Armada Hoffler Properties (AHH) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 04, 2019
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-35908
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1214914
Entity Address, Address Line One	222 Central Park Avenue
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23462
City Area Code	757
Local Phone Number	366-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,422,840
Amendment Flag	false
Entity Central Index Key	0001569187
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Common stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AHH
Security Exchange Name	NYSE
Redeemable convertible preferred stock
Entity Listings [Line Items]
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	AHHPrA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real estate investments:
Income producing property	$ 1,442,809	$ 1,037,917
Held for development	1,246	2,994
Construction in progress	129,830	135,675
Gross real estate investments	1,573,885	1,176,586
Accumulated depreciation	(214,146)	(188,775)
Net real estate investments	1,359,739	987,811
Real estate investments held for sale	0	929
Cash and cash equivalents	44,195	21,254
Restricted cash	3,411	2,797
Accounts receivable, net	22,850	19,016
Notes receivable	148,744	138,683
Construction receivables, including retentions	19,605	16,154
Construction contract costs and estimated earnings in excess of billings	624	1,358
Equity method investments	0	22,203
Operating lease right-of-use assets	33,179
Finance lease right-of-use assets	24,277
Other assets	104,435	55,177
Total Assets	1,761,059	1,265,382
LIABILITIES AND EQUITY
Indebtedness, net	943,371	694,239
Accounts payable and accrued liabilities	18,339	15,217
Construction payables, including retentions	36,516	50,796
Billings in excess of construction contract costs and estimated earnings	3,333	3,037
Operating lease liabilities	41,387
Finance lease liabilities	17,891
Other liabilities	63,637	46,203
Total Liabilities	1,124,474	809,492
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized; 6.75% Series A Cumulative Redeemable Preferred Stock, 2,530,000 shares issued and outstanding as of September 30, 2019 and zero shares issued and outstanding as of December 31, 2018	63,250	0
Common stock, $0.01 par value, 500,000,000 shares authorized; 54,874,431 and 50,013,731 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	549	500
Additional paid-in capital	430,193	357,353
Distributions in excess of earnings	(100,087)	(82,699)
Accumulated other comprehensive loss	(5,308)	(1,283)
Total stockholders’ equity	388,597	273,871
Noncontrolling interests in investment entities	5,510	0
Noncontrolling interests in Operating Partnership	242,478	182,019
Total Equity	636,585	455,890
Total Liabilities and Equity	$ 1,761,059	$ 1,265,382

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
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)	2,530,000	0
Preferred stock, shares outstanding (in shares)	2,530,000	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)	54,874,431	50,013,731
Common stock, shares outstanding (in shares)	54,874,431	50,013,731
Redeemable convertible preferred stock
Preferred Stock dividend rate percentage	6.75%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Rental revenues	$ 42,220	$ 28,930	$ 109,507	$ 86,227
Total revenues	69,858	48,880	175,625	149,881
Expenses
Rental expenses	9,924	7,103	24,615	20,049
Real estate taxes	4,180	2,840	10,759	8,388
Depreciation and amortization	15,452	10,196	38,834	28,653
Amortization of right-of-use assets - finance leases	107	0	168	0
General and administrative expenses	2,977	2,367	9,329	8,092
Acquisition, development and other pursuit costs	93	69	550	162
Impairment charges	0	3	0	101
Total expenses	59,179	41,551	147,110	126,919
Gain on real estate dispositions	4,699	0	4,699	0
Operating income	15,378	7,329	33,214	22,962
Interest income	5,710	2,545	16,622	7,152
Interest expense on indebtedness	(8,828)	(4,677)	(22,205)	(13,547)
Interest expense on finance leases	(228)	0	(340)	0
Equity in income of unconsolidated real estate entities	0	0	273	0
Loss on extinguishment of debt	0	(11)	0	(11)
Change in fair value of interest rate derivatives	(530)	298	(3,926)	1,256
Other income	362	65	426	233
Income before taxes	11,864	5,549	24,064	18,045
Income tax benefit	199	120	339	552
Net income	12,063	5,669	24,403	18,597
Net income attributable to noncontrolling interests:
Investment entities	(960)	0	(640)	0
Operating Partnership	(2,790)	(1,467)	(6,000)	(5,036)
Net income attributable to Armada Hoffler Properties, Inc.	8,313	4,202	17,763	13,561
Preferred stock dividends	(1,234)	0	(1,388)	0
Net income attributable to common stockholders	$ 7,079	$ 4,202	$ 16,375	$ 13,561
Net income attributable to stockholders per share (basic and diluted) (in dollars per share)	$ 0.13	$ 0.09	$ 0.31	$ 0.29
Weighted-average common shares outstanding (basic and diluted) (in shares)	53,463	49,194	52,289	46,766
Comprehensive income:
Net income	$ 12,063	$ 5,669	$ 24,403	$ 18,597
Unrealized cash flow hedge losses	(1,247)	(130)	(5,709)	(130)
Realized cash flow hedge losses reclassified to net income	123	67	230	67
Comprehensive income	10,939	5,606	18,924	18,534
Comprehensive income attributable to Armada Hoffler Properties, Inc.	7,506	4,156	13,737	13,515
General contracting and real estate services
Revenues
General contracting and real estate services revenues	27,638	19,950	66,118	63,654
Expenses
General contracting and real estate services expenses	26,446	18,973	62,855	61,474
Noncontrolling interests in investment entities
Expenses
Net income	960
Comprehensive income:
Net income	960
Comprehensive income attributable to noncontrolling interests:	(960)	0	(640)	0
Noncontrolling interests in Operating Partnership
Expenses
Net income	2,790	1,467
Comprehensive income:
Net income	2,790	1,467
Unrealized cash flow hedge losses	(353)	(33)
Realized cash flow hedge losses reclassified to net income	35	17
Comprehensive income attributable to noncontrolling interests:	$ (2,473)	$ (1,450)	$ (4,547)	$ (5,019)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Preferred stock	Common stock	Additional paid-in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Total stockholders' equity	Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership	Redeemable convertible preferred stock	Redeemable convertible preferred stockPreferred stock	Redeemable convertible preferred stockAdditional paid-in capital	Redeemable convertible preferred stockTotal stockholders' equity	Operating PartnershipAdditional paid-in capital	Operating PartnershipTotal stockholders' equity
Beginning balance at Dec. 31, 2017	$ 420,283	$ 0	$ 449	$ 287,407	$ (61,166)	$ 0	$ 226,690	$ 0	$ 193,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,983				5,040		5,040	0	1,943
Restricted stock awards, net of tax withholding	500		1	499			500
Restricted stock award forfeitures	(4)			(4)			(4)
Issuance of operating partnership units for acquisitions	1,696								1,696
Redemption of operating partnership units	(5)		2	1,797			1,799		(1,804)
Dividends and distributions declared	(12,552)				(9,064)		(9,064)		(3,488)
Ending balance at Mar. 31, 2018	416,901	0	452	289,699	(65,190)	0	224,961	0	191,940
Beginning balance at Dec. 31, 2017	420,283	0	449	287,407	(61,166)	0	226,690	0	193,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,597
Unrealized cash flow hedge losses	(130)
Realized cash flow hedge losses reclassified to net income	67
Ending balance at Sep. 30, 2018	460,136	0	496	350,849	(76,386)	(47)	274,912	0	185,224
Beginning balance at Mar. 31, 2018	416,901	0	452	289,699	(65,190)	0	224,961	0	191,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,945				4,319		4,319		1,626
Net proceeds from issuance of common and preferred stock	48,981		35	48,946			48,981
Restricted stock awards, net of tax withholding	404		1	403			404
Issuance of operating partnership units for acquisitions	500			(5)			(5)		505
Redemption of operating partnership units	(2,526)			(466)			(466)		(2,060)
Dividends and distributions declared	(13,235)				(9,777)		(9,777)		(3,458)
Ending balance at Jun. 30, 2018	456,970	0	488	338,577	(70,648)	0	268,417	0	188,553
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,669				4,202		4,202		1,467
Unrealized cash flow hedge losses	(130)					(97)	(97)		(33)
Realized cash flow hedge losses reclassified to net income	67					50	50		17
Net proceeds from issuance of common and preferred stock	10,548		7	10,541			10,548
Restricted stock awards, net of tax withholding	407			407			407
Restricted stock award forfeitures	(22)			(22)			(22)
Redemption of operating partnership units	0		1	1,346			1,347		(1,347)
Dividends and distributions declared	(13,373)				(9,940)		(9,940)		(3,433)
Ending balance at Sep. 30, 2018	460,136	0	496	350,849	(76,386)	(47)	274,912	0	185,224
Beginning balance at Dec. 31, 2018	455,890	0	500	357,353	(82,699)	(1,283)	273,871	0	182,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,514				4,884		4,884		1,630
Unrealized cash flow hedge losses	(1,003)					(752)	(752)		(251)
Realized cash flow hedge losses reclassified to net income	72					54	54		18
Net proceeds from issuance of common and preferred stock	30,206		21	30,185			30,206
Restricted stock awards, net of tax withholding	755		1	754			755
Restricted stock award forfeitures	(4)			(4)			(4)
Redemption of operating partnership units	0		1	1,259			1,260		(1,260)
Dividends and distributions declared	(14,577)				(11,009)		(11,009)		(3,568)
Ending balance at Mar. 31, 2019	477,686	0	523	389,547	(88,949)	(1,981)	299,140	0	178,546
Beginning balance at Dec. 31, 2018	455,890	0	500	357,353	(82,699)	(1,283)	273,871	0	182,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,403
Unrealized cash flow hedge losses	(5,709)
Realized cash flow hedge losses reclassified to net income	230
Noncontrolling interest in acquired real estate entity	4,870
Ending balance at Sep. 30, 2019	636,585	63,250	549	430,193	(100,087)	(5,308)	388,597	5,510	242,478
Beginning balance at Mar. 31, 2019	477,686	0	523	389,547	(88,949)	(1,981)	299,140	0	178,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,826				4,566		4,566	(320)	1,580
Unrealized cash flow hedge losses	(3,459)					(2,547)	(2,547)		(912)
Realized cash flow hedge losses reclassified to net income	35					26	26		9
Net proceeds from issuance of common and preferred stock	7,498		4	7,494			7,498			$ 61,001	$ 63,250	$ (2,249)	$ 61,001
Restricted stock awards, net of tax withholding	464		1	463			464
Noncontrolling interest in acquired real estate entity	4,870							4,870
Issuance of operating partnership units for acquisitions	68,075								69,061					$ (986)	$ (986)
Dividends and distributions declared	(15,554)				(11,107)		(11,107)		(4,447)
Ending balance at Jun. 30, 2019	606,442	63,250	528	394,269	(95,490)	(4,502)	358,055	4,550	243,837
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,063				8,313		8,313	960	2,790
Unrealized cash flow hedge losses	(1,247)					(894)	(894)		(353)
Realized cash flow hedge losses reclassified to net income	123					88	88		35
Net proceeds from issuance of common and preferred stock	34,045		20	34,025			34,045
Restricted stock awards, net of tax withholding	461		0	461			461
Restricted stock award forfeitures	(1)			(1)			(1)
Issuance of operating partnership units for acquisitions	2,054								2,054
Redemption of operating partnership units	0		1	1,439			1,440		(1,440)
Dividends declared on preferred stock	(1,388)				(1,388)		(1,388)
Dividends and distributions declared	(15,967)				(11,522)		(11,522)		(4,445)
Ending balance at Sep. 30, 2019	$ 636,585	$ 63,250	$ 549	$ 430,193	$ (100,087)	$ (5,308)	$ 388,597	$ 5,510	$ 242,478

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends and distributions declared per common share and unit (in dollars per share)	$ 0.21	$ 0.21	$ 0.21	$ 0.20	$ 0.20	$ 0.20

