Armada Hoffler Properties (AHH) 10-Q 5 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-35908
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1214914
Entity Address, Address Line One	222 Central Park Avenue
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23462
City Area Code	757
Local Phone Number	366-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,729,650
Entity Central Index Key	0001569187
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AHH
Security Exchange Name	NYSE
Redeemable convertible preferred stock
Entity Listings [Line Items]
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	AHHPrA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022		Dec. 31, 2021
Real estate investments:
Income producing property	$ 1,791,302		$ 1,658,609
Held for development	6,294		6,294
Construction in progress	71,676		72,535
Gross real estate investments	1,869,272		1,737,438
Accumulated depreciation	(303,032)		(285,814)
Net real estate investments	1,566,240		1,451,624
Real estate investments held for sale	115,680		80,751
Cash and cash equivalents	69,731		35,247
Restricted cash	6,681	[1]	5,196
Accounts receivable, net	32,250		29,576
Notes receivable, net	139,383		126,429
Construction receivables, including retentions, net	29,107		17,865
Construction contract costs and estimated earnings in excess of billings	493		243
Equity method investments	53,260		12,685
Operating lease right-of-use assets	23,387		23,493
Finance lease right-of-use assets	46,433		46,989
Acquired lease intangible assets	107,147		62,038
Other assets	75,743		45,927
Total Assets	2,265,535		1,938,063
LIABILITIES AND EQUITY
Indebtedness, net	1,080,664		917,556
Liabilities related to assets held for sale	84,049		41,364
Accounts payable and accrued liabilities	22,886		29,589
Construction payables, including retentions	47,429		31,166
Billings in excess of construction contract costs and estimated earnings	15,075		4,881
Operating lease liabilities	31,645		31,648
Finance lease liabilities	46,325		46,160
Other liabilities	51,126		55,876
Total Liabilities	1,379,199		1,158,240
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; 6,843,418 shares issued and outstanding as of June 30, 2022 and December 31, 2021	171,085		171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 67,729,650 and 63,011,700 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	677		630
Additional paid-in capital	588,012		525,030
Distributions in excess of earnings	(135,942)		(141,360)
Accumulated other comprehensive gain (loss)	10,091		(33)
Total stockholders’ equity	633,923		555,352
Noncontrolling interests in investment entities	23,952		629
Noncontrolling interests in Operating Partnership	228,461		223,842
Total Equity	886,336		779,823
Total Liabilities and Equity	$ 2,265,535		$ 1,938,063
[1]Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
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)	67,729,650	63,011,700
Common stock, shares outstanding (in shares)	67,729,650	63,011,700
Redeemable convertible preferred stock
Preferred stock, shares authorized (in shares)	9,980,000	9,980,000
Preferred Stock dividend rate percentage	6.75%
Preferred stock, shares issued (in shares)	6,843,418	6,843,418
Preferred stock, shares outstanding (in shares)	6,843,418	6,843,418

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Rental revenues	$ 55,224	$ 47,378	$ 109,859	$ 93,119
General contracting and real estate services revenues	45,273	18,408	69,923	53,971
Total revenues	100,497	65,786	179,782	147,090
Expenses
Rental expenses	12,685	11,292	25,354	22,124
Real estate taxes	5,837	5,465	11,241	10,771
General contracting and real estate services expenses	43,418	18,131	67,239	52,406
Depreciation and amortization	18,781	17,285	37,338	35,351
Amortization of right-of-use assets - finance leases	277	278	555	467
General and administrative expenses	3,617	3,487	8,325	7,508
Acquisition, development and other pursuit costs	26	32	37	103
Impairment charges	286	83	333	3,122
Total expenses	84,927	56,053	150,422	131,852
Gain on real estate dispositions, net	19,493	0	19,493	3,717
Operating income	35,063	9,733	48,853	18,955
Interest income	3,352	6,746	6,920	10,862
Interest expense	(9,371)	(8,418)	(18,402)	(16,393)
Loss on extinguishment of debt	(618)	0	(776)	0
Change in fair value of derivatives and other	2,548	314	6,730	707
Unrealized credit loss provision	(295)	(388)	(900)	(333)
Other income (expense), net	68	7	297	186
Income before taxes	30,747	7,994	42,722	13,984
Income tax benefit	20	461	321	480
Net income	30,767	8,455	43,043	14,464
Net income attributable to noncontrolling interests:
Investment entities	(128)	0	(228)	0
Operating Partnership	(6,479)	(1,429)	(8,662)	(2,240)
Net income attributable to Armada Hoffler Properties, Inc.	24,160	7,026	34,153	12,224
Preferred stock dividends	(2,887)	(2,887)	(5,774)	(5,774)
Net income attributable to common stockholders	$ 21,273	$ 4,139	$ 28,379	$ 6,450
Net income attributable to common stockholders per share (basic) (in dollars per share)	$ 0.31	$ 0.07	$ 0.42	$ 0.11
Net income attributable to common stockholders per share (diluted) (in dollars per share)	$ 0.31	$ 0.07	$ 0.42	$ 0.11
Weighted-average common shares outstanding (basic) (in shares)	67,710	60,409	67,420	59,918
Weighted-average common shares outstanding (diluted) (in shares)	67,710	60,409	67,420	59,918
Comprehensive income:
Net income	$ 30,767	$ 8,455	$ 43,043	$ 14,464
Unrealized cash flow hedge gains (losses)	3,950	(469)	11,672	1,807
Realized cash flow hedge losses reclassified to net income	866	1,103	1,653	2,181
Comprehensive income	35,583	9,089	56,368	18,452
Comprehensive income attributable to Armada Hoffler Properties, Inc.	$ 27,776	$ 7,497	$ 44,278	$ 15,178
Revenue, Product and Service [Extensible List]	Real Estate [Member]	Real Estate [Member]	Real Estate [Member]	Real Estate [Member]
Noncontrolling interests in investment entities
Expenses
Net income	$ 128	$ 0
Comprehensive income:
Net income	128	0
Unrealized cash flow hedge gains (losses)	55
Realized cash flow hedge losses reclassified to net income	45
Comprehensive income attributable to noncontrolling interests:	(228)	0	$ (328)	$ 0
Noncontrolling interests in Operating Partnership
Expenses
Net income	6,479	1,429
Comprehensive income:
Net income	6,479	1,429
Unrealized cash flow hedge gains (losses)	909	(120)
Realized cash flow hedge losses reclassified to net income	191	283
Comprehensive income attributable to noncontrolling interests:	$ (7,579)	$ (1,592)	$ (11,762)	$ (3,274)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total stockholders' equity	Preferred stock	Common stock	Additional paid-in capital	Distributions in excess of earnings	Accumulated other comprehensive loss	Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership
Beginning balance at Dec. 31, 2020	$ 756,802	$ 523,199	$ 171,085	$ 591	$ 472,747	$ (112,356)	$ (8,868)	$ 488	$ 233,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,009	5,198				5,198		0	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	8,981		7	8,974
Restricted stock awards, net	632	632		1	631
Redemption of operating partnership units	(3)	131			131				(134)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	12,136	9,008				9,008			3,128
Ending balance at Mar. 31, 2021	760,752	528,729	171,085	599	482,483	(119,053)	(6,385)	488	231,535
Beginning balance at Dec. 31, 2020	756,802	523,199	171,085	591	472,747	(112,356)	(8,868)	488	233,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,464
Unrealized cash flow hedge gains (losses)	1,807
Realized cash flow hedge losses reclassified to net income	2,181
Noncontrolling interest in acquired real estate entity	0
Ending balance at Jun. 30, 2021	767,619	537,195	171,085	610	496,111	(124,697)	(5,914)	634	229,790
Beginning balance at Mar. 31, 2021	760,752	528,729	171,085	599	482,483	(119,053)	(6,385)	488	231,535
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,455	7,026				7,026		0	1,429
Unrealized cash flow hedge gains (losses)	(469)	(349)					(349)		(120)
Realized cash flow hedge losses reclassified to net income	1,103	820					820		283
Net proceeds from issuance of common stock	14,116	14,116		11	14,105
Restricted stock awards, net	473	473			473
Acquisitions of noncontrolling interests	(804)	(950)			(950)			146
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	13,120	9,783				9,783			3,337
Ending balance at Jun. 30, 2021	767,619	537,195	171,085	610	496,111	(124,697)	(5,914)	634	229,790
Beginning balance at Dec. 31, 2021	779,823	555,352	171,085	630	525,030	(141,360)	(33)	629	223,842
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,276	9,993				9,993		100	2,183
Unrealized cash flow hedge gains (losses)	7,722	5,907					5,907		1,815
Realized cash flow hedge losses reclassified to net income	787	602					602		185
Net proceeds from issuance of common stock	65,194	65,194		45	65,149
Noncontrolling interest in acquired real estate entity	23,065							23,065
Restricted stock awards, net	1,064	1,064			1,064
Acquisitions of noncontrolling interests	(3,901)	(3,901)			(3,901)
Redemption of operating partnership units	0	132			132				(132)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	14,939	11,433				11,433			3,506
Ending balance at Mar. 31, 2022	868,204	620,023	171,085	675	587,474	(145,687)	6,476	23,794	224,387
Beginning balance at Dec. 31, 2021	779,823	555,352	171,085	630	525,030	(141,360)	(33)	629	223,842
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,043
Unrealized cash flow hedge gains (losses)	11,672
Realized cash flow hedge losses reclassified to net income	1,653
Noncontrolling interest in acquired real estate entity	23,065
Ending balance at Jun. 30, 2022	886,336	633,923	171,085	677	588,012	(135,942)	10,091	23,952	228,461
Beginning balance at Mar. 31, 2022	868,204	620,023	171,085	675	587,474	(145,687)	6,476	23,794	224,387
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,767	24,160				24,160		128	6,479
Unrealized cash flow hedge gains (losses)	3,950	2,986					2,986	55	909
Realized cash flow hedge losses reclassified to net income	866	630				1	629	45	191
Net proceeds from issuance of common stock	(35)	(35)			(35)
Restricted stock awards, net	575	575		2	573
Distributions to noncontrolling interests	(84)							(84)
Contributions from noncontrolling interests	14							14
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	15,034	11,529				11,529			3,505
Ending balance at Jun. 30, 2022	$ 886,336	$ 633,923	$ 171,085	$ 677	$ 588,012	$ (135,942)	$ 10,091	$ 23,952	$ 228,461

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividend declared (in dollars per share)	$ 0.17	$ 0.17	$ 0.16	$ 0.15

