Armada Hoffler Properties (AHH) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 04, 2021
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-35908
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1214914
Entity Address, Address Line One	222 Central Park Avenue
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23462
City Area Code	757
Local Phone Number	366-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,310,692
Amendment Flag	false
Entity Central Index Key	0001569187
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Common stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AHH
Security Exchange Name	NYSE
Redeemable convertible preferred stock
Entity Listings [Line Items]
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	AHHPrA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate investments:
Income producing property	$ 1,708,474	$ 1,680,943
Held for development	11,294	13,607
Construction in progress	69,298	63,367
Gross real estate investments	1,789,066	1,757,917
Accumulated depreciation	(265,400)	(253,965)
Net real estate investments	1,523,666	1,503,952
Real estate investments held for sale	0	1,165
Cash and cash equivalents	24,762	40,998
Restricted cash	9,826	9,432
Accounts receivable, net	28,203	28,259
Notes receivable, net	133,206	135,432
Construction receivables, including retentions, net	30,712	38,735
Construction contract costs and estimated earnings in excess of billings	54	138
Equity method investment	4,967	1,078
Operating lease right-of-use assets	32,704	32,760
Finance lease right-of-use assets	47,821	23,544
Acquired lease intangible assets	60,006	58,154
Other assets	38,054	43,324
Total Assets	1,933,981	1,916,971
LIABILITIES AND EQUITY
Indebtedness, net	975,147	963,845
Accounts payable and accrued liabilities	15,587	23,900
Construction payables, including retentions	32,971	49,821
Billings in excess of construction contract costs and estimated earnings	3,062	6,088
Operating lease liabilities	41,694	41,659
Finance lease liabilities	45,917	17,954
Other liabilities	58,851	56,902
Total Liabilities	1,173,229	1,160,169
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 shares authorized as of March 31, 2021 and December 31, 2020, 6,843,418 shares issued and outstanding as of March 31, 2021 and December 31, 2020	171,085	171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 59,894,495 and 59,073,220 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	599	591
Additional paid-in capital	482,483	472,747
Distributions in excess of earnings	(119,053)	(112,356)
Accumulated other comprehensive loss	(6,385)	(8,868)
Total stockholders’ equity	528,729	523,199
Noncontrolling interests in investment entities	488	488
Noncontrolling interests in Operating Partnership	231,535	233,115
Total Equity	760,752	756,802
Total Liabilities and Equity	$ 1,933,981	$ 1,916,971

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	59,894,495	59,073,220
Common stock, shares outstanding (in shares)	59,894,495	59,073,220
Redeemable convertible preferred stock
Preferred stock, shares authorized (in shares)	9,980,000	9,980,000
Preferred stock, shares issued (in shares)	6,843,418	6,843,418
Preferred stock, shares outstanding (in shares)	6,843,418	6,843,418
Preferred Stock dividend rate percentage	6.75%	6.75%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue, Product and Service [Extensible List]	us-gaap:RealEstateMember
Revenues
Rental revenues	$ 45,741	$ 42,289
General contracting and real estate services revenues	35,563	47,268
Total revenues	81,304	89,557
Expenses
Rental expenses	10,832	9,375
Real estate taxes	5,306	4,333
General contracting and real estate services expenses	34,275	45,550
Depreciation and amortization	18,066	14,279
Amortization of right-of-use assets - finance leases	189	147
General and administrative expenses	4,021	3,793
Acquisition, development and other pursuit costs	71	27
Impairment charges	3,039	158
Total expenses	75,799	77,662
Gain on real estate dispositions	3,717	0
Operating income	9,222	11,895
Interest income	4,116	7,226
Interest expense on indebtedness	(7,613)	(7,959)
Interest expense on finance leases	(362)	(229)
Change in fair value of derivatives and other	393	(1,736)
Unrealized credit loss release (provision)	55	(377)
Other income (expense), net	179	58
Income before taxes	5,990	8,878
Income tax benefit	19	257
Net income	6,009	9,135
Net (income) loss attributable to noncontrolling interests:
Investment entities	0	92
Operating Partnership	(811)	(2,235)
Net income attributable to Armada Hoffler Properties, Inc.	5,198	6,992
Preferred stock dividends	(2,887)	(1,067)
Net income attributable to common stockholders	$ 2,311	$ 5,925
Net income attributable to common stockholders per share (basic and diluted) (in dollars per share)	$ 0.04	$ 0.11
Weighted-average common shares outstanding (basic and diluted) (in shares)	59,422	56,398
Comprehensive income:
Net income	$ 6,009	$ 9,135
Unrealized cash flow hedge gains (losses)	2,276	(7,489)
Realized cash flow hedge losses reclassified to net income	1,078	392
Comprehensive income	9,363	2,038
Comprehensive income attributable to Armada Hoffler Properties, Inc.	7,681	1,839
Noncontrolling interests in investment entities
Expenses
Net income		(92)
Comprehensive income:
Net income		(92)
Comprehensive (income) loss attributable to noncontrolling interests:	0	92
Noncontrolling interests in Operating Partnership
Expenses
Net income	811	2,235
Comprehensive income:
Net income	811	2,235
Unrealized cash flow hedge gains (losses)	591	(2,051)
Realized cash flow hedge losses reclassified to net income	280	107
Comprehensive (income) loss attributable to noncontrolling interests:	$ (1,682)	$ (291)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Preferred stock	Common stock	Additional paid-in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Total stockholders' equity	Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership	Cumulative Effect, Period of Adoption, Adjustment	[1]	Cumulative Effect, Period of Adoption, AdjustmentDistributions in excess of earnings	[1]	Cumulative Effect, Period of Adoption, AdjustmentTotal stockholders' equity	[1]	Cumulative Effect, Period of Adoption, AdjustmentNoncontrolling interests in Operating Partnership	[1]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance at Dec. 31, 2019	$ 655,447	$ 63,250	$ 563	$ 455,680	$ (106,676)	$ (4,240)	$ 408,577	$ 4,462	$ 242,408	$ (3,009)		$ (2,185)		$ (2,185)		$ (824)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,135				6,992		6,992	(92)	2,235
Unrealized cash flow hedge gains (losses)	(7,489)					(5,438)	(5,438)		(2,051)
Realized cash flow hedge losses reclassified to net income	392					285	285		107
Net proceeds from issuance of common stock	1,349		1	1,348			1,349
Restricted stock awards, net of tax withholding	783		1	782			783
Restricted stock award forfeitures	(6)			(6)			(6)
Dividends declared on preferred stock	(1,067)				(1,067)		(1,067)
Dividends and distributions declared	(17,134)				(12,454)		(12,454)		(4,680)
Ending balance at Mar. 31, 2020	638,401	63,250	565	457,804	(115,390)	(9,393)	396,836	4,370	237,195
Beginning balance at Dec. 31, 2020	756,802	171,085	591	472,747	(112,356)	(8,868)	523,199	488	233,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,009				5,198		5,198		811
Unrealized cash flow hedge gains (losses)	2,276					1,685	1,685		591
Realized cash flow hedge losses reclassified to net income	1,078					798	798		280
Net proceeds from issuance of common stock	8,981		7	8,974			8,981
Restricted stock awards, net of tax withholding	634		1	633			634
Restricted stock award forfeitures	(2)			(2)			(2)
Redemption of operating partnership units	(3)			131			131		(134)
Dividends declared on preferred stock	(2,887)				(2,887)		(2,887)
Dividends and distributions declared	(12,136)				(9,008)		(9,008)		(3,128)
Ending balance at Mar. 31, 2021	$ 760,752	$ 171,085	$ 599	$ 482,483	$ (119,053)	$ (6,385)	$ 528,729	$ 488	$ 231,535
[1]	The Company recorded cumulative effect adjustments related to the new Current Expected Credit Losses ("CECL") standard in the first quarter of 2020.

