Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 855.1 | ||
Entity Common Stock, Shares Outstanding | 67,713,787 | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement relating to its 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. The registrant expects to file its Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2022. | ||
Entity Central Index Key | 0001569187 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Common stock | |||
Document Information [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 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | ||
Trading Symbol | AHHPrA | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Richmond, Virginia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Real estate investments: | |||
Income producing property | $ 1,884,214 | $ 1,658,609 | |
Held for development | 6,294 | 6,294 | |
Construction in progress | 53,067 | 72,535 | |
Gross real estate investments | 1,943,575 | 1,737,438 | |
Accumulated depreciation | (329,963) | (285,814) | |
Net real estate investments | 1,613,612 | 1,451,624 | |
Real estate investments held for sale | 0 | 80,751 | |
Cash and cash equivalents | 48,139 | 35,247 | |
Restricted cash | [1] | 3,726 | 5,196 |
Accounts receivable, net | 39,186 | 29,576 | |
Notes receivable, net | 136,039 | 126,429 | |
Construction receivables, including retentions, net | 70,822 | 17,865 | |
Construction contract costs and estimated earnings in excess of billings | 342 | 243 | |
Equity method investment | 71,983 | 12,685 | |
Operating lease right-of-use assets | 23,350 | 23,493 | |
Finance lease right-of-use assets | 45,878 | 46,989 | |
Acquired lease intangible assets | 103,870 | 62,038 | |
Other assets | 85,363 | 45,927 | |
Total Assets | 2,242,310 | 1,938,063 | |
LIABILITIES AND EQUITY | |||
Indebtedness, net | 1,068,261 | 917,556 | |
Liabilities related to assets held for sale | 0 | 41,364 | |
Accounts payable and accrued liabilities | 26,839 | 29,589 | |
Construction payables, including retentions | 93,472 | 31,166 | |
Billings in excess of construction contract costs and estimated earnings | 17,515 | 4,881 | |
Operating lease liabilities | 31,677 | 31,648 | |
Finance lease liabilities | 46,477 | 46,160 | |
Other liabilities | 54,055 | 55,876 | |
Total Liabilities | 1,338,296 | 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 December 31, 2022 and 2021 | 171,085 | 171,085 | |
Common stock, $0.01 par value, 500,000,000 shares authorized; 67,729,854 and 63,011,700 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 677 | 630 | |
Additional paid-in capital | 587,884 | 525,030 | |
Distributions in excess of earnings | (126,875) | (141,360) | |
Accumulated other comprehensive income (loss) | 14,679 | (33) | |
Total stockholders’ equity | 647,450 | 555,352 | |
Noncontrolling interests in investment entities | 24,055 | 629 | |
Noncontrolling interests in Operating Partnership | 232,509 | 223,842 | |
Total Equity | 904,014 | 779,823 | |
Total Liabilities and Equity | $ 2,242,310 | $ 1,938,063 | |
[1]Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 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) | 67,729,854 | 63,011,700 |
Common stock, shares outstanding (in shares) | 67,729,854 | 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% | 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 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Rental revenues | $ 219,294 | $ 192,140 | $ 166,488 |
General contracting and real estate services revenues | 234,859 | 91,936 | 217,146 |
Total revenues | 454,153 | 284,076 | 383,634 |
Expenses | |||
Rental expenses | 50,742 | 46,494 | 38,960 |
Real estate taxes | 22,057 | 21,852 | 18,136 |
General contracting and real estate services expenses | 227,158 | 88,100 | 209,472 |
Depreciation and amortization | 72,974 | 68,853 | 59,972 |
Amortization of right-of-use assets - finance leases | 1,110 | 1,022 | 586 |
General and administrative expenses | 15,691 | 14,610 | 12,905 |
Acquisition, development and other pursuit costs | 37 | 112 | 584 |
Impairment charges | 416 | 21,378 | 666 |
Total expenses | 390,185 | 262,421 | 341,281 |
Gain on real estate dispositions | 53,466 | 19,040 | 6,388 |
Operating income | 117,434 | 40,695 | 48,741 |
Interest income | 16,978 | 18,457 | 19,841 |
Interest expense | (39,680) | (33,905) | (31,035) |
Loss on extinguishment of debt | (3,374) | (3,810) | 0 |
Change in fair value of derivatives and other | 8,698 | 2,182 | (1,130) |
Unrealized credit loss release (provision) | (626) | 792 | (256) |
Other income (expense), net | 378 | 302 | 515 |
Income before taxes | 99,808 | 24,713 | 36,676 |
Income tax benefit | 145 | 742 | 283 |
Net income | 99,953 | 25,455 | 36,959 |
Net (income) loss attributable to noncontrolling interests: | |||
Investment entities | (5,948) | 5 | 230 |
Operating Partnership | (19,258) | (3,568) | (8,037) |
Net income attributable to Armada Hoffler Properties, Inc. | 74,747 | 21,892 | 29,152 |
Preferred stock dividends | (11,548) | (11,548) | (7,349) |
Net income attributable to common stockholders | $ 63,199 | $ 10,344 | $ 21,803 |
Net income attributable to common stockholders per share (basic) (in dollars per share) | $ 0.94 | $ 0.17 | $ 0.38 |
Net income attributable to common stockholders per share (diluted) (in dollars per share) | $ 0.94 | $ 0.17 | $ 0.38 |
Weighted-average common shares outstanding (basic) (in shares) | 67,576 | 60,647 | 57,328 |
Weighted-average common shares outstanding (diluted) (in shares) | 67,576 | 60,647 | 57,328 |
Comprehensive income: | |||
Net income | $ 99,953 | $ 25,455 | $ 36,959 |
Unrealized cash flow hedge gains (losses) | 20,165 | 3,678 | (9,751) |
Realized cash flow hedge losses reclassified to net income | (800) | 8,163 | 3,345 |
Comprehensive income | 119,318 | 37,296 | 30,553 |
Comprehensive income attributable to Armada Hoffler Properties, Inc. | $ 89,460 | 30,728 | 24,524 |
Revenue, Product and Service [Extensible List] | Real Estate [Member] | ||
Noncontrolling interests in investment entities | |||
Expenses | |||
Net income | $ 5,948 | (5) | (230) |
Comprehensive income: | |||
Net income | 5,948 | (5) | (230) |
Unrealized cash flow hedge gains (losses) | 148 | ||
Realized cash flow hedge losses reclassified to net income | 7 | ||
Comprehensive (income) loss attributable to noncontrolling interests: | (6,103) | 5 | 230 |
Noncontrolling interests in Operating Partnership | |||
Expenses | |||
Net income | 19,258 | 3,568 | 8,037 |
Comprehensive income: | |||
Net income | 19,258 | 3,568 | 8,037 |
Unrealized cash flow hedge gains (losses) | 4,684 | 939 | (2,669) |
Realized cash flow hedge losses reclassified to net income | (187) | 2,067 | 891 |
Comprehensive (income) loss attributable to noncontrolling interests: | $ (23,755) | $ (6,573) | $ (6,259) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | [1] | Preferred stock | Common stock | Additional paid-in capital | Distributions in excess of earnings | Distributions in excess of earnings Cumulative Effect, Period of Adoption, Adjustment | [1] | Accumulated other comprehensive loss | Total stockholders' equity | Total stockholders' equity Cumulative Effect, Period of Adoption, Adjustment | [1] | Noncontrolling interests in investment entities | Noncontrolling interests in Operating Partnership | Noncontrolling interests in Operating Partnership Cumulative Effect, Period of Adoption, Adjustment | [1] | Redeemable convertible preferred stock | Redeemable convertible preferred stock Preferred stock | Redeemable convertible preferred stock Additional paid-in capital | Redeemable convertible preferred stock Total stockholders' equity |
Beginning balance at Dec. 31, 2019 | $ 655,447 | $ (3,009) | $ 63,250 | $ 563 | $ 455,680 | $ (106,676) | $ (2,185) | $ (4,240) | $ 408,577 | $ (2,185) | $ 4,462 | $ 242,408 | $ (824) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 36,959 | 29,152 | 29,152 | (230) | 8,037 | ||||||||||||||||
Unrealized cash flow hedge gains (losses) | (9,751) | (7,082) | (7,082) | (2,669) | |||||||||||||||||
Realized cash flow hedge losses reclassified to net income | 3,345 | 2,454 | 2,454 | 891 | |||||||||||||||||
Net proceeds from issuance of stock | 19,650 | 19 | 19,631 | 19,650 | $ 101,460 | $ 107,835 | $ (6,375) | $ 101,460 | |||||||||||||
Restricted stock awards, net | 2,342 | 2 | 2,340 | 2,342 | |||||||||||||||||
Noncontrolling interest in acquired real estate entity | 0 | 0 | |||||||||||||||||||
Acquisitions of noncontrolling interests | (5,033) | (7,388) | (7,388) | (3,744) | 6,099 | ||||||||||||||||
Acquisitions for cash | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Redemption of operating partnership units | (2,729) | 7 | 8,859 | 8,866 | (11,595) | ||||||||||||||||
Dividends declared on preferred stock | (7,349) | (7,349) | (7,349) | ||||||||||||||||||
Dividends and distributions declared on common shares and units | (34,530) | (25,298) | (25,298) | (9,232) | |||||||||||||||||
Ending balance at Dec. 31, 2020 | 756,802 | 171,085 | 591 | 472,747 | (112,356) | (8,868) | 523,199 | 488 | 233,115 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 25,455 | 21,892 | 21,892 | (5) | 3,568 | ||||||||||||||||
Unrealized cash flow hedge gains (losses) | 3,678 | 2,739 | 2,739 | 939 | |||||||||||||||||
Realized cash flow hedge losses reclassified to net income | 8,163 | 6,096 | 6,096 | 2,067 | |||||||||||||||||
Net proceeds from issuance of stock | 51,677 | 38 | 51,639 | 51,677 | |||||||||||||||||
Restricted stock awards, net | 2,006 | 1 | 2,005 | 2,006 | |||||||||||||||||
Noncontrolling interest in acquired real estate entity | 0 | 0 | |||||||||||||||||||
Acquisitions of noncontrolling interests | (804) | (950) | (950) | 146 | 0 | ||||||||||||||||
Redemption of operating partnership units | (2,949) | 0 | (411) | (411) | (2,538) | ||||||||||||||||
Dividends declared on preferred stock | (11,548) | (11,548) | (11,548) | ||||||||||||||||||
Dividends and distributions declared on common shares and units | (52,657) | (39,348) | (39,348) | (13,309) | |||||||||||||||||
Ending balance at Dec. 31, 2021 | 779,823 | 171,085 | 630 | 525,030 | (141,360) | (33) | 555,352 | 629 | 223,842 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 99,953 | 74,747 | 74,747 | 5,948 | 19,258 | ||||||||||||||||
Unrealized cash flow hedge gains (losses) | 20,165 | 15,333 | 15,333 | 148 | 4,684 | ||||||||||||||||
Realized cash flow hedge losses reclassified to net income | (800) | 1 | (621) | (620) | 7 | (187) | |||||||||||||||
Net proceeds from issuance of stock | 65,159 | 45 | 65,114 | 65,159 | |||||||||||||||||
Restricted stock awards, net | 3,029 | 2 | 3,027 | 3,029 | |||||||||||||||||
Noncontrolling interest in acquired real estate entity | 23,065 | 23,065 | |||||||||||||||||||
Acquisitions of noncontrolling interests | (5,401) | (5,401) | (5,401) | 0 | |||||||||||||||||
Redemption of operating partnership units | (130) | 114 | 114 | (244) | |||||||||||||||||
Distributions to Joint Venture Partners | (5,742) | (5,742) | |||||||||||||||||||
Dividends declared on preferred stock | (11,548) | (11,548) | (11,548) | ||||||||||||||||||
Dividends and distributions declared on common shares and units | (63,559) | (48,715) | (48,715) | (14,844) | |||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 904,014 | $ 171,085 | $ 677 | $ 587,884 | $ (126,875) | $ 14,679 | $ 647,450 | $ 24,055 | $ 232,509 | ||||||||||||
[1]The Company recorded cumulative effect adjustments related to the new Current Expected Credit Losses ("CECL") standard in the first quarter of 2020. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements" for additional information. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
OPERATING ACTIVITIES | ||||
Net income | $ 99,953 | $ 25,455 | $ 36,959 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation of buildings and tenant improvements | 54,548 | 51,549 | 43,671 | |
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases | 18,426 | 17,304 | 16,301 | |
Accrued straight-line rental revenue | (6,178) | (4,938) | (5,927) | |
Amortization of leasing incentives and above or below-market rents | (1,070) | (1,065) | (814) | |
Amortization of right-of-use assets - finance leases | 1,110 | 1,022 | 586 | |
Accrued straight-line ground rent expense | 119 | 236 | 100 | |
Unrealized credit loss provision (release) | 626 | (792) | 256 | |
Adjustment for uncollectable lease accounts | 515 | 945 | 3,842 | |
Noncash stock compensation | 3,273 | 2,230 | 2,378 | |
Impairment charges | 416 | 21,378 | 666 | |
Noncash interest expense | 6,828 | 2,878 | 2,204 | |
Noncash loss on extinguishment of debt | 3,374 | 3,810 | 0 | |
Gain on real estate dispositions, net | (53,466) | (19,040) | (6,388) | |
Change in the fair value of derivatives and other | (8,698) | (2,182) | 1,130 | |
Changes in operating assets and liabilities: | ||||
Property assets | (12,029) | (3,721) | (5,960) | |
Property liabilities | 2,960 | 7,175 | 6,677 | |
Construction assets | (60,756) | 19,284 | (2,302) | |
Construction liabilities | 71,642 | (27,904) | 13,708 | |
Interest receivable | (4,735) | (2,440) | (15,908) | |
Net cash provided by operating activities | 116,858 | 91,184 | 91,179 | |
INVESTING ACTIVITIES | ||||
Development of real estate investments | (76,182) | (48,625) | (63,485) | |
Tenant and building improvements | (17,085) | (15,496) | (10,077) | |
Acquisitions of real estate investments, net of cash received | (119,739) | (73,595) | (35,151) | |
Dispositions of real estate investments, net of selling costs | 252,270 | 85,322 | 96,459 | |
Notes receivable issuances | (37,791) | (30,656) | (24,484) | |
Notes receivable paydowns | 35,848 | 42,301 | 16,340 | |
Leasing costs | (7,640) | (4,585) | (3,425) | |
Leasing incentives | (51) | (688) | (1,326) | |
Contributions to equity method investments | (62,872) | (11,607) | (1,078) | |
Net cash used for investing activities | (33,242) | (57,629) | (26,227) | |
FINANCING ACTIVITIES | ||||
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net | 0 | 0 | 101,460 | |
Proceeds from issuance of common stock, net | 65,159 | 51,677 | 19,650 | |
Common shares tendered for tax withholding | (774) | (553) | (569) | |
Debt issuances, credit facility and construction loan borrowings | 678,574 | 161,806 | 176,619 | |
Debt and credit facility repayments, including principal amortization | (723,739) | (187,758) | (299,318) | |
Debt issuance costs | (8,316) | (2,831) | (609) | |
Cash paid on extinguishment of debt | 0 | (3,417) | 0 | |
Acquisition of NCI in consolidated RE investments | (4,651) | (804) | (5,002) | |
Redemption of operating partnership units | (130) | (2,949) | (2,729) | |
Distributions to noncontrolling interests | (5,756) | 0 | 0 | |
Contributions from noncontrolling interests | 14 | 0 | 0 | |
Dividends and distributions | (72,575) | (58,713) | (47,603) | |
Net cash used for financing activities | (72,194) | (43,542) | (58,101) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 11,422 | (9,987) | 6,851 | |
Cash, cash equivalents, and restricted cash, beginning of period | [1] | 40,443 | 50,430 | 43,579 |
Cash, cash equivalents, and restricted cash, end of period | [1] | 51,865 | 40,443 | 50,430 |
Supplemental cash flow information: | ||||
Cash paid for interest | 29,878 | 29,237 | 28,554 | |
Cash refunded (paid) for income taxes | (1) | 4 | 167 | |
Increase (decrease) in dividends and distributions payable | 2,532 | 5,492 | (5,724) | |
Other liability issued in acquisition of noncontrolling interest in real estate investment | 750 | 0 | 0 | |
Common shares and OP units issued for acquisitions | 0 | 0 | 6,099 | |
Increase (decrease) in accrued capital improvements and development costs | 110 | 15,111 | (14,324) | |
Operating Partnership units redeemed for common shares | 132 | 411 | 8,866 | |
Note payable recorded for mandatorily redeemable partnership interest | 0 | 0 | 3,829 | |
Debt assumed at fair value in conjunction with real estate purchases | 156,071 | 19,989 | 122,300 | |
Note receivable extinguished in conjunction with real estate purchase | 0 | 0 | 42,270 | |
Equity method investment redeemed for a note receivable | 3,772 | 0 | 0 | |
Noncontrolling interest in acquired real estate entity | 23,065 | 0 | 0 | |
Note payable issued in acquisition of noncontrolling interest in real estate investment | 0 | 0 | 6,130 | |
Recognition of operating lease right-of-use assets | 110 | 0 | 0 | |
Recognition of operating lease liabilities | 110 | 0 | 0 | |
Recognition of finance lease right-of-use assets | 0 | 24,466 | 0 | |
Recognition of finance lease liabilities | 0 | 27,940 | 0 | |
De-recognition of operating lease ROU assets - lease termination | 0 | 9,037 | 0 | |
De-recognition of operating lease liabilities - lease termination | $ 0 | $ 10,143 | $ 0 | |
[1]The following table sets forth the items from the Company's consolidated balance sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31, 2022 2021 Cash and cash equivalents $ 48,139 $ 35,247 Restricted cash (a) 3,726 5,196 Cash, cash equivalents, and restricted cash $ 51,865 $ 40,443 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||||
Cash and cash equivalents | $ 48,139 | $ 35,247 | |||
Restricted cash | [1] | 3,726 | 5,196 | ||
Cash, cash equivalents, and restricted cash | [2] | $ 51,865 | $ 40,443 | $ 50,430 | $ 43,579 |
[1]Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.[2]The following table sets forth the items from the Company's consolidated balance sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31, 2022 2021 Cash and cash equivalents $ 48,139 $ 35,247 Restricted cash (a) 3,726 5,196 Cash, cash equivalents, and restricted cash $ 51,865 $ 40,443 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Armada Hoffler Properties, Inc. (the "Company") is a full-service real estate company with extensive experience developing, building, owning, and managing high-quality, institutional-grade office, retail, and multifamily properties in attractive markets primarily throughout the Mid-Atlantic and Southeastern United States. The Company is a real estate investment trust ("REIT"), the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership"), and as of December 31, 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 of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the "IPO") and certain related formation transactions on May 13, 2013. As of December 31, 2022, the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% Brooks Crossing Office Office Newport News, Virginia 100% Constellation Office Office Baltimore, Maryland** 79% (1) One City Center Office Durham, North Carolina 100% One Columbus Office Virginia Beach, Virginia* 100% Thames Street Wharf Office Baltimore, Maryland** 100% Two Columbus Office Virginia Beach, Virginia* 100% Wills Wharf Office Baltimore, Maryland** 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Apex Entertainment Retail Virginia Beach, Virginia* 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail Retail Newport News, Virginia 65% (2) Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Delray Beach Plaza Retail Delray Beach, Florida 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Greenbrier Square Retail Chesapeake, Virginia 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Lexington Square Retail Lexington, South Carolina 100% Market at Mill Creek Retail Mount Pleasant, South Carolina 100% Marketplace at Hilltop Retail Virginia Beach, Virginia 100% Nexton Square Retail Summerville, South Carolina 100% North Hampton Market Retail Taylors, South Carolina 100% North Pointe Center Retail Durham, North Carolina 100% Property Segment Location Ownership Interest Overlook Village Retail Asheville, North Carolina 100% Parkway Centre Retail Moultrie, Georgia 100% Parkway Marketplace Retail Virginia Beach, Virginia 100% Patterson Place Retail Durham, North Carolina 100% Pembroke Square Retail Virginia Beach, Virginia* 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Premier Retail Retail Virginia Beach, Virginia* 100% Providence Plaza Retail Charlotte, North Carolina 100% Red Mill Commons Retail Virginia Beach, Virginia 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% 1305 Dock Street Multifamily Baltimore, Maryland** 79% (1) 1405 Point Multifamily Baltimore, Maryland** 100% Edison Apartments Multifamily Richmond, Virginia 100% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Gainesville Apartments Multifamily Gainesville, Georgia 100% Greenside Apartments Multifamily Charlotte, North Carolina 100% Liberty Apartments Multifamily Newport News, Virginia 100% Premier Apartments Multifamily Virginia Beach, Virginia* 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% The Cosmopolitan Multifamily Virginia Beach, Virginia* 100% ________________________________________ * Located in the Town Center of Virginia Beach ** Located at Harbor Point in Baltimore (1) The Company owned a 90% economic interest in this property, including an 11% economic interest through a note receivable as of December 31, 2022. In January 2023 the Company acquired the additional 11% membership interest in the property in exchange for full satisfaction of $12.8 million note. (2) The Company is entitled to a preferred return on its investment in this property. As of December 31, 2022, the following properties were under development, redevelopment or not yet stabilized: Property Segment Location Ownership Interest Chronicle Mill Multifamily Belmont, North Carolina 85% (1) Southern Post Mixed-use Roswell, Georgia 100% ________________________________________ (1) We are entitled to a preferred return on our joint investment in this property. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership, its wholly owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ from management’s estimates. Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate, and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties. Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period's presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported. Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $6.2 million, $4.9 million and $5.9 million of straight-line rent adjustments for the years ended December 31, 2022, 2021, and 2020, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million for each of the years ended December 31, 2022, 2021 and 2020. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight-line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem. Real Estate Investments Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include pre-acquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2022, 2021, and 2020 was $4.0 million, $1.5 million and $3.6 million, respectively. The Company capitalizes predevelopment costs directly identifiable with specific properties when the development of such properties is probable. Capitalized predevelopment costs are presented within other assets in the consolidated balance sheets. Land for which development activities have not yet commenced are presented separately as land held for development in the consolidated balance sheets. Capitalized predevelopment costs as of December 31, 2022 and 2021 were $8.0 million and $8.3 million, respectively. Costs attributable to unsuccessful projects are expensed. Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. Conversely, the Company amortizes above-market ground lease assets as decreases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for comparable leases. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs in the fair value hierarchy. Real Estate Sales The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. As of December 31, 2022, no properties were classified as held for sale. As of December 31, 2021, Hoffler Place and Summit Place were classified as held for sale. Impairment of Long-Lived Assets The Company evaluates its real estate assets for impairment on a property-by-property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the years ended December 31, 2022 and December 31, 2020 represent unamortized leasing or acquired intangible assets related to vacated tenants. The impairment charges recognized during the year ended December 31, 2021 primarily relate to the $3.0 million impairment of Socastee Commons, which was sold during the year ended December 31, 2021, and the $18.3 million impairment of Hoffler Place and Summit Place, which were classified as held for sale as of December 31, 2021. Interest Income Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed collectible. Many loans provide for accrual of interest and fees that will not be paid until maturity of the loan. Interest is recognized on these loans at the accrual rate subject to the determination that accrued interest and fees are ultimately collectible, based on the underlying collateral and the status of development activities, as applicable. If this determination cannot be made, recognition of interest income may be fully or partially deferred until it is ultimately paid. Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds, and investments with an original maturity of three months or less. Restricted Cash Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. Accounts Receivable, net Accounts receivable include amounts from tenants for base rents, contingent rents, and cost reimbursements as well as accrued straight-line rental revenue. As of December 31, 2022 and 2021, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $30.2 million and $24.7 million, respectively. The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual accounts receivable, current economic conditions, historical experience, and other relevant factors. The Company establishes a reserve for any receivable associated with a tenant when collection of substantially all operating lease payments for a tenant is not probable. As of December 31, 2022 and 2021, the allowance for doubtful accounts was $1.5 million and $0.4 million, respectively. The Company reflects these amounts as a component of rental income on the consolidated statements of comprehensive income. Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of mezzanine loans or preferred equity investments for the development of new real estate. The Company's mezzanine loans are typically made to borrowers who have little or no equity in the underlying development projects. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. The Company's risk ratings are as follows: • Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions. • Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management. • Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on nonaccrual status if it does not believe that additional interest accruals will ultimately be collected. At the end of each reporting period, the Company measures expected credit losses to be incurred over the remaining contractual term based on the risk rating of each loan. If a loan is rated as substandard, the Company then estimates expected credit losses as the difference between the amortized cost basis of the outstanding loan and the estimated projected sales proceeds of the underlying collateral. Changes to the allowance for loan losses resulting from quarterly evaluations are recorded through provision for unrealized credit losses on the consolidated statements of comprehensive income. The Company's loans typically include commitments to fund incremental proceeds to the borrowers over the life of the loan, which future funding commitments are also subject to the CECL model. The CECL provision related to future loan fundings is recorded as a component of Other Liabilities on the Company's consolidated balance sheet. This provision is estimated using the same process outlined above for the Company's outstanding loan balances, and changes in this component of the provision will similarly impact the Company's consolidated net income. For both the funded and unfunded portions of the Company's loans, the Company consider the risk rating of each loan as the primary credit quality indicator underlying its assessment. The Company places loans on nonaccrual status when the loan balance, together with the balance of any senior loans, approximately equals the estimated realizable value of the underlying development project. Guarantees The Company measures and records a liability for the fair value of its guarantees on a nonrecurring basis upon issuance using Level 3 internally-developed inputs. These guarantees typically relate to payments that could be required of the Company to senior lenders on its mezzanine loan investments. The Company bases its estimated fair value on the market approach, which compares the guarantee terms and credit characteristics of the underlying development project to other projects for which guarantee pricing terms are available. The offsetting entry for the guarantee liability is a premium on the related loan receivable. The liability is amortized on a straight-line basis over the remaining term of the loan. On a quarterly basis, the Company assesses the likelihood of a contingent liability in connection with these guarantees and will record an additional guarantee liability if the unamortized guarantee liability is insufficient. Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets. Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets. Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. Derivative Financial Instruments The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of derivatives and other caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. For interest rate caps that qualify as cash flow hedges, the premium paid by the Company at inception represents the time value of the instrument and is excluded from the hedge effectiveness assessment. The excluded component is amortized over the life of the derivative instrument and presented within interest expense in the consolidated statements of comprehensive income. The Company recognized amortization of interest rate cap premiums of $3.8 million, $0.2 million and $0.2 million for the years ended December 31, 2022, 2021, and 2020, respectively. Stock-Based Compensation The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. The effect of forfeitures of awards is recorded as they occur. Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes. Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations. Net Income Per Share The Company calculates net income per share based upon the weighted average shares outstanding. Diluted net income per share is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include unvested restricted stock awards. However, there were no significant potential dilutive shares outstanding for each of the three years ended December 31, 2022, 2021, and 2020. As a result, basic and diluted outstanding shares were the same for each period presented. Recent Accounting Pronouncements Recently Adopted Accounting Standards: 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. ASU 2020-04 contained practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. This Accounting Standards Update ("ASU") also provided optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance was 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 were elective and principally applied 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 were effective upon issuance. In December 2022, the FASB issued ASU 2022-06 Deferral of the Sunset Date of Topic 848 which became effective immediately upon issuance. ASU 2022-06 deferred the sunset date of Topic 848 to December 31, 2024. During the year ended December 31, 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. Earnings Per Share In August 2020, FASB issued ASU 2020-06 as an update to ASC Topic 470 and ASC Topic 815, which became effective January 1, 2022. ASU 2020-06 simplified the accounting for convertible instruments and removed certain settlement conditions that were required for equity contracts to qualify for the derivative scope exception. This ASU also simplified diluted earnings per share calculation in certain areas and provided 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 | 12 Months Ended |
Dec. 31, 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 as an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. Net operating income of the Company’s reportable segments for the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands): Years Ended December 31, 2022 2021 2020 Office real estate Rental revenues $ 74,036 $ 47,363 $ 43,494 Rental expenses 18,710 12,412 10,799 Real estate taxes 7,625 6,112 5,111 Segment net operating income 47,701 28,839 27,584 Retail real estate Rental revenues 86,344 78,572 73,032 Rental expenses 13,769 12,512 11,029 Real estate taxes 8,873 8,416 7,784 Segment net operating income 63,702 57,644 54,219 Multifamily residential real estate Rental revenues 58,914 66,205 49,962 Rental expenses 18,263 21,570 17,132 Real estate taxes 5,559 7,324 5,241 Segment net operating income 35,092 37,311 27,589 General contracting and real estate services Segment revenues 234,859 91,936 217,146 Segment expenses 227,158 88,100 209,472 Segment gross profit 7,701 3,836 7,674 Net operating income $ 154,196 $ 127,630 $ 117,066 Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities. General contracting and real estate services revenues for the years ended December 31, 2022, 2021, and 2020 exclude revenue related to intercompany construction contracts of $58.1 million, $27.8 million, and $26.6 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2022, 2021, and 2020 exclude expenses related to intercompany construction contracts of $57.5 million, $27.6 million, and $26.3 million, respectively, as it is eliminated in consolidation. The following table reconciles net operating income to net income for the years ended December 31, 2022, 2021, and 2020 (in thousands): Years Ended December 31, 2022 2021 2020 Net operating income $ 154,196 $ 127,630 $ 117,066 Depreciation and amortization (72,974) (68,853) (59,972) Amortization of right-of-use assets - finance leases (1,110) (1,022) (586) General and administrative expenses (15,691) (14,610) (12,905) Acquisition, development and other pursuit costs (37) (112) (584) Impairment charges (416) (21,378) (666) Gain on real estate dispositions 53,466 19,040 6,388 Interest income 16,978 18,457 19,841 Interest expense (39,680) (33,905) (31,035) Loss on extinguishment of debt (3,374) (3,810) — Change in fair value of derivatives and other 8,698 2,182 (1,130) Unrealized credit loss release (provision) (626) 792 (256) Other income (expense), net 378 302 515 Income tax benefit 145 742 283 Net income $ 99,953 $ 25,455 $ 36,959 |