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
OPERATING ACTIVITIES
Net income		$ 43,043	$ 14,464
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements		27,613	25,209
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases		9,725	10,142
Accrued straight-line rental revenue		(3,036)	(3,327)
Amortization of leasing incentives and above or below-market rents		(520)	(508)
Amortization of right-of-use assets - finance leases		555	467
Accrued straight-line ground rent expense		76	81
Unrealized credit loss provision		900	333
Adjustment for uncollectable lease accounts		405	562
Noncash stock compensation		2,115	1,440
Impairment charges		333	3,122
Noncash interest expense		2,143	1,329
Noncash loss on extinguishment of debt		776	0
Gain on real estate dispositions, net		(19,493)	(3,717)
Change in fair value of derivatives and other		(6,730)	(707)
Changes in operating assets and liabilities:
Property assets		(8,243)	(1,469)
Property liabilities		(2,429)	(2,968)
Construction assets		(18,005)	26,865
Construction liabilities		25,205	(34,645)
Interest receivable		(4,026)	3,967
Net cash provided by operating activities		50,407	40,640
INVESTING ACTIVITIES
Development of real estate investments		(35,478)	(19,476)
Tenant and building improvements		(8,467)	(4,817)
Acquisitions of real estate investments, net of cash received		(93,313)	(28,173)
Dispositions of real estate investments, net of selling costs		101,812	9,156
Notes receivable issuances		(20,829)	(19,796)
Notes receivable paydowns		11,545	38,490
Leasing costs		(1,836)	(1,068)
Leasing incentives		(51)	0
Contributions to equity method investments		(40,333)	(5,921)
Net cash used for investing activities		(86,950)	(31,605)
FINANCING ACTIVITIES
Proceeds from issuance of common stock, net		65,159	23,097
Common shares tendered for tax withholding		(774)	(553)
Debt issuances, credit facility and construction loan borrowings		324,096	19,119
Debt and credit facility repayments, including principal amortization		(273,698)	(18,379)
Debt issuance costs		(3,303)	(2,024)
Acquisition of NCI in consolidated RE investments		(3,901)	(804)
Distributions to noncontrolling interests		(84)	0
Contributions from noncontrolling interests		14	0
Dividends and distributions		(34,997)	(26,679)
Net cash provided by (used for) financing activities		72,512	(6,223)
Net increase in cash, cash equivalents, and restricted cash		35,969	2,812
Cash, cash equivalents, and restricted cash, beginning of period		40,443	50,430
Cash, cash equivalents, and restricted cash, end of period	[1]	76,412	53,242
Supplemental Disclosures (noncash transactions):
Increase in dividends and distributions payable		750	4,351
Increase (decrease) in accrued capital improvements and development costs		(2,626)	2,058
Operating Partnership units redeemed for common shares		132	131
Debt assumed at fair value in conjunction with real estate purchases		156,071	0
Noncontrolling interest in acquired real estate entity		23,065	0
Recognition of finance lease right-of-use assets		0	24,466
Recognition of finance lease liabilities		$ 0	$ 27,940
[1]The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): June 30, 2022 June 30, 2021 Cash and cash equivalents $ 69,731 $ 43,493 Restricted cash (a) 6,681 9,749 Cash, cash equivalents, and restricted cash $ 76,412 $ 53,242 (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	Jun. 30, 2022		Dec. 31, 2021	Jun. 30, 2021		Dec. 31, 2020
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 69,731		$ 35,247	$ 43,493
Restricted cash	6,681	[1]	5,196	9,749	[1]
Cash, cash equivalents, and restricted cash	$ 76,412	[2]	$ 40,443	$ 53,242	[2]	$ 50,430
[1]Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.[2]The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): June 30, 2022 June 30, 2021 Cash and cash equivalents $ 69,731 $ 43,493 Restricted cash (a) 6,681 9,749 Cash, cash equivalents, and restricted cash $ 76,412 $ 53,242 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Business of Organization

Business of Organization	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business of Organization	Business of Organization Armada Hoffler Properties, Inc. (the "Company") is a full-service real estate company with extensive experience developing, building, owning, and managing high-quality, institutional-grade office, retail, and multifamily properties in attractive markets primarily throughout the Mid-Atlantic and Southeastern United States. The Company is a real estate investment trust ("REIT"), the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership") and, as of June 30, 2022, owned 76.7% 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 thereof. As of June 30, 2022, the Company's property portfolio consisted of 55 stabilized 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	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries, including the Operating Partnership, its wholly-owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition, and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates. Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported. Recent Accounting Pronouncements Accounting Standards Adopted in 2022 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. This Accounting Standards Update ("ASU") also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional and only available in certain situations. In January 2021, FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The amendments in this standard are elective and principally apply to entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Similar to ASU No. 2020-04, provisions of this ASU are effective upon issuance and generally can be applied through December 31, 2022. During the six months ended June 30, 2022, the Company elected to apply the practical expedients to modifications of qualifying contracts as continuations of the existing contracts rather than as new contracts. The adoption of the new guidance did not have a material impact on the consolidated financial statements. Management will continue to evaluate the impacts of reference rate reform. Earnings Per Share In August 2020, FASB issued ASU 2020-06 an update to ASC Topic 470 and ASC Topic 815, which became effective 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 adopted ASU 2020-06 effective January 1, 2022 and the adoption did not have a material impact on the consolidated financial statements. Other Accounting Policies See the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared.

Segments

Segments	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segments	Segments Net operating income (segment revenues minus segment expenses) is the measure used by the Company’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. Net operating income of the Company’s reportable segments for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Office real estate Rental revenues $ 18,314 $ 11,756 $ 35,337 $ 23,391 Rental expenses 4,600 2,938 8,740 5,813 Real estate taxes 2,035 1,413 3,539 2,771 Segment net operating income 11,679 7,405 23,058 14,807 Retail real estate Rental revenues 21,544 19,204 42,974 37,459 Rental expenses 3,333 3,013 6,834 5,849 Real estate taxes 2,271 2,180 4,509 4,207 Segment net operating income 15,940 14,011 31,631 27,403 Multifamily residential real estate Rental revenues 15,366 16,418 31,548 32,269 Rental expenses 4,752 5,341 9,780 10,462 Real estate taxes 1,531 1,872 3,193 3,793 Segment net operating income 9,083 9,205 18,575 18,014 General contracting and real estate services Segment revenues 45,273 18,408 69,923 53,971 Segment expenses 43,418 18,131 67,239 52,406 Segment gross profit 1,855 277 2,684 1,565 Net operating income $ 38,557 $ 30,898 $ 75,948 $ 61,789 Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management expenses, property management fees, repairs and maintenance, insurance, and utilities. General contracting and real estate services revenues for the three months ended June 30, 2022 and 2021 exclude revenue related to intercompany construction contracts of $14.2 million and $5.4 million, respectively, as it is eliminated in consolidation. General contracting and real estate services revenues for the six months ended June 30, 2022 and 2021 exclude revenue related to intercompany construction contracts of $22.8 million and $7.4 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the three months ended June 30, 2022 and 2021 exclude expenses related to intercompany construction contracts of $14.0 million and $5.4 million, respectively. General contracting and real estate services expenses for the six months ended June 30, 2022 and 2021 exclude expenses related to intercompany construction contracts of $22.5 million and $7.4 million, respectively, as it is eliminated in consolidation. The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net operating income $ 38,557 $ 30,898 $ 75,948 $ 61,789 Depreciation and amortization (18,781) (17,285) (37,338) (35,351) Amortization of right-of-use assets - finance leases (277) (278) (555) (467) General and administrative expenses (3,617) (3,487) (8,325) (7,508) Acquisition, development and other pursuit costs (26) (32) (37) (103) Impairment charges (286) (83) (333) (3,122) Gain on real estate dispositions, net 19,493 — 19,493 3,717 Interest income 3,352 6,746 6,920 10,862 Interest expense (9,371) (8,418) (18,402) (16,393) Loss on extinguishment of debt (618) — (776) — Change in fair value of derivatives and other 2,548 314 6,730 707 Unrealized credit loss provision (295) (388) (900) (333) Other income (expense), net 68 7 297 186 Income tax benefit 20 461 321 480 Net income $ 30,767 $ 8,455 $ 43,043 $ 14,464

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties. These ground leases have maximum lease terms (including renewal options) that expire between 2074 and 2117. 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. Five 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 and six months ended June 30, 2022 and 2021 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Base rent and tenant charges $ 53,424 $ 45,686 $ 106,303 $ 89,284 Accrued straight-line rental adjustment 1,544 1,436 3,036 3,327 Lease incentive amortization (173) (159) (346) (318) Above/below market lease amortization 429 415 866 826 Total rental revenue $ 55,224 $ 47,378 $ 109,859 $ 93,119
Leases	Leases Lessee Disclosures As a lessee, the Company has eight ground leases on seven properties. These ground leases have maximum lease terms (including renewal options) that expire between 2074 and 2117. 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. Five 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 and six months ended June 30, 2022 and 2021 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Base rent and tenant charges $ 53,424 $ 45,686 $ 106,303 $ 89,284 Accrued straight-line rental adjustment 1,544 1,436 3,036 3,327 Lease incentive amortization (173) (159) (346) (318) Above/below market lease amortization 429 415 866 826 Total rental revenue $ 55,224 $ 47,378 $ 109,859 $ 93,119

