Armada Hoffler Properties (AHH) 10-Q1 Aug 182018 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 31, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Armada Hoffler Properties, Inc.
Entity Central Index Key	1,569,187
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		48,891,867

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate investments:
Income producing property	$ 934,929	$ 910,686
Held for development	1,474	680
Construction in progress	157,795	83,071
Gross real estate investments	1,094,198	994,437
Accumulated depreciation	(177,966)	(164,521)
Net real estate investments	916,232	829,916
Cash and cash equivalents	12,279	19,959
Restricted cash	3,139	2,957
Accounts receivable, net	16,444	15,691
Notes receivable	93,478	83,058
Construction receivables, including retentions	19,868	23,933
Construction contract costs and estimated earnings in excess of billings	1,287	245
Equity method investments	14,538	11,411
Other assets	55,106	55,953
Total Assets	1,132,371	1,043,123
LIABILITIES AND EQUITY
Indebtedness, net	580,446	517,272
Accounts payable and accrued liabilities	11,525	15,180
Construction payables, including retentions	40,719	47,445
Billings in excess of construction contract costs and estimated earnings	1,711	3,591
Other liabilities	41,000	39,352
Total Liabilities	675,401	622,840
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of June 30, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 48,768,363 and 44,937,763 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	488	449
Additional paid-in capital	338,577	287,407
Distributions in excess of earnings	(70,648)	(61,166)
Total stockholders’ equity	268,417	226,690
Noncontrolling interests	188,553	193,593
Total Equity	456,970	420,283
Total Liabilities and Equity	$ 1,132,371	$ 1,043,123

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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)	48,768,363	44,937,763
Common stock, shares outstanding (in shares)	48,768,363	44,937,763

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Rental revenues	$ 28,598	$ 26,755	$ 57,297	$ 53,987
Total revenues	49,252	83,426	101,001	174,177
Expenses
Rental expenses	6,522	6,171	12,946	12,239
Real estate taxes	2,735	2,595	5,548	5,104
Depreciation and amortization	9,179	9,304	18,457	18,779
General and administrative expenses	2,764	2,678	5,725	5,664
Acquisition, development and other pursuit costs	9	369	93	416
Impairment charges	98	27	98	31
Total expenses	41,394	75,159	85,368	157,444
Operating income	7,858	8,267	15,633	16,733
Interest income	2,375	1,658	4,607	3,056
Interest expense	(4,497)	(4,494)	(8,870)	(9,029)
Gain on real estate dispositions	0	0	0	3,395
Change in fair value of interest rate derivatives	(11)	(81)	958	213
Other income	54	43	168	80
Income before taxes	5,779	5,393	12,496	14,448
Income tax benefit (provision)	166	(450)	432	(752)
Net income	5,945	4,943	12,928	13,696
Net income attributable to noncontrolling interests	(1,626)	(1,472)	(3,569)	(4,289)
Net income attributable to stockholders	$ 4,319	$ 3,471	$ 9,359	$ 9,407
Net income attributable to stockholders per share (basic and diluted) (in dollars per share)	$ 0.09	$ 0.08	$ 0.21	$ 0.24
Weighted-average common shares outstanding (basic and diluted) (in shares)	45,928	42,091	45,532	39,869
Dividends and distributions declared per common share and unit (in dollars per share)	$ 0.2	$ 0.19	$ 0.4	$ 0.38
General contracting and real estate services
General contracting and real estate services revenues	$ 20,654	$ 56,671	$ 43,704	$ 120,190
General contracting and real estate services expenses	$ 20,087	$ 54,015	$ 42,501	$ 115,211

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Distributions in excess of earnings	Total stockholders' equity	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2017	44,937,763	44,937,763
Beginning balance at Dec. 31, 2017	$ 420,283	$ 449	$ 287,407	$ (61,166)	$ 226,690	$ 193,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,928			9,359	9,359	3,569
Net proceeds from sales of common stock (in shares)		3,542,178
Net proceeds from sales of common stock	48,981	$ 35	48,946		48,981
Restricted stock awards, net of tax withholding (in shares)		126,050
Restricted stock awards, net of tax withholding	904	$ 2	902		904
Restricted stock award forfeitures (in shares)		(628)
Restricted stock award forfeitures	(4)		(4)		(4)
Issuance of operating partnership units for acquisitions	2,196		(5)		(5)	2,201
Redemption of operating partnership units (in shares)		163,000
Redemption of operating partnership units	(2,531)	$ 2	1,331		1,333	(3,864)
Dividends and distributions declared	$ (25,787)			(18,841)	(18,841)	(6,946)
Ending balance, shares (in shares) at Jun. 30, 2018	48,768,363	48,768,363
Ending balance at Jun. 30, 2018	$ 456,970	$ 488	$ 338,577	$ (70,648)	$ 268,417	$ 188,553

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income	$ 12,928	$ 13,696
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	13,540	12,930
Amortization of leasing costs and in-place lease intangibles	4,917	5,849
Accrued straight-line rental revenue	(1,029)	(640)
Amortization of leasing incentives and above or below-market rents	(141)	(90)
Accrued straight-line ground rent expense	136	273
Bad debt expense	112	166
Noncash stock compensation	820	832
Impairment charges	98	31
Noncash interest expense	557	560
Gain on real estate dispositions	0	(3,395)
Change in the fair value of interest rate derivatives	(958)	(213)
Changes in operating assets and liabilities:
Property assets	(2,505)	(1,009)
Property liabilities	(1,973)	(2,489)
Construction assets	4,443	(6,495)
Construction liabilities	(15,081)	21
Interest receivable	(4,604)	(3,053)
Net cash provided by operating activities	11,260	16,974
INVESTING ACTIVITIES
Development of real estate investments	(57,741)	(14,997)
Tenant and building improvements	(5,599)	(4,338)
Acquisitions of real estate investments, net of cash received	(32,967)	(6,767)
Dispositions of real estate investments	4,271	4,441
Notes receivable issuances	(5,816)	(10,783)
Leasing costs	(2,060)	(807)
Leasing incentives	(79)	(2)
Contributions to equity method investments	(3,127)	(715)
Net cash used for investing activities	(103,118)	(33,968)
FINANCING ACTIVITIES
Proceeds from sales of common stock	49,730	96,044
Offering costs	(749)	(4,663)
Common shares tendered for tax withholding	(343)	(289)
Debt issuances, credit facility and construction loan borrowings	147,248	73,906
Debt and credit facility repayments, including principal amortization	(84,277)	(130,674)
Debt issuance costs	(381)	(471)
Redemption of operating partnership units	(2,531)	(229)
Dividends and distributions	(24,337)	(20,097)
Net cash provided by financing activities	84,360	13,527
Net decrease in cash and cash equivalents	(7,498)	(3,467)
Cash, cash equivalents, and restricted cash, beginning of period	22,916	25,193
Cash, cash equivalents, and restricted cash, end of period	15,418	21,726
Supplemental Disclosures (noncash transactions):
Increase in dividends payable	1,450	1,973
Increase in accounts payable and accrued liabilities for capital expenditures	6,692	4,608
Issuance of operating partnership units for acquisitions	1,702	982
Operating Partnership units redeemed for common shares	1,804	0
Redeemable noncontrolling interest from development	0	2,000
Deferred payment for land acquisition	$ 0	$ 600

