||||
Loss on extinguishment of debt | (50) | (82) | (512) | ||||||||
Gain on real estate dispositions | 8,087 | 30,533 | 18,394 | ||||||||
Change in fair value of interest rate derivatives | 1,127 | (941) | (229) | ||||||||
Other income | 131 | 147 | 119 | ||||||||
Income tax benefit (provision) | (725) | (343) | 34 | ||||||||
Net income | $ 5,768 | $ 10,461 | $ 4,943 | $ 8,753 | $ 5,145 | $ 7,946 | $ 3,131 | $ 26,533 | 29,925 | 42,755 | 31,183 |
Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Net operating income | 80,231 | 73,477 | 60,110 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information | |||||||||||
Depreciation and amortization | (37,321) | (35,328) | (23,153) | ||||||||
General and administrative expenses | (10,435) | (9,552) | (8,397) | ||||||||
Acquisition, development and other pursuit costs | (648) | (1,563) | (1,935) | ||||||||
Impairment charges | (110) | (355) | (41) | ||||||||
Interest income | 7,077 | 3,228 | 126 | ||||||||
Interest expense | (17,439) | (16,466) | (13,333) | ||||||||
Loss on extinguishment of debt | (50) | (82) | (512) | ||||||||
Gain on real estate dispositions | 8,087 | 30,533 | 18,394 | ||||||||
Change in fair value of interest rate derivatives | 1,127 | (941) | (229) | ||||||||
Other income | 131 | 147 | 119 | ||||||||
Income tax benefit (provision) | $ (725) | $ (343) | $ 34 |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017USD ($) |
Operating lease | |
2,018 | $ 71,439 |
2,019 | 64,204 |
2,020 | 54,582 |
2,021 | 48,018 |
2,022 | 41,441 |
Thereafter | 184,844 |
Total | $ 464,528 |
Real Estate Investments and E57
Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | |||
Land | $ 197,777 | $ 179,293 | |
Land improvements | 44,681 | 45,052 | |
Buildings and improvements | 690,120 | 677,293 | |
Development and construction costs | 61,859 | 6,649 | |
Real estate investments | 994,437 | 908,287 | $ 633,591 |
Income producing property | |||
Real Estate Properties [Line Items] | |||
Land | 175,885 | 171,733 | |
Land improvements | 44,681 | 45,052 | |
Buildings and improvements | 690,120 | 677,293 | |
Development and construction costs | 0 | 0 | |
Real estate investments | 910,686 | 894,078 | |
Held for development | |||
Real Estate Properties [Line Items] | |||
Land | 680 | 680 | |
Land improvements | 0 | 0 | |
Buildings and improvements | 0 | 0 | |
Development and construction costs | 0 | 0 | |
Real estate investments | 680 | 680 | |
Construction in progress | |||
Real Estate Properties [Line Items] | |||
Land | 21,212 | 6,880 | |
Land improvements | 0 | 0 | |
Buildings and improvements | 0 | 0 | |
Development and construction costs | 61,859 | 6,649 | |
Real estate investments | $ 83,071 | $ 13,529 |
Real Estate Investments and E58
Real Estate Investments and Equity Method Investments - Additional Information (Details) ft² in Thousands | Feb. 16, 2018USD ($) | Jan. 29, 2018USD ($)shares | Jan. 09, 2018USD ($) | Aug. 10, 2017USD ($) | Jul. 25, 2017USD ($) | Jul. 13, 2017USD ($)property | Jul. 11, 2017USD ($) | Jan. 20, 2017USD ($) | Jan. 10, 2017shares | Jan. 04, 2017USD ($) | Dec. 22, 2016USD ($) | 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 ($)shares | Mar. 31, 2015USD ($) | Jan. 05, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | 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 | $ 30,026,000 | $ 195,645,000 | $ 68,445,000 | |||||||||||||||||||||||||||||||||
Sale of office property | 12,557,000 | 96,670,000 | 79,566,000 | |||||||||||||||||||||||||||||||||
Equity method investments | $ 11,411,000 | 11,411,000 | 10,235,000 | |||||||||||||||||||||||||||||||||
Construction loan outstanding | 517,272,000 | 517,272,000 | 522,180,000 | |||||||||||||||||||||||||||||||||
22-story mixed use tower | Durham City Center II 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 | 11,400,000 | 11,400,000 | 10,300,000 | |||||||||||||||||||||||||||||||||
Guarantee of construction loan | 37.00% | |||||||||||||||||||||||||||||||||||
Assets being used as collateral for the construction loan | 100.00% | |||||||||||||||||||||||||||||||||||
Construction loan outstanding | 11,200,000 | 11,200,000 | ||||||||||||||||||||||||||||||||||
Borrowings under construction loans | 0 | |||||||||||||||||||||||||||||||||||
Dividends from equity investment | 0 | 0 | ||||||||||||||||||||||||||||||||||
Income from equity method investment | 0 | 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] | ||||||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 100,000 | |||||||||||||||||||||||||||||||||||
Area of property acquired | a | 3.24 | |||||||||||||||||||||||||||||||||||
Wendover Village Ourparcel Phase | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Rental revenues | 600,000 | |||||||||||||||||||||||||||||||||||
Net Income | 200,000 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Wawa | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Greentree Shopping Center | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Chesapeake And Virginia Beach, Virginia | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of properties | property | 2 | |||||||||||||||||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 7,900,000 | |||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | $ 4,200,000 | |||||||||||||||||||||||||||||||||||
Sandbridge Commons | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of property | $ 500,000 | |||||||||||||||||||||||||||||||||||
Proceeds from sale of land | $ 300,000 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | 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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 170,500,000 | |||||||||||||||||||||||||||||||||||
Southgate Square | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Area of property acquired | ft² | 220 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | 275,000 | ||||||||||||||||||||||||||||||||||
Providence Plaza | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Area of property acquired | 1 | 103 | ||||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 26,200,000 | |||||||||||||||||||||||||||||||||||
Number of buildings | building | 3 | |||||||||||||||||||||||||||||||||||
Greensboro, North Carolina | Wendover Village Ourparcel Phase | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 14,300,000 | |||||||||||||||||||||||||||||||||||
Capitalized acquisition costs | $ 100,000 | |||||||||||||||||||||||||||||||||||
Charleston, South Carolina | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 7,200,000 | $ 7,100,000 | ||||||||||||||||||||||||||||||||||
Capitalized acquisition costs | $ 100,000 | $ 200,000 | ||||||||||||||||||||||||||||||||||
Durham City Center II LLC | 22-story mixed use tower | Durham City Center II LLC | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Construction loan outstanding | $ 29,200,000 | $ 29,200,000 | ||||||||||||||||||||||||||||||||||
Subsequent Event | Indian Lakes Crossing | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 14,700,000 | |||||||||||||||||||||||||||||||||||
Capitalized acquisition costs | $ 200,000 | |||||||||||||||||||||||||||||||||||
Subsequent Event | Parkway Centre | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisition, total consideration | $ 11,300,000 | |||||||||||||||||||||||||||||||||||
Capitalized acquisition costs | $ 300,000 | |||||||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 117,228 | |||||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 9,600,000 | |||||||||||||||||||||||||||||||||||
Equity interests issued and issuable | 1,700,000 | |||||||||||||||||||||||||||||||||||
Subsequent Event | Chesterfield, Virginia | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Payments for purchase of land | 2,400,000 | |||||||||||||||||||||||||||||||||||
Capitalized acquisition costs | $ 100,000 | |||||||||||||||||||||||||||||||||||
Subsequent Event | Mt. Pleasant, North Carolina | ||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 2,900,000 | |||||||||||||||||||||||||||||||||||
Capitalized acquisition costs | 100,000 | |||||||||||||||||||||||||||||||||||
Estimated cost of major improvements | $ 23,000,000 |
Real Estate Investments and E59
