Armada Hoffler Properties (AHH) 10-K 24 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 556.8
Entity Common Stock, Shares Outstanding		59,296,036
Amendment Flag	false
Entity Central Index Key	0001569187
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. The registrant expects to file its Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2020.
ICFR Auditor Attestation Flag	true
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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate investments:
Income producing property	$ 1,680,943	$ 1,460,723
Held for development	13,607	5,000
Construction in progress	63,367	140,601
Real estate investments	1,757,917	1,606,324
Accumulated depreciation	(253,965)	(224,738)
Net real estate investments	1,503,952	1,381,586
Real estate investments held for sale	1,165	1,460
Cash and cash equivalents	40,998	39,232
Restricted cash	9,432	4,347
Accounts receivable, net	28,259	23,470
Notes receivable, net	135,432	159,371
Construction receivables, including retentions, net	38,735	36,361
Construction contract costs and estimated earnings in excess of billings	138	249
Equity method investment	1,078	0
Operating lease right-of-use assets	32,760	33,088
Finance lease right-of-use assets	23,544	24,130
Acquired lease intangible assets	58,154	68,702
Other assets	43,324	32,901
Total Assets	1,916,971	1,804,897
LIABILITIES AND EQUITY
Indebtedness, net	963,845	950,537
Accounts payable and accrued liabilities	23,900	17,803
Construction payables, including retentions	49,821	53,382
Billings in excess of construction contract costs and estimated earnings	6,088	5,306
Operating lease liabilities	41,659	41,474
Finance lease liabilities	17,954	17,903
Other liabilities	56,902	63,045
Total Liabilities	1,160,169	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, 9,980,000 and 2,930,000 shares authorized as of December 31, 2020 and 2019, respectively, 6,843,418 and 2,530,000 shares issued and outstanding as of December 31, 2020 and 2019, respectively	171,085	63,250
Common stock, $0.01 par value, 500,000,000 shares authorized; 59,073,220 and 56,277,971 shares issued and outstanding as of December 31, 2020 and 2019, respectively	591	563
Additional paid-in capital	472,747	455,680
Distributions in excess of earnings	(112,356)	(106,676)
Accumulated other comprehensive loss	(8,868)	(4,240)
Total stockholders’ equity	523,199	408,577
Noncontrolling interests in investment entities	488	4,462
Noncontrolling interests in Operating Partnership	233,115	242,408
Total Equity	756,802	655,447
Total Liabilities and Equity	$ 1,916,971	$ 1,804,897

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par or stated 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)	59,073,220	56,277,971
Common stock, shares outstanding (in shares)	59,073,220	56,277,971
Redeemable convertible preferred stock
Preferred stock, shares authorized (in shares)	9,980,000	2,930,000
Dividend rate	6.75%	6.75%
Preferred stock, shares issued (in shares)	6,843,418	2,530,000
Preferred stock, shares outstanding (in shares)	6,843,418	2,530,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental revenues	$ 166,488	$ 151,339	$ 116,958
General contracting and real estate services revenues	$ 217,146	105,859	76,359
Revenue, Product and Service [Extensible List]	us-gaap:RealEstateMember
Total revenues	$ 383,634	257,198	193,317
Expenses
Rental expenses	38,960	34,332	27,222
Real estate taxes	18,136	14,961	11,383
General contracting and real estate services expenses	209,472	101,538	73,628
Depreciation and amortization	59,972	54,564	39,913
Amortization of right-of-use assets - finance leases	586	377	0
General and administrative expenses	12,905	12,392	11,431
Acquisition, development and other pursuit costs	584	844	352
Impairment charges	666	252	1,619
Total expenses	341,281	219,260	165,548
Gain on real estate dispositions	6,388	4,699	4,254
Operating income	48,741	42,637	32,023
Interest income	19,841	23,215	10,729
Interest expense on indebtedness	(30,120)	(30,776)	(19,087)
Interest expense on finance leases	(915)	(568)	0
Equity in income of unconsolidated real estate entities	0	273	372
Change in fair value of derivatives and other	(1,130)	(3,599)	(951)
Provision for unrealized credit losses	(256)	0	0
Other income (expense), net	515	585	377
Income before taxes	36,676	31,767	23,463
Income tax benefit	283	491	29
Net income	36,959	32,258	23,492
Net (income) loss attributable to noncontrolling interests:
Investment entities	230	(213)	0
Operating Partnership	(8,037)	(7,992)	(6,289)
Net income attributable to Armada Hoffler Properties, Inc.	29,152	24,053	17,203
Preferred stock dividends	(7,349)	(2,455)	0
Net income attributable to common stockholders	$ 21,803	$ 21,598	$ 17,203
Net income attributable to stockholders per share (basic and diluted) (in dollars per share)	$ 0.38	$ 0.41	$ 0.36
Weighted-average common shares outstanding (basic and diluted) (in shares)	57,328	53,119	47,512
Comprehensive income:
Net income	$ 36,959	$ 32,258	$ 23,492
Unrealized cash flow hedge losses	(9,751)	(4,504)	(1,894)
Realized cash flow hedge losses reclassified to net income	3,345	501	169
Comprehensive income	30,553	28,255	21,767
Comprehensive income attributable to Armada Hoffler Properties, Inc.	24,524	21,096	15,920
Noncontrolling interests in investment entities
Expenses
Net income	(230)	213
Comprehensive income:
Net income	(230)	213
Comprehensive (income) loss attributable to noncontrolling interests	230	(213)	0
Noncontrolling interests in Operating Partnership
Expenses
Net income	8,037	7,992	6,289
Comprehensive income:
Net income	8,037	7,992	6,289
Unrealized cash flow hedge losses	(2,669)	(1,183)	(484)
Realized cash flow hedge losses reclassified to net income	891	137	42
Comprehensive (income) loss attributable to noncontrolling interests	$ (6,259)	$ (6,946)	$ (5,847)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment		Preferred stock	Common stock	Additional paid-in capital	Distributions in excess of earnings	Distributions in excess of earningsCumulative Effect, Period of Adoption, Adjustment		Accumulated other comprehensive loss	Total stockholders' equity	Total stockholders' equityCumulative Effect, Period of Adoption, Adjustment		Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership	Noncontrolling interests in Operating PartnershipCumulative Effect, Period of Adoption, Adjustment		Redeemable convertible preferred stock	Redeemable convertible preferred stockPreferred stock	Redeemable convertible preferred stockAdditional paid-in capital	Redeemable convertible preferred stockTotal stockholders' equity
Beginning balance at Dec. 31, 2017	$ 420,283			$ 0	$ 449	$ 287,407	$ (61,166)			$ 0	$ 226,690			$ 0	$ 193,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,492						17,203				17,203				6,289
Net proceeds from issuance of stock	65,244				46	65,198					65,244
Restricted stock awards, net of tax withholding	1,564				2	1,562					1,564
Unrealized cash flow hedge losses	(1,894)									(1,410)	(1,410)				(484)
Realized cash flow hedge losses reclassified to net income	169									127	127				42
Restricted stock award forfeitures	(32)					(32)					(32)
Issuance of operating partnership units for acquisitions	(2,196)					5					5				(2,201)
Redemption of operating partnership units	(2,595)				3	3,223					3,226				(5,821)
Dividends and distributions declared	52,537						38,736				38,736				13,801
Ending balance at Dec. 31, 2018	455,890	$ (167)	[1]	0	500	357,353	(82,699)	$ (125)	[1]	(1,283)	273,871	$ (125)	[1]	0	182,019	$ (42)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	32,258						24,053				24,053			213	7,992
Net proceeds from issuance of stock	96,845				59	96,786					96,845							$ 61,001	$ 63,250	$ (2,249)	$ 61,001
Restricted stock awards, net of tax withholding	2,031				2	2,029					2,031
Unrealized cash flow hedge losses	(4,504)									(3,321)	(3,321)				(1,183)
Realized cash flow hedge losses reclassified to net income	501									364	364				137
Restricted stock award forfeitures	(7)					(7)					(7)
Issuance of operating partnership units for acquisitions	(72,183)					986					986				(73,169)
Noncontrolling interest in acquired real estate entity	4,870													4,870
Redemption of operating partnership units	0				2	2,754					2,756				(2,756)
Distributions to Joint Venture Partners	(621)													(621)
Dividends declared on preferred stock	(2,455)						(2,455)				(2,455)
Dividends and distributions declared on common shares and units	(62,378)						(45,450)				(45,450)				(16,928)
Ending balance at Dec. 31, 2019	655,447	$ (3,009)	[2]	63,250	563	455,680	(106,676)	$ (2,185)	[2]	(4,240)	408,577	$ (2,185)	[2]	4,462	242,408	$ (824)	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,959						29,152				29,152			(230)	8,037
Net proceeds from issuance of stock	19,650				19	19,631					19,650							$ 101,460	$ 107,835	$ (6,375)	$ 101,460
Restricted stock awards, net of tax withholding	2,353				2	2,351					2,353
Unrealized cash flow hedge losses	(9,751)									(7,082)	(7,082)				(2,669)
Realized cash flow hedge losses reclassified to net income	3,345									2,454	2,454				891
Restricted stock award forfeitures	(11)					(11)					(11)
Acquisitions of noncontrolling interests	(5,033)					(7,388)					(7,388)			(3,744)	6,099
Redemption of operating partnership units	(2,729)				7	8,859					8,866				(11,595)
Dividends declared on preferred stock	(7,349)						(7,349)				(7,349)
Dividends and distributions declared on common shares and units	(34,530)						(25,298)				(25,298)				(9,232)
Ending balance at Dec. 31, 2020	$ 756,802			$ 171,085	$ 591	$ 472,747	$ (112,356)			$ (8,868)	$ 523,199			$ 488	$ 233,115
[1]	The Company recorded cumulative effect adjustments related to the new lease standard in the first quarter of 2019. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements" for additional information.
[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.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES
Net income		$ 36,959	$ 32,258	$ 23,492
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements		43,671	37,839	30,395
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases		16,301	16,725	9,518
Accrued straight-line rental revenue		(5,927)	(3,402)	(2,731)
Amortization of leasing incentives and above or below-market rents		(814)	(629)	(266)
Amortization of right-of-use assets - finance leases		586	377	0
Accrued straight-line ground rent expense		100	(16)	214
Provision for unrealized credit losses		256	0	0
Adjustment for uncollectable accounts		3,842	511	419
Noncash stock compensation		2,378	1,613	1,281
Impairment charges		666	252	1,619
Noncash interest expense		2,204	1,258	1,116
Interest expense on finance leases		915	568	0
Gain on real estate dispositions		(6,388)	(4,699)	(4,254)
Adjustment for Annapolis Junction modification fee	[1]	0	(4,489)	4,489
Change in the fair value of interest rate derivatives		1,130	3,599	951
Equity in income of unconsolidated real estate entities		0	(273)	(372)
Changes in operating assets and liabilities:
Property assets		(5,960)	(2,499)	(3,539)
Property liabilities		5,762	3,368	1,720
Construction assets		(2,302)	(20,356)	7,554
Construction liabilities		13,708	18,671	(15,248)
Interest receivable		(15,908)	(12,947)	(271)
Net cash provided by operating activities		91,179	67,729	56,087
INVESTING ACTIVITIES
Development of real estate investments		(63,485)	(133,445)	(133,791)
Tenant and building improvements		(10,077)	(19,721)	(11,723)
Acquisitions of real estate investments, net of cash received		(35,151)	(138,380)	(57,544)
Dispositions of real estate investments, net of selling costs		96,459	32,944	34,673
Notes receivable issuances		(24,484)	(54,555)	(58,208)
Notes receivable paydowns		16,340	22,522	1,165
Leasing costs		(3,425)	(3,893)	(4,607)
Leasing incentives		(1,326)	0	(108)
Contributions to equity method investments		(1,078)	(535)	(10,420)
Net cash used for investing activities		(26,227)	(295,063)	(240,563)
FINANCING ACTIVITIES
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net		101,460	61,001	0
Proceeds from issuance of common stock, net		19,650	96,845	65,244
Common shares tendered for tax withholding		(569)	(369)	(409)
Debt issuances, credit facility and construction loan borrowings		176,619	427,286	349,580
Debt and credit facility repayments, including principal amortization		(299,318)	(270,851)	(173,855)
Debt issuance costs		(609)	(5,546)	(1,457)
Acquisition of NCI in consolidated RE investments		(5,002)	0	0
Redemption of operating partnership units		(2,729)	0	(2,595)
Dividends and distributions		(47,603)	(61,504)	(50,897)
Net cash provided by (used for) financing activities		(58,101)	246,862	185,611
Net increase in cash, cash equivalents, and restricted cash		6,851	19,528	1,135
Cash, cash equivalents, and restricted cash, beginning of period	[2]	43,579	24,051	22,916
Cash, cash equivalents, and restricted cash, end of period	[2]	50,430	43,579	24,051
Supplemental cash flow information:
Cash paid for interest		28,554	28,878	17,319
Cash refunded for income taxes		167	247	31
Increase (decrease) in dividends payable		(5,724)	3,950	1,640
Common shares and OP units issued for acquisitions		6,099	73,169	1,702
(Decrease) increase in accrued capital improvements and development costs		(14,324)	(12,666)	18,310
Operating Partnership units redeemed for common shares		8,866	2,756	3,715
Note payable recorded for mandatorily redeemable partnership interest		3,829	0	0
Debt assumed at fair value in conjunction with real estate purchases		122,300	101,390	0
Note receivable extinguished in conjunction with real estate purchase		42,270	31,252	0
Equity method investment redeemed for real estate acquisition		0	23,011	0
Noncontrolling interest in acquired real estate entity		0	4,870	0
Note payable issued in acquisition of noncontrolling interest in real estate investment		6,130	0	0
Recognition of operating lease ROU assets	[3]	0	33,965	0
Recognition of operating lease liabilities	[3]	0	41,631	0
Recognition of finance lease right-of-use assets		0	24,500	0
Recognition of finance lease liabilities		0	17,871	0
De-recognition of operating lease ROU assets - lease termination		0	440	0
De-recognition of operating lease liabilities - lease termination		$ 0	$ 440	$ 0
[1]	Borrower paid $5.0 million in 2018 in exchange for the Company's purchase option. This was accounted for as a loan modification fee; interest income was recognized as additional interest income on the note receivable over the one-year remaining term.
[2]	The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31, 2020 2019 Cash and cash equivalents $ 40,998 $ 39,232 Restricted cash (a) 9,432 4,347 Cash, cash equivalents, and restricted cash $ 50,430 $ 43,579 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.
[3]	Amounts attributable to 2019 are net of $0.4 million related to the Company's preexisting lease at the Thames Street Wharf property, which was acquired on June 26, 2019.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - Footnotes (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Cash and cash equivalents	$ 39,232
Restricted cash	4,347
Cash, cash equivalents, and restricted cash	43,579	[1]
Thames Street Wharf
Write off of right of use asset	$ 400
[1]	The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31, 2020 2019 Cash and cash equivalents $ 40,998 $ 39,232 Restricted cash (a) 9,432 4,347 Cash, cash equivalents, and restricted cash $ 50,430 $ 43,579 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Armada Hoffler Properties, Inc. (the "Company") is a full service real estate company with extensive experience developing, building, owning, and managing high-quality, institutional-grade office, retail, and multifamily properties in attractive markets primarily throughout the Mid-Atlantic and Southeastern United States. The Company is a real estate investment trust ("REIT"), the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership"), and as of December 31, 2020, owned 73.9% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the "IPO") and certain related formation transactions on May 13, 2013. As of December 31, 2020, the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% Brooks Crossing Office Office Newport News, Virginia 100% One City Center Office Durham, North Carolina 100% One Columbus Office Virginia Beach, Virginia* 100% Thames Street Wharf Office Baltimore, Maryland 100% Two Columbus Office Virginia Beach, Virginia* 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Apex Entertainment Retail Virginia Beach, Virginia* 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail (1) Retail Newport News, Virginia 65% Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Courthouse 7-Eleven Retail Virginia Beach, Virginia 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Lexington Square Retail Lexington, South Carolina 100% Market at Mill Creek (1) Retail Mount Pleasant, South Carolina 70% Marketplace at Hilltop Retail Virginia Beach, Virginia 100% Nexton Square Retail Summerville, South Carolina 100% North Hampton Market Retail Taylors, South Carolina 100% North Point Center Retail Durham, North Carolina 100% Oakland Marketplace Retail Oakland, Tennessee 100% Parkway Centre Retail Moultrie, Georgia 100% Parkway Marketplace Retail Virginia Beach, Virginia 100% Property Segment Location Ownership Interest Patterson Place Retail Durham, North Carolina 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Providence Plaza Retail Charlotte, North Carolina 100% Red Mill Commons Retail Virginia Beach, Virginia 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% Socastee Commons Retail Myrtle Beach, South Carolina 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% 1405 Point Multifamily Baltimore, Maryland 100% Edison Apartments Multifamily Richmond, VA 100% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Greenside Apartments Multifamily Charlotte, North Carolina 100% Hoffler Place Multifamily Charleston, South Carolina 93% Johns Hopkins Village Multifamily Baltimore, Maryland 100% Liberty Apartments Multifamily Newport News, Virginia 100% Premier Apartments Multifamily Virginia Beach, Virginia* 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% Summit Place Multifamily Charleston, South Carolina 90% The Cosmopolitan Multifamily Virginia Beach, Virginia* 100% The Residences at Annapolis Junction (1) Multifamily Annapolis Junction, MD 79% ________________________________________ * Located in the Town Center of Virginia Beach (1) The Company is entitled to a preferred return on its investment in this property. As of December 31, 2020, the following properties were under development, redevelopment or not yet stabilized: Property Segment Location Ownership Interest Wills Wharf Office Baltimore, Maryland 100% Premier Retail Retail Virginia Beach, Virginia* 100% Solis Gainesville Multifamily Gainesville, Georgia 95% ________________________________________ * Located in the Town Center of Virginia Beach

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership, its wholly owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ from management’s estimates. Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate, and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties. Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period's presentation. Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $5.9 million, $3.4 million and $2.7 million of straight-line rent adjustments for the years ended December 31, 2020, 2019, and 2018, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million for each of the years ended December 31, 2020, 2019, and 2018. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem. Real Estate Investments Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2020, 2019, and 2018 was $3.6 million, $5.9 million and $5.0 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2020, 2019, and 2018 were $2.6 million, $3.1 million and $3.1 million, respectively. The Company capitalizes predevelopment costs directly identifiable with specific properties when the development of such properties is probable. Capitalized predevelopment costs are presented within other assets in the consolidated balance sheets. Land for which development activities have not yet commenced are presented separately as land held for development in the consolidated balance sheets. Capitalized predevelopment costs as of December 31, 2020 and 2019 were $15.4 million and $6.5 million, respectively. Costs attributable to unsuccessful projects are expensed. Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs in the fair value hierarchy. Real Estate Sales The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. As of December 31, 2020, the 7-Eleven outparcel at Hanbury Village and a land parcel adjacent to Nexton Square were classified as held for sale. As of December 31, 2019, a land parcel adjacent to the Market at Mill Creek shopping center was classified as held for sale. Impairment of Long Lived Assets The Company evaluates its real estate assets for impairment on a property-by-property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the years ended December 31, 2019 and 2018 represent unamortized leasing or acquired intangible assets related to vacated tenants. The impairment charges recognized during the year ended December 31, 2018 primarily relate to the $1.5 million impairment of Waynesboro Commons. Interest Income Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed collectible. Many loans provide for accrual of interest and fees that will not be paid until maturity of the loan. Interest is recognized on these loans at the accrual rate subject to the determination that accrued interest and fees are ultimately collectible, based on the underlying collateral and the status of development activities, as applicable. If this determination cannot be made, recognition of interest income may be fully or partially deferred until it is ultimately paid. Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds, and investments with an original maturity of three months or less. Restricted Cash Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. Accounts Receivable, net Accounts receivable include amounts from tenants for base rents, contingent rents, and cost reimbursements as well as accrued straight-line rental revenue. As of December 31, 2020 and 2019, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $21.3 million and $17.9 million, respectively. The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience, and other relevant factors. The Company establishes a reserve for the receivables associated with a tenant when collection of substantially all operating lease payments for a tenant is not probable. As of December 31, 2020 and 2019, the allowance for doubtful accounts was $1.7 million and $0.3 million, respectively. The Company reflects these amounts as a component of rental income on the consolidated statements of comprehensive income. Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of mortgage or mezzanine loans for the development of new real estate. The Company's mezzanine loans are typically made to borrowers who have little or no equity in the underlying development projects. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. 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 will also consider placing the loan on nonaccrual status if it does not believe that additional interest accruals will ultimately be collected. At the end of each reporting period, the Company measures expected credit losses to be incurred over the remaining contractual term based on the risk rating of each loan. If a loan is rated as Substandard, the Company then estimates expected credit losses as the difference between the amortized cost basis of the outstanding loan and the estimated projected sales proceeds of the underlying collateral. Changes to the allowance for loan losses resulting from quarterly evaluations are recorded through provision for unrealized credit losses on the Consolidated Statements of Comprehensive Income. Guarantees The Company measures and records a liability for the fair value of its guarantees on a nonrecurring basis upon issuance using Level 3 internally-developed inputs. These guarantees typically relate to payments that could be required of the Company to senior lenders on its mezzanine loan investments. The Company bases its estimated fair value on the market approach, which compares the guarantee terms and credit characteristics of the underlying development project to other projects for which guarantee pricing terms are available. The offsetting entry for the guarantee liability is a premium on the related loan receivable. The liability is amortized on a straight-line basis over the remaining term of the loan. On a quarterly basis, the Company assesses the likelihood of a contingent liability in connection with these guarantees and will record an additional guarantee liability if the unamortized guarantee liability is insufficient. Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets. Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets. Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. Derivative Financial Instruments The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. Stock-Based Compensation The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. The effect of forfeitures of awards is recorded as they occur. Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes. Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations. Net Income Per Share The Company calculates net income per share based upon the weighted average shares outstanding. Diluted net income per share is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include nonvested restricted stock awards. However, there were no significant potential dilutive shares outstanding for each of the three years ended December 31, 2020, 2019, and 2018. As a result, basic and diluted outstanding shares were the same for each period presented. Recent Accounting Pronouncements Recently Issued Accounting Standards Adopted: Credit losses In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments-Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 significantly changes how entities 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 second quarter of 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. Recently Issued Accounting Standards Not Yet Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is currently evaluating the effect that adopting this standard may have on its Consolidated Financial Statements. Earnings Per Share In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470 and ASC Topic 815. ASU 2020-06 simplifies the accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements.

Segments

Segments	12 Months Ended
	Dec. 31, 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 as an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. Net operating income of the Company’s reportable segments for the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Office real estate Rental revenues $ 43,494 $ 33,269 $ 20,701 Rental expenses 10,799 8,722 5,858 Real estate taxes 5,111 3,471 2,034 Segment net operating income 27,584 21,076 12,809 Retail real estate Rental revenues 73,032 77,593 67,959 Rental expenses 11,029 11,656 10,903 Real estate taxes 7,784 7,916 6,801 Segment net operating income 54,219 58,021 50,255 Multifamily residential real estate Rental revenues 49,962 40,477 28,298 Rental expenses 17,132 13,954 10,461 Real estate taxes 5,241 3,574 2,548 Segment net operating income 27,589 22,949 15,289 General contracting and real estate services Segment revenues 217,146 105,859 76,359 Segment expenses 209,472 101,538 73,628 Segment gross profit 7,674 4,321 2,731 Net operating income $ 117,066 $ 106,367 $ 81,084 Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities. General contracting and real estate services revenues for the years ended December 31, 2020, 2019, and 2018 exclude revenue related to intercompany construction contracts of $26.6 million, $99.9 million and $134.4 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2020, 2019, and 2018 exclude expenses related to intercompany construction contracts of $26.3 million, $99.0 million and $133.4 million, respectively, as it is eliminated in consolidation. The following table reconciles net operating income to net income for the years ended December 31, 2020, 2019, and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 Net operating income $ 117,066 $ 106,367 $ 81,084 Depreciation and amortization (59,972) (54,564) (39,913) Amortization of right-of-use assets - finance leases (586) (377) — General and administrative expenses (12,905) (12,392) (11,431) Acquisition, development and other pursuit costs (584) (844) (352) Impairment charges (666) (252) (1,619) Gain on real estate dispositions 6,388 4,699 4,254 Interest income 19,841 23,215 10,729 Interest expense on indebtedness (30,120) (30,776) (19,087) Interest expense on finance leases (915) (568) — Equity in income of unconsolidated real estate entities — 273 372 Change in fair value of derivatives and other (1,130) (3,599) (951) Provision for unrealized credit losses (256) — — Other income (expense), net 515 585 377 Income tax benefit 283 491 29 Net income $ 36,959 $ 32,258 $ 23,492

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties with initial terms that ranged from 5 to 61 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. The components of lease cost for the years ended December 31, 2020, 2019, and 2018 were as follows (in thousands): Years Ended December 31, 2020 2019 2018 (b) Operating lease cost $ 1,660 $ 2,700 $ 2,962 Finance lease cost: Amortization of right-of-use assets (a) 586 369 — Interest on lease liabilities 915 568 — ________________________________________ (a) Includes amortization of below-market ground lease intangible assets. (b) All of the Company's leases were classified as operating leases prior to 2019. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2020, 2019, and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 (a) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,113 $ 1,969 $ 2,354 Operating cash flows from finance leases 864 533 — ________________________________________ (a) All of the Company's leases were classified as operating leases prior to 2019. Additional information related to leases as of December 31, 2020 and 2019 were as follows: December 31, 2020 2019 Weighted Average Remaining Lease Term (years) Operating leases 44.5 45.4 Finance leases 40.2 41.2 Weighted Average Discount Rate Operating leases 5.4 % 5.4 % Finance leases 5.2 % 5.2 % The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2021 $ 2,158 $ 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 2025 2,452 925 Thereafter 101,072 42,089 Total undiscounted cash flows 112,879 46,507 Present value discount (71,220) (28,553) Discounted cash flows $ 41,659 $ 17,954 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 Rental revenue for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands): Years Ended December 31, 2020 2019 2018 Base rent and tenant charges $ 159,747 $ 147,309 $ 114,012 Accrued straight-line rental adjustment 5,927 3,402 2,731 Lease incentive amortization (693) (739) (732) Below/(above) market lease amortization 1,507 1,367 947 Total rental revenue $ 166,488 $ 151,339 $ 116,958 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2021 $ 90,693 2022 88,270 2023 81,767 2024 73,029 2025 60,588 Thereafter 307,377 Total $ 701,724
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties with initial terms that ranged from 5 to 61 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. The components of lease cost for the years ended December 31, 2020, 2019, and 2018 were as follows (in thousands): Years Ended December 31, 2020 2019 2018 (b) Operating lease cost $ 1,660 $ 2,700 $ 2,962 Finance lease cost: Amortization of right-of-use assets (a) 586 369 — Interest on lease liabilities 915 568 — ________________________________________ (a) Includes amortization of below-market ground lease intangible assets. (b) All of the Company's leases were classified as operating leases prior to 2019. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2020, 2019, and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 (a) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,113 $ 1,969 $ 2,354 Operating cash flows from finance leases 864 533 — ________________________________________ (a) All of the Company's leases were classified as operating leases prior to 2019. Additional information related to leases as of December 31, 2020 and 2019 were as follows: December 31, 2020 2019 Weighted Average Remaining Lease Term (years) Operating leases 44.5 45.4 Finance leases 40.2 41.2 Weighted Average Discount Rate Operating leases 5.4 % 5.4 % Finance leases 5.2 % 5.2 % The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2021 $ 2,158 $ 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 2025 2,452 925 Thereafter 101,072 42,089 Total undiscounted cash flows 112,879 46,507 Present value discount (71,220) (28,553) Discounted cash flows $ 41,659 $ 17,954 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 Rental revenue for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands): Years Ended December 31, 2020 2019 2018 Base rent and tenant charges $ 159,747 $ 147,309 $ 114,012 Accrued straight-line rental adjustment 5,927 3,402 2,731 Lease incentive amortization (693) (739) (732) Below/(above) market lease amortization 1,507 1,367 947 Total rental revenue $ 166,488 $ 151,339 $ 116,958 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2021 $ 90,693 2022 88,270 2023 81,767 2024 73,029 2025 60,588 Thereafter 307,377 Total $ 701,724
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties with initial terms that ranged from 5 to 61 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. The components of lease cost for the years ended December 31, 2020, 2019, and 2018 were as follows (in thousands): Years Ended December 31, 2020 2019 2018 (b) Operating lease cost $ 1,660 $ 2,700 $ 2,962 Finance lease cost: Amortization of right-of-use assets (a) 586 369 — Interest on lease liabilities 915 568 — ________________________________________ (a) Includes amortization of below-market ground lease intangible assets. (b) All of the Company's leases were classified as operating leases prior to 2019. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2020, 2019, and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 (a) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,113 $ 1,969 $ 2,354 Operating cash flows from finance leases 864 533 — ________________________________________ (a) All of the Company's leases were classified as operating leases prior to 2019. Additional information related to leases as of December 31, 2020 and 2019 were as follows: December 31, 2020 2019 Weighted Average Remaining Lease Term (years) Operating leases 44.5 45.4 Finance leases 40.2 41.2 Weighted Average Discount Rate Operating leases 5.4 % 5.4 % Finance leases 5.2 % 5.2 % The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2021 $ 2,158 $ 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 2025 2,452 925 Thereafter 101,072 42,089 Total undiscounted cash flows 112,879 46,507 Present value discount (71,220) (28,553) Discounted cash flows $ 41,659 $ 17,954 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 Rental revenue for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands): Years Ended December 31, 2020 2019 2018 Base rent and tenant charges $ 159,747 $ 147,309 $ 114,012 Accrued straight-line rental adjustment 5,927 3,402 2,731 Lease incentive amortization (693) (739) (732) Below/(above) market lease amortization 1,507 1,367 947 Total rental revenue $ 166,488 $ 151,339 $ 116,958 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2021 $ 90,693 2022 88,270 2023 81,767 2024 73,029 2025 60,588 Thereafter 307,377 Total $ 701,724