Real Estate Investment

Real Estate Investment	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Real Estate Investment	Real Estate Investment Property Acquisitions Exelon On January 14, 2022, the Company acquired a 79% membership interest and an additional 11% economic interest in the partnership that owns the Exelon Building for a purchase price of approximately $92.2 million in cash and a loan to the seller of $12.8 million. The Exelon Building is a mixed-use structure located in Baltimore's Harbor Point and is comprised of an office building, the Exelon Office, that serves as the headquarters for Constellation Energy Corp., which was spun-off from Exelon, a Fortune 100 energy company, in February 2022, as well as a multifamily component, 1305 Dock Street. The Exelon Office includes a parking garage and retail space. The Exelon Building was subject to a $156.1 million loan, which the Company immediately refinanced following the acquisition with a new $175.0 million loan. The new loan bears interest at a rate of the Bloomberg Short-Term Bank Yield Index ("BSBY") plus a spread of 1.50% and will mature on November 1, 2026. This loan is hedged by an interest rate cap corridor of 1.00% and 3.00% as well as an interest rate cap of 4.00%. See Note 9 for further details. The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired for the two operating properties purchased during the six months ended June 30, 2022 (in thousands): Exelon Building Land $ 23,317 Site improvements 141 Building 194,916 In-place leases 53,705 Above-market leases 306 Net assets acquired $ 272,385 Ten Tryon On January 14, 2022, the Company acquired the remaining 20% ownership interest in the entity that is developing the Ten Tryon project in Charlotte, North Carolina for a cash payment of $3.9 million. The Company recorded the amount as an adjustment to additional paid-in-capital. The Residences at Annapolis Junction On April 11, 2022, the Company exercised its option to acquire an additional 16% of the partnership that owns The Residences at Annapolis Junction, increasing its ownership to 95%. In exchange for this increased partnership interest, the terms of the partnership waterfall calculation in the event of a capital event have been modified. Property Dispositions On April 1, 2022, the Company completed the sale of Hoffler Place for a sale price of $43.1 million. The loss recognized upon sale was $0.8 million. On April 25, 2022, the Company completed the sale of Summit Place for a sale price of $37.8 million. The loss recognized upon sale was $0.5 million. In addition to the losses recognized on the sales of the Hoffler Place and Summit Place student-housing properties during the three months ended June 30, 2022 described above, the Company recognized impairment of real estate of $18.3 million to record these properties at their fair values during the three months ended December 31, 2021. On June 29, 2022, the Company completed the sale of the Home Depot and Costco outparcels at North Pointe for a sale price of $23.9 million. The gain on disposition was $20.9 million. Real Estate Held for Sale As of June 30, 2022, the Company had classified The Residences at Annapolis Junction and the AutoZone and Valvoline outparcels at Sandbridge Commons in real estate investments held for sale. Subsequent to June 30, 2022, the Company sold these properties. See Note 15 for more information. Equity Method Investments 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 six months ended June 30, 2022, the Company invested $21.1 million in Harbor Point Parcel 3. The Company has an estimated equity commitment of up to $39.0 million relating to this project. As of June 30, 2022 and December 31, 2021, the carrying value of the Company's investment in Harbor Point Parcel 3 was $33.8 million and $12.7 million, respectively. For the six months ended June 30, 2022, 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 has significant influence over the project due to its 50% ownership; however, the Company does not have the power to direct the activities of the project that most significantly impact its performance. This includes activity as the managing member of the entity, which is a power that is retained by the Company's joint venture partner. 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's investment in the project is recorded as an equity method investment in the consolidated balance sheets. Harbor Point Parcel 4 On April 1, 2022, the Company acquired a 78% interest in Harbor Point Parcel 4, a real estate venture with Beatty Development Group, for purposes of developing a mixed-use project, which is planned to include multifamily units, retail space, and a parking garage. The Company holds an option to increase its ownership to 90%. The Company is a noncontrolling partner in the real estate venture and will serve as the project's general contractor. During the six months ended June 30, 2022, the Company invested $19.7 million in Harbor Point Parcel 4. The Company has an estimated equity commitment of up to $100.0 million relating to this project. As of June 30, 2022, the carrying value of the Company's investment in Harbor Point Parcel 4 was $19.7 million. For the six months ended June 30, 2022, Harbor Point Parcel 4 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 4 is a VIE and that the Company holds a variable interest. The Company has significant influence over the project due to its 78% ownership; however, the Company does not have the power to direct the activities of the project that most significantly impact its performance. This includes activity as the managing member of the entity, which is a power that is retained by the Company's partner. Accordingly, the Company is not the project's primary beneficiary and, therefore, does not consolidate Harbor Point Parcel 4 in its consolidated financial statements. 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	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Notes Receivable and Current Expected Credit Losses	Notes Receivable and Current Expected Credit Losses Notes Receivable The Company had the following notes receivable outstanding as of June 30, 2022 and December 31, 2021 ($ in thousands): Outstanding loan amount (a) Interest compounding Development Project June 30, December 31, Maximum loan commitment Interest rate City Park 2 $ 8,014 $ — $ 20,594 13.0 % Annually Interlock Commercial 86,334 95,379 107,000 (b) 15.0 % None Nexton Multifamily 24,853 23,567 22,315 11.0 % Annually Total mezzanine & preferred equity 119,201 118,946 $ 149,909 Exelon note receivable 12,834 — Other notes receivable 7,455 7,234 Notes receivable guarantee premium 1,345 1,243 Allowance for credit losses (1,452) (c) (994) Total notes receivable $ 139,383 $ 126,429 ________________________________________ (a) Outstanding loan amounts include any accrued and unpaid interest, as applicable. (b) This amount includes interest reserves. (c) The amount excludes $0.5 million of Current Expected Credit Losses ("CECL") allowance that relates to the unfunded commitments, which was recorded as a liability under Other liabilities in the consolidated balance sheet. Interest on the notes receivable 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 generally added to the loan receivable balances. The Company recognized interest income for the three and six months ended June 30, 2022 and 2021 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Development Project 2022 2021 2022 2021 City Park 2 $ 206 (a) $ — $ 224 (a) $ — Interlock Commercial 2,361 (a) 3,310 (a) 5,187 (a) 6,384 (a) Nexton Multifamily 672 261 1,286 261 Solis Apartments at Interlock — 3,068 (b) — 4,005 (b) Total mezzanine 3,239 6,639 6,697 10,650 Other interest income 113 107 223 212 Total interest income $ 3,352 $ 6,746 $ 6,920 $ 10,862 ________________________________________ (a) Includes recognition of interest income related to fee amortization. (b) Includes prepayment premium of $2.4 million from early payoff of the loan. City Park 2 On March 23, 2022, the Company entered into a $20.6 million preferred equity investment for the development of a multifamily property located in Charlotte, North Carolina. The investment has economic terms consistent with a note receivable, including a mandatory redemption or maturity on April 28, 2026, and it is accounted for as a note receivable. The Company's investment bears interest at a rate of 13%, compounded annually. Management has concluded that this entity is a VIE. Because the other investor in the project, TP City Park 2 LLC, is the developer of City Park 2 Multifamily, 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 does not consolidate the project in its consolidated financial statements. Interlock Commercial During February 2022, the Company received $13.5 million as a partial repayment of the Interlock Commercial mezzanine loan, which consisted of $11.1 million of principal and $2.4 million of interest. Allowance for Loan Losses The Company is exposed to credit losses primarily through its mezzanine lending activities and preferred equity investments. As of June 30, 2022, the Company had three mezzanine loans (including the Nexton Multifamily and City Park 2 preferred equity investments that are accounted for as notes receivable), each 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 June 30, 2022 and obtained industry loan loss data relative to these risk ratings. Each of the outstanding loans as of June 30, 2022 was "Pass" rated. At December 31, 2021, the Company reported $126.4 million of notes receivable, net of allowances of $1.0 million. At June 30, 2022, the Company reported $139.4 million of notes receivable, net of allowances of $1.5 million. Changes in the allowance for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Beginning balance $ 1,599 $ 1,741 $ 994 $ 2,584 Unrealized credit loss provision (release) 295 388 900 333 Extinguishment due to acquisition — — — (788) Ending balance (a) $ 1,894 $ 2,129 $ 1,894 $ 2,129 ________________________________________ (a) The amount as of June 30, 2022 includes $0.5 million of allowance related to the unfunded commitments, which was recorded as Other liabilities on the consolidated balance sheet. 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 June 30, 2022, the Company had the Exelon note, which bears interest at 3% per annum, on non-accrual status. The principal balance of the note receivable is adequately secured by the seller's partnership interest. As of June 30, 2022 and December 31, 2021, there were no other loans on non-accrual status.