Business of Organization

Business of Organization	6 Months Ended
Business of Organization	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business of Organization	Business of 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 the sole general partner of Armada Hoffler, L.P. (the “Operating Partnership”), and as of June 30, 2018 owned 73.8% 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. As of June 30, 2018 , the Company's property portfolio consisted of 49 operating properties and 8 development properties. Refer to Note 4 for information related to the Company's recent acquisitions and dispositions of operating properties. Refer to Note 5 for information related to the Company’s investment in Durham City Center II, LLC, which is an unconsolidated subsidiary that the Company accounts for using the equity method of accounting. Subsequent to June 30, 2018 On July 2, 2018, the Company entered into a ground lease for a land parcel at Wills Wharf, located at the Harbor Point area in Baltimore, Maryland. The Company plans to develop a mixed-use building on the site.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . 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 significantly from management’s estimates. Reclassifications During the second quarter of 2018, the Company identified certain immaterial classification errors on the Company's Consolidated Statements of Cash Flows and has determined that, in this Quarterly Report on Form 10-Q and future periodic reports, the Company will correct these classification errors. One classification error will be corrected by including within the changes in operating assets and liabilities in the operating activities section a new line item for "Interest receivable." A corresponding adjustment will be recorded to reduce the amount of "Notes receivable issuances" within investing activities on the statement of cash flows. These reclassifications totaled $7.1 million , $3.2 million , and $0.1 million during the years ended December 31, 2017, 2016, and 2015, respectively, $2.2 million and $1.4 million for the three months ended March 31, 2018 and 2017, respectively, and $3.1 million for the six months ended June 30, 2017. These reclassifications will decrease "Net cash provided by operating activities" and "Net cash used for investing activities" by an equal and offsetting amount. These reclassifications will not have any impact on the Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statement of Equity, or any other operating measure for the periods affected. These amounts were previously presented as "Notes receivable issuances," a component of net cash used for investing activities on the Consolidated Statements of Cash Flows, resulting in overstatements in cash provided by operating activities and overstatements of cash used in investing activities. These amounts represent interest earned on mezzanine loans that were funded by the interest reserve accounts provided for in the mezzanine loan agreements. These amounts are now classified as changes in interest receivable, a non-cash adjustment to calculate net cash provided by operating activities. The second classification error will be corrected by including within financing activities on the Consolidated Statements of Cash Flows a new line item for “Common shares tendered for tax withholding.” A corresponding adjustment will be recorded to the "Changes in operating assets and liabilities: Property liabilities" within operating activities on the Consolidated Statements of Cash Flows. This reclassification totaled $0.3 million , $0.2 million , and $0.3 million during the years ended December 31, 2017, 2016, and 2015, respectively, $0.3 million and $0.3 million for the three months ended March 31, 2018 and 2017, respectively, and $0.3 million for the six months ended June 30, 2017. These reclassifications will increase “Net cash provided by operating activities” and decrease “Net cash provided by financing activities” by an equal and offsetting amount. Significant Accounting Policies General Contracting and Real Estate Services Revenues On January 1, 2018, the Company adopted the new accounting standard codified in Accounting Standards Codification 606 - Revenue from Contracts with Customers (see also "Recent Accounting Pronouncements" below). The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations, and the Company estimates its progress in satisfying performance obligations for each contract using the percentage-of-completion method, based on the proportion of incurred costs to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management services as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty should be combined into a single contract for revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem. See the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared. Recent Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board ("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 changes the way the Company recognizes revenue from construction and development contracts with third party customers. The Company adopted 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 are now 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 did not result in material differences to these contracts in aggregate, and no cumulative adjustment to distributions in excess of earnings was recorded as of January 1, 2018. 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. The Company is the lessee on certain ground leases and equipment leases, which represents a majority of the Company's current operating lease payments, and expects to record right-of-use assets and lease liabilities for these leases under the new standard. 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 on 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 as a result of the new guidance. 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 (in thousands): Balance as of June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 Cash and cash equivalents $ 12,279 $ 19,959 $ 18,587 $ 21,942 Restricted cash 3,139 2,957 3,139 3,251 Cash, cash equivalents, and restricted cash $ 15,418 $ 22,916 $ 21,726 $ 25,193 The following table summarizes the changes made to net cash provided by operating activities, net cash used for investing activities, and net cash provided by financing activities in the consolidated statement of cash flows for the six months ended June 30, 2017 on a retrospective basis (in thousands) as a result of the new guidance as well as the reclassification adjustments described in the "Reclassifications" section above: Six months ended June 30, 2017 Operating activities as originally presented $ 19,886 Adjustment relating to restricted cash (148 ) Adjustment for shares tendered for tax withholding 289 Adjustment relating to interest income presentation (3,053 ) Operating activities after adjustments $ 16,974 Investing activities as originally presented $ (37,057 ) Adjustment relating to restricted cash 36 Adjustment relating to interest income presentation 3,053 Investing activities after adjustments $ (33,968 ) Financing activities as originally presented $ 13,816 Adjustment for shares tendered for tax withholding (289 ) Financing activities after adjustments $ 13,527 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 Company adopted the new guidance on January 1, 2018, and it did not have a material impact on the Company’s consolidated financial statements. 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. As of June 30, 2018 , the Company does not currently have any derivatives designated as hedging instruments for accounting purposes but may designate new derivative contracts as hedging instruments in the future. 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	6 Months Ended
Segments	Jun. 30, 2018
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 three and six months ended June 30, 2018 and 2017 was as follows (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 (Unaudited) Office real estate Rental revenues $ 5,288 $ 4,759 $ 10,388 $ 9,665 Rental expenses 1,430 1,366 2,876 2,692 Real estate taxes 502 450 1,004 900 Segment net operating income 3,356 2,943 6,508 6,073 Retail real estate Rental revenues 16,608 15,578 33,319 31,209 Rental expenses 2,563 2,479 5,220 4,999 Real estate taxes 1,656 1,520 3,339 2,969 Segment net operating income 12,389 11,579 24,760 23,241 Multifamily residential real estate Rental revenues 6,702 6,418 13,590 13,113 Rental expenses 2,529 2,326 4,850 4,548 Real estate taxes 577 625 1,205 1,235 Segment net operating income 3,596 3,467 7,535 7,330 General contracting and real estate services Segment revenues 20,654 56,671 43,704 120,190 Segment expenses 20,087 54,015 42,501 115,211 Segment gross profit 567 2,656 1,203 4,979 Net operating income $ 19,908 $ 20,645 $ 40,006 $ 41,623 General contracting and real estate services revenues for the three months ended June 30, 2018 and 2017 exclude revenue related to intercompany construction contracts of $34.2 million and $11.6 million , respectively. General contracting and real estate services revenues for the six months ended June 30, 2018 and 2017 exclude revenue related to intercompany construction contracts of $60.1 million and $17.5 million , respectively. General contracting and real estate services expenses for the three months ended June 30, 2018 and 2017 exclude expenses related to intercompany construction contracts of $33.9 million and $11.6 million , respectively. General contracting and real estate services expenses for the six months ended June 30, 2018 and 2017 exclude expenses related to intercompany construction contracts of $59.5 million and $17.3 million , respectively. General contracting and real estate services expenses for the three months ended June 30, 2018 and 2017 include noncash stock compensation expense of less than $0.1 million and $0.1 million , respectively. General contracting and real estate services expenses for the six months ended June 30, 2018 and 2017 include noncash stock compensation expense of $0.2 million and $0.4 million , respectively. The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and six months ended June 30, 2018 and 2017 (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 (Unaudited) Net operating income $ 19,908 $ 20,645 $ 40,006 $ 41,623 Depreciation and amortization (9,179 ) (9,304 ) (18,457 ) (18,779 ) General and administrative expenses (2,764 ) (2,678 ) (5,725 ) (5,664 ) Acquisition, development and other pursuit costs (9 ) (369 ) (93 ) (416 ) Impairment charges (98 ) (27 ) (98 ) (31 ) Interest income 2,375 1,658 4,607 3,056 Interest expense (4,497 ) (4,494 ) (8,870 ) (9,029 ) Gain on real estate dispositions — — — 3,395 Change in fair value of interest rate derivatives (11 ) (81 ) 958 213 Other income 54 43 168 80 Income tax (provision) benefit 166 (450 ) 432 (752 ) Net income $ 5,945 $ 4,943 $ 12,928 $ 13,696 General and administrative expenses for the three months ended June 30, 2018 and 2017 include noncash stock compensation expense of $0.2 million and $0.2 million , respectively. General and administrative expenses for the six months ended June 30, 2018 and 2017 include noncash stock compensation expense of $0.7 million and $0.6 million , respectively.

Real Estate Investment

Real Estate Investment	6 Months Ended
Real Estate Investment	Jun. 30, 2018
Real Estate [Abstract]
Real Estate Investment	Real Estate Investment Property Acquisitions 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 (comprised of $9.6 million in cash and $1.7 million in the form of Class A units of limited partnership interest in the Operating Partnership ("Class A Units")) plus capitalized acquisition costs of $0.3 million . The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and liabilities assumed for the two operating properties purchased during the six months ended June 30, 2018 (in thousands): Indian Lakes Crossing Parkway Centre Land $ 10,926 $ 1,372 Site improvements 531 696 Building and improvements 1,913 7,168 In-place leases 1,648 2,346 Above-market leases 11 — Below-market leases (175 ) (10 ) Net assets acquired $ 14,854 $ 11,572 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 the fourth quarter of 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 January 18, 2018, the Company entered into an operating agreement with a partner to develop a Lowes Foods-anchored shopping center in Mount Pleasant, South Carolina. The Company has a 70% ownership interest in the partnership. The partnership, Market at Mill Creek Partners, LLC acquired undeveloped land on February 16, 2018 for a contract price of $2.9 million plus capitalized acquisition costs of $0.1 million . The Company is responsible for funding the equity requirements of this development. As of June 30, 2018 , the Company's investment in the project totaled $9.4 million . Management has concluded that this entity is a variable interest entity ("VIE") as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the shopping center and has the power to direct the activities of the project that most significantly impact its performance and is the party most closely associated with the project. Therefore, the Company is the project's primary beneficiary and consolidates the project in its consolidated financial statements. On April 2, 2018, the Company acquired undeveloped land in Newport News, Virginia for less than $0.1 million . This land parcel is being used in the development of the Brooks Crossing office tower. Property Disposition On May 24, 2018, the Company completed the sale of the Wawa outparcel at Indian Lakes Crossing for a contract price of $4.4 million . There was no gain or loss on the disposition.