Leases
Leases | 12 Months Ended |
Dec. 31, 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. The components of lease cost for the years ended December 31, 2022, 2021, and 2020 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating lease cost (a) $ 1,969 $ 2,448 $ 2,626 Finance lease cost: Amortization of right-of-use assets (a) 1,110 1,022 586 Interest on lease liabilities 2,573 2,251 915 ________________________________________ (a) Includes amortization of above & below-market ground lease intangible assets. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2022, 2021, and 2020 (in thousands): Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,797 $ 2,085 $ 2,113 Operating cash flows from finance leases 2,256 1,986 864 Additional information related to leases as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Weighted Average Remaining Lease Term (years) Operating leases 35.8 36.7 Finance leases 42.7 43.7 Weighted Average Discount Rate Operating leases 5.5 % 5.5 % Finance leases 5.7 % 5.7 % The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2023 $ 1,845 $ 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 2027 1,890 2,391 Thereafter 66,495 124,293 Total undiscounted cash flows 75,890 136,052 Present value discount (44,213) (89,575) Discounted cash flows $ 31,677 $ 46,477 Lessor Disclosures As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one Rental revenue for the years ended December 31, 2022, 2021, and 2020 comprised the following (in thousands): Years Ended December 31, 2022 2021 2020 Base rent and tenant charges $ 212,046 $ 186,137 $ 159,747 Accrued straight-line rental adjustment 6,178 4,938 5,927 Lease incentive amortization (684) (660) (693) Below/(above) market lease amortization 1,754 1,725 1,507 Total rental revenue $ 219,294 $ 192,140 $ 166,488 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2023 $ 124,838 2024 120,659 2025 110,981 2026 102,996 2027 91,857 Thereafter 541,166 Total $ 1,092,497 |
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. The components of lease cost for the years ended December 31, 2022, 2021, and 2020 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating lease cost (a) $ 1,969 $ 2,448 $ 2,626 Finance lease cost: Amortization of right-of-use assets (a) 1,110 1,022 586 Interest on lease liabilities 2,573 2,251 915 ________________________________________ (a) Includes amortization of above & below-market ground lease intangible assets. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2022, 2021, and 2020 (in thousands): Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,797 $ 2,085 $ 2,113 Operating cash flows from finance leases 2,256 1,986 864 Additional information related to leases as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Weighted Average Remaining Lease Term (years) Operating leases 35.8 36.7 Finance leases 42.7 43.7 Weighted Average Discount Rate Operating leases 5.5 % 5.5 % Finance leases 5.7 % 5.7 % The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2023 $ 1,845 $ 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 2027 1,890 2,391 Thereafter 66,495 124,293 Total undiscounted cash flows 75,890 136,052 Present value discount (44,213) (89,575) Discounted cash flows $ 31,677 $ 46,477 Lessor Disclosures As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one Rental revenue for the years ended December 31, 2022, 2021, and 2020 comprised the following (in thousands): Years Ended December 31, 2022 2021 2020 Base rent and tenant charges $ 212,046 $ 186,137 $ 159,747 Accrued straight-line rental adjustment 6,178 4,938 5,927 Lease incentive amortization (684) (660) (693) Below/(above) market lease amortization 1,754 1,725 1,507 Total rental revenue $ 219,294 $ 192,140 $ 166,488 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2023 $ 124,838 2024 120,659 2025 110,981 2026 102,996 2027 91,857 Thereafter 541,166 Total $ 1,092,497 |
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. The components of lease cost for the years ended December 31, 2022, 2021, and 2020 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating lease cost (a) $ 1,969 $ 2,448 $ 2,626 Finance lease cost: Amortization of right-of-use assets (a) 1,110 1,022 586 Interest on lease liabilities 2,573 2,251 915 ________________________________________ (a) Includes amortization of above & below-market ground lease intangible assets. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2022, 2021, and 2020 (in thousands): Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,797 $ 2,085 $ 2,113 Operating cash flows from finance leases 2,256 1,986 864 Additional information related to leases as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Weighted Average Remaining Lease Term (years) Operating leases 35.8 36.7 Finance leases 42.7 43.7 Weighted Average Discount Rate Operating leases 5.5 % 5.5 % Finance leases 5.7 % 5.7 % The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2023 $ 1,845 $ 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 2027 1,890 2,391 Thereafter 66,495 124,293 Total undiscounted cash flows 75,890 136,052 Present value discount (44,213) (89,575) Discounted cash flows $ 31,677 $ 46,477 Lessor Disclosures As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one Rental revenue for the years ended December 31, 2022, 2021, and 2020 comprised the following (in thousands): Years Ended December 31, 2022 2021 2020 Base rent and tenant charges $ 212,046 $ 186,137 $ 159,747 Accrued straight-line rental adjustment 6,178 4,938 5,927 Lease incentive amortization (684) (660) (693) Below/(above) market lease amortization 1,754 1,725 1,507 Total rental revenue $ 219,294 $ 192,140 $ 166,488 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2023 $ 124,838 2024 120,659 2025 110,981 2026 102,996 2027 91,857 Thereafter 541,166 Total $ 1,092,497 |
Real Estate Investments and Equ
Real Estate Investments and Equity Method Investments | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Investments and Equity Method Investments | Real Estate Investments and Equity Method Investments The Company’s real estate investments comprised the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Income producing property Held for development Construction in progress Total Land $ 285,030 $ 6,294 $ 5,000 $ 296,324 Land improvements 71,308 — — 71,308 Buildings and improvements 1,527,876 — — 1,527,876 Development and construction costs — — 48,067 48,067 Real estate investments $ 1,884,214 $ 6,294 $ 53,067 $ 1,943,575 December 31, 2021 Income producing property Held for development Construction in progress Total Land $ 256,728 $ 6,294 $ 12,513 $ 275,535 Land improvements 65,565 — — 65,565 Buildings and improvements 1,336,316 — — 1,336,316 Development and construction costs — — 60,022 60,022 Real estate investments $ 1,658,609 $ 6,294 $ 72,535 $ 1,737,438 2022 Operating Property Acquisitions Constellation Energy Building On January 14, 2022, the Company acquired a 79% membership interest and an additional 11% economic interest in the partnership that owns the Constellation Energy Building (previously referred to as 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 Constellation Energy Building is a mixed-use structure located in Baltimore's Harbor Point and is comprised of an office building, the Constellation 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 Constellation Office includes a parking garage and retail space. The Constellation Energy 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 derivative of 1.00% and 3.00% as well as an interest rate cap of 4.00%. See Note 9 for further details. Pembroke Square On November 4, 2022, the Company acquired a 124,000 square foot grocery-anchored shopping center in Virginia Beach, Virginia for a purchase price of $26.5 million plus capitalized acquisition costs of $0.2 million. The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired for the three operating properties purchased during the year ended December 31, 2022 (in thousands): Constellation Energy Building (1) Pembroke Square Land $ 23,317 $ 14,513 Site improvements 141 465 Building 194,916 8,825 In-place leases 53,705 4,445 Above-market leases 306 — Below-market leases — (1,557) Net assets acquired $ 272,385 $ 26,691 ________________________________________ (1) The Constellation Energy Building is comprised of two properties which include the Constellation Office and 1305 Dock Street. 2021 Operating Property Acquisitions On February 26, 2021, the Company acquired Delray Beach Plaza, a Whole Foods-anchored retail property located in Delray Beach, Florida, for a contract price of $27.6 million plus capitalized transaction costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $14.3 million at the time of the acquisition. On June 28, 2021, the Company purchased the remaining 7.5% ownership interest in Hoffler Place for a cash payment of $0.3 million. On June 28, 2021, the Company purchased the remaining 10% ownership interest in Summit Place for a cash payment of $0.5 million. On July 28, 2021, the Company acquired Overlook Village, a retail center in Asheville, North Carolina, for a contract price of $28.3 million plus capitalized acquisition costs of $0.1 million. On August 24, 2021, the Company acquired Greenbrier Square, a Kroger-anchored retail center in Chesapeake, Virginia, for total consideration of $36.5 million plus capitalized acquisition costs of $0.3 million. As a part of this acquisition, the Company assumed a note payable of $20.0 million. The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties purchased during the year ended December 31, 2021 (in thousands): Delray Beach Plaza Overlook Village Greenbrier Square Land $ — $ 6,328 $ 8,549 Site improvements 4,607 1,727 1,974 Building and improvements 22,544 18,375 19,196 In-place leases 7,209 3,997 6,659 Above-market leases — 81 1,753 Below-market leases (3,121) (2,146) (1,365) Finance lease liabilities (27,940) — — Finance lease right-of-use assets 24,466 — — Fair value adjustment on acquired debt — — 11 Net assets acquired $ 27,765 $ 28,362 $ 36,777 2020 Operating Property Acquisitions In June 2020, the Company exercised its option to purchase the remaining 21.0% ownership interest in 1405 Point in exchange for increased ground lease payments to be made over the approximately 42-year remaining lease term. The Company recorded a note payable of $6.1 million, which represents the present value of these payments. The ground lessor is an affiliate of our former joint venture partner. On September 22, 2020, the Company exercised its option to purchase Nexton Square for $17.9 million cash and the assumption of a note payable of $22.9 million. The Company also incurred capitalized acquisition costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $16.4 million at the time of the acquisition. On October 1, 2020, the Company acquired Edison Apartments, a multifamily property located in downtown Richmond, Virginia, for consideration comprised of 633,734 Class A Units (as defined below), the assumption of a $16.4 million loan payable, and the assumption of $1.1 million in other assets and liabilities. The seller of the property was a partnership that includes several members from the Company's management team and board of directors. On October 30, 2020, the Company acquired 79.0% of the partnership that owns The Residences at Annapolis Junction. As part of this purchase, the Company extinguished its note receivable for this project and made a cash payment of $0.2 million. The Company assumed an $83.4 million senior loan as part of this acquisition, which was immediately refinanced with a new $84.4 million loan. This refinanced loan bore interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus a margin of 2.66% and was scheduled to mature on November 1, 2030. As part of this financing transaction, the partnership also purchased an interest rate cap for $0.1 million with a SOFR strike rate of 1.84%, which was scheduled to expire on November 1, 2023. Due to a preferred return that we received on this investment, no value was assigned to our partner's investment in this property at the time of the acquisition. The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties acquired during the year ended December 31, 2020 (in thousands): Nexton Square Edison Apartments The Residences at Annapolis Junction Land $ 9,885 $ 3,428 $ 14,774 Site improvements 3,690 — 1,786 Building and improvements 24,070 18,227 101,219 Furniture and fixtures — 355 1,796 In-place leases 5,239 1,882 4,079 Below-market leases (1,877) (140) — Fair value adjustment on acquired debt 364 (6) — Net assets acquired $ 41,371 $ 23,746 $ 123,654 Other 2022 Real Estate Transactions 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. 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 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 were modified. 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 year ended December 31, 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. On July 22, 2022, the Company completed the sale of The Residences at Annapolis Junction for a sale price of $150.0 million. The gain recognized on disposition was $31.5 million, $5.4 million of which was allocated to the Company's noncontrolling interest partner. On July 26, 2022, the Company completed the sale of the AutoZone and Valvoline outparcels at Sandbridge Commons for a sale price of $3.5 million. The gain recognized on disposition was $2.4 million. On September 23, 2022, the Company completed the sale of the retail portion of the Gainesville Apartments for a sale price of $1.5 million. There was no gain or loss on the disposition. In conjunction with the sale, the Company paid down the Gainesville Apartments loan by $0.8 million. In October 2022, the Company acquired the remaining 5% ownership interest in the Gainesville Partnership (as defined below), which developed Gainesville Apartments. During 2022, the Company made earn-out payments totaling $4.2 million to its development partner in addition to development cost savings of $0.8 million paid to the partner. On December 31, 2022, the Company acquired the remaining 30% of the partnership that owns the Market at Mill Creek shopping center in Mount Pleasant, South Carolina for total consideration of $1.5 million. Other 2021 Real Estate Transactions On January 4, 2021, the Company completed the sale of the 7-Eleven outparcel at Hanbury Village for a sales price of $2.9 million. The gain on disposition was $2.4 million. On January 14, 2021, the Company completed the sale of a land outparcel at Nexton Square for a sale price of $0.9 million. There was no gain or loss on the disposition. In conjunction with the sale, the Company paid down the Nexton Square loan by $0.8 million. On March 16, 2021, the Company completed the sale of Oakland Marketplace for a sale price of $5.5 million. The gain on disposition was $1.1 million. On March 18, 2021, the Company completed the sale of easement rights at Courthouse 7-Eleven for a sale price of $0.3 million. The gain on disposition was $0.2 million. During the three months ended March 31, 2021, the Company recognized impairment of real estate of $3.0 million related to the Socastee Commons shopping center in Myrtle Beach, South Carolina. The Company anticipated a decline in cash flows due to the expiration of the anchor tenant lease. The Company had not re-leased the anchor tenant space and had determined that it was not probable that this space would be leased at rates sufficient to recover the Company’s investment in the property. The Company recorded an impairment loss equal to the excess of the book value of the property’s assets over the estimated fair value of the property during the first quarter of 2021. On August 25, 2021, the Company completed the sale of Socastee Commons for a price of $3.8 million. The loss on disposition was $0.1 million. On October 28, 2021 the Company completed the sale of Courthouse 7-Eleven for a sale price of $3.1 million. The gain on disposition was $1.1 million. On November 16, 2021 the Company completed the sale of Johns Hopkins Village for a sale price of $75.0 million. The gain on disposition was $14.4 million. On December 15, 2021, the Company completed the sale of a land parcel at Brooks Crossing for a sale price of $0.5 million. The loss recognized upon disposition was immaterial. Other 2020 Real Estate Transactions On January 10, 2020, the Company entered into an operating agreement with a partner to develop a mixed-use property in Charlotte, North Carolina. The Company had an 80% interest in 10th and Tryon Partners, LLC (the "Tryon Partnership"). On January 10, 2020, the Tryon Partnership purchased land for a purchase price of $6.3 million for this project. The Company was responsible for funding the equity requirements of this development, including the $6.3 million purchase of the land. Management has concluded that this entity was a VIE as it lacked sufficient equity to fund its operations without additional financial support. The Company was the developer of the project and had the power to direct the activities of the project that most significantly impacted its financial performance. Therefore, the Company was the project's primary beneficiary and consolidated the Tryon Partnership in its consolidated financial statements. On January 14, 2022, the Company acquired the remaining 20% ownership interest in the partnership. On September 12, 2019, the Company entered into an operating agreement with a partner to develop a mixed-use property in Belmont, North Carolina. The Company has an 85% interest in Chronicle Holdings, LLC (the "Chronicle Partnership"). On March 20, 2020, the Chronicle Partnership purchased land for a purchase price of $2.3 million for this project. The Company is responsible for funding the equity requirements of this development, including the $2.3 million purchase of the land. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the project and has the power to direct the activities of the project that most significantly impact its financial performance. Therefore, the Company is the project's primary beneficiary and consolidates the Chronicle Partnership in its consolidated financial statements. On May 29, 2020, the Company sold a portfolio of seven retail properties for $90.0 million. The portfolio consisted of Alexander Pointe, Bermuda Crossroads, Gainsborough Square, Harper Hill Commons, Indian Lakes Crossing, Renaissance Square, and Stone House Square. The gain on sale was $2.8 million. In connection with the sale of this portfolio, the Company repaid $61.9 million on its revolving credit facility, resulting in net proceeds of $25.9 million. On August 31, 2020, the Company entered into an operating agreement with a partner to develop a mixed-use project in Gainesville, Georgia. The Company initially had a 95% ownership interest in Gainesville Development, LLC (the "Gainesville Partnership"). The Gainesville Partnership acquired undeveloped land on August 31, 2020 for a purchase price of $5.0 million and immediately began development of the site. The Company was responsible for funding the equity requirements of this development. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. By August 31, 2023, the Company was required to acquire its partner's 5% ownership interest for up to $4.2 million, subject to the initial operating performance of the property. As the Company was required to obtain this ownership interest, the Company consolidates the project in its consolidated financial statements. The Company has recorded a note payable liability of $3.8 million in its consolidated financial statements for the years ended December 31, 2021 and 2020, which was the fair value of the anticipated payments to be made to its partner. As disclosed above, the Company acquired its partner's 5% ownership interest in October 2022. On September 1, 2020, the Company completed the sale of the Walgreens outparcel at Hanbury Village. Net proceeds after the transaction costs were $7.0 million. The gain on disposition was $3.6 million. On October 2, 2020, the Company purchased the remaining 20% noncontrolling interest in the Southern Post, a mixed-use development project in Roswell, Georgia in exchange for a cash payment of $3.5 million and future consideration of $1.5 million to be paid in cash upon satisfaction of certain conditions. 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 year ended December 31, 2022, the Company invested $27.9 million in Harbor Point Parcel 3. The Company has an current estimated total equity commitment of $44.6 million relating to this project. In October 2022, Harbor Point Parcel 3 modified its construction loan, which was increased from $161.7 million to $180.4 million as a result of an increase in the scope of the project. In accordance with a preexisting promissory note secured by the development partner's ownership interest in Harbor Point Parcel 4, the Company advanced $3.8 million to the Harbor Point Parcel 3 development partner to satisfy its additional equity contribution required under the Harbor Point Parcel 3 operating agreement. As of December 31, 2022 and December 31, 2021, the carrying value of the Company's investment in Harbor Point Parcel 3 was $39.8 million and $12.7 million, respectively. As of December 31, 2022, the carrying value of this investment excludes $0.9 million of intra-entity profits. For the years ended December 31, 2022 and 2021, Harbor Point Parcel 3 had no operating activity, and therefore the Company received no allocated income. Based on the terms of the operating agreement, the Company has concluded that Harbor Point Parcel 3 is a VIE and that the Company holds a variable interest. The Company has significant influence over the project due to its 50% ownership interest; 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 year ended December 31, 2022, the Company invested $32.4 million in Harbor Point Parcel 4. The Company has a current estimated total equity commitment of $102.6 million relating to this project. As of December 31, 2022, the carrying value of the Company's investment in Harbor Point Parcel 4 was $32.2 million. As of December 31, 2022, the carrying value of this investment excludes $0.2 million of intra-entity profits. For the year ended December 31, 2022, Harbor Point Parcel 4 had no operating activity, and therefore the Company received no allocated income. Based on the terms of the operating agreement, the Company has concluded that Harbor Point Parcel 4 is a VIE and that the Company holds a variable interest. The Company has significant influence over the project due to its 78% ownership interest; however, the Company does not have the power to direct the activities of the project that most significantly impact its performance. This includes activity as the managing member of the entity, which is a power that is retained by the Company's partner. Accordingly, the Company is not the project's primary beneficiary and, therefore, does not consolidate Harbor Point Parcel 4 in its consolidated financial statements. The Company's investment in the project is recorded as an equity method investment in the consolidated balance sheets. |
Notes Receivable and Current Ex
Notes Receivable and Current Expected Credit Losses | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Notes Receivable and Current Expected Credit Losses | Notes Receivable and Current Expected Credit Losses Notes Receivable The Company had the following loans receivable outstanding as of December 31, 2022 and 2021 ($ in thousands): Outstanding loan amount (a) Maximum loan commitment Interest rate Interest compounding Development Project December 31, 2022 December 31, 2021 City Park 2 $ 19,062 $ — $ 20,594 13.0 % Annually Solis Gainesville II 6,638 — 19,595 14.0 % Annually Interlock Commercial 86,584 95,379 107,000 (b) 15.0 % None Nexton Multifamily — 23,567 22,315 11.0 % Annually Total mezzanine 112,284 118,946 $ 169,504 Constellation Energy Building note receivable 12,834 — Other notes receivable 11,512 7,234 Notes receivable guarantee premium 701 1,243 Allowance for credit losses (c) (1,292) (994) Total notes receivable $ 136,039 $ 126,429 _______________________________________ (a) Outstanding loan amounts include any accrued and unpaid interest, as applicable. (b) This amount includes interest reserves. (c) The amounts as of December 31, 2022 and 2021 exclude $0.3 million and less than $0.1 million, respectively, of CECL allowance that relates to the unfunded commitments, which were recorded as a liability under Other liabilities in the consolidated balance sheets. Interest on the mezzanine loans and preferred equity is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is added to the loan receivable balances. The Company recognized interest income for the years ended December 31, 2022, 2021, and 2020 as follows (in thousands): Years Ended December 31, Development Project 2022 2021 2020 The Residences at Annapolis Junction $ — $ — $ 2,468 (a)(b) City Park 2 1,038 — — Delray Beach Plaza — — 489 (a) Solis Gainesville II 205 — — Nexton Square — — 1,177 Interlock Commercial (c) 9,870 (c) 12,769 (c) 12,267 (c) Nexton Multifamily 5,348 (e) 1,252 — Solis Apartments at Interlock — 4,005 (d) 3,382 Total mezzanine 16,461 18,026 19,783 Other interest income 517 431 58 Total interest income $ 16,978 $ 18,457 $ 19,841 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. Additionally, the amount includes $1.5 million of interest income recognition relating to an exit fee that was due upon repayment of the loan. (c) The amounts of 2022, 2021 and 2020 include $1.1 million, $2.0 million and $2.3 million, respectively, of interest income recognition relating to an exit fee that is due upon repayment of the loan. (d) Includes prepayment premium of $2.4 million received from the early payoff of the loan. (e) Includes prepayment premium of $2.7 million received from the early payoff of the loan. Interlock Commercial In October 2018, the Company financed a bridge loan with a maximum commitment of $4.0 million to The Interlock, LLC ("Interlock"), the developer of the office and retail components of The Interlock, a new mixed-use public-private partnership with Georgia Tech in West Midtown Atlanta. This loan was subsequently modified as described below. On December 21, 2018, the Company entered into a mezzanine loan agreement with Interlock for a maximum principal amount of $67.0 million and a total maximum commitment, including accrued interest reserves, of $95.0 million. The previous loan was repaid from proceeds of the mezzanine loan. The mezzanine loan bears interest at a rate of 15.0% per annum and matures at the earlier of (i) 24 months after the original maturity date or earlier termination date of the senior construction loan or (ii) any sale, transfer, or refinancing of the project. In the event that the maturity date is established as being 24 months after the original maturity date or earlier termination date of the senior construction loan, Interlock will have the right to extend the maturity date for 5 years. On April 19, 2019, the borrower executed its senior construction loan, and the Company's payment guarantee of up to $30.7 million became effective. See Note 15 for additional information. See Note 18 for additional discussion. In May 2020, the Company modified the Interlock Commercial loan to allow for an additional $8.0 million of loan funding; this additional loan funding may be available for cost overruns as well as the building of townhome units as an additional phase of this development project. The borrower subsequently decided to forego development of these townhome units. The borrower also modified the senior construction loan on the project. On October 2, 2020, the Interlock Commercial loan was modified to decrease the exit fee, subject to the satisfaction of certain conditions. As a result, the exit fee for this loan may range from $6.5 million to $7.5 million. The Company has reduced its estimate of exit fees to be collected to $6.5 million and prospectively adjusted the recognition of the exit fee in interest income. The Company has recognized $4.9 million of this fee as of December 31, 2021. In March 2021, the Company loaned an additional $7.5 million as part of the Interlock Commercial loan to fund project costs due to an additional equity requirement to reduce the senior loan. In September 2021, the loan was modified to increase the maximum loan commitment to $107.0 million, including $70.1 million of principal, and to modify and clarify certain rights and responsibilities under the loan. 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. During March 2022, the company received $0.7 million as an additional repayment, which consisted of $0.2 million of principal and $0.5 million of interest. During September 2022, the Company received $2.7 million as an additional repayment, which consisted of $1.0 million of principal and $1.7 million of interest. During December 2022, the Company received $0.4 million as an additional repayment, which fully consisted of interest. Management has concluded that this entity is a VIE. Because Interlock is the developer and managing member of The Interlock, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Nexton Multifamily On April 1, 2021, the Company entered into a $22.3 million preferred equity investment for the development of a multifamily property located in Summerville, South Carolina, adjacent to the Company's Nexton Square property. The investment had economic terms consistent with a note receivable, including a mandatory redemption or maturity on October 1, 2026, and it is accounted for as a note receivable. The Company's investment bore interest at a rate of 11%, compounded annually. Management had concluded that this entity was a VIE. Because the other investor in the project, TP Nexton LLC, was the developer of Nexton Multifamily, the Company did not have the power to direct the activities of the project that most significantly impacted its performance. Accordingly, the Company was not the project's primary beneficiary and did not consolidate the project in its consolidated financial statements. On December 30, 2022 the Company’s preferred equity investment was redeemed in full for total consideration of $28.9 million, including $6.6 million of minimum return consisting of $3.9 million of interest and a $2.7 million prepayment premium. 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. Solis Gainesville II On October 3, 2022, the Company entered into a $19.6 million preferred equity investment for the development of a multifamily property located in Gainesville, Georgia (Solis Gainesville II). The investment has economic terms consistent with a note receivable, including a mandatory redemption or maturity on October 3, 2026, and it is accounted for as a note receivable. The Company's investment bears interest at a rate of 14%, compounded annually, with minimum interest of $5.9 million over the life of the investment. Management has concluded that this entity is a VIE. Because the other investor in the project, TP Gainesville II LLC, is the developer and managing member of Solis Gainesville II, 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. Guarantee liabilities As of December 31, 2022, the Company had outstanding payment guarantees for the senior loans on Interlock Commercial and Harbor Point Parcel 4 as described above. As of December 31, 2022 and 2021, the Company has recorded a guarantee liability of $0.9 million and $1.2 million, respectively, representing the unamortized fair value. These guarantees are classified as other liabilities on the Company's consolidated balance sheets, with a corresponding adjustment to the notes receivable balance on the consolidated balance sheets. See Note 18 for additional information on the Company's outstanding guarantees. Allowance for Loan Losses The Company is exposed to credit losses primarily through its mezzanine lending activities and preferred equity investments. As of December 31, 2022, the Company had three mezzanine loans, including the City Park 2 and Solis Gainesville II 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 updated the risk ratings for each of its notes receivable as of December 31, 2022 and obtained industry loan loss data relative to these risk ratings. Each of the outstanding loans as of December 31, 2022 was "Pass" rated. The Company’s analysis resulted in an allowance for loan losses of approximately $1.6 million as of the year ended December 31, 2022. An allowance related to unfunded commitments of approximately $0.3 million as of December 31, 2022 was recorded as Other liabilities on the consolidated balance sheet. At December 31, 2022, the Company reported $136.0 million of notes receivable, net of allowances of $1.3 million. At December 31, 2021, the Company reported $126.4 million of notes receivable, net of allowances of $1.0 million. Changes in the allowance for funded and unfunded commitments for the years ended December 31, 2022 and 2021 were as follows (in thousands): Year ended December 31, 2022 Year ended December 31, 2021 Funded Unfunded Total Funded Unfunded Total Beginning balance $ 994 $ 10 $ 1,004 $ 2,584 $ — $ 2,584 Unrealized credit loss provision (release) 298 328 626 (802) 10 (792) Extinguishment due to acquisition — — — (788) — (788) Ending balance $ 1,292 $ 338 $ 1,630 $ 994 $ 10 $ 1,004 During the year ended December 31, 2020, the Company placed the loans for Delray Beach Plaza and The Residences at Annapolis Junction on non-accrual status with total amortized cost basis of $13.6 million. As a result, there was $5.1 million of interest income not recognized during the twelve months ended December 31, 2020. As of December 31, 2021, there were no loans on non-accrual status. During the year ended December 31, 2022, the Company had the Constellation Energy Building 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 December 31, 2022, there were no other loans on non-accrual status. |