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net income		$ 24,403	$ 18,597
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements		27,193	21,404
Amortization of leasing costs and in-place lease intangibles		11,641	7,249
Accrued straight-line rental revenue		(2,893)	(1,789)
Amortization of leasing incentives and above or below-market rents		(287)	(211)
Amortization of right-of-use assets - finance leases		168	0
Accrued straight-line ground rent expense		(10)	187
Adjustment for uncollectable accounts		220	245
Noncash stock compensation		1,339	1,072
Impairment charges		0	101
Noncash interest expense		898	827
Interest expense on finance leases		340	0
Noncash loss on extinguishment of debt		0	11
Gain on real estate dispositions		(4,699)	0
Annapolis Junction loan discount amortization	[1]	(3,727)	0
Change in fair value of interest rate derivatives		3,926	(1,256)
Equity in income of unconsolidated real estate entities		(273)	0
Changes in operating assets and liabilities:
Property assets		(4,123)	(3,610)
Property liabilities		2,623	2,031
Construction assets		(3,452)	3,044
Construction liabilities		(642)	(13,558)
Interest receivable		(7,118)	(7,147)
Net cash provided by operating activities		45,527	27,197
INVESTING ACTIVITIES
Development of real estate investments		(107,458)	(102,183)
Tenant and building improvements		(16,889)	(8,281)
Acquisitions of real estate investments, net of cash received		(133,345)	(57,541)
Dispositions of real estate investments, net of selling costs		32,468	4,271
Notes receivable issuances		(44,531)	(10,281)
Notes receivable paydowns		16,965	0
Leasing costs		(2,569)	(4,048)
Leasing incentives		0	(95)
Contributions to equity method investments		(535)	(5,400)
Net cash used for investing activities		(255,894)	(183,558)
FINANCING ACTIVITIES
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net		61,001	0
Proceeds from issuance of common stock, net		71,749	59,529
Common shares tendered for tax withholding		(344)	(343)
Debt issuances, credit facility and construction loan borrowings		349,157	274,427
Debt and credit facility repayments, including principal amortization		(200,879)	(138,122)
Debt issuance costs		(3,225)	(1,317)
Redemption of operating partnership units		0	(2,531)
Dividends on common stock and distributions on Operating Partnership units		(43,537)	(37,550)
Net cash provided by financing activities		233,922	154,093
Net increase (decrease) in cash, cash equivalents, and restricted cash		23,555	(2,268)
Cash, cash equivalents, and restricted cash, beginning of period		24,051	22,916
Cash, cash equivalents, and restricted cash, end of period	[2]	47,606	20,648
Supplemental Disclosures (noncash transactions):
Increase in dividends and distributions payable		3,949	1,610
(Decrease) increase in accrued capital improvements and development costs		(13,204)	10,103
Issuance of operating partnership units for acquisitions		71,115	1,702
Operating Partnership units redeemed for common shares		2,700	3,151
Debt assumed at fair value in conjunction with real estate purchases		101,390	0
Note receivable extinguished in conjunction with real estate purchase		31,252	0
Equity method investment redeemed for real estate acquisition		23,011	$ 0
Noncontrolling interest in acquired real estate entity		4,870
Recognition of operating lease ROU assets	[3]	33,965
Recognition of operating lease liabilities	[3]	41,631
Recognition of finance lease ROU assets		24,500
Recognition of finance lease liabilities		17,871
De-recognition of operating lease ROU assets - lease termination		440
De-recognition of operating lease liabilities - lease termination		$ 440
[1]	Borrower paid $5.0 million in exchange for the Company's purchase option. This is being accounted for as a loan modification fee; interest income is being recognized as additional interest income on the note receivable over the one-year remaining term.
[2]	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): September 30, 2019 September 30, 2018 Cash and cash equivalents $ 44,195 $ 17,732 Restricted cash (a) 3,411 2,916 Cash, cash equivalents, and restricted cash $ 47,606 $ 20,648 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.
[3]	Net of $0.4 million disposal related to the Company's preexisting lease at the Thames Street Wharf property acquired on June 26, 2019.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - Footnotes (Parenthetical) $ in Thousands	Jun. 26, 2019USD ($)
The Residences at Annapolis Junction
Write off of lease ROU assets	$ 400

Business of Organization

Business of Organization	9 Months Ended
	Sep. 30, 2019
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 a real estate investment trust ("REIT"), the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership") and, as of September 30, 2019 , owned 72.2% 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 September 30, 2019 , the Company's property portfolio consisted of 56 operating properties and five properties either under development or not yet stabilized. Refer to Note 5 for information related to the Company's recent acquisitions and dispositions of operating properties.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries, including the Operating Partnership, its wholly-owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. 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, 2018 . 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 Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported. Recent Accounting Pronouncements Leases On February 25, 2016, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") that requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets (ASU 2016-02— Leases (Topic 842)). The new standard also makes targeted changes to lessor accounting. The Company adopted the new standard on January 1, 2019, using the modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented as permitted in Accounting Standards Codification ("ASC") Topic 842. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for existing leases. As of January 1, 2019, the Company did not have any leases classified as finance leases. The Company also elected a practical expedient that allowed it to not separate non-lease components from lease components and instead to account for each lease and non-lease component as a single lease component. The adoption of the new standard as of January 1, 2019 did not impact the Company's consolidated results of operations and had no impact on cash flows. As a lessee, the Company had six ground leases on five properties as of January 1, 2019 with initial terms that range from 20 to 65 years and options to extend up to an additional 70 years in certain cases. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. The long-term ground leases represent a majority of the Company's current operating lease payments. The Company recorded right-of-use assets totaling $32.2 million and lease liabilities totaling $41.4 million upon adopting this standard on January 1, 2019. The Company utilized a weighted average discount rate of 5.4% to measure its lease liabilities upon adoption. As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one to 15 years or more. The exercise of lease renewal options is at the tenant's sole discretion. The Company includes a renewal period in the lease term only if it appears at lease inception that the renewal is reasonably assured. The new standard includes new considerations regarding the recognition of rental revenue when collection is not probable. The Company changed its presentation and measurement of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity, reflecting those amounts as a component of rental income on the accompanying Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2019 . However, in accordance with its prospective adoption of the standard, the Company did not adjust the prior year period presentation of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity as a component of operating expenses, excluding property taxes, on the accompanying Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2018 . Instead, the Company recorded a combined adjustment of $0.2 million to the opening balances for distributions in excess of earnings and noncontrolling interest relating to receivables where collection of substantially all operating lease payments was not probable as of January 1, 2019. Lease-related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The Company evaluates the collectability of lease receivables using several factors, including a lessee’s creditworthiness. The Company recognizes a credit loss on lease-related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. Credit losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance will replace the "incurred loss" approach under existing guidance with an "expected loss" model for instruments measured at amortized cost, such as our notes receivable. The guidance is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. While the Company is currently evaluating the impact ASU 2016-13 will have on the consolidated financial statements, the Company expects that the adoption could result in earlier recognition of a provision for loan losses on its notes receivable as a result of new forward-looking estimation requirements. The Company may estimate and record a reserve for its notes receivable upon adoption of the standard. Other Accounting Policies See the Company's Annual Report on Form 10-K for the year ended December 31, 2018 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared.

Segments

Segments	9 Months Ended
	Sep. 30, 2019
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 nine months ended September 30, 2019 and 2018 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Office real estate Rental revenues $ 10,283 $ 5,149 $ 23,220 $ 15,537 Rental expenses 2,753 1,551 6,097 4,435 Real estate taxes 1,141 515 2,319 1,519 Segment net operating income 6,389 3,083 14,804 9,583 Retail real estate Rental revenues 20,780 16,932 57,273 50,251 Rental expenses 3,116 2,761 8,583 7,974 Real estate taxes 2,219 1,703 5,923 5,041 Segment net operating income 15,445 12,468 42,767 37,236 Multifamily residential real estate Rental revenues 11,157 6,849 29,014 20,439 Rental expenses 4,055 2,791 9,935 7,640 Real estate taxes 820 622 2,517 1,828 Segment net operating income 6,282 3,436 16,562 10,971 General contracting and real estate services Segment revenues 27,638 19,950 66,118 63,654 Segment expenses 26,446 18,973 62,855 61,474 Segment gross profit 1,192 977 3,263 2,180 Net operating income $ 29,308 $ 19,964 $ 77,396 $ 59,970 Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management expenses, property management fees, repairs and maintenance, insurance, and utilities. General contracting and real estate services revenues for the three months ended September 30, 2019 and 2018 exclude revenue related to intercompany construction contracts of $22.4 million and $38.5 million , respectively. General contracting and real estate services revenues for the nine months ended September 30, 2019 and 2018 exclude revenue related to intercompany construction contracts of $82.6 million and $98.6 million , respectively. General contracting and real estate services expenses for the three months ended September 30, 2019 and 2018 exclude expenses related to intercompany construction contracts of $22.2 million and $38.2 million , respectively. General contracting and real estate services expenses for the nine months ended September 30, 2019 and 2018 exclude expenses related to intercompany construction contracts of $81.8 million and $97.7 million , respectively. The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net operating income $ 29,308 $ 19,964 $ 77,396 $ 59,970 Depreciation and amortization (15,452 ) (10,196 ) (38,834 ) (28,653 ) Amortization of right-of-use assets - finance leases (107 ) — (168 ) — General and administrative expenses (2,977 ) (2,367 ) (9,329 ) (8,092 ) Acquisition, development and other pursuit costs (93 ) (69 ) (550 ) (162 ) Impairment charges — (3 ) — (101 ) Gain on real estate dispositions 4,699 — 4,699 — Interest income 5,710 2,545 16,622 7,152 Interest expense on indebtedness (8,828 ) (4,677 ) (22,205 ) (13,547 ) Interest expense on finance leases (228 ) — (340 ) — Equity in income of unconsolidated real estate entities — — 273 — Loss on extinguishment of debt — (11 ) — (11 ) Change in fair value of interest rate derivatives (530 ) 298 (3,926 ) 1,256 Other income 362 65 426 233 Income tax benefit 199 120 339 552 Net income $ 12,063 $ 5,669 $ 24,403 $ 18,597

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases Lessee Disclosures The components of lease cost for the three and nine months ended September 30, 2019 were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Operating lease cost $ 655 $ 2,050 Finance lease cost: Amortization of right-of-use assets (a) 146 223 Interest on lease liabilities 228 340 (a) Includes amortization of below-market ground lease intangible assets The table below presents supplemental cash flow information related to leases during the three and nine months ended September 30, 2019 (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 477 $ 1,501 Operating cash flows from finance leases 206 317 Financing cash flows from finance leases — — Additional information related to leases as of September 30, 2019 were as follows (in thousands): September 30, 2019 Weighted Average Remaining Lease Term (years) Operating leases 45.7 Finance leases 41.5 Weighted Average Discount Rate Operating leases 5.4 % Finance leases 5.2 % Maturities of lease liabilities as of September 30, 2019 were as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases 2019 (excluding nine months ended September 30, 2019) $ 478 $ 216 2020 2,080 864 2021 2,137 864 2022 2,361 868 2023 2,400 873 Thereafter 105,961 43,903 Total lease liabilities 115,417 47,588 Less imputed interest (74,030 ) (29,697 ) Present value of lease liabilities $ 41,387 $ 17,891 Lessor Disclosures Rental revenue for the three and nine months ended September 30, 2019 comprised the following (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Base rent and tenant charges $ 41,236 $ 106,227 Accrued straight-line rental adjustment 745 2,893 Lease incentive amortization (187 ) (555 ) Above/below market lease amortization 426 942 Total rental revenue $ 42,220 $ 109,507 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2019 (excluding nine months ended September 30, 2019) $ 24,083 2020 94,370 2021 87,474 2022 80,172 2023 69,962 Thereafter 317,305 Total $ 673,366
Leases	Leases Lessee Disclosures The components of lease cost for the three and nine months ended September 30, 2019 were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Operating lease cost $ 655 $ 2,050 Finance lease cost: Amortization of right-of-use assets (a) 146 223 Interest on lease liabilities 228 340 (a) Includes amortization of below-market ground lease intangible assets The table below presents supplemental cash flow information related to leases during the three and nine months ended September 30, 2019 (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 477 $ 1,501 Operating cash flows from finance leases 206 317 Financing cash flows from finance leases — — Additional information related to leases as of September 30, 2019 were as follows (in thousands): September 30, 2019 Weighted Average Remaining Lease Term (years) Operating leases 45.7 Finance leases 41.5 Weighted Average Discount Rate Operating leases 5.4 % Finance leases 5.2 % Maturities of lease liabilities as of September 30, 2019 were as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases 2019 (excluding nine months ended September 30, 2019) $ 478 $ 216 2020 2,080 864 2021 2,137 864 2022 2,361 868 2023 2,400 873 Thereafter 105,961 43,903 Total lease liabilities 115,417 47,588 Less imputed interest (74,030 ) (29,697 ) Present value of lease liabilities $ 41,387 $ 17,891 Lessor Disclosures Rental revenue for the three and nine months ended September 30, 2019 comprised the following (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Base rent and tenant charges $ 41,236 $ 106,227 Accrued straight-line rental adjustment 745 2,893 Lease incentive amortization (187 ) (555 ) Above/below market lease amortization 426 942 Total rental revenue $ 42,220 $ 109,507 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2019 (excluding nine months ended September 30, 2019) $ 24,083 2020 94,370 2021 87,474 2022 80,172 2023 69,962 Thereafter 317,305 Total $ 673,366
Leases	Leases Lessee Disclosures The components of lease cost for the three and nine months ended September 30, 2019 were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Operating lease cost $ 655 $ 2,050 Finance lease cost: Amortization of right-of-use assets (a) 146 223 Interest on lease liabilities 228 340 (a) Includes amortization of below-market ground lease intangible assets The table below presents supplemental cash flow information related to leases during the three and nine months ended September 30, 2019 (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 477 $ 1,501 Operating cash flows from finance leases 206 317 Financing cash flows from finance leases — — Additional information related to leases as of September 30, 2019 were as follows (in thousands): September 30, 2019 Weighted Average Remaining Lease Term (years) Operating leases 45.7 Finance leases 41.5 Weighted Average Discount Rate Operating leases 5.4 % Finance leases 5.2 % Maturities of lease liabilities as of September 30, 2019 were as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases 2019 (excluding nine months ended September 30, 2019) $ 478 $ 216 2020 2,080 864 2021 2,137 864 2022 2,361 868 2023 2,400 873 Thereafter 105,961 43,903 Total lease liabilities 115,417 47,588 Less imputed interest (74,030 ) (29,697 ) Present value of lease liabilities $ 41,387 $ 17,891 Lessor Disclosures Rental revenue for the three and nine months ended September 30, 2019 comprised the following (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Base rent and tenant charges $ 41,236 $ 106,227 Accrued straight-line rental adjustment 745 2,893 Lease incentive amortization (187 ) (555 ) Above/below market lease amortization 426 942 Total rental revenue $ 42,220 $ 109,507 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2019 (excluding nine months ended September 30, 2019) $ 24,083 2020 94,370 2021 87,474 2022 80,172 2023 69,962 Thereafter 317,305 Total $ 673,366