Equity Method Investment

Equity Method Investment	6 Months Ended
Equity Method Investment	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment 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. During the six months ended June 30, 2018 , the Company invested an additional $3.2 million in City Center. As of June 30, 2018 and December 31, 2017 , the Company had invested $13.8 million and $10.9 million , respectively, in City Center, and the carrying value of the Company's investment was $14.5 million and $11.4 million , respectively. 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 June 30, 2018 and December 31, 2017 , $38.9 million and $29.2 million , respectively, had been drawn against the construction loan, of which $13.2 million and $11.2 million , respectively, was attributable to the Company's portion of the loan. For the three and six months ended June 30, 2018 and 2017 , City Center did not have any operating activity, and therefore the Company did not receive any distributions 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	6 Months Ended
Notes Receivable	Jun. 30, 2018
Receivables [Abstract]
Notes Receivable	Notes Receivable The Company had the following mezzanine loans outstanding as of June 30, 2018 and December 31, 2017 (in thousands): Outstanding loan amount Maximum loan commitment Interest rate Development Project June 30, 2018 December 31, 2017 1405 Point $ 25,633 $ 22,444 $ 28,232 8.0 % The Residences at Annapolis Junction 45,230 43,021 48,105 10.0 % North Decatur Square 15,134 11,790 25,712 15.0 % Delray Plaza 6,551 5,379 13,123 15.0 % Total $ 92,548 $ 82,634 $ 115,172 Interest on the mezzanine loans is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is added to the loan receivable balances. The Company recognized interest income for the three and six months ended June 30, 2018 and 2017 as follows: Three Months Ended Six Months Ended Development Project 2018 2017 2018 2017 1405 Point $ 483 $ 429 $ 936 $ 845 The Residences at Annapolis Junction 1,124 1,016 2,209 1,997 North Decatur Square 531 211 992 211 Delray Plaza 225 — 448 — Total $ 2,363 $ 1,656 $ 4,585 $ 3,053 1405 Point 1405 Point (also known as Point Street Apartments) opened during the first quarter of 2018. The developer of 1405 Point secured a senior construction loan of up to $67.0 million to fund the development and construction of 1405 Point 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 1405 Point upon completion of the project. The Company currently has a $2.1 million letter of credit for the guarantee of the senior construction loan. The Residences at Annapolis Junction The developer of The Residences at Annapolis Junction 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. In July 2018, the Company entered into an agreement regarding the sale of its at-cost purchase option to the developer of The Residences at Annapolis Junction.

Construction Contracts

Construction Contracts	6 Months Ended
Construction Contracts	Jun. 30, 2018
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. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of June 30, 2018 during the next twelve months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the six months ended June 30, 2018 (in thousands): Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Balance as of January 1, 2018 $ 245 $ 3,591 Revenue recognized that was included in the balance at the beginning of the period — (3,591 ) Increases due to new billings, excluding amounts recognized as revenue during the period — 1,898 Transferred to receivables (245 ) — Construction contract costs and estimated earnings not billed during the period 1,287 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion — (187 ) Balance as of June 30, 2018 $ 1,287 $ 1,711 The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Pre-contract costs of $0.5 million and $0.6 million were deferred as of June 30, 2018 and December 31, 2017 , 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 June 30, 2018 and December 31, 2017 , construction receivables included retentions of $8.9 million and $9.9 million , respectively. The Company expects to collect substantially all construction receivables as of June 30, 2018 during the next twelve months. As of June 30, 2018 and December 31, 2017 , construction payables included retentions of $17.4 million and $17.4 million , respectively. The Company expects to pay substantially all construction payables as of June 30, 2018 during the next twelve months. The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2018 and December 31, 2017 (in thousands): June 30, December 31, Costs incurred on uncompleted construction contracts $ 562,879 $ 520,368 Estimated earnings 19,222 18,070 Billings (582,525 ) (541,784 ) Net position $ (424 ) $ (3,346 ) June 30, December 31, Construction contract costs and estimated earnings in excess of billings $ 1,287 $ 245 Billings in excess of construction contract costs and estimated earnings (1,711 ) (3,591 ) Net position $ (424 ) $ (3,346 ) The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2018 and December 31, 2017 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Beginning backlog $ 30,733 $ 157,722 $ 49,167 $ 217,718 New contracts/change orders 27,807 15,519 32,376 18,960 Work performed (20,619 ) (56,584 ) (43,622 ) (120,021 ) Ending backlog $ 37,921 $ 116,657 $ 37,921 $ 116,657 The Company expects to complete a majority of the uncompleted contracts as of June 30, 2018 during the next 12 to 18 months.

Indebtedness

Indebtedness	6 Months Ended
Indebtedness	Jun. 30, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Credit Facility On October 26, 2017, the Operating Partnership entered into an amended and restated credit agreement (the “credit agreement”), which provides for a $300.0 million senior 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 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 . On March 28, 2018, the Operating Partnership increased the maximum commitments under the credit facility to $330.0 million using the accordion feature, with an increase of the term loan facility to $180.0 million . The revolving credit facility bears interest at LIBOR (the London Inter-Bank Offered Rate) 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 June 30, 2018 and December 31, 2017 , the outstanding balance on the revolving credit facility was $83.0 million and $66.0 million , respectively, and the outstanding balance on the term loan facility was $180.0 million and $150.0 million , respectively. As of June 30, 2018 , the effective interest rates on the revolving credit facility and the term loan facility were 3.84% and 3.79% , respectively. 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 agreement. Subsequent to June 30, 2018 In July 2018, the Company increased its borrowings under the revolving credit facility by $20.0 million . Other Financing Activity On January 22, 2018, the Company extended and modified the Sandbridge Commons note. The note bears interest at a rate of LIBOR plus a spread of 1.75% and will mature on January 17, 2023. On March 27, 2018, the Company paid off Columbus Village Note 1 and Columbus Village Note 2 in full for an aggregate amount of $8.3 million . On May 31, 2018, the Company modified the Southgate Square note. The principal amount of the note was increased to $22 million , and the note now bears interest at a rate of LIBOR plus a spread of 1.60% . This note will still mature on April 29, 2021. On June 1, 2018, the Company entered into a $16.3 million construction loan for the River City industrial development project in Chesterfield, Virginia. The loan bears interest at a rate of LIBOR plus a spread of 1.50% and will mature on May 31, 2019. On June 14, 2018, the Company extended and modified the note secured by 249 Central Park Retail, Fountain Plaza Retail, and South Retail. The principal amount of the note was increased to $35.0 million . The note bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on August 10, 2023. On June 29, 2018, the Company entered into a $15.6 million construction loan for the Brooks Crossing office tower development project. The loan bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on July 1, 2025. During the six months ended June 30, 2018 , the Company borrowed $24.4 million under its existing construction loans to fund new development and construction. Subsequent to June 30, 2018 On July 12, 2018, the Company entered into a $16.2 million construction loan for the Market at Mill Creek development project in Mt. Pleasant, South Carolina. The loan bears interest at a rate of LIBOR plus a spread of 1.55% and will mature on July 12, 2025. On July 27, 2018, the Company extended and modified the Johns Hopkins Village note. The principal amount of the note was increased to $53.0 million . The note bears interest at a rate of LIBOR plus a spread of 1.25% and will mature on August 7, 2025. The Company simultaneously entered into an interest rate swap agreement that effectively fixes the interest rate at 4.19% for the term of the loan.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company may enter into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and liabilities in the condensed 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 in the condensed consolidated statements of 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 loss and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. On March 7, 2018, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 2.25% for a premium of $0.3 million . The interest rate cap expires on April 1, 2020. On April 23, 2018, the Operating Partnership entered into a floating-to-fixed interest rate swap attributable to one-month LIBOR indexed interest payments with a notional amount of $50.0 million . The interest rate swap has a fixed rate of 2.783% , an effective date of May 1, 2018, and a maturity date of May 1, 2023. The Company’s derivatives were comprised of the following as of June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 (Unaudited) Notional Amount Fair Value Notional Amount Fair Value Asset Liability Asset Liability Interest rate swaps $ 100,000 $ 431 $ (136 ) $ 56,079 $ 10 $ (69 ) Interest rate caps 250,000 2,429 — 345,000 1,515 — Total $ 350,000 $ 2,860 $ (136 ) $ 401,079 $ 1,525 $ (69 ) The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2018 and 2017 were comprised of the following (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Interest rate swaps $ 5 $ 7 $ 353 $ 268 Interest rate caps (16 ) (88 ) 605 (55 ) Total change in fair value of interest rate derivatives $ (11 ) $ (81 ) $ 958 $ 213 The Company has not designated any of its derivatives as hedging instruments under GAAP as of June 30, 2018 . Subsequent to June 30, 2018 On July 16, 2018, the Operating Partnership entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 2.50% for a premium of $0.3 million . The interest rate cap expires on August 1, 2020. On July 27, 2018, the Company entered into an interest rate swap agreement that effectively fixes the interest rate of the new Johns Hopkins Village note payable at 4.19% .

