Armada Hoffler Properties (AHH) 10-Q 7 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-35908
Entity Registrant Name	ARMADA HOFFLER PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1214914
Entity Address, Address Line One	222 Central Park Avenue
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23462
City Area Code	757
Local Phone Number	366-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,946,794
Entity Central Index Key	0001569187
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AHH
Security Exchange Name	NYSE
Redeemable convertible preferred stock
Entity Listings [Line Items]
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	AHHPrA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Real estate investments:
Income producing property	$ 2,083,488		$ 1,884,214
Held for development	6,294		6,294
Construction in progress	76,866		53,067
Gross real estate investments	2,166,648		1,943,575
Accumulated depreciation	(359,229)		(329,963)
Net real estate investments	1,807,419		1,613,612
Cash and cash equivalents	34,054		48,139
Restricted cash	2,043	[1]	3,726
Accounts receivable, net	41,431		39,186
Notes receivable, net	60,095		136,039
Construction receivables, including retentions, net	93,880		70,822
Construction contract costs and estimated earnings in excess of billings	406		342
Equity method investments	102,371		71,983
Operating lease right-of-use assets	23,218		23,350
Finance lease right-of-use assets	92,994		45,878
Acquired lease intangible assets	131,181		103,870
Other assets	81,962		85,363
Total Assets	2,471,054		2,242,310
LIABILITIES AND EQUITY
Indebtedness, net	1,264,643		1,068,261
Accounts payable and accrued liabilities	24,263		26,839
Construction payables, including retentions	102,377		93,472
Billings in excess of construction contract costs and estimated earnings	18,311		17,515
Operating lease liabilities	31,611		31,677
Finance lease liabilities	93,214		46,477
Other liabilities	54,973		54,055
Total Liabilities	1,589,392		1,338,296
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized; 6,843,418 shares issued and outstanding as of June 30, 2023 and December 31, 2022	171,085		171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 67,944,529 and 67,729,854 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	679		677
Additional paid-in capital	589,030		587,884
Distributions in excess of earnings	(142,233)		(126,875)
Accumulated other comprehensive gain	13,498		14,679
Total stockholders’ equity	632,059		647,450
Noncontrolling interests in investment entities	10,651		24,055
Noncontrolling interests in Operating Partnership	238,952		232,509
Total Equity	881,662		904,014
Total Liabilities and Equity	$ 2,471,054		$ 2,242,310
[1]Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
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)	67,944,529	67,729,854
Common stock, shares outstanding (in shares)	67,944,529	67,729,854
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Rental revenues	$ 59,951	$ 55,224	$ 116,169	$ 109,859
General contracting and real estate services revenues	$ 102,574	$ 45,273	186,812	69,923
Revenue, Product and Service [Extensible List]	Real Estate [Member]	Real Estate [Member]
Interest income	$ 3,414	$ 3,352	7,133	6,920
Total revenues	165,939	103,849	310,114	186,702
Expenses
Rental expenses	13,676	12,685	26,636	25,354
Real estate taxes	5,631	5,837	11,043	11,241
General contracting and real estate services expenses	99,071	43,418	180,241	67,239
Depreciation and amortization	19,878	18,781	38,346	37,338
Amortization of right-of-use assets - finance leases	347	277	624	555
General and administrative expenses	4,052	3,617	9,500	8,325
Acquisition, development and other pursuit costs	18	26	18	37
Impairment charges	0	286	102	333
Total expenses	142,673	84,927	266,510	150,422
Gain on real estate dispositions, net	511	19,493	511	19,493
Operating income	23,777	38,415	44,115	55,773
Interest expense	(13,629)	(9,371)	(25,931)	(18,402)
Loss on extinguishment of debt	0	(618)	0	(776)
Change in fair value of derivatives and other	5,005	2,548	2,558	6,730
Unrealized credit loss provision	(100)	(295)	(177)	(900)
Other income (expense), net	168	68	261	297
Income before taxes	15,221	30,747	20,826	42,722
Income tax (provision) benefit	(336)	20	(524)	321
Net income	14,885	30,767	20,302	43,043
Net income attributable to noncontrolling interests:
Investment entities	(269)	(128)	(423)	(228)
Operating Partnership	(2,753)	(6,479)	(3,307)	(8,662)
Net income attributable to Armada Hoffler Properties, Inc.	11,863	24,160	16,572	34,153
Preferred stock dividends	(2,887)	(2,887)	(5,774)	(5,774)
Net income attributable to common stockholders	$ 8,976	$ 21,273	$ 10,798	$ 28,379
Net income attributable to common stockholders per share (basic) (in dollars per share)	$ 0.13	$ 0.31	$ 0.16	$ 0.42
Net income attributable to common stockholders per share (diluted) (in dollars per share)	$ 0.13	$ 0.31	$ 0.16	$ 0.42
Weighted-average common shares outstanding (basic) (in shares)	67,901	67,710	67,844	67,420
Weighted-average common shares outstanding (diluted) (in shares)	67,901	67,710	67,844	67,420
Comprehensive income:
Net income	$ 14,885	$ 30,767	$ 20,302	$ 43,043
Unrealized cash flow hedge gains	6,806	3,950	6,380	11,672
Realized cash flow hedge (gains) losses reclassified to net income	(5,055)	866	(7,977)	1,653
Comprehensive income	16,636	35,583	18,705	56,368
Comprehensive income attributable to Armada Hoffler Properties, Inc.	13,222	27,776	15,391	44,278
Investment entities
Expenses
Net income	269	128
Comprehensive income:
Net income	269	128
Unrealized cash flow hedge gains	151	55
Realized cash flow hedge (gains) losses reclassified to net income	(174)	45
Comprehensive income attributable to noncontrolling interests:	(245)	(228)	(363)	(328)
Operating Partnership
Expenses
Net income	2,753	6,479
Comprehensive income:
Net income	2,753	6,479
Unrealized cash flow hedge gains	1,562	909
Realized cash flow hedge (gains) losses reclassified to net income	(1,146)	191
Comprehensive income attributable to noncontrolling interests:	$ (3,169)	$ (7,579)	$ (2,951)	$ (11,762)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total stockholders' equity	Preferred stock	Common stock	Additional paid-in capital	Distributions in excess of earnings	Accumulated other comprehensive gain	Noncontrolling interests in investment entities	Noncontrolling interests in Operating Partnership
Beginning balance at Dec. 31, 2021	$ 779,823	$ 555,352	$ 171,085	$ 630	$ 525,030	$ (141,360)	$ (33)	$ 629	$ 223,842
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,276	9,993				9,993		100	2,183
Unrealized cash flow hedge gains (losses)	7,722	5,907					5,907		1,815
Realized cash flow hedge gains reclassified to net income	787	602					602		185
Net proceeds from issuance of common stock	65,194	65,194		45	65,149
Noncontrolling interest in acquired real estate entity	23,065							23,065
Restricted stock awards, net	1,064	1,064			1,064
Acquisitions of noncontrolling interests	(3,901)	(3,901)			(3,901)
Redemption of operating partnership units	0	132			132				(132)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(14,939)	(11,433)				(11,433)			(3,506)
Ending balance at Mar. 31, 2022	868,204	620,023	171,085	675	587,474	(145,687)	6,476	23,794	224,387
Beginning balance at Dec. 31, 2021	779,823	555,352	171,085	630	525,030	(141,360)	(33)	629	223,842
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,043
Unrealized cash flow hedge gains (losses)	11,672
Realized cash flow hedge gains reclassified to net income	1,653
Ending balance at Jun. 30, 2022	886,336	633,923	171,085	677	588,012	(135,942)	10,091	23,952	228,461
Beginning balance at Mar. 31, 2022	868,204	620,023	171,085	675	587,474	(145,687)	6,476	23,794	224,387
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,767	24,160				24,160		128	6,479
Unrealized cash flow hedge gains (losses)	3,950	2,986					2,986	55	909
Realized cash flow hedge gains reclassified to net income	866	630				1	629	45	191
Net proceeds from issuance of common stock	(35)	(35)			(35)
Restricted stock awards, net	575	575		2	573
Distributions to noncontrolling interests	(84)							(84)
Contributions from noncontrolling interests	14							14
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(15,034)	(11,529)				(11,529)			(3,505)
Ending balance at Jun. 30, 2022	886,336	633,923	171,085	677	588,012	(135,942)	10,091	23,952	228,461
Beginning balance at Dec. 31, 2022	904,014	647,450	171,085	677	587,884	(126,875)	14,679	24,055	232,509
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,417	4,709				4,709		154	554
Unrealized cash flow hedge gains (losses)	(426)	(328)					(328)	2	(100)
Realized cash flow hedge gains reclassified to net income	(2,922)	(2,211)					(2,211)	(39)	(672)
Net proceeds from issuance of common stock	(149)	(149)			(149)
Restricted stock awards, net	979	979		2	977
Acquisitions of noncontrolling interests	(12,834)							(12,834)
Distributions to noncontrolling interests	(506)							(506)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(16,824)	(12,908)				(12,908)			(3,916)
Ending balance at Mar. 31, 2023	873,862	634,655	171,085	679	588,712	(137,961)	12,140	10,832	228,375
Beginning balance at Dec. 31, 2022	904,014	647,450	171,085	677	587,884	(126,875)	14,679	24,055	232,509
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,302
Unrealized cash flow hedge gains (losses)	6,380
Realized cash flow hedge gains reclassified to net income	(7,977)
Ending balance at Jun. 30, 2023	881,662	632,059	171,085	679	589,030	(142,233)	13,498	10,651	238,952
Beginning balance at Mar. 31, 2023	873,862	634,655	171,085	679	588,712	(137,961)	12,140	10,832	228,375
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,885	11,863				11,863		269	2,753
Unrealized cash flow hedge gains (losses)	6,806	5,093					5,093	151	1,562
Realized cash flow hedge gains reclassified to net income	(5,055)	(3,735)					(3,735)	(174)	(1,146)
Restricted stock awards, net	337	337			337
Issuance of operating partnership units for acquisitions	12,194								12,194
Redemption of operating partnership units	(583)	(19)			(19)				(564)
Distributions to noncontrolling interests	(427)							(427)
Dividends declared on preferred stock	(2,887)	(2,887)				(2,887)
Dividends and distributions declared on common shares and units	(17,470)	(13,248)				(13,248)			(4,222)
Ending balance at Jun. 30, 2023	$ 881,662	$ 632,059	$ 171,085	$ 679	$ 589,030	$ (142,233)	$ 13,498	$ 10,651	$ 238,952

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividend declared (in dollars per share)	$ 0.195	$ 0.19	$ 0.17	$ 0.17