Construction Contracts
Construction Contracts | 12 Months Ended |
Dec. 31, 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 December 31, 2022 during the year ending December 31, 2023. 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 years ended December 31, 2022 and 2021 (in thousands): Year ended December 31, 2022 Year ended December 31, 2021 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 — 18,238 — 6,237 Transferred to receivables (965) — (714) — Construction contract costs and estimated earnings not billed during the period 342 — 243 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 722 (723) 576 (1,356) Ending balance $ 342 $ 17,515 $ 243 $ 4,881 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 $1.3 million and $2.2 million were deferred as of December 31, 2022 and 2021, respectively. Amortization of pre-contract costs for the years ended December 31, 2022 and 2021 was $1.1 million and $0.3 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 December 31, 2022 and 2021, construction receivables included retentions of $8.3 million and $3.1 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2022 during the year ending December 31, 2023. As of December 31, 2022 and 2021, construction payables included retentions of $24.7 million and $4.2 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2022 during the year ending December 31, 2023. The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Costs incurred on uncompleted construction contracts $ 571,465 $ 379,993 Estimated earnings 22,162 15,115 Billings (610,800) (399,746) Net position $ (17,173) $ (4,638) Construction contract costs and estimated earnings in excess of billings $ 342 $ 243 Billings in excess of construction contract costs and estimated earnings (17,515) (4,881) Net position $ (17,173) $ (4,638) The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Beginning backlog $ 215,519 $ 71,258 $ 242,622 New contracts/change orders 685,753 236,077 45,882 Work performed (235,707) (91,816) (217,246) Ending backlog $ 665,565 $ 215,519 $ 71,258 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The Company’s indebtedness comprised the following as of December 31, 2022 and 2021 (dollars in thousands): Principal Balance Interest Rate (a) Maturity Date December 31, December 31, 2022 2021 2022 Secured Debt Delray Beach Plaza (b) $ — $ 14,039 N/A N/A Red Mill West (c) — 10,386 N/A N/A Hoffler Place (d)(e) — 18,400 N/A N/A Summit Place (d)(e) — 23,100 N/A N/A North Pointe Center Note 2 (f) — 1,942 N/A N/A The Residences at Annapolis Junction (g) — 84,375 N/A N/A Marketplace at Hilltop (h) — 9,706 N/A N/A 1405 Point (i) — 52,286 N/A N/A Brooks Crossing Office (i) — 14,882 N/A N/A One City Center (i) — 24,084 N/A N/A Wills Wharf (j) — 64,288 N/A N/A 249 Central Park Retail (j)(k) — 16,352 N/A N/A Fountain Plaza Retail (j)(k) — 9,841 N/A N/A South Retail (j)(k) — 7,179 N/A N/A Chronicle Mill 27,630 — LIBOR+ 3.00% May 5, 2024 Red Mill Central 2,013 2,188 4.80% June 17, 2024 Premier Apartments (l) 16,269 16,508 LIBOR+ 1.55% October 31, 2024 Premier Retail (l) 8,013 8,131 LIBOR+ 1.55% October 31, 2024 Red Mill South 5,191 5,518 3.57% May 1, 2025 Market at Mill Creek 12,494 13,142 LIBOR+ 1.55% July 12, 2025 Gainesville Apartments 30,000 18,114 SOFR+ 1.50% December 20, 2025 Encore Apartments (m) 23,980 24,523 2.93% February 10, 2026 4525 Main Street (m) 30,785 31,476 2.93% February 10, 2026 Southern Post (n) — — SOFR+ 2.25% August 25, 2026 Thames Street Wharf 69,327 70,761 BSBY+ 1.30% (o) September 30, 2026 Constellation Energy Building 175,000 — BSBY+ 1.50% November 1, 2026 Southgate Square 26,195 27,060 LIBOR+ 1.90% December 21, 2026 Nexton Square 22,195 20,107 SOFR+ 1.95% June 30, 2027 Liberty Apartments 20,926 13,572 SOFR+ 1.50% September 27, 2027 Greenbrier Square 19,940 20,000 3.74% October 10, 2027 Lexington Square 13,892 14,172 4.50% September 1, 2028 Red Mill North 4,079 4,189 4.73% December 31, 2028 Greenside Apartments 31,862 32,598 3.17% December 15, 2029 Smith's Landing 15,535 16,452 4.05% June 1, 2035 Edison Apartments 15,563 15,926 5.30% December 1, 2044 The Cosmopolitan 41,243 42,090 3.35% July 1, 2051 Total secured debt $ 612,132 $ 747,387 Unsecured Debt Senior unsecured revolving credit facility $ 61,000 $ 5,000 SOFR+ 1.30%-1.85% January 22, 2027 M&T unsecured term loan 100,000 — SOFR+ 1.25%-1.80% (o) March 8, 2027 Senior unsecured term loan 31,658 19,500 SOFR+ 1.25%-1.80% January 21, 2028 Senior unsecured term loan 268,342 185,500 SOFR+ 1.25%-1.80% (o) January 21, 2028 Total unsecured debt 461,000 210,000 Total principal balances 1,073,132 957,387 Other note payable (p) 6,131 10,144 (q) Unamortized GAAP adjustments (11,002) (8,621) Loans reclassified to liabilities related to assets held for sale, net — (41,354) Indebtedness, net $ 1,068,261 $ 917,556 ________________________________________ (a) London Inter-Bank Offered Rate ("LIBOR"), SOFR, and BSBY rates are determined by individual lenders. (b) On January 19, 2022 the Delray Beach Plaza note was paid off. (c) On March 3, 2022 the Red Mill West note was paid off. (d) Cross collateralized. (e) The loans secured by Hoffler Place and Summit Place were paid off on April 1, 2022 and April 25, 2022, respectively, in conjunction with the sales of the properties. Both properties were held for sale as of December 31, 2021. (f) On June 29, 2022 the note associated with North Pointe Phase II was paid off in conjunction with the sale of the property. (g) On July 22, 2022 the note associated with The Residences at Annapolis Junction was paid off in conjunction with the sale of the property. (h) On August 15, 2022 the Marketplace at Hilltop note was paid off. (i) On August 25, 2022 the notes secured by the 1405 Point, Brooks Crossing Office, and One City Center properties were paid off. (j) On December 6, 2022 these notes were paid off with the proceeds of the M&T unsecured term loan. (k) Cross collateralized. (l) Cross collateralized. (m) Cross collateralized. (n) No funding on the construction loan as of December 31, 2022. (o) Includes debt subject to interest rate swap agreements. (p) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 40-year remaining lease term. (q) Includes an earn-out liability for the Gainesville Apartments development project as of December 31, 2021, which was paid in October 2022. The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Fixed-rate debt $ 641,752 $ 534,371 Variable-rate debt 431,380 423,016 Total principal balance $ 1,073,132 $ 957,387 Certain loans require the Company to comply with various financial and other covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2022, the Company was in compliance with all loan covenants. Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year (1) Scheduled Principal Payments Maturities Total Payments 2023 $ 9,770 $ — $ 9,770 2024 10,376 53,022 63,398 2025 10,736 45,259 55,995 2026 8,150 309,376 317,526 2027 4,796 217,779 222,575 Thereafter 61,763 342,105 403,868 Total (1) $ 105,591 $ 967,541 $ 1,073,132 ________________________________________ (1) Debt principal payments and maturities exclude increased ground lease payments at 1405 Point which are classified as a note payable in the Company's consolidated balance sheets. Amended Credit Facility On August 23, 2022, the Company, as parent guarantor, and the Operating Partnership, as borrower, entered into an amended and restated credit agreement (the "Credit Agreement"), which provides for a $550.0 million credit facility comprised of a $250.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $300.0 million senior unsecured term loan facility (the "term loan facility" and, together with the revolving credit facility, the "amended credit facility"), with a syndicate of banks. The amended credit facility replaces the prior $150.0 million revolving credit facility, which was scheduled to mature on January 24, 2024, and the prior $205.0 million term loan facility, which was scheduled to mature on January 24, 2025. The amended credit facility includes an accordion feature that allows the total commitments to be increased to $1.0 billion, subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of January 22, 2027, with two six-month extension options, subject to the Company's satisfaction of certain conditions, including payment of a 0.075% extension fee at each extension. The term loan facility has a scheduled maturity date of January 21, 2028. The revolving credit facility bears interest at SOFR plus a margin ranging from 1.30% to 1.85%, and the term loan facility bears interest at SOFR plus a margin ranging from 1.25% to 1.80%, in each case depending on the Company's total leverage. The Company is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the revolving credit facility. If the Company or the Operating Partnership attains investment grade credit ratings from both S&P Global Ratings and Moody’s Investors Service, Inc., the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Company may, at any time, voluntarily prepay any loan under the amended credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower under the amended credit facility, and its obligations under the amended 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 amended 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 amended credit facility to be immediately due and payable. On January 7, 2021, the Operating Partnership entered into a $15.0 million standby letter of credit using the available capacity under the prior credit facility to guarantee the funding of its investment in the Harbor Point Parcel 3 joint venture, which is the developer of T. Rowe Price's new global headquarters. This letter of credit was available for draw down on the prior revolving credit facility in the event the Company did not meet its equity requirement. The letter of credit expired on January 4, 2022 and was not required to be renewed. The Company is currently in compliance with all covenants under the Credit Agreement. M&T Term Loan Facility On December 6, 2022, the Company, as parent guarantor, and the Operating Partnership, as borrower, entered into a term loan agreement (the "M&T term loan agreement") with Manufacturers and Traders Trust Company, as lender and administrative agent, which provides a $100.0 million senior unsecured term loan facility (the "M&T term loan facility"), with the option to increase the total capacity to $200.0 million, subject to the Company's satisfaction of certain conditions. The proceeds from the M&T term loan facility were used to repay the loans secured by the Wills Wharf, 249 Central Park Retail, Fountain Plaza Retail, and South Retail properties. The M&T term loan facility has a scheduled maturity date of March 8, 2027, with a one-year extension option, subject to the Company's satisfaction of certain conditions, including payment of a 0.075% extension fee. The M&T term loan facility bears interest at a rate elected by the Operating Partnership based on term SOFR, Daily Simple SOFR, or the Base Rate (as defined below), and in each case plus a margin. The margin under each interest rate election depends on the Company's total leverage. The "Base Rate" is equal to the highest of: (a) the rate of interest in effect for such day as publicly announced from time to time by M&T Bank as its “prime rate” for such day, (b) the Federal Funds Rate for such day, plus 0.50%, (c) one month term SOFR for such day plus 100 basis points and (d) 1.00%. For the year ended December 31, 2022, the Operating Partnership has elected for the loan to bear interest at term SOFR plus margin. If the Company or the Operating Partnership attains investment grade credit ratings from both S&P Global Ratings and Moody's Investor Service, Inc., the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Company may, at any time, voluntarily prepay the M&T term loan facility in whole or in part without premium or penalty, provided certain conditions are met. The Operating Partnership is the borrower under the M&T term loan facility, and its obligations under the M&T term loan facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The M&T term loan agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the M&T term loan facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The term loan 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 M&T term loan facility to be immediately due and payable. The Company is currently in compliance with all covenants under the M&T term loan agreement. 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 the $15.0 million standby letter of credit discussed above 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 Constellation Energy 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 1, 2022, the Company paid off the $18.4 million loan secured by Hoffler Place in conjunction with the sale of the property. On April 25, 2022, the Company paid off the $23.1 million loan secured by Summit Place in conjunction with the sale of the property. 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 SOFR plus a spread of 1.95% (SOFR has a 0.30% floor) and will mature on June 30, 2027. On July 22, 2022, the Company paid off the $84.4 million loan secured by The Residences at Annapolis Junction in conjunction with the sale of the property. On August 15, 2022, the Company paid off the $9.4 million balance of the loan secured by the Marketplace at Hilltop shopping center. On August 25, 2022, the Company paid off the $51.8 million, $14.6 million, and $23.6 million balances of the loans secured by the 1405 Point, Brooks Crossing Office, and One City Center properties, respectively. On August 25, 2022, the Company entered into a $73.6 million construction loan agreement for the Southern Post development project. The loan bears interest at a rate of SOFR plus a spread of 2.25%. The loan matures on August 25, 2026 and has two 12-month extension options. There was no balance outstanding on the loan as of December 31, 2022. On September 27, 2022, the Company refinanced the $13.4 million loan secured by Liberty Apartments. The new $21.0 million loan bears interest at a rate of SOFR plus a spread of 1.50% and will mature on September 27, 2027. On December 6, 2022, the Company paid off the $64.3 million, $16.1 million, $9.7 million, and $7.1 million balances of the loans secured by the Wills Wharf, 249 Central Park Retail, Fountain Plaza Retail, and South Retail properties, respectively. On December 20, 2022, the Company refinanced the $29.6 million loan secured by Gainesville Apartments. The new $30.0 million loan bears interest at a rate of SOFR plus a spread of 1.50%. The loan matures on December 20, 2025 and has two 12-month extension options, subject to certain conditions. During the year ended December 31, 2022, the Company borrowed $39.8 million under its existing construction loans to fund new development and construction. 2021 Financing Activity On January 15, 2021, the Company refinanced the loan secured by 4525 Main Street and Encore Apartments. The Company increased the balance by $1.5 million, bringing the total balance of the loan to $57.0 million. The new loan bears interest at a rate of 2.93% and will mature on February 10, 2026. On January 28, 2021, the Company refinanced the Nexton Square loan and paid the balance down by $2.0 million, bringing the balance to $20.1 million. The loan bore interest at a rate of LIBOR plus a spread of 2.25% (LIBOR has a 0.25% floor) and was scheduled to mature on February 1, 2023. This loan was subsequently refinanced prior to its original maturity date. See “Other 2022 Financing Activity” above. On March 8, 2021, the Company obtained a loan secured by Delray Beach Plaza in the amount of $14.5 million. The loan bore interest at a rate of LIBOR plus a spread of 3.00% and was scheduled to mature on March 8, 2026. This loan was subsequently paid off prior to its original maturity date. See “Other 2022 Financing Activity” above. On May 5, 2021, the Company entered into a $35.1 million construction loan agreement for the Chronicle Mill development project. The loan bears interest at a rate of LIBOR plus a spread of 3.00% (LIBOR has a 0.25% floor). The loan matures on May 5, 2024 and has two 12-month extension options. On August 24, 2021, as a part of the Greenbrier Square acquisition, the Company assumed a note payable of $20.0 million. The loan bears interest at a fixed rate of 3.74% and will mature on October 10, 2027. On September 30, 2021, the Company refinanced the loan secured by Thames Street Wharf. The new $71.0 million loan bears interest at a rate of BSBY plus a spread of 1.30% and will mature on September 30, 2026. The Company simultaneously entered into an interest rate swap agreement that effectively fixes the interest rate at 2.35% for the term of the loan. On April 15, 2021, the Company refinanced the $19.5 million Southgate Square loan. On December 21, 2021, the Company refinanced the loan with a new $27.1 million loan. The new loan bears interest at a rate of LIBOR plus a spread of 1.90% (LIBOR has a 0.20% floor) and will mature on December 21, 2026. During the year ended December 31, 2021, the Company borrowed $23.4 million under its existing construction loans to fund new development and construction. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments As of December 31, 2022, the Company had the following interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 2/2/2021 2/1/2023 $ 100,000 0.50% (LIBOR) $ 45 3/4/2021 4/1/2023 14,479 2.50% (LIBOR) 4 11/1/2020 11/1/2023 84,375 (a) 1.84% (SOFR) 91 7/1/2022 1/1/2024 50,000 (a) 1.00%-3.00% (SOFR) (b) 143 (c) 7/5/2022 1/1/2024 35,100 (a) 1.00%-3.00% (SOFR) (b) 120 (c) 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 7/6/2022 3/1/2024 200,000 (a) 1.00%-3.00% (SOFR) (b) 352 (c) 9/1/2022 9/1/2024 73,562 (a)(d) 1.00%-3.00% (SOFR) (b) 1,370 $ 907,516 $ 5,874 ________________________________________ (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) This amount represents the sum of the premiums paid on the original instruments. The caps were blended and extended during the year ended December 31, 2022. (d) 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 December 31, 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 1-month LIBOR 2.78 % 4.08 % 5/1/2018 5/1/2023 Senior unsecured term loan 32,842 (a) 1-month LIBOR 2.25 % 3.55 % 4/1/2019 8/10/2023 Senior unsecured term loan 10,500 (a) 1-month LIBOR 3.02 % 4.32 % 10/12/2018 10/12/2023 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 1.80 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 1.80 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.55 % 1.85 % 4/1/2020 4/1/2024 Thames Street Wharf 69,328 (a) 1-month BSBY 1.05 % 2.35 % 9/30/2021 9/30/2026 M&T unsecured term loan 100,000 1-month SOFR 3.50 % 4.80 % 12/6/2022 12/6/2027 Senior unsecured term loan 100,000 1-month SOFR 3.43 % 4.73 % 12/13/2022 1/21/2028 Total $ 437,670 ________________________________________ (a) Designated as a cash flow hedge. For the interest rate swaps and caps designated as cash flow hedges, realized gains and losses are reclassified out of accumulated other comprehensive gain (loss) to interest expense in the consolidated statements of comprehensive income due to payments received from and paid to the counterparty. During the next 12 months, the Company anticipates reclassifying approximately $11.7 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 comprised the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Fair Value Fair Value Notional Amount Asset Liability Notional Amount Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 250,000 $ 2,201 $ — $ 50,000 $ — $ (1,454) Interest rate caps 289,479 2,102 — 399,579 1,019 — Total derivatives not designated as accounting hedges 539,479 4,303 — 449,579 1,019 (1,454) Derivatives designated as accounting hedges Interest rate swaps 187,670 11,247 — 239,633 1,317 (2,013) Interest rate caps 561,200 13,565 — 384,375 590 — Total derivatives $ 1,288,349 $ 29,115 $ — $ 1,073,587 $ 2,926 $ (3,467) The changes in the fair value of the Company’s derivatives during the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands): Years Ended December 31, 2022 2021 2020 Interest rate swaps $ 16,210 $ 4,775 $ (10,318) Interest rate caps 12,841 1,222 (518) Total change in fair value of interest rate derivatives $ 29,051 $ 5,997 $ (10,836) Comprehensive income statement presentation: Change in fair value of derivatives and other $ 8,886 $ 2,319 $ (1,085) Unrealized cash flow hedge gains (losses) 20,165 3,678 (9,751) Total change in fair value of interest rate derivatives $ 29,051 $ 5,997 $ (10,836) |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Equity Stockholders’ Equity As of December 31, 2022 and 2021, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 67.7 million and 63.0 million shares of common stock issued and outstanding as of December 31, 2022 and 2021, respectively. The Company had 6.8 million shares of its Series A Preferred Stock (as defined below) issued and outstanding as of December 31, 2022 and 2021. Common Stock On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the "2018 ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock. Upon commencing the 2018 ATM Program, the Company simultaneously terminated the 2016 ATM Program. On August 6, 2019, the Company entered into amendments to the separate sales agreements related to the 2018 ATM Program, which, among other things, increased the aggregate offering price of shares of the Company’s common stock under the ATM Program from $125.0 million to $180.7 million. During the year ended December 31, 2020, the Company issued and sold 92,577 shares of common stock at a weighted average price of $18.23 per share under the 2018 ATM Program, receiving net proceeds after offering costs and commissions of $1.7 million. On March 10, 2020, the Company commenced a new at-the-market continuous equity offering program (the "ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock and shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") having an aggregate offering price of up to $300.0 million, to or through its sales agents and, with respect to shares of its common stock, may enter into separate forward sales agreements to or through the forward purchaser. Upon commencing the ATM Program, the Company simultaneously terminated the 2018 ATM Program. During the years ended December 31, 2022 and 2021, the Company issued and sold 475,074 and 3,801,731 shares of common stock at a weighted average price of $15.21 and $13.87 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $7.1 million and $51.7 million, respectively. During the years ended December 31, 2022 and 2021, the Company did not issue any shares of the Series A Preferred Stock under the ATM Program. During the year ended December 31, 2020, the Company issued and sold 713,418 shares of the Series A Preferred Stock at a weighted average price of $22.88 per share (inclusive of accrued dividends) under the ATM Program, receiving net proceeds, after offering costs and commissions, of $16.1 million. 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. Preferred Stock On June 18, 2019, the Company issued 2,530,000 shares of its Series A Preferred Stock, with a liquidation preference of $25.00 per share, which included 330,000 shares issued upon the underwriters’ full exercise of their option to purchase additional shares. Net proceeds from the offering, after the underwriting discount but before offering expenses payable by the Company, were approximately $61.3 million. The Company used the net proceeds to fund a portion of the purchase price of Thames Street Wharf, a 263,426 square foot office building located in the Harbor Point neighborhood of Baltimore, Maryland. The balance of the net proceeds was used to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes. In connection with the issuance of the Series A Preferred Stock, on June 18, 2019, the Operating Partnership issued to the Company 2,530,000 6.75% Series A Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which have economic terms that are identical to the Company’s Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership. On August 20, 2020, the Company sold 3,600,000 shares of its Series A Preferred Stock at a public offering price of $24.75 per share (inclusive of accrued dividends), for net proceeds, after the underwriting discount and offering expenses payable by the Company, of approximately $86.1 million, pursuant to a prospectus supplement, dated August 13, 2020, and a base prospectus dated March 9, 2020. The offering was a re-opening of the Company’s previous issuances of Series A Preferred Stock. The additional shares of Series A Preferred Stock sold in the offering form a single series, and are fully fungible, with the other outstanding shares of Series A Preferred Stock. The Company used the net proceeds to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes. In connection with the issuance of the Series A Preferred Stock, on August 20, 2020, the Operating Partnership issued to the Company 3,600,000 Series A Preferred Units, which have economic terms that are identical to the Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership. Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about the 15th day of each January, April, July and October. The first dividend on the Series A Preferred Stock was paid on October 15, 2019. The Series A Preferred Stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the Series A Preferred Stock will rank senior to the Company's common stock with respect to the payment of distributions and other amounts. Except in instances relating to preservation of the Company's qualification as a REIT or pursuant to the Company’s special optional redemption right, the Series A Preferred Stock is not redeemable prior to June 18, 2024. On and after June 18, 2024, the Company may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the redemption date. Upon the occurrence of a change of control (as defined in the articles supplementary designating the terms of the Series A Preferred Stock), the Company has a special optional redemption right that enables it to redeem the Series A Preferred Stock, in whole or in part and within 120 days after the first date on which a change of control has occurred resulting in neither the Company nor the surviving entity having a class of common stock listed on the New York Stock Exchange, NYSE American, or NASDAQ or the acquisition of beneficial ownership of its stock entitling a person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in election of directors. The special optional redemption price is $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the date of redemption. Upon the occurrence of a change of control, holders will have the right (unless the Company has elected to exercise its special optional redemption right to redeem their Series A Preferred Stock) to convert some or all of such holder’s Series A Preferred Stock into a number of shares of the Company's common stock equal to the lesser of: • the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid distributions to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a Series A Preferred Stock distribution payment and prior to the corresponding Series A Preferred Stock distribution payment date, in which case no additional amount for such accrued and unpaid distribution will be included in this sum) by (ii) the Common Stock Price (as defined in the articles supplementary designating the terms of the Series A Preferred Stock); and • 2.97796 (i.e., the Share Cap), subject to certain adjustments; subject, in each case, to certain adjustments and provisions for the receipt of alternative consideration of equivalent value as described in the articles supplementary designating the terms of the Series A Preferred Stock. Noncontrolling Interests As of December 31, 2022 and 2021, the Company held a 76.7% and 75.3% common interest in the Operating Partnership, respectively. As of December 31, 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 Company represent units of limited partnership interest in the Operating Partnership not held by the Company. As of December 31, 2022, there were 20,611,190 Class A Units of limited partnership interest in the Operating partnership not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for investment entities of $24.1 million relates to the minority partners' interest in certain joint venture entities as of December 31, 2022. The noncontrolling interest for consolidated real estate entities was $0.6 million as of December 31, 2021. On January 1, 2022, in connection with the tender by holders of Class A Units 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. On July 1, 2022, in connection with the tender by a limited partner in the Operating Partnership of 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. Holders of OP Units may not transfer their units without the Company’s prior consent as general partner of the Operating Partnership. Subject to the satisfaction of certain conditions, holders of Class A Units may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock at the time of redemption or, at the Company’s option and sole discretion, for unregistered or registered shares of common stock on a one-for-one basis. Accordingly, the Company presents OP Units of the Operating Partnership not held by the Company as noncontrolling interests within equity in the consolidated balance sheets. Dividends and Class A Unit Distributions During the years ended December 31, 2022, 2021, and 2020, the Company declared dividends per common share and distributions per unit of $0.72, $0.64, and $0.44, respectively. During the years ended December 31, 2022, 2021, and 2020, these common stock dividends totaled $48.7 million, $39.3 million, and $25.3 million, respectively, and these Operating Partnership distributions totaled $14.8 million, $13.3 million, and $9.2 million, respectively. The tax treatment of dividends paid to common stockholders during the years ended December 31, 2022, 2021, and 2020 was as follows (unaudited): Years ended December 31, 2022 2021 2020 Capital gains — % 8.98 % — % Ordinary income 65.64 % 66.71 % 59.09 % Return of capital 34.36 % 24.31 % 40.91 % Total 100.00 % 100.00 % 100.00 % During the years ended December 31, 2022, 2021, and 2020 the Company declared dividends of $1.687500 per share to holders of Series A Preferred Stock. During the years ended December 31, 2022, 2021, and 2020, these preferred stock dividends totaled $11.5 million, $11.5 million, and $7.3 million, respectively. The tax treatment of dividends paid to preferred stockholders during the years ended December 31, 2022, 2021, and 2020 was as follows (unaudited): Years ended December 31, 2022 2021 2020 Capital gains — % 11.96 % — % Ordinary income 100.00 % 88.04 % 100.00 % Total 100.00 % 100.00 % 100.00 % |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 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 December 31, 2022, the Company had 398,110 shares of common stock available for issuance under the Equity Plan. During the years ended December 31, 2022, 2021, and 2020, the Company granted an aggregate of 288,677, 166,768 and 176,382 shares of restricted stock to employees and nonemployee directors, respectively. The grant date fair value of the restricted stock awards granted during the years ended December 31, 2022, 2021, and 2020 was $4.2 million, $2.1 million and $2.8 million, respectively. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. 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 years ended December 31, 2022, 2021, and 2020, the Company issued performance-based awards in the form of restricted stock units to certain employees. The performance period for these awards is three years, with a required two-year service period immediately following the expiration of the performance period in order to fully vest. There were no performance-based awards issued or vested in 2022. During the three months ended December 31, 2021, 5,760 shares were issued with a grant date fair value of $15.19 per share due to the partial vesting of performance units awarded to certain employees in 2017. Of those shares, 1,926 were surrendered by the employees for income tax withholdings. During the three months ended December 31, 2020, 10,842 shares were issued with a grant date fair value of $11.11 per share due to the partial vesting of performance units awarded to certain employees in 2016 and 2017. Of those shares, 3,165 were surrendered by the employees for income tax withholdings. During the three months ended March 31, 2020, 10,600 shares were issued with a grant date fair value of $18.08 per share due to the partial vesting of performance units awarded to certain employees in 2017. Of those shares, 3,677 were surrendered by the employees for income tax withholdings. During the years ended December 31, 2022, 2021, and 2020, the Company recognized $3.8 million, $2.6 million and $2.9 million of stock-based compensation, respectively. As of December 31, 2022, the total unrecognized compensation cost related to unvested restricted shares was $1.1 million, substantially all of which the Company expects to recognize over the next 27 months. Compensation cost relating to stock-based compensation for the years ended December 31, 2022, 2021, and 2020 was recorded as follows (in thousands): Years Ended December 31, 2022 2021 2020 General and administrative expense $ 1,905 $ 1,505 $ 1,615 General contracting and real estate services expenses 1,342 738 763 Capitalized in conjunction with development projects 530 329 483 Total stock-based compensation cost $ 3,777 $ 2,572 $ 2,861 The following table summarizes the changes in the Company’s unvested restricted stock awards during the year ended December 31, 2022: Restricted Stock Weighted Average Grant Date Fair Value Per Share Unvested as of January 1, 2022 151,812 $ 14.24 Granted 288,677 14.60 Vested (190,525) 14.90 Forfeited (30,658) 14.23 Unvested as of December 31, 2022 219,306 $ 14.15 Restricted stock awards granted and vested during the year ended December 31, 2022 include 52,088 shares tendered by employees to satisfy minimum statutory tax withholding obligations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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 Inputs — quoted prices in active markets for identical assets or liabilities Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying amounts and fair values of the Company’s financial instruments as of December 31, 2022 and 2021 were as follows (in thousands): December 31, 2022 2021 Carrying Fair Carrying Fair Indebtedness, net (a)(b) $ 1,079,233 $ 1,058,530 $ 966,253 $ 983,863 Notes receivable 136,039 136,039 126,429 126,429 Interest rate swap liabilities — — 3,467 3,467 Interest rate swap and cap assets 29,115 29,115 2,926 2,926 _______________________________________ (a) The values as of December 31, 2021 include loans reclassified to liabilities related to assets held for sale. (b) Excludes $11.0 million and $7.3 million of deferred financing costs as of December 31, 2022 and 2021, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax benefit (provision) for the years ended December 31, 2022, 2021, and 2020 comprised the following (in thousands): Years Ended December 31, 2022 2021 2020 Federal income taxes: Current $ — $ 722 $ 290 Deferred 122 (100) (18) State income taxes: Current — 139 14 Deferred 23 (19) (3) Income tax benefit $ 145 $ 742 $ 283 As of December 31, 2022 and 2021, the Company had $1.4 million and $1.3 million, respectively, of net deferred tax assets representing net operating losses of the TRS that are being carried forward and basis differences in the assets of the TRS. The deferred tax assets are presented within other assets in the consolidated balance sheets. Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2022 and 2021. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2019 through 2022. The Company does not currently have any ongoing tax examinations by taxing authorities. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets were comprised of the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Leasing costs, net $ 15,005 $ 13,043 Leasing incentives, net 2,697 3,330 Interest rate swaps and caps 29,115 2,926 Prepaid expenses and other 30,516 18,345 Pre-acquisition and pre-development costs 8,030 8,283 Other assets $ 85,363 $ 45,927 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities were comprised of the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Dividends and distributions payable $ 19,777 $ 17,245 Acquired lease intangibles, net 18,418 19,256 Prepaid rent and other 10,935 11,294 Security deposits 4,026 3,371 Interest rate swaps — 3,467 Guarantee liability 899 1,243 Other liabilities $ 54,055 $ 55,876 |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
