Armada Hoffler Properties (AHH) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2020
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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		57,933,586
Amendment Flag	false
Entity Central Index Key	0001569187
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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	Jun. 30, 2020	Dec. 31, 2019
Real estate investments:
Income producing property	$ 1,431,527	$ 1,460,723
Held for development	13,607	5,000
Construction in progress	108,444	140,601
Gross real estate investments	1,553,578	1,606,324
Accumulated depreciation	(232,108)	(224,738)
Net real estate investments	1,321,470	1,381,586
Real estate investments held for sale	0	1,460
Cash and cash equivalents	70,979	39,232
Restricted cash	4,132	4,347
Accounts receivable, net	28,461	23,470
Notes receivable, net	182,245	159,371
Construction receivables, including retentions, net	42,787	36,361
Construction contract costs and estimated earnings in excess of billings, net	333	249
Operating lease right-of-use assets	32,907	33,088
Finance lease right-of-use assets	23,837	24,130
Acquired lease intangible assets, net	55,832	68,702
Other assets	35,883	32,901
Total Assets	1,798,866	1,804,897
LIABILITIES AND EQUITY
Indebtedness, net	953,753	950,537
Accounts payable and accrued liabilities	22,705	17,803
Construction payables, including retentions	58,253	53,382
Billings in excess of construction contract costs and estimated earnings	9,320	5,306
Operating lease liabilities	41,550	41,474
Finance lease liabilities	17,928	17,903
Other liabilities	48,411	63,045
Total Liabilities	1,151,920	1,149,450
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 2,930,000 shares authorized, 2,533,830 and 2,530,000 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	63,346	63,250
Common stock, $0.01 par value, 500,000,000 shares authorized; 57,010,259 and 56,277,971 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	570	563
Additional paid-in capital	460,339	455,680
Distributions in excess of earnings	(107,263)	(106,676)
Accumulated other comprehensive loss	(10,470)	(4,240)
Total stockholders’ equity	406,522	408,577
Noncontrolling interests in investment entities	582	4,462
Noncontrolling interests in Operating Partnership	239,842	242,408
Total Equity	646,946	655,447
Total Liabilities and Equity	$ 1,798,866	$ 1,804,897

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
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)	57,010,259	56,277,971
Common stock, shares outstanding (in shares)	57,010,259	56,277,971
Redeemable convertible preferred stock
Preferred stock, shares authorized (in shares)	2,930,000	2,930,000
Preferred stock, shares issued (in shares)	2,533,830	2,530,000
Preferred stock, shares outstanding (in shares)	2,533,830	2,530,000
Preferred Stock dividend rate percentage	6.75%	6.75%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Rental revenues	$ 39,915	$ 36,378	$ 82,204	$ 67,287
General contracting and real estate services revenues	57,398	21,444	104,666	38,480
Total revenues	97,313	57,822	186,870	105,767
Expenses
Rental expenses	8,309	7,915	17,684	14,640
Real estate taxes	4,233	3,451	8,566	6,579
General contracting and real estate services expenses	55,342	20,123	100,892	36,409
Depreciation and amortization	13,777	13,505	28,056	23,409
Amortization of right-of-use assets - finance leases	146	85	293	85
General and administrative expenses	2,988	2,951	6,781	6,352
Acquisition, development and other pursuit costs	502	57	529	457
Impairment charges	0	0	158	0
Total expenses	85,297	48,087	162,959	87,931
Gain on real estate dispositions	2,776	0	2,776	0
Operating income	14,792	9,735	26,687	17,836
Interest income	4,412	5,593	11,638	10,912
Interest expense on indebtedness	(6,999)	(7,491)	(14,958)	(13,377)
Interest expense on finance leases	(228)	(112)	(457)	(112)
Equity in income of unconsolidated real estate entities	0	0	0	273
Change in fair value of interest rate derivatives	(6)	(1,933)	(1,742)	(3,396)
Unrealized credit loss release (provision)	117	0	(260)	0
Other income (expense), net	286	4	344	64
Income before taxes	12,374	5,796	21,252	12,200
Income tax benefit (provision)	(65)	30	192	140
Net income	12,309	5,826	21,444	12,340
Net (income) loss attributable to noncontrolling interests:
Investment entities	44	320	136	320
Operating Partnership	(3,051)	(1,580)	(5,286)	(3,210)
Net income attributable to Armada Hoffler Properties, Inc.	9,302	4,566	16,294	9,450
Preferred stock dividends	(1,175)	(154)	(2,242)	(154)
Net income attributable to common stockholders	$ 8,127	$ 4,412	$ 14,052	$ 9,296
Net income attributable to stockholders per share (basic and diluted) (in dollars per share)	$ 0.14	$ 0.08	$ 0.25	$ 0.18
Weighted-average common shares outstanding (basic and diluted) (in shares)	56,668	52,451	56,533	51,692
Comprehensive income:
Net income	$ 12,309	$ 5,826	$ 21,444	$ 12,340
Unrealized cash flow hedge losses	(2,279)	(3,459)	(9,768)	(4,462)
Realized cash flow hedge losses reclassified to net income	798	35	1,190	107
Comprehensive income	10,828	2,402	12,866	7,985
Comprehensive income attributable to Armada Hoffler Properties, Inc.	8,226	2,045	10,065	6,231
Noncontrolling interests in investment entities
Expenses
Net income	(44)	(320)
Comprehensive income:
Net income	(44)	(320)
Comprehensive (income) loss attributable to noncontrolling interests:	44	320	136	320
Noncontrolling interests in Operating Partnership
Expenses
Net income	3,051	1,580
Comprehensive income:
Net income	3,051	1,580
Unrealized cash flow hedge losses	(622)	(912)
Realized cash flow hedge losses reclassified to net income	218	9
Comprehensive (income) loss attributable to noncontrolling interests:	$ (2,646)	$ (677)	$ (2,937)	$ (2,074)

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	Cumulative Effect, Period of Adoption, Adjustment		Cumulative Effect, Period of Adoption, AdjustmentDistributions in excess of earnings		Cumulative Effect, Period of Adoption, AdjustmentTotal stockholders' equity		Cumulative Effect, Period of Adoption, AdjustmentNoncontrolling interests in Operating Partnership
Beginning balance at Dec. 31, 2018	$ 455,890	$ 0	$ 500	$ 357,353	$ (82,699)	$ (1,283)	$ 273,871	$ 0	$ 182,019							$ (167)	[1]	$ (125)	[1]	$ (125)	[1]	$ (42)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,514				4,884		4,884	0	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							(167)	[1]	(125)	[1]	(125)	[1]	(42)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,340
Unrealized cash flow hedge losses	(4,462)
Realized cash flow hedge losses reclassified to net income	107
Noncontrolling interest in acquired real estate entity	4,870
Ending balance at Jun. 30, 2019	$ 606,442	63,250	528	394,269	(95,490)	(4,502)	358,055	4,550	243,837
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance at Dec. 31, 2018	$ 455,890	0	500	357,353	(82,699)	(1,283)	273,871	0	182,019							(167)	[1]	(125)	[1]	(125)	[1]	(42)	[1]
Ending balance at Dec. 31, 2019	655,447	63,250	563	455,680	(106,676)	(4,240)	408,577	4,462	242,408							(3,009)	[2]	(2,185)	[2]	(2,185)	[2]	(824)	[2]
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
Beginning balance at Dec. 31, 2019	655,447	63,250	563	455,680	(106,676)	(4,240)	408,577	4,462	242,408							(3,009)	[2]	(2,185)	[2]	(2,185)	[2]	(824)	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,135				6,992		6,992	(92)	2,235
Unrealized cash flow hedge losses	(7,489)					(5,438)	(5,438)		(2,051)
Realized cash flow hedge losses reclassified to net income	392					285	285		107
Net proceeds from issuance of common and preferred stock	1,349		1	1,348			1,349
Restricted stock awards, net of tax withholding	783		1	782			783
Restricted stock award forfeitures	(6)			(6)			(6)
Dividends declared on preferred stock	(1,067)				(1,067)		(1,067)
Dividends and distributions declared	(17,134)				(12,454)		(12,454)		(4,680)
Ending balance at Mar. 31, 2020	638,401	63,250	565	457,804	(115,390)	(9,393)	396,836	4,370	237,195
Beginning balance at Dec. 31, 2019	655,447	63,250	563	455,680	(106,676)	(4,240)	408,577	4,462	242,408							$ (3,009)	[2]	$ (2,185)	[2]	$ (2,185)	[2]	$ (824)	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,444
Unrealized cash flow hedge losses	(9,768)
Realized cash flow hedge losses reclassified to net income	1,190
Noncontrolling interest in acquired real estate entity	0
Ending balance at Jun. 30, 2020	646,946	63,346	570	460,339	(107,263)	(10,470)	406,522	582	239,842
Beginning balance at Mar. 31, 2020	638,401	63,250	565	457,804	(115,390)	(9,393)	396,836	4,370	237,195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,309				9,302		9,302	(44)	3,051
Unrealized cash flow hedge losses	(2,279)					(1,657)	(1,657)		(622)
Realized cash flow hedge losses reclassified to net income	798					580	580		218
Net proceeds from issuance of common and preferred stock	4,416		5	4,411			4,416			$ 91	$ 96	$ (5)	$ 91
Restricted stock awards, net of tax withholding	516			516			516
Restricted stock award forfeitures	(1)			(1)			(1)
Acquisition of noncontrolling interest in real estate entity	(6,130)			(2,386)			(2,386)	(3,744)
Dividends declared on preferred stock	(1,175)				(1,175)		(1,175)
Ending balance at Jun. 30, 2020	$ 646,946	$ 63,346	$ 570	$ 460,339	$ (107,263)	$ (10,470)	$ 406,522	$ 582	$ 239,842
[1]	The Company recorded cumulative effect adjustments related to the new lease standard in the first quarter of 2019.
[2]	The Company recorded cumulative effect adjustments related to the new Current Expected Credit Losses ("CECL") standard in the first quarter of 2020. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements” for additional information.