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income		$ 20,302	$ 43,043
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements		29,262	27,613
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases		9,084	9,725
Accrued straight-line rental revenue		(3,244)	(3,036)
Amortization of leasing incentives and above or below-market rents		(1,360)	(520)
Amortization of right-of-use assets - finance leases		624	555
Accrued straight-line ground rent expense		40	76
Unrealized credit loss provision		177	900
Adjustment for uncollectable lease accounts		1,168	405
Noncash stock compensation		2,137	2,115
Impairment charges		102	333
Noncash interest expense		4,412	2,143
Noncash loss on extinguishment of debt		0	776
Gain on real estate dispositions, net		(511)	(19,493)
Change in fair value of derivatives and other		(490)	(6,730)
Changes in operating assets and liabilities:
Property assets		(792)	(8,243)
Property liabilities		(592)	(2,429)
Construction assets		(24,282)	(18,005)
Construction liabilities		10,969	25,205
Interest receivable		(6,545)	(4,026)
Net cash provided by operating activities		40,461	50,407
INVESTING ACTIVITIES
Development of real estate investments		(30,959)	(35,478)
Tenant and building improvements		(9,912)	(8,467)
Acquisitions of real estate investments, net of cash received		(8,355)	(93,313)
Dispositions of real estate investments, net of selling costs		(20)	101,812
Notes receivable issuances		(21,238)	(20,829)
Notes receivable paydowns		0	11,545
Leasing costs		(2,348)	(1,836)
Leasing incentives		(20)	(51)
Contributions to equity method investments		(30,388)	(40,333)
Net cash used for investing activities		(103,240)	(86,950)
FINANCING ACTIVITIES
Proceeds from issuance of common stock, net of issuance cost		(149)	65,159
Common shares tendered for tax withholding		(1,110)	(774)
Debt issuances, credit facility and construction loan borrowings		229,783	324,096
Debt and credit facility repayments, including principal amortization		(138,953)	(273,698)
Debt issuance costs		(1,661)	(3,303)
Acquisition of NCI in consolidated RE investments		0	(3,901)
Redemption of operating partnership units		(583)	0
Distributions to noncontrolling interests		(933)	(84)
Contributions from noncontrolling interests		0	14
Dividends and distributions		(39,383)	(34,997)
Net cash provided by financing activities		47,011	72,512
Net (decrease) increase in cash, cash equivalents, and restricted cash		(15,768)	35,969
Cash, cash equivalents, and restricted cash, beginning of period		51,865	40,443
Cash, cash equivalents, and restricted cash, end of period	[1]	36,097	76,412
Supplemental Disclosures (noncash transactions):
Increase in dividends and distributions payable		685	750
Decrease in accrued capital improvements and development costs		(2,126)	(2,626)
Issuance of operating partnership units for acquisitions		12,194	0
Operating Partnership units redeemed for common shares		0	132
Debt assumed at fair value in conjunction with real estate purchases		105,584	156,071
Note receivable redeemed in conjunction with real estate purchase		90,232	0
Acquisitions of noncontrolling interests		12,834	0
Noncontrolling interest in acquired real estate entity		0	23,065
Other liability satisfied in connection with a real estate disposal		750	0
Recognition of finance lease right-of-use assets		47,742	0
Recognition of finance lease liabilities		$ 46,616	$ 0
[1]The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): June 30, 2023 June 30, 2022 Cash and cash equivalents $ 34,054 $ 69,731 Restricted cash (a) 2,043 6,681 Cash, cash equivalents, and restricted cash $ 36,097 $ 76,412 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flow (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022	Jun. 30, 2022		Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 34,054		$ 48,139	$ 69,731
Restricted cash	2,043	[1]	3,726	6,681	[1]
Cash, cash equivalents, and restricted cash	$ 36,097	[2]	$ 51,865	$ 76,412	[2]	$ 40,443
[1]Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.[2]The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): June 30, 2023 June 30, 2022 Cash and cash equivalents $ 34,054 $ 69,731 Restricted cash (a) 2,043 6,681 Cash, cash equivalents, and restricted cash $ 36,097 $ 76,412 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Business of Organization

Business of Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business of Organization	Business of Organization Armada Hoffler Properties, Inc. (the "Company") is a vertically integrated, self-managed real estate investment trust ("REIT") with over four decades of experience developing, building, acquiring, and managing high-quality multifamily, office, and retail properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their stabilized portfolio. The Company is the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership") and, as of June 30, 2023, owned 75.8% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries thereof. As of June 30, 2023, the Company's property portfolio consisted of 60 stabilized operating properties and one property under development. Refer to Note 5 for information related to the Company's recent acquisitions and dispositions of properties.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries. The Company’s subsidiaries include the Operating Partnership and the subsidiaries that are wholly owned or in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition, and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates. Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. Effective for the six months ended June 30, 2023, the Company has changed the presentation of its Consolidated Statements of Comprehensive Income. For the three and six months ended June 30, 2022, the Company reclassified interest income of $3.4 million and $6.9 million, respectively, from non-operating income to operating income. As a result, total revenues and operating income increased by $3.4 million and $6.9 million, respectively, compared to previous reporting. These reclassifications had no effect on net income or stockholder's equity as previously reported. Recent Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. This ASU also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional and only available in certain situations. In January 2021, FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The amendments in this standard are elective and principally apply to entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Similar to ASU No. 2020-04, provisions of this ASU are effective upon issuance. In December 2022, 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 six months ended June 30, 2023, 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. Other Accounting Policies See the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for a description of other accounting principles upon which basis the accompanying consolidated financial statements were prepared.

Segments

Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segments	Segments The Company operates its business in five reportable segments: (i) office real estate, (ii) retail real estate, (iii) multifamily real estate, (iv) general contracting and real estate services, and (v) real estate financing. Refer to Note 1 of the Company's Form 10-K for the composition of properties within each property segment. Since the Company's Annual Report on Form 10-K for the year ended December 31, 2022, the Company introduced real estate financing as a reportable segment. The real estate financing segment includes the Company's mezzanine loans and preferred equity investments on development projects. The change in segmental presentation is a result of the chief operating decision-maker now separately reviewing the results of the real estate financing investments, which are no longer considered to be ad hoc investments, but an evolving portfolio. Net operating income ("NOI") is the primary measure used by the Company’s chief operating decision-maker to assess segment performance. NOI is calculated as segment revenues less segment expenses. Segment revenues include rental revenues for the property segments, general contracting and real estate services revenues for the general contracting and real estate services segment, and interest income for the real estate financing segment. Segment expenses include rental expenses and real estate taxes for the property segments, general contracting and real estate services expenses for the general contracting and real estate services segment, and interest expense for the real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit as illustrated in the table below. NOI 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, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI 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, construction, and real estate financing businesses. The following table presents NOI for the Company's five reportable segments for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Office real estate Rental revenues $ 20,505 $ 18,314 $ 40,079 $ 35,337 Rental expenses 5,254 4,600 10,357 8,740 Real estate taxes 2,167 2,035 4,262 3,539 Segment net operating income 13,084 11,679 25,460 23,058 Retail real estate Rental revenues 24,708 21,544 47,146 42,974 Rental expenses 4,026 3,333 7,590 6,834 Real estate taxes 2,270 2,271 4,477 4,509 Segment net operating income 18,412 15,940 35,079 31,631 Multifamily real estate Rental revenues 14,738 15,366 28,944 31,548 Rental expenses 4,396 4,752 8,689 9,780 Real estate taxes 1,194 1,531 2,304 3,193 Segment net operating income 9,148 9,083 17,951 18,575 General contracting and real estate services General contracting and real estate services revenues 102,574 45,273 186,812 69,923 General contracting and real estate services expenses 99,071 43,418 180,241 67,239 Segment gross profit 3,503 1,855 6,571 2,684 Real estate financing Interest income 3,225 3,239 6,761 6,698 Interest expense (a) 809 817 1,906 1,642 Segment gross profit 2,416 2,422 4,855 5,056 Net operating income $ 46,563 $ 40,979 $ 89,916 $ 81,004 ________________________________________ (a) Interest expense within the real estate financing segment is allocated based on the average outstanding principal of notes receivable in the real estate financing portfolio, and the effective interest rate on the credit facility, as defined in Note 8. The following table reconciles NOI to net income, the most directly comparable GAAP measure, for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net operating income $ 46,563 $ 40,979 $ 89,916 $ 81,004 Interest income (a) 189 113 372 222 Depreciation and amortization (19,878) (18,781) (38,346) (37,338) Amortization of right-of-use assets - finance leases (347) (277) (624) (555) General and administrative expenses (4,052) (3,617) (9,500) (8,325) Acquisition, development and other pursuit costs (18) (26) (18) (37) Impairment charges — (286) (102) (333) Gain on real estate dispositions, net 511 19,493 511 19,493 Interest expense (b) (12,820) (8,554) (24,025) (16,760) Loss on extinguishment of debt — (618) — (776) Change in fair value of derivatives and other 5,005 2,548 2,558 6,730 Unrealized credit loss provision (100) (295) (177) (900) Other income (expense), net 168 68 261 297 Income tax (provision) benefit (336) 20 (524) 321 Net income $ 14,885 $ 30,767 $ 20,302 $ 43,043 ________________________________________ (a) Excludes real estate financing segment interest income of $3.2 million for each of the three months ended June 30, 2023 and 2022 and $6.8 million and $6.7 million for the six months ended June 30, 2023 and 2022, respectively. (b) Excludes real estate financing segment interest expense of $0.8 million for each of the three months ended June 30, 2023 and 2022 and $1.9 million and $1.6 million for the six months ended June 30, 2023 and 2022, respectively. Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management expenses, property management fees, repairs and maintenance, insurance, and utilities. General contracting and real estate services revenues for the three months ended June 30, 2023 and 2022 exclude revenues related to intercompany construction contracts of $12.9 million and $14.2 million, respectively, which are eliminated in consolidation. General contracting and real estate services revenues for the six months ended June 30, 2023 and 2022 exclude revenue related to intercompany construction contracts of $26.6 million and $22.8 million, respectively. General contracting and real estate services expenses for the three months ended June 30, 2023 and 2022 exclude expenses related to intercompany construction contracts of $12.8 million and $14.0 million, respectively, which are eliminated in consolidation. General contracting and real estate services expenses for the six months ended June 30, 2023 and 2022 exclude expenses related to intercompany construction contracts of $26.3 million and $22.5 million, respectively. Depreciation and amortization expense for the three months ended June 30, 2023 was $7.6 million, $7.8 million, and $4.3 million for the office, retail, and multifamily real estate segments, respectively. Depreciation and amortization expense for the three months ended June 30, 2022 was $6.9 million, $7.0 million, and $4.8 million for the office, retail, and multifamily real estate segments, respectively. Depreciation and amortization expense for the six months ended June 30, 2023 was $14.5 million, $15.1 million, and $8.5 million for the office, retail, and multifamily real estate segments, respectively. Depreciation and amortization expense for the six months ended June 30, 2022 was $13.5 million, $14.2 million, and $9.5 million for the office, retail, and multifamily real estate segments, respectively. General and administrative expenses represent costs not directly associated with the operation and management of the Company’s real estate properties, general contracting and real estate services, and real estate financing businesses. These costs include corporate office personnel compensation and benefits, bank fees, accounting fees, legal fees, and other corporate office expenses. Interest expense on secured property debt for the three months ended June 30, 2023 was $2.2 million, $2.3 million, and $2.6 million for the office, retail, and multifamily real estate segments, respectively. Interest expense on secured property debt for the three months ended June 30, 2022 was $2.7 million, $2.0 million, and $3.3 million for the office, retail, and multifamily real estate segments, respectively. Interest expense on secured property debt for the six months ended June 30, 2023 was $4.6 million, $4.4 million, and $5.2 million for the office, retail, and multifamily real estate segments, respectively. Interest expense on secured property debt for the six months ended June 30, 2022 was $4.8 million, $4.0 million, and $6.5 million for the office, retail, and multifamily real estate segments, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Lessee Disclosures As a lessee, the Company has nine ground leases on nine 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 four of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. Lessor Disclosures As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one Rental revenue for the three and six months ended June 30, 2023 and 2022 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Base rent and tenant charges $ 57,093 $ 53,424 $ 111,564 $ 106,303 Accrued straight-line rental adjustment 1,788 1,544 3,243 3,036 Lease incentive amortization (150) (173) (315) (346) (Above) below market lease amortization 1,220 429 1,677 866 Total rental revenue $ 59,951 $ 55,224 $ 116,169 $ 109,859
Leases	Leases Lessee Disclosures As a lessee, the Company has nine ground leases on nine 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 four of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. Lessor Disclosures As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one Rental revenue for the three and six months ended June 30, 2023 and 2022 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Base rent and tenant charges $ 57,093 $ 53,424 $ 111,564 $ 106,303 Accrued straight-line rental adjustment 1,788 1,544 3,243 3,036 Lease incentive amortization (150) (173) (315) (346) (Above) below market lease amortization 1,220 429 1,677 866 Total rental revenue $ 59,951 $ 55,224 $ 116,169 $ 109,859