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2018
Equity [Abstract]
Equity	Equity Stockholders’ Equity On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the “ATM Program”) through which the Company may, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $125.0 million . During the six months ended June 30, 2018 , the Company sold an aggregate of 3,542,178 shares of common stock at a weighted average price of $14.07 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $49.1 million . As of June 30, 2018 and December 31, 2017 , the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 48,768,363 and 44,937,763 shares of common stock issued and outstanding as of June 30, 2018 and December 31, 2017 , respectively. No shares of preferred stock were issued and outstanding as of June 30, 2018 or December 31, 2017 . Noncontrolling Interests As of June 30, 2018 and December 31, 2017 , the Company held a 73.8% and 72.0% interest, respectively, in the Operating Partnership. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 73.8% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent units of limited partnership interest in the Operating Partnership not held by the Company. As of June 30, 2018 , there were 17,290,403 Class A Units not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. The noncontrolling interest for the consolidated entities under development or construction (see Note 1) was zero as of June 30, 2018 and 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 request through the issuance of an equal number of shares of common stock. As partial consideration for the acquisition of Columbus Village, the Operating Partnership issued 1,000,000 class B units of limited partnership interest in the Operating Partnership ("Class B Units") on July 10, 2015 and issued 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 automatically converted into Class A Units on January 10, 2018. As partial consideration for the acquisition of Parkway Centre, the Operating Partnership issued 117,228 Class A Units on January 29, 2018. On April 2, 2018, due to the holders of Class A Units tendering an aggregate of 187,142 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request with an aggregate cash payment of $2.5 million . On April 17, 2018, the Operating Partnership issued 36,684 Class A Units to the former noncontrolling interest holder of John Hopkins Village due to the satisfaction of a contingent event that was part of the redemption of its redeemable noncontrolling interest in Johns Hopkins Village in December 2017. Common Stock Dividends and Class A Unit Distributions 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. On April 5, 2018, the Company paid cash dividends of $9.0 million to common stockholders and the Operating Partnership paid cash distributions of $3.5 million to holders of Class A Units. On May 3, 2018, the Board of Directors declared a cash dividend and distribution of $0.20 per share and Class A Unit payable on July 5, 2018 to stockholders and unitholders of record on June 27, 2018. Subsequent to June 30, 2018 On July 2, 2018, due to the holders of Class A Units tendering an aggregate of 123,504 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 July 5, 2018, the Company paid cash dividends of $9.7 million to common stockholders and the Operating Partnership paid cash distributions of $3.5 million to holders of Class A Units.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation On June 14, 2017, the Company's stockholders approved the Company's Amended and Restated 2013 Equity Incentive Plan (the "Amended Plan"), which, among other things, increased the number of shares of the Company's common stock reserved for issuance under the Amended Plan by 1,000,000 shares, from 700,000 shares to 1,700,000 shares. As of June 30, 2018 , there were 1,029,659 shares available for issuance under the Amended Plan. During the six months ended June 30, 2018 , the Company granted an aggregate of 151,844 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $13.53 per share. 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. Non-employee director restricted stock awards vest either immediately upon grant or over a period of one year , subject to continued service to the Company. During the six months ended June 30, 2018 , the Company issued performance-based awards in the form of restricted stock units to certain employees. The performance period for these awards is three years , with a required two -year service period immediately following the expiration of the performance period in order to fully vest. The compensation expense and the effect on the Company’s weighted average diluted shares calculation were immaterial. During the three months ended June 30, 2018 and 2017 , the Company recognized $0.4 million and $0.3 million , respectively, of stock-based compensation expense. During the six months ended June 30, 2018 and 2017 , the Company recognized $1.2 million and $1.1 million , respectively, of stock-based compensation expense. As of June 30, 2018 , there were 138,971 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $1.3 million , which the Company expects to recognize over the next 21 months .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2018
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—quoted prices in active markets for identical assets or liabilities Level 2—observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3—unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and 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 carrying amounts and fair values of the Company’s financial instruments, all of which are based on Level 2 inputs, as of June 30, 2018 and December 31, 2017 , were as follows (in thousands): June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value (Unaudited) Indebtedness $ 580,446 $ 576,270 $ 517,272 $ 518,417 Interest rate swap liabilities 136 136 69 69 Interest rate swap and cap assets 2,860 2,860 1,525 1,525

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2018
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 included in these condensed consolidated financial statements. Revenue from construction contracts with these entities for the three months ended June 30, 2018 and 2017 was $0.3 million and $0.8 million , respectively, and gross profit from such contracts for the three months ended June 30, 2018 and 2017 was $0.1 million and $0.1 million , respectively. Revenue from construction contracts with related party entities of the Company for the six months ended June 30, 2018 and 2017 was $1.5 million and $7.3 million , respectively, and gross profit from such contracts for the six months ended June 30, 2018 and 2017 was $0.3 million and $0.4 million , respectively. Real estate services fees from affiliated entities of the Company were not significant for the three and six months ended June 30, 2018 or 2017 . In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not significant for the three and six months ended June 30, 2018 and 2017 . 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 Company’s initial public offering and formation transactions completed on May 13, 2013. In addition, the tax protection agreements provide that the Operating Partnership will offer certain of the original contributors, including certain of the Company’s directors and executive officers, the opportunity to guarantee debt, or, alternatively, to enter into a deficit restoration obligation, for ten years from the closing of the Company’s initial public offering in a manner intended to provide an allocation of Operating Partnership liabilities to the partner for U.S. federal income tax purposes. Pursuant to these tax protection agreements, certain of the Company’s executive officers have guaranteed approximately $0.3 million of the Operating Partnership’s outstanding debt as of June 30, 2018 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2018
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 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. 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 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 $43.5 million and $44.9 million as of June 30, 2018 and December 31, 2017 , respectively. The Operating Partnership has entered into standby letters of credit using the available capacity under the credit facility. Letters of credit generally are available for draw down in the event the Company does not perform. As of both June 30, 2018 and December 31, 2017 , the Operating Partnership had total outstanding letters of credit of $2.1 million . The amounts outstanding at June 30, 2018 and December 31, 2017 were comprised of a $2.1 million letter of credit related to the guarantee on the 1405 Point senior construction loan.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 .
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 significantly from management’s estimates.
General Contracting and Real Estate Services Revenues	General Contracting and Real Estate Services Revenues On January 1, 2018, the Company adopted the new accounting standard codified in Accounting Standards Codification 606 - Revenue from Contracts with Customers (see also "Recent Accounting Pronouncements" below). The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations, and the Company estimates its progress in satisfying performance obligations for each contract using the percentage-of-completion method, based on the proportion of incurred costs to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management services as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty should be combined into a single contract for revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. 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. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of June 30, 2018 during the next twelve months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized.
Recent Accounting Pronouncements	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 Company adopted the new guidance on January 1, 2018, and it did not have a material impact on the Company’s consolidated financial statements. 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. As of June 30, 2018 , the Company does not currently have any derivatives designated as hedging instruments for accounting purposes but may designate new derivative contracts as hedging instruments in the future. 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. Recent Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board ("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 changes the way the Company recognizes revenue from construction and development contracts with third party customers. The Company adopted 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 are now 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 did not result in material differences to these contracts in aggregate, and no cumulative adjustment to distributions in excess of earnings was recorded as of January 1, 2018. 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. The Company is the lessee on certain ground leases and equipment leases, which represents a majority of the Company's current operating lease payments, and expects to record right-of-use assets and lease liabilities for these leases under the new standard. 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 on 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 as a result of the new guidance.
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.
Derivative Financial Instruments	Derivative Financial Instruments The Company may enter into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and liabilities in the condensed 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 in the condensed consolidated statements of 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 loss and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.
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—quoted prices in active markets for identical assets or liabilities Level 2—observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3—unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and 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.
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 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. 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 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 of Organization (Table