Real Estate Investment

Real Estate Investment	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Real Estate Investment	Real Estate Investment Property Acquisitions On February 6, 2019, the Company acquired an additional outparcel phase of Wendover Village in Greensboro, North Carolina for a contract price of $2.7 million plus capitalized acquisition costs of $0.1 million . This phase is leased by a single tenant. On March 14, 2019, the Company acquired the office and retail portions of the One City Center project in exchange for a redemption of its 37% equity ownership in the joint venture with Austin Lawrence Partners, which totaled $23.0 million as of the acquisition date, and a cash payment of $23.2 million . The Company also incurred capitalized acquisition costs of $0.1 million . On April 24, 2019, the Company exercised its option to purchase 79% of the interests in the partnership that owns 1405 Point in exchange for extinguishing the Company's $31.3 million note receivable on the project, making a cash payment of $0.3 million , and assuming a loan payable of $64.9 million , which was recorded at its fair value of $65.8 million . The Company also incurred capitalized acquisition costs of $0.1 million . On May 23, 2019, the Company acquired Red Mill Commons and Marketplace at Hilltop from Venture Realty Group for consideration comprised of 4.1 million Class A Units (as defined in Note 11), the assumption of $35.7 million of mortgage debt principal, and $4.5 million in cash. The negotiated price was $105.0 million , which contemplated the price of the Company's common stock of $15.55 per share when the purchase and sale agreement was executed. The aggregate acquisition cost was $109.3 million , which consisted of 4.1 million Class A Units valued at $68.1 million (using the price of the Company's common stock of $16.50 on the date of the acquisition), mortgage debt valued at $35.6 million , cash consideration of $4.5 million , and capitalized acquisition costs of $1.1 million . In connection with the acquisition, the Company and the Operating Partnership entered into a tax protection agreement with the contributors pursuant to which the Company and the Operating Partnership agreed, subject to certain exceptions, to indemnify the contributors for up to 10 years against certain tax liabilities incurred by them, if such liabilities result from a transaction involving a direct or indirect taxable disposition of either or both of these properties or if the Operating Partnership fails to maintain and allocate to the contributors for taxation purposes minimum levels of Operating Partnership liabilities. On June 26, 2019, the Company acquired Thames Street Wharf, a class A office building located in the Harbor Point development of Baltimore, Maryland, for $101.0 million in cash and $0.3 million of capitalized acquisition costs. The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and intangible liabilities assumed for the six operating properties purchased during the nine months ended September 30, 2019 (in thousands): Wendover Village additional outparcel One City Center 1405 Point Red Mill Commons Marketplace at Hilltop Thames Street Wharf Land $ 1,633 $ 2,678 $ — (a) $ 44,252 $ 2,023 (b) $ 15,861 Site improvements 50 163 298 2,558 691 150 Building and improvements 888 28,039 92,866 27,790 19,195 64,539 Furniture and fixtures — — 2,302 — — — In-place leases 101 15,140 3,371 9,973 4,565 24,385 Above-market leases 111 — — 1,463 599 — Below-market leases — — — (6,221 ) (1,136 ) (3,636 ) Finance lease liabilities — — (8,671 ) — (9,200 ) — Finance lease right-of-use assets — — 11,730 (a) — 12,770 (b) — Net assets acquired $ 2,783 $ 46,020 $ 101,896 $ 79,815 $ 29,507 $ 101,299 ________________________________________ (a) Land is subject to a ground lease. (b) Portion of land is subject to a ground lease. Property Disposition On April 1, 2019, the Company sold Waynesboro Commons for a sale price of $1.1 million . There was no gain or loss recognized on the disposition. On August 15, 2019, the Company sold Lightfoot Marketplace for a sale price of $30.3 million . The gain on disposition was $4.5 million . In conjunction with this sale, the Company paid off the $17.9 million note payable secured by this property. Subsequent to September 30, 2019 On October 25, 2019, the Company purchased land in Roswell, Georgia for a purchase price of $5.0 million for the development of a mixed-use property.

Equity Method Investment

Equity Method Investment	9 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment One City Center On February 25, 2016, the Company acquired a 37% interest in One City Center, a joint venture with Austin Lawrence Partners, for purposes of developing a 22 -story mixed use tower in Durham, North Carolina. During the nine months ended September 30, 2019 , the Company invested an additional $0.5 million in One City Center. For the period from January 1, 2019 to March 13, 2019, One City Center had operating income of $0.3 million allocated to the Company. For the three and nine months ended September 30, 2018 , One City Center had no operating activity, and therefore the Company received no allocated income. On March 14, 2019, the Company acquired the office and retail portions of the One City Center project in exchange for its 37% equity ownership in the joint venture and a cash payment of $23.2 million

Notes Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Notes Receivable	Notes Receivable The Company had the following notes receivable outstanding as of September 30, 2019 and December 31, 2018 ($ in thousands): Outstanding loan amount Maximum loan commitment Interest rate Interest compounding Development Project September 30, December 31, 2018 1405 Point $ — $ 30,238 $ 31,032 8.0 % Monthly The Residences at Annapolis Junction 38,571 36,361 48,105 10.0 % Monthly North Decatur Square — 18,521 29,673 15.0 % Annually Delray Plaza 12,526 7,032 15,000 15.0 % Annually Nexton Square 14,718 14,855 17,000 15.0 % Monthly Interlock Commercial 54,112 18,269 95,000 15.0 % None Solis Apartments at Interlock 22,544 13,821 41,100 13.0 % Annually Total mezzanine 142,471 139,097 $ 276,910 Other notes receivable 1,333 1,275 Notes receivable guarantee premium 5,702 2,800 Notes receivable discount, net (a) (762 ) (4,489 ) Total notes receivable $ 148,744 $ 138,683 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 nine months ended September 30, 2019 and 2018 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Development Project 2019 2018 2019 2018 1405 Point $ — $ 547 $ 783 $ 1,483 The Residences at Annapolis Junction 2,340 (a) 1,166 6,536 (a) 3,374 North Decatur Square 178 569 1,509 1,561 Delray Plaza 429 228 1,153 676 Nexton Square 550 19 1,584 19 Interlock Commercial 1,595 — 3,425 — Solis Apartments at Interlock 596 — 1,567 — Total mezzanine 5,688 2,529 16,557 7,113 Other interest income 22 16 65 39 Total interest income $ 5,710 $ 2,545 $ 16,622 $ 7,152 ________________________________________ (a) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. As of September 30, 2019 and December 31, 2018 , there was no allowance for loan losses. During the three and nine months ended September 30, 2019 and 2018 , there was no provision for loan losses recorded for any of the Company's notes receivable. The Company's management performs a quarterly analysis of the loan portfolio to determine if an impairment has occurred based on the progress of development activities including leasing activities, projected development costs, and current and projected mezzanine and senior construction loan balances. Delray Plaza On January 8, 2019, the Delray Plaza loan was modified to increase the maximum amount of the loan to $15.0 million and increase the payment guarantee amount to $5.2 million . Nexton Square On February 8, 2019, the developer of Nexton Square closed on a senior construction loan with a maximum borrowing capacity of $25.2 million . The developer used proceeds from its original draw in part to repay $2.1 million of the mezzanine loan. Upon the closing of this senior construction loan, the Company entered into a payment guarantee for $12.6 million of the senior loan. Interlock Commercial On April 19, 2019, the borrower executed its senior construction loan, and the Company's payment guarantee of up to $30.7 million became effective. See Note 15 for additional information. 1405 Point On April 24, 2019, the Company exercised its option to purchase 79% of the interests in the partnership that owns 1405 Point in exchange for extinguishing its note receivable on the project and a cash payment of $0.3 million . The project is subject to a loan payable of $64.9 million . The Residences at Annapolis Junction The Residences at Annapolis Junction loan was originated inclusive of options for the Company to purchase up to 88% of the related development project from the developer, Annapolis Junction Apartments Owner, LLC (“AJAO”). On November 16, 2018, AJAO refinanced the senior construction loan with a one year senior loan of $83.0 million . This senior loan may be extended for one additional year if certain minimum debt yields and minimum debt service coverage ratios are met by AJAO. Concurrent with the refinancing of the senior construction loan, the Company agreed to modify the mezzanine loan receivable with AJAO as follows: • The Company agreed to guarantee $8.3 million of the new senior loan; • The Company agreed to extend the maturity of the mezzanine loan, which will mature concurrently with the new senior loan; • The Company terminated its rights under the purchase options; • AJAO paid a fee of $5.0 million ; and • AJAO paid down $11.1 million of the outstanding mezzanine loan balance, which was comprised of a $9.9 million payment of accrued interest and a $1.2 million payment of principal. The fee of $5.0 million paid by AJAO is being accounted for as a loan discount that is being recognized as interest income over the remaining term of the loan using the effective interest method. North Decatur Square On July 22, 2019, the borrower paid off the North Decatur Square note receivable in full. The Company received the outstanding principal and interest in the amount of $20.0 million .