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends and distributions declared per common share and unit (in dollars per share)	$ 0.22	$ 0.21	$ 0.21

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES
Net income		$ 21,444	$ 12,340
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements		20,814	16,902
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases		7,242	6,507
Accrued straight-line rental revenue		(1,510)	(2,208)
Amortization of leasing incentives and above or below-market rents		(414)	(97)
Amortization of right-of-use assets - finance leases		293	85
Accrued straight-line ground rent expense		7	56
Unrealized credit loss provision		260	0
Adjustment for uncollectable lease accounts		1,486	9
Noncash stock compensation		1,451	1,017
Impairment charges		158	0
Noncash interest expense		854	589
Interest expense on finance leases		457	112
Gain on real estate dispositions		(2,776)	0
Adjustment for Annapolis Junction loan discount amortization	[1]	0	(2,356)
Change in fair value of interest rate derivatives		1,742	3,396
Equity in income of unconsolidated real estate entities		0	(273)
Changes in operating assets and liabilities:
Property assets		(4,544)	2,275
Property liabilities		2,932	(2,841)
Construction assets		(6,556)	4,142
Construction liabilities		18,047	(4,004)
Interest receivable		(11,633)	(7,539)
Net cash provided by operating activities		49,754	28,112
INVESTING ACTIVITIES
Development of real estate investments		(39,854)	(75,679)
Tenant and building improvements		(5,003)	(12,519)
Acquisitions of real estate investments, net of cash received		(8,853)	(133,345)
Dispositions of real estate investments, net of selling costs		89,383	1,014
Notes receivable issuances		(17,599)	(25,355)
Notes receivable paydowns		2,413	1,692
Leasing costs		(1,656)	(1,883)
Leasing incentives		(1,179)	0
Contributions to equity method investments		0	(535)
Net cash used for investing activities		17,652	(246,610)
FINANCING ACTIVITIES
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net		91	61,001
Proceeds from issuance of common stock, net		5,765	37,704
Common shares tendered for tax withholding		(534)	(344)
Debt issuances, credit facility and construction loan borrowings		74,672	291,392
Debt and credit facility repayments, including principal amortization		(80,283)	(138,175)
Debt issuance costs		(36)	(3,167)
Dividends and distributions		(35,549)	(28,003)
Net cash provided by financing activities		(35,874)	220,408
Net increase (decrease) in cash, cash equivalents, and restricted cash		31,532	1,910
Cash, cash equivalents, and restricted cash, beginning of period		43,579	24,051
Cash, cash equivalents, and restricted cash, end of period	[2]	75,111	25,961
Supplemental Disclosures (noncash transactions):
(Decrease) increase in dividends and distributions payable		(16,173)	2,128
(Decrease) increase in accrued capital improvements and development costs		(8,622)	(9,861)
Note payable issued in acquisition of noncontrolling interest in real estate investment		6,130	0
Issuance of operating partnership units for acquisitions		0	69,061
Operating Partnership units redeemed for common shares		0	1,260
Debt assumed at fair value in conjunction with real estate purchases		0	101,390
Note receivable extinguished in conjunction with real estate purchase		0	31,252
Equity method investment redeemed for real estate acquisition		0	23,011
Noncontrolling interest in acquired real estate entity		0	4,870
Recognition of operating lease right-of-use assets		0	33,525
Recognition of operating lease liabilities		0	41,191
Recognition of finance lease right-of-use assets		0	24,500
Recognition of finance lease liabilities		0	17,871
De-recognition of operating lease right-of-use assets - lease termination		0	440
De-recognition of operating lease liabilities - lease termination		$ 0	$ 440
[1]	Borrower paid $5.0 million in 2018 in exchange for the Company's purchase option, which was accounted for as a loan modification fee; interest income was recognized as additional interest income on the note receivable over the one-year then-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): June 30, 2020 June 30, 2019 Cash and cash equivalents $ 70,979 $ 23,109 Restricted cash (a) 4,132 2,852 Cash, cash equivalents, and restricted cash $ 75,111 $ 25,961 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - Footnotes (Parenthetical) $ in Thousands	Jun. 30, 2020USD ($)
Cash and cash equivalents	$ 70,979
Restricted cash	4,132
Cash, cash equivalents, and restricted cash	75,111	[1]
Annapolis Junction | The Residences at Annapolis Junction
Loan modification fee, loan discount	$ 5,000
[1]	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): June 30, 2020 June 30, 2019 Cash and cash equivalents $ 70,979 $ 23,109 Restricted cash (a) 4,132 2,852 Cash, cash equivalents, and restricted cash $ 75,111 $ 25,961 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Business of Organization

Business of Organization	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 , owned 72.8% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of June 30, 2020 , the Company's property portfolio consisted of 51 operating properties and three properties either under development or not yet stabilized. Refer to Note 5 for information related to the Company's recent acquisitions and dispositions of properties.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. The pandemic has led governments and other authorities around the world, including federal, state, and local authorities in the United States, to impose measures intended to control its spread, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, quarantines, and shelter-in-place orders, causing many of the Company’s tenants, particularly in the Company’s retail portfolio, to suspend or limit operations for certain periods of time. We expect to continue to experience effects on our business as the impacts from COVID-19 and the related responses continue to develop. 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, 2019 . 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 Accounting Standards Adopted in 2020 Credit losses In June 2016, the Financial Accounting Standard Board ("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 replaces the "incurred loss" approach under previous guidance with an "expected loss" model for instruments measured at amortized cost, such as the Company's notes receivable, construction receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. The Company adopted the new standard on January 1, 2020, using the modified retrospective transition method and recorded a noncash cumulative effect adjustment to record a reduction to retained earnings of $3.0 million , $2.8 million of which relates to the Company's mezzanine loans and $0.2 million of which relates to the Company's construction accounts receivable. See Note 6—Notes Receivable and Current Expected Credit Losses, for more information. Fair Value Measurements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). The ASU is part of the FASB's disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by generally accepted accounting principles. The ASU modifies disclosure requirements on fair value measurements in Topic 820. The Company adopted the new standard on January 1, 2020. The adoption of the ASU did not have a material impact on disclosures in the Company's consolidated financial statements. Lease Modification Accounting Q&A In April 2020, the FASB staff issued a question and answer document (the "Lease Modification Q&A") focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows lessors, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company adopted this guidance during the three months ended June 30, 2020 and elected to not apply the existing lease modification accounting framework in instances where the total payments under a modified lease are substantially the same as or less than the total payments under the existing lease. Other Accounting Policies See the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared.

Segments

Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segments	Segments Net operating income (segment revenues minus segment expenses) is the measure used by the Company’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. Net operating income of the Company’s reportable segments for the three and six months ended June 30, 2020 and 2019 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Office real estate Rental revenues $ 10,494 $ 7,382 $ 20,686 $ 12,938 Rental expenses 2,291 1,853 4,837 3,339 Real estate taxes 1,228 653 2,374 1,179 Segment net operating income 6,975 4,876 13,475 8,420 Retail real estate Rental revenues 18,714 19,235 39,125 36,492 Rental expenses 2,458 2,860 5,478 5,460 Real estate taxes 2,007 1,893 4,173 3,704 Segment net operating income 14,249 14,482 29,474 27,328 Multifamily residential real estate Rental revenues 10,707 9,761 22,393 17,857 Rental expenses 3,560 3,202 7,369 5,841 Real estate taxes 998 905 2,019 1,696 Segment net operating income 6,149 5,654 13,005 10,320 General contracting and real estate services Segment revenues 57,398 21,444 104,666 38,480 Segment expenses 55,342 20,123 100,892 36,409 Segment gross profit 2,056 1,321 3,774 2,071 Net operating income $ 29,429 $ 26,333 $ 59,728 $ 48,139 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 June 30, 2020 and 2019 exclude revenue related to intercompany construction contracts of $8.4 million and $30.0 million , respectively, as it is eliminated in consolidation. General contracting and real estate services revenues for the six months ended June 30, 2020 and 2019 exclude revenue related to intercompany construction contracts of $21.5 million and $60.2 million , respectively. General contracting and real estate services expenses for the three months ended June 30, 2020 and 2019 exclude expenses related to intercompany construction contracts of $8.3 million and $29.7 million , respectively. General contracting and real estate services expenses for the six months ended June 30, 2020 and 2019 exclude expenses related to intercompany construction contracts of $21.3 million and $59.6 million , respectively. The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net operating income $ 29,429 $ 26,333 $ 59,728 $ 48,139 Depreciation and amortization (13,777 ) (13,505 ) (28,056 ) (23,409 ) Amortization of right-of-use assets - finance leases (146 ) (85 ) (293 ) (85 ) General and administrative expenses (2,988 ) (2,951 ) (6,781 ) (6,352 ) Acquisition, development and other pursuit costs (502 ) (57 ) (529 ) (457 ) Impairment charges — — (158 ) — Gain on real estate dispositions 2,776 — 2,776 — Interest income 4,412 5,593 11,638 10,912 Interest expense on indebtedness (6,999 ) (7,491 ) (14,958 ) (13,377 ) Interest expense on finance leases (228 ) (112 ) (457 ) (112 ) Equity in income of unconsolidated real estate entities — — — 273 Change in fair value of interest rate derivatives (6 ) (1,933 ) (1,742 ) (3,396 ) Unrealized credit loss release (provision) 117 — (260 ) — Other income (expense), net 286 4 344 64 Income tax benefit (provision) (65 ) 30 192 140 Net income $ 12,309 $ 5,826 $ 21,444 $ 12,340

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties with initial terms that range from 5 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. Six of these leases have been classified as operating leases and two of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. Lessor Disclosures 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. Rental revenue for the three and six months ended June 30, 2020 and 2019 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Base rent and tenant charges $ 38,767 $ 35,066 $ 80,280 $ 64,991 Accrued straight-line rental adjustment 953 1,187 1,510 2,148 Lease incentive amortization (160 ) (184 ) (333 ) (368 ) Above/below market lease amortization 355 309 747 516 Total rental revenue $ 39,915 $ 36,378 $ 82,204 $ 67,287
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties with initial terms that range from 5 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. Six of these leases have been classified as operating leases and two of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. Lessor Disclosures 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. Rental revenue for the three and six months ended June 30, 2020 and 2019 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Base rent and tenant charges $ 38,767 $ 35,066 $ 80,280 $ 64,991 Accrued straight-line rental adjustment 953 1,187 1,510 2,148 Lease incentive amortization (160 ) (184 ) (333 ) (368 ) Above/below market lease amortization 355 309 747 516 Total rental revenue $ 39,915 $ 36,378 $ 82,204 $ 67,287
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties with initial terms that range from 5 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. Six of these leases have been classified as operating leases and two of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. Lessor Disclosures 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. Rental revenue for the three and six months ended June 30, 2020 and 2019 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Base rent and tenant charges $ 38,767 $ 35,066 $ 80,280 $ 64,991 Accrued straight-line rental adjustment 953 1,187 1,510 2,148 Lease incentive amortization (160 ) (184 ) (333 ) (368 ) Above/below market lease amortization 355 309 747 516 Total rental revenue $ 39,915 $ 36,378 $ 82,204 $ 67,287