Construction Contracts

Construction Contracts	6 Months Ended
	Jun. 30, 2022
Contractors [Abstract]
Construction Contracts	Construction Contracts Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones, or completion of the project. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of June 30, 2022 during the next twelve months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the six months ended June 30, 2022 and 2021 (in thousands): Six Months Ended Six Months Ended Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Beginning balance $ 243 $ 4,881 $ 138 $ 6,088 Revenue recognized that was included in the balance at the beginning of the period — (4,881) — (6,088) Increases due to new billings, excluding amounts recognized as revenue during the period — 15,442 — 4,191 Transferred to receivables (361) — (464) — Construction contract costs and estimated earnings not billed during the period 493 — 85 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 118 (367) 326 (54) Ending balance $ 493 $ 15,075 $ 85 $ 4,137 The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Pre-contract costs of $1.0 million and $2.2 million were deferred as of June 30, 2022 and December 31, 2021, respectively. Amortization of pre-contract costs for the six months ended June 30, 2022 and 2021 was $0.5 million and $0.2 million, respectively. Construction receivables and payables include retentions, which are amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of June 30, 2022 and December 31, 2021, construction receivables included retentions of $9.4 million and $3.1 million, respectively. The Company expects to collect substantially all construction receivables outstanding as of June 30, 2022 during the next twelve months. As of June 30, 2022 and December 31, 2021, construction payables included retentions of $10.3 million and $4.2 million, respectively. The Company expects to pay substantially all construction payables outstanding as of June 30, 2022 during the next twelve months. The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Costs incurred on uncompleted construction contracts $ 411,547 $ 379,993 Estimated earnings 16,423 15,115 Billings (442,552) (399,746) Net position $ (14,582) $ (4,638) Construction contract costs and estimated earnings in excess of billings $ 493 $ 243 Billings in excess of construction contract costs and estimated earnings (15,075) (4,881) Net position $ (14,582) $ (4,638) The above table reflects the net effect of projects closed as of June 30, 2022 and December 31, 2021, respectively. The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Beginning backlog $ 419,439 $ 38,838 $ 215,518 $ 71,258 New contracts/change orders 167,143 50,278 395,746 53,402 Work performed (45,368) (18,897) (70,050) (54,441) Ending backlog $ 541,214 $ 70,219 $ 541,214 $ 70,219 The Company expects to complete a majority of the uncompleted contracts in place as of June 30, 2022 during the next 12 to 24 months.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2022
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 the London Inter-Bank Offered Rate ("LIBOR") 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 0.15% or 0.25% on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the credit facility. As of June 30, 2022 and December 31, 2021, the outstanding balance on the revolving credit facility was $82.0 million and $5.0 million, respectively. The outstanding balance on the term loan facility was $205.0 million as of both dates. As of June 30, 2022, the effective interest rates on the revolving credit facility and the term loan facility were 3.29% and 3.24%, respectively. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The credit agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The credit agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the credit facility to be immediately due and payable. The Company is currently in compliance with all covenants governing the credit facility. Other 2022 Financing Activity On January 5, 2022, the Company contributed $2.6 million to the Harbor Point Parcel 3 joint venture in order to meet the lender's equity funding requirement since a $15.0 million standby letter of credit, which was available for draw down on the revolving credit facility in the event the Company did not meet its equity requirement, expired on January 4, 2022. On January 14, 2022, the Company acquired a 79% membership interest and an additional 11% economic interest in the partnership that owns the mixed-use property known as the Exelon Building. The property was subject to a $156.1 million loan, which the Company immediately refinanced following the acquisition with a new $175.0 million loan. The new loan bears interest at a rate of BSBY plus a spread of 1.50% and will mature on November 1, 2026. On January 19, 2022, the Company paid off the $14.1 million balance of the loan secured by the Delray Beach Plaza shopping center. On March 3, 2022, the Company paid off the $10.3 million balance of the loan secured by the Red Mill West Commons shopping center. On April 25, 2022, Harbor Point Parcel 3, a joint venture to which the Company is party, entered into a construction loan agreement for $161.5 million. On April 25, 2022, Harbor Point Parcel 4, a real estate venture to which the Company is party, entered into a construction loan agreement for $109.7 million. On June 29, 2022, the Company paid off the $1.9 million loan balance associated with North Pointe Phase II in conjunction with the sale of the property leased and occupied by Costco. On June 30, 2022, the Company refinanced the $20.1 million loan secured by Nexton Square. The new $22.5 million loan bears interest at a rate of Secured Overnight Financing Rate ("SOFR") plus a spread of 1.95% (SOFR has a 0.30% floor) and will mature on June 30, 2027. During the six months ended June 30, 2022, the Company borrowed $26.9 million under its existing construction loans to fund new development and construction.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company enters into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and other liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. As of June 30, 2022, the Company had the following LIBOR, SOFR, and BSBY interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 7/1/2020 7/1/2023 $ 100,000 (a) 0.50% (LIBOR) $ 232 11/1/2020 11/1/2023 84,375 (a) 1.84% (SOFR) 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 5/5/2021 5/1/2023 50,000 0.50% (LIBOR) 75 5/5/2021 5/1/2023 35,100 0.50% (LIBOR) 55 6/16/2021 7/1/2023 100,000 0.50% (LIBOR) 120 1/11/2022 2/1/2024 175,000 4.00% (BSBY) 154 4/7/2022 2/1/2024 175,000 (a) 1.00%-3.00% (BSBY) (b) 3,595 9/1/2022 9/1/2024 73,562 (a) 1.00%-3.00% (SOFR) (b)(c) 1,370 Total $ 907,516 $ 5,741 ________________________________________ (a) Designated as a cash flow hedge. (b) The Company purchased interest rate caps at 1.00% and sold interest rate caps at 3.00%, resulting in interest rate cap corridors of 1.00% and 3.00%. The intended goal of these corridors is to provide a level of protection from the effect of rising interest rates and reduce the all-in cost of the derivative instrument. (c) The Company purchased this interest rate cap corridor during the three months ended June 30, 2022 with an effective date of September 1, 2022. The notional amount represents the maximum notional amount that will eventually be in effect. The notional amount is scheduled to increase over the term of the corridor in accordance with projected borrowings on the associated loan. As of June 30, 2022, 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 (a) 1-month LIBOR 2.26 % 3.71 % 4/1/2019 10/26/2022 Senior unsecured term loan 50,000 1-month LIBOR 2.78 % 4.23 % 5/1/2018 5/1/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 33,115 (a) 1-month LIBOR 2.25 % 3.85 % 4/1/2019 8/10/2023 Senior unsecured term loan 10,500 (a) 1-month LIBOR 3.02 % 4.47 % 10/12/2018 10/12/2023 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 Thames Street Wharf 70,044 (a) 1-month BSBY 1.05 % 2.35 % 9/30/2021 9/30/2026 Total $ 288,659 ________________________________________ (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 recognizing approximately $7.3 million of net hedging gains as reductions to interest expense. These amounts will be reclassified from accumulated other comprehensive gain into earnings to offset the variability of the hedged items during this period. The Company’s derivatives were comprised of the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Notional Fair Value Notional Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ 90 $ — $ 50,000 $ — $ (1,454) Interest rate caps 474,579 6,519 — 399,579 1,019 — Total derivatives not designated as accounting hedges 524,579 6,609 — 449,579 1,019 (1,454) Derivatives designated as accounting hedges Interest rate swaps 238,659 8,453 — 239,633 1,317 (2,013) Interest rate caps 360,472 9,208 — 384,375 590 — Total derivatives $ 1,123,710 $ 24,270 $ — $ 1,073,587 $ 2,926 $ (3,467) The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2022 and 2021 were comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest rate swaps $ 2,807 $ (86) $ 9,564 $ 2,375 Interest rate caps 3,817 (35) 8,999 207 Total change in fair value of interest rate derivatives $ 6,624 $ (121) $ 18,563 $ 2,582 Comprehensive income statement presentation: Change in fair value of derivatives and other $ 2,674 $ 348 $ 6,891 $ 775 Unrealized cash flow hedge gains (losses) 3,950 (469) 11,672 1,807 Total change in fair value of interest rate derivatives $ 6,624 $ (121) $ 18,563 $ 2,582

Equity

Equity	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022, the Company issued and sold 475,074 shares of common stock at a weighted average price of $15.21 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $7.1 million. During the six months ended June 30, 2022, the Company did not issue any shares of Series A Preferred Stock under the ATM Program. Shares having an aggregate offering price of $205.0 million remained unsold under the ATM Program as of August 4, 2022. On January 11, 2022, the Company completed an underwritten public offering of 4,025,000 shares of common stock, which were pre-purchased from the Company by the underwriter at a purchase price of $14.45 per share of common stock including fees, resulting in net proceeds after offering costs of $58.0 million. Noncontrolling Interests As of June 30, 2022 and December 31, 2021, the Company held a 76.7% and 75.3% common interest in the Operating Partnership, respectively. As of June 30, 2022, 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 76.7% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of June 30, 2022, there were 20,621,336 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 $24.0 million relates to the minority partners' interest in certain joint venture entities as of June 30, 2022, including $23.3 million for minority partners’ interest in the Exelon Building. The noncontrolling interest for consolidated real estate entities was $0.6 million as of December 31, 2021. On January 1, 2022, due to holders of Class A Units tendering an aggregate of 12,149 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock. Dividends and Distributions During the six months ended June 30, 2022, 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 10/25/2021 12/29/2021 01/06/2022 $ 0.17 $ 14,209 Common Stock/Class A Units 02/23/2022 03/30/2022 04/07/2022 0.17 15,014 Common Stock/Class A Units 05/12/2022 06/29/2022 07/07/2022 0.17 15,020 Series A Preferred Stock 10/25/2021 01/03/2022 01/14/2022 0.421875 2,887 Series A Preferred Stock 02/23/2022 04/01/2022 04/15/2022 0.421875 2,887 Series A Preferred Stock 05/12/2022 07/01/2022 07/15/2022 0.421875 2,887

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s Amended and Restated 2013 Equity Incentive Plan (the "Equity Plan") permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, and other equity-based awards up to an aggregate of 1,700,000 shares of common stock. As of June 30, 2022, there were 398,307 shares available for issuance under the Equity Plan. During the six months ended June 30, 2022, the Company granted an aggregate of 286,086 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $14.62 per share. Of those shares, 52,088 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 June 30, 2022 and 2021, the Company recognized $0.6 million and $0.5 million, respectively, of stock-based compensation cost. During the six months ended June 30, 2022 and 2021, the Company recognized $2.4 million and $1.7 million, respectively, of stock-based compensation cost. As of June 30, 2022, there were 221,693 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $2.3 million, which the Company expects to recognize over the next 33 months.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to estimate the fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying amounts and fair values of the Company’s financial instruments as of June 30, 2022 and December 31, 2021 were as follows (in thousands): June 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Indebtedness, net (a) $ 1,164,713 $ 1,158,485 $ 958,910 $ 976,520 Notes receivable, net 139,383 139,383 126,429 126,429 Interest rate swap liabilities — — 3,467 3,467 Interest rate swap and cap assets 24,270 24,270 2,926 2,926 _______________________________________ (a) The values as of June 30, 2022 and December 31, 2021 include loans reclassified to liabilities related to assets held for sale.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting services to certain related party entities that are included in these condensed consolidated financial statements. Revenue and gross profit from construction contracts with these entities for the three months ended June 30, 2021 were $6.3 million and $0.2 million, respectively. Revenue and gross profit from construction contracts with these entities for the six months ended June 30, 2021 were $18.7 million and $0.7 million, respectively. Revenue and gross profit from construction contracts with these entities for the three and six months ended June 30, 2022 were immaterial. There were no outstanding construction receivables due from related parties as of June 30, 2022 compared to $4.1 million outstanding at December 31, 2021. The general contracting services described above include contracts with an aggregate price of $81.6 million with the developer of a mixed-use project, including an apartment building, retail space, and a parking garage 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 were substantially complete as of September 10, 2021. Aggregate gross profit was projected at $3.9 million to the Company, representing a gross profit margin of 5.1% as of June 30, 2022. 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, of which $1.9 million remains outstanding as of June 30, 2022. The Company provides general contracting services to the Harbor Point Parcel 3 and Harbor Point Parcel 4 partnerships. See Note 5 for more information. During the three and six months ended June 30, 2022, the Company recognized gross profit of $0.1 million and $0.2 million, respectively, relating to these construction contracts. The Operating Partnership entered into tax protection agreements that indemnify certain directors and executive officers of the Company from their tax liabilities resulting from the potential future sale of certain of the Company’s properties prior to May 13, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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 certain of the Company's mezzanine lending activities and equity method investments, the Company has made guarantees to pay portions of certain senior loans of third parties associated with the development projects. The following table summarizes the outstanding guarantees made by the Company as of June 30, 2022 (in thousands): Development project Payment guarantee amount Guarantee liability Interlock Commercial $ 37,450 $ 1,346 Harbor Point Parcel 4 (a) 32,910 242 Total $ 70,360 $ 1,588 _______________________________________ (a) As of June 30, 2022, no amounts have been funded on this senior loan. 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 $2.7 million and $2.1 million as of June 30, 2022 and December 31, 2021, respectively. In addition, as of June 30, 2022, the Company has an outstanding letter of credit for $1.9 million to secure certain performances of the Company's subsidiary construction company under a related party project. Unfunded Loan Commitments The Company has certain commitments related to its notes receivable investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of the Company's direct control. As of June 30, 2022, the Company had three notes receivable