Construction Contracts

Construction Contracts	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 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 nine months ended September 30, 2019 and 2018 (in thousands): Nine Months Ended Nine Months Ended Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Beginning balance $ 1,358 $ 3,037 $ 245 $ 3,591 Revenue recognized that was included in the balance at the beginning of the period — (3,037 ) — (3,591 ) Increases due to new billings, excluding amounts recognized as revenue during the period — 4,256 — 2,400 Transferred to receivables (2,015 ) — (245 ) — Construction contract costs and estimated earnings not billed during the period 624 — 576 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 657 (923 ) 151 (633 ) Ending balance $ 624 $ 3,333 $ 727 $ 1,767 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 $1.0 million and $1.4 million were deferred as of September 30, 2019 and December 31, 2018 , respectively. Amortization of pre-contract costs for the nine months ended September 30, 2019 and 2018 was $0.1 million and zero , 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 September 30, 2019 and December 31, 2018 , construction receivables included retentions of $5.4 million and $8.5 million , respectively. The Company expects to collect substantially all construction receivables outstanding as of September 30, 2019 during the next twelve months. As of September 30, 2019 and December 31, 2018 , construction payables included retentions of $15.8 million and $21.6 million , respectively. The Company expects to pay substantially all construction payables outstanding as of September 30, 2019 during the next twelve months. The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Costs incurred on uncompleted construction contracts $ 656,874 $ 594,006 Estimated earnings 23,527 20,375 Billings (683,110 ) (616,060 ) Net position $ (2,709 ) $ (1,679 ) Construction contract costs and estimated earnings in excess of billings $ 624 $ 1,358 Billings in excess of construction contract costs and estimated earnings (3,333 ) (3,037 ) Net position $ (2,709 ) $ (1,679 ) The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of September 30, 2019 and 2018 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Beginning backlog $ 178,632 $ 37,921 $ 165,863 $ 49,167 New contracts/change orders 22,054 7,138 73,250 39,514 Work performed (27,594 ) (19,879 ) (66,021 ) (63,501 ) Ending backlog $ 173,092 $ 25,180 $ 173,092 $ 25,180 The Company expects to complete a majority of the uncompleted contracts in place as of September 30, 2019 during the next 12 to 18 months.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Credit Facility The Company has a senior credit facility that was modified on January 31, 2019 using the accordion feature to increase the maximum total commitments to $355.0 million , comprised of a $150.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $205.0 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 further increased to $450.0 million , subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of October 26, 2021 , with two six -month extension options, subject to certain conditions, including payment of a 0.075% extension fee at each extension. The term loan facility has a scheduled maturity date of October 26, 2022 . The revolving credit facility bears interest at LIBOR (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 September 30, 2019 and December 31, 2018 , the outstanding balance on the revolving credit facility was $110.0 million and $126.0 million , respectively, and the outstanding balance on the term loan facility was $205.0 million and $180.0 million , respectively. As of September 30, 2019 , the effective interest rates on the revolving credit facility and the term loan facility were 3.57% and 3.52% , 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 governing the credit facility. Other 2019 Financing Activity On January 31, 2019, the Company paid off North Point Center Note 1. On March 11, 2019, the Company received $7.4 million of additional funding on the loan secured by Lightfoot Marketplace. On August 15, 2019, the Company sold the property and paid off the outstanding balance of $17.9 million . On March 14, 2019, the Company obtained a loan secured by One City Center in the amount of $25.6 million in conjunction with the acquisition of this property. This loan may be increased to $27.6 million subject to certain conditions. The loan bears interest at a rate of LIBOR plus a spread of 1.85% and will mature on April 1, 2024. On April 24, 2019, the Company exercised its option to purchase 79% of the partnership that owns 1405 Point in exchange for extinguishing its note receivable on the project and a cash payment of $0.3 million . The project was acquired subject to a loan payable of $64.9 million , which was recorded at its fair value of $65.8 million . The loan matures on May 1, 2020 and bears interest at a rate of LIBOR plus a spread of 2.75% ; this spread will decrease to 2.50% upon stabilization (as defined in the loan agreement). On May 23, 2019, the Company assumed notes payable in connection with the acquisition of Red Mill Commons and Marketplace at Hilltop with outstanding principal balances of $24.9 million and $10.8 million , respectively. The following table summarizes the note balance at assumption, fair value at assumption, maturity date, and interest rate for each loan ($ in thousands): Loan name Note balance at assumption Fair value of loan at assumption Loan maturity date Loan interest rate Red Mill North $ 4,451 $ 4,520 12/31/2028 4.73 % Red Mill South 6,310 6,090 5/1/2025 3.57 % Red Mill Central 2,640 2,690 6/17/2024 4.80 % Red Mill West 11,548 11,540 6/1/2022 4.23 % Marketplace at Hilltop 10,740 10,790 10/1/2022 4.42 % $ 35,689 $ 35,630 On June 26, 2019, the Company obtained a loan secured by Thames Street Wharf in the amount of $70.0 million in conjunction with the acquisition of this property. The loan bears interest at a rate of LIBOR plus a spread of 1.30% and will mature on June 26, 2022. On June 26, 2019, the Company entered into a $76.0 million syndicated construction loan facility for the Wills Wharf development project in Baltimore, Maryland. The facility bears interest at a rate of LIBOR plus a spread of 2.25% during construction activities and will mature on June 26, 2023. The facility will have an unused commitment fee of 25 basis points until the Company has borrowed at least $19.0 million under the facility. During the nine months ended September 30, 2019 , the Company borrowed $77.8 million under its existing construction loans to fund new development and construction. Subsequent to September 30, 2019 On October 3, 2019, the Company amended and restated the credit facility to, among other things, extend the initial maturity date of the revolving credit facility to January 24, 2024 and the maturity date of the term loan facility to January 24, 2025. In addition, the interest rate for the revolving credit facility was lowered to LIBOR plus a margin ranging from 1.30% to 1.85% and the interest rate for the term loan facility was lowered to LIBOR plus a margin ranging from 1.25% to 1.80% , in each case depending on the Company's total leverage. The amended and restated credit facility includes an increased accordion feature that allows the total commitments to be increased to $700.0 million , subject to certain conditions, including obtaining commitments from any one or more lenders. On October 29, 2019, the Company extended and modified the Premier loan. The Company increased the balance on the loan to $25.0 million by receiving additional proceeds of $2.7 million . The loan bears interest at a rate of LIBOR plus a spread of 1.55% and will mature on October 31, 2024. In October 2019, the Company increased its borrowings under the revolving credit facility by $12.0 million . In October 2019, the Company borrowed $9.5 million on its construction loans to fund development activities.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2019
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 other 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 comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. As of September 30, 2019 , the Company had the following LIBOR interest rate caps ($ in thousands), which are not designated as cash flow hedges for accounting purposes: Origination Date Expiration Date Notional Amount Strike Rate Premium Paid 9/18/2017 10/1/2019 $ 50,000 1.50 % $ 199 11/28/2017 12/1/2019 50,000 1.50 % 359 3/7/2018 4/1/2020 50,000 2.25 % 310 7/16/2018 8/1/2020 50,000 2.50 % 319 12/11/2018 1/1/2021 50,000 2.75 % 210 5/15/2019 6/1/2022 100,000 2.50 % 288 Total $ 350,000 $ 1,685 As of September 30, 2019 , the Company held the following floating-to-fixed interest rate swaps ($ in thousands): Related Debt Notional Amount Index Swap Fixed Rate Debt effective rate Effective Date Expiration Date Senior unsecured term loan $ 50,000 1-month LIBOR 2.00 % 3.50 % 3/1/2016 2/20/2020 Senior unsecured term loan 50,000 1-month LIBOR 2.78 % 4.28 % 5/1/2018 5/1/2023 John Hopkins Village 52,032 (a) 1-month LIBOR 2.94 % 4.19 % 8/7/2018 8/7/2025 Senior unsecured term loan 10,500 (a)(b) 1-month LIBOR 3.02 % 4.52 % 10/12/2018 10/12/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 34,456 (a) 1-month LIBOR 2.25 % 3.85 % 4/1/2019 8/10/2023 Senior unsecured term loan 50,000 (a) 1-month LIBOR 2.26 % 3.76 % 4/1/2019 10/22/2022 Total $ 246,988 ________________________________________ (a) Designated as a cash flow hedge. (b) Prior to August 15, 2019, this swap was used as a hedge for the cash flows for the loan secured by Lightfoot Marketplace. This loan was paid off on August 15, 2019. This swap is now being used as a hedge for the cash flows for a portion of the Company's unsecured term loan facility. For the interest rate swaps designated as cash flow hedges, realized losses are reclassified out of accumulated other comprehensive loss to interest expense in the Condensed Consolidated Statements of Comprehensive Income due to payments made to the swap counterparty. During the next 12 months, the Company anticipates reclassifying approximately $1.3 million of net hedging losses from accumulated other comprehensive loss into earnings to offset the variability of the hedged items during this period. The Company’s derivatives were comprised of the following as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 (Unaudited) Notional Amount Fair Value Notional Amount Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 100,000 $ — $ (2,416 ) $ 100,000 $ 303 $ (749 ) Interest rate caps 350,000 122 — 350,000 1,790 — Total derivatives not designated as accounting hedges 450,000 122 (2,416 ) 450,000 2,093 (749 ) Derivatives designated as accounting hedges Interest rate swaps 146,988 — (7,204 ) 63,208 — (1,725 ) Total derivatives $ 596,988 $ 122 $ (9,620 ) $ 513,208 $ 2,093 $ (2,474 ) The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2019 and 2018 were comprised of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate swaps $ (1,477 ) $ 319 $ (7,679 ) $ 673 Interest rate caps (299 ) (151 ) (1,956 ) 453 Total change in fair value of interest rate derivatives $ (1,776 ) $ 168 $ (9,635 ) $ 1,126 Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ (529 ) $ 298 $ (3,926 ) $ 1,256 Unrealized cash flow hedge gains losses (1,247 ) (130 ) (5,709 ) (130 ) Total change in fair value of interest rate derivatives $ (1,776 ) $ 168 $ (9,635 ) $ 1,126

Equity

Equity	9 Months Ended
	Sep. 30, 2019
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. On August 6, 2019, the Company entered into amendments (the "Amendments") to the separate sales agreements related to the ATM Program, which, among other things, increased the aggregate offering price of shares of the Company’s common stock under the ATM Program from $125.0 million to $180.7 million . Prior to the date of the Amendments, the Company had sold shares having an aggregate offering price of $105.7 million , resulting in shares having an aggregate offering price of $75.0 million remaining available for sale under the ATM Program as of August 6, 2019. During the nine months ended September 30, 2019 , the Company issued and sold 4,476,565 shares of common stock at a weighted average price of $16.28 per share under the ATM Program, receiving net proceeds after offering costs and commissions of $71.9 million . On June 18, 2019, the Company issued 2,530,000 shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share ("Series A Preferred Stock"), with a liquidation preference of $25.00 per share, which included 330,000 shares issued upon the underwriters’ full exercise of their option to purchase additional shares. Net proceeds from the offering, after the underwriting discount but before offering expenses payable by the Company, were approximately $61.3 million . The Company used the net proceeds to fund a portion of the purchase price of Thames Street Wharf, a 263,426 square foot office building located in the Harbor Point neighborhood of Baltimore, Maryland. The balance of the net proceeds was used to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes. In connection with the issuance of the Series A Preferred Stock, on June 18, 2019, the Operating Partnership issued to the Company 2,530,000 6.75% Series A Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which have economic terms that are identical to the Company’s Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership. Dividends on the Series A Preferred Stock will be payable quarterly in arrears on or about the 15th day of each January, April, July and October. The first dividend on the Series A Preferred Stock was paid on October 15, 2019. The Series A Preferred Stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the Series A Preferred Stock will rank senior to the Company's common stock with respect to the payment of distributions and other amounts. Except in instances relating to preservation of the Company's qualification as a REIT or pursuant to the Company’s special optional redemption right, the Series A Preferred Stock is not redeemable prior to June 18, 2024. On and after June 18, 2024, the Company may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the redemption date. Upon the occurrence of a change of control (as defined in the articles supplementary designating the terms of the Series A Preferred Stock), the Company has a special optional redemption right that enables it to redeem the Series A Preferred Stock, in whole or in part and within 120 days after the first date on which a change of control has occurred resulting in neither the Company nor the surviving entity having a class of common stock listed on the NYSE, NYSE American, or NASDAQ or the acquisition of beneficial ownership of its stock entitling a person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in election of directors. The special optional redemption price is $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the date of redemption. Upon the occurrence of a change of control, holders will have the right (unless the Company has elected to exercise its special optional redemption right to redeem their Series A Preferred Stock) to convert some or all of such holder’s Series A Preferred Stock into a number of shares of the Company's common stock equal to the lesser of: • the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid distributions to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a Series A Preferred Stock distribution payment and prior to the corresponding Series A Preferred Stock distribution payment date, in which case no additional amount for such accrued and unpaid distribution will be included in this sum) by (ii) the Common Stock Price (as defined in the articles supplementary designating the terms of the Series A Preferred Stock); and • 2.97796 (i.e., the Share Cap), subject to certain adjustments; subject, in each case, to certain adjustments and provisions for the receipt of alternative consideration of equivalent value as described in the articles supplementary designating the terms of the Series A Preferred Stock. Noncontrolling Interests As of September 30, 2019 and December 31, 2018 , the Company held a 72.2% and 74.5% common interest, respectively, in the Operating Partnership. As of September 30, 2019 , the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $63.3 million . 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 72.2% 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 Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of September 30, 2019 , there were 21,167,104 Class A units of limited partnership interest in the Operating Partnership ("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. Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for investment entities of $5.5 million relates to the minority partners' interest in certain joint venture entities as of September 30, 2019 , including 1405 Point, Hoffler Place, and Lightfoot Marketplace, which was sold during the three months ended September 30, 2019 but for which proceeds have not yet been distributed to the partners. The noncontrolling interest for consolidated real estate entities was zero as of December 31, 2018 . On January 2, 2019, due to the holders of Class A Units tendering an aggregate of 118,471 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 May 23, 2019, the Operating Partnership issued 4,125,759 Class A Units valued at $68.1 million in connection with the acquisition of Red Mill Commons and Marketplace at Hilltop. On May 30, 2019, the Operating Partnership issued 60,000 Class A Units valued at $1.0 million in exchange for the remaining 35% ownership interest in Brooks Crossing Office, which was previously owned by Tidewater Partners. On July 1, 2019, due to the holders of Class A Units tendering an aggregate of 125,118 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 August 20, 2019, the Operating Partnership issued 40,864 Class A Units valued at $0.7 million due to the satisfaction of certain leasing requirements associated with the 2018 acquisition of Lexington Square. On September 20, 2019, the Operating Partnership issued 73,666 Class A Units valued at $1.3 million upon the satisfaction of certain leasing and development requirements associated with the 2016 acquisition of Southgate Square. Common Stock Dividends and Class A Unit Distributions On January 3, 2019, the Company paid cash dividends of $10.0 million to common stockholders, and the Operating Partnership paid cash distributions of $3.4 million to holders of Class A Units. On April 4, 2019, the Company paid cash dividends of $11.0 million to common stockholders, and the Operating Partnership paid cash distributions of $3.6 million to holders of Class A Units. On July 3, 2019, the Company paid cash dividends of $11.1 million to common stockholders, and the Operating Partnership paid cash distributions of $4.4 million to holders of Class A Units. On August 7, 2019, the Board of Directors declared a cash dividend and distribution of $0.21 per share and unit payable on October 3, 2019 to stockholders and unitholders of record on September 25, 2019. On August 7, 2019, the Board of Directors declared a cash dividend and distribution of $0.54844 per share on its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock payable on October 15, 2019 to stockholders of record on October 1, 2019. Subsequent to September 30, 2019 On October 1, 2019, due to a holder of Class A Units tendering an aggregate of 4,896 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. On October 3, 2019, the Company paid cash dividends of $11.5 million to common stockholders, and the Operating Partnership paid cash distributions of $4.4 million to holders of Class A Units other than the Company. On October 15, 2019, the Company paid cash dividends of $1.4 million to holders of shares of Series A Preferred Stock. In October 2019, the Company sold an aggregate of 543,513 shares of common stock at a weighted average price of $18.14 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $9.7 million

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s Amended and Restated 2013 Equity Incentive Plan (the "Equity Plan") permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, and other equity-based awards up to an aggregate of 1,700,000 shares of common stock. As of September 30, 2019 , there were 894,680 shares available for issuance under the Equity Plan. During the nine months ended September 30, 2019 , the Company granted an aggregate of 153,173 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $15.41 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. Unvested restricted stock awards are entitled to receive dividends from their grant date. During the nine months ended September 30, 2019 , 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 nine months ended September 30, 2019 , 10,755 shares were issued with a grant date fair value of $15.42 per share due to the partial vesting of performance units awarded to certain employees in 2016. During the three months ended September 30, 2019 and 2018 , the Company recognized $0.5 million and $0.4 million , respectively, of stock-based compensation cost. During the nine months ended September 30, 2019 and 2018 , the Company recognized $2.0 million and $1.6 million , respectively, of stock-based compensation cost. As of September 30, 2019 , there were 144,122 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $1.1 million , which the Company expects to recognize over the next 18 months .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2019
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. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to estimate the 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. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying amounts and fair values of the Company’s financial instruments as of September 30, 2019 and December 31, 2018 were as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Indebtedness $ 943,371 $ 949,106 $ 694,239 $ 688,437 Notes receivable 148,744 148,744 138,683 138,683 Interest rate swap liabilities 9,620 9,620 2,474 2,474 Interest rate swap and cap assets 122 122 2,093 2,093