Real Estate Investment

Real Estate Investment	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate Investment	Real Estate Investment Property Acquisitions Constellation Energy Building On January 14, 2023, the Company acquired an additional 11% membership interest in the Constellation Energy Building, increasing its ownership interest to 90%, 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. The Interlock On May 19, 2023, the Company acquired The Interlock, a 311,000 square foot Class A commercial mixed-use asset in West Midtown Atlanta anchored by Georgia Tech. The Interlock consists of office and retail space as well as structured parking. For segment reporting purposes, management has separated office and retail components of The Interlock into two operating properties respectively presented in the office and retail real estate segments. The Company acquired the asset for total consideration of $214.1 million plus capitalized acquisition costs of $1.2 million. As part of this acquisition, the Company paid $6.1 million in cash, redeemed its outstanding $90.2 million mezzanine loan, issued $12.2 million of Class A units of limited partnership interest in the Operating Partnership ("Class A Units") to the seller, and assumed the asset's senior construction loan of $105.6 million, that was paid off on the acquisition date using the proceeds of the TD term loan facility and an increase in borrowings under the revolving credit facility, both defined in Note 8. The Company also assumed the leasehold interest in the underlying land owned by Georgia Tech. The ground lease has an expiration in 2117 after considering renewal options. The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired for the operating property purchased during the six months ended June 30, 2023 (in thousands): The Interlock (1) Building $ 183,907 In-place leases 35,234 Above-market leases 62 Below-market leases (3,931) Finance lease right-of-use assets (2) 46,616 Finance lease liabilities (46,616) Net assets acquired $ 215,272 ________________________________________ (1) The net assets acquired attributable to the office and retail real estate segments were $134.6 million and $80.6 million, respectively. (2) Excludes $1.1 million of rent for the finance lease, which was prepaid on the acquisition date. The total finance lease right-of-use asset recognized on the acquisition date was $47.7 million. Property Disposition Market at Mill Creek On April 11, 2023, the Company completed the sale of a non-operating outparcel at Market at Mill Creek in full satisfaction of the outstanding consideration payable for the acquisition of the noncontrolling interest in the property completed on December 31, 2022. The gain recorded on this disposition was $0.5 million. Equity Method Investments Harbor Point Parcel 3 The Company owns a 50% interest in Harbor Point Parcel 3, a joint venture with Beatty Development Group, for purposes of developing T. Rowe Price's new global headquarters office building in Baltimore, Maryland. The Company is a noncontrolling partner in the joint venture and will serve as the project's general contractor. During the six months ended June 30, 2023, the Company invested $1.0 million in Harbor Point Parcel 3. The Company has an estimated equity commitment of up to $44.6 million relating to this project. As of June 30, 2023 and December 31, 2022, the carrying value of the Company's investment in Harbor Point Parcel 3 was $40.8 million and $39.8 million, respectively, which excludes $1.5 million and $0.9 million, respectively, of intra-entity profits eliminated in consolidation. For the six months ended June 30, 2023 and 2022, Harbor Point Parcel 3 had no operating activity; 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 ("Allied | Harbor Point"), which is planned to include multifamily units, retail space, and a parking garage. The Company holds an option to increase its ownership to 90%. The Company is a noncontrolling partner in the real estate venture and will serve as the project's general contractor. During the six months ended June 30, 2023, the Company invested $29.4 million in Harbor Point Parcel 4. The Company has an estimated equity commitment of up to $108.9 million relating to this project. As of June 30, 2023 and December 31, 2022, the carrying value of the Company's investment in Harbor Point Parcel 4 was $61.6 million and $32.2 million, respectively, which excludes $0.4 million and $0.2 million, respectively, of intra-entity profits eliminated in consolidation. For the six months ended June 30, 2023, Harbor Point Parcel 4 had no operating activity; 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	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Notes Receivable and Current Expected Credit Losses	Notes Receivable and Current Expected Credit Losses Notes Receivable The Company had the following notes receivable outstanding as of June 30, 2023 and December 31, 2022 ($ in thousands): Outstanding loan amount Interest compounding Development Project June 30, December 31, Maximum principal commitment Interest rate Solis City Park II $ 22,828 (a) $ 19,062 (a) $ 20,594 13.0 % Annually Solis Gainesville II 19,327 (a) 6,638 (a) 19,595 14.0 % (b) Annually Solis Kennesaw 7,330 (a) — 37,870 14.0 % (b) Annually The Interlock (c) — 86,584 (a) 107,000 (d) 15.0 % None Total mezzanine & preferred equity 49,485 112,284 $ 185,059 Constellation Energy Building note receivable — 12,834 Other notes receivable 11,849 (a) 11,512 (a) Notes receivable guarantee premium — 701 Allowance for credit losses (e) (1,239) (1,292) Total notes receivable $ 60,095 $ 136,039 ________________________________________ (a) Outstanding loan amounts include any accrued and unpaid interest, and accrued exit fees, as applicable. (b) The interest rate varies over the life of the loans, and the Company also earns an unused commitment fee. Refer below under “Solis Gainesville II” and “Solis Kennesaw” for further details. (c) This note receivable was redeemed on May 19, 2023 in connection with the Company’s acquisition of The Interlock. Refer below under “The Interlock” for further details. (d) This amount includes interest reserves. (e) The amounts as of June 30, 2023 and December 31, 2022 exclude $0.6 million and $0.3 million of Current Expected Credit Losses (“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 notes receivable is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is generally added to the loan receivable balances. The Company recognized interest income for the three and six months ended June 30, 2023 and 2022 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Development Project 2023 2022 2023 2022 Solis City Park II $ 732 (a) $ 206 (a) $ 1,402 (a) $ 224 (a) Solis Gainesville II 654 (a)(b) — 1,247 (a)(b) — Solis Kennesaw 465 (a) — 465 (a) — The Interlock 1,374 (a) 2,361 (a) 3,647 (a) 5,187 (a) Nexton Multifamily — 672 — 1,286 Total mezzanine 3,225 3,239 6,761 6,697 Other interest income 189 113 372 223 Total interest income $ 3,414 $ 3,352 $ 7,133 $ 6,920 ________________________________________ (a) Includes recognition of interest income related to fee amortization. (b) Includes recognition of unused commitment fees. Solis Gainesville II On March 29, 2023, the Solis Gainesville II preferred equity investment agreement was modified to adjust the interest rate. The interest rate of 14% remains effective through the first 24 months of the investment. Beginning on October 3, 2024, the investment will bear interest at a rate of 10% for 12 months. On October 3, 2025, the investment will again bear interest at a rate of 14% per annum through maturity. Additionally, the amendment introduced an unused commitment fee of 10% on the unfunded portion of the investment's maximum loan commitment, which is effective January 1, 2023. Both the interest and unused commitment fee compound annually. The Interlock On May 19, 2023, the Company acquired The Interlock. The consideration for such acquisition included the redemption of the Company's outstanding $90.2 million mezzanine loan on the project. Refer to Note 5 for further information regarding the acquisition. Solis Kennesaw On May 25, 2023, the Company entered into a $37.9 million preferred equity investment for the development of a multifamily property located in Marietta, Georgia ("Solis Kennesaw"). The investment has economic terms consistent with a note receivable, including a mandatory redemption or maturity on May 25, 2027, and it is accounted for as a note receivable. The Company's investment bears interest at a rate of 14.0% for the first 24 months. Beginning on May 25, 2025, the investment will bear interest at a rate of 9.0% for 12 months. On May 25, 2026, the investment will again bear interest at a rate of 14.0% through maturity. The interest compounds annually. The Company also earns an unused commitment fee of 11.0% on the unfunded portion of the investment's maximum loan commitment, which does not compound, and an equity fee on its commitment of $0.6 million to be amortized through redemption. The preferred equity investment is subject to a minimum interest guarantee of $13.1 million over the life of the investment. Management has concluded that this entity is a VIE. Because the other investor in the project, TP Kennesaw D LLC, is the developer and managing member of Solis Kennesaw, 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. Allowance for Loan Losses The Company is exposed to credit losses primarily through its real estate financing investments. As of June 30, 2023, the Company had three real estate financing investments, 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 loan. Interest on these loans is paid in kind and is generally not expected to be paid until a sale of the project after completion of the development. The Company's management performs a quarterly analysis of the loan portfolio to determine the risk of credit loss based on the progress of development activities, including leasing activities, projected development costs, and current and projected subordinated and senior loan balances. The Company estimates future losses on its notes receivable using risk ratings that correspond to probabilities of default and loss given default. The Company's risk ratings are as follows: • Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions. • Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management. • Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on non-accrual status if it does not believe that additional interest accruals will ultimately be collected. The Company updated the risk ratings for each of its notes receivable as of June 30, 2023 and obtained industry loan loss data relative to these risk ratings. Each of the outstanding loans as of June 30, 2023 was "Pass" rated. The Company's analysis resulted in an allowance for loan losses of approximately $1.8 million as of June 30, 2023. An allowance related to unfunded commitments of approximately $0.6 million as of June 30, 2023 was recorded as Other liabilities on the consolidated balance sheet. At June 30, 2023, the Company reported $60.1 million of notes receivable, net of allowances of $1.2 million. At December 31, 2022, the Company reported $136.0 million of notes receivable, net of allowances of $1.3 million. Changes in the allowance for the six months ended June 30, 2023 and 2022 were as follows (in thousands): Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Funded Unfunded Total Funded Unfunded Total Beginning balance $ 1,292 $ 338 $ 1,630 $ 994 $ 10 $ 1,004 Unrealized credit loss provision (release) 412 231 643 458 442 900 Release due to redemption (465) — (465) — — — Ending balance $ 1,239 $ 569 $ 1,808 $ 1,452 $ 452 $ 1,904 The Company places loans on non-accrual status when the loan balance, together with the balance of any senior loan, approximately equals the estimated realizable value of the underlying development project. As of December 31, 2022, the Company had the Constellation Energy Building note, which bore interest at 3% per annum, on non-accrual status. The principal balance of the note receivable was adequately secured by the seller's partnership interest. On January 14, 2023, the Company acquired an additional 11% membership interest in the Constellation Energy Building, increasing its ownership interest to 90%, in exchange for full satisfaction of the note. As of June 30, 2023, there were no loans on non-accrual status.