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividend declared (in dollars per share)	$ 0.15	$ 0.22

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net income		$ 6,009	$ 9,135
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements		12,599	10,510
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases		5,467	3,769
Accrued straight-line rental revenue		(1,891)	(557)
Amortization of leasing incentives and above or below-market rents		(252)	(219)
Amortization of right-of-use assets - finance leases		189	147
Accrued straight-line ground rent expense		33	(6)
Unrealized credit loss provision (release)		(55)	377
Adjustment for uncollectable lease accounts		272	301
Noncash stock compensation		1,017	1,030
Impairment charges		3,039	158
Noncash interest expense		626	409
Interest expense on finance leases		362	229
Gain on real estate dispositions		(3,717)	0
Change in fair value of derivatives and other		(393)	1,736
Changes in operating assets and liabilities:
Property assets		3,664	1,196
Property liabilities		(7,011)	(4,151)
Construction assets		9,354	1,370
Construction liabilities		(19,063)	2,097
Interest receivable		(2,114)	(7,224)
Net cash provided by operating activities		8,135	20,307
INVESTING ACTIVITIES
Development of real estate investments		(9,354)	(22,892)
Tenant and building improvements		(3,054)	(2,526)
Acquisitions of real estate investments, net of cash received		(28,067)	(8,607)
Dispositions of real estate investments, net of selling costs		9,156	1,442
Notes receivable issuances		(7,532)	(17,020)
Notes receivable paydowns		12,291	1,000
Leasing costs		(670)	(567)
Contributions to equity method investments		(3,889)	0
Net cash used for investing activities		(31,119)	(49,170)
FINANCING ACTIVITIES
Proceeds from issuance of common stock, net		8,981	1,349
Common shares tendered for tax withholding		(539)	(534)
Debt issuances, credit facility and construction loan borrowings		17,590	62,604
Debt and credit facility repayments, including principal amortization		(5,501)	(7,971)
Debt issuance costs		(1,710)	(3)
Dividends and distributions		(11,679)	(17,373)
Net cash provided by financing activities		7,142	38,072
Net increase (decrease) in cash, cash equivalents, and restricted cash		(15,842)	9,209
Cash, cash equivalents, and restricted cash, beginning of period		50,430	43,579
Cash, cash equivalents, and restricted cash, end of period	[1]	34,588	52,788
Supplemental Disclosures (noncash transactions):
Increase in dividends and distributions payable		3,344	828
Decrease in accrued capital improvements and development costs		(1,689)	(3,866)
Operating Partnership units redeemed for common shares		131	0
Recognition of finance lease right-of-use assets		24,466	0
Recognition of finance lease liabilities		$ 27,940	$ 0
[1]	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): March 31, 2021 March 31, 2020 Cash and cash equivalents $ 24,762 $ 48,096 Restricted cash (a) 9,826 4,692 Cash, cash equivalents, and restricted cash $ 34,588 $ 52,788 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - Footnotes (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021		Dec. 31, 2020	Mar. 31, 2020		Dec. 31, 2019
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 24,762		$ 40,998	$ 48,096
Restricted cash	9,826		9,432	4,692
Cash, cash equivalents, and restricted cash	$ 34,588	[1]	$ 50,430	$ 52,788	[1]	$ 43,579
[1]	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): March 31, 2021 March 31, 2020 Cash and cash equivalents $ 24,762 $ 48,096 Restricted cash (a) 9,826 4,692 Cash, cash equivalents, and restricted cash $ 34,588 $ 52,788 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Business of Organization

Business of Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business of Organization	Business of Organization Armada Hoffler Properties, Inc. (the "Company") is a full-service real estate company with extensive experience developing, building, owning, and managing high-quality, institutional-grade office, retail, and multifamily properties in attractive markets primarily throughout the Mid-Atlantic and Southeastern United States. The Company is a real estate investment trust ("REIT"), the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership") and, as of March 31, 2021, owned 74.2% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of March 31, 2021, the Company's property portfolio consisted of 55 operating properties and four properties either under development or not yet stabilized. Refer to Note 5 for information related to the Company's recent acquisitions and dispositions of properties.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries, including the Operating Partnership, its wholly-owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. The pandemic has led to continuous changes in operational restrictions imposed by governments and other authorities around the world, including federal, state, and local authorities in the United States, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, quarantines, and shelter-in-place orders, causing many of the Company’s tenants, particularly in the Company’s retail portfolio, to suspend or limit operations for certain periods of time. We anticipate that the global health crisis caused by the COVID-19 pandemic and the related responses intended to mitigate its spread will continue to adversely affect business activity, particularly relating to our retail tenants, across the markets in which we operate. In light of the changing nature of the COVID-19 pandemic and uncertainty regarding the duration, severity, and possible resurgences of COVID-19 cases in future periods, the full impact that the COVID-19 pandemic will have on our business is currently unknown and unquantifiable. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates. Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported. Recent Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted: Reference Rate Reform In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04 Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which became effective on March 12, 2020 and generally can be applied through December 31, 2022. 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, which will be effective beginning January 1, 2022. 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. Other Accounting Policies See the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared.

Segments

Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segments	Segments Net operating income (segment revenues minus segment expenses) is the measure used by the Company’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. Net operating income of the Company’s reportable segments for the three months ended March 31, 2021 and 2020 was as follows (in thousands): Three Months Ended March 31, 2021 2020 Office real estate Rental revenues $ 11,635 $ 10,192 Rental expenses 2,875 2,546 Real estate taxes 1,358 1,146 Segment net operating income 7,402 6,500 Retail real estate Rental revenues 18,255 20,411 Rental expenses 2,836 3,020 Real estate taxes 2,027 2,166 Segment net operating income 13,392 15,225 Multifamily residential real estate Rental revenues 15,851 11,686 Rental expenses 5,121 3,809 Real estate taxes 1,921 1,021 Segment net operating income 8,809 6,856 General contracting and real estate services Segment revenues 35,563 47,268 Segment expenses 34,275 45,550 Segment gross profit 1,288 1,718 Net operating income $ 30,891 $ 30,299 Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management expenses, property management fees, repairs and maintenance, insurance, and utilities. General contracting and real estate services revenues for the three months ended March 31, 2021 and 2020 exclude revenue related to intercompany construction contracts of $2.0 million and $13.1 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the three months ended March 31, 2021 and 2020 exclude expenses related to intercompany construction contracts of $2.0 million and $13.0 million, respectively. The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Net operating income $ 30,891 $ 30,299 Depreciation and amortization (18,066) (14,279) Amortization of right-of-use assets - finance leases (189) (147) General and administrative expenses (4,021) (3,793) Acquisition, development and other pursuit costs (71) (27) Impairment charges (3,039) (158) Gain on real estate dispositions 3,717 — Interest income 4,116 7,226 Interest expense on indebtedness (7,613) (7,959) Interest expense on finance leases (362) (229) Change in fair value of derivatives and other 393 (1,736) Unrealized credit loss release (provision) 55 (377) Other income (expense), net 179 58 Income tax benefit 19 257 Net income $ 6,009 $ 9,135

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Leases Lessee Disclosures As a lessee, the Company has nine ground leases on eight properties with initial terms that range 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 three of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. Lessor Disclosures As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one Rental revenue for the three months ended March 31, 2021 and 2020 comprised the following (in thousands): Three Months Ended March 31, 2021 2020 Base rent and tenant charges $ 43,598 $ 41,513 Accrued straight-line rental adjustment 1,891 557 Lease incentive amortization (159) (173) Above/below market lease amortization 411 392 Total rental revenue $ 45,741 $ 42,289
Leases	Leases Lessee Disclosures As a lessee, the Company has nine ground leases on eight properties with initial terms that range 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 three of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. Lessor Disclosures As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one Rental revenue for the three months ended March 31, 2021 and 2020 comprised the following (in thousands): Three Months Ended March 31, 2021 2020 Base rent and tenant charges $ 43,598 $ 41,513 Accrued straight-line rental adjustment 1,891 557 Lease incentive amortization (159) (173) Above/below market lease amortization 411 392 Total rental revenue $ 45,741 $ 42,289

Real Estate Investment

Real Estate Investment	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Investment	Real Estate Investment Property Acquisitions Delray Beach Plaza On February 26, 2021, the Company acquired Delray Beach Plaza, a Whole Foods-anchored retail property located in Delray Beach, Florida, for a contract price of $27.6 million plus capitalized transaction costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $14.3 million at the time of the acquisition. Delray Beach Plaza Site improvements $ 4,607 Building and improvements 22,544 In-place leases 7,209 Below-market leases (3,121) Finance lease liabilities (27,940) Finance lease right-of-use assets 24,466 Net assets acquired $ 27,765 Property Disposition On January 4, 2021, the Company completed the sale of the 7-Eleven outparcel at Hanbury Village for a sales price of $2.9 million. The gain on disposition was $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. In conjunction with the sale, the Company paid down the Nexton Square loan by $0.8 million. On March 16, 2021, the Company completed the sale of Oakland Marketplace for a sale price of $5.5 million. The gain on disposition was $1.1 million. On March 18, 2021, the Company completed the sale of easement rights at Courthouse 7-Eleven for a sale price of $0.3 million. The gain on disposition was $0.2 million. Impairment of Real Estate During the three months ended March 31, 2021, the Company recognized impairment of real estate of $3.0 million related to the Socastee Commons shopping center in Myrtle Beach, South Carolina. The Company anticipates a decline in cash flows due to the expiration of the anchor tenant lease. The Company has not re-leased the anchor tenant space and has determined that it is not probable that this space will be leased in the near future at rates sufficient to recover the Company’s investment in the property. The Company has recorded an impairment loss equal to the excess of the book value of the property’s assets over the estimated fair value of the property. Equity Method Investment Harbor Point Parcel 3 The Company owns 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 three months ended March 31, 2021, the Company invested $3.9 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 March 31, 2021 and December 31, 2020, the carrying value of the Company's investment in Harbor Point Parcel 3 was $5.0 million and $1.1 million, respectively. For the three months ended March 31, 2021, 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 Current Ex