Real Estate Investments and Equity Method Investments - Summary of the Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jul. 25, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Net assets acquired | $ 263,361 | |
Wendover Village Ourparcel Phase | ||
Business Acquisition [Line Items] | ||
Below-market leases | $ (50) | |
Net assets acquired | 14,418 | |
Land | Wendover Village Ourparcel Phase | ||
Business Acquisition [Line Items] | ||
Property, plant, and equipment | 5,550 | |
Site improvements | Wendover Village Ourparcel Phase | ||
Business Acquisition [Line Items] | ||
Property, plant, and equipment | 232 | |
Building and improvements | Wendover Village Ourparcel Phase | ||
Business Acquisition [Line Items] | ||
Property, plant, and equipment | 6,977 | |
In-place lease assets | Wendover Village Ourparcel Phase | ||
Business Acquisition [Line Items] | ||
Finite-lived intangibles | 1,382 | |
Above-market leases | Wendover Village Ourparcel Phase | ||
Business Acquisition [Line Items] | ||
Finite-lived intangibles | $ 327 |
Real Estate Investments and E60
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 |
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 |
Real Estate Investments and E61
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate [Abstract] | |||
Rental revenues | $ 109,472 | $ 102,579 | $ 105,479 |
Net income | $ 30,354 | $ 14,060 | $ 18,492 |
Notes Receivable (Details)
Notes Receivable (Details) | Sep. 30, 2016USD ($) | Apr. 21, 2016USD ($)ft²unitextensionroom | Oct. 15, 2015USD ($)ft²unitstoryextension | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2018USD ($) | Oct. 27, 2017USD ($) | May 15, 2017USD ($) | Nov. 10, 2016USD ($) |
Notes Receivable | ||||||||||||
Notes receivable | $ 83,058,000 | $ 59,546,000 | ||||||||||
Interest income | 7,077,000 | 3,228,000 | $ 126,000 | |||||||||
BDG Loan | ||||||||||||
Notes Receivable | ||||||||||||
Interest rate | 8.00% | |||||||||||
Number of times the loan receivable can be extended | extension | 2 | |||||||||||
Notes receivable | 22,400,000 | 20,600,000 | ||||||||||
Interest income | 1,700,000 | 1,200,000 | ||||||||||
Note receivable, past due | 0 | |||||||||||
BDG | BDG Loan | ||||||||||||
Notes Receivable | ||||||||||||
Extension period of the loan receivable | 1 year | |||||||||||
Point Street Apartments | ||||||||||||
Notes Receivable | ||||||||||||
Development project future value | $ 98,000,000 | |||||||||||
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 property | 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 | 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 property | 88.00% | |||||||||||
Point Street Apartments | Maximum | BDG | ||||||||||||
Notes Receivable | ||||||||||||
Construction loan (up to) | $ 67,000,000 | |||||||||||
Annapolis Junction Town Center | ||||||||||||
Notes Receivable | ||||||||||||
Development project future value | $ 106,000,000 | |||||||||||
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 | 43,000,000 | 38,900,000 | ||||||||||
Interest income | 4,100,000 | $ 2,000,000 | ||||||||||
Note receivable maximum principal balance | $ 48,100,000 | |||||||||||
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 | ||||||||||||
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) | $ 48,100,000 | |||||||||||
Interest acquired | 88.00% | |||||||||||
Annapolis Junction Town Center | Maximum | Annapolis Junction Apartments Owner LLC | ||||||||||||
Notes Receivable | ||||||||||||
Construction loan (up to) | $ 60,000,000 | |||||||||||
Decatur, Georgia | Whole Foods Anchored Center | BDG Loan | ||||||||||||
Notes Receivable | ||||||||||||
Investment in development | $ 34,000,000 | |||||||||||
Delray Beach, Florida [Member] | Whole Foods Anchored Center | BDG Loan | ||||||||||||
Notes Receivable | ||||||||||||
Investment in development | $ 20,000,000 | |||||||||||
Mezzanine Loan [Member] | Whole Foods Anchored Center | BDG Loan | ||||||||||||
Notes Receivable | ||||||||||||
Loans receivable interest rate | 15.00% | 15.00% | ||||||||||
Mezzanine Loan [Member] | North Decatur Square Holdings, LLC | Whole Foods Anchored Center | BDG Loan | ||||||||||||
Notes Receivable | ||||||||||||
Notes receivable | 11,800,000 | |||||||||||
Interest income | 1,000,000 | |||||||||||
Note receivable, past due | 0 | |||||||||||
Investment in development | $ 21,800,000 | |||||||||||
Mezzanine Loan [Member] | Delray Plaza Holdings, LLC | Whole Foods Anchored Center | BDG Loan | ||||||||||||
Notes Receivable | ||||||||||||
Notes receivable | 5,400,000 | |||||||||||
Interest income | 200,000 | |||||||||||
Note receivable, past due | $ 0 | |||||||||||
Investment in development | $ 13,100,000 | |||||||||||
Subsequent Event | Mezzanine Loan [Member] | North Decatur Square Holdings, LLC | Whole Foods Anchored Center | BDG Loan | ||||||||||||
Notes Receivable | ||||||||||||
Investment in development | $ 25,700,000 |
Construction Contracts - Additi
Construction Contracts - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Contractors [Abstract] | ||
Deferred precontract costs | $ 0.6 | $ 1.5 |
Construction receivables retentions | 9.9 | 11.5 |
Retention payable | $ 17.4 | $ 14.6 |
Construction Contracts - Net Po
Construction Contracts - Net Position of Uncompleted Construction Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Contractors [Abstract] | ||
Costs incurred on uncompleted construction contracts | $ 520,368 | $ 333,744 |
Estimated earnings | 18,070 | 10,936 |
Billings | (541,784) | (354,737) |
Net position | (3,346) | (10,057) |
Construction contract costs and estimated earnings in excess of billings | 245 | 110 |
Billings in excess of construction contract costs and estimated earnings | $ (3,591) | $ (10,167) |
Indebtedness - Schedule of Debt
Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands | Jan. 22, 2018 | Jul. 30, 2015 | Jul. 10, 2015 | Feb. 23, 2018 | Dec. 31, 2017 | Nov. 01, 2017 | Sep. 01, 2017 | Aug. 09, 2017 | Dec. 31, 2016 | Jul. 01, 2015 | May 27, 2015 |
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 523,412 | $ 527,082 | |||||||||
Unamortized fair value adjustments | (1,211) | (1,250) | |||||||||
Unamortized debt issuance costs | (4,929) | (3,652) | |||||||||
Indebtedness, net | 517,272 | 522,180 | |||||||||
Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | 66,000 | 107,000 | |||||||||
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 | $ 100,000 | 50,000 | |||||||||
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% | ||||||||||
North Point Center | Note 5 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 0 | 643 | |||||||||
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 | $ 9,571 | 9,776 | |||||||||
Stated interest rate | 6.45% | ||||||||||
North Point Center | Notes 2 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 2,459 | 2,564 | |||||||||
Stated interest rate | 7.25% | ||||||||||
Harrisonburg Regal | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 0 | 3,256 | |||||||||
Stated interest rate | 6.06% | ||||||||||
Commonwealth of Virginia | Chesapeake | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 0 | 4,933 | |||||||||
Commonwealth of Virginia | LIBOR | Chesapeake | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate, basis spread on variable rate | 1.90% | ||||||||||
Sandbridge Commons | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 8,468 | 9,376 | |||||||||
Sandbridge Commons | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | ||||||||||
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 | $ 6,080 | 6,258 | |||||||||
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 | $ 2,218 | 2,266 | |||||||||
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 | $ 46,698 | 43,841 | |||||||||
Johns Hopkins Village | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate, basis spread on variable rate | 1.90% | 1.90% | |||||||||
Lightfoot Marketplace | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 10,500 | $ 10,500 | 12,194 | ||||||||
Lightfoot Marketplace | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | ||||||||||
Harding Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 3,874 | 0 | |||||||||