Real Estate Investment

Real Estate Investment	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Investment	Real Estate Investment Property Acquisitions On January 10, 2020, the Company entered into an operating agreement with a partner to develop a mixed-use property in Charlotte, North Carolina. The Company has an 80% interest in 10 th and Tryon Partners, LLC (the "Tryon Partnership"). On January 10, 2020, the Tryon Partnership purchased land for a purchase price of $6.3 million for this project. The Company is responsible for funding the equity requirements of this development, including the $6.3 million purchase of the land. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the project and has the power to direct the activities of the project that most significantly impact its performance and is the party most closely associated with the project. Therefore, the Company is the project's primary beneficiary and consolidates the Tryon Partnership in its consolidated financial statements. On September 12, 2019, the Company entered into an operating agreement with a partner to develop a mixed-use property in Belmont, North Carolina. The Company has an 85% interest in Chronicle Holdings, LLC (the "Chronicle Partnership"). On March 20, 2020, the Chronicle Partnership purchased land for a purchase price of $2.3 million for this project. The Company is responsible for funding the equity requirements of this development, including the $2.3 million purchase of the land. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the project and has the power to direct the activities of the project that most significantly impact its performance and is the party most closely associated with the project. Therefore, the Company is the project's primary beneficiary and consolidates the Chronicle Partnership in its consolidated financial statements. In June 2020, the Company exercised its option to purchase the remaining 21% ownership interest in 1405 Point in exchange for increased ground lease payments to be made over the approximately 42 -year remaining lease term. The Company recorded a note payable of $6.1 million , which represents the present value of these payments. The ground lessor is an affiliate of our former joint venture partner. Property Disposition On May 29, 2020, the Company sold a portfolio of seven retail properties for $90.0 million . The portfolio consists of Alexander Pointe, Bermuda Crossroads, Gainsborough Square, Harper Hill Commons, Indian Lakes Crossing, Renaissance Square, and Stone House Square. The gain on sale was $2.8 million . In connection with the sale of this portfolio, the Company repaid $61.9 million on the revolving credit facility, resulting in net proceeds of $25.9 million . The Company has designated proceeds from the sale of Alexander Pointe, Bermuda Crossroads, and Gainsborough Square as part of a like-kind exchange for tax purposes. The Company plans to use these proceeds for its purchase of Nexton Square in the third or fourth quarter of 2020. In the event that all or some of these proceeds are not used for the purchase of Nexton Square or another suitable acquisition, the Company may be subject to tax indemnification payments under the terms of the Company's tax protection agreements with certain limited partners in the Operating Partnership.

Notes Receivable and Current Ex

Notes Receivable and Current Expected Credit Losses	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Notes Receivable and Current Expected Credit Losses	Notes Receivable and Current Expected Credit Losses Notes Receivable The Company had the following notes receivable outstanding as of June 30, 2020 and December 31, 2019 ($ in thousands): Outstanding loan amount Interest compounding Development Project June 30, December 31, Maximum loan commitment Interest rate The Residences at Annapolis Junction $ 42,767 $ 40,049 $ 48,105 10.0 % (a) Monthly Delray Plaza 15,484 12,995 17,000 15.0 % (a)(b) Annually Nexton Square 16,309 15,097 17,000 10.0 % Monthly Interlock Commercial 79,082 59,224 103,000 15.0 % None Solis Apartments at Interlock 27,263 25,588 41,100 13.0 % Annually Total mezzanine 180,905 152,953 $ 226,205 Other notes receivable 14 1,147 Notes receivable guarantee premium 4,411 5,271 Allowance for credit losses (3,085 ) — Total notes receivable $ 182,245 $ 159,371 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) $2.0 million of this loan is subject to an interest rate of 6% . Interest on the mezzanine loans is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is added to the loan receivable balances. The Company recognized interest income for the three and six months ended June 30, 2020 and 2019 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Development Project 2020 2019 2020 2019 1405 Point $ — $ 173 $ — $ 783 North Decatur Square — 693 — 1,331 The Residences at Annapolis Junction — (a) 2,173 (b) 2,468 (a)(c) 4,196 (b) Delray Plaza — (a) 414 489 (a) 724 Nexton Square 405 524 797 1,033 Interlock Commercial 3,157 (c) 1,086 6,175 (c) 1,830 Solis Apartments at Interlock 838 508 1,675 972 Total mezzanine 4,400 5,571 11,604 10,869 Other interest income 12 22 34 43 Total interest income $ 4,412 $ 5,593 $ 11,638 $ 10,912 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. (c) Includes partial recognition of interest income related to an exit fee that is due upon repayment of the loan. Delray Plaza On March 3, 2020, the Delray Plaza loan was modified to increase the maximum amount of the loan to $17.0 million , with $2.0 million of additional funds borrowed at an interest rate of 6% in order to fund final development activities. The borrower pledged 125,832 Class A Units as additional collateral for this loan. Interlock Commercial In May 2020, the Company modified the Interlock Commercial loan to allow for an additional $8.0 million of loan funding; this additional loan funding may be available for cost overruns as well as the building of townhome units as an additional phase of this development project. The borrower also modified the senior construction loan on the project. As part of this modification, the Company agreed to increase its payment guaranty for this senior loan to $34.3 million . Current Expected Credit Losses The Company is exposed to credit losses primarily through its mezzanine lending activities. As of June 30, 2020 , the Company had five mezzanine loans, all of which are secured by second liens on development projects in various stages of completion or lease-up. Each of these projects is subject to a loan that is senior to the Company’s mezzanine loan. Interest on these loans is paid in kind and is generally not expected to be paid until a sale of the project after completion of the development. The Company's management performs a quarterly analysis of the loan portfolio to determine the risk of credit loss based on the progress of development activities including leasing activities, projected development costs, and current and projected mezzanine and senior construction loan balances. The Company estimates future losses on its notes receivable using risk ratings that correspond to probabilities of default and loss given default. The Company's risk ratings are as follows: • Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions. • Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management. • Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company may also consider placing the loan on nonaccrual status if it does not believe that additional interest accruals will ultimately be collected. On a quarterly basis, the Company compares the risk inherent in its loans to industry loan loss data experienced during past business cycles. The Company updated the risk ratings for each of its notes receivable during the three months ended June 30, 2020 . The Company obtained industry loan loss data relative to these risk ratings as of March 31, 2020. The following table presents amortized cost basis of the portfolio by year of origination and risk rating as of June 30, 2020 (in thousands): Year of Origination Risk Ratings 2020 2019 2018 2017 2016 Total Pass $ — $ — $ 124,939 $ — $ — $ 124,939 Special Mention — — — — — — Substandard — — — 14,776 42,516 57,292 Total amortized cost basis $ — $ — $ 124,939 $ 14,776 $ 42,516 $ 182,231 As of December 31, 2019 , there was no allowance for loan losses. At June 30, 2020 , the Company reported $182.2 million of notes receivable, net of allowances of $3.1 million . Changes in the allowance for the six months ended June 30, 2020 were as follows (in thousands): Six Months Ended Beginning balance (December 31, 2019) $ — Cumulative effect of accounting change 2,825 Unrealized credit loss provision 260 Ending balance $ 3,085 The Company places loans on nonaccrual status when the loan balance, together with the balance of any senior loan, approximately equals the estimated realizable value of the underlying development project. As of December 31, 2019 and March 31, 2020, there were no loans on nonaccrual status. During the three months ended June 30, 2020 , the Company placed the loans for Delray Plaza and The Residences at Annapolis Junction on nonaccrual status with total amortized cost basis of $57.3 million . As a result, there was $2.6 million of interest income not recognized during the three months ended June 30, 2020.