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
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 September 30, 2018 was less than $0.1 million , and gross profit from such contracts was less than $0.1 million . Revenue from construction contracts with related party entities for the nine months ended September 30, 2018 was $1.5 million , and gross profit from such contracts was $0.3 million . There was no such revenue or gross profit for the three and nine months ended September 30, 2019 . 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. Subsequent to September 30, 2019 In October 2019, the Company executed construction contracts with an aggregate price of $7.5 million with the developer of an apartment building and parking garage to be located in Virginia Beach, Virginia. The developer is owned in part by executives of the Company. The contracts are projected to result in aggregate gross profit of $0.3 million to the Company.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
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, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined 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. Guarantees In connection with the Company's mezzanine lending activities, the Company has made guarantees to pay portions of certain senior loans of third parties associated with the development projects. The following table summarizes the guarantees made by the Company as of September 30, 2019 (in thousands): Development project Payment guarantee amount The Residences at Annapolis Junction $ 8,300 Delray Plaza 5,180 Nexton Square 12,600 Interlock Commercial 30,654 Total $ 56,734 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 $29.2 million and $34.8 million as of September 30, 2019 and December 31, 2018 , respectively. The Company has entered into standby letters of credit using the available capacity under the credit facility. The letters of credit relate to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of September 30, 2019 and December 31, 2018 , the Operating Partnership had total outstanding letters of credit of $0.3 million and $2.1 million , respectively. Subsequent to September 30, 2019 On October 3, 2019, the Company canceled the outstanding $0.3 million

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries, including the Operating Partnership, its wholly-owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. 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, 2018 .
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.
Reclassification	Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Leases On February 25, 2016, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") that requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets (ASU 2016-02— Leases (Topic 842)). The new standard also makes targeted changes to lessor accounting. The Company adopted the new standard on January 1, 2019, using the modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented as permitted in Accounting Standards Codification ("ASC") Topic 842. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for existing leases. As of January 1, 2019, the Company did not have any leases classified as finance leases. The Company also elected a practical expedient that allowed it to not separate non-lease components from lease components and instead to account for each lease and non-lease component as a single lease component. The adoption of the new standard as of January 1, 2019 did not impact the Company's consolidated results of operations and had no impact on cash flows. As a lessee, the Company had six ground leases on five properties as of January 1, 2019 with initial terms that range from 20 to 65 years and options to extend up to an additional 70 years in certain cases. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. The long-term ground leases represent a majority of the Company's current operating lease payments. The Company recorded right-of-use assets totaling $32.2 million and lease liabilities totaling $41.4 million upon adopting this standard on January 1, 2019. The Company utilized a weighted average discount rate of 5.4% to measure its lease liabilities upon adoption. As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one to 15 years or more. The exercise of lease renewal options is at the tenant's sole discretion. The Company includes a renewal period in the lease term only if it appears at lease inception that the renewal is reasonably assured. The new standard includes new considerations regarding the recognition of rental revenue when collection is not probable. The Company changed its presentation and measurement of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity, reflecting those amounts as a component of rental income on the accompanying Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2019 . However, in accordance with its prospective adoption of the standard, the Company did not adjust the prior year period presentation of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity as a component of operating expenses, excluding property taxes, on the accompanying Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2018 . Instead, the Company recorded a combined adjustment of $0.2 million to the opening balances for distributions in excess of earnings and noncontrolling interest relating to receivables where collection of substantially all operating lease payments was not probable as of January 1, 2019. Lease-related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The Company evaluates the collectability of lease receivables using several factors, including a lessee’s creditworthiness. The Company recognizes a credit loss on lease-related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. Credit losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance will replace the "incurred loss" approach under existing guidance with an "expected loss" model for instruments measured at amortized cost, such as our notes receivable. The guidance is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. While the Company is currently evaluating the impact ASU 2016-13 will have on the consolidated financial statements, the Company expects that the adoption could result in earlier recognition of a provision for loan losses on its notes receivable as a result of new forward-looking estimation requirements. The Company may estimate and record a reserve for its notes receivable upon adoption of the standard.
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.
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 September 30, 2019 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.
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 other 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 comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.
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. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to estimate the 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. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
Legal Proceedings	Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined 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.

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Net operating income of reportable segments	Net operating income of the Company’s reportable segments for the three and nine months ended September 30, 2019 and 2018 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Office real estate Rental revenues $ 10,283 $ 5,149 $ 23,220 $ 15,537 Rental expenses 2,753 1,551 6,097 4,435 Real estate taxes 1,141 515 2,319 1,519 Segment net operating income 6,389 3,083 14,804 9,583 Retail real estate Rental revenues 20,780 16,932 57,273 50,251 Rental expenses 3,116 2,761 8,583 7,974 Real estate taxes 2,219 1,703 5,923 5,041 Segment net operating income 15,445 12,468 42,767 37,236 Multifamily residential real estate Rental revenues 11,157 6,849 29,014 20,439 Rental expenses 4,055 2,791 9,935 7,640 Real estate taxes 820 622 2,517 1,828 Segment net operating income 6,282 3,436 16,562 10,971 General contracting and real estate services Segment revenues 27,638 19,950 66,118 63,654 Segment expenses 26,446 18,973 62,855 61,474 Segment gross profit 1,192 977 3,263 2,180 Net operating income $ 29,308 $ 19,964 $ 77,396 $ 59,970
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 nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net operating income $ 29,308 $ 19,964 $ 77,396 $ 59,970 Depreciation and amortization (15,452 ) (10,196 ) (38,834 ) (28,653 ) Amortization of right-of-use assets - finance leases (107 ) — (168 ) — General and administrative expenses (2,977 ) (2,367 ) (9,329 ) (8,092 ) Acquisition, development and other pursuit costs (93 ) (69 ) (550 ) (162 ) Impairment charges — (3 ) — (101 ) Gain on real estate dispositions 4,699 — 4,699 — Interest income 5,710 2,545 16,622 7,152 Interest expense on indebtedness (8,828 ) (4,677 ) (22,205 ) (13,547 ) Interest expense on finance leases (228 ) — (340 ) — Equity in income of unconsolidated real estate entities — — 273 — Loss on extinguishment of debt — (11 ) — (11 ) Change in fair value of interest rate derivatives (530 ) 298 (3,926 ) 1,256 Other income 362 65 426 233 Income tax benefit 199 120 339 552 Net income $ 12,063 $ 5,669 $ 24,403 $ 18,597

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of operating lease costs	The components of lease cost for the three and nine months ended September 30, 2019 were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Operating lease cost $ 655 $ 2,050 Finance lease cost: Amortization of right-of-use assets (a) 146 223 Interest on lease liabilities 228 340 (a) Includes amortization of below-market ground lease intangible assets The table below presents supplemental cash flow information related to leases during the three and nine months ended September 30, 2019 (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 477 $ 1,501 Operating cash flows from finance leases 206 317 Financing cash flows from finance leases — — Additional information related to leases as of September 30, 2019 were as follows (in thousands): September 30, 2019 Weighted Average Remaining Lease Term (years) Operating leases 45.7 Finance leases 41.5 Weighted Average Discount Rate Operating leases 5.4 % Finance leases 5.2 %
Schedule of maturities of lease liabilities	Maturities of lease liabilities as of September 30, 2019 were as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases 2019 (excluding nine months ended September 30, 2019) $ 478 $ 216 2020 2,080 864 2021 2,137 864 2022 2,361 868 2023 2,400 873 Thereafter 105,961 43,903 Total lease liabilities 115,417 47,588 Less imputed interest (74,030 ) (29,697 ) Present value of lease liabilities $ 41,387 $ 17,891
Schedule of rental revenue	Rental revenue for the three and nine months ended September 30, 2019 comprised the following (in thousands): Three Months Ended September 30, 2019 Nine Months Ended Base rent and tenant charges $ 41,236 $ 106,227 Accrued straight-line rental adjustment 745 2,893 Lease incentive amortization (187 ) (555 ) Above/below market lease amortization 426 942 Total rental revenue $ 42,220 $ 109,507
Schedule of minimum rental payments	The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2019 (excluding nine months ended September 30, 2019) $ 24,083 2020 94,370 2021 87,474 2022 80,172 2023 69,962 Thereafter 317,305 Total $ 673,366

Real Estate Investment (Tables)

Real Estate Investment (Tables)	9 Months Ended
	Sep. 30, 2019
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 intangible liabilities assumed for the six operating properties purchased during the nine months ended September 30, 2019 (in thousands): Wendover Village additional outparcel One City Center 1405 Point Red Mill Commons Marketplace at Hilltop Thames Street Wharf Land $ 1,633 $ 2,678 $ — (a) $ 44,252 $ 2,023 (b) $ 15,861 Site improvements 50 163 298 2,558 691 150 Building and improvements 888 28,039 92,866 27,790 19,195 64,539 Furniture and fixtures — — 2,302 — — — In-place leases 101 15,140 3,371 9,973 4,565 24,385 Above-market leases 111 — — 1,463 599 — Below-market leases — — — (6,221 ) (1,136 ) (3,636 ) Finance lease liabilities — — (8,671 ) — (9,200 ) — Finance lease right-of-use assets — — 11,730 (a) — 12,770 (b) — Net assets acquired $ 2,783 $ 46,020 $ 101,896 $ 79,815 $ 29,507 $ 101,299 ________________________________________ (a) Land is subject to a ground lease. (b) Portion of land is subject to a ground lease.

Notes Receivable (Tables)

Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Summary of Mezzanine Loans	The Company had the following notes receivable outstanding as of September 30, 2019 and December 31, 2018 ($ in thousands): Outstanding loan amount Maximum loan commitment Interest rate Interest compounding Development Project September 30, December 31, 2018 1405 Point $ — $ 30,238 $ 31,032 8.0 % Monthly The Residences at Annapolis Junction 38,571 36,361 48,105 10.0 % Monthly North Decatur Square — 18,521 29,673 15.0 % Annually Delray Plaza 12,526 7,032 15,000 15.0 % Annually Nexton Square 14,718 14,855 17,000 15.0 % Monthly Interlock Commercial 54,112 18,269 95,000 15.0 % None Solis Apartments at Interlock 22,544 13,821 41,100 13.0 % Annually Total mezzanine 142,471 139,097 $ 276,910 Other notes receivable 1,333 1,275 Notes receivable guarantee premium 5,702 2,800 Notes receivable discount, net (a) (762 ) (4,489 ) Total notes receivable $ 148,744 $ 138,683
Summary of Interest Income	The Company recognized interest income for the three and nine months ended September 30, 2019 and 2018 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Development Project 2019 2018 2019 2018 1405 Point $ — $ 547 $ 783 $ 1,483 The Residences at Annapolis Junction 2,340 (a) 1,166 6,536 (a) 3,374 North Decatur Square 178 569 1,509 1,561 Delray Plaza 429 228 1,153 676 Nexton Square 550 19 1,584 19 Interlock Commercial 1,595 — 3,425 — Solis Apartments at Interlock 596 — 1,567 — Total mezzanine 5,688 2,529 16,557 7,113 Other interest income 22 16 65 39 Total interest income $ 5,710 $ 2,545 $ 16,622 $ 7,152 ________________________________________ (a) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018.