Real Estate Investments and Equ

Real Estate Investments and Equity Method Investments	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate Investments and Equity Method Investments	Real Estate Investments and Equity Method Investment The Company’s real estate investments comprised the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 Income producing property Held for development Construction in progress Total Land $ 261,984 $ 13,607 $ 5,200 $ 280,791 Land improvements 61,275 — — 61,275 Buildings and improvements 1,357,684 — — 1,357,684 Development and construction costs — — 58,167 58,167 Real estate investments $ 1,680,943 $ 13,607 $ 63,367 $ 1,757,917 December 31, 2019 Income producing property Held for development Construction in progress Total Land $ 263,258 $ 5,000 $ 7,265 $ 275,523 Land improvements 58,636 — — 58,636 Buildings and improvements 1,138,829 — — 1,138,829 Development and construction costs — — 133,336 133,336 Real estate investments $ 1,460,723 $ 5,000 $ 140,601 $ 1,606,324 2020 Operating Property Acquisitions In June 2020, the Company exercised its option to purchase the remaining 21.0% 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. On September 22, 2020, the Company exercised its option to purchase Nexton Square for $17.9 million cash and the assumption of a note payable of $22.9 million. The Company also incurred capitalized acquisition costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $16.4 million at the time of the acquisition. On October 1, 2020, the Company acquired Edison Apartments, a multifamily property located in downtown Richmond, Virginia, for consideration comprised of 633,734 Class A Units (as defined below), the assumption of a $16.4 million loan payable, and the assumption of $1.1 million in other assets and liabilities. The seller of the property was a partnership that includes several members from the Company's management team and board of directors. On October 30, 2020, the Company acquired 79.0% of the partnership that owns The Residences at Annapolis Junction. As part of this purchase, the Company extinguished its note receivable for this project and made a cash payment of $0.2 million. The Company assumed an $83.4 million senior loan as part of this acquisition, which was immediately refinanced with a new $84.4 million loan. This refinanced loan bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus a margin of 2.66% and matures on November 1, 2030. As part of this financing transaction, the partnership also purchased an interest rate cap for $0.1 million with a SOFR strike rate of 1.84%, which expires on November 1, 2023. Due to a preferred return that we receive on this investment, no value was assigned to our partner's investment in this property at the time of the acquisition. The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties acquired during the year ended December 31, 2020 (in thousands): Nexton Square Edison Apartments The Residences at Annapolis Junction Land $ 9,885 $ 3,428 $ 14,774 Site improvements 3,690 — 1,786 Building and improvements 24,070 18,227 101,219 Furniture and fixtures — 355 1,796 In-place leases 5,239 1,882 4,079 Below-market leases (1,877) (140) — Fair value adjustment on acquired debt 364 (6) — Net assets acquired $ 41,371 $ 23,746 $ 123,654 2019 Operating Property Acquisitions On February 6, 2019, the Company acquired an additional outparcel of Wendover Village in Greensboro, North Carolina for a contract price of $2.7 million plus capitalized acquisition costs of $0.1 million. This outparcel is leased to a single tenant. On March 14, 2019, the Company acquired the office and retail portions of the One City Center project in Durham, North Carolina in exchange for a redemption of its 37% equity ownership in the joint venture with Austin Lawrence Partners, which totaled $23.0 million as of the acquisition date, and a cash payment of $23.2 million. The Company also incurred capitalized acquisition costs of $0.1 million. On April 24, 2019, the Company exercised its option to purchase 79% of the interests in the partnership that owns 1405 Point in exchange for extinguishing the Company's $31.3 million note receivable on the project, making a cash payment of $0.3 million, and assuming a loan payable of $64.9 million, which was recorded at its fair value of $65.8 million. The Company also incurred capitalized acquisition costs of $0.1 million. On May 23, 2019, the Company acquired Red Mill Commons and Marketplace at Hilltop from Venture Realty Group for consideration comprised of 4.1 million Class A units of limited partnership interest in the Operating Partnership ("Class A Units" or "OP Units"), the assumption of $35.7 million of mortgage debt principal, and $4.5 million in cash. The negotiated price was $105.0 million, which contemplated the price of the Company's common stock of $15.55 per share when the purchase and sale agreement was executed. The aggregate acquisition cost was $109.3 million, which consisted of 4.1 million Class A Units valued at $68.1 million (using the price of the Company's common stock of $16.50 on the date of the acquisition), mortgage debt valued at $35.6 million, cash consideration of $4.5 million, and capitalized acquisition costs of $1.1 million. In connection with the acquisition, the Company and the Operating Partnership entered into a tax protection agreement with the contributors pursuant to which the Company and the Operating Partnership agreed, subject to certain exceptions, to indemnify the contributors for up to 10 years against certain tax liabilities incurred by them, if such liabilities result from a transaction involving a direct or indirect taxable disposition of either or both of these properties or if the Operating Partnership fails to maintain and allocate to the contributors for taxation purposes minimum levels of Operating Partnership liabilities. On June 26, 2019, the Company acquired Thames Street Wharf, a Class A office building located in the Harbor Point development of Baltimore, Maryland, for $101.0 million in cash and $0.3 million of capitalized acquisition costs. The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the six operating properties acquired during the year ended December 31, 2019 (in thousands): Wendover Village outparcel One City Center 1405 Point Red Mill Commons Marketplace at Hilltop Thames Street Wharf Land $ 1,633 $ 2,678 $ — (a) $ 44,252 $ 2,023 (b) $ 15,861 Site improvements 50 163 298 2,558 691 150 Building and improvements 888 28,039 92,866 27,790 19,195 64,539 Furniture and fixtures — — 2,302 — — — In-place leases 101 15,140 3,371 9,973 4,565 24,385 Above-market leases 111 — — 1,463 599 — Below-market leases — — — (6,221) (1,136) (3,636) Finance lease liabilities — — (8,671) — (9,200) — Finance lease right-of-use assets — — 11,730 (a) — 12,770 (b) — Net assets acquired $ 2,783 $ 46,020 $ 101,896 $ 79,815 $ 29,507 $ 101,299 ________________________________________ (a) Land is subject to a ground lease. (b) Portion of land is subject to a ground lease. 2018 Operating Property Acquisitions On January 9, 2018, the Company acquired Indian Lakes Crossing, a Harris Teeter-anchored shopping center in Virginia Beach, Virginia, for a contract price of $14.7 million plus capitalized acquisition costs of $0.2 million. This property was sold in 2020. On January 29, 2018, the Company acquired Parkway Centre, a newly developed Publix-anchored shopping center in Moultrie, Georgia, for total consideration of $11.3 million (comprised of $9.6 million in cash and $1.7 million in the form of Class A Units) plus capitalized acquisition costs of $0.3 million. On August 28, 2018, the Company acquired Lexington Square, a newly developed Lowes Foods-anchored shopping center in Lexington, South Carolina, for a purchase price of $27.0 million, consisting of cash consideration of $24.2 million and $2.8 million of additional consideration in the form of Class A Units issued during 2019. As part of this transaction, the Company also capitalized acquisition costs of $0.4 million. The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and liabilities assumed for the three operating properties purchased during the year ended December 31, 2018 (in thousands): Indian Lakes Crossing Parkway Centre Lexington Square Land $ 10,926 $ 1,372 $ 3,036 Site improvements 531 696 7,396 Building and improvements 1,913 7,168 10,387 In-place leases 1,648 2,346 4,113 Above-market leases 11 — 89 Below-market leases (175) (10) (447) Net assets acquired $ 14,854 $ 11,572 $ 24,574 Other 2020 Real Estate Transactions 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 10th 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 financial performance. 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 financial performance. Therefore, the Company is the project's primary beneficiary and consolidates the Chronicle Partnership in its consolidated financial statements. On May 29, 2020, the Company sold a portfolio of seven retail properties for $90.0 million. The portfolio consisted 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. On August 31, 2020, the Company entered into an operating agreement with a partner to develop a mixed-use project in Gainesville, Georgia. The Company has a 95% ownership interest in Gainesville Development, LLC (the "Gainesville Partnership"). The Gainesville Partnership acquired undeveloped land on August 31, 2020 for a purchase price of $5.0 million and immediately began development of the site. The Company is responsible for funding the equity requirements of this development, which are estimated to total $17.3 million. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. By August 31, 2023, the Company is required to acquire its partner's 5% ownership interest for up to $4.2 million, subject to the initial operating performance of the property. As the Company is required to obtain this ownership interest, the Company consolidates the project in its consolidated financial statements. The Company has recorded a note payable liability of $3.8 million, which is the fair value of the anticipated payments to be made to its partner. On September 1, 2020, the Company completed the sale of the Walgreens outparcel at Hanbury Village. Net proceeds after the transaction costs were $7.0 million. The gain on disposition was $3.6 million. On October 2, 2020, the Company purchased the remaining 20% noncontrolling interest in the Southern Post, a mixed-use development project in Roswell, Georgia in exchange for a cash payment of $3.5 million and future consideration of $1.5 million to be paid in cash upon satisfaction of certain conditions. Other 2019 Real Estate Transactions On April 1, 2019, the Company sold Waynesboro Commons for a sale price of $1.1 million. There was no gain or loss recognized on the disposition. On August 15, 2019, the Company sold Lightfoot Marketplace for a sale price of $30.3 million. The gain on disposition was $4.5 million. In conjunction with this sale, the Company paid off the $17.9 million note payable secured by this property. The Company retained the interest rate swap associated with the note payable. On October 15, 2019, the Company entered into an operating agreement with a partner to develop the Southern Post, a mixed-use project in Roswell, Georgia. The Company has an 80% interest in the partnership. On October 25, 2019, the partnership, 1023 Roswell, LLC, purchased land for a purchase price of $5.0 million in cash for this project. The Company is responsible for funding the equity requirements of this development, including the $5.0 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 project in its consolidated financial statements. Other 2018 Real Estate Transactions On November 30, 2017, the Company entered into a lease agreement with Bottling Group, LLC for a new distribution facility that the Company developed and constructed. On January 29, 2018, the Company acquired undeveloped land in Chesterfield, Virginia, a portion of which serves as the site for this facility, for a contract price of $2.4 million plus capitalized acquisition costs of $0.1 million. On December 20, 2018, the Company sold the completed facility for $25.9 million, resulting in a gain of $3.4 million. On January 18, 2018, the Company entered into an operating agreement with a partner to develop a Lowes Foods-anchored shopping center in Mount Pleasant, South Carolina. The Company has a 70% ownership interest in the partnership. The partnership, Market at Mill Creek Partners, LLC, acquired undeveloped land on February 16, 2018 for a contract price of $2.9 million plus capitalized acquisition costs of $0.1 million. The Company is responsible for funding the equity requirements of this development. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company was the developer of the shopping center and has the power to direct the activities of the project that most significantly impact its performance and is the party most closely associated with the project. Therefore, the Company is the project's primary beneficiary and consolidates the project in its consolidated financial statements. On April 2, 2018, the Company acquired undeveloped land in Newport News, Virginia for less than $0.1 million. This land parcel was used in the development of the Brooks Crossing Office property. On May 24, 2018, the Company completed the sale of the Wawa outparcel at Indian Lakes Crossing for a contract price of $4.4 million. There was no gain or loss on the disposition. On July 2, 2018, the Company executed a ground lease for the site of a new mixed-use development project at Wills Wharf, a site in the Harbor Point area of Baltimore, Maryland. The lease has an initial term of five years and includes ten extension options of seven years each. On December 31, 2018, the Company sold the leasehold interest in the building previously leased by Home Depot at Broad Creek Shopping Center for $2.4 million, resulting in a gain on sale of $0.8 million. Equity Method Investment Harbor Point Parcel 3 On November 30, 2020, the Company acquired a 50% interest in Harbor Point Parcel 3, a joint venture with Beatty Development Group, for purposes of developing T. Rowe Price's new global headquarters office building in Baltimore, Maryland. The Company is a noncontrolling partner in the joint venture and will serve as the project's general contractor. During the year ended December 31, 2020, the Company invested $1.1 million in Harbor Point Parcel 3. The Company has a total equity commitment of up to $30.0 million relating to this project. As of December 31, 2020, the carrying value of the Company's investment in Harbor Point Parcel 3 was $1.1 million. For the year ended December 31, 2020, Harbor Point Parcel 3 had no operating activity, and therefore the Company received no allocated income. Based on the terms of the operating agreement, the Company has concluded that Harbor Point Parcel 3 is a VIE and that the Company holds a variable interest. The Company does not have the power to direct the activities of the project that most significantly impact its performance. Accordingly, the Company is not the project’s primary beneficiary and, therefore, does not consolidate Harbor Point Parcel 3 in its consolidated financial statements. The Company has significant influence over the project due to its 50% ownership as well as certain rights and responsibilities relating to the development project. The Company's investment in the project is recorded as an equity method investment in the consolidated balance sheets.

Notes Receivable and Allowance

Notes Receivable and Allowance for Loan Losses	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Notes Receivable and Allowance for Loan Losses	Notes Receivable and Allowance for Loan Losses Notes Receivable The Company had the following loans receivable outstanding as of December 31, 2020 and December 31, 2019 ($ in thousands): Outstanding loan amount Maximum loan commitment Interest rate Interest compounding Development Project December 31, 2020 December 31, 2019 The Residences at Annapolis Junction $ — $ 40,049 N/A N/A (a) N/A Delray Plaza 14,289 12,995 17,000 15.0 % (a)(b) Annually Nexton Square — 15,097 N/A N/A N/A Interlock Commercial 85,318 59,224 103,000 15.0 % (c) None Solis Apartments at Interlock 28,969 25,588 41,100 13.0 % Annually Total mezzanine 128,576 152,953 $ 161,100 Other notes receivable 6,809 1,147 Notes receivable guarantee premium 2,631 5,271 Allowance for credit losses (2,584) — Total notes receivable $ 135,432 $ 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%. (c) $3.0 million of this loan is subject to an interest rate of 18%. 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 years ended December 31, 2020, 2019, and 2018 as follows (in thousands): Years Ended December 31, Development Project 2020 2019 2018 1405 Point $ — $ 783 $ 2,080 The Residences at Annapolis Junction 2,468 (a)(b) 8,776 (b) 4,939 (b) North Decatur Square — 1,509 2,212 Delray Plaza 489 (a) 1,622 928 Nexton Square 1,177 1,962 235 Interlock Commercial 12,267 (c) 6,142 (c) 202 Solis Apartments at Interlock 3,382 2,333 55 Total mezzanine 19,783 23,127 10,651 Other interest income 58 88 78 Total interest income $ 19,841 $ 23,215 $ 10,729 ________________________________________ (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. Additionally, the 2020 and 2019 amounts include $1.5 million and $0.5 million, respectively, of interest income recognition relating to an exit fee that was due upon repayment of the loan. (c) The 2020 and 2019 amounts included $2.3 million and $0.6 million, respectively, of interest income recognition relating to an exit fee that is due upon repayment of the loan. 1405 Point On October 15, 2015, the Company entered into a note receivable with a maximum principal balance of $28.2 million for the 1405 Point project in the Harbor Point area of Baltimore, Maryland (also known as Point Street Apartments). On April 24, 2019, the Company exercised its option to purchase 79% of the interest in the partnership that owns 1405 Point in exchange for extinguishing its note receivable on the project and a cash payment of $0.3 million. The Company consolidated the project in its consolidated financial statements for the year ended December 31, 2019. The project was acquired subject to a loan payable of $64.9 million. The Residences at Annapolis Junction On April 21, 2016, the Company entered into a note receivable with a maximum principal balance of $48.1 million in the Annapolis Junction residential component of the Annapolis Junction Town Center project in Maryland ("Annapolis Junction"). The Residences at Annapolis Junction is an apartment development project with 416 residential units. It is part of a mixed-use development project that is also planned to have 17,000 square feet of retail space and a 150-room hotel. Annapolis Junction Apartments Owner, LLC ("AJAO") is the developer of the residential component and engaged the Company to serve as construction general contractor for the residential component. The Residences at Annapolis Junction opened during 2017 and 2018. On October 30, 2020, the Company acquired 79% of AJAO. As part of this purchase, the Company extinguished its note receivable for this project, assumed an $83.4 million senior loan, and made a cash payment of $0.2 million. The Company consolidated the project in its consolidated financial statements for the year ended December 31, 2020. North Decatur Square On May 15, 2017, the Company invested in the development of an estimated $34.0 million Whole Foods-anchored center located in Decatur, Georgia. The Company's investment was in the form of a mezzanine loan of up to $21.8 million to the developer, North Decatur Square Holdings, LLC ("NDSH"). Interest on the loan had accumulated at a rate of 15.0% per annum. During 2018, this loan was modified to increase the maximum amount of the loan to $29.7 million due to an increase in the square footage of the Whole Foods store. On July 22, 2019, the borrower paid off the North Decatur Square note receivable in full. The Company received the outstanding principal and interest in the amount of $20.0 million. Delray Plaza On October 27, 2017, the Company invested in the development of an estimated $20.0 million Whole Foods-anchored center located in Delray Beach, Florida. The Company's investment was in the form of a mezzanine loan of up to $13.1 million to the developer, Delray Plaza Holdings, LLC ("DPH"). The Company has agreed to guarantee payment of up to $4.8 million of the senior construction loan. On January 8, 2019, this loan was modified to increase the maximum amount of the loan to $15.0 million and the payment guarantee amount increased to $5.2 million. The mezzanine loan bears interest at a rate of 15.0% per annum. During 2020, the Delray Plaza loan was modified to (i) 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, (ii) extend the maturity date to April 1, 2020, and (iii) require the borrower to tender 125,843 Class A Units that were pledged as collateral for this loan and establish a $2.5 million reserve account to be used for certain unpaid development project costs. Management has concluded that this entity is a VIE. Because DPH is the developer of Delray Plaza, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Nexton Square On August 31, 2018, the Company financed a $2.2 million bridge loan to SC Summerville Brighton, LLC ("Brighton"), the developer of Nexton Square, a shopping center development project located in Summerville, South Carolina. The shopping center may comprise as many as 16 buildings. The loan was subsequently increased to $17.0 million. On September 22, 2020, the Company exercised its option to purchase Nexton Square for $17.9 million cash and the assumption of a note payable of $22.9 million. The Company also incurred capitalized acquisition costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $16.4 million at the time of the acquisition. Interlock Commercial In October 2018, the Company financed a bridge loan with a maximum commitment of $4.0 million to The Interlock, LLC ("Interlock"), the developer of the office and retail components of The Interlock, a new mixed-use public-private partnership with Georgia Tech in West Midtown Atlanta. This loan was subsequently modified as described below. On December 21, 2018, the Company entered into a mezzanine loan agreement with Interlock for a maximum principal amount of $67.0 million and a total maximum commitment, including accrued interest reserves, of $95.0 million. The previous loan was repaid from proceeds of the mezzanine loan. The mezzanine loan bears interest at a rate of 15.0% per annum and matures at the earlier of (i) 24 months after the original maturity date or earlier termination date of the senior construction loan or (ii) any sale, transfer, or refinancing of the project. In the event that the maturity date is established as being 24 months after the original maturity date or earlier termination date of the senior construction loan, Interlock will have the right to extend the maturity date for 5 years. On April 19, 2019, the borrower executed its senior construction loan, and the Company's payment guarantee of up to $30.7 million became effective. See Note 15 for additional information. See Note 18 for additional discussion. 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 subsequently decided to forego development of these townhome units. The borrower also modified the senior construction loan on the project. On October 2, 2020, the Interlock Commercial loan was modified to decrease the exit fee, subject to the satisfaction of certain conditions. As a result, the exit fee for this loan may range from $6.5 million to $7.5 million.The Company has reduced its estimate of exit fees to be collected to $6.5 million and prospectively adjusted the recognition of the exit fee in interest income. The Company has recognized $2.9 million of this fee as of December 31, 2020. Management has concluded that this entity is a VIE. Because Interlock is the developer of The Interlock, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Solis Apartments at Interlock On December 21, 2018, the Company entered into a mezzanine loan agreement with Interlock Mezz Borrower, LLC ("Solis Interlock"), the developer of Solis Apartments at Interlock, which is the apartment component of The Interlock. The mezzanine loan has a maximum principal commitment of $25.2 million and a total maximum commitment, including accrued interest reserves, of $41.1 million. The mezzanine loan bears interest at a rate of 13.0% per annum and matures on the earlier of (a) the later of (i) December 21, 2021 or (ii) the maturity date or earlier termination date of the senior construction loan, including any extensions of the senior construction loan, or (b) the date of any sale of the project or refinance of the loan. Management has concluded that this entity is a VIE. Because Solis Interlock is the developer of Solis Apartments at Interlock, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Harbor Point Parcel 3 On December 15, 2020, the Company funded a $6.8 million loan to Harbor Point Parcel 3 Holdings, LLC ("Parcel 3 Holdings"), the developer and the Company's joint venture partner for the development of future Harbor Point Parcel 3 office building in Baltimore, Maryland. Harbor Point Parcel 3 is a project to develop and build T. Rowe Price's new 450,000 square feet global headquarters in Baltimore's Harbor Point. The loan bears interest at a rate of 6% per annum and is secured by the joint venture membership interest held by Parcel 3 Holdings. The loan matures on December 1, 2021 and has an option to extend the maturity date to March 1, 2022. Guarantee liabilities As of December 31, 2020, the Company had outstanding payment guarantees for the senior loans on Delray Plaza, and Interlock Commercial as described above. As of December 31, 2020 and 2019, the Company has recorded a guarantee liability of $2.6 million and $5.3 million, respectively, representing their unamortized fair value. These guarantees are classified as other liabilities on the Company's consolidated balance sheets, with a corresponding adjustment to the notes receivable balance on the consolidated balance sheets. See Note 18 for additional information on the Company's outstanding guarantees. Allowance for Loan Losses The Company is exposed to credit losses primarily through its mezzanine lending activities. As of December 31, 2020, the Company had three 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 updated the risk ratings for each of its notes receivable as of December 31, 2020 and obtained industry loan loss data relative to these risk ratings. The Company’s analysis resulted in an allowance for loan losses of approximately $2.6 million as of the year ended December 31, 2020. The following table presents amortized cost basis of the portfolio by year of origination and risk rating as of December 31, 2020 (in thousands): Year of Origination Risk Ratings 2020 2019 2018 2017 2016 Total Pass $ 6,766 $ — $ 115,082 $ — $ — $ 121,848 Special Mention — — — — — — Substandard — — — 13,570 — 13,570 Total amortized cost basis $ 6,766 $ — $ 115,082 $ 13,570 $ — $ 135,418 As of December 31, 2019, there was no allowance for loan losses. At December 31, 2020, the Company reported $135.4 million of notes receivable, net of allowances of $2.6 million. Changes in the allowance for the year ended December 31, 2020 were as follows (in thousands): Twelve Months Ended December 31, 2020 Beginning balance (December 31, 2019) $ — Cumulative effect of accounting change 2,825 Unrealized credit loss provision 256 Extinguishment due to acquisition (497) Ending balance $ 2,584 As of December 31, 2019, there were no loans on nonaccrual status. During the year ended December 31, 2020, the Company placed the loans for Delray Plaza and The Residences at Annapolis Junction on nonaccrual status with total amortized cost basis of $13.6 million. As a result, there was $5.1 million of interest income not recognized during the twelve months ended December 31, 2020.