Business of Organization (Tables)	6 Months Ended
Business of Organization (Tables)	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of properties under development or construction	As of June 30, 2018 , the Company's property portfolio consisted of 49 operating properties and 8 development properties. Refer to Note 4 for information related to the Company's recent acquisitions and dispositions of operating properties.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2018
Accounting Policies [Abstract]
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 (in thousands): Balance as of June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 Cash and cash equivalents $ 12,279 $ 19,959 $ 18,587 $ 21,942 Restricted cash 3,139 2,957 3,139 3,251 Cash, cash equivalents, and restricted cash $ 15,418 $ 22,916 $ 21,726 $ 25,193
Summary of changes due to new accounting principle	The following table summarizes the changes made to net cash provided by operating activities, net cash used for investing activities, and net cash provided by financing activities in the consolidated statement of cash flows for the six months ended June 30, 2017 on a retrospective basis (in thousands) as a result of the new guidance as well as the reclassification adjustments described in the "Reclassifications" section above: Six months ended June 30, 2017 Operating activities as originally presented $ 19,886 Adjustment relating to restricted cash (148 ) Adjustment for shares tendered for tax withholding 289 Adjustment relating to interest income presentation (3,053 ) Operating activities after adjustments $ 16,974 Investing activities as originally presented $ (37,057 ) Adjustment relating to restricted cash 36 Adjustment relating to interest income presentation 3,053 Investing activities after adjustments $ (33,968 ) Financing activities as originally presented $ 13,816 Adjustment for shares tendered for tax withholding (289 ) Financing activities after adjustments $ 13,527

Segments (Tables)

Segments (Tables)	6 Months Ended
Segments (Tables)	Jun. 30, 2018
Segment Reporting [Abstract]
Net operating income of reportable segments	Net operating income of the Company’s reportable segments for the three and six months ended June 30, 2018 and 2017 was as follows (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 (Unaudited) Office real estate Rental revenues $ 5,288 $ 4,759 $ 10,388 $ 9,665 Rental expenses 1,430 1,366 2,876 2,692 Real estate taxes 502 450 1,004 900 Segment net operating income 3,356 2,943 6,508 6,073 Retail real estate Rental revenues 16,608 15,578 33,319 31,209 Rental expenses 2,563 2,479 5,220 4,999 Real estate taxes 1,656 1,520 3,339 2,969 Segment net operating income 12,389 11,579 24,760 23,241 Multifamily residential real estate Rental revenues 6,702 6,418 13,590 13,113 Rental expenses 2,529 2,326 4,850 4,548 Real estate taxes 577 625 1,205 1,235 Segment net operating income 3,596 3,467 7,535 7,330 General contracting and real estate services Segment revenues 20,654 56,671 43,704 120,190 Segment expenses 20,087 54,015 42,501 115,211 Segment gross profit 567 2,656 1,203 4,979 Net operating income $ 19,908 $ 20,645 $ 40,006 $ 41,623
Reconciliation of net operating income to net income	The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and six months ended June 30, 2018 and 2017 (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 (Unaudited) Net operating income $ 19,908 $ 20,645 $ 40,006 $ 41,623 Depreciation and amortization (9,179 ) (9,304 ) (18,457 ) (18,779 ) General and administrative expenses (2,764 ) (2,678 ) (5,725 ) (5,664 ) Acquisition, development and other pursuit costs (9 ) (369 ) (93 ) (416 ) Impairment charges (98 ) (27 ) (98 ) (31 ) Interest income 2,375 1,658 4,607 3,056 Interest expense (4,497 ) (4,494 ) (8,870 ) (9,029 ) Gain on real estate dispositions — — — 3,395 Change in fair value of interest rate derivatives (11 ) (81 ) 958 213 Other income 54 43 168 80 Income tax (provision) benefit 166 (450 ) 432 (752 ) Net income $ 5,945 $ 4,943 $ 12,928 $ 13,696

Real Estate Investment (Tables)

Real Estate Investment (Tables)	6 Months Ended
Real Estate Investment (Tables)	Jun. 30, 2018
Real Estate [Abstract]
Summary of the purchase price allocation	The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and liabilities assumed for the two operating properties purchased during the six months ended June 30, 2018 (in thousands): Indian Lakes Crossing Parkway Centre Land $ 10,926 $ 1,372 Site improvements 531 696 Building and improvements 1,913 7,168 In-place leases 1,648 2,346 Above-market leases 11 — Below-market leases (175 ) (10 ) Net assets acquired $ 14,854 $ 11,572

Notes Receivable Notes Receivab

Notes Receivable Notes Receivable (Tables)	6 Months Ended
Notes Receivable Notes Receivable (Tables)	Jun. 30, 2018
Receivables [Abstract]
Summary of Mezzanine Loans	The Company had the following mezzanine loans outstanding as of June 30, 2018 and December 31, 2017 (in thousands): Outstanding loan amount Maximum loan commitment Interest rate Development Project June 30, 2018 December 31, 2017 1405 Point $ 25,633 $ 22,444 $ 28,232 8.0 % The Residences at Annapolis Junction 45,230 43,021 48,105 10.0 % North Decatur Square 15,134 11,790 25,712 15.0 % Delray Plaza 6,551 5,379 13,123 15.0 % Total $ 92,548 $ 82,634 $ 115,172
Summary of Interest Income	The Company recognized interest income for the three and six months ended June 30, 2018 and 2017 as follows: Three Months Ended Six Months Ended Development Project 2018 2017 2018 2017 1405 Point $ 483 $ 429 $ 936 $ 845 The Residences at Annapolis Junction 1,124 1,016 2,209 1,997 North Decatur Square 531 211 992 211 Delray Plaza 225 — 448 — Total $ 2,363 $ 1,656 $ 4,585 $ 3,053

Construction Contracts (Tables)

Construction Contracts (Tables)	6 Months Ended
Construction Contracts (Tables)	Jun. 30, 2018
Contractors [Abstract]
Summary of balances and changes of construction contracts	The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2018 and December 31, 2017 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Beginning backlog $ 30,733 $ 157,722 $ 49,167 $ 217,718 New contracts/change orders 27,807 15,519 32,376 18,960 Work performed (20,619 ) (56,584 ) (43,622 ) (120,021 ) Ending backlog $ 37,921 $ 116,657 $ 37,921 $ 116,657 The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the six months ended June 30, 2018 (in thousands): Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Balance as of January 1, 2018 $ 245 $ 3,591 Revenue recognized that was included in the balance at the beginning of the period — (3,591 ) Increases due to new billings, excluding amounts recognized as revenue during the period — 1,898 Transferred to receivables (245 ) — Construction contract costs and estimated earnings not billed during the period 1,287 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion — (187 ) Balance as of June 30, 2018 $ 1,287 $ 1,711
Net position of uncompleted construction contracts	The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2018 and December 31, 2017 (in thousands): June 30, December 31, Costs incurred on uncompleted construction contracts $ 562,879 $ 520,368 Estimated earnings 19,222 18,070 Billings (582,525 ) (541,784 ) Net position $ (424 ) $ (3,346 ) June 30, December 31, Construction contract costs and estimated earnings in excess of billings $ 1,287 $ 245 Billings in excess of construction contract costs and estimated earnings (1,711 ) (3,591 ) Net position $ (424 ) $ (3,346 )

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivatives	The Company’s derivatives were comprised of the following as of June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 (Unaudited) Notional Amount Fair Value Notional Amount Fair Value Asset Liability Asset Liability Interest rate swaps $ 100,000 $ 431 $ (136 ) $ 56,079 $ 10 $ (69 ) Interest rate caps 250,000 2,429 — 345,000 1,515 — Total $ 350,000 $ 2,860 $ (136 ) $ 401,079 $ 1,525 $ (69 )
Schedule of changes in fair value of derivatives	The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2018 and 2017 were comprised of the following (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Interest rate swaps $ 5 $ 7 $ 353 $ 268 Interest rate caps (16 ) (88 ) 605 (55 ) Total change in fair value of interest rate derivatives $ (11 ) $ (81 ) $ 958 $ 213