Construction Contracts

Construction Contracts	6 Months Ended
	Jun. 30, 2023
Contractors [Abstract]
Construction Contracts	Construction Contracts Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones, or completion of the project. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of June 30, 2023 during the next 12 to 24 months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended Six Months Ended Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Beginning balance $ 342 $ 17,515 $ 243 $ 4,881 Revenue recognized that was included in the balance at the beginning of the period — (17,515) — (4,881) Increases due to new billings, excluding amounts recognized as revenue during the period — 19,282 — 15,442 Transferred to receivables (343) — (361) — Construction contract costs and estimated earnings not billed during the period 406 — 493 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 1 (971) 118 (367) Ending balance $ 406 $ 18,311 $ 493 $ 15,075 The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Pre-contract costs of $1.7 million and $1.3 million were deferred as of June 30, 2023 and December 31, 2022, respectively. Amortization of pre-contract costs for the six months ended June 30, 2023 and 2022 was $0.3 million and $0.5 million, respectively. Construction receivables and payables include retentions, which are amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of June 30, 2023 and December 31, 2022, construction receivables included retentions of $32.1 million and $8.3 million, respectively. The Company expects to collect substantially all construction receivables outstanding as of June 30, 2023 during the next 12 to 24 months. As of June 30, 2023 and December 31, 2022, construction payables included retentions of $36.5 million and $24.7 million, respectively. The Company expects to pay substantially all construction payables outstanding as of June 30, 2023 during the next 12 to 24 months. The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Costs incurred on uncompleted construction contracts $ 499,099 $ 571,465 Estimated earnings 18,238 22,162 Billings (535,242) (610,800) Net position $ (17,905) $ (17,173) Construction contract costs and estimated earnings in excess of billings $ 406 $ 342 Billings in excess of construction contract costs and estimated earnings (18,311) (17,515) Net position $ (17,905) $ (17,173) The above table reflects the net effect of projects closed as of June 30, 2023 and December 31, 2022, respectively. The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2023 and 2022 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Beginning backlog $ 651,840 $ 419,439 $ 665,564 $ 215,518 New contracts/change orders 43,975 167,143 114,767 395,746 Work performed (103,029) (45,368) (187,545) (70,050) Ending backlog $ 592,786 $ 541,214 $ 592,786 $ 541,214 The Company expects to complete a majority of the uncompleted contracts in place as of June 30, 2023 during the next 12 to 24 months.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Credit Facility On August 23, 2022, the Company and the Operating Partnership 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 "credit facility"), with a syndicate of banks. The 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 Secured Overnight Financing Rate ("SOFR") plus a margin ranging from 1.30% to 1.85% and a credit spread adjustment of 0.10%, and the term loan facility bears interest at SOFR plus a margin ranging from 1.25% to 1.80% and a credit spread adjustment of 0.10%, 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. As of June 30, 2023 and December 31, 2022, the outstanding balance on the revolving credit facility was $154.0 million and $61.0 million, respectively. The outstanding balance on the term loan facility was $300.0 million as of both June 30, 2023 and December 31, 2022. As of June 30, 2023, the effective interest rates on the revolving credit facility and the term loan facility, before giving effect to interest rate caps and swaps, were 6.64% and 6.54%, respectively. After giving effect to interest rate caps and swaps, the effective interest rates on the revolving credit facility and the term loan facility were 4.59% and 2.45%, respectively, as of June 30, 2023. The Operating Partnership may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The Credit Agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the credit facility to be immediately due and payable. 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. A term SOFR or Daily Simple SOFR loan is also subject to a credit spread adjustment of 0.10%. 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%. 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. As of June 30, 2023 and December 31, 2022, the outstanding balance on the M&T term loan facility was $100.0 million. As of June 30, 2023, the effective interest rate on the M&T term loan facility, before giving effect to interest rate swaps, was 6.54%. After giving effect to interest rate swaps, the effective interest rate on the M&T term loan facility was 4.90% as of June 30, 2023. The Operating Partnership 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. TD Term Loan Facility On May 19, 2023, the Company, as parent guarantor, and the Operating Partnership, as borrower, entered into a term loan agreement (the "TD term loan agreement") with Toronto Dominion (Texas) LLC, as administrative agent, and TD Bank, N.A. as lender, which provides a $75.0 million senior unsecured term loan facility (the "TD term loan facility"), with the option to increase the total capacity to $150.0 million, subject to the Company's satisfaction of certain conditions. The proceeds from the TD term loan facility were used in connection with the acquisition of The Interlock, which is detailed in Note 5. The TD term loan facility has a scheduled maturity date of May 19, 2025, with a one-year extension option, subject to the Company's satisfaction of certain conditions, including payment of a 0.15% extension fee. The TD 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. A term SOFR or Daily Simple SOFR loan is also subject to a credit spread adjustment of 0.10%. 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 Federal Funds Rate for such day, plus 0.50% (b) the rate of interest in effect for such day as publicly announced from time to time by the administrative agent as its “prime rate” for such day, (c) one month term SOFR for such day plus 100 basis points and (d) 1.00%. 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. On June 29, 2023, the TD term loan facility commitment increased to $95.0 million as a result of the addition of a second lender to the facility. As of June 30, 2023, the outstanding balance on the TD term loan facility was $95.0 million. As of June 30, 2023, the effective interest rate on the TD term loan facility, before giving effect to interest rate swaps, was 6.64%. After giving effect to interest rate swaps, the effective interest rate on the TD term loan facility was 4.70% as of June 30, 2023. The Operating Partnership may, at any time, voluntarily prepay the TD 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 TD term loan facility, and its obligations under the TD term loan facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The TD term loan agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the TD term loan facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The TD 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 TD term loan facility to be immediately due and payable. The Company is currently in compliance with all covenants under the Credit Agreement, the M&T term loan agreement, and TD term loan agreement, all of which are substantially similar. Other 2023 Financing Activity Effective April 3, 2023, the Company transitioned the $69.0 million loan secured by Thames Street Wharf to SOFR, previously indexed to the Bloomberg Short-Term Yield Index (BSBY). The modified loan bears interest at a rate of SOFR plus a spread of 1.30% and a credit spread adjustment of 0.10%. Effective April 3, 2023, the Company transitioned the $175.0 million loan secured by the Constellation Energy Building to SOFR, previously indexed to BSBY. The modified loan bears interest at a rate of SOFR plus a spread of 1.50% and a credit spread adjustment of 0.11%. During the six months ended June 30, 2023, the Company borrowed $13.8 million under its existing construction loans to fund new development and construction.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company enters into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and other liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. As of June 30, 2023, the Company had the following SOFR interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 11/1/2020 11/1/2023 $ 84,375 (a) 1.84 % $ 91 7/1/2022 1/1/2024 50,000 (a)(b) 1.00%-3.00% (c) 143 (d) 7/5/2022 1/1/2024 35,100 (a) 1.00%-3.00% (c) 120 (d) 7/6/2022 3/1/2024 200,000 (a)(b) 1.00%-3.00% (c) 352 (d) 9/1/2022 9/1/2024 46,490 (a)(e) 1.00%-3.00% (c) 1,370 Total $ 415,965 $ 2,076 ________________________________________ (a) Designated as a cash flow hedge. (b) Subsequent to June 30, 2023, these interest rate caps were terminated and replaced with floating-to-fixed interest rate swaps. Refer to Note 15 for further information. (c) 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. (d) This amount represents the sum of the premiums paid on the original instruments. The caps were blended and extended for a net zero premium during the year ended December 31, 2022. (e) Represents the notional amount as of June 30, 2023. The notional amount is scheduled to increase over the term of the corridor in accordance with projected borrowings on the associated loan. The maximum notional amount that will eventually be in effect is $73.6 million. As of June 30, 2023, the Company held the following floating-to-fixed interest rate swaps ($ in thousands): Related Debt Notional Amount Index Swap Fixed Rate Debt effective rate Effective Date Expiration Date Senior unsecured term loan $ 32,569 (a) 1-month SOFR (b) 2.17 % 3.57 % 4/1/2019 8/10/2023 Senior unsecured term loan 10,500 (a) 1-month SOFR (b) 2.94 % 4.34 % 10/12/2018 10/12/2023 Constellation Energy Building 175,000 (a)(c) 1-month SOFR 1.84 % 3.46 % 4/1/2023 2/1/2024 Senior unsecured term loan 25,000 (a) 1-month SOFR (b) 0.42 % 1.82 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month SOFR (b) 0.33 % 1.73 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) Daily SOFR (b) 0.44 % 1.84 % 4/1/2020 4/1/2024 Revolving credit facility and TD unsecured term loan 100,000 Daily SOFR 3.20 % 4.70 % 5/19/2023 5/19/2026 (d) Thames Street Wharf 68,611 (a) Daily SOFR (b) 0.93 % 2.33 % 9/30/2021 9/30/2026 M&T unsecured term loan 100,000 (a) 1-month SOFR 3.50 % 4.90 % 12/6/2022 12/6/2027 Senior unsecured term loan 100,000 1-month SOFR 3.43 % 4.83 % 12/13/2022 1/21/2028 Total $ 661,680 ________________________________________ (a) Designated as a cash flow hedge. (b) Transitioned to SOFR during the six months ended June 30, 2023. (c) Effective April 4, 2023, the Company terminated its 4.00% BSBY interest rate cap with a notional amount of $175.0 million and its BSBY corridor of 1.00%-3.00% with a notional amount of $175.0 million and, effective April 3, 2023, entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction. (d) Subject to cancellation by the counterparty beginning on May 1, 2025 and the first day of each month thereafter. 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 condensed consolidated statements of comprehensive income due to payments received from and paid to the counterparty. During the next 12 months, the Company anticipates recognizing approximately $13.7 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 were comprised of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Notional Fair Value Notional Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 200,000 $ 4,125 $ — $ 250,000 $ 2,201 $ — Interest rate caps — — — 289,479 2,102 — Total derivatives not designated as accounting hedges 200,000 4,125 — 539,479 4,303 — Derivatives designated as accounting hedges Interest rate swaps 461,680 14,879 — 187,670 11,247 — Interest rate caps 415,965 5,918 — 561,200 13,565 — Total derivatives $ 1,077,645 $ 24,922 $ — $ 1,288,349 $ 29,115 $ — The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2023 and 2022 were comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest rate swaps $ 10,738 $ 2,807 $ 7,236 $ 9,564 Interest rate caps 362 3,817 (366) 8,999 Total change in fair value of interest rate derivatives $ 11,100 $ 6,624 $ 6,870 $ 18,563 Comprehensive income statement presentation: Change in fair value of derivatives and other $ 4,294 $ 2,674 $ 490 $ 6,891 Unrealized cash flow hedge gains (losses) 6,806 3,950 6,380 11,672 Total change in fair value of interest rate derivatives $ 11,100 $ 6,624 $ 6,870 $ 18,563

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	Equity Stockholders’ Equity On March 10, 2020, the Company commenced an at-the-market continuous equity offering program (the "ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock and shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") having an aggregate offering price of up to $300.0 million, to or through its sales agents and, with respect to shares of its common stock, may enter into separate forward sales agreements to or through the forward purchaser. During the six months ended June 30, 2023, the Company did not issue any shares of common stock or Series A Preferred Stock under the ATM Program. Shares having an aggregate offering price of $205.0 million remained unsold under the ATM Program as of August 4, 2023. Noncontrolling Interests As of June 30, 2023 and December 31, 2022, the Company held a 75.8% and 76.7% economic interest in the Operating Partnership, respectively. As of June 30, 2023, 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 75.8% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of June 30, 2023, there were 21,613,208 Class A Units and 39,694 LTIP Units in the Operating Partnership ("LTIP Units") not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for consolidated real estate entities was $10.7 million and $24.1 million as of June 30, 2023 and December 31, 2022, respectively, which represents the minority partners' interest in certain joint venture entities. On April 3, 2023, in connection with the tender by a holder of Class A Units of 51,000 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request with a cash payment of $0.6 million. Share Repurchase Program On June 15, 2023, the Company adopted a $50.0 million share repurchase program (the "Share Repurchase Program"). Under the Share Repurchase Program, the Company may repurchase shares of common stock and Series A Preferred Stock from time to time in the open market, in block purchases, through privately negotiated transactions, the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or other means permitted. The Share Repurchase Program does not obligate the Company to acquire any specific number of shares or acquire shares over any specific period of time. The Share Repurchase Program may be suspended or discontinued at any time by the Company and does not have an expiration date. During the six months ended June 30, 2023, the Company did not repurchase any shares of common stock or Series A Preferred Stock. As of June 30, 2023, $50.0 million remained available for repurchases under the Share Repurchase Program. Dividends and Distributions During the six months ended June 30, 2023, the following dividends/distributions were declared or paid: Equity type Declaration Date Record Date Payment Date Dividends per Share/Unit Aggregate Dividends/Distributions on Stock and Units (in thousands) Common Stock/Class A Units 11/04/2022 12/28/2023 01/05/2023 $ 0.190 $ 16,785 Common Stock/Class A Units 02/28/2023 03/29/2023 04/06/2023 0.190 16,825 Common Stock/Class A Units 05/08/2023 06/28/2023 07/06/2023 0.195 17,471 Series A Preferred Stock 11/04/2022 01/03/2023 01/13/2023 0.421875 2,887 Series A Preferred Stock 02/28/2023 04/03/2023 04/14/2023 0.421875 2,887 Series A Preferred Stock 05/08/2023 07/03/2023 07/14/2023 0.421875 2,887