Construction Contracts

Construction Contracts	12 Months Ended
	Dec. 31, 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 December 31, 2020 during the year ending December 31, 2021. 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 year ended December 31, 2020 and 2019 (in thousands): Year ended December 31, 2020 Year ended December 31, 2019 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 — 6,244 — 6,283 Transferred to receivables (545) — (2,557) — Construction contract costs and estimated earnings not billed during the period 138 — 249 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 296 (156) 1,199 (977) Ending balance $ 138 $ 6,088 $ 249 $ 5,306 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 $1.7 million and $0.9 million were deferred as of December 31, 2020 and 2019, respectively. Amortization of pre-contract costs for the years ended December 31, 2020 and 2019 was $0.8 million and $0.6 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 December 31, 2020 and 2019, construction receivables included retentions of $17.1 million and $9.0 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2020 during the year ending December 31, 2021. As of December 31, 2020 and 2019, construction payables included retentions of $17.7 million and $18.0 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2020 during the year ending December 31, 2021. The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Costs incurred on uncompleted construction contracts $ 905,037 $ 695,564 Estimated earnings 32,130 24,553 Billings (943,117) (725,174) Net position $ (5,950) $ (5,057) Construction contract costs and estimated earnings in excess of billings $ 138 $ 249 Billings in excess of construction contract costs and estimated earnings (6,088) (5,306) Net position $ (5,950) $ (5,057) The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): Years Ended December 31, 2020 2019 2018 Beginning backlog $ 242,622 $ 165,863 $ 49,167 New contracts/change orders 45,882 182,495 192,852 Work performed (217,246) (105,736) (76,156) Ending backlog $ 71,258 $ 242,622 $ 165,863

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Indebtedness	Indebtedness The Company’s indebtedness comprised the following as of December 31, 2020 and 2019 (dollars in thousands): Principal Balance Interest Rate (a) Maturity Date December 31, December 31, 2020 2019 2020 Secured Debt Hanbury Village (b) $ — $ 18,515 3.78 % August 15, 2022 Sandbridge Commons (c) — 8,020 LIBOR + 1.75% January 17, 2023 Southgate Square 19,682 20,562 LIBOR + 1.60% April 29, 2021 Nexton Square (d) 22,909 — LIBOR + 2.25% August 8, 2021 Encore Apartments (d)(e) 24,337 24,842 3.25 % September 10, 2021 4525 Main Street (d)(e) 31,231 31,876 3.25 % September 10, 2021 Red Mill West 10,851 11,296 4.23 % June 1, 2022 Thames Street Wharf 70,000 70,000 LIBOR + 1.30% (h) June 26, 2022 Marketplace at Hilltop 10,120 10,517 4.42 % October 1, 2022 1405 Point 53,000 53,000 LIBOR + 2.25% January 1, 2023 Socastee Commons 4,458 4,567 4.57 % January 6, 2023 Wills Wharf 59,044 29,154 LIBOR + 2.25% June 26, 2023 249 Central Park Retail (f) 16,597 16,828 LIBOR + 1.60% (h) August 10, 2023 Fountain Plaza Retail (f) 9,988 10,127 LIBOR + 1.60% (h) August 10, 2023 South Retail (f) 7,287 7,388 LIBOR + 1.60% (h) August 10, 2023 Hoffler Place (g) 18,400 29,059 LIBOR + 2.60% January 1, 2024 Summit Place (g) 23,100 28,824 LIBOR + 2.60% January 1, 2024 One City Center 24,712 25,286 LIBOR + 1.85% April 1, 2024 Red Mill Central 2,363 2,538 4.80 % June 17, 2024 Solis Gainesville — — LIBOR + 3.00% August 31, 2024 Premier Apartments (i) 16,716 16,750 LIBOR + 1.55% October 31, 2024 Premier Retail (i) 8,241 8,250 LIBOR + 1.55% October 31, 2024 Red Mill South 5,833 6,137 3.57 % May 1, 2025 Brooks Crossing Office 15,393 14,411 LIBOR + 1.60% July 1, 2025 Market at Mill Creek 13,789 14,727 LIBOR + 1.55% July 12, 2025 Johns Hopkins Village 50,859 51,800 LIBOR + 1.25% (h) August 7, 2025 North Point Center Note 2 2,094 2,214 7.25 % September 15, 2025 Lexington Square 14,440 14,696 4.50 % September 1, 2028 Red Mill North 4,294 4,394 4.73 % December 31, 2028 Greenside Apartments 33,310 34,000 3.17 % December 15, 2029 The Residences at Annapolis Junction 84,375 — SOFR + 2.66% November 1, 2030 Smith's Landing 17,331 18,174 4.05 % June 1, 2035 Liberty Apartments 13,877 14,165 5.66 % November 1, 2043 Edison Apartments 16,272 — 5.30 % December 1, 2044 The Cosmopolitan 42,909 43,702 3.35 % July 1, 2051 Total secured debt $ 747,812 $ 645,819 Unsecured Debt Senior unsecured revolving credit facility 10,000 110,000 LIBOR+1.30%-1.85% January 24, 2024 Senior unsecured term loan 19,500 44,500 LIBOR+1.25%-1.80% January 24, 2025 Senior unsecured term loan 185,500 160,500 LIBOR+1.25%-1.80% (h) January 24, 2025 Total unsecured debt $ 215,000 $ 315,000 Total principal balances $ 962,812 $ 960,819 Unamortized GAAP adjustments (8,971) (10,282) Other note payable (j) 10,004 — Indebtedness, net $ 963,845 $ 950,537 ________________________________________ (a) LIBOR and SOFR rates are determined by individual lenders. (b) On September 22, 2020, Hanbury Village Note was paid off. (c) On October 6, 2020, Sandbridge Commons Note was paid off. (d) Refinanced subsequent to year end. (e) Cross collateralized. (f) Cross collateralized. (g) Cross collateralized. (h) Includes debt subject to interest rate swap agreements. (i) Cross collateralized. (j) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 42-year remaining lease term and an earn-out liability for the Gainesville development project. The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Fixed-rate debt $ 573,951 $ 488,276 Variable-rate debt 388,861 472,543 Total principal balance $ 962,812 $ 960,819 Certain loans require the Company to comply with various financial and other covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2020, the Company was in compliance with all loan covenants. Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year Ending December 31, Scheduled Principal Payments Maturities Total Payments 2021 $ 10,682 $ 97,151 $ 107,833 2022 9,667 89,570 99,237 2023 9,060 147,320 156,380 2024 9,346 98,918 108,264 2025 7,539 279,107 286,646 Thereafter 91,356 113,096 204,452 Total (1) $ 137,650 $ 825,162 $ 962,812 ________________________________________ (1) Debt principal payments and maturities exclude increased ground lease payments at 1405 Point and accrued earn-out payments to the Company’s joint venture partner at Gainesville, each of which is classified as notes payable in the Company's consolidated balance sheets. 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 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 December 31, 2020, the interest rates on the revolving credit facility and the term loan facility were 1.64% and 1.59%, respectively. If the Company attains investment grade credit ratings from S&P and Moody’s, the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower under the credit facility, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The credit agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The credit agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the credit facility to be immediately due and payable. The Company is currently in compliance with all covenants under the credit agreement. Other 2020 Financing Activity 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. On August 31, 2020, the Company entered into a $31.4 million construction loan agreement for the development project owned by the Gainesville Partnership. The loan bears interest at a rate of LIBOR plus a spread of 3.00% (LIBOR has a floor of 0.75%). The loan matures on August 31, 2024 and has one 12-month extension option. The Company's joint venture partner in the Gainesville Partnership has guaranteed payment of 55% of loan advances. On September 22, 2020, as a part of the Nexton Square acquisition, the Company assumed a note payable of $22.9 million. The loan bears interest at a rate of LIBOR plus a spread of 2.25% and will mature on August 8, 2021. On September 22, 2020, the Company paid off the Hanbury Village loan in full. This property was added to the unencumbered borrowing base for the revolving credit facility. On October 1, 2020, the Company assumed a $16.4 million loan payable with the acquisition of Edison Apartments, a multifamily property located in downtown Richmond, Virginia On October 6, 2020, the Company paid off the Sandbridge Commons loan in full. This property was added to the unencumbered borrowing base for the revolving credit facility. On October 30, 2020, as part of the acquisition of The Residences at Annapolis Junction, the Company assumed an $83.4 million senior loan, which was immediately refinanced with a new $84.4 million loan. This new loan bears interest at a rate of SOFR plus a spread of 2.66% and will mature on November 1, 2030. On December 22, 2020, the Company refinanced the Summit Place loan. The Company decreased the balance to $23.1 million by paying down $11.5 million. The loan bears interest at a rate of LIBOR plus a spread of 2.60% (LIBOR has a 0.40% floor) and will mature on January 1, 2024. On December 22, 2020, the Company refinanced the Hoffler Place loan. The Company decreased the balance to $18.4 million by paying down $12.8 million. The loan bears interest at a rate of LIBOR plus a spread of 2.60% (LIBOR has a 0.40% floor) and will mature on January 1, 2024. In April 2020, the Company proactively obtained a waiver from the lender for the Premier Retail/Apartments property wherein it did 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 it did not have to meet the minimum debt service coverage requirement for the periods ended June 30, 2020 and December 31, 2020. As of December 31, 2020, the Company was in compliance with all covenants on its outstanding indebtedness after giving effect to the waivers granted. During the year ended December 31, 2020, the Company borrowed $39.7 million under its existing construction loans to fund new development and construction. Other 2019 Financing Activity On January 31, 2019, the Company paid off North Point Center Note 1. On March 11, 2019, the Company received $7.4 million of additional funding on the loan secured by Lightfoot Marketplace. On August 15, 2019, the Company sold the property and paid off the outstanding balance of $17.9 million. The Company retained the interest rate swap associated with the loan. On March 14, 2019, the Company obtained a loan secured by One City Center in the amount of $25.6 million in conjunction with the acquisition of this property. This loan may be increased to $27.6 million subject to certain conditions. The loan bears interest at a rate of LIBOR plus a spread of 1.85% and will mature on April 1, 2024. On April 24, 2019, the Company exercised its option to purchase 79% of the partnership that owns 1405 Point in exchange for extinguishing its note receivable on the project and a cash payment of $0.3 million. The project was acquired subject to a loan payable of $64.9 million, which was recorded at its fair value of $65.8 million. On December 27, 2019, the Company extended and modified the 1405 Point loan. The Company decreased the balance on the loan to $53.0 million by paying the balance of $12.3 million. The loan matures on January 1, 2023 and bears interest at a rate of LIBOR plus a spread of 2.25%; this spread will decrease to 2.00% upon achieving Debt Yield of 8.5% and further to 1.75% upon achieving Debt Yield of 9.5% (as defined in the loan agreement). On May 23, 2019, the Company assumed notes payable in connection with the acquisition of Red Mill Commons and Marketplace at Hilltop with outstanding principal balances of $24.9 million and $10.8 million, respectively. The following table summarizes the note balance at assumption, fair value at assumption, maturity date, and interest rate for each loan ($ in thousands): Loan name Note balance at assumption Fair value of loan at assumption Loan maturity date Loan interest rate Red Mill North $ 4,451 $ 4,520 12/31/2028 4.73 % Red Mill South 6,310 6,090 5/1/2025 3.57 % Red Mill Central 2,640 2,690 6/17/2024 4.80 % Red Mill West 11,548 11,540 6/1/2022 4.23 % Marketplace at Hilltop 10,740 10,790 10/1/2022 4.42 % $ 35,689 $ 35,630 On June 26, 2019, the Company obtained a loan secured by Thames Street Wharf in the amount of $70.0 million in conjunction with the acquisition of this property. The loan bears interest at a rate of LIBOR plus a spread of 1.30% and will mature on June 26, 2022. On June 26, 2019, the Company entered into a $76.0 million syndicated construction loan facility for the Wills Wharf development project in Baltimore, Maryland. The facility bears interest at a rate of LIBOR plus a spread of 2.25% during construction activities and will mature on June 26, 2023. On October 29, 2019, the Company extended and modified the Premier loan. The Company increased the balance on the loan to $25.0 million by receiving additional proceeds of $2.7 million. The loan bears interest at a rate of LIBOR plus a spread of 1.55% and will mature on October 31, 2024. On December 12, 2019, the Company refinanced the Greenside loan. The Company increased the balance to $34.0 million by receiving additional proceeds of $5.1 million. The loan bears interest at a rate of 3.17% and will mature on December 15, 2029. During the year ended December 31, 2019, the Company borrowed $96.3 million under its construction loans to fund development and construction. Other 2018 Financing Activity On January 22, 2018, the Company extended and modified the Sandbridge Commons note. The note bore interest at a rate of LIBOR plus a spread of 1.75%. On October 6, 2020, the Company paid off the Sandbridge Commons note in full. On March 27, 2018, the Company paid off Columbus Village Note 1 and Columbus Village Note 2 in full for an aggregate amount of $8.3 million. On May 31, 2018, the Company modified the Southgate Square note. The principal amount of the note was increased to $22.0 million, and the note now bears interest at a rate of LIBOR plus a spread of 1.60%. This note will still mature on April 29, 2021. On June 1, 2018, the Company entered into a $16.3 million construction loan for the River City industrial facility in Chesterfield, Virginia. The loan bore interest at a rate of LIBOR plus a spread of 1.50%. On December 20, 2018, the Company sold the completed facility and paid the loan in full. On June 14, 2018, the Company extended and modified the note secured by 249 Central Park Retail, Fountain Plaza Retail, and South Retail. The principal amount of the note was increased to $35.0 million. The note bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on August 10, 2023. On June 29, 2018, the Company entered into a $15.6 million construction loan for the Brooks Crossing Office development project. The loan bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on July 1, 2025. On July 12, 2018, the Company entered into a $16.2 million construction loan for the Market at Mill Creek development project in Mt. Pleasant, South Carolina. The loan bears interest at a rate of LIBOR plus a spread of 1.55% and will mature on July 12, 2025. On July 27, 2018, the Company paid off the Johns Hopkins Village note and entered into a new loan. The principal amount of the new loan is $53.0 million. The loan bears interest at a rate of LIBOR plus a spread of 1.25% and will mature on August 7, 2025. The Company simultaneously entered into an interest rate swap agreement that effectively fixes the interest rate at 4.19% for the term of the loan. On August 28, 2018, the Company entered into a $15.0 million note secured by the newly acquired Lexington Square shopping center. The note bears interest at a rate of 4.50% and will mature on September 1, 2028. On October 12, 2018, the Company extended and modified the note secured by Lightfoot Marketplace. The Company borrowed an initial tranche of $10.5 million on this note, which bore interest at a rate of LIBOR plus a spread of 1.75%. The Company simultaneously entered into an interest rate swap agreement that effectively fixed the interest rate of the initial tranche at 4.77% per annum. On March 11, 2019, the Company received $7.4 million of additional funding under this note. On August 15, 2019, the Company paid off the $17.9 million outstanding balance of the note in conjunction with the sale of the property. During the year ended December 31, 2018, the Company borrowed $86.9 million under its existing construction loans to fund new development and construction and repaid $10.5 million in conjunction with the sale of the River City industrial facility.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments During the three years ended December 31, 2020, the Company had the following LIBOR and SOFR interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount LIBOR Strike Rate SOFR Strike Rate Premium Paid 2/25/2016 3/1/2018 $ 75,000 1.50 % N/A $ 57 6/17/2016 6/17/2018 70,000 1.00 % N/A 150 2/7/2017 3/1/2019 50,000 1.50 % N/A 187 6/23/2017 7/1/2019 50,000 1.50 % N/A 154 9/18/2017 10/1/2019 50,000 1.50 % N/A 199 11/28/2017 12/1/2019 50,000 1.50 % N/A 359 3/7/2018 4/1/2020 50,000 2.25 % N/A 310 7/16/2018 8/1/2020 50,000 2.50 % N/A 319 12/11/2018 1/1/2021 50,000 2.75 % N/A 210 5/15/2019 6/1/2022 100,000 2.50 % N/A 288 1/10/2020 2/1/2022 50,000 (a) 1.75 % N/A 87 1/28/2020 2/1/2022 50,000 (a) 1.75 % N/A 62 3/2/2020 3/1/2022 100,000 (a) 1.50 % N/A 111 7/1/2020 7/1/2023 100,000 (a) 0.50 % N/A 232 11/1/2020 11/1/2023 84,375 (a) N/A 1.84 % 91 $ 2,816 ________________________________________ (a) Designated as a cash flow hedge. As of December 31, 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 % 4.23 % 5/1/2018 5/1/2023 John Hopkins Village 50,859 (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 % 4.47 % 10/12/2018 10/12/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 33,872 (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 % 3.71 % 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 % 1.95 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 1.95 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.55 % 2.00 % 4/1/2020 4/1/2024 Total $ 340,231 ________________________________________ (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 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 comprised the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Fair Value Fair Value Notional Amount Asset Liability Notional Amount Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ — $ (3,056) $ 100,000 $ — $ (1,992) Interest rate caps 150,000 4 — 250,000 25 — Total derivatives not designated as accounting hedges 200,000 4 (3,056) 350,000 25 (1,992) Derivatives designated as accounting hedges Interest rate swaps 290,231 — (11,797) 146,642 — (5,728) Interest rate caps 384,375 86 — — — — Total derivatives $ 874,606 $ 90 $ (14,853) $ 496,642 $ 25 $ (7,720) The changes in the fair value of the Company’s derivatives during the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Interest rate swaps $ (10,318) $ (6,050) $ (2,281) Interest rate caps (518) (2,053) (564) Total change in fair value of interest rate derivatives $ (10,836) $ (8,103) $ (2,845) Comprehensive income statement presentation: Change in fair value of derivatives and other $ (1,085) $ (3,599) $ (951) Unrealized cash flow hedge losses (9,751) (4,504) (1,894) Total change in fair value of interest rate derivatives $ (10,836) $ (8,103) $ (2,845)

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Equity	Equity Stockholders’ Equity As of December 31, 2020 and 2019, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 59.1 million and 56.3 million shares of common stock issued and outstanding as of December 31, 2020 and 2019, respectively. The Company had 6.8 million and 2.5 million shares of its Series A Preferred Stock (as defined below) issued and outstanding as of December 31, 2020 and 2019, respectively. Common Stock On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the "2018 ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock. Upon commencing the 2018 ATM Program, the Company simultaneously terminated the 2016 ATM Program. On August 6, 2019, the Company entered into amendments (the "Amendments") to the separate sales agreements related to the 2018 ATM Program, which, among other things, increased the aggregate offering price of shares of the Company’s common stock under the ATM Program from $125.0 million to $180.7 million. During the years ended December 31, 2020 and 2019, the Company issued and sold 92,577 and 5,871,519 shares of common stock at a weighted average price of $18.23 and $16.76 per share under the 2018 ATM Program, receiving net proceeds after offering costs and commissions of $1.7 million and $97.0 million, respectively. 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 2018 ATM Program. During the year ended December 31, 2020, the Company issued and sold 1,783,768 shares of common stock at a weighted average price of $10.48 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $18.4 million. During the year ended December 31, 2020, the Company issued and sold 713,418 shares of the Series A Preferred Stock at a weighted average price of $22.88 per share (inclusive of accrued dividends) under the ATM Program, receiving net proceeds, after offering costs and commissions, of $16.1 million. Preferred Stock On June 18, 2019, the Company issued 2,530,000 shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share ("Series A Preferred Stock"), with a liquidation preference of $25.00 per share, which included 330,000 shares issued upon the underwriters’ full exercise of their option to purchase additional shares. Net proceeds from the offering, after the underwriting discount but before offering expenses payable by the Company, were approximately $61.3 million. The Company used the net proceeds to fund a portion of the purchase price of Thames Street Wharf, a 263,426 square foot office building located in the Harbor Point neighborhood of Baltimore, Maryland. The balance of the net proceeds was used to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes. In connection with the issuance of the Series A Preferred Stock, on June 18, 2019, the Operating Partnership issued to the Company 2,530,000 6.75% Series A Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which have economic terms that are identical to the Company’s Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership. On August 20, 2020, the Company sold 3,600,000 shares of its Series A Preferred Stock at a public offering price of $24.75 per share (inclusive of accrued dividends), for net proceeds, after the underwriting discount and offering expenses payable by the Company, of approximately $86.1 million, pursuant to a prospectus supplement, dated August 13, 2020, and a base prospectus dated March 9, 2020. The offering was a re-opening of the Company’s previous issuances of Series A Preferred Stock. The additional shares of Series A Preferred Stock sold in the offering form a single series, and are fully fungible, with the other outstanding shares of Series A Preferred Stock. The Company used the net proceeds to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes. In connection with the issuance of the Series A Preferred Stock, on August 20, 2020, the Operating Partnership issued to the Company 3,600,000 6.75% Series A Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which have economic terms that are identical to the Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership. Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about the 15th day of each January, April, July and October. The first dividend on the Series A Preferred Stock was paid on October 15, 2019. The Series A Preferred Stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the Series A Preferred Stock will rank senior to the Company's common stock with respect to the payment of distributions and other amounts. Except in instances relating to preservation of the Company's qualification as a REIT or pursuant to the Company’s special optional redemption right, the Series A Preferred Stock is not redeemable prior to June 18, 2024. On and after June 18, 2024, the Company may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the redemption date. Upon the occurrence of a change of control (as defined in the articles supplementary designating the terms of the Series A Preferred Stock), the Company has a special optional redemption right that enables it to redeem the Series A Preferred Stock, in whole or in part and within 120 days after the first date on which a change of control has occurred resulting in neither the Company nor the surviving entity having a class of common stock listed on the New York Stock Exchange, NYSE American, or NASDAQ or the acquisition of beneficial ownership of its stock entitling a person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in election of directors. The special optional redemption price is $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the date of redemption. Upon the occurrence of a change of control, holders will have the right (unless the Company has elected to exercise its special optional redemption right to redeem their Series A Preferred Stock) to convert some or all of such holder’s Series A Preferred Stock into a number of shares of the Company's common stock equal to the lesser of: • the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid distributions to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a Series A Preferred Stock distribution payment and prior to the corresponding Series A Preferred Stock distribution payment date, in which case no additional amount for such accrued and unpaid distribution will be included in this sum) by (ii) the Common Stock Price (as defined in the articles supplementary designating the terms of the Series A Preferred Stock); and • 2.97796 (i.e., the Share Cap), subject to certain adjustments; subject, in each case, to certain adjustments and provisions for the receipt of alternative consideration of equivalent value as described in the articles supplementary designating the terms of the Series A Preferred Stock. Noncontrolling Interests As of December 31, 2020 and 2019, the Company held a 73.9% and 72.6% common interest in the Operating Partnership, respectively. As of December 31, 2020, the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $171.1 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 73.9% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent units of limited partnership interest in the Operating Partnership not held by the Company. As of December 31, 2020, there were 20,865,485 Class A Units of limited partnership interest in the Operating partnership 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 $0.5 million relates to the minority partners' interest in certain joint venture entities as of December 31, 2020, including Hoffler Place, The Residences at Annapolis Junction, and Summit Place. The noncontrolling interest for the consolidated entities under development or construction was $4.5 million as of December 31, 2019. 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. As partial consideration for the acquisition of Edison Apartments, the Operating Partnership issued 633,734 Class A Units on October 1, 2020. Holders of OP Units may not transfer their units without the Company’s prior consent as general partner of the Operating Partnership. Subject to the satisfaction of certain conditions, holders of Class A Units may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock at the time of redemption or, at the Company’s option and sole discretion, for unregistered or registered shares of common stock on a one-for-one basis. Accordingly, the Company presents OP Units of the Operating Partnership not held by the Company as noncontrolling interests within equity in the consolidated balance sheets. Dividends and Class A Unit Distributions During the years ended December 31, 2020, 2019, and 2018, the Company declared dividends per common share and distributions per unit of $0.44, $0.84, and $0.80, respectively. During the years ended December 31, 2020, 2019, and 2018, these common stock dividends totaled $25.3 million, $45.4 million, and $38.7 million, respectively, and these Operating Partnership distributions totaled $9.2 million, $16.9 million, and $13.8 million, respectively. The tax treatment of dividends paid to common stockholders during the years ended December 31, 2020, 2019, and 2018 was as follows (unaudited): Years ended December 31, 2020 2019 2018 Capital gains — % 10.62 % 9.49 % Ordinary income 59.09 % 68.83 % 63.40 % Return of capital 40.91 % 20.55 % 27.11 % Total 100.00 % 100.00 % 100.00 % During the years ended December 31, 2020 and 2019, the Company declared dividends of $1.687500 and $0.970315 per share, respectively, to holders of Series A Preferred Stock. During the years ended December 31, 2020 and 2019, these preferred stock dividends totaled $7.3 million and $2.5 million, respectively. The Company did not have dividends for preferred shares during the year ended December 31, 2018.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 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 December 31, 2020, the Company had 728,783 shares of common stock available for issuance under the Equity Plan. During the years ended December 31, 2020, 2019, and 2018, the Company granted an aggregate of 176,382, 154,030 and 164,241 shares of restricted stock to employees and nonemployee directors, respectively. The grant date fair value of the restricted stock awards granted during the years ended December 31, 2020, 2019, and 2018 was $2.8 million, $2.4 million and $2.2 million, respectively. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Nonemployee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Unvested restricted stock awards are entitled to receive dividends from their grant date. During the year ended December 31, 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 three months ended March 31, 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. Of those shares, 3,677 were surrendered by the employees for income tax withholdings. During the three months ended December 31, 2020, 10,842 shares were issued with a grant date fair value of $11.11 per share due to the partial vesting of performance units awarded to certain employees in 2016 and 2017. Of those shares, 3,165 were surrendered by the employees for income tax withholdings. During the years ended December 31, 2020, 2019, and 2018, the Company recognized $2.9 million, $2.4 million and $2.0 million of stock-based compensation, respectively. As of December 31, 2020, the total unrecognized compensation cost related to nonvested restricted shares was $0.8 million, substantially all of which the Company expects to recognize over the next 15 months. Compensation cost relating to stock-based compensation for the years ended December 31, 2020, 2019, and 2018 was recorded as follows (in thousands): Years Ended December 31, 2020 2019 2018 General and administrative expense $ 1,615 $ 1,211 $ 1,073 General contracting and real estate services expenses 763 402 213 Capitalized in conjunction with development projects 483 746 661 Total stock-based compensation cost $ 2,861 $ 2,359 $ 1,947 The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2020: Restricted Stock Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2020 143,952 $ 14.88 Granted 176,382 15.77 Vested (151,041) 15.42 Forfeited (1,715) 16.35 Nonvested as of December 31, 2020 167,578 $ 15.31 Restricted stock awards granted and vested during the year ended December 31, 2020 include 27,060 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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 Inputs — quoted prices in active markets for identical assets or liabilities Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair 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 measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. 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 December 31, 2020 and 2019 were as follows (in thousands): December 31, 2020 2019 Carrying Fair Carrying Fair Indebtedness, net $ 963,845 $ 980,714 $ 950,537 $ 958,421 Notes receivable 135,432 135,223 159,371 159,371 Interest rate swap liabilities 14,853 14,853 7,720 7,720 Interest rate swap and cap assets 90 90 25 25

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax benefit (provision) for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands): Years Ended December 31, 2020 2019 2018 Federal income taxes: Current $ 290 $ 430 $ (14) Deferred (18) (20) 37 State income taxes: Current 14 85 (1) Deferred (3) (4) 7 Income tax benefit $ 283 $ 491 $ 29 As of December 31, 2020 and 2019, the Company had $0.5 million and $0.9 million, respectively, of net deferred tax assets representing net operating losses of the TRS that are being carried forward and basis differences in the assets of the TRS. The deferred tax assets are presented within other assets in the consolidated balance sheets. Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2020 and 2019. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2017 through 2020. The Company does not currently have any ongoing tax examinations by taxing authorities.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets were comprised of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Leasing costs, net $ 13,007 $ 11,357 Leasing incentives, net 3,303 2,855 Interest rate swaps and caps 90 25 Prepaid expenses and other 11,542 12,192 Preacquisition and predevelopment costs 15,382 6,472 Other assets $ 43,324 $ 32,901

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities were comprised of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Dividends and distributions payable $ 11,753 $ 17,477 Acquired lease intangibles, net 15,621 21,300 Prepaid rent and other 9,068 8,604 Security deposits 2,976 2,673 Interest rate swaps 14,853 7,720 Guarantee liability 2,631 5,271 Other liabilities $ 56,902 $ 63,045

Acquired Lease Intangibles

Acquired Lease Intangibles	12 Months Ended
	Dec. 31, 2020
Acquired Lease Intangibles
Acquired Lease Intangibles	Acquired Lease Intangibles The following table summarizes the Company’s acquired lease intangibles as of December 31, 2020 (in thousands): December 31, 2020 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 110,643 $ 54,276 $ 56,367 Above-market lease assets 5,638 3,851 1,787 Below-market ground lease assets Below-market operating ground lease assets 1,920 406 1,514 Below-market finance ground lease assets 6,629 261 6,368 Below-market lease liabilities 25,015 9,394 15,621 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2019 (in thousands): December 31, 2019 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 112,555 $ 47,341 $ 65,214 Above-market lease assets 7,039 3,551 3,488 Below-market ground lease assets Below-market operating ground lease assets 1,920 352 1,568 Below-market finance ground lease assets 6,629 102 6,527 Below-market lease liabilities 29,575 8,275 21,300 During the years ended December 31, 2020, 2019, and 2018, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands): Years Ended December 31, 2020 2019 2018 Intangible lease assets In-place lease assets $ 6,935 $ 14,971 $ 7,676 Above-market lease assets 300 875 753 Below-market ground lease assets Amortization of below-market operating ground lease assets (a) 54 53 53 Amortization of below-market finance ground lease assets (a)(b) 159 102 — Intangible lease liabilities Below-market lease liabilities 1,119 2,261 1,754 ________________________________________ (a) Prior to 2019, Amortization of Below Market Ground Leases was included in Rental Expenses. With the adoption of ASC 842 on 1/1/2019, Amortization of below market ground rents became a component of the amortization of the right-of-use assets of Operating and Finance Leases, respectively. (b) All of the Company's leases were classified as Operating Leases prior to 2019. As of December 31, 2020, the weighted-average remaining lives of in-place lease assets, above-market lease assets, below-market lease liabilities, below-market ground lease assets - operating and below-market ground lease assets - finance were 7.3 years, 3.0 years, 12.9 years, 28.5 years, and 40.2 years, respectively. As of December 31, 2020, the weighted-average remaining life of below-market lease renewal options was 9.1 years. Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Depreciation and Rental Revenues Amortization Year ending December 31, 2021 $ 1,433 $ 13,184 2022 1,443 8,232 2023 1,341 6,780 2024 1,383 5,560 2025 1,347 4,962