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Quarterly Report on Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. Real Estate On July 22, 2022, the Company sold The Residences at Annapolis Junction for a sale price of $150.0 million. This property was classified as held for sale as of June 30, 2022. On July 26, 2022, the Company sold the AutoZone and Valvoline outparcels at Sandbridge Commons for a sale price of $3.5 million. The property was classified as held for sale as of June 30, 2022. Indebtedness On July 22, 2022, the Company paid off the $84.4 million loan secured by The Residences at Annapolis Junction in conjunction with the disposition mentioned above. In July 2022, the Company had net paydowns of $31.0 million on the revolving credit facility. Derivative Financial Instruments On July 1, 2022, the Company modified and extended two interest rate caps with total notional amounts of $200.0 million and LIBOR strike rates of 0.50%, which were scheduled to expire on July 1, 2023. The modified agreements establish a SOFR corridor bought at 1.00% and sold at 3.00% on a $200.0 million notional amount, with the expiration date extended to March 1, 2024. The Company did not pay a premium for this modification. On July 5, 2022, the Company modified and extended an interest rate cap with a notional amount of $50.0 million and a LIBOR strike rate of 0.50%, which was scheduled to expire on May 1, 2023. The modified agreement establishes a SOFR corridor bought at 1.00% and sold at 3.00% on a $50.0 million notional amount, with the expiration date extended to January 1, 2024. The Company paid a de minimis premium for this modification. On July 5, 2022, the Company modified and extended the interest rate cap associated with the Chronicle Mill project with a notional amount of $35.1 million and a LIBOR strike rate of 0.50%, which was scheduled to expire on May 1, 2023. The modified agreement establishes a SOFR corridor bought at 1.00% and sold at 3.00% on a $35.1 million notional amount, with the expiration date extended to January 1, 2024. The Company paid a de minimis premium for this modification. Equity On July 1, 2022, due to a holder of Class A Units tendering 10,146 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request with a cash payment of $0.1 million. On July 28, 2022, the Company announced that its board of directors declared a cash dividend of $0.19 per common share for the third quarter of 2022. The third quarter dividend will be payable in cash on October 6, 2022 to stockholders of record on September 28, 2022. On July 28, 2022, the Company announced that its board of directors declared a cash dividend of $0.421875 per share of Series A Preferred Stock for the third quarter of 2022. The dividend will be payable in cash on October 14, 2022 to stockholders of record on October 3, 2022.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its consolidated subsidiaries, including the Operating Partnership, its wholly-owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition, and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
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.
Reclassifications	Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Adopted in 2022 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. This Accounting Standards Update ("ASU") also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional and only available in certain situations. In January 2021, FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The amendments in this standard are elective and principally apply to entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Similar to ASU No. 2020-04, provisions of this ASU are effective upon issuance and generally can be applied through December 31, 2022. During the six months ended June 30, 2022, the Company elected to apply the practical expedients to modifications of qualifying contracts as continuations of the existing contracts rather than as new contracts. The adoption of the new guidance did not have a material impact on the consolidated financial statements. Management will continue to evaluate the impacts of reference rate reform. Earnings Per Share In August 2020, FASB issued ASU 2020-06 an update to ASC Topic 470 and ASC Topic 815, which became effective 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 adopted ASU 2020-06 effective January 1, 2022 and the adoption did not have a material impact on the 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 June 30, 2022 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.
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.
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.

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Net operating income of reportable segments	Net operating income of the Company’s reportable segments for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Office real estate Rental revenues $ 18,314 $ 11,756 $ 35,337 $ 23,391 Rental expenses 4,600 2,938 8,740 5,813 Real estate taxes 2,035 1,413 3,539 2,771 Segment net operating income 11,679 7,405 23,058 14,807 Retail real estate Rental revenues 21,544 19,204 42,974 37,459 Rental expenses 3,333 3,013 6,834 5,849 Real estate taxes 2,271 2,180 4,509 4,207 Segment net operating income 15,940 14,011 31,631 27,403 Multifamily residential real estate Rental revenues 15,366 16,418 31,548 32,269 Rental expenses 4,752 5,341 9,780 10,462 Real estate taxes 1,531 1,872 3,193 3,793 Segment net operating income 9,083 9,205 18,575 18,014 General contracting and real estate services Segment revenues 45,273 18,408 69,923 53,971 Segment expenses 43,418 18,131 67,239 52,406 Segment gross profit 1,855 277 2,684 1,565 Net operating income $ 38,557 $ 30,898 $ 75,948 $ 61,789
Reconciliation of net operating income to net income	The following table reconciles net operating income to net income, the most directly comparable GAAP measure, for the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net operating income $ 38,557 $ 30,898 $ 75,948 $ 61,789 Depreciation and amortization (18,781) (17,285) (37,338) (35,351) Amortization of right-of-use assets - finance leases (277) (278) (555) (467) General and administrative expenses (3,617) (3,487) (8,325) (7,508) Acquisition, development and other pursuit costs (26) (32) (37) (103) Impairment charges (286) (83) (333) (3,122) Gain on real estate dispositions, net 19,493 — 19,493 3,717 Interest income 3,352 6,746 6,920 10,862 Interest expense (9,371) (8,418) (18,402) (16,393) Loss on extinguishment of debt (618) — (776) — Change in fair value of derivatives and other 2,548 314 6,730 707 Unrealized credit loss provision (295) (388) (900) (333) Other income (expense), net 68 7 297 186 Income tax benefit 20 461 321 480 Net income $ 30,767 $ 8,455 $ 43,043 $ 14,464

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of rental revenue	Rental revenue for the three and six months ended June 30, 2022 and 2021 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Base rent and tenant charges $ 53,424 $ 45,686 $ 106,303 $ 89,284 Accrued straight-line rental adjustment 1,544 1,436 3,036 3,327 Lease incentive amortization (173) (159) (346) (318) Above/below market lease amortization 429 415 866 826 Total rental revenue $ 55,224 $ 47,378 $ 109,859 $ 93,119

Real Estate Investment (Tables)

Real Estate Investment (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Summary of the purchase price allocation	The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired for the two operating properties purchased during the six months ended June 30, 2022 (in thousands): Exelon Building Land $ 23,317 Site improvements 141 Building 194,916 In-place leases 53,705 Above-market leases 306 Net assets acquired $ 272,385

Notes Receivable and Current _2

Notes Receivable and Current Expected Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Summary of mezzanine loans	The Company had the following notes receivable outstanding as of June 30, 2022 and December 31, 2021 ($ in thousands): Outstanding loan amount (a) Interest compounding Development Project June 30, December 31, Maximum loan commitment Interest rate City Park 2 $ 8,014 $ — $ 20,594 13.0 % Annually Interlock Commercial 86,334 95,379 107,000 (b) 15.0 % None Nexton Multifamily 24,853 23,567 22,315 11.0 % Annually Total mezzanine & preferred equity 119,201 118,946 $ 149,909 Exelon note receivable 12,834 — Other notes receivable 7,455 7,234 Notes receivable guarantee premium 1,345 1,243 Allowance for credit losses (1,452) (c) (994) Total notes receivable $ 139,383 $ 126,429 ________________________________________ (a) Outstanding loan amounts include any accrued and unpaid interest, as applicable. (b) This amount includes interest reserves. (c) The amount excludes $0.5 million of Current Expected Credit Losses ("CECL") allowance that relates to the unfunded commitments, which was recorded as a liability under Other liabilities in the consolidated balance sheet.
Summary of interest income	The Company recognized interest income for the three and six months ended June 30, 2022 and 2021 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Development Project 2022 2021 2022 2021 City Park 2 $ 206 (a) $ — $ 224 (a) $ — Interlock Commercial 2,361 (a) 3,310 (a) 5,187 (a) 6,384 (a) Nexton Multifamily 672 261 1,286 261 Solis Apartments at Interlock — 3,068 (b) — 4,005 (b) Total mezzanine 3,239 6,639 6,697 10,650 Other interest income 113 107 223 212 Total interest income $ 3,352 $ 6,746 $ 6,920 $ 10,862 ________________________________________ (a) Includes recognition of interest income related to fee amortization. (b) Includes prepayment premium of $2.4 million from early payoff of the loan.
Allowance for credit losses on financing receivables	Changes in the allowance for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Beginning balance $ 1,599 $ 1,741 $ 994 $ 2,584 Unrealized credit loss provision (release) 295 388 900 333 Extinguishment due to acquisition — — — (788) Ending balance (a) $ 1,894 $ 2,129 $ 1,894 $ 2,129 ________________________________________ (a) The amount as of June 30, 2022 includes $0.5 million of allowance related to the unfunded commitments, which was recorded as Other liabilities on the consolidated balance sheet.

Construction Contracts (Tables)

Construction Contracts (Tables)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021 (in thousands): Six Months Ended Six Months Ended Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Beginning balance $ 243 $ 4,881 $ 138 $ 6,088 Revenue recognized that was included in the balance at the beginning of the period — (4,881) — (6,088) Increases due to new billings, excluding amounts recognized as revenue during the period — 15,442 — 4,191 Transferred to receivables (361) — (464) — Construction contract costs and estimated earnings not billed during the period 493 — 85 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 118 (367) 326 (54) Ending balance $ 493 $ 15,075 $ 85 $ 4,137 The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Beginning backlog $ 419,439 $ 38,838 $ 215,518 $ 71,258 New contracts/change orders 167,143 50,278 395,746 53,402 Work performed (45,368) (18,897) (70,050) (54,441) Ending backlog $ 541,214 $ 70,219 $ 541,214 $ 70,219
Net position of uncompleted construction contracts	The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Costs incurred on uncompleted construction contracts $ 411,547 $ 379,993 Estimated earnings 16,423 15,115 Billings (442,552) (399,746) Net position $ (14,582) $ (4,638) Construction contract costs and estimated earnings in excess of billings $ 493 $ 243 Billings in excess of construction contract costs and estimated earnings (15,075) (4,881) Net position $ (14,582) $ (4,638) The above table reflects the net effect of projects closed as of June 30, 2022 and December 31, 2021, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of LIBOR interest rate caps and floating to fixed interest rate swaps	As of June 30, 2022, the Company had the following LIBOR, SOFR, and BSBY interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 7/1/2020 7/1/2023 $ 100,000 (a) 0.50% (LIBOR) $ 232 11/1/2020 11/1/2023 84,375 (a) 1.84% (SOFR) 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 5/5/2021 5/1/2023 50,000 0.50% (LIBOR) 75 5/5/2021 5/1/2023 35,100 0.50% (LIBOR) 55 6/16/2021 7/1/2023 100,000 0.50% (LIBOR) 120 1/11/2022 2/1/2024 175,000 4.00% (BSBY) 154 4/7/2022 2/1/2024 175,000 (a) 1.00%-3.00% (BSBY) (b) 3,595 9/1/2022 9/1/2024 73,562 (a) 1.00%-3.00% (SOFR) (b)(c) 1,370 Total $ 907,516 $ 5,741 ________________________________________ (a) Designated as a cash flow hedge. (b) The Company purchased interest rate caps at 1.00% and sold interest rate caps at 3.00%, resulting in interest rate cap corridors of 1.00% and 3.00%. The intended goal of these corridors is to provide a level of protection from the effect of rising interest rates and reduce the all-in cost of the derivative instrument. (c) The Company purchased this interest rate cap corridor during the three months ended June 30, 2022 with an effective date of September 1, 2022. The notional amount represents the maximum notional amount that will eventually be in effect. The notional amount is scheduled to increase over the term of the corridor in accordance with projected borrowings on the associated loan. As of June 30, 2022, 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 (a) 1-month LIBOR 2.26 % 3.71 % 4/1/2019 10/26/2022 Senior unsecured term loan 50,000 1-month LIBOR 2.78 % 4.23 % 5/1/2018 5/1/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 33,115 (a) 1-month LIBOR 2.25 % 3.85 % 4/1/2019 8/10/2023 Senior unsecured term loan 10,500 (a) 1-month LIBOR 3.02 % 4.47 % 10/12/2018 10/12/2023 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 Thames Street Wharf 70,044 (a) 1-month BSBY 1.05 % 2.35 % 9/30/2021 9/30/2026 Total $ 288,659 ________________________________________ (a) Designated as a cash flow hedge.
Schedule of derivatives	The Company’s derivatives were comprised of the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Notional Fair Value Notional Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 50,000 $ 90 $ — $ 50,000 $ — $ (1,454) Interest rate caps 474,579 6,519 — 399,579 1,019 — Total derivatives not designated as accounting hedges 524,579 6,609 — 449,579 1,019 (1,454) Derivatives designated as accounting hedges Interest rate swaps 238,659 8,453 — 239,633 1,317 (2,013) Interest rate caps 360,472 9,208 — 384,375 590 — Total derivatives $ 1,123,710 $ 24,270 $ — $ 1,073,587 $ 2,926 $ (3,467)
Schedule of changes in fair value of derivatives	The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2022 and 2021 were comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest rate swaps $ 2,807 $ (86) $ 9,564 $ 2,375 Interest rate caps 3,817 (35) 8,999 207 Total change in fair value of interest rate derivatives $ 6,624 $ (121) $ 18,563 $ 2,582 Comprehensive income statement presentation: Change in fair value of derivatives and other $ 2,674 $ 348 $ 6,891 $ 775 Unrealized cash flow hedge gains (losses) 3,950 (469) 11,672 1,807 Total change in fair value of interest rate derivatives $ 6,624 $ (121) $ 18,563 $ 2,582