Construction Contracts

Construction Contracts	6 Months Ended
	Jun. 30, 2020
Contractors [Abstract]
Construction Contracts	Construction Contracts Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones, or completion of the project. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of June 30, 2020 during the next twelve months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended Six 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 $ 249 $ 5,306 $ 1,358 $ 3,037 Revenue recognized that was included in the balance at the beginning of the period — (5,306 ) — (3,037 ) Increases due to new billings, excluding amounts recognized as revenue during the period — 9,320 — 2,541 Transferred to receivables (285 ) — (1,890 ) — Construction contract costs and estimated earnings not billed during the period 333 — 461 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 36 — 532 (752 ) Ending balance $ 333 $ 9,320 $ 461 $ 1,789 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 $0.9 million were deferred as of June 30, 2020 and December 31, 2019 , respectively. Amortization of pre-contract costs for the six months ended June 30, 2020 and 2019 was $0.4 million and $0.3 million , respectively. Construction receivables and payables include retentions, amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of June 30, 2020 and December 31, 2019 , construction receivables included retentions of $13.9 million and $9.0 million , respectively. The Company expects to collect substantially all construction receivables outstanding as of June 30, 2020 during the next twelve months. As of June 30, 2020 and December 31, 2019 , construction payables included retentions of $17.4 million and $18.0 million , respectively. The Company expects to pay substantially all construction payables outstanding as of June 30, 2020 during the next twelve months. The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Costs incurred on uncompleted construction contracts $ 796,457 $ 695,564 Estimated earnings 28,275 24,553 Billings (833,719 ) (725,174 ) Net position $ (8,987 ) $ (5,057 ) Construction contract costs and estimated earnings in excess of billings $ 333 $ 249 Billings in excess of construction contract costs and estimated earnings (9,320 ) (5,306 ) Net position $ (8,987 ) $ (5,057 ) The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2020 and 2019 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Beginning backlog $ 235,642 $ 160,871 $ 242,622 $ 165,863 New contracts/change orders 15,490 39,177 55,930 51,196 Work performed (57,390 ) (21,416 ) (104,810 ) (38,427 ) Ending backlog $ 193,742 $ 178,632 $ 193,742 $ 178,632 The Company expects to complete a majority of the uncompleted contracts in place as of June 30, 2020 during the next 12 to 18 months.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Credit Facility The Company has a senior credit facility that was amended and restated on October 3, 2019, which provides for a $355.0 million credit facility 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 $700.0 million , subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of January 24, 2024 , 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 January 24, 2025 . The revolving credit facility bears interest at LIBOR (the London Inter-Bank Offered Rate) plus a margin ranging from 1.30% to 1.85% and the term loan facility bears interest at LIBOR plus a margin ranging from 1.25% to 1.80% , in each case depending on the Company's total leverage. The Company is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the credit facility. As of June 30, 2020 and December 31, 2019 , the outstanding balance on the revolving credit facility was $80.0 million and $110.0 million , respectively, and the outstanding balance on the term loan facility was $205.0 million , as of both of those dates. As of June 30, 2020 , the effective interest rates on the revolving credit facility and the term loan facility were 1.76% and 1.71% , respectively. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. On May 29, 2020, in conjunction with the sale of seven unencumbered operating properties, the Company repaid $61.9 million on the revolving credit facility. As a result of the sale and related reduction in our unencumbered base, borrowing capacity under the revolving credit facility was reduced to $100.0 million as of June 30, 2020 from $150.0 million . The Operating Partnership is the borrower, 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 2020 Financing Activity During the six months ended June 30, 2020 , the Company borrowed $31.6 million under its existing construction loans to fund new development and construction. In April 2020, the Company proactively obtained a waiver from the lender for the Premier Retail/Apartments loan wherein the Company does not have to meet the minimum debt service coverage requirement for the period ended June 30, 2020. The Company also proactively obtained a waiver from the lender for the 249 Central Park, Fountain Plaza Retail, and South Retail properties wherein the Company does not have to meet the minimum debt service coverage requirement for the period ended June 30, 2020 and the period ending December 31, 2020. In June 2020, the Company exercised its option to purchase the remaining 21% ownership interest in 1405 Point in exchange for increased ground lease payments to be made over the approximately 42 -year remaining lease term. The Company recorded a note payable of $6.1 million , which represents the present value of these payments. The ground lessor is an affiliate of our former joint venture partner. As of June 30, 2020, the Company was in compliance with the applicable terms of all loan covenants after giving effect to the waivers granted.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company enters 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 June 30, 2020 , the Company had the following LIBOR interest rate caps ($ in thousands): Origination Date Expiration Date Notional Amount Strike Rate Premium Paid 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 1/10/2020 2/1/2022 50,000 (a) 1.75 % 87 1/28/2020 2/1/2022 50,000 (a) 1.75 % 62 2/28/2020 3/1/2022 100,000 (a) 1.50 % 111 6/29/2020 7/1/2023 100,000 (a) 0.50 % 232 Total $ 500,000 $ 1,309 ________________________________________ (a) Designated as a cash flow hedge. As of June 30, 2020 , 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 2.78 % 4.33 % 5/1/2018 5/1/2023 John Hopkins Village 51,335 (a) 1-month LIBOR 2.94 % 4.19 % 8/7/2018 8/7/2025 Senior unsecured term loan 10,500 (a) 1-month LIBOR 3.02 % 4.57 % 10/12/2018 10/12/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 34,114 (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 % 3.81 % 4/1/2019 10/26/2022 Thames Street Wharf 70,000 (a) 1-month LIBOR 0.51 % 1.81 % 3/26/2020 6/26/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 2.05 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 2.05 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.55 % 2.10 % 4/1/2020 4/1/2024 Total $ 340,949 ________________________________________ (a) Designated as a cash flow hedge. 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 $4.3 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 June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 (Unaudited) Notional Amount Fair Value Notional Amount Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ — $ (3,730 ) $ 100,000 $ — $ (1,992 ) Interest rate caps 200,000 21 — 250,000 25 — Total derivatives not designated as accounting hedges 250,000 21 (3,730 ) 350,000 25 (1,992 ) Derivatives designated as accounting hedges Interest rate swaps 290,948 — (14,082 ) 146,642 — (5,728 ) Interest rate caps 300,000 216 — — — — Total derivatives $ 840,948 $ 237 $ (17,812 ) $ 496,642 $ 25 $ (7,720 ) The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2020 and 2019 were comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest rate swaps $ (2,147 ) $ (4,549 ) $ (11,230 ) $ (6,201 ) Interest rate caps (138 ) (843 ) (280 ) (1,657 ) Total change in fair value of interest rate derivatives $ (2,285 ) $ (5,392 ) $ (11,510 ) $ (7,858 ) Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ (6 ) $ (1,933 ) $ (1,742 ) $ (3,396 ) Unrealized cash flow hedge gains losses (2,279 ) (3,459 ) (9,768 ) (4,462 ) Total change in fair value of interest rate derivatives $ (2,285 ) $ (5,392 ) $ (11,510 ) $ (7,858 )

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity	Equity Stockholders’ Equity On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the "Prior ATM Program"), which was amended on August 6, 2019, through which the Company could, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $180.7 million . During the three months ended March 31, 2020, the Company issued and sold 92,577 shares of common stock at a weighted average price of $18.23 per share under the Prior ATM Program, receiving net proceeds, after offering costs and commissions, of $1.7 million . On March 10, 2020, the Company commenced a new 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 and shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") having an aggregate offering price of up to $300.0 million , to or through its sales agents and, with respect to shares of its common stock, may enter into separate forward sales agreements to or through the forward purchaser. Upon commencing the ATM Program, the Company simultaneously terminated the Prior ATM Program. During the six months ended June 30, 2020 , the Company issued and sold 486,727 shares of common stock at a weighted average price of $9.28 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $4.4 million . During the six months ended June 30, 2020 , the Company issued and sold 3,830 shares of the Series A Preferred Stock at a weighted average price of $24.14 per share, receiving net proceeds, after offering costs and commissions, of $0.1 million . Shares having an aggregate offering price of $277.5 million remained unsold under the ATM Program as of August 5, 2020. Noncontrolling Interests As of June 30, 2020 and December 31, 2019 , the Company held a 72.8% and 72.6% common interest in the Operating Partnership, respectively. As of June 30, 2020 , 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 72.8% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of June 30, 2020 , there were 21,272,962 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 $0.6 million relates to the minority partners' interest in certain joint venture entities as of June 30, 2020 , including Hoffler Place. The noncontrolling interest for consolidated real estate entities was $4.5 million as of December 31, 2019 . In June 2020, the Company exercised its option to purchase the remaining 21% ownership interest in 1405 Point in exchange for increased ground lease payments to be made to an affiliate of the Company's joint venture partner. The Company recorded a note payable of $6.1 million , which represents the present value of these payments over the approximately 42 -year remaining lease term. The $2.4 million difference between the present value of these payments and the extinguishment of the existing noncontrolling interest balance was recorded as an adjustment to additional paid-in capital. Dividends and Distributions On January 2, 2020, the Company paid cash dividends of $11.8 million to common stockholders, and the Operating Partnership paid cash distributions of $4.5 million to holders of Class A Units. On January 15, 2020, the Company paid cash dividends of $1.1 million to the holders of the Series A Preferred Stock. On April 2, 2020, the Company paid cash dividends of $12.4 million to common stockholders, and the Operating Partnership paid cash distributions of $4.7 million to holders of Class A Units other than the Company. On April 15, 2020, the Company paid cash dividends of $1.1 million to holders of shares of Series A Preferred Stock. On April 30, 2020, the Company announced that its Board of Directors declared a cash dividend of $0.421875 per share on its Series A Preferred Stock payable in cash on July 15, 2020 to stockholders of record on July 1, 2020. On April 30, 2020, the Company announced that its Board of Directors suspended quarterly cash dividends on common stock and cash distributions on Class A Units.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [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 June 30, 2020 , there were 738,006 shares available for issuance under the Equity Plan. During the six months ended June 30, 2020 , the Company granted an aggregate of 174,052 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $15.84 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 six months ended June 30, 2020 , 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 six months ended June 30, 2020 , 10,600 shares were issued with a grant date fair value of $18.08 per share due to the partial vesting of performance units awarded to certain employees in 2017. During the three months ended June 30, 2020 and 2019 , the Company recognized $0.5 million of stock-based compensation cost for each period. During the six months ended June 30, 2020 and 2019 , the Company recognized $1.8 million and $1.5 million , respectively, of stock-based compensation cost. As of June 30, 2020 , there were 168,511 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $1.7 million , which the Company expects to recognize over the next 21 months .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 were as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Indebtedness, net $ 953,753 $ 957,415 $ 950,537 $ 958,421 Notes receivable, net 182,245 178,488 159,371 159,371 Interest rate swap liabilities 17,812 17,812 7,720 7,720 Interest rate swap and cap assets 237 237 25 25

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are included in these condensed consolidated financial statements. Revenue from construction contracts with these entities for the three months ended June 30, 2020 was $11.0 million , and gross profit from such contracts was $0.4 million . Revenue from construction contracts with these entities for the six months ended June 30, 2020 was $19.5 million , and gross profit from such contracts was $0.7 million . There was no such revenue or gross profit for the three and six months ended June 30, 2019 . As of June 30, 2020 and December 31, 2019 , there was $9.8 million and $1.9 million , respectively, outstanding from related parties of the Company included in net construction receivables. Real estate services fees from affiliated entities of the Company were not material for any of the three and six months ended June 30, 2020 and 2019 . In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not material for any of the three and six months ended June 30, 2020 , and 2019 . The general contracting services described above include contracts with an aggregate price of $80.4 million with the developer of a mixed-use project, including an apartment building, retail space, and a parking garage to be located in Virginia Beach, Virginia. The developer is owned in part by certain executives of the Company, not including the Chief Executive Officer and Chief Financial Officer. These contracts were executed in 2019 and are projected to result in aggregate gross profit of $3.1 million to the Company, representing a gross profit margin of 4.0% . As part of these contracts and per the requirements of the lender for this project, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under the contracts, which remains outstanding as of June 30, 2020 . 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