Notes Receivable and Current Expected Credit Losses	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Notes Receivable and Current Expected Credit Losses	Notes Receivable and Current Expected Credit Losses Notes Receivable The Company had the following notes receivable outstanding as of March 31, 2021 and December 31, 2020 ($ in thousands): Outstanding loan amount Interest compounding Development Project March 31, December 31, Maximum loan commitment Interest rate Delray Beach Plaza $ — $ 14,289 $ 17,000 15.0 % (a) Annually Interlock Commercial 95,922 85,318 103,000 15.0 % (b) None Solis Apartments at Interlock 29,907 28,969 41,100 13.0 % Annually Total mezzanine 125,829 128,576 $ 161,100 Other notes receivable 6,912 6,809 Notes receivable guarantee premium 2,206 2,631 Allowance for credit losses (1,741) (2,584) Total notes receivable $ 133,206 $ 135,432 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) $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 three months ended March 31, 2021 and 2020 as follows (in thousands): Three Months Ended March 31, Development Project 2021 2020 The Residences at Annapolis Junction $ — $ 2,468 (a)(b) Delray Beach Plaza — (a) 489 (a) Nexton Square — 391 Interlock Commercial 3,075 (b) 3,017 (b) Solis Apartments at Interlock 938 838 Total mezzanine 4,013 7,203 Other interest income 103 23 Total interest income $ 4,116 $ 7,226 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) Includes recognition of interest income related to an exit fee that is due upon repayment of the loan. Interlock Commercial In March 2021, the Company loaned an additional $7.5 million as part of the Interlock Commercial loan to fund project costs not funded by the senior lender on the project. Delray Beach Plaza On February 26, 2021, the Company acquired Delray Beach Plaza, a Whole Foods-anchored retail property located in Delray Beach, Florida for a contract price of $27.6 million plus capitalized transaction costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $14.3 million at the time of the acquisition. Allowance for Loan Losses The Company is exposed to credit losses primarily through its mezzanine lending activities. As of March 31, 2021, the Company had two mezzanine loans, both of which are financing development projects in various stages of completion or lease-up. Each of these projects is subject to a loan that is senior to the Company’s mezzanine loan. Interest on these loans is paid in kind and is generally not expected to be paid until a sale of the project after completion of the development. The Company's management performs a quarterly analysis of the loan portfolio to determine the risk of credit loss based on the progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior construction loan balances. The Company estimates future losses on its notes receivable using risk ratings that correspond to probabilities of default and loss given default. The Company's risk ratings are as follows: • Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions. • Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management. • Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on nonaccrual status if it does not believe that additional interest accruals will ultimately be collected. On a quarterly basis, the Company compares the risk inherent in its loans to industry loan loss data experienced during past business cycles. The Company updated the risk ratings for each of its notes receivable as of March 31, 2021 and obtained industry loan loss data relative to these risk ratings. The Company obtained industry loan loss data relative to these risk ratings as of December 31, 2020. Each of the outstanding loans as of March 31, 2021 was Pass-rated. At December 31, 2020, the Company reported $135.4 million of notes receivable, net of allowances of $2.6 million. At March 31, 2021, the Company reported $133.2 million of notes receivable, net of allowances of $1.7 million. Changes in the allowance for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Beginning balance (December 31, 2020 and 2019, respectively) $ 2,584 $ — Cumulative effect of accounting change — 2,825 Unrealized credit loss provision (release) (55) 377 Extinguishment due to acquisition (788) — Ending balance $ 1,741 $ 3,202 The Company places loans on non-accrual status when the loan balance, together with the balance of any senior loan, approximately equals the estimated realizable value of the underlying development project. As of December 31, 2020, the Company had one loan with non-accrual status with an amortized cost basis of $13.6 million. As of March 31, 2021, there were no loans on non-accrual status.

Construction Contracts

Construction Contracts	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 during the next twelve months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended Three Months Ended Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Beginning balance $ 138 $ 6,088 $ 249 $ 5,306 Revenue recognized that was included in the balance at the beginning of the period — (6,088) — (5,306) Increases due to new billings, excluding amounts recognized as revenue during the period — 3,143 — 6,311 Transferred to receivables (138) — (285) — Construction contract costs and estimated earnings not billed during the period 54 — 458 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion — (81) 36 — Ending balance $ 54 $ 3,062 $ 458 $ 6,311 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 $2.0 million and $1.7 million were deferred as of March 31, 2021 and December 31, 2020, respectively. Amortization of pre-contract costs for the three months ended March 31, 2021 and 2020 was $0.1 million and $0.2 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 March 31, 2021 and December 31, 2020, construction receivables included retentions of $14.7 million and $17.1 million, respectively. The Company expects to collect substantially all construction receivables outstanding as of March 31, 2021 during the next twelve months. As of March 31, 2021 and December 31, 2020, construction payables included retentions of $15.3 million and $17.7 million, respectively. The Company expects to pay substantially all construction payables outstanding as of March 31, 2021 during the next twelve months. The Company’s net position on uncompleted construction contracts comprised the following as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Costs incurred on uncompleted construction contracts $ 939,312 $ 905,037 Estimated earnings 33,399 32,130 Billings (975,719) (943,117) Net position $ (3,008) $ (5,950) Construction contract costs and estimated earnings in excess of billings $ 54 $ 138 Billings in excess of construction contract costs and estimated earnings (3,062) (6,088) Net position $ (3,008) $ (5,950) The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Beginning backlog $ 71,258 $ 242,622 New contracts/change orders 3,124 40,440 Work performed (35,544) (47,420) Ending backlog $ 38,838 $ 235,642 The Company expects to complete a majority of the uncompleted contracts in place as of March 31, 2021 during the next 12 to 18 months.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Credit Facility The Company has a senior credit facility that was amended and restated on October 3, 2019, which provides for a $355.0 million credit facility comprised of a $150.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $205.0 million senior unsecured term loan facility (the "term loan facility" and, together with the revolving credit facility, the "credit facility"), with a syndicate of banks. The credit facility includes an accordion feature that allows the total commitments to be further increased to $700.0 million, subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of January 24, 2024, with two six-month extension options, subject to certain conditions, including payment of a 0.075% extension fee at each extension. The term loan facility has a scheduled maturity date of January 24, 2025. The revolving credit facility bears interest at LIBOR (the London Inter-Bank Offered Rate) plus a margin ranging from 1.30% to 1.85% and the term loan facility bears interest at LIBOR plus a margin ranging from 1.25% to 1.80%, in each case depending on the Company's total leverage. The Company is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the credit facility. As of March 31, 2021 and December 31, 2020, the outstanding balance on the revolving credit facility was $10.0 million and the outstanding balance on the term loan facility was $205.0 million. As of March 31, 2021, the effective interest rates on the revolving credit facility and the term loan facility were 1.61% and 1.56%, respectively. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Company's unencumbered borrowing pool will support revolving borrowings of up to $118 million as of March 31, 2021. The Operating Partnership is the borrower, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The credit agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The credit agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the credit facility to be immediately due and payable. On January 7, 2021, the Operating Partnership entered into a $15.0 million standby letter of credit using the available capacity under the credit facility to guarantee the funding of its investment in the Harbor Point Parcel 3 partnership, which is the developer of T. Rowe Price's new global headquarters. This letter of credit is available for draw down on the revolving credit facility in the event the Company does not perform. The Company is currently in compliance with all covenants governing the credit facility. Other 2021 Financing Activity On January 15, 2021, the Company refinanced the loan secured by 4525 Main Street and Encore Apartments. The Company increased the balance by $1.5 million, bringing 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. On March 8, 2021, the Company obtained a loan secured by Delray Beach Plaza in the amount of $14.5 million. The loan bears interest at a rate of LIBOR plus a spread of 3.00% and will mature on March 8, 2026. During the three months ended March 31, 2021, the Company borrowed $1.8 million under its existing construction loans to fund new development and construction. The Company is currently in compliance with all loan covenants.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company enters into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and other liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. As of March 31, 2021, the Company had the following LIBOR and Secured Overnight Financing Rate ("SOFR") interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 5/15/2019 6/1/2022 $ 100,000 2.50% (LIBOR) $ 288 1/10/2020 2/1/2022 50,000 (b) 1.75% (LIBOR) 87 1/28/2020 2/1/2022 50,000 (b) 1.75% (LIBOR) 62 3/2/2020 3/1/2022 100,000 (b) 1.50% (LIBOR) 111 7/1/2020 7/1/2023 100,000 (b) 0.50% (LIBOR) 232 11/1/2020 11/1/2023 84,375 (b) 1.84% (SOFR) (a) 91 2/2/2021 2/1/2023 100,000 0.50% (LIBOR) 45 3/4/2021 4/1/2023 14,479 2.50% (LIBOR) 4 Total $ 598,854 $ 920 ________________________________________ (a) This interest rate cap is subject to SOFR, which has been identified as the alternative to LIBOR. LIBOR will be phased out beginning December 31, 2021. (b) Designated as a cash flow hedge As of March 31, 2021, 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 50,609 (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 33,750 (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 $ 339,859 ________________________________________ (a) Designated as a cash flow hedge. For the interest rate swaps and caps designated as cash flow hedges, realized losses are reclassified out of accumulated other comprehensive loss to interest expense in the Condensed Consolidated Statements of Comprehensive Income due to payments made to the swap counterparty. During the next 12 months, the Company anticipates reclassifying approximately $4.3 million of net hedging losses from accumulated other comprehensive loss into earnings to offset the variability of the hedged items during this period. The Company’s derivatives were comprised of the following as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Notional Fair Value Notional Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ — $ (2,665) $ 50,000 $ — $ (3,056) Interest rate caps 214,480 88 — 150,000 4 — Total derivatives not designated as accounting hedges 264,480 88 (2,665) 200,000 4 (3,056) Derivatives designated as accounting hedges Interest rate swaps 289,859 — (8,707) 290,231 — (11,797) Interest rate caps 384,375 292 — 384,375 86 — Total derivatives $ 938,714 $ 380 $ (11,372) $ 874,606 $ 90 $ (14,853) The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2021 and 2020 were comprised of the following (in thousands): Three Months Ended March 31, 2021 2020 Interest rate swaps $ 2,462 $ (9,084) Interest rate caps 241 (141) Total change in fair value of interest rate derivatives $ 2,703 $ (9,225) Comprehensive income statement presentation: Change in fair value of derivatives and other $ 427 $ (1,736) Unrealized cash flow hedge gains (losses) 2,276 (7,489) Total change in fair value of interest rate derivatives $ 2,703 $ (9,225)