Acquired Lease Intangibles | |
Acquired Lease Intangibles | Acquired Lease Intangibles The following table summarizes the Company’s acquired lease intangibles as of December 31, 2022 (in thousands): December 31, 2022 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 180,598 $ 79,320 $ 101,278 Above-market lease assets 7,748 5,156 2,592 Above/Below-market ground lease assets 5,075 948 4,127 Below-market lease liabilities 32,355 13,937 18,418 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2021 (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 126,528 $ 67,486 $ 59,042 Above-market lease assets 7,442 4,446 2,996 Above/Below-market ground lease assets 5,075 810 4,265 Below-market lease liabilities 30,798 11,542 19,256 During the years ended December 31, 2022, 2021, and 2020, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands): Years Ended December 31, 2022 2021 2020 Intangible lease assets In-place lease assets $ 15,767 $ 13,210 $ 6,935 Above-market lease assets 641 595 300 Above/Below-market ground lease assets 138 144 213 Intangible lease liabilities Below-market lease liabilities 2,395 2,148 1,119 As of December 31, 2022, the weighted-average remaining lives of in-place lease assets, above-market lease assets, above/below-market ground lease assets, and below-market lease liabilities were 9.8 years, 5.0 years, 42.2 years and 11.3 years, respectively. As of December 31, 2022, the weighted-average remaining life of below-market lease renewal options was 9.6 years. Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Rental Revenues Depreciation and Amortization Year ending December 31, 2023 $ 1,709 $ 13,495 2024 1,712 11,592 2025 1,639 10,582 2026 1,646 9,898 2027 1,426 9,263 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are included in these consolidated financial statements. Revenue and Gross Profits from construction contracts with related party entities of the Company were not material for the year ended December 31, 2022. Revenue from construction contracts with related party entities of the Company were $23.6 million and $52.2 million for the years ended December 31, 2021, and 2020, respectively. Gross profits from such contracts were $1.7 million and $2.0 million for the years ended December 31, 2021, and 2020, respectively. As of December 31, 2022 there were no outstanding balance from related parties of the Company. As of December 31, 2021 there was $4.1 million outstanding from related parties of the Company included in net construction receivables. Real estate services fees from affiliated entities of the Company were not material for any of the years ended December 31, 2022, 2021, and 2020. In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not material for any of the years ended December 31, 2022, 2021, and 2020. 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 executives and nonindependent directors of the Company, not including the Chief Executive Officer and Chief Financial Officer. These contracts were executed in October and December 2019 and as of December 31, 2022 were completed and resulted in aggregate gross profit of $3.9 million to the Company, representing a gross profit margin of 5.1%. 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 December 31, 2022 and is projected to expire in May 2023. The Company provides general contracting services to the Harbor Point Parcel 3 and Harbor Point Parcel 4 ventures. See Note 5 for more information. During the year ended December 31, 2022, the Company recognized gross profit of $0.9 million relating to these construction contracts. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Guarantees In connection with the Company's mezzanine lending activities 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 December 31, 2022 (in thousands): Development project Payment guarantee amount Guarantee liability Interlock Commercial $ 37,450 $ 701 Harbor Point Parcel 4 (a) 32,910 198 Total $ 70,360 $ 899 _______________________________________ (a) As of December 31, 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 $8.5 million and $2.1 million as of December 31, 2022 and 2021, respectively. In addition, during the year ended December 31, 2019, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under a related party project, which was still in effect at December 31, 2022. On January 7, 2021, the Operating Partnership entered into a $15.0 million standby letter of credit using the available capacity under the credit facility to guarantee the funding of its investment in the Harbor Point Parcel 3 joint venture, which is the developer of T. Rowe Price's new global headquarters. This letter of credit was available for draw down on the revolving credit facility in the event the Company did not meet its equity requirement. The letter of credit expired on January 4, 2022 and was not required to be renewed. 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 December 31, 2022, the Company had three notes receivable with a total of $18.2 million of unfunded commitments. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. As of December 31, 2022, the Company has recorded a $0.3 million CECL allowance that relates to the unfunded commitments, which was recorded as a liability in Other liabilities in the consolidated balance sheet. See Note 6 for more information. The Operating Partnership has entered into standby letters of credit related to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of both December 31, 2022 and 2021, the Operating Partnership had outstanding letters of credit totaling $9.5 million, as noted above. Concentrations of Credit Risk The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2022, 2021, and 2020, rental revenues from Hampton Roads properties represented 38%, 40% and 44%, respectively, of the Company’s rental revenues. Many of the Company’s Hampton Roads properties are located in the Town Center of Virginia Beach. For the years ended December 31, 2022, 2021, and 2020, rental revenues from Town Center properties represented 25%, 26% and 27%, respectively, of the Company’s rental revenues. The Company also has a concentration of properties at Harbor Point in Baltimore, Maryland. For the years ended December 31, 2022, 2021, and 2020, rental revenues from Harbor Point properties represented 26%, 14% and 14%, respectively, of the Company's rental revenues. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion. Real Estate On January 14, 2023, the Company acquired the additional 11% membership interest in the Constellation Energy Building in exchange for full satisfaction of the $12.8 million loan that was extended to the seller upon the acquisition of the property in January 2022. Indebtedness Borrowings under the revolving credit facility were $94.0 million on February 17, 2023. Equity On January 5, 2023, the Company paid cash dividends of $12.8 million to common stockholders and the Operating Partnership paid cash distributions of $3.9 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2022. On January 13, 2023, the Company paid cash dividends of $2.9 million to the holders of the Series A Preferred Stock. These dividends were declared and accrued as of December 31, 2022. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation | SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation December 31, 2022 Initial Cost Cost Capitalized Gross Carrying Amount Year of Building and Subsequent to Building and Accumulated Net Carrying Construction/ Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Amount (1) Acquisition Office 4525 Main Street $ 30,785 $ 982 $ — $ 46,959 $ 982 $ 46,959 $ 47,941 $ 13,831 $ 34,110 2014 Armada Hoffler Tower — (2) 1,976 — 70,034 1,976 70,034 72,010 43,265 28,745 2002 Brooks Crossing Office — (2) 295 — 19,509 295 19,509 19,804 2,456 17,348 2016/2019 Constellation Office 175,000 21,152 176,943 1,692 21,152 178,635 199,787 4,583 195,204 2016/2022 One City Center — (2) 2,911 28,202 6,302 2,911 34,504 37,415 3,978 33,437 2019 One Columbus — (2) 960 10,269 14,907 960 25,176 26,136 14,929 11,207 1984 Thames Street Wharf 69,327 15,861 64,689 577 15,861 65,266 81,127 5,957 75,170 2010/2019 Two Columbus — (2) 53 — 21,739 53 21,739 21,792 10,951 10,841 2009 Wills Wharf — (2) — — 112,182 — 112,182 112,182 7,810 104,372 2020 Total office $ 275,112 $ 44,190 $ 280,103 $ 293,901 $ 44,190 $ 574,004 $ 618,194 $ 107,760 $ 510,434 Retail 249 Central Park Retail $ — (2) $ 713 $ — $ 17,092 $ 713 $ 17,092 $ 17,805 $ 10,043 $ 7,762 2004 Apex Entertainment — (2) 67 — 17,903 67 17,903 17,970 7,425 10,545 2002 Broad Creek Shopping Center — (2) — — 9,658 — 9,658 9,658 5,152 4,506 1997-2001 Broadmoor Plaza — (2) 2,410 9,010 1,535 2,410 10,545 12,955 3,313 9,642 1980/2016 Brooks Crossing Retail — 117 — 2,421 117 2,421 2,538 455 2,083 2016 Columbus Village — (2) 7,631 10,135 8,533 7,631 18,668 26,299 5,115 21,184 1980/2015 Columbus Village II — (2) 14,536 10,922 100 14,536 11,022 25,558 2,648 22,910 1995/2016 Commerce Street Retail — (2) 118 — 3,323 118 3,323 3,441 2,086 1,355 2008 Delray Beach Plaza — (2) — 27,151 351 — 27,502 27,502 1,764 25,738 2021 Dimmock Square — (2) 5,100 13,126 762 5,100 13,888 18,988 3,305 15,683 1998/2014 Fountain Plaza Retail — (2) 425 — 8,049 425 8,049 8,474 4,265 4,209 2004 Greenbrier Square 19,940 8,549 21,170 29 8,549 21,199 29,748 982 28,766 2017/2021 Greentree Shopping Center — (2) 1,103 — 4,174 1,103 4,174 5,277 1,477 3,800 2014 Hanbury Village — (2) 2,566 — 16,512 2,566 16,512 19,078 8,048 11,030 2006 Harrisonburg Regal — 1,554 — 4,148 1,554 4,148 5,702 2,522 3,180 1999 Lexington Square 13,892 3,035 20,581 338 3,035 20,919 23,954 3,188 20,766 2017/2018 Market at Mill Creek 12,494 2,261 — 21,040 2,261 21,040 23,301 2,695 20,606 2018 Marketplace at Hilltop — (2) 2,023 19,886 433 2,023 20,319 22,342 2,132 20,210 2000/2019 Nexton Square 22,195 9,086 27,760 5,250 9,086 33,010 42,096 2,607 39,489 2020/2020 North Hampton Market — (2) 7,250 10,210 975 7,250 11,185 18,435 2,993 15,442 2004/2016 North Pointe Center — (3) 1,276 — 23,084 1,276 23,084 24,360 11,609 12,751 1998 Overlook Village — (2) 6,328 20,101 271 6,328 20,372 26,700 1,044 25,656 1990/2021 Parkway Centre — (2) 1,372 7,864 138 1,372 8,002 9,374 1,217 8,157 2017/2018 Parkway Marketplace — (2) 1,150 — 4,137 1,150 4,137 5,287 2,388 2,899 1998 Patterson Place — (2) 15,060 20,180 1,088 15,060 21,268 36,328 4,499 31,829 2004/2016 Initial Cost Cost Capitalized Gross Carrying Amount Year of Building and Subsequent to Building and Accumulated Net Carrying Construction/ Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Amount (1) Acquisition Pembroke Square — (2) 14,513 9,290 1 14,513 9,291 23,804 111 23,693 1966/2015/2022 Perry Hall Marketplace — (2) 3,240 8,316 593 3,240 8,909 12,149 2,616 9,533 2001/2015 Premier Retail 8,013 318 — 15,339 318 15,339 15,657 2,147 13,510 2018 Providence Plaza — (2) 9,950 12,369 2,057 9,950 14,426 24,376 3,623 20,753 2007/2015 Red Mill Commons 11,283 (3) 44,252 30,348 4,550 44,252 34,898 79,150 6,343 72,807 2000/2019 Sandbridge Commons — (2) 4,118 — 7,508 4,118 7,508 11,626 2,512 9,114 2015 South Retail — (2) 190 — 8,300 190 8,300 8,490 5,382 3,108 2002 South Square — (2) 14,130 12,670 1,129 14,130 13,799 27,929 3,296 24,633 1977/2016 Southgate Square 26,195 10,238 25,950 5,607 10,238 31,557 41,795 6,660 35,135 1991/2016 Southshore Shops — (2) 1,770 6,509 443 1,770 6,952 8,722 1,429 7,293 2006/2016 Studio 56 Retail — (2) 76 — 2,601 76 2,601 2,677 1,270 1,407 2007 Tyre Neck Harris Teeter — (2) — — 3,306 — 3,306 3,306 1,754 1,552 2011 Wendover Village — (2) 19,893 22,638 961 19,893 23,599 43,492 4,513 38,979 2004/2016-2019 Total retail $ 114,012 $ 216,418 $ 346,186 $ 203,739 $ 216,418 $ 549,925 $ 766,343 $ 134,628 $ 631,715 Multifamily 1305 Dock Street $ — $ 2,164 $ 18,113 $ 172 $ 2,164 $ 18,285 $ 20,449 $ 472 $ 19,977 2016/2022 1405 Point — (2) — 95,466 3,812 — 99,278 99,278 11,762 87,516 2018/2019 Chronicle Mill 27,630 1,780 533 54,079 1,780 54,612 56,392 361 56,031 2021 Edison Apartments 15,563 3,428 18,582 1,490 3,428 20,072 23,500 1,912 21,588 1919/ 2014/2020 Encore Apartments 23,980 1,293 — 31,562 1,293 31,562 32,855 7,984 24,871 2014 Gainesville Apartments 30,000 4,834 — 45,314 4,834 45,314 50,148 1,039 49,109 2020 Greenside Apartments 31,862 5,711 — 45,622 5,711 45,622 51,333 6,411 44,922 2018 Liberty Apartments 20,926 3,580 23,494 2,516 3,580 26,010 29,590 7,627 21,963 2013/2014 Premier Apartments 16,269 647 — 29,348 647 29,348 29,995 3,876 26,119 2018 Smith’s Landing 15,535 — 35,105 4,477 — 39,582 39,582 11,605 27,977 2009/2013 Southern Post — 5,000 — 37,496 5,000 37,496 42,496 — 42,496 2021 (4) The Cosmopolitan 41,243 985 — 76,141 985 76,141 77,126 34,526 42,600 2006 Total multifamily $ 223,008 $ 29,422 $ 191,293 $ 332,029 $ 29,422 $ 523,322 $ 552,744 $ 87,575 $ 465,169 Held for development $ — $ 6,294 $ — $ — $ 6,294 $ — $ 6,294 $ — $ 6,294 Real estate investments $ 612,132 $ 296,324 $ 817,582 $ 829,669 $ 296,324 $ 1,647,251 $ 1,943,575 $ 329,963 $ 1,613,612 ________________________________________ (1) The net carrying amount of real estate for federal income tax purposes was $1,464.5 million as of December 31, 2022. (2) Borrowing base collateral for the credit facility as of December 31, 2022. (3) A portion of this property is borrowing base collateral for the credit facility as of December 31, 2022. (4) Construction in progress as of December 31, 2022. Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Real Estate Accumulated Investments Depreciation December 31, 2022 2021 2022 2021 Balance at beginning of the year $ 1,737,438 $ 1,757,917 $ 285,814 $ 253,965 Construction costs and improvements 93,467 86,325 — — Acquisitions 242,423 83,723 — — Dispositions (129,342) (83,848) (10,396) (14,809) Reclassifications (411) (106,679) — (5,010) Depreciation — — 54,545 51,668 Balance at end of the year $ 1,943,575 $ 1,737,438 $ 329,963 $ 285,814 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ from management’s estimates. |
Segments | Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate, and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties. |
Reclassifications | Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period's presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported. |
Revenue Recognition | Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $6.2 million, $4.9 million and $5.9 million of straight-line rent adjustments for the years ended December 31, 2022, 2021, and 2020, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million for each of the years ended December 31, 2022, 2021 and 2020. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight-line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem. |
Real Estate Investments | Real Estate Investments Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include pre-acquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2022, 2021, and 2020 was $4.0 million, $1.5 million and $3.6 million, respectively. |
Operating Property Acquisitions | Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. Conversely, the Company amortizes above-market ground lease assets as decreases to amortization of right-of-use assets - finance leases expense on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for comparable leases. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. |
Real Estate Sales and Real Estate Investments Held for Sale | Real Estate Sales The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Interest Income | Interest Income Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed collectible. Many loans provide for accrual of interest and fees that will not be paid until maturity of the loan. Interest is recognized on these loans at the accrual rate subject to the determination that accrued interest and fees are ultimately collectible, based on the underlying collateral and the status of development activities, as applicable. If this determination cannot be made, recognition of interest income may be fully or partially deferred until it is ultimately paid. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds, and investments with an original maturity of three months or less. |
Restricted Cash | Restricted Cash |
Accounts Receivable, net | Accounts Receivable, net |
Notes Receivable and Allowance for Loan Losses | Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of mezzanine loans or preferred equity investments for the development of new real estate. The Company's mezzanine loans are typically made to borrowers who have little or no equity in the underlying development projects. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. The Company's risk ratings are as follows: • Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions. • Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management. • Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on nonaccrual status if it does not believe that additional interest accruals will ultimately be collected. At the end of each reporting period, the Company measures expected credit losses to be incurred over the remaining contractual term based on the risk rating of each loan. If a loan is rated as substandard, the Company then estimates expected credit losses as the difference between the amortized cost basis of the outstanding loan and the estimated projected sales proceeds of the underlying collateral. Changes to the allowance for loan losses resulting from quarterly evaluations are recorded through provision for unrealized credit losses on the consolidated statements of comprehensive income. The Company's loans typically include commitments to fund incremental proceeds to the borrowers over the life of the loan, which future funding commitments are also subject to the CECL model. The CECL provision related to future loan fundings is recorded as a component of Other Liabilities on the Company's consolidated balance sheet. This provision is estimated using the same process outlined above for the Company's outstanding loan balances, and changes in this component of the provision will similarly impact the Company's consolidated net income. For both the funded and unfunded portions of the Company's loans, the Company consider the risk rating of each loan as the primary credit quality indicator underlying its assessment. The Company places loans on nonaccrual status when the loan balance, together with the balance of any senior loans, approximately equals the estimated realizable value of the underlying development project. |
Guarantees | Guarantees |
Leasing Costs | Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets. |
Leasing Incentives | Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets. |
Debt Issuance Costs | Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. |
Derivative Financial Instruments | Derivative Financial Instruments The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of derivatives and other caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. |
Stock-Based Compensation | Stock-Based Compensation |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes. |
Discontinued Operations | Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations. |
Net Income Per Share | Net Income Per Share |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards: 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. ASU 2020-04 contained practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. This Accounting Standards Update ("ASU") also provided optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance was 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 were elective and principally applied 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 were effective upon issuance. In December 2022, the FASB issued ASU 2022-06 Deferral of the Sunset Date of Topic 848 which became effective immediately upon issuance. ASU 2022-06 deferred the sunset date of Topic 848 to December 31, 2024. During the year ended December 31, 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. Earnings Per Share In August 2020, FASB issued ASU 2020-06 as an update to ASC Topic 470 and ASC Topic 815, which became effective January 1, 2022. ASU 2020-06 simplified the accounting for convertible instruments and removed certain settlement conditions that were required for equity contracts to qualify for the derivative scope exception. This ASU also simplified diluted earnings per share calculation in certain areas and provided 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs — quoted prices in active markets for identical assets or liabilities Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. |
Legal Proceedings | Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. |
Business and Organization (Tabl
Business and Organization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Operating Portfolio | As of December 31, 2022, the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% Brooks Crossing Office Office Newport News, Virginia 100% Constellation Office Office Baltimore, Maryland** 79% (1) One City Center Office Durham, North Carolina 100% One Columbus Office Virginia Beach, Virginia* 100% Thames Street Wharf Office Baltimore, Maryland** 100% Two Columbus Office Virginia Beach, Virginia* 100% Wills Wharf Office Baltimore, Maryland** 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Apex Entertainment Retail Virginia Beach, Virginia* 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail Retail Newport News, Virginia 65% (2) Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Delray Beach Plaza Retail Delray Beach, Florida 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Greenbrier Square Retail Chesapeake, Virginia 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Lexington Square Retail Lexington, South Carolina 100% Market at Mill Creek Retail Mount Pleasant, South Carolina 100% Marketplace at Hilltop Retail Virginia Beach, Virginia 100% Nexton Square Retail Summerville, South Carolina 100% North Hampton Market Retail Taylors, South Carolina 100% North Pointe Center Retail Durham, North Carolina 100% Property Segment Location Ownership Interest Overlook Village Retail Asheville, North Carolina 100% Parkway Centre Retail Moultrie, Georgia 100% Parkway Marketplace Retail Virginia Beach, Virginia 100% Patterson Place Retail Durham, North Carolina 100% Pembroke Square Retail Virginia Beach, Virginia* 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Premier Retail Retail Virginia Beach, Virginia* 100% Providence Plaza Retail Charlotte, North Carolina 100% Red Mill Commons Retail Virginia Beach, Virginia 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% 1305 Dock Street Multifamily Baltimore, Maryland** 79% (1) 1405 Point Multifamily Baltimore, Maryland** 100% Edison Apartments Multifamily Richmond, Virginia 100% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Gainesville Apartments Multifamily Gainesville, Georgia 100% Greenside Apartments Multifamily Charlotte, North Carolina 100% Liberty Apartments Multifamily Newport News, Virginia 100% Premier Apartments Multifamily Virginia Beach, Virginia* 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% The Cosmopolitan Multifamily Virginia Beach, Virginia* 100% ________________________________________ * Located in the Town Center of Virginia Beach ** Located at Harbor Point in Baltimore (1) The Company owned a 90% economic interest in this property, including an 11% economic interest through a note receivable as of December 31, 2022. In January 2023 the Company acquired the additional 11% membership interest in the property in exchange for full satisfaction of $12.8 million note. (2) The Company is entitled to a preferred return on its investment in this property. |
Schedule of properties under development or construction | As of December 31, 2022, the following properties were under development, redevelopment or not yet stabilized: Property Segment Location Ownership Interest Chronicle Mill Multifamily Belmont, North Carolina 85% (1) Southern Post Mixed-use Roswell, Georgia 100% ________________________________________ (1) We are entitled to a preferred return on our joint investment in this property. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Net operating income of reportable segments | Net operating income of the Company’s reportable segments for the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands): Years Ended December 31, 2022 2021 2020 Office real estate Rental revenues $ 74,036 $ 47,363 $ 43,494 Rental expenses 18,710 12,412 10,799 Real estate taxes 7,625 6,112 5,111 Segment net operating income 47,701 28,839 27,584 Retail real estate Rental revenues 86,344 78,572 73,032 Rental expenses 13,769 12,512 11,029 Real estate taxes 8,873 8,416 7,784 Segment net operating income 63,702 57,644 54,219 Multifamily residential real estate Rental revenues 58,914 66,205 49,962 Rental expenses 18,263 21,570 17,132 Real estate taxes 5,559 7,324 5,241 Segment net operating income 35,092 37,311 27,589 General contracting and real estate services Segment revenues 234,859 91,936 217,146 Segment expenses 227,158 88,100 209,472 Segment gross profit 7,701 3,836 7,674 Net operating income $ 154,196 $ 127,630 $ 117,066 |
Reconciliation of net operating income to net income | The following table reconciles net operating income to net income for the years ended December 31, 2022, 2021, and 2020 (in thousands): Years Ended December 31, 2022 2021 2020 Net operating income $ 154,196 $ 127,630 $ 117,066 Depreciation and amortization (72,974) (68,853) (59,972) Amortization of right-of-use assets - finance leases (1,110) (1,022) (586) General and administrative expenses (15,691) (14,610) (12,905) Acquisition, development and other pursuit costs (37) (112) (584) Impairment charges (416) (21,378) (666) Gain on real estate dispositions 53,466 19,040 6,388 Interest income 16,978 18,457 19,841 Interest expense (39,680) (33,905) (31,035) Loss on extinguishment of debt (3,374) (3,810) — Change in fair value of derivatives and other 8,698 2,182 (1,130) Unrealized credit loss release (provision) (626) 792 (256) Other income (expense), net 378 302 515 Income tax benefit 145 742 283 Net income $ 99,953 $ 25,455 $ 36,959 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of lease costs | The components of lease cost for the years ended December 31, 2022, 2021, and 2020 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating lease cost (a) $ 1,969 $ 2,448 $ 2,626 Finance lease cost: Amortization of right-of-use assets (a) 1,110 1,022 586 Interest on lease liabilities 2,573 2,251 915 ________________________________________ (a) Includes amortization of above & below-market ground lease intangible assets. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2022, 2021, and 2020 (in thousands): Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,797 $ 2,085 $ 2,113 Operating cash flows from finance leases 2,256 1,986 864 Additional information related to leases as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Weighted Average Remaining Lease Term (years) Operating leases 35.8 36.7 Finance leases 42.7 43.7 Weighted Average Discount Rate Operating leases 5.5 % 5.5 % Finance leases 5.7 % 5.7 % |
Schedule of maturities of operating lease liabilities | The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2023 $ 1,845 $ 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 2027 1,890 2,391 Thereafter 66,495 124,293 Total undiscounted cash flows 75,890 136,052 Present value discount (44,213) (89,575) Discounted cash flows $ 31,677 $ 46,477 |
Schedule of maturities of finance lease liabilities | The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2023 $ 1,845 $ 2,311 2024 1,881 2,326 2025 1,897 2,363 2026 1,882 2,368 2027 1,890 2,391 Thereafter 66,495 124,293 Total undiscounted cash flows 75,890 136,052 Present value discount (44,213) (89,575) Discounted cash flows $ 31,677 $ 46,477 |
Schedule of rental revenue | Rental revenue for the years ended December 31, 2022, 2021, and 2020 comprised the following (in thousands): Years Ended December 31, 2022 2021 2020 Base rent and tenant charges $ 212,046 $ 186,137 $ 159,747 Accrued straight-line rental adjustment 6,178 4,938 5,927 Lease incentive amortization (684) (660) (693) Below/(above) market lease amortization 1,754 1,725 1,507 Total rental revenue $ 219,294 $ 192,140 $ 166,488 |
Schedule of minimum rental payments | The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2023 $ 124,838 2024 120,659 2025 110,981 2026 102,996 2027 91,857 Thereafter 541,166 Total $ 1,092,497 |
Real Estate Investments and E_2
Real Estate Investments and Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of real estate investments | The Company’s real estate investments comprised the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Income producing property Held for development Construction in progress Total Land $ 285,030 $ 6,294 $ 5,000 $ 296,324 Land improvements 71,308 — — 71,308 Buildings and improvements 1,527,876 — — 1,527,876 Development and construction costs — — 48,067 48,067 Real estate investments $ 1,884,214 $ 6,294 $ 53,067 $ 1,943,575 December 31, 2021 Income producing property Held for development Construction in progress Total Land $ 256,728 $ 6,294 $ 12,513 $ 275,535 Land improvements 65,565 — — 65,565 Buildings and improvements 1,336,316 — — 1,336,316 Development and construction costs — — 60,022 60,022 Real estate investments $ 1,658,609 $ 6,294 $ 72,535 $ 1,737,438 |
Schedule of the purchase price allocation | The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired for the three operating properties purchased during the year ended December 31, 2022 (in thousands): Constellation Energy Building (1) Pembroke Square Land $ 23,317 $ 14,513 Site improvements 141 465 Building 194,916 8,825 In-place leases 53,705 4,445 Above-market leases 306 — Below-market leases — (1,557) Net assets acquired $ 272,385 $ 26,691 ________________________________________ (1) The Constellation Energy Building is comprised of two properties which include the Constellation Office and 1305 Dock Street. Delray Beach Plaza Overlook Village Greenbrier Square Land $ — $ 6,328 $ 8,549 Site improvements 4,607 1,727 1,974 Building and improvements 22,544 18,375 19,196 In-place leases 7,209 3,997 6,659 Above-market leases — 81 1,753 Below-market leases (3,121) (2,146) (1,365) Finance lease liabilities (27,940) — — Finance lease right-of-use assets 24,466 — — Fair value adjustment on acquired debt — — 11 Net assets acquired $ 27,765 $ 28,362 $ 36,777 The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties acquired during the year ended December 31, 2020 (in thousands): Nexton Square Edison Apartments The Residences at Annapolis Junction Land $ 9,885 $ 3,428 $ 14,774 Site improvements 3,690 — 1,786 Building and improvements 24,070 18,227 101,219 Furniture and fixtures — 355 1,796 In-place leases 5,239 1,882 4,079 Below-market leases (1,877) (140) — Fair value adjustment on acquired debt 364 (6) — Net assets acquired $ 41,371 $ 23,746 $ 123,654 |
Notes Receivable and Current _2