Harding Place | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate, basis spread on variable rate | 2.95% | ||||||||||
Town Center Phase VI | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 1,505 | 0 | |||||||||
Town Center Phase VI | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate, basis spread on variable rate | 3.50% | ||||||||||
Southgate Square | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 20,708 | 21,150 | |||||||||
Southgate Square | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate, basis spread on variable rate | 2.00% | ||||||||||
249 Central Park Retail | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 16,851 | 17,076 | |||||||||
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 | $ 10,145 | 10,281 | |||||||||
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 | $ 7,394 | 7,493 | |||||||||
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 | 32,034 | |||||||||
Stated interest rate | 3.25% | ||||||||||
Encore Apartments | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 24,966 | 24,966 | |||||||||
Stated interest rate | 3.25% | ||||||||||
Hanbury Village | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 19,503 | 20,709 | |||||||||
Stated interest rate | 3.78% | 3.78% | |||||||||
Socastee Commons | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 4,771 | 4,866 | |||||||||
Stated interest rate | 4.57% | 4.57% | |||||||||
Smith’s Landing | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 19,764 | 20,511 | |||||||||
Stated interest rate | 4.05% | 4.05% | |||||||||
Liberty Apartments | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 14,694 | 20,005 | |||||||||
Stated interest rate | 5.66% | ||||||||||
The Cosmopolitan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total principal balance | $ 45,209 | $ 45,884 | |||||||||
Stated interest rate | 3.35% | 3.35% | 3.75% | ||||||||
Subsequent Event | Sandbridge Commons | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt assumed, term | 5 years | ||||||||||
Subsequent Event | Sandbridge Commons | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate, basis spread on variable rate | 1.75% |
Indebtedness - Components of De
Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total principal balance | $ 523,412 | $ 527,082 |
Fixed-rate | ||
Debt Instrument [Line Items] | ||
Total principal balance | 229,051 | 241,472 |
Variable-rate | ||
Debt Instrument [Line Items] | ||
Total principal balance | $ 294,361 | $ 285,610 |
Indebtedness - Scheduled Princi
Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Principal repayments and maturities | ||
2,018 | $ 77,683 | |
2,019 | 13,284 | |
2,020 | 10,338 | |
2,021 | 176,347 | |
2,022 | 169,808 | |
Thereafter | 75,952 | |
Total | 523,412 | $ 527,082 |
Monthly Principal Amortization | ||
Principal repayments and maturities | ||
2,018 | 4,361 | |
2,019 | 3,951 | |
2,020 | 4,959 | |
2,021 | 4,073 | |
2,022 | 2,699 | |
Thereafter | 70,385 | |
Total | 90,428 | |
Balloon Payments At Loan Maturity | ||
Principal repayments and maturities | ||
2,018 | 73,322 | |
2,019 | 9,333 | |
2,020 | 5,379 | |
2,021 | 172,274 | |
2,022 | 167,109 | |
Thereafter | 5,567 | |
Total | $ 432,984 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Details) | Jan. 22, 2018 | Oct. 26, 2017USD ($)extension | Oct. 13, 2017USD ($) | Aug. 10, 2017USD ($) | Jul. 13, 2017USD ($) | Apr. 07, 2017USD ($) | Feb. 01, 2017USD ($) | 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 ($) | May 20, 2015USD ($) | Jan. 31, 2018USD ($) | Feb. 23, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 28, 2017USD ($) | Nov. 01, 2017USD ($) | Sep. 01, 2017 | Aug. 09, 2017 | Jun. 29, 2017USD ($) | Feb. 24, 2017USD ($) | Feb. 20, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt and credit facility repayments, including principal amortization | $ 160,661,000 | $ 186,533,000 | $ 206,889,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 50,000 | 82,000 | $ 512,000 | ||||||||||||||||||||||||||
Total principal balance | 523,412,000 | 527,082,000 | |||||||||||||||||||||||||||
Harding Place | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Total principal balance | $ 3,874,000 | 0 | |||||||||||||||||||||||||||
Harrisonburg Regal | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate | 6.06% | ||||||||||||||||||||||||||||
Repayment of debt | $ 3,200,000 | ||||||||||||||||||||||||||||
Total principal balance | $ 0 | 3,256,000 | |||||||||||||||||||||||||||
Town Center Phase VI | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Total principal balance | $ 1,505,000 | 0 | |||||||||||||||||||||||||||
Hanbury Village | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate | 3.78% | 3.78% | |||||||||||||||||||||||||||
Total principal balance | $ 19,503,000 | 20,709,000 | |||||||||||||||||||||||||||
Sandbridge Commons | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 700,000 | ||||||||||||||||||||||||||||
Total principal balance | $ 8,468,000 | $ 9,376,000 | |||||||||||||||||||||||||||
The Cosmopolitan | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate | 3.35% | 3.75% | 3.35% | ||||||||||||||||||||||||||
Total principal balance | $ 45,209,000 | $ 45,884,000 | |||||||||||||||||||||||||||
Liberty Apartments | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate | 5.66% | ||||||||||||||||||||||||||||
Repayment of debt | $ 5,000,000 | ||||||||||||||||||||||||||||
Total principal balance | $ 14,694,000 | 20,005,000 | |||||||||||||||||||||||||||
Lightfoot Marketplace | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Total principal balance | $ 10,500,000 | 12,194,000 | $ 10,500,000 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Total principal balance | $ 19,764,000 | 20,511,000 | |||||||||||||||||||||||||||
Socastee Commons | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate | 4.57% | 4.57% | |||||||||||||||||||||||||||
Total principal balance | $ 4,771,000 | 4,866,000 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Total principal balance | $ 46,698,000 | 43,841,000 | |||||||||||||||||||||||||||
Oyster Point | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 6,100,000 | ||||||||||||||||||||||||||||
Subsequent Event | Sandbridge Commons | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt assumed, term | 5 years | ||||||||||||||||||||||||||||
LIBOR | Harding Place | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.95% | ||||||||||||||||||||||||||||
LIBOR | Town Center Phase VI | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 3.50% | ||||||||||||||||||||||||||||
LIBOR | Sandbridge Commons | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | ||||||||||||||||||||||||||||
LIBOR | Lightfoot Marketplace | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | ||||||||||||||||||||||||||||
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 | Subsequent Event | Sandbridge Commons | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | ||||||||||||||||||||||||||||
Note 5 | North Point Center | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 600,000 | ||||||||||||||||||||||||||||
Total principal balance | $ 0 | 643,000 | |||||||||||||||||||||||||||
Note 5 | LIBOR | North Point Center | |||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||
Construction Loans | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Borrowings under construction loans | $ 8,900,000 | 44,400,000 | |||||||||||||||||||||||||||
Construction Loans | 595 King Street And 530 Meeting Street | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Total principal balance | $ 0 | ||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | $ 100,000 | ||||||||||||||||||||||||||||
Repayment of debt | $ 18,700,000 | ||||||||||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Interest rate on credit facility as of end of period (as a percent) | 3.11% | ||||||||||||||||||||||||||||
Total principal balance | $ 66,000,000 | $ 107,000,000 | |||||||||||||||||||||||||||
Revolving Credit Facility | Subsequent Event | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Credit facility, increase in borrowings | $ 58,000,000 | ||||||||||||||||||||||||||||