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s Amended and Restated 2013 Equity Incentive Plan, as amended June 14, 2023 (the "Equity Plan"), permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, LTIP Units and other equity-based awards up to an aggregate of 3,400,000 shares of common stock. As of June 30, 2023, there were 1,570,274 shares available for issuance under the Equity Plan. During the six months ended June 30, 2023, the Company granted an aggregate of 428,157 shares of restricted stock and LTIP Units to employees and non-employee directors with a weighted average grant date fair value of $12.47 per share or LTIP Unit. Of those shares,87,905 were surrendered by the employees for income tax withholdings and 1,587 were forfeited in accordance with service conditions of grants (excluding items noted below). 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. 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 or LTIP Units may vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Unvested restricted stock awards and LTIP Units are entitled to receive distributions from their grant date. During the three months ended June 30, 2023 and 2022, the Company recognized $0.3 million and $0.6 million, respectively, of stock-based compensation cost. During both the six months ended June 30, 2023 and 2022, the Company recognized $2.4 million of stock-based compensation cost. As of June 30, 2023, there were 313,693 non-vested restricted shares and LTIP Units outstanding; the total unrecognized compensation expense related to non-vested restricted shares and LTIP Units was $3.1 million , which the Company expects to recognize over the next 33 months. As a result of the Company inadvertently issuing more shares of common stock than were available for issuance under the Equity Plan, on May 9, 2023, the Company's Chief Executive Officer and the Company's Chief Financial Officer forfeited 75,321 and 8,975 restricted shares of common stock, respectively. Following approval by the Company’s board of directors and stockholders of an amendment to the Equity Plan to increase the number of shares available for issuance thereunder, on June 20, 2023, 75,321 and 8,975 restricted shares of common stock were granted to the Company's Chief Executive Officer and the Company's Chief Financial Officer, respectively, one-third of which will vest on March 3, 2024, one-third of which will vest on March 3, 2025, and one-third of which will vest on March 3, 2026, subject to the executives' continued employment on such dates.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to estimate the fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying amounts and fair values of the Company’s financial instruments as of June 30, 2023 and December 31, 2022 were as follows (in thousands): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Indebtedness, net (a) $ 1,264,643 $ 1,254,044 $ 1,079,233 $ 1,058,530 Notes receivable, net 60,095 60,095 136,039 136,039 Interest rate swap and cap assets 24,922 24,922 29,115 29,115 ________________________________________ (a) Excludes $11.1 million and $11.0 million of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides general contracting services to certain related party entities that are included in these condensed consolidated financial statements. Revenue and gross profit from construction contracts with these entities for the three and six months ended June 30, 2023 and 2022 were not material. There were no outstanding construction receivables due from related parties as of June 30, 2023 and December 31, 2022. 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 three and six months ended June 30, 2023, the Company recognized gross profit of $0.4 million and $0.7 million, respectively, relating to these construction contracts. During the three and six months ended June 30, 2022, the Company recognized gross profit of $0.1 million and $0.2 million, respectively, relating to these construction contracts. The Operating Partnership entered into tax protection agreements that indemnify certain directors and executive officers of the Company from their tax liabilities resulting from the potential future sale of certain of the Company’s properties prior to May 13, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Guarantees In connection with certain of the Company's real estate financing 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. As of June 30, 2023, the Company had an outstanding guarantee liability of $0.2 million related to the $32.9 million senior loan on the Harbor Point Parcel 4. As of June 30, 2023, 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 $8.6 million and $8.5 million as of June 30, 2023 and December 31, 2022, respectively. In addition, as of June 30, 2023, the Company has an outstanding letter of credit for $1.9 million to secure certain performances of the Company's subsidiary construction company under a related party project. Unfunded Loan Commitments The Company has certain commitments related to its notes receivable investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of the Company's direct control. As of June 30, 2023, the Company had four notes receivable with a total of $35.0 million of unfunded commitments. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. As of June 30, 2023, the Company has recorded a $0.6 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Quarterly Report on Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. Notes Receivable On July 26, 2023, the Company entered into a $28.4 million preferred equity investment for the development of a multifamily property located in Peachtree Corners, Georgia (Solis Peachtree Corners). The preferred equity investment has economic and other terms consistent with a note receivable, including a mandatory redemption feature. The Company's investment bears interest at a rate of 15.0% for the first 27 months. Beginning on November 1, 2025, the investment will bear interest at a rate of 9.0% for 12 months. On November 1, 2026, the investment will again bear interest at a rate of 15.0% through maturity. The interest compounds annually. The Company also earns an unused commitment fee of 10.0% on the unfunded portion of the investment's maximum loan commitment, which also compounds annually, and an equity fee on its commitment of $0.4 million to be amortized through redemption. The preferred equity investment is subject to a minimum interest guarantee of $12.0 million over the life of the investment. On July 26, 2023, the Company entered into a $9.2 million preferred equity investment for the development of a multifamily property located in Chesapeake, Virginia ("The Allure at Edinburgh"). The preferred equity investment has economic and other terms consistent with a note receivable, including a mandatory redemption feature. The Company's investment bears interest at a rate of 15.0%, which does not compound. Upon The Allure at Edinburgh obtaining a certificate of occupancy, the investment will bear interest at a rate of 10.0%. The common equity partner in the development property holds an option to sell the property to the Company at a predetermined amount if certain conditions are met. The Company also holds an option to purchase the property at any time prior to maturity of the preferred equity investment, and at the same predetermined amount as the common equity partner's option to sell. Indebtedness In July 2023, the Company had net borrowings of $37.0 million on the revolving credit facility. Derivative Financial Instruments On July 5, 2023, the Company terminated the SOFR corridor of 1.00%-3.00% with a notional amount of $200.0 million, and entered into an interest rate swap agreement with a notional amount of $200.0 million and a SOFR rate of 3.39%. The interest rate swap will expire on March 1, 2024, which reflects the same maturity date as the terminated corridor. The Company paid a net zero premium for this transaction. On July 6, 2023, the Company terminated the SOFR corridor of 1.00%-3.00% with a notional amount of $50.0 million, and entered into an interest rate swap agreement with a notional amount of $50.0 million and a SOFR rate of 3.40%. The interest rate swap will expire on January 1, 2024, which reflects the same maturity date as the terminated corridor. The Company paid a net zero premium for this transaction. Equity On July 14, 2023, due to a holder of Class A Units tendering 10,146 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request with a cash payment of $0.1 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 11,863	$ 24,160	$ 16,572	$ 34,153

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The condensed consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries. The Company’s subsidiaries include the Operating Partnership and the subsidiaries that are wholly owned or in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition, and results of operations for the interim periods presented. The accompanying condensed consolidated financial statements were prepared in accordance with the requirements for interim financial information. Accordingly, these interim financial statements have not been audited and exclude certain disclosures required for annual financial statements. Also, the operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ significantly from management’s estimates.
Reclassifications	Reclassifications Certain items have been reclassified from their prior year classifications to conform to the current year presentation. Effective for the six months ended June 30, 2023, the Company has changed the presentation of its Consolidated Statements of Comprehensive Income. For the three and six months ended June 30, 2022, the Company reclassified interest
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. This ASU also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional and only available in certain situations. In January 2021, FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The amendments in this standard are elective and principally apply to entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Similar to ASU No. 2020-04, provisions of this ASU are effective upon issuance. In December 2022, 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 six months ended June 30, 2023, 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.
Segments	Segments The Company operates its business in five reportable segments: (i) office real estate, (ii) retail real estate, (iii) multifamily real estate, (iv) general contracting and real estate services, and (v) real estate financing. Refer to Note 1 of the Company's Form 10-K for the composition of properties within each property segment. Since the Company's Annual Report on Form 10-K for the year ended December 31, 2022, the Company introduced real estate financing as a reportable segment. The real estate financing segment includes the Company's mezzanine loans and preferred equity investments on development projects. The change in segmental presentation is a result of the chief operating decision-maker now separately reviewing the results of the real estate financing investments, which are no longer considered to be ad hoc investments, but an evolving portfolio. Net operating income ("NOI") is the primary measure used by the Company’s chief operating decision-maker to assess segment performance. NOI is calculated as segment revenues less segment expenses. Segment revenues include rental revenues for the property segments, general contracting and real estate services revenues for the general contracting and real estate services segment, and interest income for the real estate financing segment. Segment expenses include rental expenses and real estate taxes for the property segments, general contracting and real estate services expenses for the general contracting and real estate services segment, and interest expense for the real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit as illustrated in the table below. NOI 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, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI 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, construction, and real estate financing businesses.
Allowance for Loan Losses	Allowance for Loan Losses The Company is exposed to credit losses primarily through its real estate financing investments. As of June 30, 2023, the Company had three real estate financing investments, 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 loan. Interest on these loans is paid in kind and is generally not expected to be paid until a sale of the project after completion of the development. The Company's management performs a quarterly analysis of the loan portfolio to determine the risk of credit loss based on the progress of development activities, including leasing activities, projected development costs, and current and projected subordinated and senior loan balances. The Company estimates future losses on its notes receivable using risk ratings that correspond to probabilities of default and loss given default. The Company's risk ratings are as follows: • Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions. • Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management. • Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on non-accrual status if it does not believe that additional interest accruals will ultimately be collected.
Construction Contracts	Construction Contracts Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones, or completion of the project. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of June 30, 2023 during the next 12 to 24 months. Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized.
Derivative Financial Instruments	Derivative Financial Instruments The Company enters into interest rate derivative contracts to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are recognized at fair value and presented within other assets and other liabilities in the condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives in the condensed consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to estimate the fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.
Legal Proceedings	Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant.

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Net Operating Income of Reportable Segments	The following table presents NOI for the Company's five reportable segments for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Office real estate Rental revenues $ 20,505 $ 18,314 $ 40,079 $ 35,337 Rental expenses 5,254 4,600 10,357 8,740 Real estate taxes 2,167 2,035 4,262 3,539 Segment net operating income 13,084 11,679 25,460 23,058 Retail real estate Rental revenues 24,708 21,544 47,146 42,974 Rental expenses 4,026 3,333 7,590 6,834 Real estate taxes 2,270 2,271 4,477 4,509 Segment net operating income 18,412 15,940 35,079 31,631 Multifamily real estate Rental revenues 14,738 15,366 28,944 31,548 Rental expenses 4,396 4,752 8,689 9,780 Real estate taxes 1,194 1,531 2,304 3,193 Segment net operating income 9,148 9,083 17,951 18,575 General contracting and real estate services General contracting and real estate services revenues 102,574 45,273 186,812 69,923 General contracting and real estate services expenses 99,071 43,418 180,241 67,239 Segment gross profit 3,503 1,855 6,571 2,684 Real estate financing Interest income 3,225 3,239 6,761 6,698 Interest expense (a) 809 817 1,906 1,642 Segment gross profit 2,416 2,422 4,855 5,056 Net operating income $ 46,563 $ 40,979 $ 89,916 $ 81,004 ________________________________________ (a) Interest expense within the real estate financing segment is allocated based on the average outstanding principal of notes receivable in the real estate financing portfolio, and the effective interest rate on the credit facility, as defined in Note 8.
Reconciliation of Net Income	The following table reconciles NOI to net income, the most directly comparable GAAP measure, for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net operating income $ 46,563 $ 40,979 $ 89,916 $ 81,004 Interest income (a) 189 113 372 222 Depreciation and amortization (19,878) (18,781) (38,346) (37,338) Amortization of right-of-use assets - finance leases (347) (277) (624) (555) General and administrative expenses (4,052) (3,617) (9,500) (8,325) Acquisition, development and other pursuit costs (18) (26) (18) (37) Impairment charges — (286) (102) (333) Gain on real estate dispositions, net 511 19,493 511 19,493 Interest expense (b) (12,820) (8,554) (24,025) (16,760) Loss on extinguishment of debt — (618) — (776) Change in fair value of derivatives and other 5,005 2,548 2,558 6,730 Unrealized credit loss provision (100) (295) (177) (900) Other income (expense), net 168 68 261 297 Income tax (provision) benefit (336) 20 (524) 321 Net income $ 14,885 $ 30,767 $ 20,302 $ 43,043 ________________________________________ (a) Excludes real estate financing segment interest income of $3.2 million for each of the three months ended June 30, 2023 and 2022 and $6.8 million and $6.7 million for the six months ended June 30, 2023 and 2022, respectively. (b) Excludes real estate financing segment interest expense of $0.8 million for each of the three months ended June 30, 2023 and 2022 and $1.9 million and $1.6 million for the six months ended June 30, 2023 and 2022, respectively.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Rental Revenue	Rental revenue for the three and six months ended June 30, 2023 and 2022 comprised the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Base rent and tenant charges $ 57,093 $ 53,424 $ 111,564 $ 106,303 Accrued straight-line rental adjustment 1,788 1,544 3,243 3,036 Lease incentive amortization (150) (173) (315) (346) (Above) below market lease amortization 1,220 429 1,677 866 Total rental revenue $ 59,951 $ 55,224 $ 116,169 $ 109,859