Construction Contracts (Tables)

Construction Contracts (Tables)	9 Months Ended
	Sep. 30, 2019
Contractors [Abstract]
Summary of balances and changes of construction contracts	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 nine months ended September 30, 2019 and 2018 (in thousands): Nine Months Ended Nine Months Ended Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Beginning balance $ 1,358 $ 3,037 $ 245 $ 3,591 Revenue recognized that was included in the balance at the beginning of the period — (3,037 ) — (3,591 ) Increases due to new billings, excluding amounts recognized as revenue during the period — 4,256 — 2,400 Transferred to receivables (2,015 ) — (245 ) — Construction contract costs and estimated earnings not billed during the period 624 — 576 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 657 (923 ) 151 (633 ) Ending balance $ 624 $ 3,333 $ 727 $ 1,767 The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of September 30, 2019 and 2018 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Beginning backlog $ 178,632 $ 37,921 $ 165,863 $ 49,167 New contracts/change orders 22,054 7,138 73,250 39,514 Work performed (27,594 ) (19,879 ) (66,021 ) (63,501 ) Ending backlog $ 173,092 $ 25,180 $ 173,092 $ 25,180
Net position of uncompleted construction contracts	The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Costs incurred on uncompleted construction contracts $ 656,874 $ 594,006 Estimated earnings 23,527 20,375 Billings (683,110 ) (616,060 ) Net position $ (2,709 ) $ (1,679 ) Construction contract costs and estimated earnings in excess of billings $ 624 $ 1,358 Billings in excess of construction contract costs and estimated earnings (3,333 ) (3,037 ) Net position $ (2,709 ) $ (1,679 )

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt Assumed	The following table summarizes the note balance at assumption, fair value at assumption, maturity date, and interest rate for each loan ($ in thousands): Loan name Note balance at assumption Fair value of loan at assumption Loan maturity date Loan interest rate Red Mill North $ 4,451 $ 4,520 12/31/2028 4.73 % Red Mill South 6,310 6,090 5/1/2025 3.57 % Red Mill Central 2,640 2,690 6/17/2024 4.80 % Red Mill West 11,548 11,540 6/1/2022 4.23 % Marketplace at Hilltop 10,740 10,790 10/1/2022 4.42 % $ 35,689 $ 35,630

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of LIBOR interest rate caps	As of September 30, 2019 , the Company had the following LIBOR interest rate caps ($ in thousands), which are not designated as cash flow hedges for accounting purposes: Origination Date Expiration Date Notional Amount Strike Rate Premium Paid 9/18/2017 10/1/2019 $ 50,000 1.50 % $ 199 11/28/2017 12/1/2019 50,000 1.50 % 359 3/7/2018 4/1/2020 50,000 2.25 % 310 7/16/2018 8/1/2020 50,000 2.50 % 319 12/11/2018 1/1/2021 50,000 2.75 % 210 5/15/2019 6/1/2022 100,000 2.50 % 288 Total $ 350,000 $ 1,685 As of September 30, 2019 , the Company held the following floating-to-fixed interest rate swaps ($ in thousands): Related Debt Notional Amount Index Swap Fixed Rate Debt effective rate Effective Date Expiration Date Senior unsecured term loan $ 50,000 1-month LIBOR 2.00 % 3.50 % 3/1/2016 2/20/2020 Senior unsecured term loan 50,000 1-month LIBOR 2.78 % 4.28 % 5/1/2018 5/1/2023 John Hopkins Village 52,032 (a) 1-month LIBOR 2.94 % 4.19 % 8/7/2018 8/7/2025 Senior unsecured term loan 10,500 (a)(b) 1-month LIBOR 3.02 % 4.52 % 10/12/2018 10/12/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 34,456 (a) 1-month LIBOR 2.25 % 3.85 % 4/1/2019 8/10/2023 Senior unsecured term loan 50,000 (a) 1-month LIBOR 2.26 % 3.76 % 4/1/2019 10/22/2022 Total $ 246,988 ________________________________________ (a) Designated as a cash flow hedge. (b) Prior to August 15, 2019, this swap was used as a hedge for the cash flows for the loan secured by Lightfoot Marketplace. This loan was paid off on August 15, 2019. This swap is now being used as a hedge for the cash flows for a portion of the Company's unsecured term loan facility.
Schedule of derivatives	The Company’s derivatives were comprised of the following as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 (Unaudited) Notional Amount Fair Value Notional Amount Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 100,000 $ — $ (2,416 ) $ 100,000 $ 303 $ (749 ) Interest rate caps 350,000 122 — 350,000 1,790 — Total derivatives not designated as accounting hedges 450,000 122 (2,416 ) 450,000 2,093 (749 ) Derivatives designated as accounting hedges Interest rate swaps 146,988 — (7,204 ) 63,208 — (1,725 ) Total derivatives $ 596,988 $ 122 $ (9,620 ) $ 513,208 $ 2,093 $ (2,474 )
Schedule of changes in fair value of derivatives	The changes in the fair value of the Company’s derivatives during the three and nine months ended September 30, 2019 and 2018 were comprised of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate swaps $ (1,477 ) $ 319 $ (7,679 ) $ 673 Interest rate caps (299 ) (151 ) (1,956 ) 453 Total change in fair value of interest rate derivatives $ (1,776 ) $ 168 $ (9,635 ) $ 1,126 Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ (529 ) $ 298 $ (3,926 ) $ 1,256 Unrealized cash flow hedge gains losses (1,247 ) (130 ) (5,709 ) (130 ) Total change in fair value of interest rate derivatives $ (1,776 ) $ 168 $ (9,635 ) $ 1,126

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
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 as of September 30, 2019 and December 31, 2018 were as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Indebtedness $ 943,371 $ 949,106 $ 694,239 $ 688,437 Notes receivable 148,744 148,744 138,683 138,683 Interest rate swap liabilities 9,620 9,620 2,474 2,474 Interest rate swap and cap assets 122 122 2,093 2,093

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Summary of guarantees	The following table summarizes the guarantees made by the Company as of September 30, 2019 (in thousands): Development project Payment guarantee amount The Residences at Annapolis Junction $ 8,300 Delray Plaza 5,180 Nexton Square 12,600 Interlock Commercial 30,654 Total $ 56,734

Business of Organization - Addi

Business of Organization - Additional Information (Details) - property	Sep. 30, 2019	Dec. 31, 2018
Business And Organization [Line Items]
Percentage of operating partnership held	72.20%	74.50%
Operating Property
Business And Organization [Line Items]
Number of real estate properties	56
Development Property
Business And Organization [Line Items]
Number of real estate properties	5
General Partner
Business And Organization [Line Items]
Percentage of operating partnership held	0.10%

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) $ in Thousands	Jan. 01, 2019USD ($)propertylease	Sep. 30, 2019USD ($)extension	Sep. 30, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of ground leases | lease	6
Number of properties subject to ground leases | property	5
Maximum optional ground lease extension term	70 years
Operating lease right-of-use assets		$ 33,179
Operating lease liabilities		$ 41,387
Weighted average discount rate		5.40%
Number of options to extend, more than | extension		1
Adjustment for uncollectable accounts		$ 220	$ 245
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of contract	20 years
Renewal term		1 year
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of contract	65 years
Renewal term		15 years
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 32,200
Operating lease liabilities	$ 41,400
Weighted average discount rate	5.40%
Adjustment for uncollectable accounts	$ 200

Segments - Net Income of Report

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information
Rental revenues	$ 42,220	$ 28,930	$ 109,507	$ 86,227
Rental expenses	9,924	7,103	24,615	20,049
Real estate taxes	4,180	2,840	10,759	8,388
General contracting and real estate services
Segment Reporting Information
Segment revenues	27,638	19,950	66,118	63,654
Segment expenses	26,446	18,973	62,855	61,474
Operating Segments
Segment Reporting Information
Gross profit	29,308	19,964	77,396	59,970
Operating Segments | Office real estate
Segment Reporting Information
Rental revenues	10,283	5,149	23,220	15,537
Rental expenses	2,753	1,551	6,097	4,435
Real estate taxes	1,141	515	2,319	1,519
Gross profit	6,389	3,083	14,804	9,583
Operating Segments | Retail real estate
Segment Reporting Information
Rental revenues	20,780	16,932	57,273	50,251
Rental expenses	3,116	2,761	8,583	7,974
Real estate taxes	2,219	1,703	5,923	5,041
Gross profit	15,445	12,468	42,767	37,236
Operating Segments | Multifamily residential real estate
Segment Reporting Information
Rental revenues	11,157	6,849	29,014	20,439
Rental expenses	4,055	2,791	9,935	7,640
Real estate taxes	820	622	2,517	1,828
Gross profit	6,282	3,436	16,562	10,971
Operating Segments | General contracting and real estate services | General contracting and real estate services
Segment Reporting Information
Segment revenues	27,638	19,950	66,118	63,654
Segment expenses	26,446	18,973	62,855	61,474
Gross profit	$ 1,192	$ 977	$ 3,263	$ 2,180

Segments - Additional Informati

Segments - Additional Information (Details) - General contracting and real estate services - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information
General contracting and real estate services revenues	$ 27,638	$ 19,950	$ 66,118	$ 63,654
General contracting and real estate services expenses	26,446	18,973	62,855	61,474
General contracting and real estate services | Intercompany Eliminations
Segment Reporting Information
General contracting and real estate services revenues	22,400	38,500	82,600	98,600
General contracting and real estate services expenses	$ 22,200	$ 38,200	$ 81,800	$ 97,700

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	$ (15,452)			$ (10,196)			$ (38,834)	$ (28,653)
Amortization of finance leases	(107)			0			(168)	0
General and administrative expenses	(2,977)			(2,367)			(9,329)	(8,092)
Acquisition, development and other pursuit costs	(93)			(69)			(550)	(162)
Impairment charges	0			(3)			0	(101)
Gain (Loss) on Disposition of Assets	4,699			0			4,699	0
Interest income	5,710			2,545			16,622	7,152
Interest expense on finance leases	(228)			0			(340)	0
Equity in income of unconsolidated real estate entities	0			0			273	0
Loss on extinguishment of debt	0			(11)			0	(11)
Change in fair value of interest rate derivatives	(530)			298			(3,926)	1,256
Other income	362			65			426	233
Income Tax Expense (Benefit)	199			120			339	552
Net income	12,063	$ 5,826	$ 6,514	5,669	$ 5,945	$ 6,983	24,403	18,597
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	29,308			19,964			77,396	59,970
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(15,452)			(10,196)			(38,834)	(28,653)
Amortization of finance leases	(107)			0			(168)	0
General and administrative expenses	(2,977)			(2,367)			(9,329)	(8,092)
Acquisition, development and other pursuit costs	(93)			(69)			(550)	(162)
Impairment charges	0			(3)			0	(101)
Gain (Loss) on Disposition of Assets	4,699			0			4,699	0
Interest income	5,710			2,545			16,622	7,152
Interest expense on indebtedness	(8,828)			(4,677)			(22,205)	(13,547)
Interest expense on finance leases	(228)			0			(340)	0
Equity in income of unconsolidated real estate entities	0			0			273	0
Loss on extinguishment of debt	0			(11)			0	(11)
Change in fair value of interest rate derivatives	(530)			298			(3,926)	1,256
Other income	362			65			426	233
Income Tax Expense (Benefit)	$ 199			$ 120			$ 339	$ 552

Leases - Operating lease costs

Leases - Operating lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Operating lease cost	$ 655		$ 2,050
Finance lease cost:
Amortization of right-of-use assets - finance leases	146		223
Interest on lease liabilities	228	$ 0	340	$ 0
Operating cash flows from operating leases	477		1,501
Operating cash flows from finance leases	206		317
Financing cash flows from finance leases	$ 0		$ 0

Leases - Additional Information

Leases - Additional Information Related to Leases (Details)	Sep. 30, 2019
Weighted Average Remaining Lease Term (years)
Operating leases	45 years 8 months 12 days
Finance leases	41 years 6 months
Weighted Average Discount Rate
Operating leases	5.40%
Finance leases	5.20%

Leases - Lessee, Maturities of

Leases - Lessee, Maturities of Operating Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating Leases
2019 (excluding nine months ended September 30, 2019)	$ 478
2020	2,080
2021	2,137
2022	2,361
2023	2,400
Thereafter	105,961
Total lease liabilities	115,417
Less imputed interest	(74,030)
Present value of lease liabilities	41,387
Finance Leases
2019 (excluding nine months ended September 30, 2019)	216
2020	864
2021	864
2022	868
2023	873
Thereafter	43,903
Total lease liabilities	47,588
Less imputed interest	(29,697)
Present value of lease liabilities	$ 17,891

Leases - Lessor, Rental Income

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Base rent and tenant charges	$ 41,236	$ 106,227
Accrued straight-line rental adjustment	745	2,893
Lease incentive amortization	(187)	(555)
Above/below market lease amortization	426	942
Total rental revenue	$ 42,220	$ 109,507

Leases - Lessor, Payments to be

Leases - Lessor, Payments to be Received (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
2019 (excluding nine months ended September 30, 2019)	$ 24,083
2020	94,370
2021	87,474
2022	80,172
2023	69,962
Thereafter	317,305
Total	$ 673,366

Real Estate Investment - Acquis

Real Estate Investment - Acquisitions (Details) $ / shares in Units, $ in Thousands, shares in Millions	Jun. 26, 2019USD ($)	May 23, 2019USD ($)$ / shares	May 22, 2019USD ($)$ / sharesshares	Apr. 24, 2019USD ($)	Mar. 14, 2019USD ($)	Feb. 06, 2019USD ($)	Sep. 30, 2019property
1405 Point
Real Estate Properties [Line Items]
Capitalized acquisition costs				$ 100
Cash payment				$ 300
Option to purchase additional voting rights				79.00%
Extinguishment of note receivable				$ 31,300
Loans payable				64,900
Loans payable, fair value				$ 65,800
Wendover Village
Real Estate Properties [Line Items]
Consideration transferred						$ 2,700
Capitalized acquisition costs						$ 100
One City Center
Real Estate Properties [Line Items]
Consideration transferred					$ 23,000
Capitalized acquisition costs					100
Cash payment					$ 23,200
Wendover Village And Durham City Center
Real Estate Properties [Line Items]
Number of operating properties acquired | property							6
Red Mill Commons And Marketplace At Hilltop
Real Estate Properties [Line Items]
Loans payable, fair value		$ 35,630
Mortgage debt assumed		35,689
Thames Street Wharf
Real Estate Properties [Line Items]
Capitalized acquisition costs	$ 300
Cash payment	$ 101,000
City Center | Office And Retail Portions
Real Estate Properties [Line Items]
Interests in equity method investments					37.00%
Operating Partnership | Red Mill Commons And Marketplace At Hilltop
Real Estate Properties [Line Items]
Consideration transferred		109,300	$ 105,000
Capitalized acquisition costs		1,100
Cash payment		4,500	$ 4,500
Number of shares issued (in shares) | shares			4.1
Value of Class A Units		$ 68,100
Share price (in dollars per share) | $ / shares		$ 16.50	$ 15.55
Mortgage debt assumed		$ 35,600	$ 35,700
Future sale period for properties in limited number of cases		10 years