Revolving Credit Facility | Minimum | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Unused commitment fee | 0.15% | ||||||||||||||||||||||||||||
Revolving Credit Facility | Minimum | LIBOR | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.40% | ||||||||||||||||||||||||||||
Revolving Credit Facility | Maximum | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Unused commitment fee | 0.25% | ||||||||||||||||||||||||||||
Revolving Credit Facility | Maximum | LIBOR | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.00% | ||||||||||||||||||||||||||||
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) | 3.06% | ||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||
Line of Credit [Member] | Construction Loans | Harding Place | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 29,800,000 | ||||||||||||||||||||||||||||
Line of Credit [Member] | Construction Loans | 595 King Street And 530 Meeting Street | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 66,500,000 | ||||||||||||||||||||||||||||
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 | $ 300,000,000 | ||||||||||||||||||||||||||||
Operating Partnership | Revolving Credit Facility | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | 150,000,000 | ||||||||||||||||||||||||||||
Operating Partnership | Revolving Credit Facility | New Credit Facility | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | 150,000,000 | ||||||||||||||||||||||||||||
Accordion feature maximum borrowing capacity | $ 450,000,000 | ||||||||||||||||||||||||||||
Number of extension options | extension | 2 | ||||||||||||||||||||||||||||
Duration of extension option | 6 months | ||||||||||||||||||||||||||||
Extension fee percentage | 0.075% | ||||||||||||||||||||||||||||
Operating Partnership | Senior Unsecured Term Loan Facility | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 125,000,000 | ||||||||||||||||||||||||||||
Operating Partnership | Senior Unsecured Term Loan Facility | New Credit Facility | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 150,000,000 | ||||||||||||||||||||||||||||
249 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 | ||||||||||||||||||||||||||||
4525 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 | ||||||||||||||||||||||||||||
Virginia Beach, Virginia | Line of Credit [Member] | Construction Loans | Town Center Phase VI | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 27,900,000 | ||||||||||||||||||||||||||||
Chesapeake, Virginia | Commonwealth Of Virginia | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 4,900,000 |
Derivative Financial Instrume69
Derivative Financial Instruments - Additional Information (Details) | Feb. 20, 2015USD ($) | Mar. 31, 2016USD ($)swap | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Nov. 28, 2017USD ($) | Sep. 18, 2017USD ($) | Jun. 23, 2017USD ($) | Feb. 07, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 17, 2016USD ($) | Feb. 25, 2016USD ($) | Oct. 26, 2015USD ($) | Jul. 13, 2015USD ($) |
Derivatives | |||||||||||||
Interest rate agreement, notional amount | $ 401,079,000 | $ 326,901,000 | |||||||||||
Senior Unsecured Term Loan Facility | |||||||||||||
Derivatives | |||||||||||||
Aggregate capacity under the credit facility | $ 50,000,000 | ||||||||||||
Senior Unsecured Term Loan Facility | Operating Partnership | |||||||||||||
Derivatives | |||||||||||||
Aggregate capacity under the credit facility | $ 125,000,000 | ||||||||||||
Interest rate swaps | |||||||||||||
Derivatives | |||||||||||||
Interest rate agreement, notional amount | 56,079,000 | 56,901,000 | |||||||||||
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 caps | |||||||||||||
Derivatives | |||||||||||||
Interest rate agreement, notional amount | $ 345,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 270,000,000 | |||||||
Interest rate cap agreement, strike price | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||
Interest rate cap agreement, premium (less than) | $ 400,000 | $ 200,000 | $ 200,000 | $ 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 | ||||||||||||
Interest rate cap agreement, strike price | 1.25% | ||||||||||||
Interest rate cap agreement, premium (less than) | $ 100,000 | ||||||||||||
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 (less than) | $ 100,000 | $ 100,000 |
Derivative Financial Instrume70
Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 28, 2017 | Sep. 18, 2017 | Jun. 23, 2017 | Feb. 07, 2017 | |
Derivatives | |||||||
Notional, Amount | $ 401,079,000 | $ 326,901,000 | |||||
Fair Value, Asset | 1,525,000 | 259,000 | |||||
Fair Value, Liability | (69,000) | (829,000) | |||||
Total change in fair value | 1,127,000 | (941,000) | $ (1,304,000) | ||||
Change in fair value of interest rate derivatives | 1,127,000 | (941,000) | (229,000) | ||||
Unrealized gain (loss) on cash flow hedge | 0 | 0 | (1,075,000) | ||||
Interest rate swaps | |||||||
Derivatives | |||||||
Notional, Amount | 56,079,000 | 56,901,000 | |||||
Fair Value, Asset | 10,000 | 0 | |||||
Fair Value, Liability | (69,000) | (829,000) | |||||
Total change in fair value | 770,000 | (795,000) | (1,071,000) | ||||
Interest rate caps | |||||||
Derivatives | |||||||
Notional, Amount | 345,000,000 | 270,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |
Fair Value, Asset | 1,515,000 | 259,000 | |||||
Fair Value, Liability | 0 | 0 | |||||
Total change in fair value | $ 357,000 | $ (146,000) | $ (233,000) |
Equity - Additional Information
Equity - Additional Information (Details) | Feb. 22, 2018$ / shares | Jan. 29, 2018USD ($)shares | Jan. 04, 2018USD ($) | Jan. 02, 2018shares | Dec. 21, 2017USD ($) | Nov. 02, 2017$ / shares | Oct. 02, 2017USD ($)shares | Aug. 04, 2017$ / shares | May 12, 2017USD ($)$ / sharesshares | May 05, 2017$ / shares | Feb. 02, 2017$ / shares | Jan. 10, 2017shares | 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 | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 20, 2017USD ($) | Dec. 31, 2014shares |
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Authorized capital shares of common stock (in shares) | 500,000,000 | 500,000,000 | |||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |||||||||||||||||||||||||||||
Common stock, shares issued (in shares) | 44,937,763 | 37,490,361 | |||||||||||||||||||||||||||||
Common stock, shares outstanding (in shares) | 44,937,763 | 37,490,361 | |||||||||||||||||||||||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | |||||||||||||||||||||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 2,000,000 | ||||||||||||||||||||||||||||||
Shares issued through public offering (in shares) | 3,450,000 | ||||||||||||||||||||||||||||||
Net proceeds from public offering | $ | $ 35,100,000 | $ 96,044,000 | $ 68,475,000 | $ 46,462,000 | |||||||||||||||||||||||||||
Acquisition, contract price | $ | $ 26,200,000 | ||||||||||||||||||||||||||||||
Redeemable noncontrolling interest, equity percentage | 20.00% | ||||||||||||||||||||||||||||||
Redeemable noncontrolling interest | $ | $ 2,000,000 | ||||||||||||||||||||||||||||||
Noncontrolling interest change in redemption value | $ | $ 500,000 | ||||||||||||||||||||||||||||||
Percentage of operating partnerships held | 72.00% | 68.10% | |||||||||||||||||||||||||||||
Operating partnership units redemption ratio | 1 | ||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 43,616,000 | $ 33,843,000 | $ 27,024,000 | ||||||||||||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.76 | $ 0.72 | $ 0.68 | ||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.20 | ||||||||||||||||||||||||||||||
Increase from prior quarter's declared dividend | 5.30% | ||||||||||||||||||||||||||||||
Johns Hopkins Village | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Redeemable noncontrolling interest carrying amount | $ | $ 2,000,000 | ||||||||||||||||||||||||||||||
Town Center Phase VI | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Noncontrolling interest ownership percentage in properties | 20.00% | ||||||||||||||||||||||||||||||
Operating Partnership | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 9,900,000 | ||||||||||||||||||||||||||||||
Class A units | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Units redeemed (in shares) | 358,879 | ||||||||||||||||||||||||||||||