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Dividends and distributions	During the six months ended June 30, 2022, 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 10/25/2021 12/29/2021 01/06/2022 $ 0.17 $ 14,209 Common Stock/Class A Units 02/23/2022 03/30/2022 04/07/2022 0.17 15,014 Common Stock/Class A Units 05/12/2022 06/29/2022 07/07/2022 0.17 15,020 Series A Preferred Stock 10/25/2021 01/03/2022 01/14/2022 0.421875 2,887 Series A Preferred Stock 02/23/2022 04/01/2022 04/15/2022 0.421875 2,887 Series A Preferred Stock 05/12/2022 07/01/2022 07/15/2022 0.421875 2,887

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Carrying amounts and fair values of financial instruments measured based on level two inputs	The carrying amounts and fair values of the Company’s financial instruments as of June 30, 2022 and December 31, 2021 were as follows (in thousands): June 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Indebtedness, net (a) $ 1,164,713 $ 1,158,485 $ 958,910 $ 976,520 Notes receivable, net 139,383 139,383 126,429 126,429 Interest rate swap liabilities — — 3,467 3,467 Interest rate swap and cap assets 24,270 24,270 2,926 2,926 _______________________________________ (a) The values as of June 30, 2022 and December 31, 2021 include loans reclassified to liabilities related to assets held for sale.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of guarantees	The following table summarizes the outstanding guarantees made by the Company as of June 30, 2022 (in thousands): Development project Payment guarantee amount Guarantee liability Interlock Commercial $ 37,450 $ 1,346 Harbor Point Parcel 4 (a) 32,910 242 Total $ 70,360 $ 1,588 _______________________________________ (a) As of June 30, 2022, no amounts have been funded on this senior loan.

Business of Organization - Addi

Business of Organization - Additional Information (Details) - property	Jun. 30, 2022	Dec. 31, 2021
Business And Organization [Line Items]
Percentage of operating partnership held	76.70%	75.30%
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information
Rental revenues	$ 55,224	$ 47,378	$ 109,859	$ 93,119
Rental expenses	12,685	11,292	25,354	22,124
Real estate taxes	5,837	5,465	11,241	10,771
Segment revenues	45,273	18,408	69,923	53,971
Gross profit	38,557	30,898	75,948	61,789
General contracting and real estate services
Segment Reporting Information
Segment revenues	45,273	18,408	69,923	53,971
Segment expenses	43,418	18,131	67,239	52,406
Gross profit	1,855	277	2,684	1,565
Office real estate
Segment Reporting Information
Rental revenues	18,314	11,756	35,337	23,391
Rental expenses	4,600	2,938	8,740	5,813
Real estate taxes	2,035	1,413	3,539	2,771
Gross profit	11,679	7,405	23,058	14,807
Retail real estate
Segment Reporting Information
Rental revenues	21,544	19,204	42,974	37,459
Rental expenses	3,333	3,013	6,834	5,849
Real estate taxes	2,271	2,180	4,509	4,207
Gross profit	15,940	14,011	31,631	27,403
Multifamily residential real estate
Segment Reporting Information
Rental revenues	15,366	16,418	31,548	32,269
Rental expenses	4,752	5,341	9,780	10,462
Real estate taxes	1,531	1,872	3,193	3,793
Gross profit	$ 9,083	$ 9,205	$ 18,575	$ 18,014

Segments - Additional Informati

Segments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information
General contracting and real estate services revenues	$ 45,273	$ 18,408	$ 69,923	$ 53,971
General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	45,273	18,408	69,923	53,971
General contracting and real estate services expenses	43,418	18,131	67,239	52,406
General contracting and real estate services | Intercompany Eliminations
Segment Reporting Information
General contracting and real estate services revenues	14,200	5,400	22,800	7,400
General contracting and real estate services expenses	$ 14,000	$ 5,400	$ 22,500	$ 7,400

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Net operating income	$ 38,557		$ 30,898		$ 75,948	$ 61,789
Depreciation and amortization	(18,781)		(17,285)		(37,338)	(35,351)
Amortization of right-of-use assets - finance leases	(277)		(278)		(555)	(467)
General and administrative expenses	(3,617)		(3,487)		(8,325)	(7,508)
Acquisition, development and other pursuit costs	(26)		(32)		(37)	(103)
Impairment charges	(286)		(83)		(333)	(3,122)
Gain on real estate dispositions, net	19,493		0		19,493	3,717
Interest income	3,352		6,746		6,920	10,862
Interest expense	(9,371)		(8,418)		(18,402)	(16,393)
Loss on extinguishment of debt	(618)		0		(776)	0
Change in fair value of derivatives and other	2,548		314		6,730	707
Unrealized credit loss provision	(295)		(388)		(900)	(333)
Other income (expense), net	68		7		297	186
Income tax benefit	20		461		321	480
Net income	$ 30,767	$ 12,276	$ 8,455	$ 6,009	$ 43,043	$ 14,464

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 lease extension property
Lessee, Lease, Description [Line Items]
Number of ground leases	8
Number of properties subject to ground leases | property	7
Number of operating leases	5
Number of finance leases	3
Number of options to extend, more than | extension	1
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	25 years

Leases - Lessor, Rental Income

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Base rent and tenant charges	$ 53,424	$ 45,686	$ 106,303	$ 89,284
Accrued straight-line rental adjustment	1,544	1,436	3,036	3,327
Lease incentive amortization	(173)	(159)	(346)	(318)
Above/below market lease amortization	429	415	866	826
Total rental revenue	$ 55,224	$ 47,378	$ 109,859	$ 93,119

Real Estate Investment - Proper

Real Estate Investment - Property Acquisitions and Dispositions (Details) $ in Thousands					3 Months Ended	6 Months Ended
	Jun. 29, 2022 USD ($)	Apr. 25, 2022 USD ($)	Apr. 01, 2022 USD ($)	Jan. 14, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Apr. 11, 2022	Apr. 07, 2022	Jan. 11, 2022
Real Estate Properties [Line Items]
Acquisitions of real estate investments, net of cash received						$ 93,313	$ 28,173
Number of operating properties acquired | property						2
Dispositions of real estate investments, net of selling costs						$ 101,812	$ 9,156
Hoffler Place and Summit Place | Hoffler Place and Summit Place Disposal Group
Real Estate Properties [Line Items]
Impairment of Real Estate					$ 18,300
Minimum | Interest rate caps
Real Estate Properties [Line Items]
Strike Rate						1%
Maximum | Interest rate caps
Real Estate Properties [Line Items]
Strike Rate						3%
The Residences At Annapolis Junction
Real Estate Properties [Line Items]
Interests in equity method investments								95%
Ten Tryon project
Real Estate Properties [Line Items]
Percentage of voting interests acquired				20%
Cash payment				$ 3,900
The Residences At Annapolis Junction
Real Estate Properties [Line Items]
Percentage of voting interests acquired								16%
Hoffler Place | Disposed of by Sale
Real Estate Properties [Line Items]
Dispositions of real estate investments, net of selling costs			$ 43,100
Loss on sales of investment real estate			$ 800
Summit Place
Real Estate Properties [Line Items]
Dispositions of real estate investments, net of selling costs		$ 37,800
Summit Place | Disposed of by Sale
Real Estate Properties [Line Items]
Loss on sales of investment real estate		$ 500
North Point | Disposed of by Sale
Real Estate Properties [Line Items]
Dispositions of real estate investments, net of selling costs	$ 23,900
Loss on sales of investment real estate	$ 20,900
BSBY | Interest rate caps | Not designated as accounting hedges
Real Estate Properties [Line Items]
Strike Rate										4%
Exelon building
Real Estate Properties [Line Items]
Percentage of membership interest acquired				79%
Percentage of economic interest acquired				11%
Acquisitions of real estate investments, net of cash received				$ 92,200
Loan issued to seller				12,800
Liabilities incurred				156,100
Debt instrument, face amount				$ 175,000
Exelon building | BSBY
Real Estate Properties [Line Items]
Stated interest rate, basis spread on variable rate				1.50%
Exelon building | BSBY | Interest rate caps | Not designated as accounting hedges
Real Estate Properties [Line Items]
Strike Rate										4%
Exelon building | BSBY | Minimum | Interest rate caps | Not designated as accounting hedges
Real Estate Properties [Line Items]
Strike Rate									1%
Exelon building | BSBY | Maximum | Interest rate caps | Not designated as accounting hedges
Real Estate Properties [Line Items]
Strike Rate									3%

Real Estate Investment - Summar

Real Estate Investment - Summary of the Purchase Price Allocation (Details) - Exelon building $ in Thousands	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Land	$ 23,317
Above-market leases	306
Net assets acquired	272,385
In-place leases
Business Acquisition [Line Items]
In-place leases	53,705
Site improvements
Business Acquisition [Line Items]
Property, plant, and equipment	141
Building
Business Acquisition [Line Items]
Property, plant, and equipment	$ 194,916

Real Estate Investment - Equity

Real Estate Investment - Equity Method Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Apr. 01, 2022	Dec. 31, 2021
Real Estate [Line Items]
Investment in equity method investment during period	$ 40,333	$ 5,921
Equity method investments	$ 53,260			$ 12,685
Harbor Point Parcel 3 | Beatty Development Group
Real Estate [Line Items]
Interests in equity method investments	50%
Investment in equity method investment during period	$ 21,100
Maximum commitment	39,000
Equity method investments	$ 33,800			$ 12,700
Harbor Point Parcel 4 | Beatty Development Group
Real Estate [Line Items]
Interests in equity method investments	78%		78%
Investment in equity method investment during period	$ 19,700
Maximum commitment	100,000
Equity method investments	$ 19,700
Potential increase in ownership percentage	90%