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 consolidated financial statements. Revenue from construction contracts with related party entities of the Company was $52.2 million, $5.7 million and $1.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. Gross profits from such contracts were $2.0 million, $0.2 million and $0.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020 and 2019, there was $8.6 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 years ended December 31, 2020, 2019, and 2018. 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 years ended December 31, 2020, 2019, and 2018. The general contracting services described above include contracts with an aggregate price of $81.0 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 executives of the Company, not including the Chief Executive Officer and Chief Financial Officer. These contracts were executed in October and December 2019 and are projected to result in aggregate gross profit of $3.1 million to the Company, representing a gross profit margin of 3.8%. 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 December 31, 2020. On October 1, 2020, the Company acquired Edison Apartments, a multifamily property located in downtown Richmond, Virginia, for consideration comprised of 633,734 Class A Units, the assumption of a $16.4 million loan payable, and the assumption of $1.1 million in other assets and liabilities. The seller of the project is comprised in part by members of the Company's management and board of directors. Additionally, a development fee of $1.8 million, which was included in the assumed assets and liabilities, was paid to the development group partially owned by members of the Company's management and board of directors.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. 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 payment guarantees made by the Company as of December 31, 2020 (in thousands): Payment guarantee amount Delray Plaza $ 5,180 Interlock Commercial 34,300 Total $ 39,480 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 $2.4 million and $4.3 million as of December 31, 2020 and 2019, respectively. In addition, during the year ended December 31, 2019, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under a related party project, which was still in effect at December 31, 2020. The Operating Partnership has entered into standby letters of credit related to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of December 31, 2020 and 2019, the Operating Partnership had an outstanding letter of credit of $9.5 million, as noted above. Concentrations of Credit Risk The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2020, 2019, and 2018, rental revenues from Hampton Roads properties represented 44%, 48% and 53%, respectively, of the Company’s rental revenues. Many of the Company’s Hampton Roads properties are located in the Town Center of Virginia Beach. For the years ended December 31, 2020, 2019, and 2018, rental revenues from Town Center properties represented 27%, 31% and 38%, respectively, of the Company’s rental revenues. A group of three construction customers comprised 65%, 67%, and 55% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2020, 2019, and 2018, respectively. The same customers represented 72%, 66%, and 28% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2020, 2019, and 2018, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion. Real Estate On January 4, 2021, the Company completed the sale of the 7-Eleven outparcel at Hanbury Village. Net proceeds after the transaction costs were $2.8 million. The gain on disposition is estimated at $2.4 million. On January 14, 2021, the Company completed the sale of a land outparcel at Nexton Square for a sale price of $0.9 million. There was no gain or loss on the disposition. Indebtedness On January 15, 2021, the Company refinanced the loan secured by 4525 Main Street and Encore Apartments. The Company increased the total balance of the loan to $57.0 million. The new loan bears interest at a rate of 2.93% and will mature on February 10, 2026. On January 28, 2021, the Company refinanced the Nexton Square loan and paid the balance down by $2.0 million, bringing the balance to $20.1 million. The loan bears interest at a rate of LIBOR plus a spread of 2.25% (LIBOR has a 0.25% floor) and will mature on February 1, 2023. Borrowings under the revolving credit facility were $25.0 million on February 19, 2021. Derivative Financial Instruments On February 2, 2021, the Company entered into a LIBOR interest rate cap agreement on a notional amount of $100.0 million at a strike rate of 0.50% for a premium of less than $0.1 million. The interest rate cap will expire on February 1, 2023. Equity On January 7, 2021, the Company paid cash dividends of $6.5 million to common stockholders and the Operating Partnership paid cash distributions of $2.3 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2020. On January 12, 2021, due to a holder of Class A Units tendering 12,000 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request through issuance of an equal numbers of shares of common stock. On January 15, 2021, the Company paid cash dividends of $2.9 million to the holders of the Series A Preferred Stock. These dividends were declared and accrued as of December 31, 2020. On February 9, 2021, the Company announced that its board of directors declared a cash dividend of $0.15 per common share for the first quarter of 2021. This represents a 36.0% increase over the prior quarter's cash dividend. The first quarter dividend will be payable in cash on April 8, 2021 to stockholders of record on March 31, 2021. On February 9, 2021, the Company announced that its board of directors declared a cash dividend of $0.421875 per share of Series A Preferred Stock for the first quarter of 2021. The dividend will be payable in cash on April 15, 2021 to stockholders of record on April 1, 2021. Commitments

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation	SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation December 31, 2020 Initial Cost Cost Capitalized Gross Carrying Amount Year of Building and Subsequent to Building and Accumulated Net Carrying Construction/ Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Amount (1) Acquisition Office 4525 Main Street $ 31,231 $ 982 $ — $ 52,562 $ 982 $ 52,562 $ 53,544 $ 9,994 $ 43,550 2014 Armada Hoffler Tower — (2) 1,976 — 61,372 1,976 61,372 63,348 38,057 25,291 2002 Brooks Crossing Office 15,393 295 — 19,546 295 19,546 19,841 1,129 18,712 2016 One City Center 24,712 2,911 28,202 6,173 2,911 34,375 37,286 1,655 35,631 2019 One Columbus — (2) 960 10,269 12,857 960 23,126 24,086 12,878 11,208 1984 Thames Street Wharf 70,000 15,861 64,689 233 15,861 64,922 80,783 2,539 78,244 2010/2019 Two Columbus — (2) 53 — 21,145 53 21,145 21,198 9,487 11,711 2009 Wills Wharf 59,044 — — 104,209 — 104,209 104,209 1,205 103,004 2019 (4) Total office $ 200,380 $ 23,038 $ 103,160 $ 278,097 $ 23,038 $ 381,257 $ 404,295 $ 76,944 $ 327,351 Retail 249 Central Park Retail $ 16,597 $ 712 $ — $ 16,526 $ 712 $ 16,526 $ 17,238 $ 8,703 $ 8,535 2004 Apex Entertainment — (2) 67 — 17,827 67 17,827 17,894 5,360 12,534 2002 Broad Creek Shopping Center — (2) — — 9,101 — 9,101 9,101 4,593 4,508 1997-2001 Broadmoor Plaza — (2) 2,410 9,010 1,029 2,410 10,039 12,449 2,356 10,093 1980/2016 Brooks Crossing Retail — 359 — 2,333 359 2,333 2,692 303 2,389 2016 Columbus Village — (2) 7,631 10,135 8,019 7,631 18,154 25,785 3,326 22,459 1980/2015 Columbus Village II — (2) 14,536 10,922 63 14,536 10,985 25,521 1,788 23,733 1995/2016 Commerce Street Retail — (2) 118 — 3,317 118 3,317 3,435 1,872 1,563 2008 Courthouse 7-Eleven — (2) 1,007 — 1,044 1,007 1,044 2,051 244 1,807 2011 Dimmock Square — (2) 5,100 13,126 392 5,100 13,518 18,618 2,438 16,180 1998/2014 Fountain Plaza Retail 9,988 425 — 7,406 425 7,406 7,831 3,799 4,032 2004 Greentree Shopping Center — (2) 1,103 — 4,136 1,103 4,136 5,239 1,077 4,162 2014 Hanbury Village — (2) 2,566 — 16,249 2,566 16,249 18,815 7,037 11,778 2006 Harrisonburg Regal — 1,554 — 4,148 1,554 4,148 5,702 2,309 3,393 1999 Lexington Square 14,440 3,035 20,581 269 3,035 20,850 23,885 1,658 22,227 2017/2018 Market at Mill Creek 13,789 2,261 — 20,878 2,261 20,878 23,139 1,156 21,983 2018 Marketplace at Hilltop 10,120 2,023 19,886 50 2,023 19,936 21,959 955 21,004 2000/2019 Nexton Square 22,909 9,086 27,760 807 9,086 28,567 37,653 337 37,316 2020/2020 North Hampton Market — (2) 7,250 10,210 687 7,250 10,897 18,147 2,175 15,972 2004/2016 North Point Center 2,094 (3) 1,936 — 25,733 1,936 25,733 27,669 15,053 12,616 1998 Oakland Marketplace — (2) 1,850 3,370 692 1,850 4,062 5,912 1,124 4,788 2004/2016 Parkway Centre — (2) 1,372 7,864 114 1,372 7,978 9,350 717 8,633 2017/2018 Parkway Marketplace — (2) 1,150 — 3,841 1,150 3,841 4,991 2,133 2,858 1998 Patterson Place — (2) 15,059 20,180 726 15,059 20,906 35,965 3,235 32,730 2004/2016 Perry Hall Marketplace — (2) 3,240 8,316 459 3,240 8,775 12,015 1,901 10,114 2001/2015 Premier Retail 8,241 318 — 15,069 318 15,069 15,387 979 14,408 2018 Providence Plaza — (2) 9,950 12,369 1,580 9,950 13,949 23,899 2,460 21,439 2007/2015 Red Mill Commons 23,341 (3) 44,252 30,348 778 44,252 31,126 75,378 2,623 72,755 2000/2019 Sandbridge Commons — (2) 4,825 — 7,365 4,825 7,365 12,190 1,833 10,357 2015 Socastee Commons 4,458 2,320 5,380 149 2,320 5,529 7,849 1,147 6,702 2000/2015 South Retail 7,287 190 — 8,165 190 8,165 8,355 4,809 3,546 2002 South Square — (2) 14,130 12,670 930 14,130 13,600 27,730 2,390 25,340 1977/2016 Southgate Square 19,682 10,238 25,950 4,700 10,238 30,650 40,888 4,336 36,552 1991/2016 Southshore Shops — (2) 1,770 6,509 208 1,770 6,717 8,487 937 7,550 2006/2016 Studio 56 Retail — (2) 76 — 2,532 76 2,532 2,608 1,083 1,525 2007 Tyre Neck Harris Teeter — (2) — — 3,306 — 3,306 3,306 1,422 1,884 2011 Wendover Village — (2) 19,893 22,638 475 19,893 23,113 43,006 3,115 39,891 2004/2016-2019 Total retail $ 152,946 $ 193,812 $ 277,224 $ 191,103 $ 193,812 $ 468,327 $ 662,139 $ 102,783 $ 559,356 Multifamily 1405 Point $ 53,000 $ — $ 95,466 $ 2,775 $ — $ 98,241 $ 98,241 $ 5,261 $ 92,980 2018/2019 Edison Apartments 16,272 3,428 18,582 383 3,428 18,965 22,393 128 22,265 1919 & 2014/2020 Encore Apartments 24,337 1,293 — 30,548 1,293 30,548 31,841 6,083 25,758 2014 Greenside Apartments 33,310 5,711 — 45,216 5,711 45,216 50,927 3,327 47,600 2018 Hoffler Place 18,400 7,401 — 40,197 7,401 40,197 47,598 1,668 45,930 2019 Johns Hopkins Village 50,859 — — 70,117 — 70,117 70,117 10,071 60,046 2016 Liberty Apartments 13,877 3,580 23,494 2,084 3,580 25,578 29,158 5,951 23,207 2013/2014 Premier Apartments 16,716 647 — 29,169 647 29,169 29,816 2,060 27,756 2018 Smith’s Landing 17,331 — 35,105 2,588 — 37,693 37,693 9,164 28,529 2009/2013 Solis Gainesville — 5,200 — 6,208 5,200 6,208 11,408 — 11,408 2020 (4) Summit Place 23,100 7,315 — 48,567 7,315 48,567 55,882 576 55,306 2020 The Cosmopolitan 42,909 985 — 72,208 985 72,208 73,193 29,199 43,994 2006 The Residences at Annapolis Junction 84,375 14,774 104,801 34 14,774 104,835 119,609 750 118,859 2018/2020 Total multifamily $ 394,486 $ 50,334 $ 277,448 $ 350,094 $ 50,334 $ 627,542 $ 677,876 $ 74,238 $ 603,638 Held for development $ — $ 13,607 $ — $ — $ 13,607 $ — $ 13,607 $ — $ 13,607 Real estate investments $ 747,812 $ 280,791 $ 657,832 $ 819,294 $ 280,791 $ 1,477,126 $ 1,757,917 $ 253,965 $ 1,503,952 ________________________________________ (1) The net carrying amount of real estate for federal income tax purposes was $1,288.5 million as of December 31, 2020. (2) Borrowing base collateral for the credit facility as of December 31, 2020. (3) A portion of this property is borrowing base collateral for the credit facility as of December 31, 2020. (4) Construction in progress as of December 31, 2020. Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Real Estate Accumulated Investments Depreciation December 31, 2020 2019 2020 2019 Balance at beginning of the year $ 1,606,324 $ 1,176,586 $ 224,738 $ 188,775 Construction costs and improvements 58,039 143,700 — — Acquisitions 196,214 314,898 — — Dispositions (101,768) (28,117) (14,444) (1,818) Reclassifications (892) (743) — (58) Depreciation — — 43,671 37,839 Balance at end of the year $ 1,757,917 $ 1,606,324 $ 253,965 $ 224,738

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership, its wholly owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ from management’s estimates.
Segments	Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate, and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties.
Reclassifications	Reclassifications
Revenue Recognition	Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $5.9 million, $3.4 million and $2.7 million of straight-line rent adjustments for the years ended December 31, 2020, 2019, and 2018, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million for each of the years ended December 31, 2020, 2019, and 2018. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem.
Real Estate Investments	Real Estate Investments Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2020, 2019, and 2018 was $3.6 million, $5.9 million and $5.0 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2020, 2019, and 2018 were $2.6 million, $3.1 million and $3.1 million, respectively. The Company capitalizes predevelopment costs directly identifiable with specific properties when the development of such properties is probable. Capitalized predevelopment costs are presented within other assets in the consolidated balance sheets. Land for which development activities have not yet commenced are presented separately as land held for development in the consolidated balance sheets. Capitalized predevelopment costs as of December 31, 2020 and 2019 were $15.4 million and $6.5 million, respectively. Costs attributable to unsuccessful projects are expensed.
Operating Property Acquisitions	Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy.
Real Estate Sales and Real Estate Investments Held for Sale	Real Estate Sales The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Impairment of Long Lived Assets	Impairment of Long Lived Assets The Company evaluates its real estate assets for impairment on a property-by-property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the years ended December 31, 2019 and 2018 represent unamortized leasing or acquired intangible assets related to vacated tenants.
Interest Income	Interest Income Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds, and investments with an original maturity of three months or less.
Restricted Cash	Restricted Cash
Accounts Receivable, net	Accounts Receivable, net
Notes Receivable and Allowance for Loan Losses	Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of mortgage or mezzanine loans for the development of new real estate. The Company's mezzanine loans are typically made to borrowers who have little or no equity in the underlying development projects. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. 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 will also consider placing the loan on nonaccrual status if it does not believe that additional interest accruals will ultimately be collected.
Guarantees	Guarantees
Leasing Costs	Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets.
Leasing Incentives	Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets.
Debt Issuance Costs	Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets.
Derivative Financial Instruments	Derivative Financial Instruments
Stock-Based Compensation	Stock-Based Compensation
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes.
Discontinued Operations	Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations.
Net Income Per Share and Unit	Net Income Per Share
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards Adopted: Credit losses In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments-Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 significantly changes how entities 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 second quarter of 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. Recently Issued Accounting Standards Not Yet Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is currently evaluating the effect that adopting this standard may have on its Consolidated Financial Statements. Earnings Per Share In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470 and ASC Topic 815. ASU 2020-06 simplifies the accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs — quoted prices in active markets for identical assets or liabilities Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair 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 measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
Legal Proceedings	Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

Business and Organization (Tabl

Business and Organization (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of 100% owned properties	As of December 31, 2020, the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% Brooks Crossing Office Office Newport News, Virginia 100% One City Center Office Durham, North Carolina 100% One Columbus Office Virginia Beach, Virginia* 100% Thames Street Wharf Office Baltimore, Maryland 100% Two Columbus Office Virginia Beach, Virginia* 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Apex Entertainment Retail Virginia Beach, Virginia* 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail (1) Retail Newport News, Virginia 65% Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Courthouse 7-Eleven Retail Virginia Beach, Virginia 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Lexington Square Retail Lexington, South Carolina 100% Market at Mill Creek (1) Retail Mount Pleasant, South Carolina 70% Marketplace at Hilltop Retail Virginia Beach, Virginia 100% Nexton Square Retail Summerville, South Carolina 100% North Hampton Market Retail Taylors, South Carolina 100% North Point Center Retail Durham, North Carolina 100% Oakland Marketplace Retail Oakland, Tennessee 100% Parkway Centre Retail Moultrie, Georgia 100% Parkway Marketplace Retail Virginia Beach, Virginia 100% Property Segment Location Ownership Interest Patterson Place Retail Durham, North Carolina 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Providence Plaza Retail Charlotte, North Carolina 100% Red Mill Commons Retail Virginia Beach, Virginia 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% Socastee Commons Retail Myrtle Beach, South Carolina 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% 1405 Point Multifamily Baltimore, Maryland 100% Edison Apartments Multifamily Richmond, VA 100% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Greenside Apartments Multifamily Charlotte, North Carolina 100% Hoffler Place Multifamily Charleston, South Carolina 93% Johns Hopkins Village Multifamily Baltimore, Maryland 100% Liberty Apartments Multifamily Newport News, Virginia 100% Premier Apartments Multifamily Virginia Beach, Virginia* 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% Summit Place Multifamily Charleston, South Carolina 90% The Cosmopolitan Multifamily Virginia Beach, Virginia* 100% The Residences at Annapolis Junction (1) Multifamily Annapolis Junction, MD 79% ________________________________________ * Located in the Town Center of Virginia Beach (1) The Company is entitled to a preferred return on its investment in this property.
Schedule of properties under development or construction	As of December 31, 2020, the following properties were under development, redevelopment or not yet stabilized: Property Segment Location Ownership Interest Wills Wharf Office Baltimore, Maryland 100% Premier Retail Retail Virginia Beach, Virginia* 100% Solis Gainesville Multifamily Gainesville, Georgia 95% ________________________________________ * Located in the Town Center of Virginia Beach

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter)

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Net operating income of reportable segments	Net operating income of the Company’s reportable segments for the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Office real estate Rental revenues $ 43,494 $ 33,269 $ 20,701 Rental expenses 10,799 8,722 5,858 Real estate taxes 5,111 3,471 2,034 Segment net operating income 27,584 21,076 12,809 Retail real estate Rental revenues 73,032 77,593 67,959 Rental expenses 11,029 11,656 10,903 Real estate taxes 7,784 7,916 6,801 Segment net operating income 54,219 58,021 50,255 Multifamily residential real estate Rental revenues 49,962 40,477 28,298 Rental expenses 17,132 13,954 10,461 Real estate taxes 5,241 3,574 2,548 Segment net operating income 27,589 22,949 15,289 General contracting and real estate services Segment revenues 217,146 105,859 76,359 Segment expenses 209,472 101,538 73,628 Segment gross profit 7,674 4,321 2,731 Net operating income $ 117,066 $ 106,367 $ 81,084
Reconciliation of net operating income to net income	The following table reconciles net operating income to net income for the years ended December 31, 2020, 2019, and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 Net operating income $ 117,066 $ 106,367 $ 81,084 Depreciation and amortization (59,972) (54,564) (39,913) Amortization of right-of-use assets - finance leases (586) (377) — General and administrative expenses (12,905) (12,392) (11,431) Acquisition, development and other pursuit costs (584) (844) (352) Impairment charges (666) (252) (1,619) Gain on real estate dispositions 6,388 4,699 4,254 Interest income 19,841 23,215 10,729 Interest expense on indebtedness (30,120) (30,776) (19,087) Interest expense on finance leases (915) (568) — Equity in income of unconsolidated real estate entities — 273 372 Change in fair value of derivatives and other (1,130) (3,599) (951) Provision for unrealized credit losses (256) — — Other income (expense), net 515 585 377 Income tax benefit 283 491 29 Net income $ 36,959 $ 32,258 $ 23,492

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of lease costs	The components of lease cost for the years ended December 31, 2020, 2019, and 2018 were as follows (in thousands): Years Ended December 31, 2020 2019 2018 (b) Operating lease cost $ 1,660 $ 2,700 $ 2,962 Finance lease cost: Amortization of right-of-use assets (a) 586 369 — Interest on lease liabilities 915 568 — ________________________________________ (a) Includes amortization of below-market ground lease intangible assets. (b) All of the Company's leases were classified as operating leases prior to 2019. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2020, 2019, and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 (a) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,113 $ 1,969 $ 2,354 Operating cash flows from finance leases 864 533 — ________________________________________ (a) All of the Company's leases were classified as operating leases prior to 2019. Additional information related to leases as of December 31, 2020 and 2019 were as follows: December 31, 2020 2019 Weighted Average Remaining Lease Term (years) Operating leases 44.5 45.4 Finance leases 40.2 41.2 Weighted Average Discount Rate Operating leases 5.4 % 5.4 % Finance leases 5.2 % 5.2 %
Schedule of maturities of operating lease liabilities	The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2021 $ 2,158 $ 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 2025 2,452 925 Thereafter 101,072 42,089 Total undiscounted cash flows 112,879 46,507 Present value discount (71,220) (28,553) Discounted cash flows $ 41,659 $ 17,954
Schedule of maturities of finance lease liabilities	The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2021 $ 2,158 $ 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 2025 2,452 925 Thereafter 101,072 42,089 Total undiscounted cash flows 112,879 46,507 Present value discount (71,220) (28,553) Discounted cash flows $ 41,659 $ 17,954
Schedule of rental revenue	Rental revenue for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands): Years Ended December 31, 2020 2019 2018 Base rent and tenant charges $ 159,747 $ 147,309 $ 114,012 Accrued straight-line rental adjustment 5,927 3,402 2,731 Lease incentive amortization (693) (739) (732) Below/(above) market lease amortization 1,507 1,367 947 Total rental revenue $ 166,488 $ 151,339 $ 116,958
Schedule of minimum rental payments	The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2021 $ 90,693 2022 88,270 2023 81,767 2024 73,029 2025 60,588 Thereafter 307,377 Total $ 701,724

Real Estate Investments and E_2

Real Estate Investments and Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of real estate investments	The Company’s real estate investments comprised the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 Income producing property Held for development Construction in progress Total Land $ 261,984 $ 13,607 $ 5,200 $ 280,791 Land improvements 61,275 — — 61,275 Buildings and improvements 1,357,684 — — 1,357,684 Development and construction costs — — 58,167 58,167 Real estate investments $ 1,680,943 $ 13,607 $ 63,367 $ 1,757,917 December 31, 2019 Income producing property Held for development Construction in progress Total Land $ 263,258 $ 5,000 $ 7,265 $ 275,523 Land improvements 58,636 — — 58,636 Buildings and improvements 1,138,829 — — 1,138,829 Development and construction costs — — 133,336 133,336 Real estate investments $ 1,460,723 $ 5,000 $ 140,601 $ 1,606,324
Schedule of the purchase price allocation	The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties acquired during the year ended December 31, 2020 (in thousands): Nexton Square Edison Apartments The Residences at Annapolis Junction Land $ 9,885 $ 3,428 $ 14,774 Site improvements 3,690 — 1,786 Building and improvements 24,070 18,227 101,219 Furniture and fixtures — 355 1,796 In-place leases 5,239 1,882 4,079 Below-market leases (1,877) (140) — Fair value adjustment on acquired debt 364 (6) — Net assets acquired $ 41,371 $ 23,746 $ 123,654 The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the six operating properties acquired during the year ended December 31, 2019 (in thousands): Wendover Village outparcel One City Center 1405 Point Red Mill Commons Marketplace at Hilltop Thames Street Wharf Land $ 1,633 $ 2,678 $ — (a) $ 44,252 $ 2,023 (b) $ 15,861 Site improvements 50 163 298 2,558 691 150 Building and improvements 888 28,039 92,866 27,790 19,195 64,539 Furniture and fixtures — — 2,302 — — — In-place leases 101 15,140 3,371 9,973 4,565 24,385 Above-market leases 111 — — 1,463 599 — Below-market leases — — — (6,221) (1,136) (3,636) Finance lease liabilities — — (8,671) — (9,200) — Finance lease right-of-use assets — — 11,730 (a) — 12,770 (b) — Net assets acquired $ 2,783 $ 46,020 $ 101,896 $ 79,815 $ 29,507 $ 101,299 ________________________________________ (a) Land is subject to a ground lease. (b) Portion of land is subject to a ground lease. The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and liabilities assumed for the three operating properties purchased during the year ended December 31, 2018 (in thousands): Indian Lakes Crossing Parkway Centre Lexington Square Land $ 10,926 $ 1,372 $ 3,036 Site improvements 531 696 7,396 Building and improvements 1,913 7,168 10,387 In-place leases 1,648 2,346 4,113 Above-market leases 11 — 89 Below-market leases (175) (10) (447) Net assets acquired $ 14,854 $ 11,572 $ 24,574

Notes Receivable and Allowanc_2

Notes Receivable and Allowance for Loan Losses (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Summary of Mezzanine Loans	The Company had the following loans receivable outstanding as of December 31, 2020 and December 31, 2019 ($ in thousands): Outstanding loan amount Maximum loan commitment Interest rate Interest compounding Development Project December 31, 2020 December 31, 2019 The Residences at Annapolis Junction $ — $ 40,049 N/A N/A (a) N/A Delray Plaza 14,289 12,995 17,000 15.0 % (a)(b) Annually Nexton Square — 15,097 N/A N/A N/A Interlock Commercial 85,318 59,224 103,000 15.0 % (c) None Solis Apartments at Interlock 28,969 25,588 41,100 13.0 % Annually Total mezzanine 128,576 152,953 $ 161,100 Other notes receivable 6,809 1,147 Notes receivable guarantee premium 2,631 5,271 Allowance for credit losses (2,584) — Total notes receivable $ 135,432 $ 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 years ended December 31, 2020, 2019, and 2018 as follows (in thousands): Years Ended December 31, Development Project 2020 2019 2018 1405 Point $ — $ 783 $ 2,080 The Residences at Annapolis Junction 2,468 (a)(b) 8,776 (b) 4,939 (b) North Decatur Square — 1,509 2,212 Delray Plaza 489 (a) 1,622 928 Nexton Square 1,177 1,962 235 Interlock Commercial 12,267 (c) 6,142 (c) 202 Solis Apartments at Interlock 3,382 2,333 55 Total mezzanine 19,783 23,127 10,651 Other interest income 58 88 78 Total interest income $ 19,841 $ 23,215 $ 10,729 ________________________________________ (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. Additionally, the 2020 and 2019 amounts include $1.5 million and $0.5 million, respectively, of interest income recognition relating to an exit fee that was due upon repayment of the loan. (c) The 2020 and 2019 amounts included $2.3 million and $0.6 million, respectively, of interest income recognition relating 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 December 31, 2020 (in thousands): Year of Origination Risk Ratings 2020 2019 2018 2017 2016 Total Pass $ 6,766 $ — $ 115,082 $ — $ — $ 121,848 Special Mention — — — — — — Substandard — — — 13,570 — 13,570 Total amortized cost basis $ 6,766 $ — $ 115,082 $ 13,570 $ — $ 135,418
Financing Receivable, Allowance for Credit Loss	Changes in the allowance for the year ended December 31, 2020 were as follows (in thousands): Twelve Months Ended December 31, 2020 Beginning balance (December 31, 2019) $ — Cumulative effect of accounting change 2,825 Unrealized credit loss provision 256 Extinguishment due to acquisition (497) Ending balance $ 2,584

Construction Contracts (Tables)

Construction Contracts (Tables)	12 Months Ended
	Dec. 31, 2020
Contractors [Abstract]
Summary of balances and changes of construction contracts	The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the year ended December 31, 2020 and 2019 (in thousands): Year ended December 31, 2020 Year ended December 31, 2019 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 — 6,244 — 6,283 Transferred to receivables (545) — (2,557) — Construction contract costs and estimated earnings not billed during the period 138 — 249 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 296 (156) 1,199 (977) Ending balance $ 138 $ 6,088 $ 249 $ 5,306 The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): Years Ended December 31, 2020 2019 2018 Beginning backlog $ 242,622 $ 165,863 $ 49,167 New contracts/change orders 45,882 182,495 192,852 Work performed (217,246) (105,736) (76,156) Ending backlog $ 71,258 $ 242,622 $ 165,863
Net position of uncompleted construction contracts	The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Costs incurred on uncompleted construction contracts $ 905,037 $ 695,564 Estimated earnings 32,130 24,553 Billings (943,117) (725,174) Net position $ (5,950) $ (5,057) Construction contract costs and estimated earnings in excess of billings $ 138 $ 249 Billings in excess of construction contract costs and estimated earnings (6,088) (5,306) Net position $ (5,950) $ (5,057)