Notes Receivable and Current Expected Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Summary of mezzanine loans | The Company had the following loans receivable outstanding as of December 31, 2022 and 2021 ($ in thousands): Outstanding loan amount (a) Maximum loan commitment Interest rate Interest compounding Development Project December 31, 2022 December 31, 2021 City Park 2 $ 19,062 $ — $ 20,594 13.0 % Annually Solis Gainesville II 6,638 — 19,595 14.0 % Annually Interlock Commercial 86,584 95,379 107,000 (b) 15.0 % None Nexton Multifamily — 23,567 22,315 11.0 % Annually Total mezzanine 112,284 118,946 $ 169,504 Constellation Energy Building note receivable 12,834 — Other notes receivable 11,512 7,234 Notes receivable guarantee premium 701 1,243 Allowance for credit losses (c) (1,292) (994) Total notes receivable $ 136,039 $ 126,429 _______________________________________ (a) Outstanding loan amounts include any accrued and unpaid interest, as applicable. (b) This amount includes interest reserves. (c) The amounts as of December 31, 2022 and 2021 exclude $0.3 million and less than $0.1 million, respectively, of CECL allowance that relates to the unfunded commitments, which were recorded as a liability under Other liabilities in the consolidated balance sheets. |
Summary of interest income | The Company recognized interest income for the years ended December 31, 2022, 2021, and 2020 as follows (in thousands): Years Ended December 31, Development Project 2022 2021 2020 The Residences at Annapolis Junction $ — $ — $ 2,468 (a)(b) City Park 2 1,038 — — Delray Beach Plaza — — 489 (a) Solis Gainesville II 205 — — Nexton Square — — 1,177 Interlock Commercial (c) 9,870 (c) 12,769 (c) 12,267 (c) Nexton Multifamily 5,348 (e) 1,252 — Solis Apartments at Interlock — 4,005 (d) 3,382 Total mezzanine 16,461 18,026 19,783 Other interest income 517 431 58 Total interest income $ 16,978 $ 18,457 $ 19,841 ________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. Additionally, the amount includes $1.5 million of interest income recognition relating to an exit fee that was due upon repayment of the loan. (c) The amounts of 2022, 2021 and 2020 include $1.1 million, $2.0 million and $2.3 million, respectively, of interest income recognition relating to an exit fee that is due upon repayment of the loan. (d) Includes prepayment premium of $2.4 million received from the early payoff of the loan. (e) Includes prepayment premium of $2.7 million received from the early payoff of the loan. |
Allowance for credit losses on financing receivables | Changes in the allowance for funded and unfunded commitments for the years ended December 31, 2022 and 2021 were as follows (in thousands): Year ended December 31, 2022 Year ended December 31, 2021 Funded Unfunded Total Funded Unfunded Total Beginning balance $ 994 $ 10 $ 1,004 $ 2,584 $ — $ 2,584 Unrealized credit loss provision (release) 298 328 626 (802) 10 (792) Extinguishment due to acquisition — — — (788) — (788) Ending balance $ 1,292 $ 338 $ 1,630 $ 994 $ 10 $ 1,004 |
Construction Contracts (Tables)
Construction Contracts (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022 and 2021 (in thousands): Year ended December 31, 2022 Year ended December 31, 2021 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 — 18,238 — 6,237 Transferred to receivables (965) — (714) — Construction contract costs and estimated earnings not billed during the period 342 — 243 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 722 (723) 576 (1,356) Ending balance $ 342 $ 17,515 $ 243 $ 4,881 The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Beginning backlog $ 215,519 $ 71,258 $ 242,622 New contracts/change orders 685,753 236,077 45,882 Work performed (235,707) (91,816) (217,246) Ending backlog $ 665,565 $ 215,519 $ 71,258 |
Net position of uncompleted construction contracts | The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Costs incurred on uncompleted construction contracts $ 571,465 $ 379,993 Estimated earnings 22,162 15,115 Billings (610,800) (399,746) Net position $ (17,173) $ (4,638) Construction contract costs and estimated earnings in excess of billings $ 342 $ 243 Billings in excess of construction contract costs and estimated earnings (17,515) (4,881) Net position $ (17,173) $ (4,638) |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The Company’s indebtedness comprised the following as of December 31, 2022 and 2021 (dollars in thousands): Principal Balance Interest Rate (a) Maturity Date December 31, December 31, 2022 2021 2022 Secured Debt Delray Beach Plaza (b) $ — $ 14,039 N/A N/A Red Mill West (c) — 10,386 N/A N/A Hoffler Place (d)(e) — 18,400 N/A N/A Summit Place (d)(e) — 23,100 N/A N/A North Pointe Center Note 2 (f) — 1,942 N/A N/A The Residences at Annapolis Junction (g) — 84,375 N/A N/A Marketplace at Hilltop (h) — 9,706 N/A N/A 1405 Point (i) — 52,286 N/A N/A Brooks Crossing Office (i) — 14,882 N/A N/A One City Center (i) — 24,084 N/A N/A Wills Wharf (j) — 64,288 N/A N/A 249 Central Park Retail (j)(k) — 16,352 N/A N/A Fountain Plaza Retail (j)(k) — 9,841 N/A N/A South Retail (j)(k) — 7,179 N/A N/A Chronicle Mill 27,630 — LIBOR+ 3.00% May 5, 2024 Red Mill Central 2,013 2,188 4.80% June 17, 2024 Premier Apartments (l) 16,269 16,508 LIBOR+ 1.55% October 31, 2024 Premier Retail (l) 8,013 8,131 LIBOR+ 1.55% October 31, 2024 Red Mill South 5,191 5,518 3.57% May 1, 2025 Market at Mill Creek 12,494 13,142 LIBOR+ 1.55% July 12, 2025 Gainesville Apartments 30,000 18,114 SOFR+ 1.50% December 20, 2025 Encore Apartments (m) 23,980 24,523 2.93% February 10, 2026 4525 Main Street (m) 30,785 31,476 2.93% February 10, 2026 Southern Post (n) — — SOFR+ 2.25% August 25, 2026 Thames Street Wharf 69,327 70,761 BSBY+ 1.30% (o) September 30, 2026 Constellation Energy Building 175,000 — BSBY+ 1.50% November 1, 2026 Southgate Square 26,195 27,060 LIBOR+ 1.90% December 21, 2026 Nexton Square 22,195 20,107 SOFR+ 1.95% June 30, 2027 Liberty Apartments 20,926 13,572 SOFR+ 1.50% September 27, 2027 Greenbrier Square 19,940 20,000 3.74% October 10, 2027 Lexington Square 13,892 14,172 4.50% September 1, 2028 Red Mill North 4,079 4,189 4.73% December 31, 2028 Greenside Apartments 31,862 32,598 3.17% December 15, 2029 Smith's Landing 15,535 16,452 4.05% June 1, 2035 Edison Apartments 15,563 15,926 5.30% December 1, 2044 The Cosmopolitan 41,243 42,090 3.35% July 1, 2051 Total secured debt $ 612,132 $ 747,387 Unsecured Debt Senior unsecured revolving credit facility $ 61,000 $ 5,000 SOFR+ 1.30%-1.85% January 22, 2027 M&T unsecured term loan 100,000 — SOFR+ 1.25%-1.80% (o) March 8, 2027 Senior unsecured term loan 31,658 19,500 SOFR+ 1.25%-1.80% January 21, 2028 Senior unsecured term loan 268,342 185,500 SOFR+ 1.25%-1.80% (o) January 21, 2028 Total unsecured debt 461,000 210,000 Total principal balances 1,073,132 957,387 Other note payable (p) 6,131 10,144 (q) Unamortized GAAP adjustments (11,002) (8,621) Loans reclassified to liabilities related to assets held for sale, net — (41,354) Indebtedness, net $ 1,068,261 $ 917,556 ________________________________________ (a) London Inter-Bank Offered Rate ("LIBOR"), SOFR, and BSBY rates are determined by individual lenders. (b) On January 19, 2022 the Delray Beach Plaza note was paid off. (c) On March 3, 2022 the Red Mill West note was paid off. (d) Cross collateralized. (e) The loans secured by Hoffler Place and Summit Place were paid off on April 1, 2022 and April 25, 2022, respectively, in conjunction with the sales of the properties. Both properties were held for sale as of December 31, 2021. (f) On June 29, 2022 the note associated with North Pointe Phase II was paid off in conjunction with the sale of the property. (g) On July 22, 2022 the note associated with The Residences at Annapolis Junction was paid off in conjunction with the sale of the property. (h) On August 15, 2022 the Marketplace at Hilltop note was paid off. (i) On August 25, 2022 the notes secured by the 1405 Point, Brooks Crossing Office, and One City Center properties were paid off. (j) On December 6, 2022 these notes were paid off with the proceeds of the M&T unsecured term loan. (k) Cross collateralized. (l) Cross collateralized. (m) Cross collateralized. (n) No funding on the construction loan as of December 31, 2022. (o) Includes debt subject to interest rate swap agreements. (p) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 40-year remaining lease term. |
Components of debt | The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Fixed-rate debt $ 641,752 $ 534,371 Variable-rate debt 431,380 423,016 Total principal balance $ 1,073,132 $ 957,387 |
Scheduled principal repayments and term-loan maturities | Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year (1) Scheduled Principal Payments Maturities Total Payments 2023 $ 9,770 $ — $ 9,770 2024 10,376 53,022 63,398 2025 10,736 45,259 55,995 2026 8,150 309,376 317,526 2027 4,796 217,779 222,575 Thereafter 61,763 342,105 403,868 Total (1) $ 105,591 $ 967,541 $ 1,073,132 ________________________________________ (1) Debt principal payments and maturities exclude increased ground lease payments at 1405 Point which are classified as a note payable in the Company's consolidated balance sheets. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of LIBOR interest rate caps | As of December 31, 2022, the Company had the following interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 2/2/2021 2/1/2023 $ 100,000 0.50% (LIBOR) $ 45 3/4/2021 4/1/2023 14,479 2.50% (LIBOR) 4 11/1/2020 11/1/2023 84,375 (a) 1.84% (SOFR) 91 7/1/2022 1/1/2024 50,000 (a) 1.00%-3.00% (SOFR) (b) 143 (c) 7/5/2022 1/1/2024 35,100 (a) 1.00%-3.00% (SOFR) (b) 120 (c) 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 7/6/2022 3/1/2024 200,000 (a) 1.00%-3.00% (SOFR) (b) 352 (c) 9/1/2022 9/1/2024 73,562 (a)(d) 1.00%-3.00% (SOFR) (b) 1,370 $ 907,516 $ 5,874 ________________________________________ (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) This amount represents the sum of the premiums paid on the original instruments. The caps were blended and extended during the year ended December 31, 2022. (d) 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 December 31, 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 1-month LIBOR 2.78 % 4.08 % 5/1/2018 5/1/2023 Senior unsecured term loan 32,842 (a) 1-month LIBOR 2.25 % 3.55 % 4/1/2019 8/10/2023 Senior unsecured term loan 10,500 (a) 1-month LIBOR 3.02 % 4.32 % 10/12/2018 10/12/2023 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 1.80 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.50 % 1.80 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month LIBOR 0.55 % 1.85 % 4/1/2020 4/1/2024 Thames Street Wharf 69,328 (a) 1-month BSBY 1.05 % 2.35 % 9/30/2021 9/30/2026 M&T unsecured term loan 100,000 1-month SOFR 3.50 % 4.80 % 12/6/2022 12/6/2027 Senior unsecured term loan 100,000 1-month SOFR 3.43 % 4.73 % 12/13/2022 1/21/2028 Total $ 437,670 ________________________________________ (a) Designated as a cash flow hedge. |
Schedule of derivatives | The Company’s derivatives comprised the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Fair Value Fair Value Notional Amount Asset Liability Notional Amount Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 250,000 $ 2,201 $ — $ 50,000 $ — $ (1,454) Interest rate caps 289,479 2,102 — 399,579 1,019 — Total derivatives not designated as accounting hedges 539,479 4,303 — 449,579 1,019 (1,454) Derivatives designated as accounting hedges Interest rate swaps 187,670 11,247 — 239,633 1,317 (2,013) Interest rate caps 561,200 13,565 — 384,375 590 — Total derivatives $ 1,288,349 $ 29,115 $ — $ 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 years ended December 31, 2022, 2021, and 2020 was as follows (in thousands): Years Ended December 31, 2022 2021 2020 Interest rate swaps $ 16,210 $ 4,775 $ (10,318) Interest rate caps 12,841 1,222 (518) Total change in fair value of interest rate derivatives $ 29,051 $ 5,997 $ (10,836) Comprehensive income statement presentation: Change in fair value of derivatives and other $ 8,886 $ 2,319 $ (1,085) Unrealized cash flow hedge gains (losses) 20,165 3,678 (9,751) Total change in fair value of interest rate derivatives $ 29,051 $ 5,997 $ (10,836) |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Tax treatment of dividends paid | The tax treatment of dividends paid to common stockholders during the years ended December 31, 2022, 2021, and 2020 was as follows (unaudited): Years ended December 31, 2022 2021 2020 Capital gains — % 8.98 % — % Ordinary income 65.64 % 66.71 % 59.09 % Return of capital 34.36 % 24.31 % 40.91 % Total 100.00 % 100.00 % 100.00 % The tax treatment of dividends paid to preferred stockholders during the years ended December 31, 2022, 2021, and 2020 was as follows (unaudited): Years ended December 31, 2022 2021 2020 Capital gains — % 11.96 % — % Ordinary income 100.00 % 88.04 % 100.00 % Total 100.00 % 100.00 % 100.00 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements | Compensation cost relating to stock-based compensation for the years ended December 31, 2022, 2021, and 2020 was recorded as follows (in thousands): Years Ended December 31, 2022 2021 2020 General and administrative expense $ 1,905 $ 1,505 $ 1,615 General contracting and real estate services expenses 1,342 738 763 Capitalized in conjunction with development projects 530 329 483 Total stock-based compensation cost $ 3,777 $ 2,572 $ 2,861 |
Summary of the changes in the company's nonvested restricted stock awards | The following table summarizes the changes in the Company’s unvested restricted stock awards during the year ended December 31, 2022: Restricted Stock Weighted Average Grant Date Fair Value Per Share Unvested as of January 1, 2022 151,812 $ 14.24 Granted 288,677 14.60 Vested (190,525) 14.90 Forfeited (30,658) 14.23 Unvested as of December 31, 2022 219,306 $ 14.15 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021 were as follows (in thousands): December 31, 2022 2021 Carrying Fair Carrying Fair Indebtedness, net (a)(b) $ 1,079,233 $ 1,058,530 $ 966,253 $ 983,863 Notes receivable 136,039 136,039 126,429 126,429 Interest rate swap liabilities — — 3,467 3,467 Interest rate swap and cap assets 29,115 29,115 2,926 2,926 _______________________________________ (a) The values as of December 31, 2021 include loans reclassified to liabilities related to assets held for sale. (b) Excludes $11.0 million and $7.3 million of deferred financing costs as of December 31, 2022 and 2021, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of income tax provision | The income tax benefit (provision) for the years ended December 31, 2022, 2021, and 2020 comprised the following (in thousands): Years Ended December 31, 2022 2021 2020 Federal income taxes: Current $ — $ 722 $ 290 Deferred 122 (100) (18) State income taxes: Current — 139 14 Deferred 23 (19) (3) Income tax benefit $ 145 $ 742 $ 283 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of other assets | Other assets were comprised of the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Leasing costs, net $ 15,005 $ 13,043 Leasing incentives, net 2,697 3,330 Interest rate swaps and caps 29,115 2,926 Prepaid expenses and other 30,516 18,345 Pre-acquisition and pre-development costs 8,030 8,283 Other assets $ 85,363 $ 45,927 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Summary of other liabilities | Other liabilities were comprised of the following as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Dividends and distributions payable $ 19,777 $ 17,245 Acquired lease intangibles, net 18,418 19,256 Prepaid rent and other 10,935 11,294 Security deposits 4,026 3,371 Interest rate swaps — 3,467 Guarantee liability 899 1,243 Other liabilities $ 54,055 $ 55,876 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Acquired Lease Intangibles | |
Summary of the company's acquired lease intangibles | The following table summarizes the Company’s acquired lease intangibles as of December 31, 2022 (in thousands): December 31, 2022 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 180,598 $ 79,320 $ 101,278 Above-market lease assets 7,748 5,156 2,592 Above/Below-market ground lease assets 5,075 948 4,127 Below-market lease liabilities 32,355 13,937 18,418 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2021 (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 126,528 $ 67,486 $ 59,042 Above-market lease assets 7,442 4,446 2,996 Above/Below-market ground lease assets 5,075 810 4,265 Below-market lease liabilities 30,798 11,542 19,256 |
Schedule of finite-lived intangible assets | During the years ended December 31, 2022, 2021, and 2020, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands): Years Ended December 31, 2022 2021 2020 Intangible lease assets In-place lease assets $ 15,767 $ 13,210 $ 6,935 Above-market lease assets 641 595 300 Above/Below-market ground lease assets 138 144 213 Intangible lease liabilities Below-market lease liabilities 2,395 2,148 1,119 |
Estimated amortization of acquired lease intangibles | Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Rental Revenues Depreciation and Amortization Year ending December 31, 2023 $ 1,709 $ 13,495 2024 1,712 11,592 2025 1,639 10,582 2026 1,646 9,898 2027 1,426 9,263 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of guarantees | The following table summarizes the outstanding guarantees made by the Company as of December 31, 2022 (in thousands): Development project Payment guarantee amount Guarantee liability Interlock Commercial $ 37,450 $ 701 Harbor Point Parcel 4 (a) 32,910 198 Total $ 70,360 $ 899 _______________________________________ (a) As of December 31, 2022, no amounts have been funded on this senior loan. |
Business and Organization - Add
Business and Organization - Additional Information (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Business and Organization | ||
Percentage of operating partnerships held | 76.70% | 75.30% |
General Partner | ||
Business and Organization | ||
Percentage of operating partnerships held | 0.10% |
Business and Organization - Sch
Business and Organization - Schedule of Owned Properties (Details) - USD ($) $ in Millions | 1 Months Ended | |
Jan. 31, 2023 | Dec. 31, 2022 | |
4525 Main Street | Office | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Armada Hoffler Tower | Office | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Brooks Crossing Office | Office | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Constellation Office | ||
Business and Organization | ||
Percentage of economic interest in property | 90% | |
Percentage of economic interest in property owned through notes receivable | 11% | |
Constellation Office | Subsequent Event | ||
Business and Organization | ||
Percentage of additional interest in property | 11% | |
Paydown receive on note receivable | $ 12.8 | |
Constellation Office | Office | ||
Business and Organization | ||
Ownership interest percentage in property | 79% | |
One City Center | Office | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
One Columbus | Office | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Thames Street Wharf | Office | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Two Columbus | Office | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Wills Wharf | Office | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
249 Central Park Retail | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Apex Entertainment | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Broad Creek Shopping Center | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Broadmoor Plaza | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Brooks Crossing Retail | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 65% | |
Columbus Village | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Columbus Village II | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Commerce Street Retail | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Delray Beach Plaza | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Dimmock Square | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Fountain Plaza Retail | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Greenbrier Square | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Greentree Shopping Center | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Hanbury Village | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Harrisonburg Regal | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Lexington Square | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Market at Mill Creek | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Marketplace at Hilltop | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Nexton Square | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
North Hampton Market | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
North Pointe Center | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Overlook Village | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Parkway Centre | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Parkway Marketplace | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Patterson Place | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Pembroke Square | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Perry Hall Marketplace | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Premier Retail | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Providence Plaza | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Red Mill Commons | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Sandbridge Commons | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
South Retail | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
South Square | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Southgate Square | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Southshore Shops | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Studio 56 Retail | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Tyre Neck Harris Teeter | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Wendover Village | Retail | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
1305 Dock Street | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 79% | |
1405 Point | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Edison Apartments | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Encore Apartments | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Gainesville Apartments | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Greenside Apartments | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Liberty Apartments | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Premier Apartments | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
Smith’s Landing | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 100% | |
The Cosmopolitan | Multifamily | ||
Business and Organization | ||
Ownership interest percentage in property | 100% |
Business and Organization - S_2
Business and Organization - Schedule of Properties under development, redevelopment or not yet stabilized (Details) | Dec. 31, 2022 |
Multifamily | Chronicle Mill | |
Business and Organization | |
Ownership interest percentage in property | 85% |
Mixed-use | Southern Post | |
Business and Organization | |
Ownership interest percentage in property | 100% |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) segment shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Accounting Policies [Line Items] | ||||
Business segments | segment | 4 | |||
Accrued straight-line rental adjustment | $ 6,178 | $ 4,938 | $ 5,927 | |
Leasing incentive amortization | 700 | 700 | 700 | |
Interest capitalized | 4,000 | 1,500 | $ 3,600 | |
Capitalized pre-acquisition development costs | 8,030 | 8,283 | ||
Accounts receivable, net | 39,186 | 29,576 | ||
Allowance for doubtful accounts | $ 1,500 | $ 400 | ||
Percentage of taxable income for distributions to stockholders | 90% | |||
Dilutive shares outstanding (in shares) | shares | 0 | 0 | 0 | |
Interest rate caps | ||||
Accounting Policies [Line Items] | ||||
Amortization of premiums | $ 3,800 | $ 200 | $ 200 | |
Socastee Commons Shopping Center | ||||
Accounting Policies [Line Items] | ||||
Impairment of real estate | $ 3,000 | |||
Hoffler Place and Summit Place | ||||
Accounting Policies [Line Items] | ||||
Impairment of real estate | 18,300 | 18,300 | ||
Accrued Straight-line Rental Revenue | ||||
Accounting Policies [Line Items] | ||||
Accounts receivable, net | $ 30,200 | $ 24,700 |
Significant Accounting Polici_5
Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 39 years |
Capital improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Capital improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Segments - Net Income of Report
Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information | |||
Rental revenues | $ 219,294 | $ 192,140 | $ 166,488 |
Real estate taxes | 22,057 | 21,852 | 18,136 |
Segment revenues | 234,859 | 91,936 | 217,146 |
Gross profit | 154,196 | 127,630 | 117,066 |
Office real estate | |||
Segment Reporting Information | |||
Rental revenues | 74,036 | 47,363 | 43,494 |
Rental expenses | 18,710 | 12,412 | 10,799 |
Real estate taxes | 7,625 | 6,112 | 5,111 |
Gross profit | 47,701 | 28,839 | 27,584 |
Retail real estate | |||
Segment Reporting Information | |||
Rental revenues | 86,344 | 78,572 | 73,032 |
Rental expenses | 13,769 | 12,512 | 11,029 |
Real estate taxes | 8,873 | 8,416 | 7,784 |
Gross profit | 63,702 | 57,644 | 54,219 |
Multifamily residential real estate | |||
Segment Reporting Information | |||
Rental revenues | 58,914 | 66,205 | 49,962 |
Rental expenses | 18,263 | 21,570 | 17,132 |
Real estate taxes | 5,559 | 7,324 | 5,241 |
Gross profit | 35,092 | 37,311 | 27,589 |
General contracting and real estate services | |||
Segment Reporting Information | |||
Segment revenues | 234,859 | 91,936 | 217,146 |
Segment expenses | 227,158 | 88,100 | 209,472 |
Gross profit | $ 7,701 | $ 3,836 | $ 7,674 |
Segments - Additional informati
Segments - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information | |||
General contracting and real estate services revenues | $ 234,859 | $ 91,936 | $ 217,146 |
General contracting and real estate services | |||
Segment Reporting Information | |||
General contracting and real estate services revenues | 234,859 | 91,936 | 217,146 |
General contracting and real estate services expenses | 227,158 | 88,100 | 209,472 |
Intersegment Eliminations | General contracting and real estate services | |||
Segment Reporting Information | |||
General contracting and real estate services revenues | 58,100 | 27,800 | 26,600 |
General contracting and real estate services expenses | $ 57,500 | $ 27,600 | $ 26,300 |
Segments - Reconciliation of Ne
Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | |||
Net operating income | $ 154,196 | $ 127,630 | $ 117,066 |
Depreciation and amortization | (72,974) | (68,853) | (59,972) |
Amortization of right-of-use assets - finance leases | (1,110) | (1,022) | (586) |
General and administrative expenses | (15,691) | (14,610) | (12,905) |
Acquisition, development and other pursuit costs | (37) | (112) | (584) |
Impairment charges | (416) | (21,378) | (666) |
Gain on real estate dispositions | 53,466 | 19,040 | 6,388 |
Interest income | 16,978 | 18,457 | 19,841 |
Interest expense | (39,680) | (33,905) | (31,035) |
Loss on extinguishment of debt | (3,374) | (3,810) | 0 |
Change in fair value of derivatives and other | 8,698 | 2,182 | (1,130) |
Unrealized credit loss release (provision) | (626) | 792 | (256) |
Other income (expense), net | 378 | 302 | 515 |
Income tax benefit | 145 | 742 | 283 |
Net income | $ 99,953 | $ 25,455 | $ 36,959 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 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 | extension | 1 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of renewal options | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of renewal options | 15 years |
Leases - Operating and Finance
Leases - Operating and Finance Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 1,969 | $ 2,448 | $ 2,626 |
Finance lease cost: | |||
Amortization of right-of-use assets | 1,110 | 1,022 | 586 |
Interest on lease liabilities | 2,573 | 2,251 | 915 |
Operating cash flows from operating leases | 1,797 | 2,085 | 2,113 |
Operating cash flows from finance leases | $ 2,256 | $ 1,986 | $ 864 |
Leases - Additional Informati_2
Leases - Additional Information Related to Leases (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted Average Remaining Lease Term (years) | ||
Operating leases | 35 years 9 months 18 days | 36 years 8 months 12 days |
Finance leases | 42 years 8 months 12 days | 43 years 8 months 12 days |
Weighted Average Discount Rate | ||
Operating leases | 5.50% | 5.50% |
Finance leases | 5.70% | 5.70% |
Leases - Lessee, Maturities of
Leases - Lessee, Maturities of Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 1,845 | |
2024 | 1,881 | |
2025 | 1,897 | |
2026 | 1,882 | |
2027 | 1,890 | |
Thereafter | 66,495 | |
Total undiscounted cash flows | 75,890 | |
Present value discount | (44,213) | |
Discounted cash flows | 31,677 | $ 31,648 |
Finance Leases | ||
2023 | 2,311 | |
2024 | 2,326 | |
2025 | 2,363 | |
2026 | 2,368 | |
2027 | 2,391 | |
Thereafter | 124,293 | |
Total undiscounted cash flows | 136,052 | |
Present value discount | (89,575) | |
Discounted cash flows | $ 46,477 | $ 46,160 |
Leases - Lessor, Rental Income
Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Base rent and tenant charges | $ 212,046 | $ 186,137 | $ 159,747 |
Accrued straight-line rental adjustment | 6,178 | 4,938 | 5,927 |
Lease incentive amortization | (684) | (660) | (693) |
Below/(above) market lease amortization | 1,754 | 1,725 | 1,507 |
Total rental revenue | $ 219,294 | $ 192,140 | $ 166,488 |
Leases - Lessor, Payments to be
Leases - Lessor, Payments to be Received (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 124,838 |
2024 | 120,659 |
2025 | 110,981 |
2026 | 102,996 |
2027 | 91,857 |
Thereafter | 541,166 |
Total | $ 1,092,497 |
Real Estate Investments and E_3
Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate Properties [Line Items] | |||
Land | $ 296,324 | $ 275,535 | |
Land improvements | 71,308 | 65,565 | |
Buildings and improvements | 1,527,876 | 1,336,316 | |
Development and construction costs | 48,067 | 60,022 | |
Real estate investments | 1,943,575 | 1,737,438 | $ 1,757,917 |
Income producing property | |||
Real Estate Properties [Line Items] | |||
Land | 285,030 | 256,728 | |
Land improvements | 71,308 | 65,565 | |
Buildings and improvements | 1,527,876 | 1,336,316 | |
Development and construction costs | 0 | 0 | |
Real estate investments | 1,884,214 | 1,658,609 | |
Held for development | |||
Real Estate Properties [Line Items] | |||
Land | 6,294 | 6,294 | |
Land improvements | 0 | 0 | |
Buildings and improvements | 0 | 0 | |
Development and construction costs | 0 | 0 | |
Real estate investments | 6,294 | 6,294 | |
Construction in progress | |||
Real Estate Properties [Line Items] | |||
Land | 5,000 | 12,513 | |
Land improvements | 0 | 0 | |
Buildings and improvements | 0 | 0 | |
Development and construction costs | 48,067 | 60,022 | |
Real estate investments | $ 53,067 | $ 72,535 |
Real Estate Investments and E_4
Real Estate Investments and Equity Method Investments - Operating Property Acquisitions (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Nov. 04, 2022 USD ($) ft² | Jan. 14, 2022 USD ($) | Aug. 24, 2021 USD ($) | Jul. 28, 2021 USD ($) | Jun. 28, 2021 USD ($) | Feb. 26, 2021 USD ($) | Oct. 30, 2020 USD ($) | Oct. 01, 2020 USD ($) shares | Sep. 22, 2020 USD ($) | Jun. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) property | Apr. 11, 2022 | Jan. 11, 2022 USD ($) | |
Real Estate [Line Items] | |||||||||||||||
Number of operating properties acquired | property | 3 | 3 | 3 | ||||||||||||
Notes receivable paydowns | $ 35,848 | $ 42,301 | $ 16,340 | ||||||||||||
Payment for debt extinguishment fee | 0 | 3,417 | 0 | ||||||||||||
Notional amount | 1,288,349 | 1,073,587 | |||||||||||||
Mezzanine Loan | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Notes receivable | 112,284 | 118,946 | |||||||||||||
Delray Beach Plaza | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Capitalized acquisition costs | $ 200 | ||||||||||||||
Purchase price | 27,600 | ||||||||||||||
Recognized identifiable assets acquired and liabilities | 27,765 | ||||||||||||||
Delray Beach Plaza | Mezzanine Loan | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Notes receivable paydowns | $ 14,300 | ||||||||||||||
Hoffler Place | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Payments to acquire real estate held-for-investment | $ 300 | ||||||||||||||
Percentage of ownership interest | 0.075 | ||||||||||||||
Summit Place | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Percentage of ownership interest | 0.10 | ||||||||||||||
Acquisition, cash consideration | $ 500 | ||||||||||||||
Overlook Village | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Recognized identifiable assets acquired and liabilities | 28,362 | ||||||||||||||
Greenbrier Square | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Capitalized acquisition costs | $ 300 | ||||||||||||||
Purchase price | 36,500 | ||||||||||||||
Loans payable | 20,000 | ||||||||||||||
Acquisition, assumption of debt | $ 20,000 | ||||||||||||||
Recognized identifiable assets acquired and liabilities | 36,777 | ||||||||||||||
Nexton Square | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Capitalized acquisition costs | $ 200 | ||||||||||||||
Acquisition, cash consideration | 17,900 | ||||||||||||||
Acquisition, assumption of debt | 22,900 | ||||||||||||||
Recognized identifiable assets acquired and liabilities | $ 41,371 | ||||||||||||||
Nexton Square | Mezzanine Loan | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Notes receivable | $ 16,400 | ||||||||||||||
1405 Point | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Interest acquired | 21% | ||||||||||||||
Remaining lease term | 42 years | ||||||||||||||
Acquisition, assumption of debt | $ 6,100 | ||||||||||||||
Edison Apartments | Richmond, Virginia | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Acquisition, assumption of debt | $ 16,400 | ||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 633,734 | ||||||||||||||
Recognized identifiable assets acquired and liabilities | $ 1,100 | ||||||||||||||
The Residences at Annapolis Junction | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Interest acquired | 79% | 16% | |||||||||||||
Payment for debt extinguishment fee | $ 200 | ||||||||||||||
Senior notes | 83,400 | ||||||||||||||
Short-term debt, refinanced, amount | 84,400 | ||||||||||||||