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 (in thousands): Development project Payment guarantee amount The Residences at Annapolis Junction $ 8,300 Delray Plaza 5,180 Nexton Square 12,600 Interlock Commercial 34,300 Interlock-Fletcher Row (1) 2,345 Total $ 62,725 ________________________________________ (1) There were no amounts drawn for this loan as of June 30, 2020. 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 $3.3 million and $4.3 million as of June 30, 2020 and December 31, 2019 , respectively. In addition, as of June 30, 2020 , the Company has outstanding a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under a related party project.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. Indebtedness In July 2020, the Company borrowed $2.9 million on its construction loans to fund development activities. In July 2020, the Company decreased its borrowings under the revolving credit facility by $32.0 million , bringing the outstanding balance down to $48.0 million . Equity On July 1, 2020, due to the holders of Class A Units tendering an aggregate of 756,697 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. In connection with the ATM Program, on July 2, 2020, the Company filed, with the MSDAT, Articles Supplementary to the Articles of Amendment and Restatement of the Company, designating an additional 3,450,000 shares of the Company’s authorized preferred stock as shares of Series A Preferred Stock, resulting in a total of 6,380,000 shares classified as Series A Preferred Stock. The Articles Supplementary became effective on July 2, 2020. On July 15, 2020, the Company paid cash dividends of $1.2 million to holders of shares of Series A Preferred Stock. On July 30, 2020, the Company announced that its Board of Directors declared a cash dividend of $0.421875 per share of Series A Preferred Stock for the third quarter of 2020. The dividend will be payable in cash on October 15, 2020 to stockholders of record on October 1, 2020. On July 30, 2020, the Company announced that its Board of Directors declared a cash dividend of $0.11 per common share and Class A Unit for the third quarter of 2020. The dividend will be payable in cash on October 8, 2020 to stockholders and Class A unitholders of record on September 30, 2020. In July 2020, the Company sold an aggregate of 166,630 shares of common stock at a weighted average price of $10.16 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $1.7 million . In July 2020, the Company sold an aggregate of 709,588 shares of Series A Preferred Stock at a weighted average price of $22.87 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $16.0 million .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. The pandemic has led governments and other authorities around the world, including federal, state, and local authorities in the United States, to impose measures intended to control its spread, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, quarantines, and shelter-in-place orders, causing many of the Company’s tenants, particularly in the Company’s retail portfolio, to suspend or limit operations for certain periods of time. We expect to continue to experience effects on our business as the impacts from COVID-19 and the related responses continue to develop. 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, 2019 .
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 Accounting Standards Adopted in 2020 Credit losses In June 2016, the Financial Accounting Standard Board ("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 replaces the "incurred loss" approach under previous guidance with an "expected loss" model for instruments measured at amortized cost, such as the Company's notes receivable, construction receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. The Company adopted the new standard on January 1, 2020, using the modified retrospective transition method and recorded a noncash cumulative effect adjustment to record a reduction to retained earnings of $3.0 million , $2.8 million of which relates to the Company's mezzanine loans and $0.2 million of which relates to the Company's construction accounts receivable. See Note 6—Notes Receivable and Current Expected Credit Losses, for more information. Fair Value Measurements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). The ASU is part of the FASB's disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by generally accepted accounting principles. The ASU modifies disclosure requirements on fair value measurements in Topic 820. The Company adopted the new standard on January 1, 2020. The adoption of the ASU did not have a material impact on disclosures in the Company's consolidated financial statements. Lease Modification Accounting Q&A In April 2020, the FASB staff issued a question and answer document (the "Lease Modification Q&A") focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows lessors, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company adopted this guidance during the three months ended June 30, 2020 and elected to not apply the existing lease modification accounting framework in instances where the total payments under a modified lease are substantially the same as or less than the total payments under the existing lease.
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 June 30, 2020 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 enters 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)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Net operating income of reportable segments	Net operating income of the Company’s reportable segments for the three and six months ended June 30, 2020 and 2019 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Office real estate Rental revenues $ 10,494 $ 7,382 $ 20,686 $ 12,938 Rental expenses 2,291 1,853 4,837 3,339 Real estate taxes 1,228 653 2,374 1,179 Segment net operating income 6,975 4,876 13,475 8,420 Retail real estate Rental revenues 18,714 19,235 39,125 36,492 Rental expenses 2,458 2,860 5,478 5,460 Real estate taxes 2,007 1,893 4,173 3,704 Segment net operating income 14,249 14,482 29,474 27,328 Multifamily residential real estate Rental revenues 10,707 9,761 22,393 17,857 Rental expenses 3,560 3,202 7,369 5,841 Real estate taxes 998 905 2,019 1,696 Segment net operating income 6,149 5,654 13,005 10,320 General contracting and real estate services Segment revenues 57,398 21,444 104,666 38,480 Segment expenses 55,342 20,123 100,892 36,409 Segment gross profit 2,056 1,321 3,774 2,071 Net operating income $ 29,429 $ 26,333 $ 59,728 $ 48,139
Reconciliation of net operating income to net income	The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net operating income $ 29,429 $ 26,333 $ 59,728 $ 48,139 Depreciation and amortization (13,777 ) (13,505 ) (28,056 ) (23,409 ) Amortization of right-of-use assets - finance leases (146 ) (85 ) (293 ) (85 ) General and administrative expenses (2,988 ) (2,951 ) (6,781 ) (6,352 ) Acquisition, development and other pursuit costs (502 ) (57 ) (529 ) (457 ) Impairment charges — — (158 ) — Gain on real estate dispositions 2,776 — 2,776 — Interest income 4,412 5,593 11,638 10,912 Interest expense on indebtedness (6,999 ) (7,491 ) (14,958 ) (13,377 ) Interest expense on finance leases (228 ) (112 ) (457 ) (112 ) Equity in income of unconsolidated real estate entities — — — 273 Change in fair value of interest rate derivatives (6 ) (1,933 ) (1,742 ) (3,396 ) Unrealized credit loss release (provision) 117 — (260 ) — Other income (expense), net 286 4 344 64 Income tax benefit (provision) (65 ) 30 192 140 Net income $ 12,309 $ 5,826 $ 21,444 $ 12,340

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of rental revenue	Rental revenue for the three and six months ended June 30, 2020 and 2019 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Base rent and tenant charges $ 38,767 $ 35,066 $ 80,280 $ 64,991 Accrued straight-line rental adjustment 953 1,187 1,510 2,148 Lease incentive amortization (160 ) (184 ) (333 ) (368 ) Above/below market lease amortization 355 309 747 516 Total rental revenue $ 39,915 $ 36,378 $ 82,204 $ 67,287

Notes Receivable and Current _2

Notes Receivable and Current Expected Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Summary of Mezzanine Loans	The Company had the following notes receivable outstanding as of June 30, 2020 and December 31, 2019 ($ in thousands): Outstanding loan amount Interest compounding Development Project June 30, December 31, Maximum loan commitment Interest rate The Residences at Annapolis Junction $ 42,767 $ 40,049 $ 48,105 10.0 % (a) Monthly Delray Plaza 15,484 12,995 17,000 15.0 % (a)(b) Annually Nexton Square 16,309 15,097 17,000 10.0 % Monthly Interlock Commercial 79,082 59,224 103,000 15.0 % None Solis Apartments at Interlock 27,263 25,588 41,100 13.0 % Annually Total mezzanine 180,905 152,953 $ 226,205 Other notes receivable 14 1,147 Notes receivable guarantee premium 4,411 5,271 Allowance for credit losses (3,085 ) — Total notes receivable $ 182,245 $ 159,371 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) $2.0 million of this loan is subject to an interest rate of 6% .
Summary of Interest Income	The Company recognized interest income for the three and six months ended June 30, 2020 and 2019 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Development Project 2020 2019 2020 2019 1405 Point $ — $ 173 $ — $ 783 North Decatur Square — 693 — 1,331 The Residences at Annapolis Junction — (a) 2,173 (b) 2,468 (a)(c) 4,196 (b) Delray Plaza — (a) 414 489 (a) 724 Nexton Square 405 524 797 1,033 Interlock Commercial 3,157 (c) 1,086 6,175 (c) 1,830 Solis Apartments at Interlock 838 508 1,675 972 Total mezzanine 4,400 5,571 11,604 10,869 Other interest income 12 22 34 43 Total interest income $ 4,412 $ 5,593 $ 11,638 $ 10,912 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. (c) Includes partial recognition of interest income related to an exit fee that is due upon repayment of the loan.
Financing Receivable Credit Quality Indicators	The following table presents amortized cost basis of the portfolio by year of origination and risk rating as of June 30, 2020 (in thousands): Year of Origination Risk Ratings 2020 2019 2018 2017 2016 Total Pass $ — $ — $ 124,939 $ — $ — $ 124,939 Special Mention — — — — — — Substandard — — — 14,776 42,516 57,292 Total amortized cost basis $ — $ — $ 124,939 $ 14,776 $ 42,516 $ 182,231
Allowance for Credit Losses on Financing Receivables	Changes in the allowance for the six months ended June 30, 2020 were as follows (in thousands): Six Months Ended Beginning balance (December 31, 2019) $ — Cumulative effect of accounting change 2,825 Unrealized credit loss provision 260 Ending balance $ 3,085

Construction Contracts (Tables)

Construction Contracts (Tables)	6 Months Ended
	Jun. 30, 2020
Contractors [Abstract]
Summary of balances and changes of construction contracts	The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2020 and 2019 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Beginning backlog $ 235,642 $ 160,871 $ 242,622 $ 165,863 New contracts/change orders 15,490 39,177 55,930 51,196 Work performed (57,390 ) (21,416 ) (104,810 ) (38,427 ) Ending backlog $ 193,742 $ 178,632 $ 193,742 $ 178,632 The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended Six 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 $ 249 $ 5,306 $ 1,358 $ 3,037 Revenue recognized that was included in the balance at the beginning of the period — (5,306 ) — (3,037 ) Increases due to new billings, excluding amounts recognized as revenue during the period — 9,320 — 2,541 Transferred to receivables (285 ) — (1,890 ) — Construction contract costs and estimated earnings not billed during the period 333 — 461 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 36 — 532 (752 ) Ending balance $ 333 $ 9,320 $ 461 $ 1,789
Net position of uncompleted construction contracts	The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Costs incurred on uncompleted construction contracts $ 796,457 $ 695,564 Estimated earnings 28,275 24,553 Billings (833,719 ) (725,174 ) Net position $ (8,987 ) $ (5,057 ) Construction contract costs and estimated earnings in excess of billings $ 333 $ 249 Billings in excess of construction contract costs and estimated earnings (9,320 ) (5,306 ) Net position $ (8,987 ) $ (5,057 )