Payments for redemption of partnership units | $ | $ 4,900,000 | ||||||||||||||||||||||||||||||
Class A units | Town Center Phase VI | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 68,691 | ||||||||||||||||||||||||||||||
Class A units | Operating Partnership | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 12,600,000 | $ 11,100,000 | |||||||||||||||||||||||||||||
Class A units | Operating Partnership | Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 3,300,000 | ||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Common stock, shares outstanding (in shares) | 44,937,763 | 37,490,361 | 30,076,359 | 25,022,701 | |||||||||||||||||||||||||||
Shares issued through public offering (in shares) | 7,350,690 | 5,312,855 | 4,560,049 | ||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 31,100,000 | $ 22,700,000 | $ 17,100,000 | ||||||||||||||||||||||||||||
Common stock | Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Shares issued through public offering (in shares) | 163,000 | ||||||||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 8,500,000 | ||||||||||||||||||||||||||||||
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 | 275,000 | |||||||||||||||||||||||||||||
Parkway Centre | Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 117,228 | ||||||||||||||||||||||||||||||
Equity interests issued and issuable | $ | $ 1,700,000 | ||||||||||||||||||||||||||||||
Private Placement | Perry Hall Marketplace | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | 415,500 | ||||||||||||||||||||||||||||||
Prior Continuous Equity Program [Member] | |||||||||||||||||||||||||||||||
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) | 1,152,919 | 1,108,149 | |||||||||||||||||||||||||||||
Numbers shares issued and sold, weighted average price per share (in dollars per share) | $ / shares | $ 10.87 | $ 10.26 | |||||||||||||||||||||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 12,200,000 | $ 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) | 450,890 | 4,159,936 | |||||||||||||||||||||||||||||
Numbers shares issued and sold, weighted average price per share (in dollars per share) | $ / shares | $ 14.08 | $ 13.45 | |||||||||||||||||||||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 6,200,000 | $ 54,800,000 | |||||||||||||||||||||||||||||
Underwritten Public Offering | Common stock | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Shares issued through public offering (in shares) | 6,900,000 | ||||||||||||||||||||||||||||||
Issuance of common stock, price per share (in dollars per share) | $ / shares | $ 13 | ||||||||||||||||||||||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 85,300,000 |
Equity - Dividends Per Share an
Equity - Dividends Per Share and Distribution Per Unit Declared (Details) - $ / shares | Nov. 02, 2017 | Aug. 04, 2017 | May 05, 2017 | Feb. 02, 2017 | Nov. 03, 2016 | Aug. 04, 2016 | May 02, 2016 | Jan. 31, 2016 | Nov. 06, 2015 | Aug. 06, 2015 | May 08, 2015 | Jan. 28, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Equity [Abstract] | |||||||||||||||
Tax treatment of capital gain dividends, percent | 100.00% | 100.00% | 100.00% | ||||||||||||
Dividend Per Share/Distribution Per Unit (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.76 | $ 0.72 | $ 0.68 |
Equity - Tax Treatment of Divid
Equity - Tax Treatment of Dividends Paid (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | |||
Tax treatment of capital gain dividends, percent | 100.00% | 100.00% | 100.00% |
Capital gains | |||
Dividends Payable [Line Items] | |||
Tax treatment of capital gain dividends, percent | 9.06% | 0.00% | 0.00% |
Ordinary income | |||
Dividends Payable [Line Items] | |||
Tax treatment of capital gain dividends, percent | 71.59% | 78.00% | 64.20% |
Return of capital | |||
Dividends Payable [Line Items] | |||
Tax treatment of capital gain dividends, percent | 19.35% | 22.00% | 35.80% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted (in shares) | 118,361 | 100,000 | 100,000 |
Restricted stock, weighted average fair value | $ 1.7 | $ 1.4 | $ 1.2 |
Employee restricted stock award, vesting period | 2 years | ||
Nonemployee restricted stock award vest grant over period | 1 year | ||
Unrecognized compensation cost | $ 0.5 | ||
Unrecognized compensation cost, recognition period | 20 months | ||
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares) | 21,188 | ||
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 | 33.33% | ||
Restricted Stock | Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award, percentage vested on grant date | 33.33% | ||
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) | 1,700,000 | ||
Shares of common stock reserved for issuance (in shares) | 1,083,838 | ||
Stock-based compensation | $ 1.5 | $ 1.2 | $ 1 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Awards | |||
Nonvested as of beginning of period (in shares) | 104,839 | ||
Granted (in shares) | 118,361 | 100,000 | 100,000 |
Vested (in shares) | (109,950) | ||
Forfeited (in shares) | (461) | ||
Nonvested as of end of period (in shares) | 112,789 | 104,839 | |
Weighted Average Grant Date Fair Value Per Share | |||
Nonvested as of beginning of period (in dollars per share) | $ 11.20 | ||
Granted (in dollars per share) | 14.04 | ||
Vested (in dollars per share) | 12.26 | ||
Forfeited (in dollars per share) | 12.99 | ||
Nonvested as of end of period (in dollars per share) | $ 13.14 | $ 11.20 |
Fair Value of Financial Instr76
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, 2017 | Dec. 31, 2016 |
Fair Value of Financial Instruments] | ||
Indebtedness, net | $ 517,272 | $ 522,180 |
Carrying Value | ||
Fair Value of Financial Instruments] | ||
Indebtedness, net | 517,272 | 522,180 |
Interest rate swap liabilities | 69 | 829 |
Interest rate swap and cap assets | 1,525 | 259 |
Fair Value | Level 2 | ||
Fair Value of Financial Instruments] | ||
Indebtedness, net | 518,417 | 527,414 |
Interest rate swap liabilities | 69 | 829 |
Interest rate swap and cap assets | $ 1,525 | $ 259 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal income taxes: | |||
Current | $ (516) | $ (197) | $ 102 |
Deferred | (131) | (109) | (72) |
State income taxes: | |||
Current | (62) | (24) | 13 |
Deferred | (16) | (13) | (9) |
Income tax benefit (provision) | $ (725) | $ (343) | $ 34 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Provisional amount recorded related to Tax Act remeasurement of deferred tax balance | $ 200,000 | |
Net deferred tax assets | 300,000 | $ 500,000 |
Uncertain income tax positions | $ 0 | $ 0 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Acquired lease intangibles, net | $ 29,881 | $ 38,853 |
Leasing costs, net | 9,651 | 9,338 |
Leasing incentives, net | 4,217 | 4,764 |
Interest rate swaps and caps | 1,515 | 259 |
Prepaid expenses and other | 8,937 | 9,797 |
Advance deposits on property acquisitions | 400 | 75 |
Preacquisition development costs | 1,352 | 1,079 |
Other assets | $ 55,953 | $ 64,165 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities | ||
Dividends and distributions payable | $ 11,887 | $ 9,727 |
Deferred ground rent payable | 8,732 | 8,202 |
Acquired lease intangibles, net | 13,829 | 15,545 |
Prepaid rent and other | 3,171 | 3,227 |
Security deposits | 1,674 | 1,679 |
Interest rate swaps | 59 | 829 |
Other liabilities | $ 39,352 | $ 39,209 |
Acquired Lease Intangibles - Su
Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Below Market Lease | ||
Below Market Lease, Gross | $ 18,089 | $ 18,039 |
Below Market Lease, Accumulated Amortization | 4,260 | 2,494 |
Below Market Lease, Net | 13,829 | 15,545 |
In-place lease assets | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 50,506 | 49,124 |
Accumulated Amortization | 25,193 | 15,350 |
Net Carrying Amount | 25,313 | 33,774 |
Above-market lease assets | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 4,817 | 4,490 |
Accumulated Amortization | 1,923 | 1,138 |
Net Carrying Amount | 2,894 | 3,352 |
Below-market ground lease assets | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 1,920 | 1,920 |
Accumulated Amortization | 246 | 193 |