Interest rate caps | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Notional amount | 907,516 | ||||||||||||||
Interest rate caps | The Residences at Annapolis Junction | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Notional amount | $ 100 | ||||||||||||||
Not Designated as Hedging Instrument | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Notional amount | 539,479 | 449,579 | |||||||||||||
Not Designated as Hedging Instrument | Interest rate caps | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Notional amount | $ 289,479 | $ 399,579 | |||||||||||||
Minimum | Interest rate caps | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Interest rate cap | 1% | ||||||||||||||
Maximum | Interest rate caps | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Interest rate cap | 3% | ||||||||||||||
Bloomberg Short-Term Bank Yield | Not Designated as Hedging Instrument | Interest rate caps | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Interest rate cap | 4% | ||||||||||||||
Notional amount | $ 175,000 | ||||||||||||||
SOFR | The Residences at Annapolis Junction | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Stated interest rate, basis spread on variable rate | 2.66% | ||||||||||||||
Derivative, variable interest rate | 1.84% | ||||||||||||||
Constellation Energy Building | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Membership interest acquired | 79% | ||||||||||||||
Economic interest acquired | 11% | ||||||||||||||
Payments to acquire real estate held-for-investment | $ 92,200 | ||||||||||||||
Loan issued to seller | 12,800 | ||||||||||||||
Acquisition, assumption of debt | 156,100 | ||||||||||||||
Debt, face value | $ 175,000 | ||||||||||||||
Constellation Energy Building | Not Designated as Hedging Instrument | Interest rate caps | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Interest rate cap | 4% | ||||||||||||||
Constellation Energy Building | Bloomberg Short-Term Bank Yield | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Stated interest rate, basis spread on variable rate | 1.50% | ||||||||||||||
Constellation Energy Building | Bloomberg Short-Term Bank Yield | Minimum | Not Designated as Hedging Instrument | Interest rate caps | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Derivative, variable interest rate | 1% | ||||||||||||||
Constellation Energy Building | Bloomberg Short-Term Bank Yield | Maximum | Not Designated as Hedging Instrument | Interest rate caps | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Derivative, variable interest rate | 3% | ||||||||||||||
Pembroke Square | Grocery-Anchored Shopping Center | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Payments to acquire real estate held-for-investment | $ 26,500 | ||||||||||||||
Area of real estate property (in sqft) | ft² | 124 | ||||||||||||||
Capitalized acquisition costs | $ 200 | ||||||||||||||
Overlook Village | Overlook Village | |||||||||||||||
Real Estate [Line Items] | |||||||||||||||
Capitalized acquisition costs | $ 100 | ||||||||||||||
Consideration transferred | $ 28,300 |
Real Estate Investments and E_5
Real Estate Investments and Equity Method Investments - Summary of the Purchase Price Allocation (Details) $ in Thousands | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Constellation Energy Building | |||
Business Acquisition [Line Items] | |||
Land | $ 23,317 | ||
Above-market leases | 306 | ||
Below-market leases | 0 | ||
Net assets acquired | $ 272,385 | ||
Number of properties | property | 2 | ||
Pembroke Square | |||
Business Acquisition [Line Items] | |||
Land | $ 14,513 | ||
Above-market leases | 0 | ||
Below-market leases | (1,557) | ||
Net assets acquired | 26,691 | ||
Delray Beach Plaza | |||
Business Acquisition [Line Items] | |||
Land | $ 0 | ||
Above-market leases | 0 | ||
Below-market leases | (3,121) | ||
Finance lease liabilities | (27,940) | ||
Finance lease right-of-use assets | 24,466 | ||
Fair value adjustment on acquired debt | 0 | ||
Net assets acquired | 27,765 | ||
Overlook Village | |||
Business Acquisition [Line Items] | |||
Land | 6,328 | ||
Above-market leases | 81 | ||
Below-market leases | (2,146) | ||
Finance lease liabilities | 0 | ||
Finance lease right-of-use assets | 0 | ||
Fair value adjustment on acquired debt | 0 | ||
Net assets acquired | 28,362 | ||
Greenbrier Square | |||
Business Acquisition [Line Items] | |||
Land | 8,549 | ||
Above-market leases | 1,753 | ||
Below-market leases | (1,365) | ||
Finance lease liabilities | 0 | ||
Finance lease right-of-use assets | 0 | ||
Fair value adjustment on acquired debt | 11 | ||
Net assets acquired | 36,777 | ||
Nexton Square | |||
Business Acquisition [Line Items] | |||
Land | $ 9,885 | ||
Below-market leases | (1,877) | ||
Fair value adjustment on acquired debt | 364 | ||
Net assets acquired | 41,371 | ||
Edison Apartments | |||
Business Acquisition [Line Items] | |||
Land | 3,428 | ||
Below-market leases | (140) | ||
Fair value adjustment on acquired debt | (6) | ||
Net assets acquired | 23,746 | ||
The Residences at Annapolis Junction | |||
Business Acquisition [Line Items] | |||
Land | 14,774 | ||
Below-market leases | 0 | ||
Fair value adjustment on acquired debt | 0 | ||
Net assets acquired | 123,654 | ||
Site improvements | Constellation Energy Building | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 141 | ||
Site improvements | Pembroke Square | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 465 | ||
Site improvements | Delray Beach Plaza | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 4,607 | ||
Site improvements | Overlook Village | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 1,727 | ||
Site improvements | Greenbrier Square | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 1,974 | ||
Site improvements | Nexton Square | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 3,690 | ||
Site improvements | Edison Apartments | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 0 | ||
Site improvements | The Residences at Annapolis Junction | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 1,786 | ||
Building and improvements | Constellation Energy Building | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 194,916 | ||
Building and improvements | Pembroke Square | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 8,825 | ||
Building and improvements | Delray Beach Plaza | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 22,544 | ||
Building and improvements | Overlook Village | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 18,375 | ||
Building and improvements | Greenbrier Square | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 19,196 | ||
Building and improvements | Nexton Square | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 24,070 | ||
Building and improvements | Edison Apartments | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 18,227 | ||
Building and improvements | The Residences at Annapolis Junction | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 101,219 | ||
Furniture and fixtures | Nexton Square | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 0 | ||
Furniture and fixtures | Edison Apartments | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 355 | ||
Furniture and fixtures | The Residences at Annapolis Junction | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 1,796 | ||
In-place lease assets | Constellation Energy Building | |||
Business Acquisition [Line Items] | |||
In-place leases | 53,705 | ||
In-place lease assets | Pembroke Square | |||
Business Acquisition [Line Items] | |||
In-place leases | $ 4,445 | ||
In-place lease assets | Delray Beach Plaza | |||
Business Acquisition [Line Items] | |||
In-place leases | 7,209 | ||
In-place lease assets | Overlook Village | |||
Business Acquisition [Line Items] | |||
In-place leases | 3,997 | ||
In-place lease assets | Greenbrier Square | |||
Business Acquisition [Line Items] | |||
In-place leases | $ 6,659 | ||
In-place lease assets | Nexton Square | |||
Business Acquisition [Line Items] | |||
In-place leases | 5,239 | ||
In-place lease assets | Edison Apartments | |||
Business Acquisition [Line Items] | |||
In-place leases | 1,882 | ||
In-place lease assets | The Residences at Annapolis Junction | |||
Business Acquisition [Line Items] | |||
In-place leases | $ 4,079 |
Real Estate Investments and E_6
Real Estate Investments and Equity Method Investments - Other Real Estate Transactions (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Aug. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 23, 2022 USD ($) | Jul. 26, 2022 USD ($) | Jul. 22, 2022 USD ($) | Jun. 29, 2022 USD ($) | Apr. 25, 2022 USD ($) | Apr. 01, 2022 USD ($) | Jan. 14, 2022 USD ($) | Dec. 15, 2021 USD ($) | Nov. 16, 2021 USD ($) | Oct. 28, 2021 USD ($) | Aug. 25, 2021 USD ($) | Jun. 28, 2021 USD ($) | Mar. 18, 2021 USD ($) | Mar. 16, 2021 USD ($) | Jan. 14, 2021 USD ($) | Jan. 04, 2021 USD ($) | Oct. 02, 2020 USD ($) | Sep. 22, 2020 USD ($) | Sep. 01, 2020 USD ($) | Aug. 31, 2020 USD ($) | May 29, 2020 USD ($) property | Mar. 20, 2020 USD ($) | Jan. 10, 2020 USD ($) | Sep. 12, 2019 | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 31, 2022 | Apr. 11, 2022 | Oct. 30, 2020 | |
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 252,270,000 | $ 85,322,000 | $ 96,459,000 | ||||||||||||||||||||||||||||||
Debt repayments | 723,739,000 | 187,758,000 | 299,318,000 | ||||||||||||||||||||||||||||||
Payments to acquire interest in joint venture | 62,872,000 | 11,607,000 | 1,078,000 | ||||||||||||||||||||||||||||||
The Residences at Annapolis Junction | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Interests in equity method investments | 95% | ||||||||||||||||||||||||||||||||
Ten Tryon Project | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Interest acquired | 20% | ||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 3,900,000 | ||||||||||||||||||||||||||||||||
The Residences at Annapolis Junction | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Interest acquired | 16% | 79% | |||||||||||||||||||||||||||||||
Gainesville Partnership | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Interest acquired | 5% | ||||||||||||||||||||||||||||||||
Earn-out payments | 4,200,000 | ||||||||||||||||||||||||||||||||
Payments to acquire interest in joint venture | $ 800,000 | ||||||||||||||||||||||||||||||||
Market at Mill Creek | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Interest acquired | 30% | 30% | |||||||||||||||||||||||||||||||
Total consideration | $ 1,500,000 | ||||||||||||||||||||||||||||||||
Tryon Partners, LLC | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Interest acquired | 20% | ||||||||||||||||||||||||||||||||
Southern Post | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Interest acquired | 20% | ||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 3,500,000 | ||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 1,500,000 | ||||||||||||||||||||||||||||||||
Primary Beneficiary | Gainesville Partnership | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Interest acquired | 5% | ||||||||||||||||||||||||||||||||
Ownership percentage | 95% | ||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | 3,800,000 | $ 3,800,000 | |||||||||||||||||||||||||||||||
Primary Beneficiary | Gainesville Partnership | Forecast | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Interest acquired | 5% | ||||||||||||||||||||||||||||||||
Total consideration | $ 4,200,000 | ||||||||||||||||||||||||||||||||
Primary Beneficiary | Tryon Partners, LLC | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Ownership percentage | 80% | ||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 6,300,000 | ||||||||||||||||||||||||||||||||
Primary Beneficiary | Chronicle Holdings, LLC | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Ownership percentage | 85% | ||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 2,300,000 | ||||||||||||||||||||||||||||||||
Hoffler Place | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 43,100,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ (800,000) | ||||||||||||||||||||||||||||||||
Summit Place | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 500,000 | ||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 37,800,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ (500,000) | ||||||||||||||||||||||||||||||||
Hoffler Place and Summit Place | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Impairment of real estate | $ 18,300,000 | $ 18,300,000 | |||||||||||||||||||||||||||||||
Home Depot And Costco Outparcels at North Point | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 23,900,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 20,900,000 | ||||||||||||||||||||||||||||||||
The Residences at Annapolis Junction | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 150,000,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | 31,500,000 | ||||||||||||||||||||||||||||||||
Autozone and Valvoline Outparcels at Sandbridge Commmons | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 3,500,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 2,400,000 | ||||||||||||||||||||||||||||||||
Gainesville Apartments | Retail | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 1,500,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | 0 | ||||||||||||||||||||||||||||||||
Debt repayments | $ 800,000 | ||||||||||||||||||||||||||||||||
Hanbury Village | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 2,900,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 2,400,000 | ||||||||||||||||||||||||||||||||
Nexton Square | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 17,900,000 | ||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 900,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | 0 | ||||||||||||||||||||||||||||||||
Debt repayments | $ 800,000 | ||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 22,900,000 | ||||||||||||||||||||||||||||||||
Oakland Marketplace | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 5,500,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 1,100,000 | ||||||||||||||||||||||||||||||||
Easement Rights at Courthouse 7-Eleven | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 300,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 200,000 | ||||||||||||||||||||||||||||||||
Socastee Commons Shopping Center | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 3,800,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ (100,000) | ||||||||||||||||||||||||||||||||
Impairment of real estate | $ 3,000,000 | ||||||||||||||||||||||||||||||||
Courthouse 7-Eleven | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 3,100,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 1,100,000 | ||||||||||||||||||||||||||||||||
Johns Hopkins Village | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 75,000,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 14,400,000 | ||||||||||||||||||||||||||||||||
Brooks Crossing | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 500,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 0 | ||||||||||||||||||||||||||||||||
Portfolio of Seven Properties | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 90,000,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 2,800,000 | ||||||||||||||||||||||||||||||||
Number of retail properties held-for-sale | property | 7 | ||||||||||||||||||||||||||||||||
Walgreens Outparcel at Hanbury Village | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 7,000,000 | ||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 3,600,000 | ||||||||||||||||||||||||||||||||
Revolving Credit Facility | New Credit Facility | Portfolio of Seven Properties | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Repayments of credit facility | $ 61,900,000 | ||||||||||||||||||||||||||||||||
Net proceeds | $ 25,900,000 | ||||||||||||||||||||||||||||||||
Noncontrolling interests in Operating Partnership | The Residences at Annapolis Junction | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Gain (loss) on sales of investment real estate | $ 5,400,000 | ||||||||||||||||||||||||||||||||
Tryon Partners, LLC | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 6,300,000 | ||||||||||||||||||||||||||||||||
Chronicle Holdings, LLC | Belmont, North Carolina | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Payments for purchase of land | $ 2,300,000 | ||||||||||||||||||||||||||||||||
Gainesville Partnership | Gainesville, Georgia | |||||||||||||||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||||||||||||||
Payments to acquire interest in joint venture | $ 5,000,000 |
Real Estate Investments and E_7
Real Estate Investments and Equity Method Investments - Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Apr. 25, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | |
Real Estate [Line Items] | ||||||
Equity method investment | $ 71,983 | $ 12,685 | ||||
Harbor Point Parcel 3 | ||||||
Real Estate [Line Items] | ||||||
Equity method investment | 900 | |||||
Harbor Point Parcel 3 | Construction Loans | ||||||
Real Estate [Line Items] | ||||||
Debt, face value | $ 180,400 | $ 161,700 | $ 161,500 | |||
Harbor Point Parcel 4 | ||||||
Real Estate [Line Items] | ||||||
Equity method investment | $ 200 | |||||
Beatty Development Group | Harbor Point Parcel 3 | ||||||
Real Estate [Line Items] | ||||||
Interests in equity method investments | 50% | |||||
Payments to acquire equity method investments | $ 27,900 | |||||
Maximum commitment | 44,600 | |||||
Equity method investment | 39,800 | $ 12,700 | ||||
Beatty Development Group | Harbor Point Parcel 3 | Co-venturer | ||||||
Real Estate [Line Items] | ||||||
Advance issued | $ 3,800 | |||||
Beatty Development Group | Harbor Point Parcel 4 | ||||||
Real Estate [Line Items] | ||||||
Interests in equity method investments | 78% | 78% | ||||
Payments to acquire equity method investments | $ 32,400 | |||||
Maximum commitment | 102,600 | |||||
Equity method investment | $ 32,200 | |||||
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 | Dec. 31, 2022 | Oct. 03, 2022 | Mar. 23, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Apr. 01, 2021 | Dec. 31, 2020 | Dec. 21, 2018 |
Notes Receivable | ||||||||
Notes receivable guarantee premium | $ 701 | $ 1,243 | ||||||
Allowance for credit losses | (1,292) | (994) | $ (2,584) | |||||
Total notes receivable | 136,039 | 126,429 | ||||||
Allowance related to unfunded commitments | 338 | 10 | $ 0 | |||||
Other liabilities | ||||||||
Notes Receivable | ||||||||
Allowance related to unfunded commitments | 300 | 100 | ||||||
Mezzanine Loan | ||||||||
Notes Receivable | ||||||||
Notes receivable | 112,284 | 118,946 | ||||||
Maximum loan commitment | 169,504 | |||||||
Mezzanine Loan | City Park 2 | ||||||||
Notes Receivable | ||||||||
Notes receivable | 19,062 | 0 | ||||||
Maximum loan commitment | $ 20,594 | $ 20,600 | ||||||
Interest rate | 13% | 13% | ||||||
Mezzanine Loan | Solis Gainesville II | ||||||||
Notes Receivable | ||||||||
Notes receivable | $ 6,638 | 0 | ||||||
Maximum loan commitment | $ 19,595 | $ 19,600 | ||||||
Interest rate | 14% | 14% | ||||||
Mezzanine Loan | Interlock Commercial | ||||||||
Notes Receivable | ||||||||
Notes receivable | $ 86,584 | 95,379 | ||||||
Maximum loan commitment | $ 107,000 | $ 107,000 | $ 95,000 | |||||
Interest rate | 15% | 15% | ||||||
Mezzanine Loan | Nexton Multifamily | ||||||||
Notes Receivable | ||||||||
Notes receivable | $ 0 | 23,567 | ||||||
Maximum loan commitment | $ 22,315 | $ 22,300 | ||||||
Interest rate | 11% | 11% | ||||||
Constellation Energy Building note receivable | Constellation Energy Building | ||||||||
Notes Receivable | ||||||||
Notes receivable | $ 12,834 | 0 | ||||||
Other notes receivable | ||||||||
Notes Receivable | ||||||||
Notes receivable | $ 11,512 | $ 7,234 |
Notes Receivable and Current _4
Notes Receivable and Current Expected Credit Losses - Schedule of Interest on the Mezzanine Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2018 | |
Notes Receivable | ||||
Interest income | $ 16,978 | $ 18,457 | $ 19,841 | |
Mezzanine Loan | ||||
Notes Receivable | ||||
Interest income | 16,461 | 18,026 | 19,783 | |
Other notes receivable | ||||
Notes Receivable | ||||
Interest income | 517 | 431 | 58 | |
The Residences at Annapolis Junction | Annapolis Junction Apartments Owner LLC | ||||
Notes Receivable | ||||
Loan modification fee | $ 5,000 | |||
The Residences at Annapolis Junction | Mezzanine Loan | ||||
Notes Receivable | ||||
Interest income | 0 | 0 | 2,468 | |
Interest income, exit fees | 1,500 | |||
City Park 2 | Mezzanine Loan | ||||
Notes Receivable | ||||
Interest income | 1,038 | 0 | 0 | |
Delray Beach Plaza | Mezzanine Loan | ||||
Notes Receivable | ||||
Interest income | 0 | 0 | 489 | |
Solis Gainesville II | Mezzanine Loan | ||||
Notes Receivable | ||||
Interest income | 205 | 0 | 0 | |
Nexton Square | Mezzanine Loan | ||||
Notes Receivable | ||||
Interest income | 0 | 0 | 1,177 | |
Interlock Commercial | Mezzanine Loan | ||||
Notes Receivable | ||||
Interest income | 9,870 | 12,769 | 12,267 | |
Interest income, exit fees | 1,100 | 2,000 | 2,300 | |
Nexton Multifamily | ||||
Notes Receivable | ||||
Prepayment premium | 2,700 | |||
Nexton Multifamily | Mezzanine Loan | ||||
Notes Receivable | ||||
Interest income | 5,348 | 1,252 | 0 | |
Solis Apartments at Interlock | ||||
Notes Receivable | ||||
Prepayment premium | 2,400 | |||
Solis Apartments at Interlock | Mezzanine Loan | ||||
Notes Receivable | ||||
Interest income | $ 0 | $ 4,005 | $ 3,382 |
Notes Receivable and Current _5
Notes Receivable and Current Expected Credit Losses - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 30, 2022 USD ($) | Oct. 03, 2022 USD ($) | Dec. 21, 2018 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Feb. 28, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 23, 2022 USD ($) | Sep. 30, 2021 USD ($) | Apr. 01, 2021 USD ($) | May 31, 2020 USD ($) | Apr. 19, 2019 USD ($) | Oct. 31, 2018 USD ($) | |
Notes Receivable | |||||||||||||||||
Notes receivable paydowns | $ 35,848,000 | $ 42,301,000 | $ 16,340,000 | ||||||||||||||
Guaranty liabilities | $ 899,000 | 899,000 | 1,243,000 | ||||||||||||||
Allowance for notes receivable and unfunded commitments | 1,630,000 | $ 2,584,000 | 1,630,000 | 1,004,000 | 2,584,000 | ||||||||||||
Allowance related to unfunded commitments | 338,000 | 0 | 338,000 | 10,000 | 0 | ||||||||||||
Allowances for loan losses | 1,292,000 | 2,584,000 | 1,292,000 | 994,000 | 2,584,000 | ||||||||||||
Total notes receivable | 136,039,000 | 136,039,000 | 126,429,000 | ||||||||||||||
Financing receivable, nonaccrual | 0 | 13,600,000 | 0 | 13,600,000 | |||||||||||||
Financing receivable, interest not recognized | $ 5,100,000 | ||||||||||||||||
Mezzanine Loan | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Notes receivable | 112,284,000 | 112,284,000 | 118,946,000 | ||||||||||||||
Maximum loan commitment | 169,504,000 | $ 169,504,000 | |||||||||||||||
Number of loans | loan | 3 | ||||||||||||||||
Interlock Commercial | Mezzanine Loan | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Notes receivable | 86,584,000 | $ 86,584,000 | 95,379,000 | ||||||||||||||
Maximum commitment, excluding accrued interest reserves | $ 67,000,000 | ||||||||||||||||
Maximum loan commitment | $ 95,000,000 | $ 107,000,000 | $ 107,000,000 | $ 107,000,000 | |||||||||||||
Interest rate | 15% | 15% | 15% | ||||||||||||||
Financing receivable term | 24 months | ||||||||||||||||
Financing receivable term extension option | 5 years | ||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | $ 30,700,000 | ||||||||||||||||
Additional funds available | $ 7,500,000 | $ 8,000,000 | |||||||||||||||
Exit fee | 6,500,000 | ||||||||||||||||
Exit fee revenue recognized | 4,900,000 | ||||||||||||||||
Principal amount | $ 70,100,000 | ||||||||||||||||
Paydown received on note receivable | $ 400,000 | $ 2,700,000 | 700,000 | $ 13,500,000 | |||||||||||||
Notes receivable paydowns | 1,000,000 | 200,000 | 11,100,000 | ||||||||||||||
Proceeds from interest received | $ 1,700,000 | $ 500,000 | $ 2,400,000 | ||||||||||||||
Interlock Commercial | Mezzanine Loan | Minimum | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Exit fee | 6,500,000 | ||||||||||||||||
Interlock Commercial | Mezzanine Loan | Maximum | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Exit fee | $ 7,500,000 | ||||||||||||||||
Interlock Commercial | Bridge Loan | Mezzanine Loan | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Notes receivable | $ 4,000,000 | ||||||||||||||||
Nexton Multifamily | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Prepayment premium | $ 2,700,000 | ||||||||||||||||
Nexton Multifamily | Mezzanine Loan | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Notes receivable | 0 | 0 | 23,567,000 | ||||||||||||||
Maximum loan commitment | $ 22,315,000 | $ 22,315,000 | $ 22,300,000 | ||||||||||||||
Interest rate | 11% | 11% | 11% | ||||||||||||||
Paydown received on note receivable | $ 28,900,000 | ||||||||||||||||
Minimum return | 6,600,000 | ||||||||||||||||
Proceeds from interest received | $ 3,900,000 | ||||||||||||||||
Guaranty liabilities | $ 900,000 | $ 900,000 | 1,200,000 | ||||||||||||||
City Park 2 | Mezzanine Loan | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Notes receivable | 19,062,000 | 19,062,000 | 0 | ||||||||||||||
Maximum loan commitment | $ 20,594,000 | $ 20,594,000 | $ 20,600,000 | ||||||||||||||
Interest rate | 13% | 13% | 13% | ||||||||||||||
Solis Gainesville II | Mezzanine Loan | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Notes receivable | $ 6,638,000 | $ 6,638,000 | 0 | ||||||||||||||
Maximum loan commitment | $ 19,600,000 | $ 19,595,000 | $ 19,595,000 | ||||||||||||||
Interest rate | 14% | 14% | 14% | ||||||||||||||
Minimum interest | $ 5,900,000 | ||||||||||||||||
Constellation Energy Building | Constellation Energy Building note receivable | |||||||||||||||||
Notes Receivable | |||||||||||||||||
Notes receivable | $ 12,834,000 | $ 12,834,000 | $ 0 | ||||||||||||||
Interest rate, nonacrrual | 3% |
Notes Receivable and Current _6
Notes Receivable and Current Expected Credit Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 994 | $ 2,584 | |
Unrealized credit loss provision (release) | 298 | (802) | |
Extinguishment due to acquisition | 0 | (788) | |
Ending balance | 1,292 | 994 | $ 2,584 |
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward] | |||
Beginning balance | 10 | 0 | |
Unrealized credit loss provision (release) | 328 | 10 | |
Extinguishment due to acquisition | 0 | 0 | |
Ending balance | 338 | 10 | 0 |
Allowance For Finance Receivable And Off-Balance-Sheet, Liability [Roll Forward] | |||
Beginning balance | 1,004 | 2,584 | |
Unrealized credit loss provision (release) | 626 | (792) | 256 |
Extinguishment due to acquisition | 0 | 788 | |
Ending balance | $ 1,630 | $ 1,004 | $ 2,584 |
Construction Contracts - Summar
Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Change In Contract With Customer, Asset [Roll Forward] | ||
Beginning balance | $ 243 | $ 138 |
Transferred to receivables | (965) | (714) |
Construction contract costs and estimated earnings not billed during the period | 342 | 243 |
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion | 722 | 576 |
Ending balance | 342 | 243 |
Change In Contract With Customer, Liability [Roll Forward] | ||
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 | 18,238 | 6,237 |
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion | (723) | (1,356) |
Ending balance | $ 17,515 | $ 4,881 |
Construction Contracts - Additi
Construction Contracts - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Billing in excess of construction contract costs | $ 17,515 | $ 4,881 | $ 6,088 |
Construction receivables retentions | $ 8,300 | 3,100 | |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Expected completion of contracts | 12 months | ||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Expected completion of contracts | 18 months | ||
Construction | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Billing in excess of construction contract costs | $ 24,700 | 4,200 | |
Portion Attributable To Pending Contracts | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred precontract costs | 1,300 | 2,200 | |
Amortization of pre-contract costs | $ 1,100 | $ 300 |
Construction Contracts - Net Po
Construction Contracts - Net Position of Uncompleted Construction Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Contractors [Abstract] | |||
Costs incurred on uncompleted construction contracts | $ 571,465 | $ 379,993 | |
Estimated earnings | 22,162 | 15,115 | |
Billings | (610,800) | (399,746) | |
Net position | (17,173) | (4,638) | |
Construction contract costs and estimated earnings in excess of billings | 342 | 243 | $ 138 |
Billings in excess of construction contract costs and estimated earnings | $ (17,515) | $ (4,881) | $ (6,088) |
Construction Contracts - Summ_2
Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation [Roll Forward] | |||
Beginning backlog | $ 215,519 | $ 71,258 | $ 242,622 |
New contracts/change orders | 685,753 | 236,077 | 45,882 |
Work performed | (235,707) | (91,816) | (217,246) |
Ending backlog | $ 665,565 | $ 215,519 | $ 71,258 |
Indebtedness - Schedule of Debt
Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 20, 2022 | Sep. 27, 2022 | Jun. 30, 2022 | Dec. 21, 2021 | Jan. 28, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Aug. 24, 2021 | |
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 1,073,132 | $ 957,387 | |||||||
Other notes payable | 6,131 | 10,144 | |||||||
Unamortized GAAP adjustments | (11,002) | (8,621) | |||||||
Liabilities related to assets held for sale | 0 | (41,364) | |||||||
Indebtedness, net | 1,068,261 | 917,556 | |||||||
Discontinued Operations, Held-for-sale | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities related to assets held for sale | $ 0 | (41,354) | |||||||
1405 Point | |||||||||
Debt Instrument [Line Items] | |||||||||
Remaining lease term | 40 years | ||||||||
Thames Street Wharf | |||||||||
Debt Instrument [Line Items] | |||||||||
Indebtedness, net | $ 71,000 | ||||||||
Stated interest rate | 2.35% | ||||||||
Southgate Square | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.90% | ||||||||
Nexton Square | |||||||||
Debt Instrument [Line Items] | |||||||||
Indebtedness, net | $ 20,100 | ||||||||
Nexton Square | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 2.25% | ||||||||
Greenbrier Square | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 3.74% | ||||||||
Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 612,132 | 747,387 | |||||||
Secured Debt | Delray Beach Plaza | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 14,039 | |||||||
Secured Debt | Red Mill West(c) | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 10,386 | |||||||
Secured Debt | Hoffler Place | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 18,400 | |||||||
Secured Debt | Summit Place | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 23,100 | |||||||
Secured Debt | North Pointe Center | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 1,942 | |||||||
Secured Debt | The Residences at Annapolis Junction | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 84,375 | |||||||
Secured Debt | Marketplace at Hilltop | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 9,706 | |||||||
Secured Debt | 1405 Point | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 52,286 | |||||||
Secured Debt | Brooks Crossing Office | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 14,882 | |||||||
Secured Debt | One City Center | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 24,084 | |||||||
Secured Debt | Wills Wharf | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 64,288 | |||||||
Secured Debt | 249 Central Park Retail | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 16,352 | |||||||
Secured Debt | Fountain Plaza Retail | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 9,841 | |||||||
Secured Debt | South Retail | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 0 | 7,179 | |||||||
Secured Debt | Chronicle Mill | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 27,630 | 0 | |||||||
Secured Debt | Chronicle Mill | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 3% | ||||||||
Secured Debt | Red Mill Central | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 2,013 | 2,188 | |||||||
Stated interest rate | 4.80% | ||||||||
Secured Debt | Premier Apartments | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 16,269 | 16,508 | |||||||
Secured Debt | Premier Apartments | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.55% | ||||||||
Secured Debt | Premier Retail | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 8,013 | 8,131 | |||||||
Secured Debt | Premier Retail | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.55% | ||||||||
Secured Debt | Red Mill South | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 5,191 | 5,518 | |||||||
Stated interest rate | 3.57% | ||||||||
Secured Debt | Market at Mill Creek | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 12,494 | 13,142 | |||||||
Secured Debt | Market at Mill Creek | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 1.55% | ||||||||
Secured Debt | Gainesville Apartments | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 30,000 | 18,114 | |||||||
Indebtedness, net | $ 30,000 | ||||||||
Secured Debt | Gainesville Apartments | Secured Overnight Financing Rate (SOFR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.50% | 1.50% | |||||||
Secured Debt | Encore Apartments | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 23,980 | 24,523 | |||||||
Stated interest rate | 2.93% | ||||||||
Secured Debt | 4525 Main Street | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 30,785 | 31,476 | |||||||
Stated interest rate | 2.93% | ||||||||
Secured Debt | Southern Post | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 0 | 0 | |||||||
Secured Debt | Southern Post | Secured Overnight Financing Rate (SOFR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 2.25% | ||||||||
Secured Debt | Thames Street Wharf | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 69,327 | 70,761 | |||||||
Secured Debt | Thames Street Wharf | BSBY | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.30% | ||||||||