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of debt	The Company’s indebtedness comprised the following as of December 31, 2020 and 2019 (dollars in thousands): Principal Balance Interest Rate (a) Maturity Date December 31, December 31, 2020 2019 2020 Secured Debt Hanbury Village (b) $ — $ 18,515 3.78 % August 15, 2022 Sandbridge Commons (c) — 8,020 LIBOR + 1.75% January 17, 2023 Southgate Square 19,682 20,562 LIBOR + 1.60% April 29, 2021 Nexton Square (d) 22,909 — LIBOR + 2.25% August 8, 2021 Encore Apartments (d)(e) 24,337 24,842 3.25 % September 10, 2021 4525 Main Street (d)(e) 31,231 31,876 3.25 % September 10, 2021 Red Mill West 10,851 11,296 4.23 % June 1, 2022 Thames Street Wharf 70,000 70,000 LIBOR + 1.30% (h) June 26, 2022 Marketplace at Hilltop 10,120 10,517 4.42 % October 1, 2022 1405 Point 53,000 53,000 LIBOR + 2.25% January 1, 2023 Socastee Commons 4,458 4,567 4.57 % January 6, 2023 Wills Wharf 59,044 29,154 LIBOR + 2.25% June 26, 2023 249 Central Park Retail (f) 16,597 16,828 LIBOR + 1.60% (h) August 10, 2023 Fountain Plaza Retail (f) 9,988 10,127 LIBOR + 1.60% (h) August 10, 2023 South Retail (f) 7,287 7,388 LIBOR + 1.60% (h) August 10, 2023 Hoffler Place (g) 18,400 29,059 LIBOR + 2.60% January 1, 2024 Summit Place (g) 23,100 28,824 LIBOR + 2.60% January 1, 2024 One City Center 24,712 25,286 LIBOR + 1.85% April 1, 2024 Red Mill Central 2,363 2,538 4.80 % June 17, 2024 Solis Gainesville — — LIBOR + 3.00% August 31, 2024 Premier Apartments (i) 16,716 16,750 LIBOR + 1.55% October 31, 2024 Premier Retail (i) 8,241 8,250 LIBOR + 1.55% October 31, 2024 Red Mill South 5,833 6,137 3.57 % May 1, 2025 Brooks Crossing Office 15,393 14,411 LIBOR + 1.60% July 1, 2025 Market at Mill Creek 13,789 14,727 LIBOR + 1.55% July 12, 2025 Johns Hopkins Village 50,859 51,800 LIBOR + 1.25% (h) August 7, 2025 North Point Center Note 2 2,094 2,214 7.25 % September 15, 2025 Lexington Square 14,440 14,696 4.50 % September 1, 2028 Red Mill North 4,294 4,394 4.73 % December 31, 2028 Greenside Apartments 33,310 34,000 3.17 % December 15, 2029 The Residences at Annapolis Junction 84,375 — SOFR + 2.66% November 1, 2030 Smith's Landing 17,331 18,174 4.05 % June 1, 2035 Liberty Apartments 13,877 14,165 5.66 % November 1, 2043 Edison Apartments 16,272 — 5.30 % December 1, 2044 The Cosmopolitan 42,909 43,702 3.35 % July 1, 2051 Total secured debt $ 747,812 $ 645,819 Unsecured Debt Senior unsecured revolving credit facility 10,000 110,000 LIBOR+1.30%-1.85% January 24, 2024 Senior unsecured term loan 19,500 44,500 LIBOR+1.25%-1.80% January 24, 2025 Senior unsecured term loan 185,500 160,500 LIBOR+1.25%-1.80% (h) January 24, 2025 Total unsecured debt $ 215,000 $ 315,000 Total principal balances $ 962,812 $ 960,819 Unamortized GAAP adjustments (8,971) (10,282) Other note payable (j) 10,004 — Indebtedness, net $ 963,845 $ 950,537 ________________________________________ (a) LIBOR and SOFR rates are determined by individual lenders. (b) On September 22, 2020, Hanbury Village Note was paid off. (c) On October 6, 2020, Sandbridge Commons Note was paid off. (d) Refinanced subsequent to year end. (e) Cross collateralized. (f) Cross collateralized. (g) Cross collateralized. (h) Includes debt subject to interest rate swap agreements. (i) Cross collateralized. (j) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 42-year remaining lease term and an earn-out liability for the Gainesville development project. Loan name Note balance at assumption Fair value of loan at assumption Loan maturity date Loan interest rate Red Mill North $ 4,451 $ 4,520 12/31/2028 4.73 % Red Mill South 6,310 6,090 5/1/2025 3.57 % Red Mill Central 2,640 2,690 6/17/2024 4.80 % Red Mill West 11,548 11,540 6/1/2022 4.23 % Marketplace at Hilltop 10,740 10,790 10/1/2022 4.42 % $ 35,689 $ 35,630
Components of debt	The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Fixed-rate debt $ 573,951 $ 488,276 Variable-rate debt 388,861 472,543 Total principal balance $ 962,812 $ 960,819
Scheduled principal repayments and term-loan maturities	Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year Ending December 31, Scheduled Principal Payments Maturities Total Payments 2021 $ 10,682 $ 97,151 $ 107,833 2022 9,667 89,570 99,237 2023 9,060 147,320 156,380 2024 9,346 98,918 108,264 2025 7,539 279,107 286,646 Thereafter 91,356 113,096 204,452 Total (1) $ 137,650 $ 825,162 $ 962,812 ________________________________________ (1) Debt principal payments and maturities exclude increased ground lease payments at 1405 Point and accrued earn-out payments to the Company’s joint venture partner at Gainesville, each of which is classified as notes payable in the Company's consolidated balance sheets.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of LIBOR interest rate caps	During the three years ended December 31, 2020, the Company had the following LIBOR and SOFR interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount LIBOR Strike Rate SOFR Strike Rate Premium Paid 2/25/2016 3/1/2018 $ 75,000 1.50 % N/A $ 57 6/17/2016 6/17/2018 70,000 1.00 % N/A 150 2/7/2017 3/1/2019 50,000 1.50 % N/A 187 6/23/2017 7/1/2019 50,000 1.50 % N/A 154 9/18/2017 10/1/2019 50,000 1.50 % N/A 199 11/28/2017 12/1/2019 50,000 1.50 % N/A 359 3/7/2018 4/1/2020 50,000 2.25 % N/A 310 7/16/2018 8/1/2020 50,000 2.50 % N/A 319 12/11/2018 1/1/2021 50,000 2.75 % N/A 210 5/15/2019 6/1/2022 100,000 2.50 % N/A 288 1/10/2020 2/1/2022 50,000 (a) 1.75 % N/A 87 1/28/2020 2/1/2022 50,000 (a) 1.75 % N/A 62 3/2/2020 3/1/2022 100,000 (a) 1.50 % N/A 111 7/1/2020 7/1/2023 100,000 (a) 0.50 % N/A 232 11/1/2020 11/1/2023 84,375 (a) N/A 1.84 % 91 $ 2,816 ________________________________________ (a) Designated as a cash flow hedge. As of December 31, 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 % 4.23 % 5/1/2018 5/1/2023 John Hopkins Village 50,859 (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 % 4.47 % 10/12/2018 10/12/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 33,872 (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 % 3.71 % 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 % 1.95 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 1.95 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.55 % 2.00 % 4/1/2020 4/1/2024 Total $ 340,231 ________________________________________ (a) Designated as a cash flow hedge.
Schedule of derivatives	The Company’s derivatives comprised the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Fair Value Fair Value Notional Amount Asset Liability Notional Amount Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ — $ (3,056) $ 100,000 $ — $ (1,992) Interest rate caps 150,000 4 — 250,000 25 — Total derivatives not designated as accounting hedges 200,000 4 (3,056) 350,000 25 (1,992) Derivatives designated as accounting hedges Interest rate swaps 290,231 — (11,797) 146,642 — (5,728) Interest rate caps 384,375 86 — — — — Total derivatives $ 874,606 $ 90 $ (14,853) $ 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 years ended December 31, 2020, 2019, and 2018 was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Interest rate swaps $ (10,318) $ (6,050) $ (2,281) Interest rate caps (518) (2,053) (564) Total change in fair value of interest rate derivatives $ (10,836) $ (8,103) $ (2,845) Comprehensive income statement presentation: Change in fair value of derivatives and other $ (1,085) $ (3,599) $ (951) Unrealized cash flow hedge losses (9,751) (4,504) (1,894) Total change in fair value of interest rate derivatives $ (10,836) $ (8,103) $ (2,845)

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Tax treatment of dividends paid	The tax treatment of dividends paid to common stockholders during the years ended December 31, 2020, 2019, and 2018 was as follows (unaudited): Years ended December 31, 2020 2019 2018 Capital gains — % 10.62 % 9.49 % Ordinary income 59.09 % 68.83 % 63.40 % Return of capital 40.91 % 20.55 % 27.11 % Total 100.00 % 100.00 % 100.00 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements	Compensation cost relating to stock-based compensation for the years ended December 31, 2020, 2019, and 2018 was recorded as follows (in thousands): Years Ended December 31, 2020 2019 2018 General and administrative expense $ 1,615 $ 1,211 $ 1,073 General contracting and real estate services expenses 763 402 213 Capitalized in conjunction with development projects 483 746 661 Total stock-based compensation cost $ 2,861 $ 2,359 $ 1,947
Summary of the changes in the company's nonvested restricted stock awards	The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2020: Restricted Stock Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2020 143,952 $ 14.88 Granted 176,382 15.77 Vested (151,041) 15.42 Forfeited (1,715) 16.35 Nonvested as of December 31, 2020 167,578 $ 15.31

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 were as follows (in thousands): December 31, 2020 2019 Carrying Fair Carrying Fair Indebtedness, net $ 963,845 $ 980,714 $ 950,537 $ 958,421 Notes receivable 135,432 135,223 159,371 159,371 Interest rate swap liabilities 14,853 14,853 7,720 7,720 Interest rate swap and cap assets 90 90 25 25

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Summary of income tax provision	The income tax benefit (provision) for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands): Years Ended December 31, 2020 2019 2018 Federal income taxes: Current $ 290 $ 430 $ (14) Deferred (18) (20) 37 State income taxes: Current 14 85 (1) Deferred (3) (4) 7 Income tax benefit $ 283 $ 491 $ 29

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of other assets	Other assets were comprised of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Leasing costs, net $ 13,007 $ 11,357 Leasing incentives, net 3,303 2,855 Interest rate swaps and caps 90 25 Prepaid expenses and other 11,542 12,192 Preacquisition and predevelopment costs 15,382 6,472 Other assets $ 43,324 $ 32,901

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Summary of other liabilities	Other liabilities were comprised of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Dividends and distributions payable $ 11,753 $ 17,477 Acquired lease intangibles, net 15,621 21,300 Prepaid rent and other 9,068 8,604 Security deposits 2,976 2,673 Interest rate swaps 14,853 7,720 Guarantee liability 2,631 5,271 Other liabilities $ 56,902 $ 63,045

Acquired Lease Intangibles (Tab

Acquired Lease Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
Acquired Lease Intangibles
Summary of the company's acquired lease intangibles	The following table summarizes the Company’s acquired lease intangibles as of December 31, 2020 (in thousands): December 31, 2020 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 110,643 $ 54,276 $ 56,367 Above-market lease assets 5,638 3,851 1,787 Below-market ground lease assets Below-market operating ground lease assets 1,920 406 1,514 Below-market finance ground lease assets 6,629 261 6,368 Below-market lease liabilities 25,015 9,394 15,621 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2019 (in thousands): December 31, 2019 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 112,555 $ 47,341 $ 65,214 Above-market lease assets 7,039 3,551 3,488 Below-market ground lease assets Below-market operating ground lease assets 1,920 352 1,568 Below-market finance ground lease assets 6,629 102 6,527 Below-market lease liabilities 29,575 8,275 21,300
Schedule of finite-lived intangible assets	During the years ended December 31, 2020, 2019, and 2018, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands): Years Ended December 31, 2020 2019 2018 Intangible lease assets In-place lease assets $ 6,935 $ 14,971 $ 7,676 Above-market lease assets 300 875 753 Below-market ground lease assets Amortization of below-market operating ground lease assets (a) 54 53 53 Amortization of below-market finance ground lease assets (a)(b) 159 102 — Intangible lease liabilities Below-market lease liabilities 1,119 2,261 1,754 ________________________________________ (a) Prior to 2019, Amortization of Below Market Ground Leases was included in Rental Expenses. With the adoption of ASC 842 on 1/1/2019, Amortization of below market ground rents became a component of the amortization of the right-of-use assets of Operating and Finance Leases, respectively. (b) All of the Company's leases were classified as Operating Leases prior to 2019.
Estimated amortization of acquired lease intangibles	Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Depreciation and Rental Revenues Amortization Year ending December 31, 2021 $ 1,433 $ 13,184 2022 1,443 8,232 2023 1,341 6,780 2024 1,383 5,560 2025 1,347 4,962

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of guarantees	The following table summarizes the payment guarantees made by the Company as of December 31, 2020 (in thousands): Payment guarantee amount Delray Plaza $ 5,180 Interlock Commercial 34,300 Total $ 39,480

Business and Organization - Add

Business and Organization - Additional Information (Details)	Dec. 31, 2020	Dec. 31, 2019
Business and Organization
Percentage of operating partnerships held	73.90%	72.60%
General Partner
Business and Organization
Percentage of operating partnerships held	0.10%

Business and Organization - Sch

Business and Organization - Schedule of Owned Properties (Details)	Dec. 31, 2020
4525 Main Street | Office
Business and Organization
Ownership interest percentage in property	100.00%
Armada Hoffler Tower | Office
Business and Organization
Ownership interest percentage in property	100.00%
Brooks Crossing Office | Office
Business and Organization
Ownership interest percentage in property	100.00%
One City Center | Office
Business and Organization
Ownership interest percentage in property	100.00%
One Columbus | Office
Business and Organization
Ownership interest percentage in property	100.00%
Thames Street Wharf | Office
Business and Organization
Ownership interest percentage in property	100.00%
Two Columbus | Office
Business and Organization
Ownership interest percentage in property	100.00%
249 Central Park Retail | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Apex Entertainment | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broad Creek Shopping Center | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Broadmoor Plaza | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Brooks Crossing Retail | Retail
Business and Organization
Ownership interest percentage in property	65.00%
Columbus Village | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Columbus Village II | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Commerce Street Retail | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Courthouse 7-Eleven | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Dimmock Square | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Fountain Plaza Retail | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Greentree Shopping Center | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Hanbury Village | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Harrisonburg Regal | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Lexington Square | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Market at Mill Creek | Retail
Business and Organization
Ownership interest percentage in property	70.00%
Marketplace at Hilltop | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Nexton Square | Retail
Business and Organization
Ownership interest percentage in property	100.00%
North Hampton Market | Retail
Business and Organization
Ownership interest percentage in property	100.00%
North Point Center | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Oakland Marketplace | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Parkway Centre | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Parkway Marketplace | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Patterson Place | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Perry Hall Marketplace | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Providence Plaza | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Red Mill Commons | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Sandbridge Commons | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Socastee Commons | Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Retail | Retail
Business and Organization
Ownership interest percentage in property	100.00%
South Square | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Southgate Square | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Southshore Shops | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Studio 56 Retail | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Tyre Neck Harris Teeter | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Wendover Village | Retail
Business and Organization
Ownership interest percentage in property	100.00%
1405 Point | Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Edison Apartments | Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Encore Apartments | Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Greenside Apartments | Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Hoffler Place | Multifamily
Business and Organization
Ownership interest percentage in property	93.00%
Johns Hopkins Village | Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Liberty Apartments | Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Premier Apartments | Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Smith’s Landing | Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
Summit Place | Multifamily
Business and Organization
Ownership interest percentage in property	90.00%
The Cosmopolitan | Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
The Residences at Annapolis Junction | Multifamily
Business and Organization
Ownership interest percentage in property	79.00%

Business and Organization - S_2

Business and Organization - Schedule of Properties under development, redevelopment or not yet stabilized (Details)	Dec. 31, 2020
Wills Wharf | Office
Business and Organization
Ownership interest percentage in property	100.00%
Premier Retail | Retail
Business and Organization
Ownership interest percentage in property	100.00%
Solis Gainesville | Multifamily
Business and Organization
Ownership interest percentage in property	95.00%

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)business_segmentshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares
Accounting Policies [Line Items]
Business segments | business_segment	4
Accrued straight-line rental adjustment	$ 5,927	$ 3,402	$ 2,731
Rental revenues	166,488	151,339	116,958
Leasing incentive amortization	700	700	700
Interest capitalized	3,600	5,900	5,000
Indirect project costs	2,600	3,100	3,100
Capitalized preacquisition development costs	15,382	6,472
Impairment charges			$ 1,500
Accounts receivable, net	28,259	23,470
Allowance for doubtful accounts	$ 1,700	$ 300
Percentage of taxable income for distributions to stockholders	90.00%
Dilutive shares outstanding (in shares) | shares	0	0	0
Accrued Straight-line Rental Revenue
Accounting Policies [Line Items]
Accounts receivable, net	$ 21,300	$ 17,900

Significant Accounting Polici_5

Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Capital improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Capital improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

Significant Accounting Polici_6

Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change	$ (756,802)		$ (655,447)		$ (455,890)		$ (420,283)
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 | Accounting Standard Update 2016-13 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change		$ 3,000
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standard Update 2016-13 | Retained Earnings | Construction Receivables
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change		200
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standard Update 2016-13 | Retained Earnings | Mezzanine Loan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change		$ 2,800
[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. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements" for additional information.

Segments - Net Income of Report

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Rental revenues	$ 166,488	$ 151,339	$ 116,958
Real estate taxes	18,136	14,961	11,383
Segment revenues	217,146	105,859	76,359
Net operating income	117,066	106,367	81,084
Office real estate
Segment Reporting Information
Rental revenues	43,494	33,269	20,701
Rental expenses	10,799	8,722	5,858
Real estate taxes	5,111	3,471	2,034
Net operating income	27,584	21,076	12,809
Retail real estate
Segment Reporting Information
Rental revenues	73,032	77,593	67,959
Rental expenses	11,029	11,656	10,903
Real estate taxes	7,784	7,916	6,801
Net operating income	54,219	58,021	50,255
Multifamily residential real estate
Segment Reporting Information
Rental revenues	49,962	40,477	28,298
Rental expenses	17,132	13,954	10,461
Real estate taxes	5,241	3,574	2,548
Net operating income	27,589	22,949	15,289
General contracting and real estate services
Segment Reporting Information
Net operating income	7,674	4,321	2,731
General contracting and real estate services revenues | General contracting and real estate services
Segment Reporting Information
Segment revenues	217,146	105,859	76,359
Segment expenses	$ 209,472	$ 101,538	$ 73,628

Segments - Additional informati

Segments - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
General contracting and real estate services revenues	$ 217,146	$ 105,859	$ 76,359
General contracting and real estate services revenues | General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	217,146	105,859	76,359
General contracting and real estate services expenses	209,472	101,538	73,628
General contracting and real estate services revenues | General contracting and real estate services | Intersegment Eliminations
Segment Reporting Information
General contracting and real estate services revenues	26,600	99,900	134,400
General contracting and real estate services expenses	$ 26,300	$ 99,000	$ 133,400

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Net operating income	$ 117,066	$ 106,367	$ 81,084
Amortization of right-of-use assets - finance leases	(586)	(377)	0
General and administrative expenses	(12,905)	(12,392)	(11,431)
Acquisition, development and other pursuit costs	(584)	(844)	(352)
Impairment charges	(666)	(252)	(1,619)
Gain on real estate dispositions	6,388	4,699	4,254
Interest income	19,841	23,215	10,729
Interest expense on indebtedness	(30,120)	(30,776)	(19,087)
Interest expense on finance leases	(915)	(568)	0
Equity in income of unconsolidated real estate entities	0	273	372
Change in fair value of derivatives and other	(1,130)	(3,599)	(951)
Provision for unrealized credit losses	(256)	0	0
Other income (expense), net	515	585	377
Income tax benefit	283	491	29
Net income	36,959	32,258	23,492
Operating Segments
Segment Reporting Information
Net operating income	117,066	106,367	81,084
Segment Reconciling Items
Segment Reporting Information
Depreciation and amortization	(59,972)	(54,564)	(39,913)
Amortization of right-of-use assets - finance leases	(586)	(377)	0
General and administrative expenses	(12,905)	(12,392)	(11,431)
Acquisition, development and other pursuit costs	(584)	(844)	(352)
Impairment charges	(666)	(252)	(1,619)
Gain on real estate dispositions	6,388	4,699	4,254
Interest income	19,841	23,215	10,729
Interest expense on indebtedness	(30,120)	(30,776)	(19,087)
Interest expense on finance leases	(915)	(568)	0
Equity in income of unconsolidated real estate entities	0	273	372
Change in fair value of derivatives and other	(1,130)	(3,599)	(951)
Provision for unrealized credit losses	(256)		0
Other income (expense), net	515	585	377
Income tax benefit	$ 283	$ 491	$ 29

Leases - Operating and Finance

Leases - Operating and Finance Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease cost	$ 1,660	$ 2,700	$ 2,962
Amortization of right-of-use assets - finance leases	586	369	0
Interest expense on finance leases	915	568	0
Operating cash flows from operating leases	2,113	1,969	2,354
Operating cash flows from finance leases	$ 864	$ 533	$ 0

Leases - Additional Information

Leases - Additional Information Related to Leases (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Remaining Lease Term (years)
Operating leases	44 years 6 months	45 years 4 months 24 days
Finance leases	40 years 2 months 12 days	41 years 2 months 12 days
Weighted Average Discount Rate
Operating leases	5.40%	5.40%
Finance leases	5.20%	5.20%

Leases - Lessee, Maturities of

Leases - Lessee, Maturities of Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 2,158
2022	2,361
2023	2,400
2024	2,436
2025	2,452
Thereafter	101,072
Total undiscounted cash flows	112,879
Present value discount	(71,220)
Discounted cash flows	41,659	$ 41,474
Finance Leases
2021	864
2022	868
2023	873
2024	888
2025	925
Thereafter	42,089
Total undiscounted cash flows	46,507
Present value discount	(28,553)
Discounted cash flows	$ 17,954	$ 17,903

Leases - Lessor, Rental Income

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Base rent and tenant charges	$ 159,747	$ 147,309	$ 114,012
Accrued straight-line rental adjustment	5,927	3,402	2,731
Lease incentive amortization	(693)	(739)	(732)
Below/(above) market lease amortization	1,507	1,367	947
Total rental revenue	$ 166,488	$ 151,339	$ 116,958

Leases - Lessor, Payments to be

Leases - Lessor, Payments to be Received (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 90,693
2022	88,270
2023	81,767
2024	73,029
2025	60,588
Thereafter	307,377
Total	$ 701,724

Leases - Additional Informati_2

Leases - Additional Information (Details)	12 Months Ended
	Dec. 31, 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
Lessor, Operating Lease, Option To Extend, Number | extension	1
Minimum
Lessee, Lease, Description [Line Items]
Lease term	5 years
Lessor, Operating Lease, Renewal Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	61 years
Lessor, Operating Lease, Renewal Term	15 years

Real Estate Investments and E_3

Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Land	$ 280,791	$ 275,523
Land improvements	61,275	58,636
Buildings and improvements	1,357,684	1,138,829
Development and construction costs	58,167	133,336
Real estate investments	1,757,917	1,606,324	$ 1,176,586
Income producing property
Real Estate Properties [Line Items]
Land	261,984	263,258
Land improvements	61,275	58,636
Buildings and improvements	1,357,684	1,138,829
Development and construction costs	0	0
Real estate investments	1,680,943	1,460,723
Held for development
Real Estate Properties [Line Items]
Land	13,607	5,000
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	0	0
Real estate investments	13,607	5,000
Construction in progress
Real Estate Properties [Line Items]
Land	5,200	7,265
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	58,167	133,336
Real estate investments	$ 63,367	$ 140,601

Real Estate Investments and E_4

Real Estate Investments and Equity Method Investments - Operating Property Acquisitions (Details) $ / shares in Units, $ in Thousands

Oct. 30, 2020USD ($)

Oct. 01, 2020USD ($)shares

Sep. 22, 2020USD ($)

Jun. 30, 2020USD ($)

Jun. 26, 2019USD ($)

May 23, 2019USD ($)$ / sharesshares

Apr. 24, 2019USD ($)

Mar. 14, 2019USD ($)

Feb. 06, 2019USD ($)

Aug. 28, 2018USD ($)

Jan. 29, 2018USD ($)

Jan. 09, 2018USD ($)

Dec. 31, 2020USD ($)property

Dec. 31, 2019USD ($)property

Dec. 31, 2018property

Oct. 31, 2020USD ($)

Dec. 27, 2019USD ($)

Real Estate [Line Items]

Total notes receivable

$ 135,432

$ 159,371

Number of operating properties acquired | property

3

6

3

Notional amount

$ 874,606

$ 496,642

Interest rate caps

Real Estate [Line Items]

Notional amount

$ 100

Mezzanine Loan

Real Estate [Line Items]

Total notes receivable

135,418

Notes receivable

$ 128,576

152,953

1405 Point

Real Estate [Line Items]

Loans payable

$ 64,900

Recognized identifiable assets acquired and liabilities

101,896

Acquisition, assumption of debt

$ 6,100

Interest acquired

79.00%

21.00%

Remaining lease term

42 years

42 years

Payment for debt extinguishment fee

$ 300

Nexton Square

Real Estate [Line Items]

Acquisition, cash consideration

$ 17,900

Recognized identifiable assets acquired and liabilities

$ 41,371

Acquisition, assumption of debt

22,900

Capitalized acquisition costs

200

Nexton Square | Mezzanine Loan

Real Estate [Line Items]

Notes receivable

$ 16,400

0

15,097

Edison Apartments

Real Estate [Line Items]

Recognized identifiable assets acquired and liabilities

23,746

Edison Apartments | Richmond, Virginia

Real Estate [Line Items]

Recognized identifiable assets acquired and liabilities

$ 1,100

Acquisition, assumption of debt

$ 16,400

Acquisition, common units/shares issued (in shares) | shares

633,734

The Residences at Annapolis Junction

Real Estate [Line Items]

Recognized identifiable assets acquired and liabilities

123,654

Interest acquired

79.00%

Payment for debt extinguishment fee

$ 200

Senior Notes

83,400

$ 84,400

Short-term debt, refinanced, amount

$ 84,400

The Residences at Annapolis Junction | SOFR

Real Estate [Line Items]

Stated interest rate, basis spread on variable rate

2.66%

Derivative, variable interest rate

1.84%

The Residences at Annapolis Junction | Mezzanine Loan

Real Estate [Line Items]

Notes receivable

$ 0

$ 40,049

Wendover Village

Real Estate [Line Items]

Purchase price

$ 2,700

Capitalized acquisition costs

$ 100

Durham City Center

Real Estate [Line Items]

Purchase price

$ 23,000

Capitalized acquisition costs

100

Acquisition, cash consideration

$ 23,200

1405 Point

Real Estate [Line Items]

Capitalized acquisition costs

$ 100

Acquisition, cash consideration

$ 300

Option to acquire additional interest

79.00%

Total notes receivable

$ 31,300

Loans payable

64,900

$ 53,000

Loans payable, fair value disclosure

$ 65,800

Red Mill Commons And Marketplace At Hilltop

Real Estate [Line Items]

Loans payable, fair value disclosure

$ 35,630

Acquisition, assumption of debt

35,689

Thames Street Wharf

Real Estate [Line Items]

Capitalized acquisition costs

$ 300

Acquisition, cash consideration

$ 101,000

Indian Lakes Crossing

Real Estate [Line Items]

Purchase price

$ 14,700

Capitalized acquisition costs

$ 200

Parkway Centre

Real Estate [Line Items]

Purchase price

$ 11,300

Capitalized acquisition costs

300

Acquisition, cash consideration

9,600

Equity interests issued and issuable

$ 1,700

Lexington Square

Real Estate [Line Items]

Purchase price

$ 27,000

Capitalized acquisition costs

400

Acquisition, cash consideration

24,200

Equity interests issued and issuable

$ 2,800

Office And Retail Portions | Durham City Center II LLC

Real Estate [Line Items]

Interests in equity method investments

37.00%

Operating Partnership | Red Mill Commons And Marketplace At Hilltop

Real Estate [Line Items]