Net Carrying Amount | $ 1,674 | $ 1,727 |
Acquired Lease Intangibles - Ad
Acquired Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets | |||
Amortization of below market lease liabilities | $ 1.8 | $ 1.8 | $ 0.1 |
In-place lease assets | |||
Acquired Finite-Lived Intangible Assets | |||
Amortization of lease assets | $ 9.7 | 10.2 | 2.9 |
Weighted-average remaining lives of lease assets | 4 years 11 months 8 days | ||
Below-market ground lease assets | |||
Acquired Finite-Lived Intangible Assets | |||
Amortization of lease assets | $ 0.1 | 0.1 | 0.1 |
Weighted-average remaining lives of lease assets | 31 years 6 months 9 days | ||
Above-market lease assets | |||
Acquired Finite-Lived Intangible Assets | |||
Amortization of lease assets | $ 0.8 | $ 0.9 | $ 0.3 |
Weighted-average remaining lives of lease assets | 6 years 10 days | ||
Below Market Lease | |||
Acquired Finite-Lived Intangible Assets | |||
Weighted-average remaining lives of lease liabilities | 4 years 10 months 16 days | ||
Below Market Lease Renewal Options | |||
Acquired Finite-Lived Intangible Assets | |||
Weighted-average remaining lives of lease assets | 13 years 10 months 5 days |
Acquired Lease Intangibles - Es
Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Estimated amortization of acquired lease intangibles- Rental Revenues | |
2,018 | $ 928 |
2,019 | 842 |
2,020 | 706 |
2,021 | 721 |
2,022 | 689 |
Estimated amortization of acquired lease intangibles - Rental Expenses | |
2,018 | 53 |
2,019 | 53 |
2,020 | 53 |
2,021 | 53 |
2,022 | 53 |
Estimated amortization of acquired lease intangibles -Depreciation and Amortization | |
2,018 | 7,170 |
2,019 | 5,359 |
2,020 | 3,659 |
2,021 | 2,250 |
2,022 | $ 1,669 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | Nov. 20, 2014 | May 13, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transactions | |||||
Fees from contracts with affiliated entities | $ 0 | $ 0 | $ 0 | ||
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 | 7.6 | 26.7 | 9.6 | ||
Gross profit from related parties | 0.4 | 1 | 0.3 | ||
Due from related parties | 0.2 | 3.4 | |||
Cost Reimbursements | |||||
Related Party Transactions | |||||
Revenue from contracts with affiliated entities | $ 0 | $ 0 | $ 0 | ||
Tax Protection Agreement | Operating Partnership | |||||
Related Party Transactions | |||||
Amount paid under tax protection agreements | $ 1.3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)propertylease | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitments and Contingencies | |||
Line of credit, performance and payment bonds | $ 44.9 | $ 40.5 | |
Number of ground leases | lease | 5 | ||
Number of properties subject to ground leases | property | 4 | ||
Maximum optional ground lease extension term | 40 years | ||
Rental Revenues | Hampton Roads Properties | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 53.00% | 58.00% | 68.00% |
Rental Revenues | Town Center Properties | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 38.00% | 41.00% | 46.00% |
Rental Revenues | Richmond Tower | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 1.00% | 11.00% | |
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 | $ 2.1 | |
Operating Partnership | |||
Commitments and Contingencies | |||
Outstanding letters of credit | $ 2.1 | $ 4.1 | |
Group Of Five Construction Customers | General Contracting and Real Estate Services Revenues | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 88.00% | 52.00% | 15.00% |
Group Of Five Construction Customers | General Contracting and Real Estate Services Segment Profit | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 83.00% | 43.00% | 20.00% |
Ground Leases | |||
Commitments and Contingencies | |||
Ground rent expense | $ 2.5 | $ 2 | $ 1.7 |
Commitments and Contingencies86
Commitments and Contingencies - Future Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 2,260 |
2,019 | 2,145 |
2,020 | 2,104 |
2,021 | 2,057 |
2,022 | 1,897 |
Thereafter | 89,556 |
Total | $ 100,019 |
Selected Quarterly Financial 87
Selected Quarterly Financial Data (Unaudited) - Summary Certain Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 08, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Quarterly Financial Data [Abstract] | ||||||||||||
Rental revenues | $ 27,654 | $ 27,096 | $ 26,755 | $ 27,232 | $ 26,516 | $ 25,305 | $ 24,251 | $ 23,283 | $ 108,737 | $ 99,355 | $ 81,172 | |
General contracting and real estate services revenues | 32,643 | 41,201 | 56,671 | 63,519 | 50,475 | 38,552 | 33,200 | 36,803 | 194,034 | 159,030 | 171,268 | |
Net operating income | 19,211 | 19,397 | 20,645 | 20,978 | 19,740 | 18,393 | 17,973 | 17,371 | ||||
Net income | 5,768 | 10,461 | 4,943 | 8,753 | 5,145 | 7,946 | 3,131 | 26,533 | $ 29,925 | $ 42,755 | $ 31,183 | |
Net income attributable to stockholders | $ 4,152 | $ 7,488 | $ 3,471 | $ 5,936 | $ 3,458 | $ 5,212 | $ 2,034 | $ 17,370 | ||||
Net income per share: basic and diluted (in dollars per share) | $ 0.09 | $ 0.17 | $ 0.08 | $ 0.16 | $ 0.09 | $ 0.15 | $ 0.06 | $ 0.57 | $ 0.50 | $ 0.85 | $ 0.75 | |
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 |
Schedule III - Consolidated R88
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | $ 307,412 | ||
Land | 197,777 | ||
Building and Improvements | 289,145 | ||
Cost Capitalized Subsequent to Acquisition | 507,516 | ||
Land | 197,777 | ||
Building and improvements | 796,660 | ||
Total | 994,437 | ||
Accumulated Depreciation | $ 139,553 | $ 125,380 | 164,521 |
Net Carrying Amount | 829,916 | ||
Amount of real estate for federal income tax purposes | 698,100 | ||
Real estate investments | |||
Balance at beginning of the year | 908,287 | 633,591 | |
Construction costs and improvements | 84,142 | 56,630 | |
Acquisitions | 12,760 | 248,987 | |
Dispositions | (10,146) | (30,467) | |
Reclassifications | (606) | (454) | |
Balance at end of the year | 994,437 | 908,287 | |
Accumulated Depreciation | |||
Balance at beginning of the year | 139,553 | 125,380 | |
Dispositions | (1,006) | (352) | |
Reclassifications | 0 | (8,928) | |
Depreciation | 25,974 | 23,453 | |
Balance at end of the year | $ 164,521 | $ 139,553 | |
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 | 32,034 | ||
Land | 3,971 | ||
Building and Improvements | 10,269 | ||
Cost Capitalized Subsequent to Acquisition | 131,361 | ||
Land | 3,971 | ||
Building and improvements | 141,630 | ||
Total | 145,601 | ||
Accumulated Depreciation | $ 51,268 | 51,268 | |
Net Carrying Amount | 94,333 | ||
Accumulated Depreciation | |||
Balance at end of the year | 51,268 | ||
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 | 45,338 | ||
Land | 982 | ||
Building and improvements | 45,338 | ||
Total | 46,320 | ||
Accumulated Depreciation | 4,422 | 4,422 | |
Net Carrying Amount | 41,898 | ||
Accumulated Depreciation | |||
Balance at end of the year | 4,422 | ||
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 | 57,887 | ||
Land | 1,976 | ||
Building and improvements | 57,887 | ||
Total | 59,863 | ||
Accumulated Depreciation | 29,625 | 29,625 | |
Net Carrying Amount | 30,238 | ||
Accumulated Depreciation | |||
Balance at end of the year | 29,625 | ||
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 | 8,772 | ||
Land | 960 | ||
Building and improvements | 19,041 | ||
Total | 20,001 | ||
Accumulated Depreciation | 10,280 | 10,280 | |
Net Carrying Amount | 9,721 | ||
Accumulated Depreciation | |||
Balance at end of the year | 10,280 | ||
Office | Two Columbus | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 53 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 19,364 | ||
Land | 53 | ||
Building and improvements | 19,364 | ||
Total | 19,417 | ||
Accumulated Depreciation | 6,941 | 6,941 | |
Net Carrying Amount | 12,476 | ||
Accumulated Depreciation | |||
Balance at end of the year | 6,941 | ||
Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 118,668 | ||
Land | 166,056 | ||
Building and Improvements | 220,277 | ||
Cost Capitalized Subsequent to Acquisition | 158,918 | ||
Land | 166,056 | ||
Building and improvements | 379,195 | ||
Total | 545,251 | ||
Accumulated Depreciation | 77,680 | 77,680 | |
Net Carrying Amount | 467,571 | ||