Real Estate Investment (Tables)

Real Estate Investment (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Summary of the purchase price allocation
Summary of 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 operating property purchased during the six months ended June 30, 2023 (in thousands): The Interlock (1) Building $ 183,907 In-place leases 35,234 Above-market leases 62 Below-market leases (3,931) Finance lease right-of-use assets (2) 46,616 Finance lease liabilities (46,616) Net assets acquired $ 215,272 ________________________________________ (1) The net assets acquired attributable to the office and retail real estate segments were $134.6 million and $80.6 million, respectively.

Notes Receivable and Current _2

Notes Receivable and Current Expected Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Summary of Notes Receivable Outstanding	The Company had the following notes receivable outstanding as of June 30, 2023 and December 31, 2022 ($ in thousands): Outstanding loan amount Interest compounding Development Project June 30, December 31, Maximum principal commitment Interest rate Solis City Park II $ 22,828 (a) $ 19,062 (a) $ 20,594 13.0 % Annually Solis Gainesville II 19,327 (a) 6,638 (a) 19,595 14.0 % (b) Annually Solis Kennesaw 7,330 (a) — 37,870 14.0 % (b) Annually The Interlock (c) — 86,584 (a) 107,000 (d) 15.0 % None Total mezzanine & preferred equity 49,485 112,284 $ 185,059 Constellation Energy Building note receivable — 12,834 Other notes receivable 11,849 (a) 11,512 (a) Notes receivable guarantee premium — 701 Allowance for credit losses (e) (1,239) (1,292) Total notes receivable $ 60,095 $ 136,039 ________________________________________ (a) Outstanding loan amounts include any accrued and unpaid interest, and accrued exit fees, as applicable. (b) The interest rate varies over the life of the loans, and the Company also earns an unused commitment fee. Refer below under “Solis Gainesville II” and “Solis Kennesaw” for further details. (c) This note receivable was redeemed on May 19, 2023 in connection with the Company’s acquisition of The Interlock. Refer below under “The Interlock” for further details. (d) This amount includes interest reserves. (e) The amounts as of June 30, 2023 and December 31, 2022 exclude $0.6 million and $0.3 million of Current Expected Credit Losses (“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 three and six months ended June 30, 2023 and 2022 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Development Project 2023 2022 2023 2022 Solis City Park II $ 732 (a) $ 206 (a) $ 1,402 (a) $ 224 (a) Solis Gainesville II 654 (a)(b) — 1,247 (a)(b) — Solis Kennesaw 465 (a) — 465 (a) — The Interlock 1,374 (a) 2,361 (a) 3,647 (a) 5,187 (a) Nexton Multifamily — 672 — 1,286 Total mezzanine 3,225 3,239 6,761 6,697 Other interest income 189 113 372 223 Total interest income $ 3,414 $ 3,352 $ 7,133 $ 6,920 ________________________________________ (a) Includes recognition of interest income related to fee amortization. (b) Includes recognition of unused commitment fees.
Allowance for Credit Losses on Financing Receivables	Changes in the allowance for the six months ended June 30, 2023 and 2022 were as follows (in thousands): Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Funded Unfunded Total Funded Unfunded Total Beginning balance $ 1,292 $ 338 $ 1,630 $ 994 $ 10 $ 1,004 Unrealized credit loss provision (release) 412 231 643 458 442 900 Release due to redemption (465) — (465) — — — Ending balance $ 1,239 $ 569 $ 1,808 $ 1,452 $ 452 $ 1,904

Construction Contracts (Tables)

Construction Contracts (Tables)	6 Months Ended
	Jun. 30, 2023
Contractors [Abstract]
Summary of Balances and Changes of Construction Contracts	The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended Six Months Ended Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Construction contract costs and estimated earnings in excess of billings Billings in excess of construction contract costs and estimated earnings Beginning balance $ 342 $ 17,515 $ 243 $ 4,881 Revenue recognized that was included in the balance at the beginning of the period — (17,515) — (4,881) Increases due to new billings, excluding amounts recognized as revenue during the period — 19,282 — 15,442 Transferred to receivables (343) — (361) — Construction contract costs and estimated earnings not billed during the period 406 — 493 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 1 (971) 118 (367) Ending balance $ 406 $ 18,311 $ 493 $ 15,075 The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2023 and 2022 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Beginning backlog $ 651,840 $ 419,439 $ 665,564 $ 215,518 New contracts/change orders 43,975 167,143 114,767 395,746 Work performed (103,029) (45,368) (187,545) (70,050) Ending backlog $ 592,786 $ 541,214 $ 592,786 $ 541,214
Schedule of Net Position of Uncompleted Construction Contracts	The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Costs incurred on uncompleted construction contracts $ 499,099 $ 571,465 Estimated earnings 18,238 22,162 Billings (535,242) (610,800) Net position $ (17,905) $ (17,173) Construction contract costs and estimated earnings in excess of billings $ 406 $ 342 Billings in excess of construction contract costs and estimated earnings (18,311) (17,515) Net position $ (17,905) $ (17,173) The above table reflects the net effect of projects closed as of June 30, 2023 and December 31, 2022, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of LIBOR Interest Rate Caps and Floating to Fixed Interest Rate Swaps	As of June 30, 2023, the Company had the following SOFR interest rate caps ($ in thousands): Effective Date Maturity Date Notional Amount Strike Rate Premium Paid 11/1/2020 11/1/2023 $ 84,375 (a) 1.84 % $ 91 7/1/2022 1/1/2024 50,000 (a)(b) 1.00%-3.00% (c) 143 (d) 7/5/2022 1/1/2024 35,100 (a) 1.00%-3.00% (c) 120 (d) 7/6/2022 3/1/2024 200,000 (a)(b) 1.00%-3.00% (c) 352 (d) 9/1/2022 9/1/2024 46,490 (a)(e) 1.00%-3.00% (c) 1,370 Total $ 415,965 $ 2,076 ________________________________________ (a) Designated as a cash flow hedge. (b) Subsequent to June 30, 2023, these interest rate caps were terminated and replaced with floating-to-fixed interest rate swaps. Refer to Note 15 for further information. (c) 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. (d) This amount represents the sum of the premiums paid on the original instruments. The caps were blended and extended for a net zero premium during the year ended December 31, 2022. (e) Represents the notional amount as of June 30, 2023. The notional amount is scheduled to increase over the term of the corridor in accordance with projected borrowings on the associated loan. The maximum notional amount that will eventually be in effect is $73.6 million. As of June 30, 2023, the Company held the following floating-to-fixed interest rate swaps ($ in thousands): Related Debt Notional Amount Index Swap Fixed Rate Debt effective rate Effective Date Expiration Date Senior unsecured term loan $ 32,569 (a) 1-month SOFR (b) 2.17 % 3.57 % 4/1/2019 8/10/2023 Senior unsecured term loan 10,500 (a) 1-month SOFR (b) 2.94 % 4.34 % 10/12/2018 10/12/2023 Constellation Energy Building 175,000 (a)(c) 1-month SOFR 1.84 % 3.46 % 4/1/2023 2/1/2024 Senior unsecured term loan 25,000 (a) 1-month SOFR (b) 0.42 % 1.82 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) 1-month SOFR (b) 0.33 % 1.73 % 4/1/2020 4/1/2024 Senior unsecured term loan 25,000 (a) Daily SOFR (b) 0.44 % 1.84 % 4/1/2020 4/1/2024 Revolving credit facility and TD unsecured term loan 100,000 Daily SOFR 3.20 % 4.70 % 5/19/2023 5/19/2026 (d) Thames Street Wharf 68,611 (a) Daily SOFR (b) 0.93 % 2.33 % 9/30/2021 9/30/2026 M&T unsecured term loan 100,000 (a) 1-month SOFR 3.50 % 4.90 % 12/6/2022 12/6/2027 Senior unsecured term loan 100,000 1-month SOFR 3.43 % 4.83 % 12/13/2022 1/21/2028 Total $ 661,680 ________________________________________ (a) Designated as a cash flow hedge. (b) Transitioned to SOFR during the six months ended June 30, 2023. (c) Effective April 4, 2023, the Company terminated its 4.00% BSBY interest rate cap with a notional amount of $175.0 million and its BSBY corridor of 1.00%-3.00% with a notional amount of $175.0 million and, effective April 3, 2023, entered into this interest rate swap agreement. The Company paid a net zero premium for this transaction. (d) Subject to cancellation by the counterparty beginning on May 1, 2025 and the first day of each month thereafter.
Schedule of Derivatives	The Company’s derivatives were comprised of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Notional Fair Value Notional Fair Value Asset Liability Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 200,000 $ 4,125 $ — $ 250,000 $ 2,201 $ — Interest rate caps — — — 289,479 2,102 — Total derivatives not designated as accounting hedges 200,000 4,125 — 539,479 4,303 — Derivatives designated as accounting hedges Interest rate swaps 461,680 14,879 — 187,670 11,247 — Interest rate caps 415,965 5,918 — 561,200 13,565 — Total derivatives $ 1,077,645 $ 24,922 $ — $ 1,288,349 $ 29,115 $ —
Schedule of Changes in Fair Value of Derivatives	The changes in the fair value of the Company’s derivatives during the three and six months ended June 30, 2023 and 2022 were comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest rate swaps $ 10,738 $ 2,807 $ 7,236 $ 9,564 Interest rate caps 362 3,817 (366) 8,999 Total change in fair value of interest rate derivatives $ 11,100 $ 6,624 $ 6,870 $ 18,563 Comprehensive income statement presentation: Change in fair value of derivatives and other $ 4,294 $ 2,674 $ 490 $ 6,891 Unrealized cash flow hedge gains (losses) 6,806 3,950 6,380 11,672 Total change in fair value of interest rate derivatives $ 11,100 $ 6,624 $ 6,870 $ 18,563

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Dividends and Distributions	During the six months ended June 30, 2023, the following dividends/distributions were declared or paid: Equity type Declaration Date Record Date Payment Date Dividends per Share/Unit Aggregate Dividends/Distributions on Stock and Units (in thousands) Common Stock/Class A Units 11/04/2022 12/28/2023 01/05/2023 $ 0.190 $ 16,785 Common Stock/Class A Units 02/28/2023 03/29/2023 04/06/2023 0.190 16,825 Common Stock/Class A Units 05/08/2023 06/28/2023 07/06/2023 0.195 17,471 Series A Preferred Stock 11/04/2022 01/03/2023 01/13/2023 0.421875 2,887 Series A Preferred Stock 02/28/2023 04/03/2023 04/14/2023 0.421875 2,887 Series A Preferred Stock 05/08/2023 07/03/2023 07/14/2023 0.421875 2,887

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments Measured Based on Level 2 Inputs	The carrying amounts and fair values of the Company’s financial instruments as of June 30, 2023 and December 31, 2022 were as follows (in thousands): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Indebtedness, net (a) $ 1,264,643 $ 1,254,044 $ 1,079,233 $ 1,058,530 Notes receivable, net 60,095 60,095 136,039 136,039 Interest rate swap and cap assets 24,922 24,922 29,115 29,115 ________________________________________ (a) Excludes $11.1 million and $11.0 million of deferred financing costs as of June 30, 2023 and December 31, 2022, respectively.