Purchase price

105,000

Capitalized acquisition costs

1,100

Acquisition, cash consideration

4,500

Acquisition, assumption of debt

$ 35,700

Acquisition, common units/shares issued (in shares) | shares

4,100,000

Future sale period for properties in limited number of cases

10 years

Business acquisition, share price | $ / shares

$ 15.55

Consideration transferred, adjusted amount

$ 109,300

Equity interests, adjusted amount

68,100

Liabilities incurred, adjusted amount

$ 35,600

Share price, adjusted amount | $ / shares

$ 16.50

Real Estate Investments and E_5

Real Estate Investments and Equity Method Investments - Summary of the Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Wendover Village
Business Acquisition [Line Items]
Land		$ 1,633
Below-market leases		0
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		2,783
One City Center
Business Acquisition [Line Items]
Land		2,678
Below-market leases		0
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		46,020
1405 Point
Business Acquisition [Line Items]
Land		0
Below-market leases		0
Finance lease liabilities		(8,671)
Finance lease right-of-use assets		11,730
Net assets acquired		101,896
Red Mill Commons
Business Acquisition [Line Items]
Land		44,252
Below-market leases		(6,221)
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		79,815
Marketplace at Hilltop
Business Acquisition [Line Items]
Land		2,023
Below-market leases		(1,136)
Finance lease liabilities		(9,200)
Finance lease right-of-use assets		12,770
Net assets acquired		29,507
Thames Street Wharf
Business Acquisition [Line Items]
Land		15,861
Below-market leases		(3,636)
Finance lease liabilities		0
Finance lease right-of-use assets		0
Net assets acquired		101,299
Indian Lakes Crossing
Business Acquisition [Line Items]
Land			$ 10,926
Below-market leases			(175)
Net assets acquired			14,854
Parkway Centre
Business Acquisition [Line Items]
Land			1,372
Below-market leases			(10)
Net assets acquired			11,572
Lexington Square
Business Acquisition [Line Items]
Land			3,036
Below-market leases			(447)
Net assets acquired			24,574
Edison Apartments
Business Acquisition [Line Items]
Land	$ 3,428
Below-market leases	(140)
Fair value adjustment on acquired debt	6
Net assets acquired	23,746
The Residences at Annapolis Junction
Business Acquisition [Line Items]
Land	14,774
Below-market leases	0
Fair value adjustment on acquired debt	0
Net assets acquired	123,654
Nexton Square
Business Acquisition [Line Items]
Land	9,885
Below-market leases	(1,877)
Fair value adjustment on acquired debt	(364)
Net assets acquired	41,371
Land Improvements | Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		50
Land Improvements | One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		163
Land Improvements | 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		298
Land Improvements | Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		2,558
Land Improvements | Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		691
Land Improvements | Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		150
Land Improvements | Indian Lakes Crossing
Business Acquisition [Line Items]
Property, plant, and equipment			531
Land Improvements | Parkway Centre
Business Acquisition [Line Items]
Property, plant, and equipment			696
Land Improvements | Lexington Square
Business Acquisition [Line Items]
Property, plant, and equipment			7,396
Land Improvements | Edison Apartments
Business Acquisition [Line Items]
Property, plant, and equipment	0
Land Improvements | The Residences at Annapolis Junction
Business Acquisition [Line Items]
Property, plant, and equipment	1,786
Land Improvements | Nexton Square
Business Acquisition [Line Items]
Property, plant, and equipment	3,690
Building and Building Improvements | Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		888
Building and Building Improvements | One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		28,039
Building and Building Improvements | 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		92,866
Building and Building Improvements | Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		27,790
Building and Building Improvements | Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		19,195
Building and Building Improvements | Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		64,539
Building and Building Improvements | Indian Lakes Crossing
Business Acquisition [Line Items]
Property, plant, and equipment			1,913
Building and Building Improvements | Parkway Centre
Business Acquisition [Line Items]
Property, plant, and equipment			7,168
Building and Building Improvements | Lexington Square
Business Acquisition [Line Items]
Property, plant, and equipment			10,387
Building and Building Improvements | Edison Apartments
Business Acquisition [Line Items]
Property, plant, and equipment	18,227
Building and Building Improvements | The Residences at Annapolis Junction
Business Acquisition [Line Items]
Property, plant, and equipment	101,219
Building and Building Improvements | Nexton Square
Business Acquisition [Line Items]
Property, plant, and equipment	24,070
Furniture and Fixtures | Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and Fixtures | One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and Fixtures | 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		2,302
Furniture and Fixtures | Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and Fixtures | Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and Fixtures | Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		0
Furniture and Fixtures | Edison Apartments
Business Acquisition [Line Items]
Property, plant, and equipment	355
Furniture and Fixtures | The Residences at Annapolis Junction
Business Acquisition [Line Items]
Property, plant, and equipment	1,796
Furniture and Fixtures | Nexton Square
Business Acquisition [Line Items]
Property, plant, and equipment	0
In-place lease assets | Wendover Village
Business Acquisition [Line Items]
Finite-lived intangibles		101
In-place lease assets | One City Center
Business Acquisition [Line Items]
Finite-lived intangibles		15,140
In-place lease assets | 1405 Point
Business Acquisition [Line Items]
Finite-lived intangibles		3,371
In-place lease assets | Red Mill Commons
Business Acquisition [Line Items]
Finite-lived intangibles		9,973
In-place lease assets | Marketplace at Hilltop
Business Acquisition [Line Items]
Finite-lived intangibles		4,565
In-place lease assets | Thames Street Wharf
Business Acquisition [Line Items]
Finite-lived intangibles		24,385
In-place lease assets | Indian Lakes Crossing
Business Acquisition [Line Items]
Finite-lived intangibles			1,648
In-place lease assets | Parkway Centre
Business Acquisition [Line Items]
Finite-lived intangibles			2,346
In-place lease assets | Lexington Square
Business Acquisition [Line Items]
Finite-lived intangibles			4,113
In-place lease assets | Edison Apartments
Business Acquisition [Line Items]
Finite-lived intangibles	1,882
In-place lease assets | The Residences at Annapolis Junction
Business Acquisition [Line Items]
Finite-lived intangibles	4,079
In-place lease assets | Nexton Square
Business Acquisition [Line Items]
Finite-lived intangibles	$ 5,239
Above-market leases | Wendover Village
Business Acquisition [Line Items]
Finite-lived intangibles		111
Above-market leases | One City Center
Business Acquisition [Line Items]
Finite-lived intangibles		0
Above-market leases | 1405 Point
Business Acquisition [Line Items]
Finite-lived intangibles		0
Above-market leases | Red Mill Commons
Business Acquisition [Line Items]
Finite-lived intangibles		1,463
Above-market leases | Marketplace at Hilltop
Business Acquisition [Line Items]
Finite-lived intangibles		599
Above-market leases | Thames Street Wharf
Business Acquisition [Line Items]
Finite-lived intangibles		$ 0
Above-market leases | Indian Lakes Crossing
Business Acquisition [Line Items]
Finite-lived intangibles			11
Above-market leases | Parkway Centre
Business Acquisition [Line Items]
Finite-lived intangibles			0
Above-market leases | Lexington Square
Business Acquisition [Line Items]
Finite-lived intangibles			$ 89

Real Estate Investments and E_6

Real Estate Investments and Equity Method Investments - Other Real Estate Transactions (Details)

Aug. 31, 2023USD ($)

Jan. 04, 2021USD ($)

Oct. 02, 2020USD ($)

Sep. 01, 2020USD ($)

Aug. 31, 2020USD ($)

May 29, 2020USD ($)property

Mar. 20, 2020USD ($)

Jan. 10, 2020USD ($)

Oct. 25, 2019USD ($)

Oct. 15, 2019

Sep. 12, 2019

Aug. 15, 2019USD ($)

Apr. 01, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 20, 2018USD ($)

Jul. 02, 2018renewal_term

May 24, 2018USD ($)

Apr. 02, 2018USD ($)

Feb. 16, 2018USD ($)

Jan. 29, 2018USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Jan. 18, 2018

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 96,459,000

$ 32,944,000

$ 34,673,000

Payments to acquire interest in joint venture

$ 1,078,000

$ 535,000

$ 10,420,000

Mixed-Use Development [Member]

Real Estate [Line Items]

Interest acquired

20.00%

Acquisition, assumption of debt

$ 1,500,000

Acquisition, cash consideration

$ 3,500,000

Primary Beneficiary | Tryon Partners, LLC [Member]

Real Estate [Line Items]

Ownership percentage

80.00%

Payments for purchase of land

$ 6,300,000

Chesterfield, Virginia

Real Estate [Line Items]

Payments for purchase of land

$ 2,400,000

Capitalized acquisition costs

$ 100,000

Belmont, North Carolina [Member] | Primary Beneficiary | Chronicle Holdings, LLC [Member]

Real Estate [Line Items]

Ownership percentage

85.00%

Payments for purchase of land

$ 2,300,000

Gainesville, Georgia [Member]

Real Estate [Line Items]

Payments to acquire interest in joint venture

$ 5,000,000

Gainesville, Georgia [Member] | Primary Beneficiary | Gainesville Development, LLC [Member]

Real Estate [Line Items]

Ownership percentage

95.00%

Funding commitment

$ 17,300,000

Discontinued Operations, Disposed of by Sale

Real Estate [Line Items]

Gain (loss) on disposition of property

$ 2,800,000

Number of retail properties held-for-sale | property

7

Disposal Group, Including Discontinued Operation, Consideration

$ 90,000,000

Chesterfield, Virginia | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 25,900,000

Gain (Loss) on Sale of Properties

$ 3,400,000

Broad Creek Shopping Center | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 2,400,000

Gain (Loss) on Sale of Properties

$ 800,000

Lightfoot Marketplace | Lightfoot Marketplace | Held-for-sale or Disposed of by Sale, Not Discontinued Operations

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 30,300,000

Gain (loss) on disposition of property

4,500,000

Waynesboro Commons | Waynesboro Commons | Held-for-sale or Disposed of by Sale, Not Discontinued Operations

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 1,100,000

Market At Mill Creek Partners, LLC

Real Estate [Line Items]

Payments for purchase of land

$ 2,900,000

Capitalized acquisition costs

$ 100,000

Percentage of ownership

70.00%

Brooks Crossing

Real Estate [Line Items]

Payments for purchase of land

$ 100,000

Indian Lakes Crossing | Wawa Outparcel | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 4,400,000

Gain (loss) on disposition of property

$ 0

Wills Wharf

Real Estate [Line Items]

Lease term

5 years

Number of renewal terms | renewal_term

10

Extension term

7 years

Hanbury Village | Discontinued Operations, Disposed of by Sale

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 7,000,000

Gain (loss) on disposition of property

$ 3,600,000

Subsequent Event | Gainesville, Georgia [Member] | Primary Beneficiary | Gainesville Development, LLC [Member]

Real Estate [Line Items]

Interest acquired

5.00%

Purchase price

$ 4,200,000

Acquisition, assumption of debt

$ 3,800,000

Subsequent Event | Hanbury Village | Discontinued Operations, Disposed of by Sale

Real Estate [Line Items]

Dispositions of real estate investments, net of selling costs

$ 2,800,000

Gain (loss) on disposition of property

$ 2,400,000

Line of Credit | Secured Debt | Lightfoot Marketplace

Real Estate [Line Items]

Repayment of debt

$ 17,900,000

1023 Roswell, LLC | Primary Beneficiary

Real Estate [Line Items]

Ownership percentage

80.00%

Funding commitment

$ 5,000,000

1023 Roswell, LLC | Rosewell, Georgia

Real Estate [Line Items]

Payments for purchase of land

$ 5,000,000

Tryon Partners, LLC [Member]

Real Estate [Line Items]

Payments for purchase of land

$ 6,300,000

Chronicle Holdings, LLC [Member] | Belmont, North Carolina [Member]

Real Estate [Line Items]

Payments for purchase of land

$ 2,300,000

Operating Partnership | Revolving Credit Facility | New Credit Facility

Real Estate [Line Items]

Repayments of Long-term Lines of Credit

61,900,000

Excess amount of disposal group consideration, after repayment of debt

$ 25,900,000

Real Estate Investments and E_7

Real Estate Investments and Equity Method Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 30, 2020
Real Estate [Line Items]
Income from equity method investment	$ 0	$ 273	$ 372
Equity method investment	1,078	$ 0
Harbor Point Parcel 3 | Beatty Development Group
Real Estate [Line Items]
Interests in equity method investments				50.00%
Payments to acquire equity method investments	1,100
Maximum commitment	30,000
Equity method investment	$ 1,100

Notes Receivable and Allowanc_3

Notes Receivable and Allowance for Loan Losses - Summary of Mezzanine Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 22, 2020	May 31, 2020	Jan. 08, 2019	Dec. 21, 2018	Oct. 27, 2017	May 15, 2017
Notes Receivable
Notes receivable guarantee premium	$ 2,631	$ 5,271
Notes receivable discount, net	(2,584)	0
Total notes receivable	135,432	159,371
Interest income	19,841	23,215	$ 10,729
Mezzanine Loan
Notes Receivable
Outstanding loan amount	128,576	152,953
Total notes receivable	135,418
Maximum loan commitment	161,100
Interest income	19,783	23,127	10,651
Other notes receivable
Notes Receivable
Outstanding loan amount	6,809	1,147
Interest income	58	88	78
1405 Point | Mezzanine Loan
Notes Receivable
Interest income	0	783	2,080
The Residences at Annapolis Junction | The Residences at Annapolis Junction
Notes Receivable
Selling price	5,000
The Residences at Annapolis Junction | Mezzanine Loan
Notes Receivable
Outstanding loan amount	0	40,049
Interest income	2,468	8,776	4,939
Interest income, exit fees	1,500	500
North Decatur Square | Mezzanine Loan
Notes Receivable
Maximum loan commitment			29,700						$ 21,800
Interest rate									15.00%
Interest income	0	1,509	2,212
Delray Plaza | Mezzanine Loan
Notes Receivable
Outstanding loan amount	14,289	12,995
Maximum loan commitment	$ 17,000					$ 15,000		$ 13,100
Interest rate	15.00%							15.00%
Interest income	$ 489	1,622	928
Additional funds available	$ 2,000
Interest rate	6.00%
Nexton Square | Mezzanine Loan
Notes Receivable
Outstanding loan amount	$ 0	15,097		$ 16,400
Interest income	1,177	1,962	235
Interlock Commercial | Mezzanine Loan
Notes Receivable
Outstanding loan amount	85,318	59,224
Maximum loan commitment	103,000						$ 95,000
Interest rate							15.00%
Interest income	12,267	6,142	202
Additional funds available	$ 3,000				$ 8,000
Interest rate	18.00%
Interest income, exit fees	$ 2,300	600
Solis Apartments at Interlock | Mezzanine Loan
Notes Receivable
Outstanding loan amount	28,969	25,588
Maximum loan commitment	41,100						$ 41,100
Interest rate							13.00%
Interest income	$ 3,382	$ 2,333	$ 55

Notes Receivable and Allowanc_4

Notes Receivable and Allowance for Loan Losses - Additional Information (Details)	Oct. 30, 2020USD ($)	Sep. 22, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 27, 2019USD ($)	Jul. 22, 2019USD ($)	Apr. 24, 2019USD ($)	Dec. 21, 2018USD ($)	Aug. 31, 2018USD ($)building	Dec. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)loanshares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 15, 2020USD ($)ft²	Oct. 31, 2020USD ($)	May 31, 2020USD ($)	Apr. 19, 2019USD ($)	Jan. 08, 2019USD ($)	Oct. 31, 2018USD ($)	Sep. 01, 2018USD ($)	Oct. 27, 2017USD ($)	May 15, 2017USD ($)	Apr. 21, 2016USD ($)ft²roomunit	Oct. 15, 2015USD ($)
Notes Receivable
Allowances for loan losses									$ 2,584,000	$ 2,584,000	$ 2,584,000	$ 0
Debt repayments											299,318,000	270,851,000	$ 173,855,000
Guaranty liabilities									2,631,000	2,631,000	2,631,000	5,271,000
Financing receivable, nonaccrual									13,600,000	13,600,000	13,600,000
Financing receivable, interest not recognized											5,100,000
Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									39,480,000	39,480,000	39,480,000
1405 Point
Notes Receivable
Payment for debt extinguishment fee	$ 300,000
Note receivable maximum principal balance																								$ 28,200,000
Interest acquired	79.00%		21.00%
Loans payable	$ 64,900,000
Acquisition, assumption of debt			$ 6,100,000
Annapolis Junction Town Center
Notes Receivable
Number of residential units | unit																							416
Area of retail space | ft²																							17,000
Note receivable maximum principal balance																							$ 48,100,000
Number of rooms (room) | room																							150
The Residences at Annapolis Junction
Notes Receivable
Payment for debt extinguishment fee	$ 200,000
Interest acquired	79.00%
Senior Notes	$ 83,400,000														$ 84,400,000
Delray Plaza | Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									5,180,000	5,180,000	5,180,000										$ 4,800,000
Shopping Center In Summerville, South Carolina
Notes Receivable
Number of buildings | building								16
Nexton Square
Notes Receivable
Acquisition, cash consideration		$ 17,900,000
Acquisition, assumption of debt		22,900,000
Capitalized acquisition costs		200,000
Interlock Commercial | Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									34,300,000	34,300,000	34,300,000
Decatur, Georgia | Whole Foods Anchored Center | Loans Receivable
Notes Receivable
Investment in development																						$ 34,000,000
Delray Beach, Florida | Whole Foods Anchored Center | Loans Receivable
Notes Receivable
Investment in development																					20,000,000
Mezzanine Loan
Notes Receivable
Maximum loan commitment									161,100,000	161,100,000	161,100,000
Notes receivable									128,576,000	128,576,000	$ 128,576,000	152,953,000
Number of loans | loan											3
Mezzanine Loan | The Residences at Annapolis Junction
Notes Receivable
Interest income, exit fees											$ 1,500,000	500,000
Notes receivable									0	0	0	40,049,000
Mezzanine Loan | North Decatur Square
Notes Receivable
Maximum loan commitment													$ 29,700,000									$ 21,800,000
Interest rate																						15.00%
Proceeds from collection of loans receivable					$ 20,000,000
Mezzanine Loan | Delray Plaza
Notes Receivable
Maximum loan commitment									$ 17,000,000	$ 17,000,000	$ 17,000,000							$ 15,000,000			$ 13,100,000
Interest rate									15.00%	15.00%	15.00%										15.00%
Notes receivable									$ 14,289,000	$ 14,289,000	$ 14,289,000	12,995,000
Additional funds available									$ 2,000,000	$ 2,000,000	$ 2,000,000
Collateral for secured borrowings | shares									125,843	125,843	125,843
Reserve account									$ 2,500,000
Interest rate									6.00%	6.00%	6.00%
Mezzanine Loan | Delray Plaza | Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)																		$ 5,200,000
Mezzanine Loan | Nexton Square
Notes Receivable
Notes receivable		$ 16,400,000							$ 0	$ 0	$ 0	15,097,000
Mezzanine Loan | Interlock Commercial
Notes Receivable
Maximum loan commitment							$ 95,000,000		103,000,000	103,000,000	103,000,000
Guarantor obligations of the senior construction loan (up to)																	$ 30,700,000
Interest rate							15.00%
Interest income, exit fees											2,300,000	600,000
Notes receivable									85,318,000	85,318,000	85,318,000	59,224,000
Maximum commitment, excluding accrued interest reserves							$ 67,000,000
Financing receivable term							24 months
Financing receivable term extension option							5 years
Additional funds available									$ 3,000,000	3,000,000	$ 3,000,000					$ 8,000,000
Exit fee										6,500,000
Exit fee revenue recognized										$ 2,900,000
Interest rate									18.00%	18.00%	18.00%
Mezzanine Loan | Interlock Commercial | Minimum
Notes Receivable
Exit fee										$ 6,500,000
Mezzanine Loan | Interlock Commercial | Maximum
Notes Receivable
Exit fee										7,500,000
Mezzanine Loan | Solis Apartments At Interlock
Notes Receivable
Maximum commitment, excluding accrued interest reserves							$ 25,200,000
Mezzanine Loan | Solis Apartments at Interlock
Notes Receivable
Maximum loan commitment							$ 41,100,000		$ 41,100,000	41,100,000	$ 41,100,000
Interest rate							13.00%
Notes receivable									28,969,000	28,969,000	28,969,000	$ 25,588,000
Construction Loans
Notes Receivable
Aggregate capacity under the credit facility									$ 39,700,000	$ 39,700,000	$ 39,700,000
Bridge Loan | Shopping Center In Summerville, South Carolina
Notes Receivable
Notes receivable								$ 2,200,000												$ 17,000,000
Bridge Loan | Interlock Commercial
Notes Receivable
Notes receivable																			$ 4,000,000
Bridge Loan | Harbor Point Parcel 3
Notes Receivable
Area of retail space | ft²														450,000
Notes receivable														$ 6,800,000
Interest rate														6.00%
First Purchase Option | 1405 Point
Notes Receivable
Acquisition, cash consideration						$ 300,000
Option to acquire additional interest						79.00%
1405 Point
Notes Receivable
Acquisition, cash consideration						$ 300,000
Loans payable				$ 53,000,000		$ 64,900,000
Option to acquire additional interest						79.00%
Debt repayments				$ 12,300,000

Notes Receivable and Allowanc_5

Notes Receivable and Allowance for Loan Losses - Amortized Cost Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Notes Receivable
Total notes receivable	$ 135,432	$ 159,371
Mezzanine Loan
Notes Receivable
2020	6,766
2019	0
2018	115,082
2017	13,570
2016	0
Total notes receivable	135,418
Pass | Mezzanine Loan
Notes Receivable
2020	6,766
2019	0
2018	115,082
2017	0
2016	0
Total notes receivable	121,848
Special Mention | Mezzanine Loan
Notes Receivable
2020	0
2019	0
2018	0
2017	0
2016	0
Total notes receivable	0
Substandard | Mezzanine Loan
Notes Receivable
2020	0
2019	0
2018	0
2017	13,570
2016	0
Total notes receivable	$ 13,570

Notes Receivable and Allowanc_6

Notes Receivable and Allowance for Loan Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Provision for unrealized credit losses	256	$ 0	$ 0
Financing Receivable, Allowance for Credit Loss, Extinguishment Due To Acquisition	(497)
Ending balance	2,584	0
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,825
Ending balance		$ 2,825

Construction Contracts (Summary

Construction Contracts (Summary of Costs in Excess of Billings and Billings in Excess of Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change In Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 249	$ 1,358
Transferred to receivables	(545)	(2,557)
Construction contract costs and estimated earnings not billed during the period	138	249
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	296	1,199
Ending balance	138	249
Change In Contract With Customer, Liability [Roll Forward]
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	6,244	6,283
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(156)	(977)
Ending balance	$ 6,088	$ 5,306

Construction Contracts - Additi

Construction Contracts - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contractors [Abstract]
Deferred precontract costs	$ 1,700	$ 900
Amortization of pre-contract costs	800	600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Construction payables	6,088	5,306	$ 3,037
Construction receivables retentions	17,100	9,000
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Construction payables	$ 17,700	$ 18,000

Construction Contracts (Net Pos

Construction Contracts (Net Position of Uncompleted Construction Contracts) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 905,037	$ 695,564
Estimated earnings	32,130	24,553
Billings	(943,117)	(725,174)
Net position	(5,950)	(5,057)
Construction contract costs and estimated earnings in excess of billings	138	249	$ 1,358
Billings in excess of construction contract costs and estimated earnings	$ (6,088)	$ (5,306)	$ (3,037)

Construction Contracts (Summa_2

Construction Contracts (Summary of Backlog) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 242,622	$ 165,863	$ 49,167
New contracts/change orders	45,882	182,495	192,852
Work performed	(217,246)	(105,736)	(76,156)
Ending backlog	$ 71,258	$ 242,622	$ 165,863
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months

Indebtedness - Schedule of Debt

Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands

Dec. 22, 2020

Sep. 22, 2020

Dec. 12, 2019

Jun. 26, 2019

Apr. 24, 2019

Jul. 27, 2018

May 31, 2018

Jan. 22, 2018

Dec. 31, 2020

Jun. 30, 2020

Dec. 31, 2019

Aug. 28, 2018

Debt Instrument [Line Items]

Total principal balances

$ 962,812

$ 960,819

Unamortized GAAP adjustments

(8,971)

(10,282)

Other note payable

10,004

0

Indebtedness, net

$ 963,845

950,537

LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

3.17%

LIBOR | Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.30%

LIBOR | Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.85%

LIBOR | Term Loan Without Related Interest Rate Swap Agreemen | Minimum

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.25%

LIBOR | Term Loan Without Related Interest Rate Swap Agreemen | Maximum

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.80%

LIBOR | Term Loan With Related Interest Rate Swap | Minimum

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.25%

LIBOR | Term Loan With Related Interest Rate Swap | Maximum

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.80%

Hoffler Place | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.60%

Summit Place | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.60%

Southgate Square | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

Nexton Square | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Thames Street Wharf | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.30%

1405 Point

Debt Instrument [Line Items]

Remaining lease term

42 years

42 years

1405 Point | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Sandbridge Commons | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.75%

Wills Wharf | LIBOR | Revolving Credit Facility

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Johns Hopkins Village | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.25%

Secured Debt

Debt Instrument [Line Items]

Total principal balances

$ 747,812

645,819

Secured Debt | Sandbridge Commons (2) | Notes 2 | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.75%

Secured Debt | Hoffler Place

Debt Instrument [Line Items]

Total principal balances

$ 18,400

29,059

Secured Debt | Hoffler Place | Notes 1 | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.60%

Secured Debt | Summit Place

Debt Instrument [Line Items]

Total principal balances

$ 23,100

28,824

Secured Debt | Summit Place | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.60%

Secured Debt | Hanbury Village

Debt Instrument [Line Items]

Total principal balances

$ 0

18,515

Stated interest rate

3.78%

Secured Debt | Southgate Square

Debt Instrument [Line Items]

Total principal balances

$ 19,682

20,562

Secured Debt | Southgate Square | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

Secured Debt | Nexton Square

Debt Instrument [Line Items]

Total principal balances

$ 22,909

0

Secured Debt | Nexton Square | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Secured Debt | Encore Apartments

Debt Instrument [Line Items]

Total principal balances

$ 24,337

24,842

Stated interest rate

3.25%

Secured Debt | 4525 Main Street

Debt Instrument [Line Items]

Total principal balances

$ 31,231

31,876

Stated interest rate

3.25%

Secured Debt | Red Mill West

Debt Instrument [Line Items]

Total principal balances

$ 10,851

11,296

Stated interest rate

4.23%

Secured Debt | Thames Street Wharf

Debt Instrument [Line Items]

Total principal balances

$ 70,000

70,000

Secured Debt | Thames Street Wharf | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.30%

Secured Debt | Marketplace at Hilltop

Debt Instrument [Line Items]

Total principal balances

$ 10,120

10,517

Stated interest rate

4.42%

Secured Debt | 1405 Point

Debt Instrument [Line Items]

Total principal balances

$ 53,000

53,000

Secured Debt | 1405 Point | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Secured Debt | Sandbridge Commons | Notes 2

Debt Instrument [Line Items]

Total principal balances

$ 0

8,020

Secured Debt | Socastee Commons

Debt Instrument [Line Items]

Total principal balances

$ 4,458

4,567

Stated interest rate

4.57%

Secured Debt | Wills Wharf

Debt Instrument [Line Items]

Total principal balances

$ 59,044

29,154

Secured Debt | Wills Wharf | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Secured Debt | 249 Central Park Retail

Debt Instrument [Line Items]

Total principal balances

$ 16,597

16,828

Secured Debt | 249 Central Park Retail | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

Secured Debt | Fountain Plaza Retail

Debt Instrument [Line Items]

Total principal balances

$ 9,988

10,127

Secured Debt | Fountain Plaza Retail | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

Secured Debt | South Retail

Debt Instrument [Line Items]

Total principal balances

$ 7,287

7,388

Secured Debt | South Retail | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

Secured Debt | One City Center

Debt Instrument [Line Items]

Total principal balances

$ 24,712

25,286

Secured Debt | One City Center | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.85%

Secured Debt | Red Mill Central

Debt Instrument [Line Items]

Total principal balances

$ 2,363

2,538

Stated interest rate

4.80%

Secured Debt | Solis Gainesville

Debt Instrument [Line Items]

Total principal balances

$ 0

0

Secured Debt | Solis Gainesville | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

3.00%

Secured Debt | Premier Apartments

Debt Instrument [Line Items]

Total principal balances

$ 16,716

16,750

Secured Debt | Premier Apartments | Notes 2 | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.55%

Secured Debt | Premier Retail

Debt Instrument [Line Items]

Total principal balances

$ 8,241

8,250

Secured Debt | Premier Retail | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.55%

Secured Debt | Red Mill South

Debt Instrument [Line Items]

Total principal balances

$ 5,833

6,137

Stated interest rate

3.57%

Secured Debt | Brooks Crossing Office

Debt Instrument [Line Items]