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Equity	Equity Stockholders’ Equity On March 10, 2020, the Company commenced an at-the-market continuous equity offering program (the "ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock 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. During the three months ended March 31, 2021, the Company issued and sold 717,388 shares of common stock at a weighted average price of $12.82 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $9.1 million. During the three months ended March 31, 2021, the Company did not issue any shares of Series A Preferred Stock under the ATM Program. Shares having an aggregate offering price of $250.4 million remained unsold under the ATM Program as of May 4, 2021. Noncontrolling Interests As of March 31, 2021 and December 31, 2020, the Company held a 74.2% and 73.9% common interest in the Operating Partnership, respectively. As of March 31, 2021, 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 74.2% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of March 31, 2021, there were 20,853,485 Class A units of limited partnership interest in the Operating Partnership ("Class A Units") not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for investment entities of $0.5 million relates to the minority partners' interest in certain joint venture entities as of March 31, 2021 and December 31, 2020, including Hoffler Place and Summit Place. On January 4, 2021, a holder of Class A Units tendered 12,000 Class A Units for redemption by the Operating Partnership, which the Company elected to satisfy by issuing an equal numbers of shares of common stock. Dividends and Distributions During the three months ended March 31, 2021, the following dividends/distributions were declared or paid: Equity type Declaration Date Record Date Payment Date Dividends per Share/Unit Aggregate Dividends/Distributions on Stock and Units (in thousands) Common Stock/Class A Units 11/10/2020 12/30/2020 01/07/2021 $ 0.11 $ 8,793 Common Stock/Class A Units 02/09/2021 03/31/2021 04/08/2021 0.15 12,112 Series A Preferred Stock 11/10/2020 01/04/2021 01/15/2021 0.421875 2,887 Series A Preferred Stock 02/09/2021 04/01/2021 04/15/2021 0.421875 2,887

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, there were 636,896 shares available for issuance under the Equity Plan. During the three months ended March 31, 2021, the Company granted an aggregate of 134,782 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $12.65 per share. Of those shares, 42,629 were surrendered by the employees for income tax withholdings. 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. Beginning with grants made in 2021, executive officers' restricted shares generally vest over a period of three years: two-fifths immediately on the grant date and the remaining three-fifths in equal amounts on the first three anniversaries following the grant date, subject to continued service to the Company. Non-employee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Unvested restricted stock awards are entitled to receive dividends from their grant date. During the three months ended March 31, 2021 and 2020, the Company recognized $1.2 million and $1.3 million, respectively, of stock-based compensation cost. As of March 31, 2021, there were 159,498 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $1.4 million, which the Company expects to recognize over the next 36 months.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to estimate the fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying amounts and fair values of the Company’s financial instruments as of March 31, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Indebtedness, net $ 975,147 $ 989,461 $ 963,845 $ 980,714 Notes receivable, net 133,206 133,206 135,432 135,223 Interest rate swap liabilities 11,372 11,372 14,853 14,853 Interest rate swap and cap assets 380 380 90 90

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are included in these condensed consolidated financial statements. Revenue from construction contracts with these entities was $12.4 million and $8.5 million for the three months ended March 31, 2021 and 2020, respectively. Gross profit from such contracts was $0.5 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021 and December 31, 2020, there was $9.0 million and $8.6 million, respectively, outstanding from related parties of the Company included in net construction receivables. Real estate services fees from affiliated entities of the Company were not material for any of the three months ended March 31, 2021 and 2020. In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not material for any of the three months ended March 31, 2021, and 2020. The general contracting services described above include contracts with an aggregate price of $81.8 million with the developer of a mixed-use project, including an apartment building, retail space, and a parking garage to be located in Virginia Beach, Virginia. The developer is owned in part by certain executives of the Company, not including the Chief Executive Officer and Chief Financial Officer. These contracts were executed in 2019 and are projected to result in aggregate gross profit of $3.1 million to the Company, representing a gross profit margin of 4.0%. As part of these contracts and per the requirements of the lender for this project, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under the contracts, which remains outstanding as of March 31, 2021. seven ten