Accumulated Depreciation | |||
Balance at end of the year | 77,680 | ||
Retail | 249 Central Park Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 16,851 | ||
Land | 712 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 15,108 | ||
Land | 712 | ||
Building and improvements | 15,108 | ||
Total | 15,820 | ||
Accumulated Depreciation | 8,228 | 8,228 | |
Net Carrying Amount | 7,592 | ||
Accumulated Depreciation | |||
Balance at end of the year | 8,228 | ||
Retail | Alexander Pointe | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 4,050 | ||
Building and Improvements | 4,880 | ||
Cost Capitalized Subsequent to Acquisition | 58 | ||
Land | 4,050 | ||
Building and improvements | 4,938 | ||
Total | 8,988 | ||
Accumulated Depreciation | 466 | 466 | |
Net Carrying Amount | 8,522 | ||
Accumulated Depreciation | |||
Balance at end of the year | 466 | ||
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 | 1,053 | ||
Land | 5,450 | ||
Building and improvements | 11,694 | ||
Total | 17,144 | ||
Accumulated Depreciation | 2,183 | 2,183 | |
Net Carrying Amount | 14,961 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,183 | ||
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 | 15,945 | ||
Land | 0 | ||
Building and improvements | 15,945 | ||
Total | 15,945 | ||
Accumulated Depreciation | 9,010 | 9,010 | |
Net Carrying Amount | 6,935 | ||
Accumulated Depreciation | |||
Balance at end of the year | 9,010 | ||
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 | 346 | ||
Land | 2,410 | ||
Building and improvements | 9,356 | ||
Total | 11,766 | ||
Accumulated Depreciation | 881 | 881 | |
Net Carrying Amount | 10,885 | ||
Accumulated Depreciation | |||
Balance at end of the year | 881 | ||
Retail | Town Center Phase VI | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 117 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 2,213 | ||
Land | 117 | ||
Building and improvements | 2,213 | ||
Total | 2,330 | ||
Accumulated Depreciation | 88 | 88 | |
Net Carrying Amount | 2,242 | ||
Accumulated Depreciation | |||
Balance at end of the year | 88 | ||
Retail | Columbus Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 8,298 | ||
Land | 7,631 | ||
Building and Improvements | 10,135 | ||
Cost Capitalized Subsequent to Acquisition | 9 | ||
Land | 7,631 | ||
Building and improvements | 10,144 | ||
Total | 17,775 | ||
Accumulated Depreciation | 732 | 732 | |
Net Carrying Amount | 17,043 | ||
Accumulated Depreciation | |||
Balance at end of the year | 732 | ||
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 | 23 | ||
Land | 14,536 | ||
Building and improvements | 10,945 | ||
Total | 25,481 | ||
Accumulated Depreciation | 520 | 520 | |
Net Carrying Amount | 24,961 | ||
Accumulated Depreciation | |||
Balance at end of the year | 520 | ||
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 | 3,220 | ||
Land | 118 | ||
Building and improvements | 3,220 | ||
Total | 3,338 | ||
Accumulated Depreciation | 1,342 | 1,342 | |
Net Carrying Amount | 1,996 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,342 | ||
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 | 163 | 163 | |
Net Carrying Amount | 1,887 | ||
Accumulated Depreciation | |||
Balance at end of the year | 163 | ||
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 | 10,572 | ||
Land | 67 | ||
Building and improvements | 10,572 | ||
Total | 10,639 | ||
Accumulated Depreciation | 3,920 | 3,920 | |
Net Carrying Amount | 6,719 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,920 | ||
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 | 188 | ||
Land | 5,100 | ||
Building and improvements | 13,314 | ||
Total | 18,414 | ||
Accumulated Depreciation | 1,254 | 1,254 | |
Net Carrying Amount | 17,160 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,254 | ||
Retail | Fountain Plaza Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 10,145 | ||
Land | 425 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 7,135 | ||
Land | 425 | ||
Building and improvements | 7,135 | ||
Total | 7,560 | ||
Accumulated Depreciation | 3,154 | 3,154 | |
Net Carrying Amount | 4,406 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,154 | ||
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 | 7,182 | ||
Land | 2,229 | ||
Building and improvements | 7,182 | ||
Total | 9,411 | ||
Accumulated Depreciation | 3,206 | 3,206 | |
Net Carrying Amount | 6,205 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,206 | ||
Retail | Greentree Shopping Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,103 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 4,018 | ||
Land | 1,103 | ||
Building and improvements | 4,018 | ||
Total | 5,121 | ||
Accumulated Depreciation | 513 | 513 | |
Net Carrying Amount | 4,608 | ||
Accumulated Depreciation | |||
Balance at end of the year | 513 | ||
Retail | Hanbury Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 19,503 | ||
Land | 3,793 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 19,342 | ||
Land | 3,793 | ||
Building and improvements | 19,342 | ||
Total | 23,135 | ||
Accumulated Depreciation | 6,344 | 6,344 | |
Net Carrying Amount | 16,791 | ||
Accumulated Depreciation | |||
Balance at end of the year | 6,344 | ||
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 | 93 | ||
Land | 2,840 | ||
Building and improvements | 8,603 | ||
Total | 11,443 | ||
Accumulated Depreciation | 608 | 608 | |
Net Carrying Amount | 10,835 | ||
Accumulated Depreciation | |||
Balance at end of the year | 608 | ||
Retail | Harrisonburg Regal | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,554 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 4,148 | ||
Land | 1,554 | ||
Building and improvements | 4,148 | ||
Total | 5,702 | ||
Accumulated Depreciation | 1,989 | 1,989 | |
Net Carrying Amount | 3,713 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,989 | ||
Retail | Lightfoot Marketplace | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 10,500 | ||
Land | 7,628 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 14,714 | ||
Land | 7,628 | ||
Building and improvements | 14,714 | ||
Total | 22,342 | ||
Accumulated Depreciation | 794 | 794 | |
Net Carrying Amount | 21,548 | ||
Accumulated Depreciation | |||
Balance at end of the year | 794 | ||
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 | 401 | ||
Land | 7,250 | ||
Building and improvements | 10,611 | ||
Total | 17,861 | ||
Accumulated Depreciation | 953 | 953 | |
Net Carrying Amount | 16,908 | ||
Accumulated Depreciation | |||
Balance at end of the year | 953 | ||
Retail | North Point Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 12,030 | ||
Land | 1,936 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 25,417 | ||
Land | 1,936 | ||
Building and improvements | 25,417 | ||
Total | 27,353 | ||
Accumulated Depreciation | 12,652 | 12,652 | |
Net Carrying Amount | 14,701 | ||
Accumulated Depreciation | |||
Balance at end of the year | 12,652 | ||
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 | 26 | ||
Land | 1,850 | ||
Building and improvements | 3,396 | ||
Total | 5,246 | ||
Accumulated Depreciation | 584 | 584 | |
Net Carrying Amount | 4,662 | ||
Accumulated Depreciation | |||
Balance at end of the year | 584 | ||
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 | 3,664 | ||
Land | 1,150 | ||
Building and improvements | 3,664 | ||
Total | 4,814 | ||
Accumulated Depreciation | 1,776 | 1,776 | |
Net Carrying Amount | 3,038 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,776 | ||
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 | 231 | ||
Land | 15,059 | ||
Building and improvements | 20,411 | ||
Total | 35,470 | ||
Accumulated Depreciation | 1,353 | 1,353 | |
Net Carrying Amount | 34,117 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,353 | ||
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 | 383 | ||
Land | 3,240 | ||
Building and improvements | 8,699 | ||
Total | 11,939 | ||
Accumulated Depreciation | 872 | 872 | |
Net Carrying Amount | 11,067 | ||
Accumulated Depreciation | |||
Balance at end of the year | 872 | ||
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 | 670 | ||
Land | 9,950 | ||