Secured Debt | Constellation Energy Building | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 175,000 | 0 | |||||||
Secured Debt | Constellation Energy Building | BSBY | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.50% | ||||||||
Secured Debt | Southgate Square | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 26,195 | 27,060 | |||||||
Secured Debt | Southgate Square | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.90% | ||||||||
Secured Debt | Nexton Square | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 22,195 | 20,107 | |||||||
Indebtedness, net | $ 22,500 | ||||||||
Secured Debt | Nexton Square | Secured Overnight Financing Rate (SOFR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.95% | 1.95% | |||||||
Secured Debt | Nexton Square | Secured Overnight Financing Rate (SOFR) | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 0.30% | ||||||||
Secured Debt | Liberty Apartments | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 20,926 | 13,572 | |||||||
Indebtedness, net | $ 21,000 | ||||||||
Secured Debt | Liberty Apartments | Secured Overnight Financing Rate (SOFR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.50% | 1.50% | |||||||
Secured Debt | Greenbrier Square | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 19,940 | 20,000 | |||||||
Stated interest rate | 3.74% | ||||||||
Secured Debt | Lexington Square | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 13,892 | 14,172 | |||||||
Stated interest rate | 4.50% | ||||||||
Secured Debt | Red Mill North | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 4,079 | 4,189 | |||||||
Stated interest rate | 4.73% | ||||||||
Secured Debt | Greenside Apartments | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 31,862 | 32,598 | |||||||
Stated interest rate | 3.17% | ||||||||
Secured Debt | Smith’s Landing | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 15,535 | 16,452 | |||||||
Stated interest rate | 4.05% | ||||||||
Secured Debt | Edison Apartments | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 15,563 | 15,926 | |||||||
Stated interest rate | 5.30% | ||||||||
Secured Debt | The Cosmopolitan | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 41,243 | 42,090 | |||||||
Stated interest rate | 3.35% | ||||||||
Unsecured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 461,000 | 210,000 | |||||||
Unsecured Debt | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 61,000 | 5,000 | |||||||
Unsecured Debt | M&T unsecured term loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 100,000 | 0 | |||||||
Unsecured Debt | Term Loan Without Related Interest Rate Swap Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | 31,658 | 19,500 | |||||||
Unsecured Debt | Term Loan With Interest Rate Swap Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Total principal balances | $ 268,342 | $ 185,500 | |||||||
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.30% | ||||||||
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.85% | ||||||||
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | M&T unsecured term loan | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.25% | ||||||||
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | M&T unsecured term loan | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.80% | ||||||||
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan Without Related Interest Rate Swap Agreement | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.25% | ||||||||
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan Without Related Interest Rate Swap Agreement | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.80% | ||||||||
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan With Interest Rate Swap Agreement | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.25% | ||||||||
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Term Loan With Interest Rate Swap Agreement | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate, basis spread on variable rate | 1.80% |
Indebtedness - Components of De
Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total principal balances | $ 1,073,132 | $ 957,387 |
Fixed-rate debt | ||
Debt Instrument [Line Items] | ||
Total principal balances | 641,752 | 534,371 |
Variable-rate debt | ||
Debt Instrument [Line Items] | ||
Total principal balances | $ 431,380 | $ 423,016 |
Indebtedness - Scheduled Princi
Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Principal repayments and maturities | ||
2023 | $ 9,770 | |
2024 | 63,398 | |
2025 | 55,995 | |
2026 | 317,526 | |
2027 | 222,575 | |
Thereafter | 403,868 | |
Total principal balances | 1,073,132 | $ 957,387 |
Scheduled Principal Payments | ||
Principal repayments and maturities | ||
2023 | 9,770 | |
2024 | 10,376 | |
2025 | 10,736 | |
2026 | 8,150 | |
2027 | 4,796 | |
Thereafter | 61,763 | |
Total principal balances | 105,591 | |
Maturities | ||
Principal repayments and maturities | ||
2023 | 0 | |
2024 | 53,022 | |
2025 | 45,259 | |
2026 | 309,376 | |
2027 | 217,779 | |
Thereafter | 342,105 | |
Total principal balances | $ 967,541 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 20, 2022 USD ($) extension_option | Dec. 06, 2022 USD ($) | Sep. 27, 2022 USD ($) | Aug. 25, 2022 USD ($) extension_option | Aug. 23, 2022 USD ($) extension_option | Aug. 15, 2022 USD ($) | Jul. 22, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 29, 2022 USD ($) | Apr. 25, 2022 USD ($) | Apr. 01, 2022 USD ($) | Mar. 03, 2022 USD ($) | Jan. 19, 2022 USD ($) | Jan. 14, 2022 USD ($) | Jan. 05, 2022 USD ($) | Dec. 21, 2021 USD ($) | Sep. 30, 2021 USD ($) | Aug. 24, 2021 USD ($) | May 05, 2021 USD ($) extension_option | Apr. 15, 2021 USD ($) | Mar. 08, 2021 USD ($) | Jan. 28, 2021 USD ($) | Jan. 15, 2021 USD ($) | Sep. 22, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Aug. 22, 2022 USD ($) | Jan. 04, 2022 USD ($) | Jan. 07, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Indebtedness, net | $ 1,068,261 | $ 917,556 | |||||||||||||||||||||||||||||
Constellation Energy Building | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Membership interest acquired | 79% | ||||||||||||||||||||||||||||||
Economic interest acquired | 11% | ||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 156,100 | ||||||||||||||||||||||||||||||
Debt, face value | $ 175,000 | ||||||||||||||||||||||||||||||
Harbor Point Parcel 3 Partnership | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Outstanding letters of credit | $ 15,000 | $ 15,000 | |||||||||||||||||||||||||||||
Payments to acquire equity method investments | $ 2,600 | ||||||||||||||||||||||||||||||
Nexton Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Repayment of debt | $ 2,000 | ||||||||||||||||||||||||||||||
Indebtedness, net | $ 20,100 | ||||||||||||||||||||||||||||||
Floor interest rate | 0.0025 | ||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 22,900 | ||||||||||||||||||||||||||||||
4525 Main Street and Encore Apartments | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Indebtedness, net | $ 57,000 | ||||||||||||||||||||||||||||||
Increase (decrease) in long term debt | $ 1,500 | ||||||||||||||||||||||||||||||
Stated interest rate | 2.93% | ||||||||||||||||||||||||||||||
Greenbrier Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate | 3.74% | ||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 20,000 | ||||||||||||||||||||||||||||||
Thames Street Wharf | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Indebtedness, net | $ 71,000 | ||||||||||||||||||||||||||||||
Stated interest rate | 2.35% | ||||||||||||||||||||||||||||||
Southgate Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt, face value | $ 27,100 | ||||||||||||||||||||||||||||||
Extinguishment of debt | $ 19,500 | ||||||||||||||||||||||||||||||
Floor interest rate | 0.0020 | ||||||||||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) | Southern Post | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.25% | ||||||||||||||||||||||||||||||
Bloomberg Short-Term Bank Yield | Constellation Energy Building | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.50% | ||||||||||||||||||||||||||||||
Bloomberg Short-Term Bank Yield | Thames Street Wharf | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.30% | ||||||||||||||||||||||||||||||
LIBOR | Chronicle Mill | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 3% | ||||||||||||||||||||||||||||||
LIBOR | Nexton Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.25% | ||||||||||||||||||||||||||||||
LIBOR | Southgate Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.90% | ||||||||||||||||||||||||||||||
Line of Credit | Amended And Restated Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 550,000 | ||||||||||||||||||||||||||||||
Accordion feature maximum borrowing capacity | 1,000,000 | ||||||||||||||||||||||||||||||
Line of Credit | M&T Term Loan Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 100,000 | ||||||||||||||||||||||||||||||
Accordion feature maximum borrowing capacity | 200,000 | ||||||||||||||||||||||||||||||
New Credit Facility | Harbor Point Parcel 3 Partnership | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Outstanding letters of credit | $ 15,000 | ||||||||||||||||||||||||||||||
Secured Debt | Delray Beach Plaza | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 14,100 | ||||||||||||||||||||||||||||||
Secured Debt | Red Mill West Commons | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 10,300 | ||||||||||||||||||||||||||||||
Secured Debt | Hoffler Place | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 18,400 | ||||||||||||||||||||||||||||||
Secured Debt | Summit Place | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 23,100 | ||||||||||||||||||||||||||||||
Secured Debt | Harbor Point Parcel 4 | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | 109,700 | ||||||||||||||||||||||||||||||
Secured Debt | North Point | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 1,900 | ||||||||||||||||||||||||||||||
Secured Debt | Nexton Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Repayment of debt | $ 20,100 | ||||||||||||||||||||||||||||||
Indebtedness, net | $ 22,500 | ||||||||||||||||||||||||||||||
Secured Debt | The Residences at Annapolis Junction | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 84,400 | ||||||||||||||||||||||||||||||
Secured Debt | Hilltop Shopping Center | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 9,400 | ||||||||||||||||||||||||||||||
Secured Debt | 1405 Point Street | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 51,800 | ||||||||||||||||||||||||||||||
Secured Debt | Brooks Crossing Office | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | 14,600 | ||||||||||||||||||||||||||||||
Secured Debt | One City Center properties | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 23,600 | ||||||||||||||||||||||||||||||
Secured Debt | Liberty Apartments | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Repayment of debt | $ 13,400 | ||||||||||||||||||||||||||||||
Indebtedness, net | $ 21,000 | ||||||||||||||||||||||||||||||
Secured Debt | Wills Wharf | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | 64,300 | ||||||||||||||||||||||||||||||
Secured Debt | 249 Central Park Retail | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | 16,100 | ||||||||||||||||||||||||||||||
Secured Debt | Fountain Plaza Retail | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | 9,700 | ||||||||||||||||||||||||||||||
Secured Debt | South Retail | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Extinguishment of debt | $ 7,100 | ||||||||||||||||||||||||||||||
Secured Debt | Gainesville Apartments | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Number of extension options | extension_option | 2 | ||||||||||||||||||||||||||||||
Duration of extension option | 12 months | ||||||||||||||||||||||||||||||
Repayment of debt | $ 29,600 | ||||||||||||||||||||||||||||||
Indebtedness, net | $ 30,000 | ||||||||||||||||||||||||||||||
Secured Debt | Delray Beach Plaza | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Indebtedness, net | $ 14,500 | ||||||||||||||||||||||||||||||
Secured Debt | Greenbrier Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate | 3.74% | ||||||||||||||||||||||||||||||
Secured Debt | Secured Overnight Financing Rate (SOFR) | Nexton Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.95% | 1.95% | |||||||||||||||||||||||||||||
Secured Debt | Secured Overnight Financing Rate (SOFR) | Liberty Apartments | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.50% | 1.50% | |||||||||||||||||||||||||||||
Secured Debt | Secured Overnight Financing Rate (SOFR) | Gainesville Apartments | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.50% | 1.50% | |||||||||||||||||||||||||||||
Secured Debt | LIBOR | Delray Beach Plaza | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 3% | ||||||||||||||||||||||||||||||
Secured Debt | LIBOR | Southgate Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.90% | ||||||||||||||||||||||||||||||
Secured Debt | Minimum | Secured Overnight Financing Rate (SOFR) | Nexton Square | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 0.30% | ||||||||||||||||||||||||||||||
Construction Loans | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Borrowings under construction loans | $ 39,800 | $ 23,400 | |||||||||||||||||||||||||||||
Construction Loans | Southern Post | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Number of extension options | extension_option | 2 | ||||||||||||||||||||||||||||||
Duration of extension option | 12 months | ||||||||||||||||||||||||||||||
Indebtedness, net | $ 73,600 | ||||||||||||||||||||||||||||||
Construction Loans | Chronicle Mill | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Number of extension options | extension_option | 2 | ||||||||||||||||||||||||||||||
Duration of extension option | 12 months | ||||||||||||||||||||||||||||||
Indebtedness, net | $ 35,100 | ||||||||||||||||||||||||||||||
Construction Loans | Harbor Point Parcel 3 | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt, face value | $ 161,500 | $ 180,400 | $ 161,700 | ||||||||||||||||||||||||||||
Construction Loans | LIBOR | Chronicle Mill | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Floor interest rate | 0.0025 | ||||||||||||||||||||||||||||||
Revolving credit facility | Line of Credit | Amended And Restated Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 250,000 | ||||||||||||||||||||||||||||||
Number of extension options | extension_option | 2 | ||||||||||||||||||||||||||||||
Duration of extension option | 6 months | ||||||||||||||||||||||||||||||
Extension fee percentage | 0.075% | ||||||||||||||||||||||||||||||
Revolving credit facility | Line of Credit | Prior Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 150,000 | ||||||||||||||||||||||||||||||
Revolving credit facility | Line of Credit | M&T Term Loan Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Duration of extension option | 1 year | ||||||||||||||||||||||||||||||
Extension fee percentage | 0.075% | ||||||||||||||||||||||||||||||
Revolving credit facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | M&T Term Loan Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1% | ||||||||||||||||||||||||||||||
Revolving credit facility | Line of Credit | Federal Funds Rate | M&T Term Loan Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 0.50% | ||||||||||||||||||||||||||||||
Revolving credit facility | Line of Credit | Minimum | Amended And Restated Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Unused commitment fee | 0.15% | ||||||||||||||||||||||||||||||
Revolving credit facility | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | Amended And Restated Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.30% | ||||||||||||||||||||||||||||||
Revolving credit facility | Line of Credit | Maximum | Amended And Restated Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Unused commitment fee | 0.25% | ||||||||||||||||||||||||||||||
Revolving credit facility | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | Amended And Restated Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.85% | ||||||||||||||||||||||||||||||
Unsecured Debt | Line of Credit | Amended And Restated Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 300,000 | ||||||||||||||||||||||||||||||
Unsecured Debt | Line of Credit | Prior Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 205,000 | ||||||||||||||||||||||||||||||
Unsecured Debt | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | Amended And Restated Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.25% | ||||||||||||||||||||||||||||||
Unsecured Debt | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | Amended And Restated Credit Agreement | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.80% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Interest Rate Caps (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 01, 2022 | Jul. 06, 2022 | Jul. 05, 2022 | Jul. 01, 2022 | Apr. 07, 2022 | Jan. 11, 2022 | Dec. 31, 2021 | Mar. 04, 2021 | Feb. 02, 2021 | Nov. 01, 2020 |
Derivative [Line Items] | |||||||||||
Notional amount | $ 1,288,349 | $ 1,073,587 | |||||||||
Interest rate caps | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount | 907,516 | ||||||||||
Premium paid | $ 5,874 | ||||||||||
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 Cap Two | |||||||||||
Derivative [Line Items] | |||||||||||
Cap rate sold, interest rate | 3% | ||||||||||
Not Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount | $ 539,479 | 449,579 | |||||||||
Not Designated as Hedging Instrument | Interest rate caps | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount | 289,479 | 399,579 | |||||||||
Not Designated as Hedging Instrument | Interest rate caps | LIBOR | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount | $ 14,479 | $ 100,000 | |||||||||
Strike Rate | 2.50% | 0.50% | |||||||||
Premium paid | $ 4 | $ 45 | |||||||||
Not Designated as Hedging Instrument | Interest rate caps | Bloomberg Short-Term Bank Yield | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount | $ 175,000 | ||||||||||
Strike Rate | 4% | ||||||||||
Premium paid | $ 154 | ||||||||||
Designated as Hedging Instrument | Interest rate caps | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount | $ 561,200 | $ 384,375 | |||||||||
Designated as Hedging Instrument | Interest rate caps | Secured Overnight Financing Rate (SOFR) | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount | $ 73,562 | $ 200,000 | $ 35,100 | $ 50,000 | $ 84,375 | ||||||
Strike Rate | 1.84% | ||||||||||
Premium paid | $ 1,370 | $ 352 | $ 120 | $ 143 | $ 91 | ||||||
Designated as Hedging Instrument | Interest rate caps | Secured Overnight Financing Rate (SOFR) | Minimum | |||||||||||
Derivative [Line Items] | |||||||||||
Strike Rate | 1% | 1% | 1% | 1% | |||||||
Designated as Hedging Instrument | Interest rate caps | Secured Overnight Financing Rate (SOFR) | Maximum | |||||||||||
Derivative [Line Items] | |||||||||||
Strike Rate | 3% | 3% | 3% | 3% | |||||||
Designated as Hedging Instrument | Interest rate caps | Bloomberg Short-Term Bank Yield | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount | $ 175,000 | ||||||||||
Premium paid | $ 3,595 | ||||||||||
Designated as Hedging Instrument | Interest rate caps | Bloomberg Short-Term Bank Yield | Minimum | |||||||||||
Derivative [Line Items] | |||||||||||
Strike Rate | 1% | ||||||||||
Designated as Hedging Instrument | Interest rate caps | Bloomberg Short-Term Bank Yield | Maximum | |||||||||||
Derivative [Line Items] | |||||||||||
Strike Rate | 3% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional amount | $ 1,288,349 | $ 1,073,587 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | 437,670 | |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 539,479 | 449,579 |
Not Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | 250,000 | 50,000 |
Not Designated as Hedging Instrument | Senior Unsecured Term Loan 2.78% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 | |
Swap Fixed Rate | 2.78% | |
Debt effective rate | 4.08% | |
Not Designated as Hedging Instrument | M&T unsecured term loan | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 100,000 | |
Swap Fixed Rate | 3.50% | |
Debt effective rate | 4.80% | |
Not Designated as Hedging Instrument | Senior unsecured term loan | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 100,000 | |
Swap Fixed Rate | 3.43% | |
Debt effective rate | 4.73% | |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 187,670 | $ 239,633 |
Designated as Hedging Instrument | Senior Unsecured Term Loan 2.25% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 32,842 | |
Swap Fixed Rate | 2.25% | |
Debt effective rate | 3.55% | |
Designated as Hedging Instrument | Senior Unsecured Term Loan 3.02% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 10,500 | |
Swap Fixed Rate | 3.02% | |
Debt effective rate | 4.32% | |
Designated as Hedging Instrument | Senior Unsecured Term Loan 0.50% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 25,000 | |
Swap Fixed Rate | 0.50% | |
Debt effective rate | 1.80% | |
Designated as Hedging Instrument | Senior Unsecured Term Loan 0.50% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 25,000 | |
Swap Fixed Rate | 0.50% | |
Debt effective rate | 1.80% | |
Designated as Hedging Instrument | Senior Unsecured Term Loan 0.55% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 25,000 | |
Swap Fixed Rate | 0.55% | |
Debt effective rate | 1.85% | |
Designated as Hedging Instrument | Thames Street Wharf | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 69,328 | |
Swap Fixed Rate | 1.05% | |
Debt effective rate | 2.35% |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gain (loss) reclassified during next 12 months | $ 11.7 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Notional amount | $ 1,288,349 | $ 1,073,587 | |
Asset, fair value | 29,115 | 2,926 | |
Liability, fair value | 0 | (3,467) | |
Change in fair value of derivatives and other | 8,886 | 2,319 | $ (1,085) |
Unrealized cash flow hedge gains (losses) | 20,165 | 3,678 | (9,751) |
Total change in fair value of interest rate derivatives | 29,051 | 5,997 | (10,836) |
Interest rate swaps | |||
Derivative [Line Items] | |||
Notional amount | 437,670 | ||
Total change in fair value of interest rate derivatives | 16,210 | 4,775 | (10,318) |
Interest rate caps | |||
Derivative [Line Items] | |||
Notional amount | 907,516 | ||
Total change in fair value of interest rate derivatives | 12,841 | 1,222 | $ (518) |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional amount | 539,479 | 449,579 | |
Asset, fair value | 4,303 | 1,019 | |
Liability, fair value | 0 | (1,454) | |
Not Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional amount | 250,000 | 50,000 | |
Asset, fair value | 2,201 | 0 | |
Liability, fair value | 0 | (1,454) | |
Not Designated as Hedging Instrument | Interest rate caps | |||
Derivative [Line Items] | |||
Notional amount | 289,479 | 399,579 | |
Asset, fair value | 2,102 | 1,019 | |
Liability, fair value | 0 | 0 | |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional amount | 187,670 | 239,633 | |
Asset, fair value | 11,247 | 1,317 | |
Liability, fair value | 0 | (2,013) | |
Designated as Hedging Instrument | Interest rate caps | |||
Derivative [Line Items] | |||
Notional amount | 561,200 | 384,375 | |
Asset, fair value | 13,565 | 590 | |
Liability, fair value | $ 0 | $ 0 |
Equity - Additional Information
Equity - Additional Information (Details) | 12 Months Ended | ||||||||||
Jul. 01, 2022 USD ($) shares | Jan. 11, 2022 USD ($) $ / shares shares | Jan. 01, 2022 shares | Aug. 20, 2020 USD ($) $ / shares shares | Mar. 10, 2020 USD ($) | Aug. 06, 2019 USD ($) | Aug. 05, 2019 USD ($) | Jun. 18, 2019 USD ($) ft² $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Class of Stock [Line Items] | |||||||||||
Authorized capital shares of common stock (in shares) | 500,000,000 | 500,000,000 | |||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |||||||||
Common stock, shares issued (in shares) | 67,729,854 | 63,011,700 | |||||||||
Common stock, shares outstanding (in shares) | 67,729,854 | 63,011,700 | |||||||||
Percent of total voting power for voting stock | 0.50 | ||||||||||
Percentage of operating partnerships held | 76.70% | 75.30% | |||||||||
Preferred stock issued | $ | $ 171,085,000 | $ 171,085,000 | |||||||||
Noncontrolling interests in investment entities | $ | $ 24,055,000 | $ 629,000 | |||||||||
Operating partnership units redemption ratio | 1 | ||||||||||
Dividend declared (in dollars per share) | $ / shares | $ 0.72 | $ 0.64 | $ 0.44 | ||||||||
Aggregate cash dividends and distributions, paid | $ | $ 72,575,000 | $ 58,713,000 | $ 47,603,000 | ||||||||
Class A units | |||||||||||
Class of Stock [Line Items] | |||||||||||
Units not held by company (in shares) | 20,611,190 | ||||||||||
Class A units | Operating Partnership | |||||||||||
Class of Stock [Line Items] | |||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 14,800,000 | 13,300,000 | 9,200,000 | ||||||||
Common stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Aggregate cash dividends and distributions, paid | $ | $ 48,700,000 | $ 39,300,000 | 25,300,000 | ||||||||
2018 ATM Program | |||||||||||
Class of Stock [Line Items] | |||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 1,700,000 | ||||||||||
2018 ATM Program | Common stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Maximum aggregate offering price of shares to be sold (up to) | $ | $ 180,700,000 | $ 125,000,000 | |||||||||
Stock issued during period (in shares) | 92,577 | ||||||||||
Issuance of common stock, price per share (in dollars per share) | $ / shares | $ 18.23 | ||||||||||
At The Market Program | Common stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock issued during period (in shares) | 475,074 | 3,801,731 | |||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 7,100,000 | $ 51,700,000 | |||||||||
Sale of stock, weighted average price per share | $ / shares | $ 15.21 | $ 13.87 | |||||||||
Public Stock Offering | |||||||||||
Class of Stock [Line Items] | |||||||||||
Issuance of common stock, price per share (in dollars per share) | $ / shares | $ 14.45 | ||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 58,000,000 | ||||||||||
Number of shares issued in public offering (in shares) | 4,025,000 | ||||||||||
Thames Street Wharf | |||||||||||
Class of Stock [Line Items] | |||||||||||
Area of retail space (in sqft) | ft² | 263,426 | ||||||||||
Series A Cumulative Redeemable Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, shares issued (in shares) | 6,800,000 | 6,800,000 | |||||||||
Preferred stock, shares outstanding (in shares) | 6,800,000 | 6,800,000 | |||||||||
Dividends declared (in dollars per share) | $ / shares | $ 1.687500 | $ 1.687500 | |||||||||
Preferred stock dividends | $ | $ 11,500,000 | $ 11,500,000 | $ 7,300,000 | ||||||||
Series A Cumulative Redeemable Preferred Stock | At The Market Program | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock issued during period (in shares) | 713,418 | ||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 16,100,000 | ||||||||||
Sale of stock, weighted average price per share | $ / shares | $ 22.88 | ||||||||||
Series A Cumulative Redeemable Preferred Stock | Public Stock Offering | |||||||||||
Class of Stock [Line Items] | |||||||||||
Issuance of common stock, price per share (in dollars per share) | $ / shares | $ 24.75 | ||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ | $ 86,100,000 | ||||||||||
Number of shares issued in public offering (in shares) | 3,600,000 | ||||||||||
Redeemable convertible preferred stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, shares authorized (in shares) | 9,980,000 | 9,980,000 | |||||||||
Preferred stock, shares issued (in shares) | 2,530,000 | 6,843,418 | 6,843,418 | ||||||||
Preferred stock, shares outstanding (in shares) | 6,843,418 | 6,843,418 | |||||||||
Dividend rate | 6.75% | 6.75% | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||||||||
Proceeds from issuance of preferred stock and preference stock | $ | $ 61,300,000 | ||||||||||
Preferred stock, redemption price (in dollars per share) | $ / shares | $ 25 | ||||||||||
Maximum conversion price (in dollars per share) | $ / shares | $ 2.97796 | ||||||||||
Redeemable convertible preferred stock | At The Market Program | |||||||||||
Class of Stock [Line Items] | |||||||||||
Maximum aggregate offering price of shares to be sold (up to) | $ | $ 300,000,000 | ||||||||||
Dividend rate | 6.75% | ||||||||||
Redeemable convertible preferred stock | Over-Allotment Option | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, shares issued (in shares) | 330,000 | ||||||||||
Redeemable Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, shares issued (in shares) | 3,600,000 | 2,530,000 | |||||||||
Dividend rate | 6.75% | ||||||||||
Common Class A | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock redeemed (in shares) | 10,146 | ||||||||||
Payments for repurchase of common stock | $ | $ 100,000 | ||||||||||
Common Class A | Stock Issuance - Shares From Existing Shareholder | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of shares issued in public offering (in shares) | 12,149 | ||||||||||
Consolidated Entities Under Development Or Construction | Operating Partnership | |||||||||||
Class of Stock [Line Items] | |||||||||||
Nonredeemable noncontrolling interest | $ | $ 600,000 |
Equity - Tax Treatment of Divid
Equity - Tax Treatment of Dividends Paid (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, percent | 100% | 100% | 100% |
Preferred stock | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, percent | 100% | 100% | 100% |
Capital gains | Common stock | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, percent | 0% | 8.98% | 0% |
Capital gains | Preferred stock | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, percent | 0% | 11.96% | 0% |
Ordinary income | Common stock | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, percent | 65.64% | 66.71% | 59.09% |
Ordinary income | Preferred stock | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, percent | 100% | 88.04% | 100% |
Return of capital | Common stock | |||
Dividends Payable [Line Items] | |||
Tax treatment of dividends, percent | 34.36% | 24.31% | 40.91% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock granted (in shares) | 288,677 | 166,768 | 176,382 | ||||
Restricted stock, weighted average fair value | $ 4.2 | $ 2.1 | $ 2.8 | ||||
Vesting period | 2 years | ||||||
Nonemployee restricted stock award vest grant over period | 1 year | ||||||
Granted (in dollars per share) | $ 14.60 | ||||||
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares) | 30,658 | ||||||
Unrecognized compensation cost | $ 1.1 | $ 1.1 | |||||
Unrecognized compensation cost, recognition period | 27 months | ||||||
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares) | 52,088 | ||||||
Restricted Stock | Executive Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Restricted Stock | Grant Date | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock award, percentage vested on grant date | 33.33% | ||||||
Restricted Stock | Grant Date | Executive Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock award, percentage vested on grant date | 40% | ||||||
Restricted Stock | First Anniversary | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock award, percentage vested on grant date | 33.33% | ||||||
Restricted Stock | First Anniversary | Executive Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock award, percentage vested on grant date | 20% | ||||||
Restricted Stock | Second Anniversary | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock award, percentage vested on grant date | 33.33% | ||||||
Restricted Stock | Second Anniversary | Executive Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock award, percentage vested on grant date | 20% | ||||||
Restricted Stock | Third Anniversary | Executive Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock award, percentage vested on grant date | 20% | ||||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock granted (in shares) | 0 | 5,760 | 10,842 | 10,600 | |||
Vesting period | 3 years | ||||||
Service period following expiration of performance period | 2 years | ||||||
Granted (in dollars per share) | $ 15.19 | $ 11.11 | $ 18.08 | ||||
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares) | 1,926 | 3,165 | 3,677 | ||||
Amended and Restated 2013 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate shares of common stock permitted to be granted (in shares) | 1,700,000 | 1,700,000 | |||||
Shares available for issuance (in shares) | 398,110 | 398,110 | |||||
2013 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation | $ 3.8 | $ 2.6 | $ 2.9 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Cost Relating to Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Capitalized in conjunction with development projects | $ 530 | $ 329 | $ 483 |
Share-based compensation cost | 3,777 | 2,572 | 2,861 |
General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 1,905 | 1,505 | 1,615 |
General contracting and real estate services expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 1,342 | $ 738 | $ 763 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Changes in the Company's Unvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock Awards | |||
Unvested as of beginning of period (in shares) | 151,812 | ||
Granted (in shares) | 288,677 | 166,768 | 176,382 |
Vested (in shares) | (190,525) | ||
Forfeited (in shares) | (30,658) | ||
Unvested as of end of period (in shares) | 219,306 | 151,812 | |
Weighted Average Grant Date Fair Value Per Share | |||
Unvested as of beginning of period (in dollars per share) | $ 14.24 | ||
Granted (in dollars per share) | 14.60 | ||
Vested (in dollars per share) | 14.90 | ||
Forfeited (in dollars per share) | 14.23 | ||
Unvested as of end of period (in dollars per share) | $ 14.15 | $ 14.24 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value of Financial Instruments] | ||
Indebtedness, net | $ 1,068,261 | $ 917,556 |
Deferred financing costs | 11,000 | 7,300 |
Carrying Value | ||
Fair Value of Financial Instruments] | ||