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Guarantees In connection with the Company's mezzanine lending activities, the Company has made guarantees to pay portions of certain senior loans of third parties associated with the development projects. As of March 31, 2021, the Company had an outstanding payment guarantee for Interlock Commercial for $34.3 million. 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 as of March 31, 2021 and December 31, 2020. In addition, as of March 31, 2021, the Company has outstanding a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under a related party project. On January 7, 2021, the Operating Partnership entered into a $15.0 million standby letter of credit using the available capacity under the credit facility to guarantee the funding of its investment in the Harbor Point Parcel 3 partnership, which is the developer of T. Rowe Price's new global headquarters. This letter of credit is available for draw down on the revolving credit facility in the event the Company does not perform.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. Notes Receivable On April 1, 2021, the Company entered into a $22.3 million preferred equity investment for the development of a multifamily property located in Summerville, South Carolina, adjacent to the Company's Nexton Square property. The investment has economic terms consistent with a note receivable, including a mandatory redemption or maturity on October 1, 2026, and it will be accounted for as a note receivable. The Company's investment bears interest at a rate of 11%, compounded annually. The Company funded $8.0 million of this investment in April 2021. Indebtedness On April 15, 2021, the Company refinanced the Southgate Square loan. The loan bears interest at a rate of LIBOR plus a spread of 2.25% (LIBOR has a 0.75% floor) and will mature on April 29, 2024. The loan term may be extended for an additional two years under the satisfaction of certain criteria. In April 2021, the Company increased its borrowings under the revolving credit facility by $17.0 million, bringing the outstanding balance to $27.0 million. On May 5, 2021 , the Company entered into a $35.1 million construction loan agreement for the Chronicle Mill development project. The loan bears interest rate at LIBOR plus a spread of 3.00% (LIBOR has a 0.25% floor). The loan matures on May 5, 2024 and has two 12-month extension options. Equity In April 2021, the Company issued and sold 417,454 shares of common stock at a weighted average price of $13.02 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $5.4 million. On May 3, 2021, the Company announced that its board of directors declared a cash dividend of $0.16 per common share for the second quarter of 2021. This represents a 6.7% increase over the prior quarter's dividend and a 45.5% cumulative increase year-to-date. The second quarter dividend will be payable in cash on July 8, 2021 to stockholders of record on June 30, 2021. On May 3, 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 second quarter of 2021. The dividend will be payable in cash on July 15, 2021 to stockholders of record on July 1, 2021.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries, including the Operating Partnership, its wholly-owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. The pandemic has led to continuous changes in operational restrictions imposed by governments and other authorities around the world, including federal, state, and local authorities in the United States, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, quarantines, and shelter-in-place orders, causing many of the Company’s tenants, particularly in the Company’s retail portfolio, to suspend or limit operations for certain periods of time. We anticipate that the global health crisis caused by the COVID-19 pandemic and the related responses intended to mitigate its spread will continue to adversely affect business activity, particularly relating to our retail tenants, across the markets in which we operate. In light of the changing nature of the COVID-19 pandemic and uncertainty regarding the duration, severity, and possible resurgences of COVID-19 cases in future periods, the full impact that the COVID-19 pandemic will have on our business is currently unknown and unquantifiable. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates.
Reclassification	Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted: Reference Rate Reform In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04 Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which became effective on March 12, 2020 and generally can be applied through December 31, 2022. 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, which will be effective beginning January 1, 2022. 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 Net operating income (segment revenues minus segment expenses) is the measure used by the Company’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses.
Construction Contracts	Construction Contracts Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones, or completion of the project. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of March 31, 2021 during the next twelve months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized.
Derivative Financial Instruments	Derivative Financial Instruments The Company enters into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and other liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to estimate the fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
Legal Proceedings	Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Net operating income of reportable segments	Net operating income of the Company’s reportable segments for the three months ended March 31, 2021 and 2020 was as follows (in thousands): Three Months Ended March 31, 2021 2020 Office real estate Rental revenues $ 11,635 $ 10,192 Rental expenses 2,875 2,546 Real estate taxes 1,358 1,146 Segment net operating income 7,402 6,500 Retail real estate Rental revenues 18,255 20,411 Rental expenses 2,836 3,020 Real estate taxes 2,027 2,166 Segment net operating income 13,392 15,225 Multifamily residential real estate Rental revenues 15,851 11,686 Rental expenses 5,121 3,809 Real estate taxes 1,921 1,021 Segment net operating income 8,809 6,856 General contracting and real estate services Segment revenues 35,563 47,268 Segment expenses 34,275 45,550 Segment gross profit 1,288 1,718 Net operating income $ 30,891 $ 30,299
Reconciliation of net operating income to net income	The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Net operating income $ 30,891 $ 30,299 Depreciation and amortization (18,066) (14,279) Amortization of right-of-use assets - finance leases (189) (147) General and administrative expenses (4,021) (3,793) Acquisition, development and other pursuit costs (71) (27) Impairment charges (3,039) (158) Gain on real estate dispositions 3,717 — Interest income 4,116 7,226 Interest expense on indebtedness (7,613) (7,959) Interest expense on finance leases (362) (229) Change in fair value of derivatives and other 393 (1,736) Unrealized credit loss release (provision) 55 (377) Other income (expense), net 179 58 Income tax benefit 19 257 Net income $ 6,009 $ 9,135

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of rental revenue	Rental revenue for the three months ended March 31, 2021 and 2020 comprised the following (in thousands): Three Months Ended March 31, 2021 2020 Base rent and tenant charges $ 43,598 $ 41,513 Accrued straight-line rental adjustment 1,891 557 Lease incentive amortization (159) (173) Above/below market lease amortization 411 392 Total rental revenue $ 45,741 $ 42,289

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Summary of the purchase price allocation	Delray Beach Plaza Site improvements $ 4,607 Building and improvements 22,544 In-place leases 7,209 Below-market leases (3,121) Finance lease liabilities (27,940) Finance lease right-of-use assets 24,466 Net assets acquired $ 27,765

Notes Receivable and Current _2

Notes Receivable and Current Expected Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Summary of Mezzanine Loans	The Company had the following notes receivable outstanding as of March 31, 2021 and December 31, 2020 ($ in thousands): Outstanding loan amount Interest compounding Development Project March 31, December 31, Maximum loan commitment Interest rate Delray Beach Plaza $ — $ 14,289 $ 17,000 15.0 % (a) Annually Interlock Commercial 95,922 85,318 103,000 15.0 % (b) None Solis Apartments at Interlock 29,907 28,969 41,100 13.0 % Annually Total mezzanine 125,829 128,576 $ 161,100 Other notes receivable 6,912 6,809 Notes receivable guarantee premium 2,206 2,631 Allowance for credit losses (1,741) (2,584) Total notes receivable $ 133,206 $ 135,432 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) $3.0 million of this loan is subject to an interest rate of 18%.
Summary of Interest Income	The Company recognized interest income for the three months ended March 31, 2021 and 2020 as follows (in thousands): Three Months Ended March 31, Development Project 2021 2020 The Residences at Annapolis Junction $ — $ 2,468 (a)(b) Delray Beach Plaza — (a) 489 (a) Nexton Square — 391 Interlock Commercial 3,075 (b) 3,017 (b) Solis Apartments at Interlock 938 838 Total mezzanine 4,013 7,203 Other interest income 103 23 Total interest income $ 4,116 $ 7,226 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) Includes recognition of interest income related to an exit fee that is due upon repayment of the loan.
Allowance for Credit Losses on Financing Receivables	Changes in the allowance for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Beginning balance (December 31, 2020 and 2019, respectively) $ 2,584 $ — Cumulative effect of accounting change — 2,825 Unrealized credit loss provision (release) (55) 377 Extinguishment due to acquisition (788) — Ending balance $ 1,741 $ 3,202

Construction Contracts (Tables)

Construction Contracts (Tables)	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended Three Months Ended Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Beginning balance $ 138 $ 6,088 $ 249 $ 5,306 Revenue recognized that was included in the balance at the beginning of the period — (6,088) — (5,306) Increases due to new billings, excluding amounts recognized as revenue during the period — 3,143 — 6,311 Transferred to receivables (138) — (285) — Construction contract costs and estimated earnings not billed during the period 54 — 458 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion — (81) 36 — Ending balance $ 54 $ 3,062 $ 458 $ 6,311 The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 Beginning backlog $ 71,258 $ 242,622 New contracts/change orders 3,124 40,440 Work performed (35,544) (47,420) Ending backlog $ 38,838 $ 235,642
Net position of uncompleted construction contracts	The Company’s net position on uncompleted construction contracts comprised the following as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Costs incurred on uncompleted construction contracts $ 939,312 $ 905,037 Estimated earnings 33,399 32,130 Billings (975,719) (943,117) Net position $ (3,008) $ (5,950) Construction contract costs and estimated earnings in excess of billings $ 54 $ 138 Billings in excess of construction contract costs and estimated earnings (3,062) (6,088) Net position $ (3,008) $ (5,950)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of LIBOR interest rate caps and floating to fixed interest rate swaps	As of March 31, 2021, the Company had the following LIBOR and Secured Overnight Financing Rate ("SOFR") interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 5/15/2019 6/1/2022 $ 100,000 2.50% (LIBOR) $ 288 1/10/2020 2/1/2022 50,000 (b) 1.75% (LIBOR) 87 1/28/2020 2/1/2022 50,000 (b) 1.75% (LIBOR) 62 3/2/2020 3/1/2022 100,000 (b) 1.50% (LIBOR) 111 7/1/2020 7/1/2023 100,000 (b) 0.50% (LIBOR) 232 11/1/2020 11/1/2023 84,375 (b) 1.84% (SOFR) (a) 91 2/2/2021 2/1/2023 100,000 0.50% (LIBOR) 45 3/4/2021 4/1/2023 14,479 2.50% (LIBOR) 4 Total $ 598,854 $ 920 ________________________________________ (a) This interest rate cap is subject to SOFR, which has been identified as the alternative to LIBOR. LIBOR will be phased out beginning December 31, 2021. (b) Designated as a cash flow hedge As of March 31, 2021, 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 50,609 (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 33,750 (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 $ 339,859 ________________________________________ (a) Designated as a cash flow hedge.
Schedule of derivatives	The Company’s derivatives were comprised of the following as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Notional Fair Value Notional Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ — $ (2,665) $ 50,000 $ — $ (3,056) Interest rate caps 214,480 88 — 150,000 4 — Total derivatives not designated as accounting hedges 264,480 88 (2,665) 200,000 4 (3,056) Derivatives designated as accounting hedges Interest rate swaps 289,859 — (8,707) 290,231 — (11,797) Interest rate caps 384,375 292 — 384,375 86 — Total derivatives $ 938,714 $ 380 $ (11,372) $ 874,606 $ 90 $ (14,853)
Schedule of changes in fair value of derivatives	The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2021 and 2020 were comprised of the following (in thousands): Three Months Ended March 31, 2021 2020 Interest rate swaps $ 2,462 $ (9,084) Interest rate caps 241 (141) Total change in fair value of interest rate derivatives $ 2,703 $ (9,225) Comprehensive income statement presentation: Change in fair value of derivatives and other $ 427 $ (1,736) Unrealized cash flow hedge gains (losses) 2,276 (7,489) Total change in fair value of interest rate derivatives $ 2,703 $ (9,225)