Notes Receivable and Current _3

Notes Receivable and Current Expected Credit Losses (Summary of Mezzanine Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 23, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable guarantee premium	$ 1,345		$ 1,243
Allowance for credit losses	(1,452)		(994)
Total notes receivable	139,383		126,429
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	119,201		118,946
Maximum loan commitment	149,909
Mezzanine loan | City Park 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	8,014		0
Maximum loan commitment	$ 20,594	$ 20,600
Interest rate	13%	13%
Mezzanine loan | Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 86,334		95,379
Maximum loan commitment	$ 107,000
Interest rate	15%
Mezzanine loan | Nexton Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 24,853		23,567
Maximum loan commitment	$ 22,315
Interest rate	11%
Mezzanine loan | Exelon building
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	3%
Exelon note receivable | Exelon building
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 12,834		0
Other notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	7,455		$ 7,234
Unfunded loan commitment | Other liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (500)

Notes Receivable and Current _4

Notes Receivable and Current Expected Credit Losses (Schedule of Interest on the Mezzanine Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 3,352	$ 6,746	$ 6,920	$ 10,862
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	3,239	6,639	6,697	10,650
Other notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	113	107	223	212
City Park 2 | Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	206	0	224	0
Interlock Commercial | Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,361	3,310	5,187	6,384
Nexton Multifamily | Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	672	261	1,286	261
Solis Apartments at Interlock | Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 0	3,068	$ 0	4,005
Payment for debt extinguishment		$ 2,400		$ 2,400

Notes Receivable and Current _5

Notes Receivable and Current Expected Credit Losses (Additional Information) (Details)	1 Months Ended	6 Months Ended
	Feb. 28, 2022 USD ($)	Jun. 30, 2022 USD ($) loan	Jun. 30, 2021 USD ($)	Mar. 23, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable paydowns		$ 11,545,000	$ 38,490,000
Notes receivable, net		139,383,000			$ 126,429,000
Allowance for credit losses		1,452,000			994,000
Notes receivable, nonaccrual status		0			$ 0
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment		$ 149,909,000
Number of financial instruments | loan		3
Mezzanine loan | City Park 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment		$ 20,594,000		$ 20,600,000
Interest rate		13%		13%
Mezzanine loan | Interlock Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loan commitment		$ 107,000,000
Interest rate		15%
Repayment received	$ 13,500,000
Notes receivable paydowns	11,100,000
Interest payments received	$ 2,400,000
Mezzanine loan | Exelon building
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate		3%

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,599	$ 1,741	$ 994	$ 2,584
Unrealized credit loss provision	295	388	900	333
Extinguishment due to acquisition	0	0	0	(788)
Ending balance	1,894	$ 2,129	1,894	$ 2,129
Allowance for credit losses	$ 1,452		$ 1,452		$ 994

Construction Contracts - Summar

Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Construction contract costs and estimated earnings in excess of billings
Beginning balance	$ 243	$ 138
Transferred to receivables	(361)	(464)
Construction contract costs and estimated earnings not billed during the period	493	85
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	118	326
Ending balance	493	85
Billings in excess of construction contract costs and estimated earnings
Beginning balance	4,881	6,088
Revenue recognized that was included in the balance at the beginning of the period	(4,881)	(6,088)
Increases due to new billings, excluding amounts recognized as revenue during the period	15,442	4,191
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(367)	(54)
Ending balance	$ 15,075	$ 4,137

Construction Contracts - Additi

Construction Contracts - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Construction receivables retentions	$ 9.4		$ 3.1
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
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]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	24 months
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retentions	$ 10.3		4.2
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred pre-contract costs	1		$ 2.2
Amortization of pre-contract costs	$ 0.5	$ 0.2

Construction Contracts - Summ_2

Construction Contracts - Summary of Net Position (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 411,547	$ 379,993
Estimated earnings	16,423	15,115
Billings	(442,552)	(399,746)
Net position	(14,582)	(4,638)
Construction contract costs and estimated earnings in excess of billings	493	243	$ 85	$ 138
Billings in excess of construction contract costs and estimated earnings	$ (15,075)	$ (4,881)	$ (4,137)	$ (6,088)

Construction Contracts - Summ_3

Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 419,439	$ 38,838	$ 215,518	$ 71,258
New contracts/change orders	167,143	50,278	395,746	53,402
Work performed	(45,368)	(18,897)	(70,050)	(54,441)
Ending backlog	$ 541,214	$ 70,219	$ 541,214	$ 70,219

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details)

6 Months Ended

Jun. 30, 2022 USD ($)

Jun. 29, 2022 USD ($)

Apr. 25, 2022 USD ($)

Mar. 03, 2022 USD ($)

Jan. 19, 2022 USD ($)

Jan. 14, 2022 USD ($)

Jan. 05, 2022 USD ($)

Oct. 03, 2019 USD ($) extension

Jun. 30, 2022 USD ($)

Jun. 30, 2021 USD ($)

Jan. 04, 2022 USD ($)

Dec. 31, 2021 USD ($)

Indebtedness

Investment in equity method investment during period

$ 40,333,000

$ 5,921,000

Long-term debt

$ 1,080,664,000

$ 1,080,664,000

$ 917,556,000

Exelon building

Indebtedness

Percentage of membership interest acquired

79%

Percentage of economic interest acquired

11%

Liabilities incurred

$ 156,100,000

Debt instrument, face amount

$ 175,000,000

Harbor Point Parcel 3 partnership

Indebtedness

Investment in equity method investment during period

$ 2,600,000

Credit facility, amount outstanding

$ 15,000,000

BSBY | Exelon building

Indebtedness

Stated interest rate, basis spread on variable rate

1.50%

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%

New credit facility

Indebtedness

Aggregate capacity under the credit facility

$ 355,000,000

New credit facility | Revolving credit facility

Indebtedness

Aggregate capacity under the credit facility

150,000,000

Accordion feature maximum borrowing capacity

$ 700,000,000

Number of extension options | extension

2

Duration of extension option

6 months

Extension fee percentage

0.075%

Line of credit, amount outstanding

$ 82,000,000

$ 82,000,000

5,000,000

Interest rate on credit facility as of end of period

3.29%

3.29%

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

$ 205,000,000

Interest rate on credit facility as of end of period

3.24%

3.24%

New credit facility | Minimum | Revolving credit facility | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.30%

New credit facility | Minimum | Term loan facility | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.25%

New credit facility | Maximum | Revolving credit facility | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.85%

New credit facility | Maximum | Term loan facility | LIBOR

Indebtedness

Stated interest rate, basis spread on variable rate

1.80%

Secured debt | Delray Beach Plaza

Indebtedness

Extinguishment of debt, amount

$ 14,100,000

Secured debt | Red Mill West Commons

Indebtedness

Extinguishment of debt, amount

$ 10,300,000

Secured debt | Harbor Point Parcel 4

Indebtedness

Extinguishment of debt, amount

$ 109,700,000

Secured debt | Nexton Square

Indebtedness

Repayments of long-term debt

$ 20,100,000

Long-term debt

$ 22,500,000

$ 22,500,000

Secured debt | North Point

Indebtedness

Extinguishment of debt, amount

$ 1,900,000

Secured debt | Secured Overnight Financing Rate (SOFR) | Nexton Square

Indebtedness

Stated interest rate, basis spread on variable rate

1.95%

Secured debt | Minimum | Secured Overnight Financing Rate (SOFR) | Nexton Square

Indebtedness

Stated interest rate, basis spread on variable rate

0.30%

Construction loans

Indebtedness

Borrowings under construction loans

$ 26,900,000

Construction loans | Harbor Point Parcel 3

Indebtedness

Debt instrument, face amount

$ 161,500,000

Derivative Financial Instrume_3

Derivative Financial Instruments Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Apr. 07, 2022	Jan. 11, 2022	Dec. 31, 2021	Jun. 16, 2021	May 05, 2021	Mar. 04, 2021	Feb. 02, 2021	Nov. 01, 2020	Jul. 01, 2020
Derivative [Line Items]
Notional Amount	$ 1,123,710			$ 1,073,587
Interest rate caps
Derivative [Line Items]
Cap rate purchased, interest rate	1%
Interest rate caps | Minimum
Derivative [Line Items]
Strike Rate	1%
Interest rate caps | Maximum
Derivative [Line Items]
Strike Rate	3%
Interest rate caps | LIBOR
Derivative [Line Items]
Notional Amount	$ 907,516
Premium Paid	$ 5,741
Interest rate cap 0.50% LIBOR one | LIBOR
Derivative [Line Items]
Notional Amount						$ 50,000
Strike Rate						0.50%
Interest rate cap 0.50% LIBOR two | LIBOR
Derivative [Line Items]
Notional Amount						$ 35,100
Strike Rate						0.50%
Interest Rate Cap Two
Derivative [Line Items]
Cap rate sold, interest rate	3%
Designated as accounting hedge | Interest rate caps
Derivative [Line Items]
Notional Amount	$ 360,472			384,375
Designated as accounting hedge | Interest rate caps | LIBOR
Derivative [Line Items]
Notional Amount										$ 100,000
Strike Rate										0.50%
Premium Paid										$ 232
Designated as accounting hedge | Interest rate caps | Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Notional Amount	73,562								$ 84,375
Strike Rate									1.84%
Premium Paid	$ 1,370								$ 91
Designated as accounting hedge | Interest rate caps | Secured Overnight Financing Rate (SOFR) | Minimum
Derivative [Line Items]
Strike Rate	1%
Designated as accounting hedge | Interest rate caps | Secured Overnight Financing Rate (SOFR) | Maximum
Derivative [Line Items]
Strike Rate	3%
Designated as accounting hedge | Interest rate caps | BSBY
Derivative [Line Items]
Notional Amount		$ 175,000
Premium Paid		$ 3,595
Designated as accounting hedge | Interest rate caps | BSBY | Minimum
Derivative [Line Items]
Strike Rate		1%
Designated as accounting hedge | Interest rate caps | BSBY | Maximum
Derivative [Line Items]
Strike Rate		3%
Not designated as accounting hedges
Derivative [Line Items]
Notional Amount	$ 524,579			449,579
Not designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional Amount	$ 474,579			$ 399,579
Not designated as accounting hedges | Interest rate caps | LIBOR
Derivative [Line Items]
Notional Amount					$ 100,000		$ 14,479	$ 100,000
Strike Rate					0.50%		2.50%	0.50%
Premium Paid					$ 120		$ 4	$ 45
Not designated as accounting hedges | Interest rate caps | BSBY
Derivative [Line Items]
Notional Amount			$ 175,000
Strike Rate			4%
Premium Paid			$ 154
Not designated as accounting hedges | Interest rate cap 0.50% LIBOR one | LIBOR
Derivative [Line Items]
Notional Amount						$ 50,000
Strike Rate						0.50%
Premium Paid						$ 75
Not designated as accounting hedges | Interest rate cap 0.50% LIBOR two | LIBOR
Derivative [Line Items]
Notional Amount						$ 35,100
Strike Rate						0.50%
Premium Paid						$ 55