Indebtedness, net | 1,079,233 | 966,253 |
Notes receivable | 136,039 | 126,429 |
Interest rate swap liabilities | 0 | 3,467 |
Interest rate swap and cap assets | 29,115 | 2,926 |
Fair Value | ||
Fair Value of Financial Instruments] | ||
Indebtedness, net | 1,058,530 | 983,863 |
Notes receivable | 136,039 | 126,429 |
Interest rate swap liabilities | 0 | 3,467 |
Interest rate swap and cap assets | $ 29,115 | $ 2,926 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal income taxes: | |||
Current | $ 0 | $ 722 | $ 290 |
Deferred | 122 | (100) | (18) |
State income taxes: | |||
Current | 0 | 139 | 14 |
Deferred | 23 | (19) | (3) |
Income tax benefit | $ 145 | $ 742 | $ 283 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net deferred tax assets | $ 1,400,000 | $ 1,300,000 |
Uncertain income tax positions | $ 0 | $ 0 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Leasing costs, net | $ 15,005 | $ 13,043 |
Leasing incentives, net | 2,697 | 3,330 |
Interest rate swaps and caps | 29,115 | 2,926 |
Prepaid expenses and other | 30,516 | 18,345 |
Pre-acquisition and pre-development costs | 8,030 | 8,283 |
Other assets | $ 85,363 | $ 45,927 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities | ||
Dividends and distributions payable | $ 19,777 | $ 17,245 |
Acquired lease intangibles, net | 18,418 | 19,256 |
Prepaid rent and other | 10,935 | 11,294 |
Security deposits | 4,026 | 3,371 |
Interest rate swaps | 0 | 3,467 |
Guarantee liability | 899 | 1,243 |
Other liabilities | $ 54,055 | $ 55,876 |
Acquired Lease Intangibles - Su
Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Below Market Lease | ||
Below Market Lease, Gross | $ 32,355 | $ 30,798 |
Below Market Lease, Accumulated Amortization | 13,937 | 11,542 |
Below Market Lease, Net | 18,418 | 19,256 |
In-place lease assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 180,598 | 126,528 |
Accumulated Amortization | 79,320 | 67,486 |
Net Carrying Amount | 101,278 | 59,042 |
Above-market lease assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,748 | 7,442 |
Accumulated Amortization | 5,156 | 4,446 |
Net Carrying Amount | 2,592 | 2,996 |
Above/Below-market ground lease assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,075 | 5,075 |
Accumulated Amortization | 948 | 810 |
Net Carrying Amount | $ 4,127 | $ 4,265 |
Acquired Lease Intangibles - Am
Acquired Lease Intangibles - Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of below market lease | $ 2,395 | $ 2,148 | $ 1,119 |
In-place lease assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 15,767 | 13,210 | 6,935 |
Above-market lease assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 641 | 595 | 300 |
Above/Below-market ground lease assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 138 | $ 144 | $ 213 |
Acquired Lease Intangibles - Ad
Acquired Lease Intangibles - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
In-place lease assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease assets | 9 years 9 months 18 days |
Above-market lease assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease assets | 5 years |
Above/Below-market ground lease assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease assets | 42 years 2 months 12 days |
Below Market Lease | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease liabilities | 11 years 3 months 18 days |
Below Market Lease Renewal Options | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease assets | 9 years 7 months 6 days |
Acquired Lease Intangibles - Es
Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Rental Revenues | |
2023 | $ 1,709 |
2024 | 1,712 |
2025 | 1,639 |
2026 | 1,646 |
2027 | 1,426 |
Depreciation and Amortization | |
2023 | 13,495 |
2024 | 11,592 |
2025 | 10,582 |
2026 | 9,898 |
2027 | $ 9,263 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Oct. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beatty Development Group | ||||
Related Party Transactions | ||||
Gross profit from related parties | $ 900,000 | |||
Richmond, Virginia | Edison Apartments | ||||
Related Party Transactions | ||||
Acquisition, common units/shares issued (in shares) | 633,734 | |||
Loan payable | $ 16,400,000 | |||
Net assets acquired | 1,100,000 | |||
Edison Apartments | ||||
Related Party Transactions | ||||
Net assets acquired | $ 23,746,000 | |||
Construction Contracts | ||||
Related Party Transactions | ||||
Revenue from contracts with affiliated entities | 0 | $ 23,600,000 | 52,200,000 | |
Gross profit from related parties | 1,700,000 | $ 2,000,000 | ||
Due from related parties | 0 | $ 4,100,000 | ||
Development Fee | Edison Apartments | Richmond, Virginia | ||||
Related Party Transactions | ||||
Related party transaction | $ 1,800,000 | |||
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% | |||
Outstanding letters of credit | $ 1,900,000 | |||
Executive Officer | Construction Contracts | Letter of Credit | ||||
Related Party Transactions | ||||
Aggregate capacity under the credit facility | $ 9,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Guarantees (Details) - Payment Guarantee $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies | |
Payment guarantee amount | $ 70,360 |
Guarantee liability | 899 |
Interlock Commercial | |
Commitments and Contingencies | |
Payment guarantee amount | 37,450 |
Guarantee liability | 701 |
Harbor Point Parcel 4 | |
Commitments and Contingencies | |
Payment guarantee amount | 32,910 |
Guarantee liability | $ 198 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) note_receivable | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 04, 2022 USD ($) | Jan. 07, 2021 USD ($) | |
Commitments and Contingencies | |||||
Contingent liabilities for construction performance | $ 8,500 | $ 2,100 | |||
Number of notes receivable | note_receivable | 3 | ||||
Loans and leases receivable, commitments, variable rates | $ 18,200 | ||||
Allowance related to unfunded commitments | $ 338 | $ 10 | $ 0 | ||
Rental Revenues | Geographic Concentration Risk | Hampton Roads Properties | |||||
Commitments and Contingencies | |||||
Concentrations of credit risk | 38% | 40% | 44% | ||
Rental Revenues | Geographic Concentration Risk | Town Center Properties | |||||
Commitments and Contingencies | |||||
Concentrations of credit risk | 25% | 26% | 27% | ||
Rental Revenues | Geographic Concentration Risk | Harbor Point | |||||
Commitments and Contingencies | |||||
Concentrations of credit risk | 26% | 14% | 14% | ||
General Contracting and Real Estate Services Revenues | Customer Concentration Risk | Group Of Three Construction Customers | |||||
Commitments and Contingencies | |||||
Concentrations of credit risk | 89% | 58% | 65% | ||
Other liabilities | |||||
Commitments and Contingencies | |||||
Allowance related to unfunded commitments | $ 300 | $ 100 | |||
Harbor Point Parcel 3 Partnership | |||||
Commitments and Contingencies | |||||
Outstanding letters of credit | $ 15,000 | $ 15,000 | |||
Operating Partnership | |||||
Commitments and Contingencies | |||||
Outstanding letters of credit | $ 9,500 | $ 9,500 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jan. 14, 2023 | Jan. 13, 2023 | Jan. 05, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 17, 2023 | |
Subsequent Event [Line Items] | |||||||
Total principal balances | $ 1,073,132 | $ 957,387 | |||||
Aggregate cash dividends and distributions, paid | 72,575 | 58,713 | $ 47,603 | ||||
Common stock | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate cash dividends and distributions, paid | $ 48,700 | $ 39,300 | $ 25,300 | ||||
Subsequent Event | Series A Cumulative Redeemable Preferred Stock | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate cash dividends and distributions, paid | $ 2,900 | ||||||
Subsequent Event | Class A units | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate cash dividends and distributions, paid | $ 3,900 | ||||||
Subsequent Event | Common stock | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate cash dividends and distributions, paid | $ 12,800 | ||||||
Subsequent Event | Line of Credit | Revolving Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Total principal balances | $ 94,000 | ||||||
Subsequent Event | Constellation Energy Building | |||||||
Subsequent Event [Line Items] | |||||||
Interest acquired | 11% | ||||||
Consideration transferred in the form of full satisfaction of note receivable | $ 12,800 |
Schedule III - Consolidated R_2
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | $ 612,132 | |
Land | 296,324 | |
Building and Improvements | 817,582 | |
Cost Capitalized Subsequent to Acquisition | 829,669 | |
Land | 296,324 | |
Building and improvements | 1,647,251 | |
Total | 1,943,575 | |
Accumulated Depreciation | 329,963 | $ 285,814 |
Net Carrying Amount | 1,613,612 | |
Amount of real estate for federal income tax purposes | 1,464,500 | |
Real estate investments | ||
Balance at beginning of the year | 1,737,438 | 1,757,917 |
Construction costs and improvements | 93,467 | 86,325 |
Acquisitions | 242,423 | 83,723 |
Dispositions | (129,342) | (83,848) |
Reclassifications | (411) | (106,679) |
Balance at end of the year | 1,943,575 | 1,737,438 |
Accumulated Depreciation | ||
Balance at beginning of the year | 285,814 | 253,965 |
Dispositions | (10,396) | (14,809) |
Reclassifications | 0 | (5,010) |
Depreciation | 54,545 | 51,668 |
Balance at end of the year | $ 329,963 | $ 285,814 |
Buildings | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Estimated useful lives | 39 years | |
Capital improvements | Minimum | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Estimated useful lives | 5 years | |
Capital improvements | Maximum | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Estimated useful lives | 20 years | |
Equipment | Minimum | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Estimated useful lives | 3 years | |
Equipment | Maximum | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Estimated useful lives | 7 years | |
Office | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | $ 275,112 | |
Land | 44,190 | |
Building and Improvements | 280,103 | |
Cost Capitalized Subsequent to Acquisition | 293,901 | |
Land | 44,190 | |
Building and improvements | 574,004 | |
Total | 618,194 | |
Accumulated Depreciation | 107,760 | |
Net Carrying Amount | 510,434 | |
Accumulated Depreciation | ||
Balance at end of the year | 107,760 | |
Office | 4525 Main Street | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 30,785 | |
Land | 982 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 46,959 | |
Land | 982 | |
Building and improvements | 46,959 | |
Total | 47,941 | |
Accumulated Depreciation | 13,831 | |
Net Carrying Amount | 34,110 | |
Accumulated Depreciation | ||
Balance at end of the year | 13,831 | |
Office | Armada Hoffler Tower | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 1,976 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 70,034 | |
Land | 1,976 | |
Building and improvements | 70,034 | |
Total | 72,010 | |
Accumulated Depreciation | 43,265 | |
Net Carrying Amount | 28,745 | |
Accumulated Depreciation | ||
Balance at end of the year | 43,265 | |
Office | Brooks Crossing Office | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 295 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 19,509 | |
Land | 295 | |
Building and improvements | 19,509 | |
Total | 19,804 | |
Accumulated Depreciation | 2,456 | |
Net Carrying Amount | 17,348 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,456 | |
Office | Constellation Office | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 175,000 | |
Land | 21,152 | |
Building and Improvements | 176,943 | |
Cost Capitalized Subsequent to Acquisition | 1,692 | |
Land | 21,152 | |
Building and improvements | 178,635 | |
Total | 199,787 | |
Accumulated Depreciation | 4,583 | |
Net Carrying Amount | 195,204 | |
Accumulated Depreciation | ||
Balance at end of the year | 4,583 | |
Office | One City Center | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 2,911 | |
Building and Improvements | 28,202 | |
Cost Capitalized Subsequent to Acquisition | 6,302 | |
Land | 2,911 | |
Building and improvements | 34,504 | |
Total | 37,415 | |
Accumulated Depreciation | 3,978 | |
Net Carrying Amount | 33,437 | |
Accumulated Depreciation | ||
Balance at end of the year | 3,978 | |
Office | One Columbus | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 960 | |
Building and Improvements | 10,269 | |
Cost Capitalized Subsequent to Acquisition | 14,907 | |
Land | 960 | |
Building and improvements | 25,176 | |
Total | 26,136 | |
Accumulated Depreciation | 14,929 | |
Net Carrying Amount | 11,207 | |
Accumulated Depreciation | ||
Balance at end of the year | 14,929 | |
Office | Thames Street Wharf | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 69,327 | |
Land | 15,861 | |
Building and Improvements | 64,689 | |
Cost Capitalized Subsequent to Acquisition | 577 | |
Land | 15,861 | |
Building and improvements | 65,266 | |
Total | 81,127 | |
Accumulated Depreciation | 5,957 | |
Net Carrying Amount | 75,170 | |
Accumulated Depreciation | ||
Balance at end of the year | 5,957 | |
Office | Two Columbus | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 53 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 21,739 | |
Land | 53 | |
Building and improvements | 21,739 | |
Total | 21,792 | |
Accumulated Depreciation | 10,951 | |
Net Carrying Amount | 10,841 | |
Accumulated Depreciation | ||
Balance at end of the year | 10,951 | |
Office | Wills Wharf | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 0 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 112,182 | |
Land | 0 | |
Building and improvements | 112,182 | |
Total | 112,182 | |
Accumulated Depreciation | 7,810 | |
Net Carrying Amount | 104,372 | |
Accumulated Depreciation | ||
Balance at end of the year | 7,810 | |
Retail | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 114,012 | |
Land | 216,418 | |
Building and Improvements | 346,186 | |
Cost Capitalized Subsequent to Acquisition | 203,739 | |
Land | 216,418 | |
Building and improvements | 549,925 | |
Total | 766,343 | |
Accumulated Depreciation | 134,628 | |
Net Carrying Amount | 631,715 | |
Accumulated Depreciation | ||
Balance at end of the year | 134,628 | |
Retail | 249 Central Park Retail | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 713 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 17,092 | |
Land | 713 | |
Building and improvements | 17,092 | |
Total | 17,805 | |
Accumulated Depreciation | 10,043 | |
Net Carrying Amount | 7,762 | |
Accumulated Depreciation | ||
Balance at end of the year | 10,043 | |
Retail | Apex Entertainment | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 67 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 17,903 | |
Land | 67 | |
Building and improvements | 17,903 | |
Total | 17,970 | |
Accumulated Depreciation | 7,425 | |
Net Carrying Amount | 10,545 | |
Accumulated Depreciation | ||
Balance at end of the year | 7,425 | |
Retail | Broad Creek Shopping Center | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 0 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 9,658 | |
Land | 0 | |
Building and improvements | 9,658 | |
Total | 9,658 | |
Accumulated Depreciation | 5,152 | |
Net Carrying Amount | 4,506 | |
Accumulated Depreciation | ||
Balance at end of the year | 5,152 | |
Retail | Broadmoor Plaza | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 2,410 | |
Building and Improvements | 9,010 | |
Cost Capitalized Subsequent to Acquisition | 1,535 | |
Land | 2,410 | |
Building and improvements | 10,545 | |
Total | 12,955 | |
Accumulated Depreciation | 3,313 | |
Net Carrying Amount | 9,642 | |
Accumulated Depreciation | ||
Balance at end of the year | 3,313 | |
Retail | Brooks Crossing Retail | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 117 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 2,421 | |
Land | 117 | |
Building and improvements | 2,421 | |
Total | 2,538 | |
Accumulated Depreciation | 455 | |
Net Carrying Amount | 2,083 | |
Accumulated Depreciation | ||
Balance at end of the year | 455 | |
Retail | Columbus Village | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 7,631 | |
Building and Improvements | 10,135 | |
Cost Capitalized Subsequent to Acquisition | 8,533 | |
Land | 7,631 | |
Building and improvements | 18,668 | |
Total | 26,299 | |
Accumulated Depreciation | 5,115 | |
Net Carrying Amount | 21,184 | |
Accumulated Depreciation | ||
Balance at end of the year | 5,115 | |
Retail | Columbus Village II | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 14,536 | |
Building and Improvements | 10,922 | |
Cost Capitalized Subsequent to Acquisition | 100 | |
Land | 14,536 | |
Building and improvements | 11,022 | |
Total | 25,558 | |
Accumulated Depreciation | 2,648 | |
Net Carrying Amount | 22,910 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,648 | |
Retail | Commerce Street Retail | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 118 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 3,323 | |
Land | 118 | |
Building and improvements | 3,323 | |
Total | 3,441 | |
Accumulated Depreciation | 2,086 | |
Net Carrying Amount | 1,355 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,086 | |
Retail | Delray Beach Plaza | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 0 | |
Building and Improvements | 27,151 | |
Cost Capitalized Subsequent to Acquisition | 351 | |
Land | 0 | |
Building and improvements | 27,502 | |
Total | 27,502 | |
Accumulated Depreciation | 1,764 | |
Net Carrying Amount | 25,738 | |
Accumulated Depreciation | ||
Balance at end of the year | 1,764 | |
Retail | Dimmock Square | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 5,100 | |
Building and Improvements | 13,126 | |
Cost Capitalized Subsequent to Acquisition | 762 | |
Land | 5,100 | |
Building and improvements | 13,888 | |
Total | 18,988 | |
Accumulated Depreciation | 3,305 | |
Net Carrying Amount | 15,683 | |
Accumulated Depreciation | ||
Balance at end of the year | 3,305 | |
Retail | Fountain Plaza Retail | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 425 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 8,049 | |
Land | 425 | |
Building and improvements | 8,049 | |
Total | 8,474 | |
Accumulated Depreciation | 4,265 | |
Net Carrying Amount | 4,209 | |
Accumulated Depreciation | ||
Balance at end of the year | 4,265 | |
Retail | Greenbrier Square | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 19,940 | |
Land | 8,549 | |
Building and Improvements | 21,170 | |
Cost Capitalized Subsequent to Acquisition | 29 | |
Land | 8,549 | |
Building and improvements | 21,199 | |
Total | 29,748 | |
Accumulated Depreciation | 982 | |
Net Carrying Amount | 28,766 | |
Accumulated Depreciation | ||
Balance at end of the year | 982 | |
Retail | Greentree Shopping Center | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 1,103 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 4,174 | |
Land | 1,103 | |
Building and improvements | 4,174 | |
Total | 5,277 | |
Accumulated Depreciation | 1,477 | |
Net Carrying Amount | 3,800 | |
Accumulated Depreciation | ||
Balance at end of the year | 1,477 | |
Retail | Hanbury Village | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 2,566 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 16,512 | |
Land | 2,566 | |
Building and improvements | 16,512 | |
Total | 19,078 | |
Accumulated Depreciation | 8,048 | |
Net Carrying Amount | 11,030 | |
Accumulated Depreciation | ||
Balance at end of the year | 8,048 | |
Retail | Harrisonburg Regal | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 1,554 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 4,148 | |
Land | 1,554 | |
Building and improvements | 4,148 | |
Total | 5,702 | |
Accumulated Depreciation | 2,522 | |
Net Carrying Amount | 3,180 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,522 | |
Retail | Lexington Square | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 13,892 | |
Land | 3,035 | |
Building and Improvements | 20,581 | |
Cost Capitalized Subsequent to Acquisition | 338 | |
Land | 3,035 | |
Building and improvements | 20,919 | |
Total | 23,954 | |
Accumulated Depreciation | 3,188 | |
Net Carrying Amount | 20,766 | |
Accumulated Depreciation | ||
Balance at end of the year | 3,188 | |
Retail | Market at Mill Creek | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 12,494 | |
Land | 2,261 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 21,040 | |
Land | 2,261 | |
Building and improvements | 21,040 | |
Total | 23,301 | |
Accumulated Depreciation | 2,695 | |
Net Carrying Amount | 20,606 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,695 | |
Retail | Marketplace at Hilltop | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 2,023 | |
Building and Improvements | 19,886 | |
Cost Capitalized Subsequent to Acquisition | 433 | |
Land | 2,023 | |
Building and improvements | 20,319 | |
Total | 22,342 | |
Accumulated Depreciation | 2,132 | |
Net Carrying Amount | 20,210 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,132 | |
Retail | Nexton Square | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 22,195 | |
Land | 9,086 | |
Building and Improvements | 27,760 | |
Cost Capitalized Subsequent to Acquisition | 5,250 | |
Land | 9,086 | |
Building and improvements | 33,010 | |
Total | 42,096 | |
Accumulated Depreciation | 2,607 | |
Net Carrying Amount | 39,489 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,607 | |
Retail | North Hampton Market | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 7,250 | |
Building and Improvements | 10,210 | |
Cost Capitalized Subsequent to Acquisition | 975 | |
Land | 7,250 | |
Building and improvements | 11,185 | |
Total | 18,435 | |
Accumulated Depreciation | 2,993 | |
Net Carrying Amount | 15,442 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,993 | |
Retail | North Pointe Center | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 1,276 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 23,084 | |
Land | 1,276 | |
Building and improvements | 23,084 | |
Total | 24,360 | |
Accumulated Depreciation | 11,609 | |
Net Carrying Amount | 12,751 | |
Accumulated Depreciation | ||
Balance at end of the year | 11,609 | |
Retail | Overlook Village | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 6,328 | |
Building and Improvements | 20,101 | |
Cost Capitalized Subsequent to Acquisition | 271 | |
Land | 6,328 | |
Building and improvements | 20,372 | |
Total | 26,700 | |
Accumulated Depreciation | 1,044 | |
Net Carrying Amount | 25,656 | |
Accumulated Depreciation | ||
Balance at end of the year | 1,044 | |
Retail | Parkway Centre | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 1,372 | |
Building and Improvements | 7,864 | |
Cost Capitalized Subsequent to Acquisition | 138 | |
Land | 1,372 | |
Building and improvements | 8,002 | |
Total | 9,374 | |
Accumulated Depreciation | 1,217 | |
Net Carrying Amount | 8,157 | |
Accumulated Depreciation | ||
Balance at end of the year | 1,217 | |
Retail | Parkway Marketplace | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 1,150 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 4,137 | |
Land | 1,150 | |
Building and improvements | 4,137 | |
Total | 5,287 | |
Accumulated Depreciation | 2,388 | |
Net Carrying Amount | 2,899 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,388 | |
Retail | Patterson Place | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 15,060 | |
Building and Improvements | 20,180 | |
Cost Capitalized Subsequent to Acquisition | 1,088 | |
Land | 15,060 | |
Building and improvements | 21,268 | |
Total | 36,328 | |
Accumulated Depreciation | 4,499 | |
Net Carrying Amount | 31,829 | |
Accumulated Depreciation | ||
Balance at end of the year | 4,499 | |
Retail | Pembroke Square | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 14,513 | |
Building and Improvements | 9,290 | |
Cost Capitalized Subsequent to Acquisition | 1 | |
Land | 14,513 | |
Building and improvements | 9,291 | |
Total | 23,804 | |
Accumulated Depreciation | 111 | |
Net Carrying Amount | 23,693 | |
Accumulated Depreciation | ||
Balance at end of the year | 111 | |
Retail | Perry Hall Marketplace | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 3,240 | |
Building and Improvements | 8,316 | |
Cost Capitalized Subsequent to Acquisition | 593 | |
Land | 3,240 | |
Building and improvements | 8,909 | |
Total | 12,149 | |
Accumulated Depreciation | 2,616 | |
Net Carrying Amount | 9,533 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,616 | |
Retail | Premier Retail | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 8,013 | |
Land | 318 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 15,339 | |
Land | 318 | |
Building and improvements | 15,339 | |
Total | 15,657 | |
Accumulated Depreciation | 2,147 | |
Net Carrying Amount | 13,510 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,147 | |
Retail | Providence Plaza | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 9,950 | |
Building and Improvements | 12,369 | |
Cost Capitalized Subsequent to Acquisition | 2,057 | |
Land | 9,950 | |
Building and improvements | 14,426 | |
Total | 24,376 | |
Accumulated Depreciation | 3,623 | |
Net Carrying Amount | 20,753 | |
Accumulated Depreciation | ||
Balance at end of the year | 3,623 | |
Retail | Red Mill Commons | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 11,283 | |
Land | 44,252 | |
Building and Improvements | 30,348 | |
Cost Capitalized Subsequent to Acquisition | 4,550 | |
Land | 44,252 | |
Building and improvements | 34,898 | |
Total | 79,150 | |
Accumulated Depreciation | 6,343 | |
Net Carrying Amount | 72,807 | |
Accumulated Depreciation | ||
Balance at end of the year | 6,343 | |
Retail | Sandbridge Commons | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 4,118 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 7,508 | |
Land | 4,118 | |
Building and improvements | 7,508 | |
Total | 11,626 | |
Accumulated Depreciation | 2,512 | |
Net Carrying Amount | 9,114 | |
Accumulated Depreciation | ||
Balance at end of the year | 2,512 | |
Retail | South Retail | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 190 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 8,300 | |
Land | 190 | |
Building and improvements | 8,300 | |
Total | 8,490 | |
Accumulated Depreciation | 5,382 | |
Net Carrying Amount | 3,108 | |
Accumulated Depreciation | ||
Balance at end of the year | 5,382 | |
Retail | South Square | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 14,130 | |
Building and Improvements | 12,670 | |
Cost Capitalized Subsequent to Acquisition | 1,129 | |
Land | 14,130 | |
Building and improvements | 13,799 | |
Total | 27,929 | |
Accumulated Depreciation | 3,296 | |
Net Carrying Amount | 24,633 | |
Accumulated Depreciation | ||
Balance at end of the year | 3,296 | |
Retail | Southgate Square | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 26,195 | |
Land | 10,238 | |
Building and Improvements | 25,950 | |
Cost Capitalized Subsequent to Acquisition | 5,607 | |
Land | 10,238 | |
Building and improvements | 31,557 | |
Total | 41,795 | |
Accumulated Depreciation | 6,660 | |
Net Carrying Amount | 35,135 | |
Accumulated Depreciation | ||
Balance at end of the year | 6,660 | |
Retail | Southshore Shops | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 1,770 | |
Building and Improvements | 6,509 | |
Cost Capitalized Subsequent to Acquisition | 443 | |
Land | 1,770 | |
Building and improvements | 6,952 | |
Total | 8,722 | |
Accumulated Depreciation | 1,429 | |
Net Carrying Amount | 7,293 | |
Accumulated Depreciation | ||
Balance at end of the year | 1,429 | |
Retail | Studio 56 Retail | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 76 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 2,601 | |
Land | 76 | |
Building and improvements | 2,601 | |
Total | 2,677 | |
Accumulated Depreciation | 1,270 | |
Net Carrying Amount | 1,407 | |
Accumulated Depreciation | ||
Balance at end of the year | 1,270 | |
Retail | Tyre Neck Harris Teeter | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 0 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 3,306 | |
Land | 0 | |
Building and improvements | 3,306 | |
Total | 3,306 | |
Accumulated Depreciation | 1,754 | |
Net Carrying Amount | 1,552 | |
Accumulated Depreciation | ||
Balance at end of the year | 1,754 | |
Retail | Wendover Village | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 19,893 | |
Building and Improvements | 22,638 | |
Cost Capitalized Subsequent to Acquisition | 961 | |
Land | 19,893 | |
Building and improvements | 23,599 | |
Total | 43,492 | |
Accumulated Depreciation | 4,513 | |
Net Carrying Amount | 38,979 | |
Accumulated Depreciation | ||
Balance at end of the year | 4,513 | |
Multifamily | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 223,008 | |
Land | 29,422 | |
Building and Improvements | 191,293 | |
Cost Capitalized Subsequent to Acquisition | 332,029 | |
Land | 29,422 | |
Building and improvements | 523,322 | |
Total | 552,744 | |
Accumulated Depreciation | 87,575 | |
Net Carrying Amount | 465,169 | |
Accumulated Depreciation | ||
Balance at end of the year | 87,575 | |
Multifamily | 1305 Dock Street | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 2,164 | |
Building and Improvements | 18,113 | |
Cost Capitalized Subsequent to Acquisition | 172 | |
Land | 2,164 | |
Building and improvements | 18,285 | |
Total | 20,449 | |
Accumulated Depreciation | 472 | |
Net Carrying Amount | 19,977 | |
Accumulated Depreciation | ||
Balance at end of the year | 472 | |
Multifamily | 1405 Point | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 0 | |
Building and Improvements | 95,466 | |
Cost Capitalized Subsequent to Acquisition | 3,812 | |
Land | 0 | |
Building and improvements | 99,278 | |
Total | 99,278 | |
Accumulated Depreciation | 11,762 | |
Net Carrying Amount | 87,516 | |
Accumulated Depreciation | ||
Balance at end of the year | 11,762 | |
Multifamily | Chronicle Mill | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 27,630 | |
Land | 1,780 | |
Building and Improvements | 533 | |
Cost Capitalized Subsequent to Acquisition | 54,079 | |
Land | 1,780 | |
Building and improvements | 54,612 | |
Total | 56,392 | |
Accumulated Depreciation | 361 | |
Net Carrying Amount | 56,031 | |
Accumulated Depreciation | ||
Balance at end of the year | 361 | |
Multifamily | Edison Apartments | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 15,563 | |
Land | 3,428 | |
Building and Improvements | 18,582 | |
Cost Capitalized Subsequent to Acquisition | 1,490 | |
Land | 3,428 | |
Building and improvements | 20,072 | |
Total | 23,500 | |
Accumulated Depreciation | 1,912 | |
Net Carrying Amount | 21,588 | |
Accumulated Depreciation | ||
Balance at end of the year | 1,912 | |
Multifamily | Encore Apartments | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 23,980 | |
Land | 1,293 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 31,562 | |
Land | 1,293 | |
Building and improvements | 31,562 | |
Total | 32,855 | |
Accumulated Depreciation | 7,984 | |
Net Carrying Amount | 24,871 | |
Accumulated Depreciation | ||
Balance at end of the year | 7,984 | |
Multifamily | Gainesville Apartments | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 30,000 | |
Land | 4,834 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 45,314 | |
Land | 4,834 | |
Building and improvements | 45,314 | |
Total | 50,148 | |
Accumulated Depreciation | 1,039 | |
Net Carrying Amount | 49,109 | |
Accumulated Depreciation | ||
Balance at end of the year | 1,039 | |
Multifamily | Greenside Apartments | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 31,862 | |
Land | 5,711 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 45,622 | |
Land | 5,711 | |
Building and improvements | 45,622 | |
Total | 51,333 | |
Accumulated Depreciation | 6,411 | |
Net Carrying Amount | 44,922 | |
Accumulated Depreciation | ||
Balance at end of the year | 6,411 | |
Multifamily | Liberty Apartments | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 20,926 | |
Land | 3,580 | |
Building and Improvements | 23,494 | |
Cost Capitalized Subsequent to Acquisition | 2,516 | |
Land | 3,580 | |
Building and improvements | 26,010 | |
Total | 29,590 | |
Accumulated Depreciation | 7,627 | |
Net Carrying Amount | 21,963 | |
Accumulated Depreciation | ||
Balance at end of the year | 7,627 | |
Multifamily | Premier Apartments | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 16,269 | |
Land | 647 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 29,348 | |
Land | 647 | |
Building and improvements | 29,348 | |
Total | 29,995 | |
Accumulated Depreciation | 3,876 | |
Net Carrying Amount | 26,119 | |
Accumulated Depreciation | ||
Balance at end of the year | 3,876 | |
Multifamily | Smith’s Landing | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 15,535 | |
Land | 0 | |
Building and Improvements | 35,105 | |
Cost Capitalized Subsequent to Acquisition | 4,477 | |
Land | 0 | |
Building and improvements | 39,582 | |
Total | 39,582 | |
Accumulated Depreciation | 11,605 | |
Net Carrying Amount | 27,977 | |
Accumulated Depreciation | ||
Balance at end of the year | 11,605 | |
Multifamily | Southern Post | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 5,000 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 37,496 | |
Land | 5,000 | |
Building and improvements | 37,496 | |
Total | 42,496 | |
Accumulated Depreciation | 0 | |
Net Carrying Amount | 42,496 | |
Accumulated Depreciation | ||
Balance at end of the year | 0 | |
Multifamily | The Cosmopolitan | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 41,243 | |
Land | 985 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 76,141 | |
Land | 985 | |
Building and improvements | 76,141 | |
Total | 77,126 | |
Accumulated Depreciation | 34,526 | |
Net Carrying Amount | 42,600 | |
Accumulated Depreciation | ||
Balance at end of the year | 34,526 | |
Held for development | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Encumbrances | 0 | |
Land | 6,294 | |
Building and Improvements | 0 | |
Cost Capitalized Subsequent to Acquisition | 0 | |
Land | 6,294 | |
Building and improvements | 0 | |
Total | 6,294 | |
Accumulated Depreciation | 0 | |
Net Carrying Amount | 6,294 | |
Accumulated Depreciation | ||
Balance at end of the year | $ 0 |