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Dividends and Distributions	During the three months ended March 31, 2021, the following dividends/distributions were declared or paid: Equity type Declaration Date Record Date Payment Date Dividends per Share/Unit Aggregate Dividends/Distributions on Stock and Units (in thousands) Common Stock/Class A Units 11/10/2020 12/30/2020 01/07/2021 $ 0.11 $ 8,793 Common Stock/Class A Units 02/09/2021 03/31/2021 04/08/2021 0.15 12,112 Series A Preferred Stock 11/10/2020 01/04/2021 01/15/2021 0.421875 2,887 Series A Preferred Stock 02/09/2021 04/01/2021 04/15/2021 0.421875 2,887

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Indebtedness, net $ 975,147 $ 989,461 $ 963,845 $ 980,714 Notes receivable, net 133,206 133,206 135,432 135,223 Interest rate swap liabilities 11,372 11,372 14,853 14,853 Interest rate swap and cap assets 380 380 90 90

Business of Organization - Addi

Business of Organization - Additional Information (Details) - property	Mar. 31, 2021	Dec. 31, 2020
Business And Organization [Line Items]
Percentage of operating partnership held	74.20%	73.90%
Operating Property
Business And Organization [Line Items]
Number of real estate properties	55
Development Property
Business And Organization [Line Items]
Number of real estate properties	4
General Partner
Business And Organization [Line Items]
Percentage of operating partnership held	0.10%

Segments - Net Income of Report

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information
Rental revenues	$ 45,741	$ 42,289
Rental expenses	10,832	9,375
Real estate taxes	5,306	4,333
Segment revenues	35,563	47,268
Gross profit	30,891	30,299
Office real estate
Segment Reporting Information
Rental revenues	11,635	10,192
Rental expenses	2,875	2,546
Real estate taxes	1,358	1,146
Gross profit	7,402	6,500
Retail real estate
Segment Reporting Information
Rental revenues	18,255	20,411
Rental expenses	2,836	3,020
Real estate taxes	2,027	2,166
Gross profit	13,392	15,225
Multifamily residential real estate
Segment Reporting Information
Rental revenues	15,851	11,686
Rental expenses	5,121	3,809
Real estate taxes	1,921	1,021
Gross profit	8,809	6,856
General contracting and real estate services | General contracting and real estate services
Segment Reporting Information
Segment revenues	35,563	47,268
Segment expenses	34,275	45,550
Gross profit	$ 1,288	$ 1,718

Segments - Additional Informati

Segments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information
General contracting and real estate services revenues	$ 35,563	$ 47,268
General contracting and real estate services | General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	35,563	47,268
General contracting and real estate services expenses	34,275	45,550
General contracting and real estate services | General contracting and real estate services | Intercompany Eliminations
Segment Reporting Information
General contracting and real estate services revenues	2,000	13,100
General contracting and real estate services expenses	$ 2,000	$ 13,000

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 30,891	$ 30,299
Amortization of finance leases	(189)	(147)
General and administrative expenses	(4,021)	(3,793)
Acquisition, development and other pursuit costs	(71)	(27)
Impairment charges	(3,039)	(158)
Gain on real estate dispositions	3,717	0
Interest income	4,116	7,226
Interest expense on indebtedness	(7,613)	(7,959)
Interest expense on finance leases	(362)	(229)
Change in fair value of derivatives and other	393	(1,736)
Unrealized credit loss release (provision)	55	(377)
Other income (expense), net	179	58
Income tax benefit	19	257
Net income	6,009	9,135
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	30,891	30,299
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(18,066)	(14,279)
Amortization of finance leases	(189)	(147)
General and administrative expenses	(4,021)	(3,793)
Acquisition, development and other pursuit costs	(71)	(27)
Impairment charges	(3,039)	(158)
Gain on real estate dispositions	3,717	0
Interest income	4,116	7,226
Interest expense on indebtedness	(7,613)	(7,959)
Interest expense on finance leases	(362)	(229)
Change in fair value of derivatives and other	393	(1,736)
Unrealized credit loss release (provision)	55	(377)
Other income (expense), net	179	58
Income tax benefit	$ 19	$ 257

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021propertyextensionlease
Lessee, Lease, Description [Line Items]
Number of ground leases	9
Number of properties subject to ground leases | property	8
Maximum optional ground lease extension term	70 years
Number of operating leases	6
Number of finance leases	3
Number of options to extend, more than | extension	1
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	5 years
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	61 years
Renewal term	15 years

Leases - Lessor, Rental Income

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Base rent and tenant charges	$ 43,598	$ 41,513
Accrued straight-line rental adjustment	1,891	557
Lease incentive amortization	(159)	(173)
Above/below market lease amortization	411	392
Total rental revenue	$ 45,741	$ 42,289

Real Estate Investment - Proper

Real Estate Investment - Property Acquisition (Details) - USD ($) $ in Thousands	Feb. 26, 2021	Mar. 31, 2021	Dec. 31, 2020
Mezzanine Loan
Real Estate Properties [Line Items]
Notes receivable		$ 125,829	$ 128,576
Delray Beach Plaza
Real Estate Properties [Line Items]
Consideration transferred	$ 27,600
Acquisition related costs	$ 200
Delray Beach Plaza | Mezzanine Loan
Real Estate Properties [Line Items]
Notes receivable		$ 0	$ 14,289

Real Estate Investments - Summa

Real Estate Investments - Summary of the Purchase Price Allocation (Details) - Delray Beach Plaza $ in Thousands	Feb. 26, 2021USD ($)
Business Acquisition [Line Items]
Below-market leases	$ (3,121)
Finance lease liabilities	(27,940)
Finance lease right-of-use assets	24,466
Net assets acquired	27,765
Land Improvements
Business Acquisition [Line Items]
Property, plant, and equipment	4,607
Building and Building Improvements
Business Acquisition [Line Items]
Property, plant, and equipment	22,544
In-place lease assets
Business Acquisition [Line Items]
Finite-lived intangibles	$ 7,209

Real Estate Investment - Prop_2

Real Estate Investment - Property Disposition (Details) - USD ($) $ in Thousands	Mar. 18, 2021	Mar. 16, 2021	Jan. 14, 2021	Jan. 04, 2021	Mar. 31, 2021	Mar. 31, 2020
Real Estate Properties [Line Items]
Proceeds from sale of real estate held-for-investment					$ 9,156	$ 1,442
Repayments of loan					$ 5,501	$ 7,971
Hanbury Village | Disposed of by Sale
Real Estate Properties [Line Items]
Proceeds from sale of real estate held-for-investment				$ 2,900
Gain (loss) on disposition of property				$ 2,400
Nexton Square | Disposed of by Sale
Real Estate Properties [Line Items]
Proceeds from sale of real estate held-for-investment			$ 900
Repayments of loan			$ 800
Oakland Marketplace | Disposed of by Sale
Real Estate Properties [Line Items]
Proceeds from sale of real estate held-for-investment		$ 5,500
Gain (loss) on disposition of property		$ 1,100
Courthouse 7-Eleven | Disposed of by Sale
Real Estate Properties [Line Items]
Proceeds from sale of real estate held-for-investment	$ 300
Gain (loss) on disposition of property	$ 200

Real Estate Investment - Impair

Real Estate Investment - Impairment of Real Estate (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Socastee Commons Shopping Center
Real Estate Properties [Line Items]
Impairment of Real Estate	$ 3

Real Estate Investments - Equit

Real Estate Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Real Estate [Line Items]
Investment in equity method investment during period	$ 3,889	$ 0
Equity method investment	$ 4,967		$ 1,078
Harbor Point Parcel 3 | Beatty Development Group
Real Estate [Line Items]
Interests in equity method investments	50.00%
Investment in equity method investment during period	$ 3,900
Maximum commitment	30,000
Equity method investment	$ 5,000		$ 1,100