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of LIBOR interest rate caps	As of June 30, 2020 , the Company had the following LIBOR interest rate caps ($ in thousands): Origination Date Expiration Date Notional Amount Strike Rate Premium Paid 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 1/10/2020 2/1/2022 50,000 (a) 1.75 % 87 1/28/2020 2/1/2022 50,000 (a) 1.75 % 62 2/28/2020 3/1/2022 100,000 (a) 1.50 % 111 6/29/2020 7/1/2023 100,000 (a) 0.50 % 232 Total $ 500,000 $ 1,309 ________________________________________ (a) Designated as a cash flow hedge. As of June 30, 2020 , 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 2.78 % 4.33 % 5/1/2018 5/1/2023 John Hopkins Village 51,335 (a) 1-month LIBOR 2.94 % 4.19 % 8/7/2018 8/7/2025 Senior unsecured term loan 10,500 (a) 1-month LIBOR 3.02 % 4.57 % 10/12/2018 10/12/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 34,114 (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 % 3.81 % 4/1/2019 10/26/2022 Thames Street Wharf 70,000 (a) 1-month LIBOR 0.51 % 1.81 % 3/26/2020 6/26/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 2.05 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 2.05 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.55 % 2.10 % 4/1/2020 4/1/2024 Total $ 340,949 ________________________________________ (a) Designated as a cash flow hedge.
Schedule of derivatives	The Company’s derivatives were comprised of the following as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 (Unaudited) Notional Amount Fair Value Notional Amount Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ — $ (3,730 ) $ 100,000 $ — $ (1,992 ) Interest rate caps 200,000 21 — 250,000 25 — Total derivatives not designated as accounting hedges 250,000 21 (3,730 ) 350,000 25 (1,992 ) Derivatives designated as accounting hedges Interest rate swaps 290,948 — (14,082 ) 146,642 — (5,728 ) Interest rate caps 300,000 216 — — — — Total derivatives $ 840,948 $ 237 $ (17,812 ) $ 496,642 $ 25 $ (7,720 )
Schedule of changes in fair value of derivatives	The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2020 and 2019 were comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest rate swaps $ (2,147 ) $ (4,549 ) $ (11,230 ) $ (6,201 ) Interest rate caps (138 ) (843 ) (280 ) (1,657 ) Total change in fair value of interest rate derivatives $ (2,285 ) $ (5,392 ) $ (11,510 ) $ (7,858 ) Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ (6 ) $ (1,933 ) $ (1,742 ) $ (3,396 ) Unrealized cash flow hedge gains losses (2,279 ) (3,459 ) (9,768 ) (4,462 ) Total change in fair value of interest rate derivatives $ (2,285 ) $ (5,392 ) $ (11,510 ) $ (7,858 )

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 were as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Indebtedness, net $ 953,753 $ 957,415 $ 950,537 $ 958,421 Notes receivable, net 182,245 178,488 159,371 159,371 Interest rate swap liabilities 17,812 17,812 7,720 7,720 Interest rate swap and cap assets 237 237 25 25

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of guarantees	The following table summarizes the guarantees made by the Company as of June 30, 2020 (in thousands): Development project Payment guarantee amount The Residences at Annapolis Junction $ 8,300 Delray Plaza 5,180 Nexton Square 12,600 Interlock Commercial 34,300 Interlock-Fletcher Row (1) 2,345 Total $ 62,725 ________________________________________ (1) There were no amounts drawn for this loan as of June 30, 2020.

Business of Organization - Addi

Business of Organization - Additional Information (Details) - property	Jun. 30, 2020	Dec. 31, 2019
Business And Organization [Line Items]
Percentage of operating partnership held	72.80%	72.60%
Operating Property
Business And Organization [Line Items]
Number of real estate properties	51
Development Property
Business And Organization [Line Items]
Number of real estate properties	3
General Partner
Business And Organization [Line Items]
Percentage of operating partnership held	0.10%

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019		Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change	$ 646,946	$ 638,401	$ 655,447		$ 606,442	$ 477,686	$ 455,890
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change			(3,009)	[1]			$ (167)	[2]
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standard Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change			(3,000)
Cumulative Effect, Period of Adoption, Adjustment | Mezzanine Loan | Retained Earnings | Accounting Standard Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change			2,800
Cumulative Effect, Period of Adoption, Adjustment | Construction Receivables | Retained Earnings | Accounting Standard Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change			$ 200
[1]	The Company recorded cumulative effect adjustments related to the new Current Expected Credit Losses ("CECL") standard in the first quarter of 2020. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements” for additional information.
[2]	The Company recorded cumulative effect adjustments related to the new lease standard in the first quarter of 2019.

Segments - Net Income of Report

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information
Rental revenues	$ 39,915	$ 36,378	$ 82,204	$ 67,287
Rental expenses	8,309	7,915	17,684	14,640
Real estate taxes	4,233	3,451	8,566	6,579
Segment revenues	57,398	21,444	104,666	38,480
Operating Segments
Segment Reporting Information
Gross profit	29,429	26,333	59,728	48,139
Operating Segments | Office real estate
Segment Reporting Information
Rental revenues	10,494	7,382	20,686	12,938
Rental expenses	2,291	1,853	4,837	3,339
Real estate taxes	1,228	653	2,374	1,179
Gross profit	6,975	4,876	13,475	8,420
Operating Segments | Retail real estate
Segment Reporting Information
Rental revenues	18,714	19,235	39,125	36,492
Rental expenses	2,458	2,860	5,478	5,460
Real estate taxes	2,007	1,893	4,173	3,704
Gross profit	14,249	14,482	29,474	27,328
Operating Segments | Multifamily residential real estate
Segment Reporting Information
Rental revenues	10,707	9,761	22,393	17,857
Rental expenses	3,560	3,202	7,369	5,841
Real estate taxes	998	905	2,019	1,696
Gross profit	6,149	5,654	13,005	10,320
Operating Segments | General contracting and real estate services | General contracting and real estate services
Segment Reporting Information
Segment revenues	57,398	21,444	104,666	38,480
Segment expenses	55,342	20,123	100,892	36,409
Gross profit	$ 2,056	$ 1,321	$ 3,774	$ 2,071

Segments - Additional Informati

Segments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information
General contracting and real estate services revenues	$ 57,398	$ 21,444	$ 104,666	$ 38,480
General contracting and real estate services | General contracting and real estate services | Intercompany Eliminations
Segment Reporting Information
General contracting and real estate services revenues	8,400	30,000	21,500	60,200
General contracting and real estate services expenses	$ 8,300	$ 29,700	$ 21,300	$ 59,600

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Amortization of finance leases	$ (146)		$ (85)		$ (293)	$ (85)
General and administrative expenses	(2,988)		(2,951)		(6,781)	(6,352)
Acquisition, development and other pursuit costs	(502)		(57)		(529)	(457)
Impairment charges	0		0		(158)	0
Gain on real estate dispositions	2,776		0		2,776	0
Interest income	4,412		5,593		11,638	10,912
Interest expense on indebtedness	(6,999)		(7,491)		(14,958)	(13,377)
Interest expense on finance leases	(228)		(112)		(457)	(112)
Equity in income of unconsolidated real estate entities	0		0		0	273
Change in fair value of interest rate derivatives	(6)		(1,933)		(1,742)	(3,396)
Unrealized credit loss release (provision)	117		0		(260)	0
Other income (expense), net	286		4		344	64
Income tax benefit (provision)	(65)		30		192	140
Net income	12,309	$ 9,135	5,826	$ 6,514	21,444	12,340
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	29,429		26,333		59,728	48,139
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(13,777)		(13,505)		(28,056)	(23,409)
Amortization of finance leases	(146)		(85)		(293)	(85)
General and administrative expenses	(2,988)		(2,951)		(6,781)	(6,352)
Acquisition, development and other pursuit costs	(502)		(57)		(529)	(457)
Impairment charges	0		0		(158)	0
Gain on real estate dispositions					2,776	0
Interest income	4,412		5,593		11,638	10,912
Interest expense on indebtedness	(6,999)		(7,491)		(14,958)	(13,377)
Interest expense on finance leases	(228)		(112)		(457)	(112)
Equity in income of unconsolidated real estate entities	0		0		0	273
Change in fair value of interest rate derivatives	(6)		(1,933)		(1,742)	(3,396)
Unrealized credit loss release (provision)	117		0		(260)	0
Other income (expense), net	286		4		344	64
Income tax benefit (provision)	$ (65)		$ 30		$ 192	$ 140

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020propertyleaseextension
Lessee, Lease, Description [Line Items]
Number of ground leases	8
Number of properties subject to ground leases | property	7
Maximum optional ground lease extension term	70 years
Number of operating leases	6
Number of finance leases	2
Number of options to extend, more than | extension	1
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	5 years
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	65 years
Renewal term	15 years

Leases - Lessor, Rental Income

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Base rent and tenant charges	$ 38,767	$ 35,066	$ 80,280	$ 64,991
Accrued straight-line rental adjustment	953	1,187	1,510	2,148
Lease incentive amortization	(160)	(184)	(333)	(368)
Above/below market lease amortization	355	309	747	516
Total rental revenue	$ 39,915	$ 36,378	$ 82,204	$ 67,287

Real Estate Investment - Acquis

Real Estate Investment - Acquisitions (Details) - USD ($) $ in Millions	Mar. 20, 2020	Jan. 10, 2020	Sep. 12, 2019	Jun. 30, 2020
Tryon Partners, LLC
Real Estate Properties [Line Items]
Payments for purchase of land		$ 6.3
Chronicle Holdings LLC | Belmont, North Carolina
Real Estate Properties [Line Items]
Payments for purchase of land	$ 2.3
Variable Interest Entity, Primary Beneficiary | Tryon Partners, LLC
Real Estate Properties [Line Items]
Ownership percentage		80.00%
Payments for purchase of land		$ 6.3
Variable Interest Entity, Primary Beneficiary | Belmont, North Carolina | Chronicle Holdings LLC
Real Estate Properties [Line Items]
Ownership percentage			85.00%
Payments for purchase of land	$ 2.3
1405 Point
Real Estate Properties [Line Items]
Percentage of voting interests acquired				21.00%
Remaining lease term				42 years
Notes payable				$ 6.1

Real Estate Investment Real Est

Real Estate Investment Real Estate Investment - Property Disposition (Details) $ in Millions	May 29, 2020USD ($)property
Held-for-sale
Real Estate Properties [Line Items]
Number of retail properties held-for-sale | property	7
Real estate held-for-sale	$ 90
Gain (loss) on disposition of property	2.8
Revolving Credit Facility | New Credit Facility | Operating Partnership
Real Estate Properties [Line Items]
Repayments of long-term lines of credit	61.9
Proceeds from disposal group consideration after payments to long-term lines of credit	$ 25.9