Real Estate Investment - Summar

Real Estate Investment - Summary of the Purchase Price Allocation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Wendover Village additional outparcel
Business Acquisition [Line Items]
Land	$ 1,633
Below-market leases	0
Finance lease liabilities	0
Finance lease right-of-use assets	0
Net assets acquired	2,783
Wendover Village additional outparcel | In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	101
Wendover Village additional outparcel | Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	111
Wendover Village additional outparcel | Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	50
Wendover Village additional outparcel | Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	888
Wendover Village additional outparcel | Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment	0
One City Center
Business Acquisition [Line Items]
Land	2,678
Below-market leases	0
Finance lease liabilities	0
Finance lease right-of-use assets	0
Net assets acquired	46,020
One City Center | In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	15,140
One City Center | Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	0
One City Center | Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	163
One City Center | Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	28,039
One City Center | Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment	0
1405 Point
Business Acquisition [Line Items]
Land	0
Below-market leases	0
Finance lease liabilities	(8,671)
Finance lease right-of-use assets	11,730
Net assets acquired	101,896
1405 Point | In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	3,371
1405 Point | Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	0
1405 Point | Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	298
1405 Point | Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	92,866
1405 Point | Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment	2,302
Red Mill Commons
Business Acquisition [Line Items]
Land	44,252
Below-market leases	(6,221)
Finance lease liabilities	0
Finance lease right-of-use assets	0
Net assets acquired	79,815
Red Mill Commons | In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	9,973
Red Mill Commons | Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	1,463
Red Mill Commons | Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	2,558
Red Mill Commons | Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	27,790
Red Mill Commons | Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment	0
Marketplace at Hilltop
Business Acquisition [Line Items]
Land	2,023
Below-market leases	(1,136)
Finance lease liabilities	(9,200)
Finance lease right-of-use assets	12,770
Net assets acquired	29,507
Marketplace at Hilltop | In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	4,565
Marketplace at Hilltop | Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	599
Marketplace at Hilltop | Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	691
Marketplace at Hilltop | Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	19,195
Marketplace at Hilltop | Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment	0
Thames Street Wharf
Business Acquisition [Line Items]
Land	15,861
Below-market leases	(3,636)
Finance lease liabilities	0
Finance lease right-of-use assets	0
Net assets acquired	101,299
Thames Street Wharf | In-place leases
Business Acquisition [Line Items]
Finite-lived intangibles	24,385
Thames Street Wharf | Above-market leases
Business Acquisition [Line Items]
Finite-lived intangibles	0
Thames Street Wharf | Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	150
Thames Street Wharf | Building and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	64,539
Thames Street Wharf | Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment	$ 0

Real Estate Investment Real Est

Real Estate Investment Real Estate Investment - Property Disposition (Details) - USD ($)	Sep. 10, 2019	Aug. 15, 2019	Apr. 01, 2019	Sep. 30, 2019	Sep. 30, 2018
Real Estate Properties [Line Items]
Contract price				$ 32,468,000	$ 4,271,000
Waynesboro Commons | Waynesboro Commons | Held-for-sale
Real Estate Properties [Line Items]
Contract price			$ 1,100,000
Gain (loss) on disposition of property			$ 0
Lightfoot Marketplace | Lightfoot Marketplace | Held-for-sale
Real Estate Properties [Line Items]
Contract price		$ 30,300,000
Gain (loss) on disposition of property		4,500,000
Undeveloped Land in Chesterfield Virginia
Real Estate Properties [Line Items]
Contract price	$ 5,000,000
Line of credit | Secured Debt | Lightfoot Marketplace
Real Estate Properties [Line Items]
Paid off notes payable to acquire property		$ 17,900,000

Equity Method Investment (Detai

Equity Method Investment (Details)	Mar. 14, 2019USD ($)	Mar. 13, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Feb. 25, 2016story
Schedule of Equity Method Investments [Line Items]
Investment in equity method investment during period					$ 535,000	$ 5,400,000
Equity in income of unconsolidated real estate entities			$ 0	$ 0	273,000	0
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					$ 500,000
Equity in income of unconsolidated real estate entities		$ 300,000		0		0
Dividends from equity investment				$ 0		$ 0
Office And Retail Portions | City Center
Schedule of Equity Method Investments [Line Items]
Interests in equity method investments	37.00%
One City Center
Schedule of Equity Method Investments [Line Items]
Cash payment	$ 23,200,000

Notes Receivable (Summary of Me

Notes Receivable (Summary of Mezzanine Loans) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 08, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable guarantee premium	$ 5,702		$ 2,800
Financing receivable discount	(762)		(4,489)
Total notes receivable	148,744		138,683
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	142,471		139,097
Maximum loan commitment	276,910
Mezzanine Loan | 1405 Point
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0		30,238
Maximum loan commitment	$ 31,032
Interest rate	8.00%
Mezzanine Loan | The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 38,571		36,361
Maximum loan commitment	$ 48,105
Interest rate	10.00%
Mezzanine Loan | North Decatur Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 0		18,521
Maximum loan commitment	$ 29,673
Interest rate	15.00%
Mezzanine Loan | Delray Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 12,526		7,032
Maximum loan commitment	$ 15,000	$ 15,000
Interest rate	15.00%
Mezzanine Loan | Nexton Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 14,718		14,855
Maximum loan commitment	$ 17,000
Interest rate	15.00%
Mezzanine Loan | Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 54,112		18,269
Maximum loan commitment	$ 95,000
Interest rate	15.00%
Mezzanine Loan | Interlock Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 22,544		13,821
Maximum loan commitment	$ 41,100
Interest rate	13.00%
Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 1,333		$ 1,275

Notes Receivable (Schedule of I

Notes Receivable (Schedule of Interest on the Mezzanine Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 5,710	$ 2,545	$ 16,622	$ 7,152
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	5,688	2,529	16,557	7,113
Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	22	16	65	39
1405 Point | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	547	783	1,483
The Residences at Annapolis Junction | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,340	1,166	6,536	3,374
North Decatur Square | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	178	569	1,509	1,561
Delray Plaza | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	429	228	1,153	676
Nexton Square | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	550	19	1,584	19
Interlock Commercial | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,595	0	3,425	0
Interlock Residential | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	596	$ 0	1,567	$ 0
Annapolis Junction | The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modification fee	$ 5,000		$ 5,000

Notes Receivable (Details)

Notes Receivable (Details) - USD ($)	Jul. 22, 2019	Apr. 24, 2019	Feb. 08, 2019	Nov. 16, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Apr. 19, 2019	Jan. 08, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses					$ 0		$ 0				$ 0
Provision for loan losses					0	$ 0	0	$ 0
Repayments of debt							200,879,000	$ 138,122,000
Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)					56,734,000		56,734,000
The Residences at Annapolis Junction | Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)					8,300,000		8,300,000
The Residences at Annapolis Junction | Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modification fee, loan discount				$ 5,000,000	5,000,000		5,000,000
Repayments of debt				11,100,000
Repayment of accrued interest				9,900,000
Repayments of principal				1,200,000
The Residences at Annapolis Junction | Bridge loan | Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)				8,300,000
Debt, face value				$ 83,000,000
Duration of extension option				1 year
Delray Plaza | Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)					5,180,000		5,180,000			$ 5,200,000
Nexton Square | Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)					12,600,000		12,600,000
Nexton Square | Construction loans | Line of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum borrowing capacity			$ 25,200,000
Interlock Commercial | Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)					30,654,000		30,654,000
Interlock Commercial | Construction loans | Financial Guarantee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guarantor obligations, maximum exposure (up to)									$ 30,700,000
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment					276,910,000		276,910,000
Mezzanine Loan | The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment					48,105,000		48,105,000
Mezzanine Loan | Delray Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment					15,000,000		15,000,000			$ 15,000,000
Mezzanine Loan | Nexton Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment					17,000,000		17,000,000
Proceeds from collection of loans receivable			2,100,000
Guaranty liabilities			$ 12,600,000
Mezzanine Loan | 1405 Point
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment					31,032,000		31,032,000
Mezzanine Loan | Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment					95,000,000		95,000,000
Mezzanine Loan | North Decatur Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment					$ 29,673,000		$ 29,673,000
Proceeds from collection of loans receivable	$ 20,000,000
Annapolis Junction | The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Option to purchase additional voting rights							88.00%
1405 Point
Accounts, Notes, Loans and Financing Receivable [Line Items]
Option to purchase additional voting rights		79.00%
Cash payment		$ 300,000
Loans payable		$ 64,900,000
1405 Point | 1405 Point
Accounts, Notes, Loans and Financing Receivable [Line Items]
Option to purchase additional voting rights		79.00%
Cash payment		$ 300,000

Construction Contracts (Details

Construction Contracts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized contract cost, amortization	$ 100	$ 0
Construction receivables retentions	5,400		$ 8,500
Retention payable	3,333	$ 1,767	3,037	$ 3,591
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retention payable	15,800		21,600
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred pre-contract costs	$ 1,000		$ 1,400

Construction Contracts - Summar

Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Construction contract costs and estimated earnings in excess of billings
Beginning balance	$ 1,358	$ 245
Transferred to receivables	(2,015)	(245)
Construction contract costs and estimated earnings not billed during the period	624	576
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	657	151
Ending balance	624	727
Billings in excess of construction contract costs and estimated earnings
Beginning balance	3,037	3,591
Revenue recognized that was included in the balance at the beginning of the period	(3,037)	(3,591)
Increases due to new billings, excluding amounts recognized as revenue during the period	4,256	2,400
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(923)	(633)
Ending balance	$ 3,333	$ 1,767

Construction Contracts - Summ_2

Construction Contracts - Summary of Net Position (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 656,874	$ 594,006
Estimated earnings	23,527	20,375
Billings	(683,110)	(616,060)
Net position	(2,709)	(1,679)
Construction contract costs and estimated earnings in excess of billings	624	1,358
Billings in excess of construction contract costs and estimated earnings	$ (3,333)	$ (3,037)

Construction Contracts - Summ_3

Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 178,632	$ 37,921	$ 165,863	$ 49,167
New contracts/change orders	22,054	7,138	73,250	39,514
Work performed	(27,594)	(19,879)	(66,021)	(63,501)
Ending backlog	$ 173,092	$ 25,180	$ 173,092	$ 25,180
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01
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]: 2019-10-01
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)

Oct. 29, 2019USD ($)

Oct. 03, 2019USD ($)

Aug. 15, 2019USD ($)

Jun. 26, 2019USD ($)

May 23, 2019USD ($)

Apr. 24, 2019USD ($)

Mar. 14, 2019USD ($)

Mar. 11, 2019USD ($)

Jan. 31, 2019USD ($)extension

Oct. 31, 2019USD ($)

Sep. 30, 2019USD ($)

Dec. 31, 2018USD ($)

Revolving Credit Facility

Indebtedness

Interest rate on credit facility as of end of period

3.57%

Term Loan Facility

Indebtedness

Interest rate on credit facility as of end of period

3.52%

Minimum | Revolving Credit Facility

Indebtedness

Basis points on unused commitment fee

0.15%

Minimum | Revolving Credit Facility | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.40%

Minimum | Revolving Credit Facility | Subsequent Event | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.30%

Minimum | Term Loan Facility | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.35%

Minimum | Term Loan Facility | Subsequent Event | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.25%

Maximum | Revolving Credit Facility

Indebtedness

Basis points on unused commitment fee

0.25%

Maximum | Revolving Credit Facility | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

2.00%

Maximum | Revolving Credit Facility | Subsequent Event | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.85%

Maximum | Term Loan Facility | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.95%

Maximum | Term Loan Facility | Subsequent Event | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.80%

Construction loans

Indebtedness

Borrowings under construction loans

$ 77,800,000

Construction loans | Subsequent Event

Indebtedness

Borrowings under construction loans

$ 9,500,000

Operating Partnership | New Credit Facility

Indebtedness

Aggregate capacity under the credit facility

$ 355,000,000

Operating Partnership | New Credit Facility | Subsequent Event

Indebtedness

Borrowing increase limit

$ 12,000,000

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

2

Duration of extension option

6 months

Extension fee percentage

0.075%

Credit facility, amount outstanding

110,000,000

$ 126,000,000

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

Indebtedness

Aggregate capacity under the credit facility

$ 700,000,000

Operating Partnership | New Credit Facility | Term Loan Facility

Indebtedness

Aggregate capacity under the credit facility

$ 205,000,000

Credit facility, amount outstanding

$ 205,000,000

$ 180,000,000

Lightfoot Marketplace | Secured Debt | Line of credit

Indebtedness

Proceeds from lines of credit

$ 7,400,000

Paid off notes payable to acquire property

$ 17,900,000

One City Center | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.85%

One City Center | Secured Debt

Indebtedness

Aggregate capacity under the credit facility

$ 25,600,000

Accordion feature maximum borrowing capacity

$ 27,600,000

1405 Point | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

2.75%

2.50%

Thames Street Wharf | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.30%

Thames Street Wharf | Revolving Credit Facility | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

2.25%

Thames Street Wharf | Secured Debt

Indebtedness

Aggregate capacity under the credit facility

$ 70,000,000

Thames Street Wharf | Secured Debt | Revolving Credit Facility

Indebtedness

Aggregate capacity under the credit facility

76,000,000

Basis points on unused commitment fee

0.25%

Commitment fee borrowing threshold

$ 19,000,000

Premier | Subsequent Event | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.55%