Building and improvements | 13,039 | ||
Total | 22,989 | ||
Accumulated Depreciation | 937 | 937 | |
Net Carrying Amount | 22,052 | ||
Accumulated Depreciation | |||
Balance at end of the year | 937 | ||
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 | 89 | ||
Land | 6,730 | ||
Building and improvements | 8,528 | ||
Total | 15,258 | ||
Accumulated Depreciation | 335 | 335 | |
Net Carrying Amount | 14,923 | ||
Accumulated Depreciation | |||
Balance at end of the year | 335 | ||
Retail | Sandbridge Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 8,468 | ||
Land | 4,825 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 7,285 | ||
Land | 4,825 | ||
Building and improvements | 7,285 | ||
Total | 12,110 | ||
Accumulated Depreciation | 839 | 839 | |
Net Carrying Amount | 11,271 | ||
Accumulated Depreciation | |||
Balance at end of the year | 839 | ||
Retail | Socastee Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 4,771 | ||
Land | 2,320 | ||
Building and Improvements | 5,380 | ||
Cost Capitalized Subsequent to Acquisition | 121 | ||
Land | 2,320 | ||
Building and improvements | 5,501 | ||
Total | 7,821 | ||
Accumulated Depreciation | 530 | 530 | |
Net Carrying Amount | 7,291 | ||
Accumulated Depreciation | |||
Balance at end of the year | 530 | ||
Retail | South Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 7,394 | ||
Land | 190 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 7,635 | ||
Land | 190 | ||
Building and improvements | 7,635 | ||
Total | 7,825 | ||
Accumulated Depreciation | 3,964 | 3,964 | |
Net Carrying Amount | 3,861 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,964 | ||
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 | 164 | ||
Land | 14,130 | ||
Building and improvements | 12,834 | ||
Total | 26,964 | ||
Accumulated Depreciation | 953 | 953 | |
Net Carrying Amount | 26,011 | ||
Accumulated Depreciation | |||
Balance at end of the year | 953 | ||
Retail | Southgate Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 20,708 | ||
Land | 8,890 | ||
Building and Improvements | 25,950 | ||
Cost Capitalized Subsequent to Acquisition | 249 | ||
Land | 8,890 | ||
Building and improvements | 26,199 | ||
Total | 35,089 | ||
Accumulated Depreciation | 1,467 | 1,467 | |
Net Carrying Amount | 33,622 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,467 | ||
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 | 16 | ||
Land | 1,770 | ||
Building and improvements | 6,525 | ||
Total | 8,295 | ||
Accumulated Depreciation | 289 | 289 | |
Net Carrying Amount | 8,006 | ||
Accumulated Depreciation | |||
Balance at end of the year | 289 | ||
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 | 277 | ||
Land | 6,360 | ||
Building and improvements | 16,627 | ||
Total | 22,987 | ||
Accumulated Depreciation | 1,548 | 1,548 | |
Net Carrying Amount | 21,439 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,548 | ||
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 | 2,475 | ||
Land | 76 | ||
Building and improvements | 2,475 | ||
Total | 2,551 | ||
Accumulated Depreciation | 825 | 825 | |
Net Carrying Amount | 1,726 | ||
Accumulated Depreciation | |||
Balance at end of the year | 825 | ||
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 | 923 | 923 | |
Net Carrying Amount | 2,383 | ||
Accumulated Depreciation | |||
Balance at end of the year | 923 | ||
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 | 47 | ||
Land | 1,300 | ||
Building and improvements | 1,657 | ||
Total | 2,957 | ||
Accumulated Depreciation | 385 | 385 | |
Net Carrying Amount | 2,572 | ||
Accumulated Depreciation | |||
Balance at end of the year | 385 | ||
Retail | Wendover Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 18,260 | ||
Building and Improvements | 21,700 | ||
Cost Capitalized Subsequent to Acquisition | 52 | ||
Land | 18,260 | ||
Building and improvements | 21,752 | ||
Total | 40,012 | ||
Accumulated Depreciation | 1,100 | 1,100 | |
Net Carrying Amount | 38,912 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,100 | ||
Multifamily residential real estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 156,710 | ||
Land | 27,070 | ||
Building and Improvements | 58,599 | ||
Cost Capitalized Subsequent to Acquisition | 217,237 | ||
Land | 27,070 | ||
Building and improvements | 275,835 | ||
Total | 302,905 | ||
Accumulated Depreciation | 35,573 | 35,573 | |
Net Carrying Amount | 267,332 | ||
Accumulated Depreciation | |||
Balance at end of the year | 35,573 | ||
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 | 30,183 | ||
Land | 1,293 | ||
Building and improvements | 30,183 | ||
Total | 31,476 | ||
Accumulated Depreciation | 3,033 | 3,033 | |
Net Carrying Amount | 28,443 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,033 | ||
Multifamily residential real estate | Harding Place | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 3,874 | ||
Land | 5,706 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 22,997 | ||
Land | 5,706 | ||
Building and improvements | 22,997 | ||
Total | 28,703 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | 28,703 | ||
Accumulated Depreciation | |||
Balance at end of the year | 0 | ||
Multifamily residential real estate | Johns Hopkins Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 46,698 | ||
Land | 0 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 69,229 | ||
Land | 0 | ||
Building and improvements | 69,229 | ||
Total | 69,229 | ||
Accumulated Depreciation | 3,107 | 3,107 | |
Net Carrying Amount | 66,122 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,107 | ||
Multifamily residential real estate | 595 King Street | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 7,276 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 5,452 | ||
Land | 7,276 | ||
Building and improvements | 5,452 | ||
Total | 12,728 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | 12,728 | ||
Accumulated Depreciation | |||
Balance at end of the year | 0 | ||
Multifamily residential real estate | Liberty Apartments | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 14,694 | ||
Land | 3,580 | ||
Building and Improvements | 23,494 | ||
Cost Capitalized Subsequent to Acquisition | 1,407 | ||
Land | 3,580 | ||
Building and improvements | 24,900 | ||
Total | 28,480 | ||
Accumulated Depreciation | 3,456 | 3,456 | |
Net Carrying Amount | 25,024 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,456 | ||
Multifamily residential real estate | 530 Meeting Street | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 7,265 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 6,372 | ||
Land | 7,265 | ||
Building and improvements | 6,372 | ||
Total | 13,637 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | 13,637 | ||
Accumulated Depreciation | |||
Balance at end of the year | 0 | ||
Multifamily residential real estate | Smith’s Landing | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 19,764 | ||
Land | 0 | ||
Building and Improvements | 35,105 | ||
Cost Capitalized Subsequent to Acquisition | 1,765 | ||
Land | 0 | ||
Building and improvements | 36,870 | ||
Total | 36,870 | ||
Accumulated Depreciation | 5,613 | 5,613 | |
Net Carrying Amount | 31,257 | ||
Accumulated Depreciation | |||
Balance at end of the year | 5,613 | ||
Multifamily residential real estate | The Cosmopolitan | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 45,209 | ||
Land | 985 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 57,504 | ||
Land | 985 | ||
Building and improvements | 57,504 | ||
Total | 58,489 | ||
Accumulated Depreciation | 20,364 | 20,364 | |
Net Carrying Amount | 38,125 | ||
Accumulated Depreciation | |||
Balance at end of the year | 20,364 | ||
Multifamily residential real estate | Town Center Phase VI | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 1,505 | ||
Land | 965 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 22,328 | ||
Land | 965 | ||
Building and improvements | 22,328 | ||
Total | 23,293 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | 23,293 | ||
Accumulated Depreciation | |||
Balance at end of the year | 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 | |||
Balance at end of the year | $ 0 |