Business of Organization - Addi

Business of Organization - Additional Information (Details) - property	Jun. 30, 2023	Dec. 31, 2022
Business And Organization [Line Items]
Percentage of operating partnership held	75.80%	76.70%
Operating Property
Business And Organization [Line Items]
Number of real estate properties	60
Development Property
Business And Organization [Line Items]
Number of real estate properties	1
General Partner
Business And Organization [Line Items]
Percentage of operating partnership held	0.10%

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification [Line Items]
Interest income, operating	$ 3,414	$ 3,352	$ 7,133	$ 6,920
Revenues	165,939	103,849	310,114	186,702
Operating income	$ 23,777	38,415	$ 44,115	55,773
Revision of Prior Period, Reclassification, Adjustment
Reclassification [Line Items]
Interest income, operating		3,400		6,900
Interest income, nonoperating		(3,400)		(6,900)
Revenues		3,400		6,900
Operating income		$ 3,400		$ 6,900

Segments - Additional Informati

Segments - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting Information
Number of reportable segments | segment			5
General contracting and real estate services revenues	$ 102,574	$ 45,273	$ 186,812	$ 69,923
Depreciation and amortization	19,878	18,781	38,346	37,338
General Contracting and Real Estate Services
Segment Reporting Information
General contracting and real estate services revenues	102,574	45,273	186,812	69,923
General contracting and real estate services expenses	99,071	43,418	180,241	67,239
Office Real Estate
Segment Reporting Information
Depreciation and amortization	7,600	6,900	14,500	13,500
Interest expense	2,200	2,700	4,600	4,800
Retail Real Estate
Segment Reporting Information
Depreciation and amortization	7,800	7,000	15,100	14,200
Interest expense	2,300	2,000	4,400	4,000
Multifamily Real Estate
Segment Reporting Information
Depreciation and amortization	4,300	4,800	8,500	9,500
Interest expense	2,600	3,300	5,200	6,500
Intercompany Eliminations | General Contracting and Real Estate Services
Segment Reporting Information
General contracting and real estate services revenues	12,900	14,200	26,600	22,800
General contracting and real estate services expenses	$ 12,800	$ 14,000	$ 26,300	$ 22,500

Segments - Net Income of Report

Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information
Rental revenues	$ 59,951	$ 55,224	$ 116,169	$ 109,859
Rental expenses	13,676	12,685	26,636	25,354
Real estate taxes	5,631	5,837	11,043	11,241
General contracting and real estate services revenues	102,574	45,273	186,812	69,923
Segment gross profit	46,563	40,979	89,916	81,004
Office Real Estate
Segment Reporting Information
Rental revenues	20,505	18,314	40,079	35,337
Rental expenses	5,254	4,600	10,357	8,740
Real estate taxes	2,167	2,035	4,262	3,539
Interest expense	2,200	2,700	4,600	4,800
Segment gross profit	13,084	11,679	25,460	23,058
Retail Real Estate
Segment Reporting Information
Rental revenues	24,708	21,544	47,146	42,974
Rental expenses	4,026	3,333	7,590	6,834
Real estate taxes	2,270	2,271	4,477	4,509
Interest expense	2,300	2,000	4,400	4,000
Segment gross profit	18,412	15,940	35,079	31,631
Multifamily Real Estate
Segment Reporting Information
Rental revenues	14,738	15,366	28,944	31,548
Rental expenses	4,396	4,752	8,689	9,780
Real estate taxes	1,194	1,531	2,304	3,193
Interest expense	2,600	3,300	5,200	6,500
Segment gross profit	9,148	9,083	17,951	18,575
General Contracting and Real Estate Services
Segment Reporting Information
General contracting and real estate services revenues	102,574	45,273	186,812	69,923
General contracting and real estate services expenses	99,071	43,418	180,241	67,239
Segment gross profit	3,503	1,855	6,571	2,684
Real Estate Financing
Segment Reporting Information
Interest income	3,225	3,239	6,761	6,698
Interest expense	809	817	1,906	1,642
Segment gross profit	$ 2,416	$ 2,422	$ 4,855	$ 5,056

Segments - Reconciliation NOI o

Segments - Reconciliation NOI of Net Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information
Net operating income	$ 46,563		$ 40,979		$ 89,916	$ 81,004
Depreciation and amortization	(19,878)		(18,781)		(38,346)	(37,338)
Amortization of right-of-use assets - finance leases	(347)		(277)		(624)	(555)
General and administrative expenses	(4,052)		(3,617)		(9,500)	(8,325)
Acquisition, development and other pursuit costs	(18)		(26)		(18)	(37)
Impairment charges	0		(286)		(102)	(333)
Gain on real estate dispositions, net	511		19,493		511	19,493
Interest expense	(13,629)		(9,371)		(25,931)	(18,402)
Loss on extinguishment of debt	0		(618)		0	(776)
Change in fair value of derivatives and other	5,005		2,548		2,558	6,730
Unrealized credit loss provision	(100)		(295)		(177)	(900)
Other income (expense), net	168		68		261	297
Income tax (provision) benefit	(336)		20		(524)	321
Net income	14,885	$ 5,417	30,767	$ 12,276	20,302	43,043
Corporate And Reconciling Items
Segment Reporting Information
Interest income	189		113		372	222
Gain on real estate dispositions, net	511		19,493		511	19,493
Interest expense	(12,820)		(8,554)		(24,025)	(16,760)
Real Estate Financing
Segment Reporting Information
Net operating income	2,416		2,422		4,855	5,056
Interest income	3,225		3,239		6,761	6,698
Real Estate Financing | Operating Segments
Segment Reporting Information
Interest income	3,200		3,200		6,800	6,700
Interest expense	$ (800)		$ (800)		$ (1,900)	$ (1,600)

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 property renewal_options lease
Lessee, Lease, Description [Line Items]
Number of ground leases	9
Number of properties subject to ground leases | property	9
Number of operating leases	5
Number of finance leases	4
Number of options to extend, more than | renewal_options	1
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	25 years

Leases - Lessor, Rental Income

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Base rent and tenant charges	$ 57,093	$ 53,424	$ 111,564	$ 106,303
Accrued straight-line rental adjustment	1,788	1,544	3,243	3,036
Lease incentive amortization	(150)	(173)	(315)	(346)
(Above) below market lease amortization	1,220	429	1,677	866
Total rental revenue	$ 59,951	$ 55,224	$ 116,169	$ 109,859

Real Estate Investment - Proper

Real Estate Investment - Property Acquisitions (Details) $ in Millions	May 19, 2023 USD ($) ft² property	Jan. 14, 2023 USD ($)
Constellation Energy Building note receivable
Asset Acquisition [Line Items]
Percentage of economic interest acquired		11%
Percentage of ownership interest		0.90
Loan issued to seller		$ 12.8
The Interlock
Asset Acquisition [Line Items]
Area of real estate property | ft²	311,000
Number of properties | property	2
Consideration transferred	$ 214.1
Acquisition related costs	1.2
Payments to acquire assets	6.1
Redemption of mezzanine loan	90.2
Liabilities incurred	105.6
The Interlock | Class A units
Asset Acquisition [Line Items]
Equity interest transferred	$ 12.2

Real Estate Investment - Purcha

Real Estate Investment - Purchase Price Allocation (Details) - USD ($) $ in Thousands		6 Months Ended
	May 19, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Asset Acquisition [Line Items]
Finance lease right-of-use assets		$ 47,742	$ 0
Finance lease right-of-use assets		92,994		$ 45,878
The Interlock
Asset Acquisition [Line Items]
Building	$ 183,907
Below-market leases	(3,931)
Finance lease right-of-use assets	46,616
Finance lease liabilities	(46,616)
Net assets acquired	215,272
Prepaid rent liability assumed	1,100
Finance lease right-of-use assets		$ 47,700
The Interlock | Office Real Estate
Asset Acquisition [Line Items]
Net assets acquired	134,600
The Interlock | Retail Real Estate
Asset Acquisition [Line Items]
Net assets acquired	80,600
The Interlock | In-place leases
Asset Acquisition [Line Items]
Finite-lived intangible assets	35,234
The Interlock | Above-market leases
Asset Acquisition [Line Items]
Finite-lived intangible assets	$ 62

Real Estate Investment - Prop_2

Real Estate Investment - Property Disposition (Details) $ in Millions	Apr. 11, 2023 USD ($)
Disposed of by Sale | Market At Mill Creek
Business Acquisition [Line Items]
Gain on disposition	$ 0.5

Real Estate Investment - Equity

Real Estate Investment - Equity Method Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Apr. 01, 2022
Real Estate [Line Items]
Investment in equity method investment during period	$ 30,388	$ 40,333
Equity method investments	102,371		$ 71,983
Harbor Point Parcel 3
Real Estate [Line Items]
Equity method investments	$ 1,500		900
Harbor Point Parcel 3 | Beatty Development Group
Real Estate [Line Items]
Interests in equity method investments	50%
Investment in equity method investment during period	$ 1,000
Maximum commitment	44,600
Equity method investments	40,800		39,800
Harbor Point Parcel 4
Real Estate [Line Items]
Equity method investments	$ 400		200
Harbor Point Parcel 4 | Beatty Development Group
Real Estate [Line Items]
Interests in equity method investments	78%			78%
Investment in equity method investment during period	$ 29,400
Maximum commitment	108,900
Equity method investments	$ 61,600		$ 32,200
Potential increase in ownership percentage	90%

Notes Receivable and Current _3

Notes Receivable and Current Expected Credit Losses - Summary of Notes Receivable Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2023	May 25, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable guarantee premium	$ 0		$ 701
Allowance for credit losses	(1,239)		(1,292)	$ (1,452)	$ (994)
Total notes receivable	60,095		136,039
Allowance related to unfunded commitments	569		338	$ 452	$ 10
Other liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance related to unfunded commitments	600		300
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	49,485		112,284
Maximum principal commitment	185,059
Mezzanine loan | Solis City Park II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	22,828		19,062
Maximum principal commitment	$ 20,594
Interest rate	13%
Mezzanine loan | Solis Gainesville II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 19,327		6,638
Maximum principal commitment	$ 19,595
Interest rate	14%
Mezzanine loan | Solis Kennesaw
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 7,330		0
Maximum principal commitment	$ 37,870	$ 37,900
Interest rate	14%
Mezzanine loan | The Interlock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 0		$ 86,584
Maximum principal commitment	$ 107,000
Interest rate	15%
Mezzanine loan | Constellation Energy Building note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate			3%
Constellation Energy Building note receivable | Constellation Energy Building note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 0		$ 12,834
Other notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 11,849		$ 11,512

Notes Receivable and Current _4

Notes Receivable and Current Expected Credit Losses - Schedule of Interest on the Mezzanine Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 3,414	$ 3,352	$ 7,133	$ 6,920
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	3,225	3,239	6,761	6,697
Other interest income
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	189	113	372	223
Solis City Park II | Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	732	206	1,402	224
Solis Gainesville II | Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	654	0	1,247	0
Solis Kennesaw | Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	465	0	465	0
The Interlock | Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,374	2,361	3,647	5,187
Nexton Multifamily | Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 0	$ 672	$ 0	$ 1,286