Notes Receivable and Current _3

Notes Receivable and Current Expected Credit Losses (Summary of Mezzanine Loans) (Details) - USD ($)	Jun. 30, 2020	May 31, 2020	Mar. 03, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable guarantee premium	$ 4,411,000			$ 5,271,000
Allowance for credit losses	(3,085,000)			0
Total notes receivable	182,245,000			159,371,000
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	180,905,000			152,953,000
Maximum loan commitment	226,205,000
Total notes receivable	182,231,000
Mezzanine Loan | The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	42,767,000			40,049,000
Maximum loan commitment	$ 48,105,000
Interest rate	10.00%
Mezzanine Loan | Delray Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 15,484,000			12,995,000
Maximum loan commitment	$ 17,000,000		$ 17,000,000
Interest rate	15.00%
Additional funds available	$ 2,000,000		$ 2,000,000
Interest rate			6.00%
Mezzanine Loan | Nexton Square
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	16,309,000			15,097,000
Maximum loan commitment	$ 17,000,000
Interest rate	10.00%
Mezzanine Loan | Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 79,082,000			59,224,000
Maximum loan commitment	$ 103,000,000
Interest rate	15.00%
Additional funds available		$ 8,000,000
Mezzanine Loan | Solis Apartments at Interlock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 27,263,000			25,588,000
Maximum loan commitment	$ 41,100,000
Interest rate	13.00%
Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 14,000			$ 1,147,000

Notes Receivable and Current _4

Notes Receivable and Current Expected Credit Losses (Schedule of Interest on the Mezzanine Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 4,412	$ 5,593	$ 11,638	$ 10,912
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	4,400	5,571	11,604	10,869
Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	12	22	34	43
1405 Point | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	173	0	783
North Decatur Square | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	693	0	1,331
The Residences at Annapolis Junction | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	2,173	2,468	4,196
Delray Plaza | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	414	489	724
Nexton Square | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	405	524	797	1,033
Interlock Commercial | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	3,157	1,086	6,175	1,830
Solis Apartments at Interlock | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	838	$ 508	1,675	$ 972
Annapolis Junction | The Residences at Annapolis Junction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modification fee	$ 5,000		$ 5,000

Notes Receivable and Current _5

Notes Receivable and Current Expected Credit Losses Additional Information (Details)	3 Months Ended
	Jun. 30, 2020USD ($)loan	May 31, 2020USD ($)	Mar. 03, 2020USD ($)shares	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans | loan	5
Allowance for credit losses	$ 3,085,000			$ 0
Notes receivable, net	182,245,000			$ 159,371,000
Notes receivable, nonaccrual status	57,300,000
Accrued interest writeoff related to notes receivable	2,600,000
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	226,205,000
Notes receivable, net	182,231,000
Mezzanine Loan | Delray Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	17,000,000		$ 17,000,000
Interest rate			6.00%
Additional funds available	2,000,000		$ 2,000,000
Collateral for secured borrowings | shares			125,832
Mezzanine Loan | Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment	$ 103,000,000
Additional funds available		$ 8,000,000
Guarantor obligations, maximum exposure (up to)		$ 34,300,000

Notes Receivable and Current _6

Notes Receivable and Current Expected Credit Losses (Amortized Cost Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	$ 182,245	$ 159,371
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	124,939
2017	14,776
2016	42,516
Total notes receivable	182,231
Pass | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	124,939
2017	0
2016	0
Total notes receivable	124,939
Special Mention | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Total notes receivable	0
Substandard | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	0
2017	14,776
2016	42,516
Total notes receivable	$ 57,292

Notes Receivable and Current _7

Notes Receivable and Current Expected Credit Losses (Changes in Allowance for Credit Loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 0
Unrealized credit loss provision	$ (117,000)	$ 0	260,000	$ 0
Ending balance	$ 3,085,000		3,085,000
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 2,825,000

Construction Contracts (Details

Construction Contracts (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized contract cost, amortization	$ 0.4	$ 0.3
Construction receivables retentions	13.9		$ 9
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retentions	17.4		18
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred pre-contract costs	$ 1		$ 0.9

Construction Contracts - Summar

Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Construction contract costs and estimated earnings in excess of billings
Beginning balance	$ 249	$ 1,358
Transferred to receivables	(285)	(1,890)
Construction contract costs and estimated earnings not billed during the period	333	461
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	36	532
Ending balance	333	461
Billings in excess of construction contract costs and estimated earnings
Beginning balance	5,306	3,037
Revenue recognized that was included in the balance at the beginning of the period	(5,306)	(3,037)
Increases due to new billings, excluding amounts recognized as revenue during the period	9,320	2,541
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	0	(752)
Ending balance	$ 9,320	$ 1,789

Construction Contracts - Summ_2

Construction Contracts - Summary of Net Position (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 796,457	$ 695,564
Estimated earnings	28,275	24,553
Billings	(833,719)	(725,174)
Net position	(8,987)	(5,057)
Construction contract costs and estimated earnings in excess of billings, net	333	249	$ 461	$ 1,358
Billings in excess of construction contract costs and estimated earnings	$ (9,320)	$ (5,306)	$ (1,789)	$ (3,037)

Construction Contracts - Summ_3

Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 235,642	$ 160,871	$ 242,622	$ 165,863
New contracts/change orders	15,490	39,177	55,930	51,196
Work performed	(57,390)	(21,416)	(104,810)	(38,427)
Ending backlog	$ 193,742	$ 178,632	$ 193,742	$ 178,632
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months		12 months
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months		18 months

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details)	May 29, 2020USD ($)property	Oct. 03, 2019USD ($)extension	Jan. 31, 2019	Jul. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Revolving Credit Facility
Indebtedness
Interest rate on credit facility as of end of period					1.76%
Term Loan Facility
Indebtedness
Interest rate on credit facility as of end of period					1.71%
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					1.30%
Minimum | Term Loan Facility | 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					1.85%
Maximum | Term Loan Facility | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate					1.80%
Construction loans
Indebtedness
Borrowings under construction loans					$ 31,600,000
Construction loans | Subsequent Event
Indebtedness
Borrowings under construction loans				$ 2,900,000
Operating Partnership | New Credit Facility
Indebtedness
Aggregate capacity under the credit facility		$ 355,000,000
Operating Partnership | New Credit Facility | Revolving Credit Facility
Indebtedness
Aggregate capacity under the credit facility		150,000,000			100,000,000
Accordion feature maximum borrowing capacity		$ 700,000,000
Number of extension options | extension		2
Duration of extension option			6 months
Extension fee percentage		0.075%
Credit facility, amount outstanding					80,000,000	$ 110,000,000
Repayments of long-term lines of credit	$ 61,900,000
Operating Partnership | New Credit Facility | Revolving Credit Facility | Subsequent Event
Indebtedness
Credit facility, amount outstanding				$ 48,000,000
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	$ 205,000,000
1405 Point
Indebtedness
Percentage of voting interests acquired					21.00%
Remaining lease term					42 years
Notes payable					$ 6,100,000
Held-for-sale
Indebtedness
Number of retail properties held-for-sale | property	7

Derivative Financial Instrume_3

Derivative Financial Instruments Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 29, 2020	Feb. 28, 2020	Jan. 28, 2020	Jan. 10, 2020	Dec. 31, 2019	May 15, 2019	Dec. 11, 2018	Jul. 16, 2018
Derivative [Line Items]
Notional Amount	$ 840,948					$ 496,642
Interest Rate Caps | LIBOR
Derivative [Line Items]
Notional Amount	500,000
Premium Paid	1,309
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	250,000					350,000
Not designated as accounting hedges | Interest Rate Caps
Derivative [Line Items]
Notional Amount	200,000					250,000
Not designated as accounting hedges | Interest Rate Caps | LIBOR
Derivative [Line Items]
Notional Amount							$ 100,000	$ 50,000	$ 50,000
Strike Rate							2.50%	2.75%	2.50%
Premium Paid							$ 288	$ 210	$ 319
Designated as accounting hedge | Interest Rate Caps
Derivative [Line Items]
Notional Amount	$ 300,000					$ 0
Designated as accounting hedge | Interest Rate Caps | LIBOR
Derivative [Line Items]
Notional Amount		$ 100,000	$ 100,000	$ 50,000	$ 50,000
Strike Rate		0.50%	1.50%	1.75%	1.75%
Premium Paid		$ 232	$ 111	$ 62	$ 87

Derivative Financial Instrume_4

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 840,948	$ 496,642
Interest rate swaps
Derivative [Line Items]
Notional Amount	340,949
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	250,000	350,000
Not designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000	100,000
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	4.33%
Designated as accounting hedge | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 290,948	$ 146,642
Designated as accounting hedge | John Hopkins Village | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 51,335
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	4.57%
Designated as accounting hedge | 249 Central Park Retail, South Retail, and Fountain Plaza Retail | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 34,114
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	3.81%
Designated as accounting hedge | Thames Street Wharf | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 70,000
Fixed interest rate	0.51%
Effective interest rate	1.81%
Designated as accounting hedge | Senior Unsecured Term Loan 0.50%, Term Loan One | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed interest rate	0.50%
Effective interest rate	2.05%
Designated as accounting hedge | Senior Unsecured Term Loan 0.50%, Term Loan Two | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed interest rate	0.50%
Effective interest rate	2.05%
Designated as accounting hedge | Senior Unsecured Term Loan 0.55% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed interest rate	0.55%
Effective interest rate	2.10%

Derivative Financial Instrume_5

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Jun. 30, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) reclassified during next 12 months	$ (4.3)