Premier | Secured Debt | Subsequent Event

Indebtedness

Aggregate capacity under the credit facility

$ 25,000,000

Proceeds from lines of credit

$ 2,700,000

First Purchase Option | 1405 Point

Indebtedness

Option to purchase additional voting rights

79.00%

Cash payment

$ 300,000

1405 Point

Indebtedness

Option to purchase additional voting rights

79.00%

Cash payment

$ 300,000

Loans payable

64,900,000

Loans payable, fair value

$ 65,800,000

1405 Point | 1405 Point

Indebtedness

Option to purchase additional voting rights

79.00%

Cash payment

$ 300,000

Red Mill Commons | Operating Partnership

Indebtedness

Mortgage debt assumed

$ 24,900,000

Marketplace at Hilltop

Indebtedness

Loans payable, fair value

10,790,000

Mortgage debt assumed

10,740,000

Marketplace at Hilltop | Operating Partnership

Indebtedness

Mortgage debt assumed

$ 10,800,000

Indebtedness -Schedule of Debt

Indebtedness -Schedule of Debt Assumed (Details) - USD ($) $ in Thousands	May 23, 2019	May 22, 2019
Red Mill North
Indebtedness
Note balance at assumption	$ 4,451
Loans payable, fair value	$ 4,520
Loan interest rate	4.73%
Red Mill South
Indebtedness
Note balance at assumption	$ 6,310
Loans payable, fair value	$ 6,090
Loan interest rate	3.57%
Red Mill Central
Indebtedness
Note balance at assumption	$ 2,640
Loans payable, fair value	$ 2,690
Loan interest rate	4.80%
Red Mill West
Indebtedness
Note balance at assumption	$ 11,548
Loans payable, fair value	$ 11,540
Loan interest rate	4.23%
Marketplace at Hilltop
Indebtedness
Note balance at assumption	$ 10,740
Loans payable, fair value	$ 10,790
Loan interest rate	4.42%
Red Mill Commons And Marketplace At Hilltop
Indebtedness
Note balance at assumption	$ 35,689
Loans payable, fair value	35,630
Operating Partnership | Marketplace at Hilltop
Indebtedness
Note balance at assumption	10,800
Operating Partnership | Red Mill Commons And Marketplace At Hilltop
Indebtedness
Note balance at assumption	$ 35,600	$ 35,700

Derivative Financial Instrume_3

Derivative Financial Instruments Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($)	Sep. 30, 2019	May 15, 2019	Dec. 31, 2018	Dec. 11, 2018	Jul. 16, 2018	Mar. 07, 2018	Nov. 28, 2017	Sep. 18, 2017
Derivative [Line Items]
Notional Amount	$ 596,988,000		$ 513,208,000
Interest Rate Caps | LIBOR
Derivative [Line Items]
Notional Amount	350,000,000	$ 100,000,000		$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000
Strike Rate		2.50%		2.75%	2.50%	2.25%	1.50%	1.50%
Premium Paid	$ 1,685,000	$ 288,000		$ 210,000	$ 319,000	$ 310,000	$ 359,000	$ 199,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional Amount	$ 596,988	$ 513,208
Interest rate swaps
Derivative [Line Items]
Notional Amount	246,988
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	450,000	450,000
Not designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	100,000	100,000
Not designated as accounting hedges | Senior Unsecured Term Loan 2.00% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed interest rate	2.00%
Effective interest rate	3.50%
Not designated as accounting hedges | Senior Unsecured Term Loan 2.78% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed interest rate	2.78%
Effective interest rate	4.28%
Designated as accounting hedge | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 146,988	$ 63,208
Designated as accounting hedge | John Hopkins Village | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 52,032
Fixed interest rate	2.94%
Effective interest rate	4.19%
Designated as accounting hedge | Senior Unsecured Term Loan 3.02% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 10,500
Fixed interest rate	3.02%
Effective interest rate	4.52%
Designated as accounting hedge | 249 Central Park Retail, South Retail, and Fountain Plaza Retail | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 34,456
Fixed interest rate	2.25%
Effective interest rate	3.85%
Designated as accounting hedge | Senior Unsecured Term Loan 2.26% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed interest rate	2.26%
Effective interest rate	3.76%

Derivative Financial Instrume_5

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Sep. 30, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) reclassified during next 12 months	$ (1.3)

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Notional Amount	$ 596,988				$ 596,988		$ 513,208
Asset, Fair Value	122				122		2,093
Liability, Fair Value	(9,620)				(9,620)		(2,474)
Change in fair value of interest rate derivatives	(529)			$ 298	(3,926)	$ 1,256
Unrealized cash flow hedge losses	(1,247)	$ (3,459)	$ (1,003)	(130)	(5,709)	(130)
Total change in fair value of interest rate derivatives	(1,776)			168	(9,635)	1,126
Interest rate swaps
Derivative [Line Items]
Notional Amount	246,988				246,988
Total change in fair value of interest rate derivatives	(1,477)			319	(7,679)	673
Interest rate caps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	(299)			$ (151)	(1,956)	$ 453
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	450,000				450,000		450,000
Asset, Fair Value	122				122		2,093
Liability, Fair Value	(2,416)				(2,416)		(749)
Not designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	100,000				100,000		100,000
Asset, Fair Value	0				0		303
Liability, Fair Value	(2,416)				(2,416)		(749)
Not designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional Amount	350,000				350,000		350,000
Asset, Fair Value	122				122		1,790
Liability, Fair Value	0				0		0
Designated as accounting hedge | Interest rate swaps
Derivative [Line Items]
Notional Amount	146,988				146,988		63,208
Asset, Fair Value	0				0		0
Liability, Fair Value	$ (7,204)				$ (7,204)		$ (1,725)

Equity - Additional Information

Equity - Additional Information (Details)	Oct. 15, 2019USD ($)	Oct. 03, 2019USD ($)	Oct. 01, 2019shares	Sep. 20, 2019USD ($)shares	Aug. 20, 2019USD ($)shares	Aug. 07, 2019$ / shares	Aug. 06, 2019USD ($)	Jul. 03, 2019USD ($)	Jul. 01, 2019shares	Jun. 18, 2019USD ($)ft²$ / sharesshares	May 30, 2019USD ($)shares	May 23, 2019USD ($)shares	Apr. 04, 2019USD ($)	Jan. 03, 2019USD ($)	Jan. 02, 2019shares	Feb. 26, 2018USD ($)	Oct. 31, 2019USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Sep. 30, 2018USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Mar. 31, 2018$ / shares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares
Class of Stock
Net proceeds from issuance of common and preferred stock																		$ 34,045,000	$ 7,498,000	$ 30,206,000	$ 10,548,000	$ 48,981,000
Preferred stock issued (in shares) | shares																		2,530,000						2,530,000		0
Preferred stock, par value (in dollars per share) | $ / shares																		$ 0.01						$ 0.01		$ 0.01
Percentage of operating partnership held																		72.20%						72.20%		74.50%
Aggregate cash dividends and distributions, paid																								$ 43,537,000	$ 37,550,000
Dividends and distributions declared per common share and unit (in dollars per share) | $ / shares																		$ 0.21	$ 0.21	$ 0.21	$ 0.20	$ 0.20	$ 0.20
Class A units
Class of Stock
Class A Units not held by Company (in shares) | shares																		21,167,104						21,167,104
Class A units | Operating Partnership
Class of Stock
Number of shares issued (in shares) | shares				73,666	40,864						60,000	4,125,759
Business acquisition, equity interest issued or issuable, value assigned				$ 1,300,000	$ 700,000						$ 1,000,000	$ 68,100,000
Business acquisition, percentage of voting interests acquired											35.00%
Aggregate cash dividends and distributions, paid								$ 4,400,000					$ 3,600,000	$ 3,400,000
Common stock
Class of Stock
Shares issued (in shares) | shares									125,118						118,471
Net proceeds from issuance of common and preferred stock																		$ 20,000	$ 4,000	$ 21,000	$ 7,000	$ 35,000
Aggregate cash dividends and distributions, paid								$ 11,100,000					$ 11,000,000	$ 10,000,000
Dividends and distributions declared per common share and unit (in dollars per share) | $ / shares						$ 0.21
New ATM Program | Common stock
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)							$ 180,700,000									$ 125,000,000
Net proceeds from issuance of common and preferred stock							105,700,000
Remaining authorized repurchase amount							$ 75,000,000
The Amendments
Class of Stock
Consideration received on transaction																								$ 71,900,000
The Amendments | Common stock
Class of Stock
Shares issued (in shares) | shares																								4,476,565
Weighted average price (in dollars per share) | $ / shares																		$ 16.28						$ 16.28
Subsequent Event | Class A units | Operating Partnership
Class of Stock
Aggregate cash dividends and distributions, paid		$ 4,400,000
Subsequent Event | Common stock
Class of Stock
Shares issued (in shares) | shares			4,896
Aggregate cash dividends and distributions, paid		$ 11,500,000
Subsequent Event | New ATM Program
Class of Stock
Consideration received on transaction																	$ 9,700,000
Subsequent Event | New ATM Program | Common stock
Class of Stock
Shares issued (in shares) | shares																	543,513
Weighted average price (in dollars per share) | $ / shares																	$ 18.14
Noncontrolling interests in investment entities
Class of Stock
Liquidation preference																		$ 63,300,000						$ 63,300,000
Consolidated Entities Under Development Or Construction | Operating Partnership
Class of Stock
Ownership interest percentage in properties																										$ 0
Redeemable convertible preferred stock
Class of Stock
Net proceeds from issuance of common and preferred stock																			$ 61,001,000
Preferred stock issued (in shares) | shares										2,530,000
Preferred Stock dividend rate percentage						6.75%				6.75%														6.75%
Preferred stock, par value (in dollars per share) | $ / shares										$ 0.01
Preferred stock, liquidation preference (in dollars per share) | $ / shares										$ 25
Proceeds from issuance of preferred stock										$ 61,300,000
Dividends and distributions declared per common share and unit (in dollars per share) | $ / shares						$ 0.54844
Preferred stock, redemption price (in usd per share) | $ / shares																		$ 25						$ 25
Redeemable convertible preferred stock | Over-Allotment Option
Class of Stock
Preferred stock issued (in shares) | shares										330,000
Redeemable convertible preferred stock | Subsequent Event
Class of Stock
Aggregate cash dividends and distributions, paid	$ 1,400,000
Series A Cumulative Redeemable Perpetual Preferred Units
Class of Stock
Preferred stock issued (in shares) | shares										2,530,000
Preferred Stock dividend rate percentage										6.75%
Thames Street Wharf
Class of Stock
Area of real estate property | ft²										263,426
1405 Point | Noncontrolling interests in investment entities | Operating Partnership
Class of Stock
Ownership interest percentage in properties																		$ 5,500,000						$ 5,500,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 0.5	$ 0.4	$ 2	$ 1.6
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)			153,173
Restricted stock granted, grant date fair value (in dollars per share)			$ 15.41
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)	144,122		144,122
Unrecognized compensation cost	$ 1.1		$ 1.1
Unrecognized compensation cost, recognition period			18 years
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%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)			10,755
Restricted stock granted, grant date fair value (in dollars per share)			$ 15.42
Amended and Restated 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares reserved for issuance (in shares)	1,700,000		1,700,000
Shares available for issuance (in shares)	894,680		894,680
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 Instr_3

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Value
Fair Value of Financial Instruments
Indebtedness	$ 943,371	$ 694,239
Notes receivable	148,744	138,683
Interest rate swap liabilities	9,620	2,474
Interest rate swap and cap assets	122	2,093
Fair Value
Fair Value of Financial Instruments
Indebtedness	949,106	688,437
Notes receivable	148,744	138,683
Interest rate swap liabilities	9,620	2,474
Interest rate swap and cap assets	$ 122	$ 2,093

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	May 13, 2013	Oct. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities			$ 0	$ 100,000	$ 0	$ 1,500,000
Gross profit from related parties			0	100,000	0	300,000
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
Subsequent Event | Executive Officer | Construction Contracts
Related Party Transactions
Gross profit from related parties		$ 300,000
Related party amount of transaction		$ 7,500,000

Commitments and Contingencies -

Commitments and Contingencies - Guarantees (Details) - Financial Guarantee - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 08, 2019
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	$ 56,734
The Residences at Annapolis Junction
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	8,300
Delray Plaza
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	5,180	$ 5,200
Nexton Square
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	12,600
Interlock Commercial
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	$ 30,654

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Oct. 03, 2019	Sep. 30, 2019	Dec. 31, 2018
Commitments and Contingencies
Line of credit, performance and payment bonds		$ 29.2	$ 34.8
Operating Partnership
Commitments and Contingencies
Credit facility, amount outstanding		$ 0.3	$ 2.1
Subsequent Event | Operating Partnership
Commitments and Contingencies
Credit facility, canceled amount	$ 0.3

Uncategorized Items - ahhq32019

Label	Element	Value	[1]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (167,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(125,000)
Accumulated Distributions in Excess of Net Income [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(125,000)
Noncontrolling Interests In Operating Partnership [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (42,000)
[1]	The Company recorded cumulative effect adjustments related to the new lease standard in the first quarter of 2019. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements” for additional information.