Derivative Financial Instrume_4

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 1,123,710	$ 1,073,587
Interest rate swaps
Derivative [Line Items]
Notional amount	288,659
Not designated as accounting hedges
Derivative [Line Items]
Notional amount	524,579	449,579
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	$ 238,659	$ 239,633
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 | 249 Central Park Retail, South Retail, and Fountain Plaza Retail | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 33,115
Fixed interest rate	2.25%
Effective interest rate	3.85%
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 | 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%
Designated as accounting hedge | Thames Street Wharf | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 70,044
Fixed interest rate	1.05%
Effective interest rate	2.35%

Derivative Financial Instrume_5

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) reclassified during next 12 months	$ 7.3

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 1,123,710	$ 1,073,587
Asset, Fair Value	24,270	2,926
Liability, Fair Value	0	(3,467)
Interest rate swaps
Derivative [Line Items]
Notional amount	288,659
Not designated as accounting hedges
Derivative [Line Items]
Notional amount	524,579	449,579
Asset, Fair Value	6,609	1,019
Liability, Fair Value	0	(1,454)
Not designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional amount	50,000	50,000
Asset, Fair Value	90	0
Liability, Fair Value	0	(1,454)
Not designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional amount	474,579	399,579
Asset, Fair Value	6,519	1,019
Liability, Fair Value	0	0
Designated as accounting hedge | Interest rate swaps
Derivative [Line Items]
Notional amount	238,659	239,633
Asset, Fair Value	8,453	1,317
Liability, Fair Value	0	(2,013)
Designated as accounting hedge | Interest rate caps
Derivative [Line Items]
Notional amount	360,472	384,375
Asset, Fair Value	9,208	590
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				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Change in fair value of derivatives and other	$ 2,674		$ 348		$ 6,891	$ 775
Unrealized cash flow hedge gains (losses)	3,950	$ 7,722	(469)	$ 2,276	11,672	1,807
Total change in fair value of interest rate derivatives	6,624		(121)		18,563	2,582
Interest rate swaps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	2,807		(86)		9,564	2,375
Interest rate caps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	$ 3,817		$ (35)		$ 8,999	$ 207

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)					6 Months Ended
	Aug. 04, 2022	Jan. 11, 2022	Jan. 01, 2022	Mar. 10, 2020	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Percentage of operating partnership held					76.70%	75.30%
Preferred stock issued					$ 171,085,000	$ 171,085,000
Noncontrolling interests in investment entities | Operating Partnership
Class of Stock [Line Items]
Ownership interest percentage in properties					24,000,000	$ 600,000
Noncontrolling interests in investment entities | Operating Partnership | Exelon building
Class of Stock [Line Items]
Ownership interest percentage in properties					$ 23,300,000
Class A units
Class of Stock [Line Items]
Class A Units not held by Company (in shares)					20,621,336
The Amendments | Subsequent event
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to)	$ 205,000,000
The Amendments | Common stock
Class of Stock [Line Items]
Shares issued (in shares)					475,074
Sale of stock, weighted average price per share					$ 15.21
Consideration received on transaction					$ 7,100,000
Public offering
Class of Stock [Line Items]
Consideration received on transaction		$ 58,000,000
Sale of stock, number of shares issued in transaction		4,025,000
Weighted average price (in dollars per share)		$ 14.45
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred Stock dividend rate percentage					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			12,149

Equity - Dividends and Distribu

Equity - Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	May 12, 2022	Feb. 23, 2022	Oct. 25, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)				$ 0.17	$ 0.17	$ 0.16	$ 0.15
Aggregate common stock dividends				$ 15,034	$ 14,939	$ 13,120	$ 12,136
Aggregate preferred stock dividends				$ 2,887	$ 2,887	$ 2,887	$ 2,887
Common Class A
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.17	$ 0.17	$ 0.17
Aggregate common stock dividends	$ 15,020	$ 15,014	$ 14,209
Series A preferred Stock
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.421875	$ 0.421875	$ 0.421875
Aggregate preferred stock dividends	$ 2,887	$ 2,887	$ 2,887

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 0.6	$ 0.5	$ 2.4	$ 1.7
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)			286,086
Restricted stock granted, grant date fair value (in dollars per share)			$ 14.62
Restricted stock surrendered, forfeited in period (in shares)			52,088
Employee restricted stock award, vesting period			2 years
Nonvested restricted shares outstanding (in shares)	221,693		221,693
Unrecognized compensation cost	$ 2.3		$ 2.3
Unrecognized compensation cost, recognition period			33 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%
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%
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%
Restricted Stock | Third Anniversary | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage			20%
Amended and Restated 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares reserved for issuance (in shares)	1,700,000		1,700,000
Shares available for issuance (in shares)	398,307		398,307

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Carrying Value
Fair Value of Financial Instruments
Indebtedness, net	$ 1,164,713	$ 958,910
Notes receivable, net	139,383	126,429
Interest rate swap liabilities	0	3,467
Interest rate swap and cap assets	24,270	2,926
Fair Value
Fair Value of Financial Instruments
Indebtedness, net	1,158,485	976,520
Notes receivable, net	139,383	126,429
Interest rate swap liabilities	0	3,467
Interest rate swap and cap assets	$ 24,270	$ 2,926

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transactions
Due from related parties	$ 0		$ 0		$ 4,100,000
Beatty Development Group
Related Party Transactions
Gross profit from related parties	100,000		200,000
Construction Contracts
Related Party Transactions
Revenue from contracts with affiliated entities		$ 6,300,000		$ 18,700,000
Gross profit from related parties		$ 200,000		$ 700,000
Executive Officer | Construction Contracts
Related Party Transactions
Gross profit from related parties			3,900,000
Related party amount of transaction			$ 81,600,000
Gross profit margin, related parties			5.10%
Letters of credit outstanding	1,900,000		$ 1,900,000
Executive Officer | Construction Contracts | Letter of Credit
Related Party Transactions
Aggregate capacity under the letter of credit	$ 9,500,000		$ 9,500,000

Commitments and Contingencies -

Commitments and Contingencies - Guarantees (Details) - Payment Guarantee $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies
Payment guarantee amount	$ 70,360
Guarantee liability	1,588
Interlock Commercial
Commitments and Contingencies
Payment guarantee amount	37,450
Guarantee liability	1,346
Harbor Point Parcel 4
Commitments and Contingencies
Payment guarantee amount	32,910
Guarantee liability	$ 242

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 2,700	$ 2,100
Allowance for credit losses	1,452	$ 994
Unfunded loan commitment
Commitments and Contingencies
Loans and leases receivable, commitments, variable rates	19,300
Unfunded loan commitment | Other liabilities
Commitments and Contingencies
Allowance for credit losses	500
Operating Partnership
Commitments and Contingencies
Credit facility, amount outstanding	$ 1,900

Subsequent Events (Details)

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

1 Months Ended

3 Months Ended

6 Months Ended

Jul. 28, 2022 $ / shares

Jul. 26, 2022 USD ($)

Jul. 22, 2022 USD ($)

Jul. 01, 2022 USD ($) loan shares

May 12, 2022 $ / shares

Feb. 23, 2022 $ / shares

Oct. 25, 2021 $ / shares

Jul. 31, 2022 USD ($)

Jun. 30, 2022 USD ($) $ / shares

Mar. 31, 2022 $ / shares

Jun. 30, 2021 $ / shares

Mar. 31, 2021 $ / shares

Jun. 30, 2022 USD ($)

Jun. 30, 2021 USD ($)

Jul. 05, 2022 USD ($)

Dec. 31, 2021 USD ($)

May 05, 2021 USD ($)

Subsequent Event [Line Items]

Proceeds from sale of real estate held-for-investment

$ 101,812

$ 9,156

Notional amount

$ 1,123,710

$ 1,123,710

$ 1,073,587

Dividend declared (in dollars per share) | $ / shares

$ 0.17

$ 0.17

$ 0.16

$ 0.15

Interest rate caps

Subsequent Event [Line Items]

Cap rate purchased, interest rate

1%

1%

Interest rate caps | LIBOR

Subsequent Event [Line Items]

Notional amount

$ 907,516

$ 907,516

Interest rate cap 0.50% LIBOR one | LIBOR

Subsequent Event [Line Items]

Notional amount

$ 50,000

Interest rate cap (in percent)

0.50%

Interest rate cap 0.50% LIBOR two | LIBOR

Subsequent Event [Line Items]

Notional amount

$ 35,100

Interest rate cap (in percent)

0.50%

Interest Rate Caps Expiring July 2023 | LIBOR

Subsequent Event [Line Items]

Notional amount

$ 200,000

$ 200,000

Interest rate cap (in percent)

0.50%

0.50%

Common Class A

Subsequent Event [Line Items]

Dividend declared (in dollars per share) | $ / shares

$ 0.17

$ 0.17

$ 0.17

Subsequent event

Subsequent Event [Line Items]

Dividend declared (in dollars per share) | $ / shares

$ 0.19

Preferred stock dividends declared (in dollars per share) | $ / shares

$ 0.421875

Subsequent event | Interest rate caps | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Notional amount

$ 200,000

Cap rate purchased, interest rate

1%

Cap rate sold, interest rate

3%

Subsequent event | Interest Rate Cap 1.00% To 3.00% Two | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Notional amount

$ 35,100

Cap rate purchased, interest rate

1%

Cap rate sold, interest rate

3%

Subsequent event | Interest Rate Cap 1.00% to 3.00% One | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Notional amount

$ 50,000

Cap rate purchased, interest rate

1%

Cap rate sold, interest rate

3%

Subsequent event | Interest Rate Caps Expiring July 2023 | LIBOR

Subsequent Event [Line Items]

Number of interest rate caps modified and extended | loan

2

Subsequent event | Common Class A

Subsequent Event [Line Items]

Stock redeemed (in shares) | shares

10,146

Payments for redemption of stock

$ 100

Subsequent event | Annapolis Junction Apartments | Disposed of by sale, discontinued operations

Subsequent Event [Line Items]

Proceeds from sale of real estate held-for-investment

$ 150,000

Subsequent event | Sandbridge Commons | Disposed of by sale, not discontinued operations

Subsequent Event [Line Items]

Proceeds from sale of real estate held-for-investment

$ 3,500

Subsequent event | Revolving credit facility

Subsequent Event [Line Items]

Repayments on revolving credit facility

$ 31,000

Subsequent event | Construction loans | Annapolis Junction Apartments

Subsequent Event [Line Items]

Extinguishment of debt, amount

$ 84,400