Notes Receivable and Current _3

Notes Receivable and Current Expected Credit Losses (Summary of Mezzanine Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable guarantee premium	$ 2,206	$ 2,631
Allowance for credit losses	(1,741)	(2,584)	$ (3,202)	$ 0
Total notes receivable	133,206	135,432
Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Additional funds available	7,500
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	125,829	128,576
Maximum loan commitment	161,100
Mezzanine Loan | Delray Beach Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	14,289
Maximum loan commitment	$ 17,000
Interest rate	15.00%
Mezzanine Loan | Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 95,922	85,318
Maximum loan commitment	$ 103,000
Interest rate	15.00%
Additional funds available	$ 3,000
Interest rate	18.00%
Mezzanine Loan | Solis Apartments at Interlock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 29,907	28,969
Maximum loan commitment	$ 41,100
Interest rate	13.00%
Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 6,912	$ 6,809

Notes Receivable and Current _4

Notes Receivable and Current Expected Credit Losses (Schedule of Interest on the Mezzanine Loans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 4,116	$ 7,226
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	4,013	7,203
Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	103	23
The Residences at Annapolis Junction | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	2,468
Delray Beach Plaza | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	489
Nexton Square | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	0	391
Interlock Commercial | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	3,075	3,017
Solis Apartments at Interlock | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 938	$ 838

Notes Receivable and Current _5

Notes Receivable and Current Expected Credit Losses Additional Information (Details) - USD ($) $ in Thousands	Feb. 26, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses		$ 1,741	$ 2,584	$ 3,202	$ 0
Notes receivable, net		133,206	135,432
Notes receivable, nonaccrual status			$ 13,600
Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Additional funds available		7,500
Delray Beach Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consideration transferred	$ 27,600
Acquisition related costs	200
Mezzanine Loan | Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Additional funds available		$ 3,000
Mezzanine Loan | Delray Beach Plaza
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayments of notes receivables	$ 14,300

Notes Receivable and Current _6

Notes Receivable and Current Expected Credit Losses (Changes in Allowance for Credit Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,584	$ 0
Unrealized credit loss provision (release)	(55)	377
Extinguishment due to acquisition	(788)	0
Ending balance	1,741	3,202
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	$ 2,825

Construction Contracts - Additi

Construction Contracts - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized contract cost, amortization	$ 0.1	$ 0.2
Construction receivables retentions	14.7		$ 17.1
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retentions	15.3		17.7
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred pre-contract costs	$ 2		$ 1.7

Construction Contracts - Summar

Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Construction contract costs and estimated earnings in excess of billings
Beginning balance	$ 138	$ 249
Transferred to receivables	(138)	(285)
Construction contract costs and estimated earnings not billed during the period	54	458
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	0	36
Ending balance	54	458
Billings in excess of construction contract costs and estimated earnings
Beginning balance	6,088	5,306
Revenue recognized that was included in the balance at the beginning of the period	(6,088)	(5,306)
Increases due to new billings, excluding amounts recognized as revenue during the period	3,143	6,311
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(81)	0
Ending balance	$ 3,062	$ 6,311

Construction Contracts - Summ_2

Construction Contracts - Summary of Net Position (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 939,312	$ 905,037
Estimated earnings	33,399	32,130
Billings	(975,719)	(943,117)
Net position	(3,008)	(5,950)
Construction contract costs and estimated earnings in excess of billings	54	138	$ 458	$ 249
Billings in excess of construction contract costs and estimated earnings	$ (3,062)	$ (6,088)	$ (6,311)	$ (5,306)

Construction Contracts - Summ_3

Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 71,258	$ 242,622
New contracts/change orders	3,124	40,440
Work performed	(35,544)	(47,420)
Ending backlog	$ 38,838	$ 235,642
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
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]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	18 months

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details)	Mar. 08, 2021USD ($)	Jan. 28, 2021USD ($)	Jan. 15, 2021USD ($)	Oct. 03, 2019USD ($)extension	Mar. 31, 2021USD ($)	Jan. 07, 2021USD ($)	Dec. 31, 2020USD ($)
Indebtedness
Long-term debt					$ 975,147,000		$ 963,845,000
Harbor Point Parcel 3 Partnership
Indebtedness
Credit facility, amount outstanding						$ 15,000,000
Minimum | Revolving Credit Facility
Indebtedness
Basis points on unused commitment fee					0.15%
Maximum | Revolving Credit Facility
Indebtedness
Basis points on unused commitment fee					0.25%
Construction loans
Indebtedness
Borrowings under construction loans					$ 1,800,000
Operating Partnership
Indebtedness
Credit facility, amount outstanding					9,500,000
Operating Partnership | New Credit Facility
Indebtedness
Aggregate capacity under the credit facility				$ 355,000,000
Operating Partnership | New Credit Facility | Revolving Credit Facility
Indebtedness
Aggregate capacity under the credit facility				150,000,000	118,000,000
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%
Line of credit, amount outstanding					$ 10,000,000		10,000,000
Interest rate on credit facility as of end of period					1.61%
Operating Partnership | New Credit Facility | Term Loan Facility
Indebtedness
Aggregate capacity under the credit facility				$ 205,000,000
Line of credit, amount outstanding					$ 205,000,000		$ 205,000,000
Interest rate on credit facility as of end of period					1.56%
Operating Partnership | New Credit Facility | Minimum | Revolving Credit Facility | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate					1.30%
Operating Partnership | New Credit Facility | Minimum | Term Loan Facility | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate					1.25%
Operating Partnership | New Credit Facility | Maximum | Revolving Credit Facility | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate					1.85%
Operating Partnership | New Credit Facility | Maximum | Term Loan Facility | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate					1.80%
4525 Main Street and Encore Apartments
Indebtedness
Increase long term debt			$ 1,500,000
Loan interest rate			2.93%
Long-term debt			$ 57,000,000
Nexton Square
Indebtedness
Repayments of long-term debt		$ 2,000,000
Long-term debt		$ 20,100,000
Floor interest rate		0.25%
Nexton Square | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate		2.25%
Delray Beach Plaza | Secured Debt
Indebtedness
Long-term debt	$ 14,500,000
Delray Beach Plaza | Secured Debt | LIBOR
Indebtedness
Stated interest rate, basis spread on variable rate	3.00%

Derivative Financial Instrume_3

Derivative Financial Instruments Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 04, 2021	Feb. 02, 2021	Dec. 31, 2020	Nov. 01, 2020	Jul. 01, 2020	Mar. 02, 2020	Jan. 28, 2020	Jan. 10, 2020	May 15, 2019
Derivative [Line Items]
Notional Amount	$ 938,714			$ 874,606
Interest rate caps | LIBOR
Derivative [Line Items]
Notional Amount	598,854
Premium Paid	920
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	264,480			200,000
Not designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional Amount	214,480			150,000
Not designated as accounting hedges | Interest rate caps | LIBOR
Derivative [Line Items]
Notional Amount		$ 14,479	$ 100,000							$ 100,000
Strike Rate		2.50%	0.50%							2.50%
Premium Paid		$ 4	$ 45							$ 288
Designated as accounting hedge | Interest rate caps
Derivative [Line Items]
Notional Amount	$ 384,375			$ 384,375
Designated as accounting hedge | Interest rate caps | LIBOR
Derivative [Line Items]
Notional Amount						$ 100,000	$ 100,000	$ 50,000	$ 50,000
Strike Rate						0.50%	1.50%	1.75%	1.75%
Premium Paid						$ 232	$ 111	$ 62	$ 87
Designated as accounting hedge | Interest rate caps | SOFR
Derivative [Line Items]
Notional Amount					$ 84,375
Strike Rate					1.84%
Premium Paid					$ 91

Derivative Financial Instrume_4

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional amount	$ 938,714	$ 874,606
Interest rate swaps
Derivative [Line Items]
Notional amount	339,859
Not designated as accounting hedges
Derivative [Line Items]
Notional amount	264,480	200,000
Not designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional amount	50,000	50,000
Not designated as accounting hedges | Senior Unsecured Term Loan 2.78% | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 50,000
Fixed interest rate	2.78%
Effective interest rate	4.23%
Designated as accounting hedge | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 289,859	$ 290,231
Designated as accounting hedge | John Hopkins Village | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 50,609
Fixed interest rate	2.94%
Effective interest rate	4.19%
Designated as accounting hedge | Senior Unsecured Term Loan 3.02% | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 10,500
Fixed interest rate	3.02%
Effective interest rate	4.47%
Designated as accounting hedge | 249 Central Park Retail, South Retail, and Fountain Plaza Retail | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 33,750
Fixed interest rate	2.25%
Effective interest rate	3.85%
Designated as accounting hedge | Senior Unsecured Term Loan 2.26% | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 50,000
Fixed interest rate	2.26%
Effective interest rate	3.71%
Designated as accounting hedge | Thames Street Wharf | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 70,000
Fixed interest rate	0.51%
Effective interest rate	1.81%
Designated as accounting hedge | Senior Unsecured Term Loan 0.50%, Term Loan One | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 25,000
Fixed interest rate	0.50%
Effective interest rate	1.95%
Designated as accounting hedge | Senior Unsecured Term Loan 0.50%, Term Loan Two | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 25,000
Fixed interest rate	0.50%
Effective interest rate	1.95%
Designated as accounting hedge | Senior Unsecured Term Loan 0.55% | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 25,000
Fixed interest rate	0.55%
Effective interest rate	2.00%