Fair Value of Financial Instr29

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017 , were as follows (in thousands): June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value (Unaudited) Indebtedness $ 580,446 $ 576,270 $ 517,272 $ 518,417 Interest rate swap liabilities 136 136 69 69 Interest rate swap and cap assets 2,860 2,860 1,525 1,525

Business of Organization - Addi

Business of Organization - Additional Information (Details) - property	Jun. 30, 2018	Dec. 31, 2017
Business And Organization [Line Items]
Percentage of Operating Partnership held	73.80%	72.00%
General Partner
Business And Organization [Line Items]
Percentage of Operating Partnership held	0.10%
Operating Property
Business And Organization [Line Items]
Number of real estate properties	49
Development Property
Business And Organization [Line Items]
Number of real estate properties	8

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest receivable			$ 4,604	$ 3,053
Notes receivable issuances			5,816	10,783
Common shares tendered for tax withholding			343	289
Property liabilities			$ (1,973)	(2,489)
Restatement Adjustment \| Reclassification Of Earned Interest Income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest receivable	$ 2,200	$ 1,400		3,100	$ 7,100	$ 3,200	$ 100
Notes receivable issuances	(2,200)	(1,400)		(3,100)	(7,100)	(3,200)	(100)
Restatement Adjustment \| Reclassification For Shares Tendered For Tax Withholding
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common shares tendered for tax withholding	300	300		300	300	200	300
Property liabilities	$ (300)	$ (300)		$ (300)	$ (300)	$ (200)	$ (300)

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 12,279	$ 19,959	$ 18,587	$ 21,942
Restricted cash	3,139	2,957	3,139	3,251
Cash, cash equivalents, and restricted cash	$ 15,418	$ 22,916	$ 21,726	$ 25,193

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Prior Period Adjustment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities	$ 11,260	$ 16,974
Net cash used for investing activities	(103,118)	(33,968)
Net cash provided by (used in) financing activities	$ 84,360	13,527
Activities as originally presented
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by (used in) financing activities		13,816
Adjustment for shares tendered for tax withholding
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		289
Net cash provided by (used in) financing activities		(289)
Accounting Standards Update 2016-15
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		16,974
Net cash used for investing activities		(33,968)
Accounting Standards Update 2016-15 \| Activities as originally presented
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		19,886
Net cash used for investing activities		(37,057)
Accounting Standards Update 2016-15 \| Adjustment Relating To Restricted Cash [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		(148)
Net cash used for investing activities		36
Accounting Standards Update 2016-15 \| Adjustment relating to interest income presentation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		(3,053)
Net cash used for investing activities		$ 3,053

Segments - Net Income of Report

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information
Rental revenues	$ 28,598	$ 26,755	$ 57,297	$ 53,987
Rental expenses	6,522	6,171	12,946	12,239
Real estate taxes	2,735	2,595	5,548	5,104
Operating Segments
Segment Reporting Information
Gross profit	19,908	20,645	40,006	41,623
Operating Segments \| Office real estate
Segment Reporting Information
Rental revenues	5,288	4,759	10,388	9,665
Rental expenses	1,430	1,366	2,876	2,692
Real estate taxes	502	450	1,004	900
Gross profit	3,356	2,943	6,508	6,073
Operating Segments \| Retail real estate
Segment Reporting Information
Rental revenues	16,608	15,578	33,319	31,209
Rental expenses	2,563	2,479	5,220	4,999
Real estate taxes	1,656	1,520	3,339	2,969
Gross profit	12,389	11,579	24,760	23,241
Operating Segments \| Multifamily residential real estate
Segment Reporting Information
Rental revenues	6,702	6,418	13,590	13,113
Rental expenses	2,529	2,326	4,850	4,548
Real estate taxes	577	625	1,205	1,235
Gross profit	3,596	3,467	7,535	7,330
Operating Segments \| General contracting and real estate services
Segment Reporting Information
Gross profit	567	2,656	1,203	4,979
General contracting and real estate services
Segment Reporting Information
Segment revenues	20,654	56,671	43,704	120,190
Segment expenses	20,087	54,015	42,501	115,211
General contracting and real estate services \| Operating Segments \| General contracting and real estate services
Segment Reporting Information
Segment revenues	20,654	56,671	43,704	120,190
Segment expenses	$ 20,087	$ 54,015	$ 42,501	$ 115,211

Segments - Additional Informati

Segments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information
Non-cash stock compensation			$ 820	$ 832
General and Administrative Expense
Segment Reporting Information
Non-cash stock compensation	$ 200	$ 200	700	600
General contracting and real estate services
Segment Reporting Information
Non-cash stock compensation	100	100	200	400
General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	20,654	56,671	43,704	120,190
General contracting and real estate services expenses	20,087	54,015	42,501	115,211
General contracting and real estate services \| General contracting and real estate services \| Intercompany Eliminations
Segment Reporting Information
General contracting and real estate services revenues	34,200	11,600	60,100	17,500
General contracting and real estate services expenses	$ 33,900	$ 11,600	$ 59,500	$ 17,300

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	$ (9,179)	$ (9,304)	$ (18,457)	$ (18,779)
General and administrative expenses	(2,764)	(2,678)	(5,725)	(5,664)
Acquisition, development and other pursuit costs	(9)	(369)	(93)	(416)
Impairment charges	(98)	(27)	(98)	(31)
Interest income	2,375	1,658	4,607	3,056
Interest expense	(4,497)	(4,494)	(8,870)	(9,029)
Gain on real estate dispositions			0	3,395
Change in fair value of interest rate derivatives	(11)	(81)	958	213
Other income	54	43	168	80
Income tax (provision) benefit	166	(450)	432	(752)
Net income	5,945	4,943	12,928	13,696
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	19,908	20,645	40,006	41,623
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(9,179)	(9,304)	(18,457)	(18,779)
General and administrative expenses	(2,764)	(2,678)	(5,725)	(5,664)
Acquisition, development and other pursuit costs	(9)	(369)	(93)	(416)
Impairment charges	(98)	(27)	(98)	(31)
Interest income	2,375	1,658	4,607	3,056
Interest expense	(4,497)	(4,494)	(8,870)	(9,029)
Gain on real estate dispositions	0	0	0	3,395
Change in fair value of interest rate derivatives	(11)	(81)	958	213
Other income	54	43	168	80
Income tax (provision) benefit	$ 166	$ (450)	$ 432	$ (752)

Real Estate Investment - Acquis

Real Estate Investment - Acquisitions (Details) $ in Millions	Apr. 02, 2018USD ($)	Feb. 16, 2018USD ($)	Jan. 29, 2018USD ($)	Jan. 09, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018property	Jan. 18, 2018
Chesterfield, Virginia
Real Estate Properties [Line Items]
Capitalized acquisition costs			$ 0.1
Payments to acquire land			2.4
Indian Lakes Crossing
Real Estate Properties [Line Items]
Consideration transferred				$ 14.7
Capitalized acquisition costs				$ 0.2
Parkway Centre
Real Estate Properties [Line Items]
Consideration transferred			11.3
Capitalized acquisition costs			0.3
Acquisition, cash consideration			9.6
Acquisition, equity consideration			$ 1.7
Indian Lakes Crossing And Parkway Centre
Real Estate Properties [Line Items]
Number of operating properties acquired \| property						2
Market At Mill Creek Partners, LLC
Real Estate Properties [Line Items]
Capitalized acquisition costs		$ 0.1
Payments to acquire land		$ 2.9
Ownership interest in partnership							70.00%
Investment in project					$ 9.4
Brooks Crossing
Real Estate Properties [Line Items]
Payments to acquire land	$ 0.1

Real Estate Investment - Summar

Real Estate Investment - Summary of the Purchase Price Allocation (Details) $ in Thousands	Jun. 30, 2018USD ($)
Indian Lakes Crossing
Business Acquisition [Line Items]
Below-market leases	$ (175)
Net assets acquired	14,854
Indian Lakes Crossing \| In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	1,648
Indian Lakes Crossing \| Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	11
Indian Lakes Crossing \| Land
Business Acquisition [Line Items]
Property, plant, and equipment	10,926
Indian Lakes Crossing \| Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	531
Indian Lakes Crossing \| Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	1,913
Parkway Centre
Business Acquisition [Line Items]
Below-market leases	(10)
Net assets acquired	11,572
Parkway Centre \| In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	2,346
Parkway Centre \| Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	0
Parkway Centre \| Land
Business Acquisition [Line Items]
Property, plant, and equipment	1,372
Parkway Centre \| Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	696
Parkway Centre \| Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	$ 7,168