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 840,948				$ 840,948		$ 496,642
Asset, Fair Value	237				237		25
Liability, Fair Value	(17,812)				(17,812)		(7,720)
Change in fair value of interest rate derivatives	(6)		$ (1,933)		(1,742)	$ (3,396)
Unrealized cash flow hedge losses	(2,279)	$ (7,489)	(3,459)	$ (1,003)	(9,768)	(4,462)
Total change in fair value of interest rate derivatives	(2,285)		(5,392)		(11,510)	(7,858)
Interest rate swaps
Derivative [Line Items]
Notional Amount	340,949				340,949
Total change in fair value of interest rate derivatives	(2,147)		(4,549)		(11,230)	(6,201)
Interest rate caps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	(138)		$ (843)		(280)	$ (1,657)
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	250,000				250,000		350,000
Asset, Fair Value	21				21		25
Liability, Fair Value	(3,730)				(3,730)		(1,992)
Not designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000				50,000		100,000
Asset, Fair Value	0				0		0
Liability, Fair Value	(3,730)				(3,730)		(1,992)
Not designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional Amount	200,000				200,000		250,000
Asset, Fair Value	21				21		25
Liability, Fair Value	0				0		0
Designated as accounting hedge | Interest rate swaps
Derivative [Line Items]
Notional Amount	290,948				290,948		146,642
Asset, Fair Value	0				0		0
Liability, Fair Value	(14,082)				(14,082)		(5,728)
Designated as accounting hedge | Interest rate caps
Derivative [Line Items]
Notional Amount	300,000				300,000		0
Asset, Fair Value	216				216		0
Liability, Fair Value	$ 0				$ 0		$ 0

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	Aug. 05, 2020	Jul. 30, 2020	Jul. 15, 2020	Apr. 15, 2020	Apr. 02, 2020	Mar. 10, 2020	Jan. 15, 2020	Jan. 02, 2020	Aug. 06, 2019	Jul. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jul. 02, 2020
Class of Stock
Preferred stock, shares authorized (in shares)											100,000,000				100,000,000		100,000,000
Net proceeds from issuance of common and preferred stock											$ 4,416,000	$ 1,349,000	$ 7,498,000	$ 30,206,000
Preferred stock, par value (in dollars per share)											$ 0.01				$ 0.01		$ 0.01
Percentage of operating partnership held											72.80%				72.80%		72.60%
Acquisition of noncontrolling interest in real estate entity											$ (6,130,000)
Aggregate cash dividends and distributions, paid															$ 35,549,000	$ 28,003,000
Dividends and distributions declared per common share and unit (in dollars per share)												$ 0.22	$ 0.21	$ 0.21
Class A units
Class of Stock
Class A Units not held by Company (in shares)											21,272,962				21,272,962
Class A units | Operating Partnership
Class of Stock
Aggregate cash dividends and distributions, paid					$ 4,700,000			$ 4,500,000
Additional paid-in capital
Class of Stock
Net proceeds from issuance of common and preferred stock											$ 4,411,000	$ 1,348,000	$ 7,494,000	$ 30,185,000
Acquisition of noncontrolling interest in real estate entity											(2,386,000)
Common stock
Class of Stock
Net proceeds from issuance of common and preferred stock											$ 5,000	1,000	4,000	$ 21,000
Aggregate cash dividends and distributions, paid					$ 12,400,000			$ 11,800,000
New ATM Program | Common stock
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)									$ 180,700,000
The Amendments
Class of Stock
Consideration received on transaction												$ 1,700,000
The Amendments | Common stock
Class of Stock
Shares issued (in shares)												92,577			486,727
Weighted average price (in dollars per share)											$ 9.28	$ 18.23			$ 9.28
Consideration received on transaction															$ 4,400,000
Noncontrolling interests in investment entities
Class of Stock
Liquidation preference											$ 63,300,000				63,300,000
Noncontrolling interests in investment entities | Operating Partnership
Class of Stock
Ownership interest percentage in properties											$ 600,000				$ 600,000
Consolidated Entities Under Development Or Construction | Operating Partnership
Class of Stock
Ownership interest percentage in properties																	$ 4,500,000
Redeemable convertible preferred stock
Class of Stock
Preferred stock, shares authorized (in shares)											2,930,000				2,930,000		2,930,000
Net proceeds from issuance of common and preferred stock											$ 91,000		61,001,000
Preferred Stock dividend rate percentage															6.75%		6.75%
Aggregate cash dividends and distributions, paid				$ 1,100,000			$ 1,100,000
Redeemable convertible preferred stock | Additional paid-in capital
Class of Stock
Net proceeds from issuance of common and preferred stock											(5,000)		(2,249,000)
Redeemable convertible preferred stock | Preferred stock
Class of Stock
Net proceeds from issuance of common and preferred stock											$ 96,000		$ 63,250,000
Redeemable convertible preferred stock | At The Market Program
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)						$ 300,000,000
Preferred Stock dividend rate percentage						6.75%
Series A Preferred Stock | The Amendments
Class of Stock
Shares issued (in shares)															3,830
Weighted average price (in dollars per share)											$ 24.14				$ 24.14
Consideration received on transaction															$ 100,000
1405 Point
Class of Stock
Percentage of voting interests acquired											21.00%				21.00%
Notes payable											$ 6,100,000				$ 6,100,000
Remaining lease term											42 years				42 years
1405 Point | Additional paid-in capital
Class of Stock
Acquisition of noncontrolling interest in real estate entity											$ 2,400,000
Construction loans
Class of Stock
Borrowings under construction loans															$ 31,600,000
Subsequent Event | At The Market Program
Class of Stock
Consideration received on transaction										$ 1,700,000
Subsequent Event | Common stock
Class of Stock
Dividends and distributions declared per common share and unit (in dollars per share)		$ 0.11
Subsequent Event | Redeemable convertible preferred stock
Class of Stock
Preferred stock, shares authorized (in shares)																		6,380,000
Aggregate cash dividends and distributions, paid			$ 1,200,000
Subsequent Event | Redeemable convertible preferred stock | Preferred stock
Class of Stock
Preferred stock, dividends declared (in dollars per share)		$ 0.421875
Subsequent Event | Series A Preferred Stock | The Amendments
Class of Stock
Maximum aggregate offering price of shares to be sold (up to)	$ 277,500,000
Subsequent Event | Series A Preferred Stock | At The Market Program
Class of Stock
Consideration received on transaction										16,000,000
Subsequent Event | Construction loans
Class of Stock
Borrowings under construction loans										$ 2,900,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 0.5	$ 0.5	$ 1.8	$ 1.5
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)			174,052
Restricted stock granted, grant date fair value (in dollars per share)			$ 15.84
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)	168,511		168,511
Unrecognized compensation cost	$ 1.7		$ 1.7
Unrecognized compensation cost, recognition period			21 months
Restricted Stock | Grant Date
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			33.33%
Restricted Stock | First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			33.33%
Restricted Stock | Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			33.33%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)			10,600
Restricted stock granted, grant date fair value (in dollars per share)			$ 18.08
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)	738,006		738,006
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	Jun. 30, 2020	Dec. 31, 2019
Carrying Value
Fair Value of Financial Instruments
Indebtedness, net	$ 953,753	$ 950,537
Notes receivable, net	182,245	159,371
Interest rate swap liabilities	17,812	7,720
Interest rate swap and cap assets	237	25
Fair Value
Fair Value of Financial Instruments
Indebtedness, net	957,415	958,421
Notes receivable, net	178,488	159,371
Interest rate swap liabilities	17,812	7,720
Interest rate swap and cap assets	$ 237	$ 25

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	May 13, 2013	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Operating Partnership
Related Party Transactions
Credit facility, amount outstanding		$ 9.5		$ 9.5
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		11	$ 0	19.5	$ 0
Gross profit from related parties		0.4	$ 0	0.7	$ 0
Due from related parties		9.8		9.8		$ 1.9
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
Executive Officer | Construction Contracts
Related Party Transactions
Gross profit from related parties						$ 3.1
Related party amount of transaction				80.4
Gross profit margin, related parties						4.00%
Credit facility, amount outstanding		$ 9.5		$ 9.5

Commitments and Contingencies -

Commitments and Contingencies - Guarantees (Details) - Financial Guarantee $ in Thousands	Jun. 30, 2020USD ($)
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	$ 62,725
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
Nexton Square
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	12,600
Interlock Commercial
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	34,300
Interlock-Fletcher Row (1)
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	$ 2,345

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 3.3	$ 4.3
Operating Partnership
Commitments and Contingencies
Credit facility, amount outstanding	$ 9.5

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands

Jul. 30, 2020

Jul. 15, 2020

Jul. 01, 2020

Apr. 15, 2020

Jan. 15, 2020

Jul. 31, 2020

Mar. 31, 2020

Jun. 30, 2019

Mar. 31, 2019

Jun. 30, 2020

Jun. 30, 2019

Jul. 02, 2020

Dec. 31, 2019

Subsequent Event [Line Items]

Preferred stock, shares authorized (in shares)

100,000,000

100,000,000

Dividends and distributions

$ 35,549

$ 28,003

Dividends and distributions declared per common share and unit (in dollars per share)

$ 0.22

$ 0.21

$ 0.21

Construction loans

Subsequent Event [Line Items]

Borrowings under construction loans

$ 31,600

Construction loans | Subsequent Event

Subsequent Event [Line Items]

Borrowings under construction loans

$ 2,900

Common Class A | Operating Partnership | Subsequent Event

Subsequent Event [Line Items]

Shares issued through public offering (in shares)

756,697

Common stock | Subsequent Event

Subsequent Event [Line Items]

Dividends and distributions declared per common share and unit (in dollars per share)

$ 0.11

Redeemable convertible preferred stock

Subsequent Event [Line Items]

Preferred stock, shares authorized (in shares)

2,930,000

2,930,000

Dividends and distributions

$ 1,100

$ 1,100

Redeemable convertible preferred stock | Subsequent Event

Subsequent Event [Line Items]

Additonal shares authorized (in shares)

3,450,000

Preferred stock, shares authorized (in shares)

6,380,000

Dividends and distributions

$ 1,200

Preferred stock | Redeemable convertible preferred stock | Subsequent Event

Subsequent Event [Line Items]

Preferred stock, dividends declared (in dollars per share)

$ 0.421875

At The Market Program | Subsequent Event

Subsequent Event [Line Items]

Sale of stock, number of shares issued in transaction

166,630

Sale of stock, weighted average price per share

$ 10.16

Consideration received on transaction

$ 1,700

At The Market Program | Series A Preferred Stock | Subsequent Event

Subsequent Event [Line Items]

Sale of stock, number of shares issued in transaction

709,588

Sale of stock, weighted average price per share

$ 22.87

Consideration received on transaction

$ 16,000

Revolving Credit Facility | Operating Partnership | New Credit Facility

Subsequent Event [Line Items]

Credit facility, amount outstanding

$ 80,000

$ 110,000

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

Subsequent Event [Line Items]

Proceeds from (repayments of) lines of credit

(32,000)

Credit facility, amount outstanding

$ 48,000

Uncategorized Items - ahhq22020

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201602Member