Total principal balances

$ 15,393

14,411

Secured Debt | Brooks Crossing Office | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

Secured Debt | Market at Mill Creek

Debt Instrument [Line Items]

Total principal balances

$ 13,789

14,727

Secured Debt | Market at Mill Creek | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.55%

Secured Debt | Johns Hopkins Village

Debt Instrument [Line Items]

Total principal balances

$ 50,859

51,800

Secured Debt | Johns Hopkins Village | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.25%

Secured Debt | North Point Center | Notes 2

Debt Instrument [Line Items]

Total principal balances

$ 2,094

2,214

Stated interest rate

7.25%

Secured Debt | Lexington Square

Debt Instrument [Line Items]

Total principal balances

$ 14,440

14,696

Stated interest rate

4.50%

4.50%

Secured Debt | Red Mill North

Debt Instrument [Line Items]

Total principal balances

$ 4,294

4,394

Stated interest rate

4.73%

Secured Debt | Greenside Apartments

Debt Instrument [Line Items]

Total principal balances

$ 33,310

34,000

Stated interest rate

3.17%

Secured Debt | The Residences at Annapolis Junction

Debt Instrument [Line Items]

Total principal balances

$ 84,375

0

Secured Debt | The Residences at Annapolis Junction | SOFR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.66%

Secured Debt | Smith’s Landing

Debt Instrument [Line Items]

Total principal balances

$ 17,331

18,174

Stated interest rate

4.05%

Secured Debt | Liberty Apartments

Debt Instrument [Line Items]

Total principal balances

$ 13,877

14,165

Stated interest rate

5.66%

Secured Debt | Edison Apartments

Debt Instrument [Line Items]

Total principal balances

$ 16,272

0

Stated interest rate

5.30%

Secured Debt | The Cosmopolitan

Debt Instrument [Line Items]

Total principal balances

$ 42,909

43,702

Stated interest rate

3.35%

Unsecured Debt

Debt Instrument [Line Items]

Total principal balances

$ 215,000

315,000

Unsecured Debt | Revolving Credit Facility

Debt Instrument [Line Items]

Total principal balances

10,000

110,000

Unsecured Debt | Term Loan Without Related Interest Rate Swap Agreemen

Debt Instrument [Line Items]

Total principal balances

19,500

44,500

Unsecured Debt | Term Loan With Related Interest Rate Swap

Debt Instrument [Line Items]

Total principal balances

$ 185,500

$ 160,500

Indebtedness - Components of De

Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total principal balances	$ 962,812	$ 960,819
Fixed-rate
Debt Instrument [Line Items]
Total principal balances	573,951	488,276
Variable-rate
Debt Instrument [Line Items]
Total principal balances	$ 388,861	$ 472,543

Indebtedness - Scheduled Princi

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Principal repayments and maturities
2021	$ 107,833
2022	99,237
2023	156,380
2024	108,264
2025	286,646
Thereafter	204,452
Total (1)	962,812	$ 960,819
Monthly Principal Amortization
Principal repayments and maturities
2021	10,682
2022	9,667
2023	9,060
2024	9,346
2025	7,539
Thereafter	91,356
Total (1)	137,650
Balloon Payments At Loan Maturity
Principal repayments and maturities
2021	97,151
2022	89,570
2023	147,320
2024	98,918
2025	279,107
Thereafter	113,096
Total (1)	$ 825,162

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details)

Jan. 28, 2021USD ($)

Dec. 22, 2020USD ($)

Oct. 30, 2020USD ($)

Sep. 22, 2020USD ($)

Aug. 31, 2020USD ($)

Jun. 30, 2020USD ($)

Dec. 27, 2019USD ($)

Dec. 12, 2019USD ($)

Oct. 29, 2019USD ($)

Oct. 03, 2019USD ($)extension

Aug. 15, 2019USD ($)

Jun. 26, 2019USD ($)

May 23, 2019USD ($)

Apr. 24, 2019USD ($)

Mar. 14, 2019USD ($)

Mar. 11, 2019USD ($)

Oct. 12, 2018USD ($)

Jul. 27, 2018USD ($)

Jul. 12, 2018USD ($)

Jun. 29, 2018USD ($)

Jun. 14, 2018USD ($)

Jun. 01, 2018USD ($)

May 31, 2018USD ($)

Mar. 27, 2018USD ($)

Jan. 22, 2018

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Feb. 19, 2021USD ($)

Oct. 31, 2020USD ($)

Aug. 28, 2018USD ($)

Debt Instrument [Line Items]

Total principal balances

$ 962,812,000

$ 960,819,000

Debt repayments

$ 299,318,000

270,851,000

$ 173,855,000

Columbus Village

Debt Instrument [Line Items]

Repayment of debt

$ 8,300,000

Southgate Square

Debt Instrument [Line Items]

Debt, face value

$ 22,000,000

River City

Debt Instrument [Line Items]

Repayment of debt

10,500,000

249 Central Park Retail, Fountain Plaza Retail, And South Retail

Debt Instrument [Line Items]

Debt, face value

$ 35,000,000

Johns Hopkins Village

Debt Instrument [Line Items]

Debt, face value

$ 53,000,000

Effective interest rate

4.19%

1405 Point

Debt Instrument [Line Items]

Interest acquired

79.00%

21.00%

Remaining lease term

42 years

42 years

Acquisition, assumption of debt

$ 6,100,000

Loans payable

$ 64,900,000

Nexton Square

Debt Instrument [Line Items]

Acquisition, assumption of debt

$ 22,900,000

Acquisition, cash consideration

$ 17,900,000

The Residences at Annapolis Junction

Debt Instrument [Line Items]

Interest acquired

79.00%

Senior Notes

$ 83,400,000

$ 84,400,000

Summit Place

Debt Instrument [Line Items]

Repayment of debt

$ 11,500,000

Debt, face value

$ 23,100,000

Floor interest rate

0.0040

Hoffler Place

Debt Instrument [Line Items]

Repayment of debt

12,800,000

Debt, face value

$ 18,400,000

Floor interest rate

0.0040

LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

3.17%

LIBOR | Thames Street Wharf

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.30%

LIBOR | Southgate Square

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.55%

LIBOR | Sandbridge Commons

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.75%

LIBOR | Southgate Square

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

LIBOR | River City

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.50%

LIBOR | 249 Central Park Retail, Fountain Plaza Retail, And South Retail

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

LIBOR | Johns Hopkins Village

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.25%

LIBOR | Durham City Center

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.85%

LIBOR | 1405 Point

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

LIBOR | Nexton Square

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

LIBOR | Summit Place

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.60%

LIBOR | Hoffler Place

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.60%

SOFR | The Residences at Annapolis Junction

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.66%

Unsecured Debt

Debt Instrument [Line Items]

Total principal balances

$ 215,000,000

315,000,000

Construction Loans

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

39,700,000

Borrowings under construction loans

96,300,000

$ 86,900,000

Secured Debt

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 34,000,000

Proceeds from lines of credit

$ 5,100,000

Total principal balances

747,812,000

645,819,000

Secured Debt | Thames Street Wharf

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 70,000,000

Total principal balances

70,000,000

70,000,000

Secured Debt | Southgate Square

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 25,000,000

Proceeds from lines of credit

$ 2,700,000

Secured Debt | Southgate Square

Debt Instrument [Line Items]

Total principal balances

19,682,000

20,562,000

Secured Debt | Market at Mill Creek

Debt Instrument [Line Items]

Total principal balances

13,789,000

14,727,000

Secured Debt | Johns Hopkins Village

Debt Instrument [Line Items]

Total principal balances

$ 50,859,000

51,800,000

Secured Debt | Lexington Square

Debt Instrument [Line Items]

Debt, face value

$ 15,000,000

Stated interest rate

4.50%

4.50%

Total principal balances

$ 14,440,000

14,696,000

Secured Debt | Hanbury Village

Debt Instrument [Line Items]

Stated interest rate

3.78%

Total principal balances

$ 0

18,515,000

Secured Debt | The Cosmopolitan

Debt Instrument [Line Items]

Stated interest rate

3.35%

Total principal balances

$ 42,909,000

43,702,000

Secured Debt | Liberty Apartments

Debt Instrument [Line Items]

Stated interest rate

5.66%

Total principal balances

$ 13,877,000

14,165,000

Secured Debt | Durham City Center

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 25,600,000

Accordion feature maximum borrowing capacity

$ 27,600,000

Secured Debt | 1405 Point

Debt Instrument [Line Items]

Total principal balances

53,000,000

53,000,000

Secured Debt | Nexton Square

Debt Instrument [Line Items]

Total principal balances

$ 22,909,000

0

Secured Debt | Edison Apartments

Debt Instrument [Line Items]

Stated interest rate

5.30%

Total principal balances

$ 16,272,000

0

Secured Debt | Summit Place

Debt Instrument [Line Items]

Total principal balances

23,100,000

28,824,000

Secured Debt | Hoffler Place

Debt Instrument [Line Items]

Total principal balances

18,400,000

29,059,000

Secured Debt | Wills Wharf

Debt Instrument [Line Items]

Total principal balances

$ 59,044,000

29,154,000

Secured Debt | LIBOR | Thames Street Wharf

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.30%

Secured Debt | LIBOR | Southgate Square

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

Secured Debt | LIBOR | Market at Mill Creek

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.55%

Secured Debt | LIBOR | Johns Hopkins Village

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.25%

Secured Debt | LIBOR | 1405 Point

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Secured Debt | LIBOR | Nexton Square

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Secured Debt | LIBOR | Summit Place

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.60%

Secured Debt | LIBOR | Wills Wharf

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Revolving Credit Facility

Debt Instrument [Line Items]

Effective interest rate

1.64%

Revolving Credit Facility | LIBOR | Wills Wharf

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Unused commitment fee

0.15%

Revolving Credit Facility | Minimum | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.30%

Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Unused commitment fee

0.25%

Revolving Credit Facility | Maximum | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.85%

Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Total principal balances

$ 10,000,000

$ 110,000,000

Revolving Credit Facility | Secured Debt | Wills Wharf

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 76,000,000

Senior Unsecured Term Loan Facility

Debt Instrument [Line Items]

Effective interest rate

1.59%

Senior Unsecured Term Loan Facility | Minimum | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.25%

Senior Unsecured Term Loan Facility | Maximum | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.80%

Line of Credit | Construction Loans | River City

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 16,300,000

Line of Credit | Construction Loans | Brooks Crossing

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 15,600,000

Line of Credit | Construction Loans | Market at Mill Creek

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 16,200,000

Line of Credit | Construction Loans | LIBOR | Brooks Crossing

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.60%

Line of Credit | Construction Loans | LIBOR | Market at Mill Creek

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.55%

Line of Credit | Secured Debt | Lightfoot Marketplace

Debt Instrument [Line Items]

Repayment of debt

$ 17,900,000

Proceeds from lines of credit

$ 7,400,000

$ 10,500,000

Line of Credit | Secured Debt | Initial Tranche | Lightfoot Marketplace

Debt Instrument [Line Items]

Effective interest rate

4.77%

Line of Credit | Secured Debt | Initial Tranche | LIBOR | Lightfoot Marketplace

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.75%

Operating Partnership | New Credit Facility

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 355,000,000

Operating Partnership | Revolving Credit Facility | New Credit Facility

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

150,000,000

Accordion feature maximum borrowing capacity

$ 700,000,000

Number of extension options | extension

2

Duration of extension option

6 months

Extension fee percentage

0.075%

Operating Partnership | Senior Unsecured Term Loan Facility | New Credit Facility

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 205,000,000

Gainesville Development, LLC [Member] | LIBOR

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

3.00%

Gainesville Development, LLC [Member] | Construction Loans

Debt Instrument [Line Items]

Aggregate capacity under the credit facility

$ 31,400,000

Floor interest rate

0.0075

Percentage of payments of loan advances

55.00%

Subsequent Event | Nexton Square

Debt Instrument [Line Items]

Repayment of debt

$ 2,000,000

Floor interest rate

0.0025

Subsequent Event | LIBOR | Nexton Square

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.25%

Subsequent Event | Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Total principal balances

$ 25,000,000

Red Mill Commons | Operating Partnership

Debt Instrument [Line Items]

Acquisition, assumption of debt

$ 24,900,000

First Purchase Option | 1405 Point

Debt Instrument [Line Items]

Option to acquire additional interest

79.00%

Acquisition, cash consideration

$ 300,000

1405 Point

Debt Instrument [Line Items]

Loans payable, fair value disclosure

$ 65,800,000

Option to acquire additional interest

79.00%

Acquisition, cash consideration

$ 300,000

Loans payable

$ 53,000,000

$ 64,900,000

Debt repayments

$ 12,300,000

Marketplace at Hilltop

Debt Instrument [Line Items]

Acquisition, assumption of debt

10,740,000

Loans payable, fair value disclosure

$ 10,790,000

Stated interest rate

4.42%

Marketplace at Hilltop | Operating Partnership

Debt Instrument [Line Items]

Acquisition, assumption of debt

$ 10,800,000

Yield One | 1405 Point

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate, debt yield

8.50%

Yield One | LIBOR | 1405 Point

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

2.00%

Yield Two | 1405 Point

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate, debt yield

9.50%

Yield Two | LIBOR | 1405 Point

Debt Instrument [Line Items]

Stated interest rate, basis spread on variable rate

1.75%

Indebtedness - Schedule of De_2

Indebtedness - Schedule of Debt Assumed (Details) $ in Thousands	May 23, 2019USD ($)
Red Mill North
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 4,451
Loans payable, fair value disclosure	$ 4,520
Stated interest rate	4.73%
Red Mill South
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 6,310
Loans payable, fair value disclosure	$ 6,090
Stated interest rate	3.57%
Red Mill Central
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 2,640
Loans payable, fair value disclosure	$ 2,690
Stated interest rate	4.80%
Red Mill West
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 11,548
Loans payable, fair value disclosure	$ 11,540
Stated interest rate	4.23%
Marketplace at Hilltop
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 10,740
Loans payable, fair value disclosure	$ 10,790
Stated interest rate	4.42%
Red Mill Commons And Marketplace At Hilltop
Debt Instrument [Line Items]
Acquisition, assumption of debt	$ 35,689
Loans payable, fair value disclosure	$ 35,630

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($)	Dec. 31, 2020	Nov. 01, 2020	Oct. 30, 2020	Jul. 01, 2020	Mar. 02, 2020	Jan. 28, 2020	Jan. 10, 2020	Dec. 31, 2019	May 15, 2019	Dec. 11, 2018	Jul. 16, 2018	Mar. 07, 2018	Nov. 28, 2017	Sep. 18, 2017	Jun. 23, 2017	Feb. 07, 2017	Jun. 17, 2016	Feb. 25, 2016
Derivative [Line Items]
Notional Amount	$ 874,606,000							$ 496,642,000
Interest rate caps
Derivative [Line Items]
Notional Amount			$ 100,000
LIBOR | Interest rate caps
Derivative [Line Items]
Notional Amount		$ 84,375,000		$ 100,000,000	$ 100,000,000	$ 50,000,000	$ 50,000,000		$ 100,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 70,000,000	$ 75,000,000
Cap Interest Rate				0.50%	1.50%	1.75%	1.75%		2.50%	2.75%	2.50%	2.25%	1.50%	1.50%	1.50%	1.50%	1.00%	1.50%
Premium Paid	$ 2,816,000	$ 91,000		$ 232,000	$ 111,000	$ 62,000	$ 87,000		$ 288,000	$ 210,000	$ 319,000	$ 310,000	$ 359,000	$ 199,000	$ 154,000	$ 187,000	$ 150,000	$ 57,000
SOFR | Interest rate caps
Derivative [Line Items]
Cap Interest Rate		1.84%

Derivative Financial Instrume_4

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 874,606	$ 496,642
Interest rate swaps
Derivative [Line Items]
Notional Amount	340,231
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	200,000	350,000
Not Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000	100,000
Not Designated as Hedging Instrument | Senior Unsecured Term Loan 2.78% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed rate interest rate swap	2.78%
Effective interest rate	4.23%
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 290,231	$ 146,642
Designated as Hedging Instrument | Johns Hopkins Village | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,859
Fixed rate interest rate swap	2.94%
Effective interest rate	4.19%
Designated as Hedging Instrument | Senior Unsecured Term Loan 3.02% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 10,500
Fixed rate interest rate swap	3.02%
Effective interest rate	4.47%
Designated as Hedging Instrument | 249 Central Park Retail, Fountain Plaza Retail, And South Retail | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 33,872
Fixed rate interest rate swap	2.25%
Effective interest rate	3.85%
Designated as Hedging Instrument | Senior Unsecured Term Loan 2.26% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed rate interest rate swap	2.26%
Effective interest rate	3.71%
Designated as Hedging Instrument | Thames Street Wharf | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 70,000
Fixed rate interest rate swap	0.51%
Effective interest rate	1.81%
Designated as Hedging Instrument | Senior Unsecured Term Loan 0.50%, Term Loan One [Member] | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed rate interest rate swap	0.50%
Effective interest rate	1.95%
Designated as Hedging Instrument | Senior Unsecured Term Loan 0.50%, Term Loan Two [Member] | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed rate interest rate swap	0.50%
Effective interest rate	1.95%
Designated as Hedging Instrument | Senior Unsecured Term Loan 0.55% [Member] | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed rate interest rate swap	0.55%
Effective interest rate	2.00%

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 30, 2020
Derivative [Line Items]
Notional Amount	$ 874,606	$ 496,642
Asset, fair value	90	25
Liability, fair value	(14,853)	(7,720)
Change in fair value of derivatives and other	(1,085)	(3,599)	$ (951)
Unrealized cash flow hedge losses	(9,751)	(4,504)	(1,894)
Total change in fair value of interest rate derivatives	(10,836)	(8,103)	(2,845)
Interest rate swaps
Derivative [Line Items]
Notional Amount	340,231
Total change in fair value of interest rate derivatives	(10,318)	(6,050)	(2,281)
Interest rate caps
Derivative [Line Items]
Notional Amount				$ 100
Total change in fair value of interest rate derivatives	(518)	(2,053)	$ (564)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	200,000	350,000
Asset, fair value	4	25
Liability, fair value	(3,056)	(1,992)
Not Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000	100,000
Asset, fair value	0	0
Liability, fair value	(3,056)	(1,992)
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional Amount	150,000	250,000
Asset, fair value	4	25
Liability, fair value	0	0
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Notional Amount	290,231	146,642
Asset, fair value	0	0
Liability, fair value	(11,797)	(5,728)
Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional Amount	384,375	0
Asset, fair value	86	0
Liability, fair value	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Feb. 02, 2021	Dec. 31, 2020	Nov. 01, 2020	Jul. 01, 2020	Mar. 02, 2020	Jan. 28, 2020	Jan. 10, 2020	May 15, 2019	Dec. 11, 2018	Jul. 16, 2018	Mar. 07, 2018	Nov. 28, 2017	Sep. 18, 2017	Jun. 23, 2017	Feb. 07, 2017	Jun. 17, 2016	Feb. 25, 2016
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months		$ (4,300)
LIBOR | Interest rate caps
Derivative [Line Items]
Strike rate				0.50%	1.50%	1.75%	1.75%	2.50%	2.75%	2.50%	2.25%	1.50%	1.50%	1.50%	1.50%	1.00%	1.50%
Premium paid		$ 2,816	$ 91	$ 232	$ 111	$ 62	$ 87	$ 288	$ 210	$ 319	$ 310	$ 359	$ 199	$ 154	$ 187	$ 150	$ 57
Subsequent Event | LIBOR | Interest rate caps
Derivative [Line Items]
Strike rate	0.50%
Premium paid	$ 100

Equity - Additional Information

Equity - Additional Information (Details)	Dec. 07, 2021USD ($)	Feb. 09, 2021$ / shares	Jan. 15, 2021USD ($)	Oct. 01, 2020shares	Aug. 20, 2020USD ($)$ / sharesshares	Jul. 01, 2020shares	Mar. 10, 2020USD ($)	Aug. 06, 2019USD ($)	Aug. 05, 2019USD ($)	Jun. 18, 2019USD ($)ft²$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2020$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / shares	Oct. 30, 2020	Jun. 30, 2020
Class of Stock [Line Items]
Authorized capital shares of common stock (in shares)											500,000,000		500,000,000	500,000,000
Preferred stock, shares authorized (in shares)											100,000,000		100,000,000	100,000,000
Common stock, shares issued (in shares)											59,073,220		59,073,220	56,277,971
Common stock, shares outstanding (in shares)											59,073,220		59,073,220	56,277,971
Proceeds from issuance of common stock, net | $													$ 19,650,000	$ 96,845,000	$ 65,244,000
Percentage of operating partnerships held											73.90%		73.90%	72.60%
Operating partnership units redemption ratio													1
Aggregate cash dividends and distributions, paid | $													$ 47,603,000	$ 61,504,000	$ 50,897,000
Percent of total voting power for voting stock													0.50
Preferred stock, par or stated value (in dollars per share) | $ / shares											$ 0.01		$ 0.01	$ 0.01
Dividend declared (in dollars per share) | $ / shares													$ 0.44	$ 0.84	$ 0.80
Dividends, cash paid | $													$ 7,349,000	$ 2,455,000
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)											10,842	10,600
Granted (in dollars per share) | $ / shares											$ 11.11	$ 18.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period											3,165	3,677
Subsequent Event
Class of Stock [Line Items]
Dividend declared (in dollars per share) | $ / shares		$ 0.15
Increase from prior dividend		36.00%
Class A units
Class of Stock [Line Items]
Units not held by company											20,865,485		20,865,485
Class A units | Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid | $	$ 2,300,000
Class A units | Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid | $													$ 9,200,000	16,900,000	$ 13,800,000
Common stock
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid | $													$ 25,300,000	45,400,000	$ 38,700,000
Common stock | Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid | $	$ 6,500,000
2018 ATM Program | Common stock
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) | $								$ 180,700,000	$ 125,000,000
The Amendments, At-the-Market Continuous Equity Program [Member] | Common stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues													1,783,768
Sale of stock, weighted average price per share | $ / shares													$ 10.48
The Amendments, At-the-Market Continuous Equity Program [Member] | Preferred stock
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares | $													$ 18,400,000
Prior At-The-Market Program [Member]
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares | $													$ 1,700,000	$ 97,000,000
Prior At-The-Market Program [Member] | Common stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues													92,577	5,871,519
Issuance of common stock, price per share (in dollars per share) | $ / shares											$ 18.23		$ 18.23	$ 16.76
1405 Point
Class of Stock [Line Items]
Noncontrolling interest ownership percentage in properties																79.00%	21.00%
Thames Street Wharf
Class of Stock [Line Items]
Area of retail space | ft²										263,426
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)											9,980,000		9,980,000	2,930,000
Preferred stock, shares issued (in shares)										2,530,000	6,843,418		6,843,418	2,530,000
Preferred stock, shares outstanding (in shares)											6,843,418		6,843,418	2,530,000
Preferred Stock, Convertible, Conversion Price, Maximum | $ / shares													$ 2.97796
Dividend rate										6.75%			6.75%	6.75%
Preferred stock, redemption price (in dollars per share) | $ / shares											$ 25		$ 25
Preferred stock, par or stated value (in dollars per share) | $ / shares										$ 0.01
Liquidation preference (in dollars per share) | $ / shares										$ 25
Proceeds from issuance of preferred stock and preference stock | $										$ 61,300,000
Redeemable convertible preferred stock | Over-Allotment Option
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)										330,000
Redeemable convertible preferred stock | At The Market Program [Member]
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) | $							$ 300,000,000
Dividend rate							6.75%
Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					3,600,000					2,530,000
Dividend rate					6.75%					6.75%
Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)											6,800,000		6,800,000	2,500,000
Preferred stock, shares outstanding (in shares)											6,800,000		6,800,000	2,500,000
Dividends declared (in dollars per share) | $ / shares													$ 1.687500	$ 0.970315
Dividends, Preferred Stock, Stock | $													$ 7,300,000	$ 2,500,000
Series A Cumulative Redeemable Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid | $			$ 2,900,000
Dividends declared (in dollars per share) | $ / shares		$ 0.421875
Series A Cumulative Redeemable Preferred Stock | The Amendments, At-the-Market Continuous Equity Program [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues													713,418
Net proceeds after offering costs and commissions from sale of shares | $													$ 16,100,000
Sale of stock, weighted average price per share | $ / shares													$ 22.88
Series A Cumulative Redeemable Preferred Stock | Public Stock Offering [Member]
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares | $					$ 86,100,000
Number of shares issued in public offering					3,600,000
Issuance of common stock, price per share (in dollars per share) | $ / shares					$ 24.75
Common Class A | Common stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues						756,697
Common Class A | Edison Apartments | Operating Partnership
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				633,734
Noncontrolling interests in Operating Partnership
Class of Stock [Line Items]
Liquidation preference | $											$ 171,100,000		$ 171,100,000
Noncontrolling interests in Operating Partnership | Operating Partnership
Class of Stock [Line Items]
Nonredeemable noncontrolling interest | $											$ 500,000		$ 500,000
Consolidated Entities Under Development Or Construction | Operating Partnership
Class of Stock [Line Items]
Nonredeemable noncontrolling interest | $														$ 4,500,000

Equity - Tax Treatment of Divid

Equity - Tax Treatment of Dividends Paid (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	100.00%	100.00%	100.00%
Capital gains
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	0.00%	10.62%	9.49%
Ordinary income
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	59.09%	68.83%	63.40%
Return of capital
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	40.91%	20.55%	27.11%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	176,382	154,030	164,241
Restricted stock, weighted average fair value	$ 2.8	$ 2.4	$ 2.2
Employee restricted stock award, vesting period	2 years
Nonemployee restricted stock award vest grant over period	1 year
Unrecognized compensation cost	$ 0.8
Unrecognized compensation cost, recognition period	15 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)	27,060
Restricted Stock | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
Restricted Stock | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award, percentage vested on grant date	33.33%
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of common stock permitted to be granted (in shares)	1,700,000
Shares of common stock reserved for issuance (in shares)	728,783
Stock-based compensation	$ 2.9	$ 2.4	$ 2

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Cost Relating to Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized in conjunction with development projects	$ 483	$ 746	$ 661
Share-based compensation cost	2,861	2,359	1,947
General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	1,615	1,211	1,073
General contracting and real estate services expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 763	$ 402	$ 213

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Awards
Nonvested as of beginning of period (in shares)	143,952
Granted (in shares)	176,382	154,030	164,241
Vested (in shares)	(151,041)
Forfeited (in shares)	(1,715)
Nonvested as of end of period (in shares)	167,578	143,952
Weighted Average Grant Date Fair Value Per Share
Nonvested as of beginning of period (in dollars per share)	$ 14.88
Granted (in dollars per share)	15.77
Vested (in dollars per share)	15.42
Forfeited (in dollars per share)	16.35
Nonvested as of end of period (in dollars per share)	$ 15.31	$ 14.88

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 (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value of Financial Instruments]
Indebtedness, net	$ 963,845	$ 950,537
Carrying Value
Fair Value of Financial Instruments]
Indebtedness, net	963,845	950,537
Notes receivable	135,432	159,371
Interest rate swap liabilities	14,853	7,720
Interest rate swap and cap assets	90	25
Fair Value | Level 3
Fair Value of Financial Instruments]
Indebtedness, net	980,714	958,421
Notes receivable	135,223	159,371
Fair Value | Level 2
Fair Value of Financial Instruments]
Interest rate swap liabilities	14,853	7,720
Interest rate swap and cap assets	$ 90	$ 25

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal income taxes:
Current	$ 290	$ 430	$ (14)
Deferred	(18)	(20)	37
State income taxes:
Current	14	85	(1)
Deferred	(3)	(4)	7
Income tax benefit	$ 283	$ 491	$ 29

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net deferred tax assets	$ 500,000	$ 900,000
Uncertain income tax positions	$ 0	$ 0

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing costs, net	$ 13,007	$ 11,357
Leasing incentives, net	3,303	2,855
Interest rate swaps and caps	90	25
Prepaid expenses and other	11,542	12,192
Preacquisition and predevelopment costs	15,382	6,472
Other assets	$ 43,324	$ 32,901

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities
Dividends and distributions payable	$ 11,753	$ 17,477
Acquired lease intangibles, net	15,621	21,300
Prepaid rent and other	9,068	8,604
Security deposits	2,976	2,673
Interest rate swaps	14,853	7,720
Guarantee liability	2,631	5,271
Other liabilities	$ 56,902	$ 63,045