Real Estate Investment Real Est

Real Estate Investment Real Estate Investment - Property Disposition (Details) - USD ($)	May 24, 2018	Jun. 30, 2018	Jun. 30, 2017
Real Estate Properties [Line Items]
Contract price		$ 4,271,000	$ 4,441,000
Indian Lakes Crossing \| Wawa Outparcel \| Disposal Group, Not Discontinued Operations
Real Estate Properties [Line Items]
Contract price	$ 4,400,000
Gain (loss) on disposal	$ 0

Equity Method Investment (Detai

Equity Method Investment (Details)	3 Months Ended		6 Months Ended
Equity Method Investment (Details)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Feb. 25, 2016story
Schedule of Equity Method Investments [Line Items]
Investment in equity method investment during period			$ 3,127,000	$ 715,000
Equity method investments	$ 14,538,000		14,538,000		$ 11,411,000
Construction loan outstanding	580,446,000		580,446,000		517,272,000
22-Story Mixed Use Tower \| City Center
Schedule of Equity Method Investments [Line Items]
Interests in equity method investments						37.00%
Number stories in the mixed use tower (story) \| story						22
Investment in equity method investment during period			3,200,000
Investment in equity method investments	13,800,000		13,800,000		10,900,000
Equity method investments	14,500,000		14,500,000		11,400,000
Guarantee of construction loan						37.00%
Assets being used as collateral for the construction loan						100.00%
Construction loan outstanding	13,200,000		13,200,000		11,200,000
Dividends from equity investment	0	$ 0	0	0
Income from equity method investment	0	$ 0	0	$ 0
City Center \| 22-Story Mixed Use Tower \| City Center
Schedule of Equity Method Investments [Line Items]
Construction loan outstanding	$ 38,900,000		$ 38,900,000		$ 29,200,000

Notes Receivable Notes Receiv41

Notes Receivable Notes Receivable (Summary of Mezzanine Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 93,478		$ 93,478		$ 83,058
Interest income	2,375	$ 1,658	4,607	$ 3,056
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	92,548		92,548		82,634
Maximum loan commitment	115,172		115,172
Interest income	2,363	1,656	4,585	3,053
Mezzanine Loan \| 1405 Point
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	25,633		25,633		22,444
Maximum loan commitment	$ 28,232		$ 28,232
Interest rate	8.00%		8.00%
Interest income	$ 483	429	$ 936	845
Mezzanine Loan \| The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	45,230		45,230		43,021
Maximum loan commitment	$ 48,105		$ 48,105
Interest rate	10.00%		10.00%
Interest income	$ 1,124	1,016	$ 2,209	1,997
Mezzanine Loan \| North Decatur Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	15,134		15,134		11,790
Maximum loan commitment	$ 25,712		$ 25,712
Interest rate	15.00%		15.00%
Interest income	$ 531	211	$ 992	211
Mezzanine Loan \| Delray Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	6,551		6,551		$ 5,379
Maximum loan commitment	$ 13,123		$ 13,123
Interest rate	15.00%		15.00%
Interest income	$ 225	$ 0	$ 448	$ 0

Notes Receivable (Details)

Notes Receivable (Details) - USD ($)	Jun. 30, 2018	Nov. 10, 2016	Sep. 30, 2016
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	$ 115,172,000
1405 Point
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase option		88.00%
1405 Point \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	28,232,000
1405 Point \| Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)		$ 25,000,000
1405 Point \| Financial Guarantee \| Letter of Credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit facility, amount outstanding	2,100,000
The Residences at Annapolis Junction \| Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	$ 48,105,000
The Residences at Annapolis Junction \| Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)			$ 25,000,000
The Residences at Annapolis Junction \| AJAO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase option			88.00%
Construction Loans \| 1405 Point \| Beatty Development Group
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum borrowing capacity		$ 67,000,000
Construction Loans \| The Residences at Annapolis Junction \| AJAO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum borrowing capacity			$ 60,000,000

Construction Contracts (Details

Construction Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Contractors [Abstract]
Deferred pre-contract costs	$ 500	$ 600
Construction receivables retentions	8,900	9,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	1,711	3,591
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	$ 17,400	$ 17,400

Construction Contracts - Summar

Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Change In Contract With Customer, Asset [Roll Forward]
Balance as of January 1, 2018	$ 245
Transferred to receivables	(245)
Construction contract costs and estimated earnings not billed during the period	1,287
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	0
Balance as of June 30, 2018	1,287
Change In Contract With Customer, Liability [Roll Forward]
Balance as of January 1, 2018	3,591
Revenue recognized that was included in the balance at the beginning of the period	(3,591)
Increases due to new billings, excluding amounts recognized as revenue during the period	1,898
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(187)
Balance as of June 30, 2018	$ 1,711

Construction Contracts - Summ45

Construction Contracts - Summary of Net Position (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 562,879	$ 520,368
Estimated earnings	19,222	18,070
Billings	(582,525)	(541,784)
Net position	(424)	(3,346)
Construction contract costs and estimated earnings in excess of billings	1,287	245
Billings in excess of construction contract costs and estimated earnings	$ (1,711)	$ (3,591)

Construction Contracts - Summ46

Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 30,733	$ 157,722	$ 49,167	$ 217,718
New contracts/change orders	27,807	15,519	32,376	18,960
Work performed	(20,619)	(56,584)	(43,622)	(120,021)
Ending backlog	$ 37,921	$ 116,657	$ 37,921	$ 116,657
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months		12 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months		18 months

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details)

Jul. 27, 2018USD ($)

Jul. 12, 2018USD ($)

Jun. 29, 2018USD ($)

Jun. 14, 2018USD ($)

Jun. 01, 2018USD ($)

May 31, 2018USD ($)

Mar. 27, 2018USD ($)

Jan. 22, 2018

Oct. 26, 2017USD ($)extension

Jul. 31, 2018USD ($)

Jun. 30, 2018USD ($)

Apr. 23, 2018

Mar. 28, 2018USD ($)

Dec. 31, 2017USD ($)

Revolving Credit Facility

Indebtedness

Interest rate on credit facility as of end of period

3.84%

Revolving Credit Facility | Minimum

Indebtedness

Basis points on unused commitment fee

0.15%

Revolving Credit Facility | Maximum

Indebtedness

Basis points on unused commitment fee

0.25%

Revolving Credit Facility | LIBOR | Minimum

Indebtedness

Stated interest rate, basis spread on variable rate

1.40%

Revolving Credit Facility | LIBOR | Maximum

Indebtedness

Stated interest rate, basis spread on variable rate

2.00%

Term Loan Facility

Indebtedness

Interest rate on credit facility as of end of period

3.79%

Term Loan Facility | LIBOR | Minimum

Indebtedness

Stated interest rate, basis spread on variable rate

1.35%

Term Loan Facility | LIBOR | Maximum

Indebtedness

Stated interest rate, basis spread on variable rate

1.95%

Construction Loans

Indebtedness

Borrowings under construction loans

$ 24,400,000

Operating Partnership | New Credit Facility

Indebtedness

Aggregate capacity under the credit facility

$ 300,000,000

$ 330,000,000

Operating Partnership | New Credit Facility | Revolving Credit Facility

Indebtedness

Aggregate capacity under the credit facility

150,000,000

Accordion feature maximum borrowing capacity

$ 450,000,000

Number of extension options | extension

Duration of extension option

6 months

Extension fee percentage

0.075%

Credit facility, amount outstanding

83,000,000

$ 66,000,000

Operating Partnership | New Credit Facility | Term Loan Facility

Indebtedness

Aggregate capacity under the credit facility

$ 150,000,000

$ 180,000,000

Credit facility, amount outstanding

$ 180,000,000

$ 150,000,000

Sandbridge Commons | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.75%

Columbus Village

Indebtedness

Repayment of debt

$ 8,300,000

Southgate Square

Indebtedness

Face amount

$ 22,000,000

Southgate Square | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.60%

River City | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.50%

River City | Construction Loans | Line of credit

Indebtedness

Aggregate capacity under the credit facility

$ 16,300,000

249 Central Park Retail

Indebtedness

Face amount

$ 35,000,000

249 Central Park Retail | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.60%

Brooks Crossing | Construction Loans | Line of credit

Indebtedness

Aggregate capacity under the credit facility

$ 15,600,000

Brooks Crossing | Construction Loans | Line of credit | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.60%