Derivative Financial Instrume_5

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) reclassified during next 12 months	$ (4.3)

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional amount	$ 938,714	$ 874,606
Asset, Fair Value	380	90
Liability, Fair Value	(11,372)	(14,853)
Interest rate swaps
Derivative [Line Items]
Notional amount	339,859
Not designated as accounting hedges
Derivative [Line Items]
Notional amount	264,480	200,000
Asset, Fair Value	88	4
Liability, Fair Value	(2,665)	(3,056)
Not designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional amount	50,000	50,000
Asset, Fair Value	0	0
Liability, Fair Value	(2,665)	(3,056)
Not designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional amount	214,480	150,000
Asset, Fair Value	88	4
Liability, Fair Value	0	0
Designated as accounting hedge | Interest rate swaps
Derivative [Line Items]
Notional amount	289,859	290,231
Asset, Fair Value	0	0
Liability, Fair Value	(8,707)	(11,797)
Designated as accounting hedge | Interest rate caps
Derivative [Line Items]
Notional amount	384,375	384,375
Asset, Fair Value	292	86
Liability, Fair Value	$ 0	$ 0

Derivative Financial Instrume_7

Derivative Financial Instruments - Change in Fair Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Change in fair value of derivatives and other	$ 427	$ (1,736)
Unrealized cash flow hedge gains (losses)	2,276	(7,489)
Total change in fair value of interest rate derivatives	2,703	(9,225)
Interest rate swaps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	2,462	(9,084)
Interest rate caps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	$ 241	$ (141)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	May 04, 2021	Jan. 04, 2021	Mar. 10, 2020	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Percentage of operating partnership held					74.20%	73.90%
Class A units
Class of Stock [Line Items]
Class A Units not held by Company (in shares)					20,853,485
The Amendments | Common stock
Class of Stock [Line Items]
Shares issued (in shares)					717,388
Sale of stock, weighted average price per share					$ 12.82
Consideration received on transaction					$ 9,100,000
Noncontrolling interests in investment entities | Operating Partnership
Class of Stock [Line Items]
Ownership interest percentage in properties					$ 500,000	$ 500,000
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred Stock dividend rate percentage					6.75%	6.75%
Redeemable convertible preferred stock | At The Market Program
Class of Stock [Line Items]
Preferred Stock dividend rate percentage			6.75%
Maximum aggregate offering price of shares to be sold (up to)			$ 300,000,000
Common Class A | Stock Issuance - Shares From Existing Shareholder
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction		12,000
Subsequent Event | At The Market Program | Common stock
Class of Stock [Line Items]
Consideration received on transaction				$ 5,400,000
Sale of stock, number of shares issued in transaction				417,454
Subsequent Event | Series A Preferred Stock | The Amendments
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to)	$ 250,400,000

Equity - Dividends and Distribu

Equity - Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 09, 2021	Nov. 10, 2020	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Dividend declared (in dollars per share)			$ 0.15	$ 0.22
Aggregate Dividends (in thousands)			$ 2,887	$ 1,067
Common Class A
Class of Stock [Line Items]
Dividend declared (in dollars per share)	$ 0.15	$ 0.11
Aggregate Dividends (in thousands)	$ 12,112	$ 8,793
Series A Preferred Stock
Class of Stock [Line Items]
Dividends declared (in dollars per share)	$ 0.421875	$ 0.421875
Aggregate Dividends (in thousands)	$ 2,887	$ 2,887

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 1.2	$ 1.3
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)	134,782
Restricted stock granted, grant date fair value (in dollars per share)	$ 12.65
Restricted stock surrendered, forfeited in period (in dollars per share)	42,629
Employee restricted stock award, vesting period	2 years
Nonvested restricted shares outstanding (in shares)	159,498
Unrecognized compensation cost	$ 1.4
Unrecognized compensation cost, recognition period	36 months
Restricted Stock | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Employee restricted stock award, vesting period	3 years
Restricted Stock | Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award
Non-employee restricted stock award vest grant over period	1 year
Restricted Stock | Grant Date
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock | Grant Date | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	40.00%
Restricted Stock | First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock | First Anniversary | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	20.00%
Restricted Stock | Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock | Second Anniversary | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	20.00%
Restricted Stock | Third Anniversary | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	20.00%
Amended and Restated 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares reserved for issuance (in shares)	1,700,000
Shares available for issuance (in shares)	636,896

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Value
Fair Value of Financial Instruments
Indebtedness, net	$ 975,147	$ 963,845
Notes receivable, net	133,206	135,432
Interest rate swap liabilities	11,372	14,853
Interest rate swap and cap assets	380	90
Fair Value
Fair Value of Financial Instruments
Indebtedness, net	989,461	980,714
Notes receivable, net	133,206	135,223
Interest rate swap liabilities	11,372	14,853
Interest rate swap and cap assets	$ 380	$ 90

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	May 13, 2013	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Operating Partnership
Related Party Transactions
Credit facility, amount outstanding		$ 9.5
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		12.4	$ 8.5
Gross profit from related parties		0.5	$ 0.3
Due from related parties		9		$ 8.6
Tax Protection Agreements | Operating Partnership
Related Party Transactions
Future sale period for properties	7 years
Future sale period for properties in limited number of cases	10 years
Executive Officer | Construction Contracts
Related Party Transactions
Gross profit from related parties		3.1
Related party amount of transaction		$ 81.8
Gross profit margin, related parties		4.00%
Credit facility, amount outstanding		$ 9.5

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Jan. 07, 2021	Dec. 31, 2020
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 2.4		$ 2.4
Harbor Point Parcel 3 Partnership
Commitments and Contingencies
Credit facility, amount outstanding		$ 15
Interlock Commercial | Financial Guarantee
Commitments and Contingencies
Guarantor obligations, maximum exposure (up to)	34.3
Operating Partnership
Commitments and Contingencies
Credit facility, amount outstanding	$ 9.5

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	May 05, 2021USD ($)extension	May 03, 2021$ / shares	Apr. 15, 2021	Feb. 09, 2021$ / shares	Jan. 28, 2021USD ($)	Nov. 10, 2020$ / shares	Apr. 30, 2021USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / shares	Mar. 31, 2020$ / shares	Apr. 01, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Long-term debt								$ 975,147			$ 963,845
Dividend declared (in dollars per share) | $ / shares								$ 0.15	$ 0.22
Series A Preferred Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share) | $ / shares				$ 0.421875		$ 0.421875
Nexton Square
Subsequent Event [Line Items]
Floor interest rate					0.25%
Long-term debt					$ 20,100
Nexton Square | LIBOR
Subsequent Event [Line Items]
Stated interest rate, basis spread on variable rate					2.25%
Subsequent Event
Subsequent Event [Line Items]
Increase in line of credit facility							$ 17,000
Line of credit, amount outstanding							$ 27,000
Dividend declared (in dollars per share) | $ / shares		$ 0.16
Increase from prior dividend		6.70%
Cumulative increase year-to-date		45.50%
Subsequent Event | Series A Preferred Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share) | $ / shares		$ 0.421875
Subsequent Event | Common stock | At The Market Program
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction | shares							417,454
Weighted average price (in dollars per share) | $ / shares							$ 13.02
Consideration received on transaction							$ 5,400
Subsequent Event | Construction loans | Chronicle Mill
Subsequent Event [Line Items]
Floor interest rate	0.25%
Long-term debt	$ 35,100
Number of extension options | extension	2
Duration of extension option	12 months
Subsequent Event | LIBOR | Chronicle Mill
Subsequent Event [Line Items]
Stated interest rate, basis spread on variable rate	3.00%
Subsequent Event | Nexton Square
Subsequent Event [Line Items]
Note receivable, face amount										$ 22,300
Interest rate										11.00%
Notes receivable							$ 8,000
Subsequent Event | Southgate Square
Subsequent Event [Line Items]
Floor interest rate			0.75%
Subsequent Event | Southgate Square | LIBOR
Subsequent Event [Line Items]
Stated interest rate, basis spread on variable rate			2.25%