Acquired Lease Intangibles - Su

Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Below Market Lease
Below Market Lease, Gross	$ 25,015	$ 29,575
Below Market Lease, Accumulated Amortization	9,394	8,275
Below Market Lease, Net	15,621	21,300
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	110,643	112,555
Accumulated Amortization	54,276	47,341
Net Carrying Amount	56,367	65,214
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,638	7,039
Accumulated Amortization	3,851	3,551
Net Carrying Amount	1,787	3,488
Below-market operating ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,920	1,920
Accumulated Amortization	406	352
Net Carrying Amount	1,514	1,568
Below-market finance ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,629	6,629
Accumulated Amortization	261	102
Net Carrying Amount	$ 6,368	$ 6,527

Acquired Lease Intangibles - Ad

Acquired Lease Intangibles - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	7 years 3 months 18 days
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	3 years
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease liabilities	12 years 10 months 24 days
Below-market operating ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	28 years 6 months
Below-market finance ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	40 years 2 months 12 days
Below Market Lease Renewal Options
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average remaining lives of lease assets	9 years 1 month 6 days

Acquired Lease Intangibles - Am

Acquired Lease Intangibles - Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of below market lease	$ 1,119	$ 2,261	$ 1,754
Above-market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	300	875	753
Below-market operating ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	54	53	53
Below-market finance ground lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	159	102	0
In-place lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 6,935	$ 14,971	$ 7,676

Acquired Lease Intangibles - Es

Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands	Dec. 31, 2020USD ($)
Estimated amortization of acquired lease intangibles- Rental Revenues
2021	$ 1,433
2022	1,443
2023	1,341
2024	1,383
2025	1,347
Estimated amortization of acquired lease intangibles -Depreciation and Amortization
2021	13,184
2022	8,232
2023	6,780
2024	5,560
2025	$ 4,962

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Edison Apartments
Related Party Transactions
Net assets acquired		$ 23,746
Edison Apartments | Richmond, Virginia
Related Party Transactions
Acquisition, common units/shares issued (in shares)	633,734
Loan payable	$ 16,400
Net assets acquired	1,100
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		52,200	$ 5,700	$ 1,500
Gross profit from related parties		2,000	200	$ 300
Due from related parties		8,600	$ 1,900
Development Fee | Edison Apartments | Richmond, Virginia
Related Party Transactions
Related party transaction	$ 1,800
Executive Officer | Construction Contracts
Related Party Transactions
Gross profit from related parties		3,100
Related party amount of transaction		$ 81,000
Gross profit margin, related parties		3.80%
Outstanding letters of credit		$ 9,500

Commitments and Contingencies -

Commitments and Contingencies - Guarantor (Details) - Financial Guarantee - USD ($) $ in Thousands	Dec. 31, 2020	Oct. 27, 2017
Guarantor Obligations [Line Items]
Guarantor obligations	$ 39,480
Delray Plaza
Guarantor Obligations [Line Items]
Guarantor obligations	5,180	$ 4,800
Interlock Commercial
Guarantor Obligations [Line Items]
Guarantor obligations	$ 34,300

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies
Contingent liabilities for construction performance	$ 2.4	$ 4.3
Rental Revenues | Hampton Roads Properties
Commitments and Contingencies
Concentrations of credit risk	44.00%	48.00%	53.00%
Rental Revenues | Town Center Properties
Commitments and Contingencies
Concentrations of credit risk	27.00%	31.00%	38.00%
Operating Partnership
Commitments and Contingencies
Outstanding letters of credit	$ 9.5	$ 9.5
Group Of Three Construction Customers | General Contracting and Real Estate Services Revenues
Commitments and Contingencies
Concentrations of credit risk	65.00%	67.00%	55.00%
Group Of Three Construction Customers | General Contracting and Real Estate Services Segment Profit
Commitments and Contingencies
Concentrations of credit risk	72.00%	66.00%	28.00%

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, shares in Thousands	Dec. 07, 2021USD ($)	Feb. 09, 2021$ / shares	Jan. 28, 2021USD ($)	Jan. 15, 2021USD ($)	Jan. 12, 2021shares	Jan. 04, 2021USD ($)	Sep. 22, 2020	Sep. 01, 2020USD ($)	May 29, 2020USD ($)	Dec. 12, 2019	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	Feb. 19, 2021USD ($)	Feb. 02, 2021USD ($)	Jan. 07, 2021USD ($)	Nov. 01, 2020USD ($)	Oct. 30, 2020USD ($)	Jul. 01, 2020USD ($)	Mar. 02, 2020USD ($)	Jan. 28, 2020USD ($)	Jan. 10, 2020USD ($)	May 15, 2019USD ($)	Dec. 11, 2018USD ($)	Jul. 16, 2018USD ($)	Mar. 07, 2018USD ($)	Nov. 28, 2017USD ($)	Sep. 18, 2017USD ($)	Jun. 23, 2017USD ($)	Feb. 07, 2017USD ($)	Jun. 17, 2016USD ($)	Feb. 25, 2016USD ($)
Subsequent Event [Line Items]
Dispositions of real estate investments, net of selling costs											$ 96,459,000	$ 32,944,000	$ 34,673,000
Indebtedness, net											963,845,000	950,537,000
Total principal balances											962,812,000	960,819,000
Notional amount											874,606,000	496,642,000
Aggregate cash dividends and distributions, paid											$ 47,603,000	$ 61,504,000	$ 50,897,000
Dividend declared (in dollars per share) | $ / shares											$ 0.44	$ 0.84	$ 0.80
Common stock
Subsequent Event [Line Items]
Aggregate cash dividends and distributions, paid											$ 25,300,000	$ 45,400,000	$ 38,700,000
Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share) | $ / shares											$ 1.687500	$ 0.970315
Interest rate caps
Subsequent Event [Line Items]
Notional amount																		$ 100,000
Unsecured Debt
Subsequent Event [Line Items]
Total principal balances											$ 215,000,000	$ 315,000,000
Revolving Credit Facility | Unsecured Debt
Subsequent Event [Line Items]
Total principal balances											10,000,000	$ 110,000,000
LIBOR
Subsequent Event [Line Items]
Stated interest rate, basis spread on variable rate										3.17%
LIBOR | Interest rate caps
Subsequent Event [Line Items]
Notional amount																	$ 84,375,000		$ 100,000,000	$ 100,000,000	$ 50,000,000	$ 50,000,000	$ 100,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 70,000,000	$ 75,000,000
Strike rate																			0.50%	1.50%	1.75%	1.75%	2.50%	2.75%	2.50%	2.25%	1.50%	1.50%	1.50%	1.50%	1.00%	1.50%
Premium paid											$ 2,816,000						$ 91,000		$ 232,000	$ 111,000	$ 62,000	$ 87,000	$ 288,000	$ 210,000	$ 319,000	$ 310,000	$ 359,000	$ 199,000	$ 154,000	$ 187,000	$ 150,000	$ 57,000
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share) | $ / shares		$ 0.15
Increase from prior dividend		36.00%
Subsequent Event | Harbor Point Parcel 3 Partnership
Subsequent Event [Line Items]
Outstanding letters of credit																$ 15,000,000
Subsequent Event | Common stock
Subsequent Event [Line Items]
Aggregate cash dividends and distributions, paid	$ 6,500,000
Subsequent Event | Class A units
Subsequent Event [Line Items]
Aggregate cash dividends and distributions, paid	$ 2,300,000
Subsequent Event | Common Class A | Stock Issuance - Shares From Existing Shareholder
Subsequent Event [Line Items]
Number of shares issued in public offering | shares					12
Subsequent Event | Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Aggregate cash dividends and distributions, paid				$ 2,900,000
Dividends declared (in dollars per share) | $ / shares		$ 0.421875
Subsequent Event | Revolving Credit Facility | Unsecured Debt
Subsequent Event [Line Items]
Total principal balances														$ 25,000,000
Subsequent Event | LIBOR | Interest rate caps
Subsequent Event [Line Items]
Notional amount															$ 100,000,000
Strike rate															0.50%
Premium paid															$ 100,000
Discontinued Operations, Disposed of by Sale
Subsequent Event [Line Items]
Gain (loss) on disposition of property									$ 2,800,000
Hanbury Village | Discontinued Operations, Disposed of by Sale
Subsequent Event [Line Items]
Dispositions of real estate investments, net of selling costs								$ 7,000,000
Gain (loss) on disposition of property								$ 3,600,000
Hanbury Village | Discontinued Operations, Disposed of by Sale | Subsequent Event
Subsequent Event [Line Items]
Dispositions of real estate investments, net of selling costs						$ 2,800,000
Gain (loss) on disposition of property						2,400,000
4225 Main Street and Encore Apartments | Subsequent Event
Subsequent Event [Line Items]
Debt, face value				$ 57,000,000
Interest rate				2.93%
Nexton Square | LIBOR
Subsequent Event [Line Items]
Stated interest rate, basis spread on variable rate							2.25%
Nexton Square | Subsequent Event
Subsequent Event [Line Items]
Repayment of debt			$ 2,000,000
Indebtedness, net			$ 20,100,000
Floor interest rate			0.0025
Nexton Square | Subsequent Event | LIBOR
Subsequent Event [Line Items]
Stated interest rate, basis spread on variable rate			2.25%
Nexton Square | Discontinued Operations, Disposed of by Sale | Subsequent Event
Subsequent Event [Line Items]
Dispositions of real estate investments, net of selling costs						$ 900,000

Schedule III - Consolidated R_2

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			$ 747,812
Land			280,791
Building and Improvements			657,832
Cost Capitalized Subsequent to Acquisition			819,294
Land			280,791
Building and improvements			1,477,126
Total			1,757,917
Accumulated Depreciation	$ 224,738	$ 224,738	253,965
Net Carrying Amount			1,503,952
Amount of real estate for federal income tax purposes			1,288,500
Real estate investments
Balance at beginning of the year	1,606,324	1,176,586
Construction costs and improvements	58,039	143,700
Acquisitions	196,214	314,898
Dispositions	(101,768)	(28,117)
Reclassifications	(892)	(743)
Balance at end of the year	1,757,917	1,606,324
Accumulated Depreciation
Balance at beginning of the year	224,738	188,775
Dispositions	(14,444)	(1,818)
Reclassifications	0	(58)
Depreciation	43,671	37,839
Balance at end of the year	$ 253,965	$ 224,738
Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	39 years
Capital improvements | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	5 years
Capital improvements | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	20 years
Equipment | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	3 years
Equipment | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Estimated useful lives	7 years
Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			200,380
Land			23,038
Building and Improvements			103,160
Cost Capitalized Subsequent to Acquisition			278,097
Land			23,038
Building and improvements			381,257
Total			404,295
Accumulated Depreciation	$ 76,944		76,944
Net Carrying Amount			327,351
Accumulated Depreciation
Balance at end of the year	76,944
Office | 4525 Main Street
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			31,231
Land			982
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			52,562
Land			982
Building and improvements			52,562
Total			53,544
Accumulated Depreciation	9,994		9,994
Net Carrying Amount			43,550
Accumulated Depreciation
Balance at end of the year	9,994
Office | Armada Hoffler Tower
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,976
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			61,372
Land			1,976
Building and improvements			61,372
Total			63,348
Accumulated Depreciation	38,057		38,057
Net Carrying Amount			25,291
Accumulated Depreciation
Balance at end of the year	38,057
Office | Brooks Crossing Office
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			15,393
Land			295
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			19,546
Land			295
Building and improvements			19,546
Total			19,841
Accumulated Depreciation	1,129		1,129
Net Carrying Amount			18,712
Accumulated Depreciation
Balance at end of the year	1,129
Office | One City Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			24,712
Land			2,911
Building and Improvements			28,202
Cost Capitalized Subsequent to Acquisition			6,173
Land			2,911
Building and improvements			34,375
Total			37,286
Accumulated Depreciation	1,655		1,655
Net Carrying Amount			35,631
Accumulated Depreciation
Balance at end of the year	1,655
Office | One Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			960
Building and Improvements			10,269
Cost Capitalized Subsequent to Acquisition			12,857
Land			960
Building and improvements			23,126
Total			24,086
Accumulated Depreciation	12,878		12,878
Net Carrying Amount			11,208
Accumulated Depreciation
Balance at end of the year	12,878
Office | Thames Street Wharf
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			70,000
Land			15,861
Building and Improvements			64,689
Cost Capitalized Subsequent to Acquisition			233
Land			15,861
Building and improvements			64,922
Total			80,783
Accumulated Depreciation	2,539		2,539
Net Carrying Amount			78,244
Accumulated Depreciation
Balance at end of the year	2,539
Office | Two Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			53
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			21,145
Land			53
Building and improvements			21,145
Total			21,198
Accumulated Depreciation	9,487		9,487
Net Carrying Amount			11,711
Accumulated Depreciation
Balance at end of the year	9,487
Office | Wills Wharf
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			59,044
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			104,209
Land			0
Building and improvements			104,209
Total			104,209
Accumulated Depreciation	1,205		1,205
Net Carrying Amount			103,004
Accumulated Depreciation
Balance at end of the year	1,205
Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			152,946
Land			193,812
Building and Improvements			277,224
Cost Capitalized Subsequent to Acquisition			191,103
Land			193,812
Building and improvements			468,327
Total			662,139
Accumulated Depreciation	102,783		102,783
Net Carrying Amount			559,356
Accumulated Depreciation
Balance at end of the year	102,783
Retail | 249 Central Park Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			16,597
Land			712
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			16,526
Land			712
Building and improvements			16,526
Total			17,238
Accumulated Depreciation	8,703		8,703
Net Carrying Amount			8,535
Accumulated Depreciation
Balance at end of the year	8,703
Retail | Apex Entertainment
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			67
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			17,827
Land			67
Building and improvements			17,827
Total			17,894
Accumulated Depreciation	5,360		5,360
Net Carrying Amount			12,534
Accumulated Depreciation
Balance at end of the year	5,360
Retail | Broad Creek Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			9,101
Land			0
Building and improvements			9,101
Total			9,101
Accumulated Depreciation	4,593		4,593
Net Carrying Amount			4,508
Accumulated Depreciation
Balance at end of the year	4,593
Retail | Broadmoor Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,410
Building and Improvements			9,010
Cost Capitalized Subsequent to Acquisition			1,029
Land			2,410
Building and improvements			10,039
Total			12,449
Accumulated Depreciation	2,356		2,356
Net Carrying Amount			10,093
Accumulated Depreciation
Balance at end of the year	2,356
Retail | Brooks Crossing Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			359
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			2,333
Land			359
Building and improvements			2,333
Total			2,692
Accumulated Depreciation	303		303
Net Carrying Amount			2,389
Accumulated Depreciation
Balance at end of the year	303
Retail | Columbus Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			7,631
Building and Improvements			10,135
Cost Capitalized Subsequent to Acquisition			8,019
Land			7,631
Building and improvements			18,154
Total			25,785
Accumulated Depreciation	3,326		3,326
Net Carrying Amount			22,459
Accumulated Depreciation
Balance at end of the year	3,326
Retail | Columbus Village II
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			14,536
Building and Improvements			10,922
Cost Capitalized Subsequent to Acquisition			63
Land			14,536
Building and improvements			10,985
Total			25,521
Accumulated Depreciation	1,788		1,788
Net Carrying Amount			23,733
Accumulated Depreciation
Balance at end of the year	1,788
Retail | Commerce Street Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			118
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			3,317
Land			118
Building and improvements			3,317
Total			3,435
Accumulated Depreciation	1,872		1,872
Net Carrying Amount			1,563
Accumulated Depreciation
Balance at end of the year	1,872
Retail | Courthouse 7-Eleven
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,007
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			1,044
Land			1,007
Building and improvements			1,044
Total			2,051
Accumulated Depreciation	244		244
Net Carrying Amount			1,807
Accumulated Depreciation
Balance at end of the year	244
Retail | Dimmock Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,100
Building and Improvements			13,126
Cost Capitalized Subsequent to Acquisition			392
Land			5,100
Building and improvements			13,518
Total			18,618
Accumulated Depreciation	2,438		2,438
Net Carrying Amount			16,180
Accumulated Depreciation
Balance at end of the year	2,438
Retail | Fountain Plaza Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			9,988
Land			425
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,406
Land			425
Building and improvements			7,406
Total			7,831
Accumulated Depreciation	3,799		3,799
Net Carrying Amount			4,032
Accumulated Depreciation
Balance at end of the year	3,799
Retail | Greentree Shopping Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,103
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			4,136
Land			1,103
Building and improvements			4,136
Total			5,239
Accumulated Depreciation	1,077		1,077
Net Carrying Amount			4,162
Accumulated Depreciation
Balance at end of the year	1,077
Retail | Hanbury Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			2,566
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			16,249
Land			2,566
Building and improvements			16,249
Total			18,815
Accumulated Depreciation	7,037		7,037
Net Carrying Amount			11,778
Accumulated Depreciation
Balance at end of the year	7,037
Retail | Harrisonburg Regal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,554
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			4,148
Land			1,554
Building and improvements			4,148
Total			5,702
Accumulated Depreciation	2,309		2,309
Net Carrying Amount			3,393
Accumulated Depreciation
Balance at end of the year	2,309
Retail | Lexington Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			14,440
Land			3,035
Building and Improvements			20,581
Cost Capitalized Subsequent to Acquisition			269
Land			3,035
Building and improvements			20,850
Total			23,885
Accumulated Depreciation	1,658		1,658
Net Carrying Amount			22,227
Accumulated Depreciation
Balance at end of the year	1,658
Retail | Market at Mill Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			13,789
Land			2,261
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			20,878
Land			2,261
Building and improvements			20,878
Total			23,139
Accumulated Depreciation	1,156		1,156
Net Carrying Amount			21,983
Accumulated Depreciation
Balance at end of the year	1,156
Retail | Marketplace at Hilltop
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			10,120
Land			2,023
Building and Improvements			19,886
Cost Capitalized Subsequent to Acquisition			50
Land			2,023
Building and improvements			19,936
Total			21,959
Accumulated Depreciation	955		955
Net Carrying Amount			21,004
Accumulated Depreciation
Balance at end of the year	955
Retail | Nexton Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			22,909
Land			9,086
Building and Improvements			27,760
Cost Capitalized Subsequent to Acquisition			807
Land			9,086
Building and improvements			28,567
Total			37,653
Accumulated Depreciation	337		337
Net Carrying Amount			37,316
Accumulated Depreciation
Balance at end of the year	337
Retail | North Hampton Market
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			7,250
Building and Improvements			10,210
Cost Capitalized Subsequent to Acquisition			687
Land			7,250
Building and improvements			10,897
Total			18,147
Accumulated Depreciation	2,175		2,175
Net Carrying Amount			15,972
Accumulated Depreciation
Balance at end of the year	2,175
Retail | North Point Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			2,094
Land			1,936
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			25,733
Land			1,936
Building and improvements			25,733
Total			27,669
Accumulated Depreciation	15,053		15,053
Net Carrying Amount			12,616
Accumulated Depreciation
Balance at end of the year	15,053
Retail | Oakland Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,850
Building and Improvements			3,370
Cost Capitalized Subsequent to Acquisition			692
Land			1,850
Building and improvements			4,062
Total			5,912
Accumulated Depreciation	1,124		1,124
Net Carrying Amount			4,788
Accumulated Depreciation
Balance at end of the year	1,124
Retail | Parkway Centre
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,372
Building and Improvements			7,864
Cost Capitalized Subsequent to Acquisition			114
Land			1,372
Building and improvements			7,978
Total			9,350
Accumulated Depreciation	717		717
Net Carrying Amount			8,633
Accumulated Depreciation
Balance at end of the year	717
Retail | Parkway Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,150
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			3,841
Land			1,150
Building and improvements			3,841
Total			4,991
Accumulated Depreciation	2,133		2,133
Net Carrying Amount			2,858
Accumulated Depreciation
Balance at end of the year	2,133
Retail | Patterson Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			15,059
Building and Improvements			20,180
Cost Capitalized Subsequent to Acquisition			726
Land			15,059
Building and improvements			20,906
Total			35,965
Accumulated Depreciation	3,235		3,235
Net Carrying Amount			32,730
Accumulated Depreciation
Balance at end of the year	3,235
Retail | Perry Hall Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			3,240
Building and Improvements			8,316
Cost Capitalized Subsequent to Acquisition			459
Land			3,240
Building and improvements			8,775
Total			12,015
Accumulated Depreciation	1,901		1,901
Net Carrying Amount			10,114
Accumulated Depreciation
Balance at end of the year	1,901
Retail | Southgate Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			8,241
Land			318
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			15,069
Land			318
Building and improvements			15,069
Total			15,387
Accumulated Depreciation	979		979
Net Carrying Amount			14,408
Accumulated Depreciation
Balance at end of the year	979
Retail | Providence Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			9,950
Building and Improvements			12,369
Cost Capitalized Subsequent to Acquisition			1,580
Land			9,950
Building and improvements			13,949
Total			23,899
Accumulated Depreciation	2,460		2,460
Net Carrying Amount			21,439
Accumulated Depreciation
Balance at end of the year	2,460
Retail | Red Mill Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			23,341
Land			44,252
Building and Improvements			30,348
Cost Capitalized Subsequent to Acquisition			778
Land			44,252
Building and improvements			31,126
Total			75,378
Accumulated Depreciation	2,623		2,623
Net Carrying Amount			72,755
Accumulated Depreciation
Balance at end of the year	2,623
Retail | Sandbridge Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			4,825
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			7,365
Land			4,825
Building and improvements			7,365
Total			12,190
Accumulated Depreciation	1,833		1,833
Net Carrying Amount			10,357
Accumulated Depreciation
Balance at end of the year	1,833
Retail | Socastee Commons
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			4,458
Land			2,320
Building and Improvements			5,380
Cost Capitalized Subsequent to Acquisition			149
Land			2,320
Building and improvements			5,529
Total			7,849
Accumulated Depreciation	1,147		1,147
Net Carrying Amount			6,702
Accumulated Depreciation
Balance at end of the year	1,147
Retail | South Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			7,287
Land			190
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			8,165
Land			190
Building and improvements			8,165
Total			8,355
Accumulated Depreciation	4,809		4,809
Net Carrying Amount			3,546
Accumulated Depreciation
Balance at end of the year	4,809
Retail | South Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			14,130
Building and Improvements			12,670
Cost Capitalized Subsequent to Acquisition			930
Land			14,130
Building and improvements			13,600
Total			27,730
Accumulated Depreciation	2,390		2,390
Net Carrying Amount			25,340
Accumulated Depreciation
Balance at end of the year	2,390
Retail | Southgate Square
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			19,682
Land			10,238
Building and Improvements			25,950
Cost Capitalized Subsequent to Acquisition			4,700
Land			10,238
Building and improvements			30,650
Total			40,888
Accumulated Depreciation	4,336		4,336
Net Carrying Amount			36,552
Accumulated Depreciation
Balance at end of the year	4,336
Retail | Southshore Shops
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			1,770
Building and Improvements			6,509
Cost Capitalized Subsequent to Acquisition			208
Land			1,770
Building and improvements			6,717
Total			8,487
Accumulated Depreciation	937		937
Net Carrying Amount			7,550
Accumulated Depreciation
Balance at end of the year	937
Retail | Studio 56 Retail
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			76
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			2,532
Land			76
Building and improvements			2,532
Total			2,608
Accumulated Depreciation	1,083		1,083
Net Carrying Amount			1,525
Accumulated Depreciation
Balance at end of the year	1,083
Retail | Tyre Neck Harris Teeter
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			3,306
Land			0
Building and improvements			3,306
Total			3,306
Accumulated Depreciation	1,422		1,422
Net Carrying Amount			1,884
Accumulated Depreciation
Balance at end of the year	1,422
Retail | Wendover Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			19,893
Building and Improvements			22,638
Cost Capitalized Subsequent to Acquisition			475
Land			19,893
Building and improvements			23,113
Total			43,006
Accumulated Depreciation	3,115		3,115
Net Carrying Amount			39,891
Accumulated Depreciation
Balance at end of the year	3,115
Multifamily
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			394,486
Land			50,334
Building and Improvements			277,448
Cost Capitalized Subsequent to Acquisition			350,094
Land			50,334
Building and improvements			627,542
Total			677,876
Accumulated Depreciation	74,238		74,238
Net Carrying Amount			603,638
Accumulated Depreciation
Balance at end of the year	74,238
Multifamily | 1405 Point
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			53,000
Land			0
Building and Improvements			95,466
Cost Capitalized Subsequent to Acquisition			2,775
Land			0
Building and improvements			98,241
Total			98,241
Accumulated Depreciation	5,261		5,261
Net Carrying Amount			92,980
Accumulated Depreciation
Balance at end of the year	5,261
Multifamily | Edison Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			16,272
Land			3,428
Building and Improvements			18,582
Cost Capitalized Subsequent to Acquisition			383
Land			3,428
Building and improvements			18,965
Total			22,393
Accumulated Depreciation	128		128
Net Carrying Amount			22,265
Accumulated Depreciation
Balance at end of the year	128
Multifamily | Encore Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			24,337
Land			1,293
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			30,548
Land			1,293
Building and improvements			30,548
Total			31,841
Accumulated Depreciation	6,083		6,083
Net Carrying Amount			25,758
Accumulated Depreciation
Balance at end of the year	6,083
Multifamily | Greenside Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			33,310
Land			5,711
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			45,216
Land			5,711
Building and improvements			45,216
Total			50,927
Accumulated Depreciation	3,327		3,327
Net Carrying Amount			47,600
Accumulated Depreciation
Balance at end of the year	3,327
Multifamily | Hoffler Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			18,400
Land			7,401
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			40,197
Land			7,401
Building and improvements			40,197
Total			47,598
Accumulated Depreciation	1,668		1,668
Net Carrying Amount			45,930
Accumulated Depreciation
Balance at end of the year	1,668
Multifamily | Johns Hopkins Village
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			50,859
Land			0
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			70,117
Land			0
Building and improvements			70,117
Total			70,117
Accumulated Depreciation	10,071		10,071
Net Carrying Amount			60,046
Accumulated Depreciation
Balance at end of the year	10,071
Multifamily | Liberty Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			13,877
Land			3,580
Building and Improvements			23,494
Cost Capitalized Subsequent to Acquisition			2,084
Land			3,580
Building and improvements			25,578
Total			29,158
Accumulated Depreciation	5,951		5,951
Net Carrying Amount			23,207
Accumulated Depreciation
Balance at end of the year	5,951
Multifamily | Premier Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			16,716
Land			647
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			29,169
Land			647
Building and improvements			29,169
Total			29,816
Accumulated Depreciation	2,060		2,060
Net Carrying Amount			27,756
Accumulated Depreciation
Balance at end of the year	2,060
Multifamily | Smith’s Landing
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			17,331
Land			0
Building and Improvements			35,105
Cost Capitalized Subsequent to Acquisition			2,588
Land			0
Building and improvements			37,693
Total			37,693
Accumulated Depreciation	9,164		9,164
Net Carrying Amount			28,529
Accumulated Depreciation
Balance at end of the year	9,164
Multifamily | Solis Gainesville
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			5,200
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			6,208
Land			5,200
Building and improvements			6,208
Total			11,408
Accumulated Depreciation	0		0
Net Carrying Amount			11,408
Accumulated Depreciation
Balance at end of the year	0
Multifamily | Summit Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			23,100
Land			7,315
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			48,567
Land			7,315
Building and improvements			48,567
Total			55,882
Accumulated Depreciation	576		576
Net Carrying Amount			55,306
Accumulated Depreciation
Balance at end of the year	576
Multifamily | The Cosmopolitan
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			42,909
Land			985
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			72,208
Land			985
Building and improvements			72,208
Total			73,193
Accumulated Depreciation	29,199		29,199
Net Carrying Amount			43,994
Accumulated Depreciation
Balance at end of the year	29,199
Multifamily | The Residences at Annapolis Junction
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			84,375
Land			14,774
Building and Improvements			104,801
Cost Capitalized Subsequent to Acquisition			34
Land			14,774
Building and improvements			104,835
Total			119,609
Accumulated Depreciation	750		750
Net Carrying Amount			118,859
Accumulated Depreciation
Balance at end of the year	750
Held for development
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances			0
Land			13,607
Building and Improvements			0
Cost Capitalized Subsequent to Acquisition			0
Land			13,607
Building and improvements			0
Total			13,607
Accumulated Depreciation	0		0
Net Carrying Amount			$ 13,607
Accumulated Depreciation
Balance at end of the year	$ 0