Subsequent Event | Operating Partnership | New Credit Facility | Revolving Credit Facility

Indebtedness

Increase in borrowing

$ 20,000,000

Subsequent Event | Market at Mill Creek | Construction Loans | Line of credit

Indebtedness

Aggregate capacity under the credit facility

$ 16,200,000

Subsequent Event | Market at Mill Creek | Construction Loans | Line of credit | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.55%

Subsequent Event | Johns Hopkins Village

Indebtedness

Face amount

$ 53,000,000

Effective interest rate

4.19%

Subsequent Event | Johns Hopkins Village | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.25%

Interest rate swaps | Operating Partnership

Indebtedness

Fixed interest rate

2.783%

Derivative Financial Instrume48

Derivative Financial Instruments - Additional Information (Details) - USD ($)	Jul. 27, 2018	Jul. 16, 2018	Jun. 30, 2018	Apr. 23, 2018	Mar. 07, 2018	Dec. 31, 2017
Derivatives
Interest rate agreement, notional amount			$ 350,000,000			$ 401,079,000
Interest Rate Caps
Derivatives
Interest rate agreement, notional amount			250,000,000		$ 50,000,000	345,000,000
Strike rate					2.25%
Interest rate cap agreement, premium (less than)					$ 300,000
Interest Rate Swaps
Derivatives
Interest rate agreement, notional amount			$ 100,000,000			$ 56,079,000
Operating Partnership \| Interest Rate Swaps
Derivatives
Interest rate agreement, notional amount				$ 50,000,000
Fixed interest rate				2.783%
Subsequent Event \| Interest Rate Caps
Derivatives
Interest rate agreement, notional amount		$ 50,000,000
Strike rate		2.50%
Interest rate cap agreement, premium (less than)		$ 300,000
Johns Hopkins Village \| Subsequent Event
Derivatives
Effective interest rate	4.19%

Derivative Financial Instrume49

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 07, 2018	Dec. 31, 2017
Derivatives
Notional Amount	$ 350,000,000		$ 350,000,000			$ 401,079,000
Asset, Fair Value	2,860,000		2,860,000			1,525,000
Liability, Fair Value	(136,000)		(136,000)			(69,000)
Total change in fair value of interest rate derivatives	(11,000)	$ (81,000)	958,000	$ 213,000
Interest rate swaps
Derivatives
Notional Amount	100,000,000		100,000,000			56,079,000
Asset, Fair Value	431,000		431,000			10,000
Liability, Fair Value	(136,000)		(136,000)			(69,000)
Total change in fair value of interest rate derivatives	5,000	7,000	353,000	268,000
Interest rate caps
Derivatives
Notional Amount	250,000,000		250,000,000		$ 50,000,000	345,000,000
Asset, Fair Value	2,429,000		2,429,000			1,515,000
Liability, Fair Value	0		0			$ 0
Total change in fair value of interest rate derivatives	$ (16,000)	$ (88,000)	$ 605,000	$ (55,000)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	Jul. 05, 2018	Jul. 02, 2018	May 03, 2018	Apr. 17, 2018	Apr. 05, 2018	Apr. 02, 2018	Feb. 26, 2018	Jan. 29, 2018	Jan. 04, 2018	Jan. 02, 2018	Jan. 10, 2017	Jul. 10, 2015	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Class of Stock
Authorized capital shares of common stock (in shares)													500,000,000		500,000,000		500,000,000
Authorized capital shares of preferred stock (in shares)													100,000,000		100,000,000		100,000,000
Common stock, shares issued (in shares)													48,768,363		48,768,363		44,937,763
Common stock, shares outstanding (in shares)													48,768,363		48,768,363		44,937,763
Preferred stock issued (in shares)													0		0		0
Preferred stock outstanding (in shares)													0		0		0
Percentage of Operating Partnership held													73.80%		73.80%		72.00%
Aggregate cash dividends and distributions, paid															$ 24,337,000	$ 20,097,000
Dividends and distributions declared per common share and unit (in dollars per share)			$ 0.20										$ 0.2	$ 0.19	$ 0.4	$ 0.38
Parkway Centre
Class of Stock
Acquisition, common units/shares issued or to be issued (in shares)								117,228
Class A units
Class of Stock
Class A Units not held by Company (in shares)													17,290,403		17,290,403
Units redeemed (in shares)						187,142
Payments for redemption of partnership units						$ 2,500,000
Class A units \| Operating Partnership
Class of Stock
Aggregate cash dividends and distributions, paid					$ 3,500,000				$ 3,300,000
Class C units \| Columbus Village
Class of Stock
Acquisition, common units/shares issued or to be issued (in shares)											275,000
Class B units \| Columbus Village
Class of Stock
Acquisition, common units/shares issued or to be issued (in shares)												1,000,000
New ATM Program
Class of Stock
Consideration received on transaction															$ 49,100,000
Common Stock
Class of Stock
Shares issued (in shares)										163,000					3,542,178
Common stock, shares outstanding (in shares)													48,768,363		48,768,363		44,937,763
Aggregate cash dividends and distributions, paid					$ 9,000,000				$ 8,500,000
Units redeemed (in shares)															(163,000)
Common Stock \| New ATM Program
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)							$ 125,000,000
Shares issued (in shares)															3,542,178
Weighted average price (in dollars per share)													$ 14.07		$ 14.07
Subsequent Event \| Class A units
Class of Stock
Units redeemed (in shares)		123,504
Subsequent Event \| Class A units \| Operating Partnership
Class of Stock
Aggregate cash dividends and distributions, paid	$ 3,500,000
Subsequent Event \| Common Stock
Class of Stock
Aggregate cash dividends and distributions, paid	$ 9,700,000
Johns Hopkins Village \| Noncontrolling interests \| Class A units
Class of Stock
Shares issued (in shares)				36,684
Consolidated Entities Under Development Or Construction \| Operating Partnership
Class of Stock
Ownership interest percentage in properties													$ 0		$ 0		$ 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 14, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 13, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense		$ 0.4	$ 0.3	$ 1.2	$ 1.1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)				151,844
Restricted stock granted, grant date fair value (in dollars per share)				$ 13.53
Employee restricted stock award, vesting period				2 years
Non-employee restricted stock award vest grant over period				1 year
Nonvested restricted shares outstanding (in shares)		138,971		138,971
Unrecognized compensation cost		$ 1.3		$ 1.3
Unrecognized compensation cost, recognition period				21 months
Restricted Stock \| Grant Date
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage				33.33%
Restricted Stock \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage				33.33%
Restricted Stock \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage				33.33%
Amended and Restated 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of additional shares authorized (in shares)	1,000,000
Number of shares reserved for issuance (in shares)	1,700,000					700,000
Shares available for issuance (in shares)		1,029,659		1,029,659
Long Term Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Performance period				3 years
Service period				2 years

Fair Value of Financial Instr52

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Carrying Value
Fair Value of Financial Instruments
Indebtedness	$ 580,446	$ 517,272
Interest rate liabilities	136	69
Interest rate assets	2,860	1,525
Fair Value \| Level 2
Fair Value of Financial Instruments
Indebtedness	576,270	518,417
Interest rate liabilities	136	69
Interest rate assets	$ 2,860	$ 1,525

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	May 13, 2013	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		$ 0.3	$ 0.8	$ 1.5	$ 7.3
Gross profit from related parties		0.1	0.1	0.3	0.4
Real Estate Service Fees
Related Party Transactions
Revenue from contracts with affiliated entities		0	0	0	0
Cost Reimbursements
Related Party Transactions
Revenue from contracts with affiliated entities		$ 0	$ 0	0	$ 0
Tax Protection Agreements \| Operating Partnership
Related Party Transactions
Future sale period for properties	7 years
Future sale period for properties in limited number of cases	10 years
Period of opportunity to guarantee debt	10 years
Tax Protection Agreements \| Operating Partnership \| Executive Officers
Related Party Transactions
Guarantee of debt				$ 0.3

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 43.5	$ 44.9
Financial Guarantee \| Letter of Credit \| 1405 Point
Commitments and Contingencies
Credit facility, amount outstanding	2.1
Credit facility, amount outstanding	2.1	2.1
Operating Partnership
Commitments and Contingencies
Credit facility, amount outstanding	$ 2.1	$ 2.1