Notes Receivable and Current _5

Notes Receivable and Current Expected Credit Losses - Additional Information (Details)			6 Months Ended
	May 25, 2023 USD ($)	May 19, 2023 USD ($)	Jun. 30, 2023 USD ($) loan	Mar. 29, 2023	Jan. 14, 2023	Jan. 01, 2023	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized through redemption	$ 600,000
Allowance for loan losses			$ 1,808,000				$ 1,630,000	$ 1,904,000	$ 1,004,000
Allowance related to unfunded commitments			569,000				338,000	452,000	10,000
Notes receivable, net			60,095,000				136,039,000
Allowance for credit losses			1,239,000				1,292,000	$ 1,452,000	$ 994,000
Notes receivable, nonaccrual status			0
Other liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance related to unfunded commitments			600,000				$ 300,000
Constellation Energy Building note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of economic interest acquired					11%
Percentage of ownership interest					0.90
The Interlock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Redemption of mezzanine loan		$ 90,200,000
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum principal commitment			$ 185,059,000
Number of financial instruments | loan			3
Mezzanine loan | Solis Gainesville II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate			14%
Unused commitment fee percentage						10%
Maximum principal commitment			$ 19,595,000
Mezzanine loan | Solis Gainesville II | First 24 Months
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate				14%
Mezzanine loan | Solis Gainesville II | Twenty Four and Thirty Six Months
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate				10%
Mezzanine loan | Solis Gainesville II | Thirty Six Months Through Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate				14%
Mezzanine loan | Solis Kennesaw
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate			14%
Unused commitment fee percentage	11%
Maximum principal commitment	$ 37,900,000		$ 37,870,000
Minimum interest	$ 13,100,000
Mezzanine loan | Solis Kennesaw | First 24 Months
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	14%
Mezzanine loan | Solis Kennesaw | Twenty Four and Thirty Six Months
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	9%
Mezzanine loan | Solis Kennesaw | Thirty Six Months Through Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	14%
Mezzanine loan | Constellation Energy Building note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate							3%

Notes Receivable and Current _6

Notes Receivable and Current Expected Credit Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Funded
Beginning balance	$ 1,292	$ 994
Unrealized credit loss provision (release)	412	458
Release due to redemption	(465)	0
Ending balance	1,239	1,452
Unfunded
Beginning balance	338	10
Unrealized credit loss provision (release)	231	442
Release due to redemption	0	0
Ending balance	569	452
Total
Beginning balance	1,630	1,004
Unrealized credit loss provision (release)	643	900
Release due to redemption	(465)	0
Ending balance	$ 1,808	$ 1,904

Construction Contracts - Additi

Construction Contracts - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Construction receivables retentions	$ 32.1		$ 8.3
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	12 months
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	24 months
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	24 months
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Retentions	$ 36.5		24.7
Construction | Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected completion of contracts	24 months
Portion Attributable To Pending Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred pre-contract costs	$ 1.7		$ 1.3
Amortization of pre-contract costs	$ 0.3	$ 0.5

Construction Contracts - Summar

Construction Contracts - Summary of Costs in Excess of Billings and Billings in Excess of Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Construction contract costs and estimated earnings in excess of billings
Beginning balance	$ 342	$ 243
Transferred to receivables	(343)	(361)
Construction contract costs and estimated earnings not billed during the period	406	493
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	1	118
Ending balance	406	493
Billings in excess of construction contract costs and estimated earnings
Beginning balance	17,515	4,881
Revenue recognized that was included in the balance at the beginning of the period	(17,515)	(4,881)
Increases due to new billings, excluding amounts recognized as revenue during the period	19,282	15,442
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(971)	(367)
Ending balance	$ 18,311	$ 15,075

Construction Contracts - Summ_2

Construction Contracts - Summary of Net Position (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 499,099	$ 571,465
Estimated earnings	18,238	22,162
Billings	(535,242)	(610,800)
Net position	(17,905)	(17,173)
Construction contract costs and estimated earnings in excess of billings	406	342	$ 493	$ 243
Billings in excess of construction contract costs and estimated earnings	$ (18,311)	$ (17,515)	$ (15,075)	$ (4,881)

Construction Contracts - Summ_3

Construction Contracts - Summary of Backlog (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 651,840	$ 419,439	$ 665,564	$ 215,518
New contracts/change orders	43,975	167,143	114,767	395,746
Work performed	(103,029)	(45,368)	(187,545)	(70,050)
Ending backlog	$ 592,786	$ 541,214	$ 592,786	$ 541,214

Indebtedness (Details)

Indebtedness (Details) $ in Millions						6 Months Ended
	Jun. 29, 2023 USD ($)	May 19, 2023 USD ($)	Apr. 03, 2023 USD ($)	Dec. 06, 2022 USD ($)	Aug. 23, 2022 USD ($) extension_option	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit | Amended And Restated Credit Agreement
Indebtedness
Aggregate capacity under the credit facility					$ 550
Accordion feature maximum borrowing capacity					1,000
Line of Credit | M&T Term Loan Agreement
Indebtedness
Aggregate capacity under the credit facility				$ 100
Accordion feature maximum borrowing capacity				$ 200
Line of Credit | TD Term Loan Facility
Indebtedness
Aggregate capacity under the credit facility		$ 75
Accordion feature maximum borrowing capacity		$ 150
Line of Credit | Revolving credit facility | Amended And Restated Credit Agreement
Indebtedness
Aggregate capacity under the credit facility					$ 250
Number of extension options | extension_option					2
Duration of extension option					6 months
Extension fee percentage					0.075%
Credit spread adjustment					0.10%
Line of credit, amount outstanding						$ 154	$ 61
Interest rate on credit facility as of end of period						6.64%
Interest rate on credit facility as of end of period after giving effect to interest rate caps and swaps						4.59%
Line of Credit | Revolving credit facility | M&T Term Loan Agreement
Indebtedness
Duration of extension option				1 year
Extension fee percentage				0.075%
Credit spread adjustment				0.10%
Line of credit, amount outstanding						$ 100	100
Interest rate on credit facility as of end of period						6.54%
Interest rate on credit facility as of end of period after giving effect to interest rate caps and swaps						4.90%
Line of Credit | Revolving credit facility | TD Term Loan Facility
Indebtedness
Duration of extension option		1 year
Extension fee percentage		0.15%
Credit spread adjustment		0.10%
Line of credit, amount outstanding						$ 95
Interest rate on credit facility as of end of period						6.64%
Interest rate on credit facility as of end of period after giving effect to interest rate caps and swaps						4.70%
TD term loan	$ 95
Line of Credit | Revolving credit facility | Secured Overnight Financing Rate (SOFR) | M&T Term Loan Agreement
Indebtedness
Stated interest rate, basis spread on variable rate				1%
Line of Credit | Revolving credit facility | Secured Overnight Financing Rate (SOFR) | TD Term Loan Facility
Indebtedness
Stated interest rate, basis spread on variable rate		1%
Line of Credit | Revolving credit facility | Federal Funds Rate | M&T Term Loan Agreement
Indebtedness
Stated interest rate, basis spread on variable rate				0.50%
Line of Credit | Revolving credit facility | Federal Funds Rate | TD Term Loan Facility
Indebtedness
Stated interest rate, basis spread on variable rate		0.50%
Line of Credit | Revolving credit facility | Base Rate | TD Term Loan Facility
Indebtedness
Stated interest rate, basis spread on variable rate		1%
Line of Credit | Term Loan Facility | Amended And Restated Credit Agreement
Indebtedness
Aggregate capacity under the credit facility					$ 300
Credit spread adjustment					0.10%
Line of credit, amount outstanding						$ 300	$ 300
Interest rate on credit facility as of end of period						6.54%
Interest rate on credit facility as of end of period after giving effect to interest rate caps and swaps						2.45%
Line of Credit | Minimum | Revolving credit facility | Amended And Restated Credit Agreement
Indebtedness
Basis points on unused commitment fee					0.15%
Line of Credit | Minimum | Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Amended And Restated Credit Agreement
Indebtedness
Stated interest rate, basis spread on variable rate					1.30%
Line of Credit | Minimum | Term Loan Facility | Secured Overnight Financing Rate (SOFR) | Amended And Restated Credit Agreement
Indebtedness
Stated interest rate, basis spread on variable rate					1.25%
Line of Credit | Maximum | Revolving credit facility | Amended And Restated Credit Agreement
Indebtedness
Basis points on unused commitment fee					0.25%
Line of Credit | Maximum | Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Amended And Restated Credit Agreement
Indebtedness
Stated interest rate, basis spread on variable rate					1.85%
Line of Credit | Maximum | Term Loan Facility | Secured Overnight Financing Rate (SOFR) | Amended And Restated Credit Agreement
Indebtedness
Stated interest rate, basis spread on variable rate					1.80%
Construction loans
Indebtedness
Borrowings under construction loans						$ 13.8
Secured debt | Thames Street Wharf
Indebtedness
Debt instrument, face amount			$ 69
Secured debt | Constellation Energy Building note receivable
Indebtedness
Debt instrument, face amount			$ 175
Secured debt | Secured Overnight Financing Rate (SOFR) | Thames Street Wharf
Indebtedness
Stated interest rate, basis spread on variable rate			1.30%
Credit spread adjustment			0.10%
Secured debt | Secured Overnight Financing Rate (SOFR) | Constellation Energy Building note receivable
Indebtedness
Stated interest rate, basis spread on variable rate			1.50%
Credit spread adjustment			0.11%

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Sep. 01, 2022	Jul. 06, 2022	Jul. 05, 2022	Jul. 01, 2022	Nov. 01, 2020
Derivative [Line Items]
Notional Amount	$ 1,077,645	$ 1,288,349
Interest rate caps
Derivative [Line Items]
Notional Amount	415,965
Premium Paid	$ 2,076
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%
Derivatives designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional Amount	$ 415,965	$ 561,200
Derivatives designated as accounting hedges | Interest rate caps | Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Notional Amount	$ 73,600		$ 46,490	$ 200,000	$ 35,100	$ 50,000	$ 84,375
Strike Rate							1.84%
Premium Paid			$ 1,370	$ 352	$ 120	$ 143	$ 91
Derivatives designated as accounting hedges | Interest rate caps | Secured Overnight Financing Rate (SOFR) | Minimum
Derivative [Line Items]
Strike Rate			1%	1%	1%	1%
Derivatives designated as accounting hedges | Interest rate caps | Secured Overnight Financing Rate (SOFR) | Maximum
Derivative [Line Items]
Strike Rate			3%	3%	3%	3%

Derivative Financial Instrume_4

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Apr. 03, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 1,077,645		$ 1,288,349
Interest rate swaps
Derivative [Line Items]
Notional Amount	661,680
Interest rate caps
Derivative [Line Items]
Notional Amount	415,965
Interest rate caps | Bloomberg Short Term Bank Yield Index (BSBY)
Derivative [Line Items]
Interest rate cap, terminated		4%
Notional amount, terminated		$ 175,000
Interest rate caps | Bloomberg Short Term Bank Yield Index (BSBY) | Minimum
Derivative [Line Items]
Rate corridor, terminated		1%
Interest rate caps | Bloomberg Short Term Bank Yield Index (BSBY) | Maximum
Derivative [Line Items]
Rate corridor, terminated		3%
Derivatives designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	461,680		187,670
Derivatives designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional Amount	415,965		561,200
Derivatives designated as accounting hedges | Senior Unsecured Term Loan 2.25% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 32,569
Swap Fixed Rate	2.17%
Debt effective rate	3.57%
Derivatives designated as accounting hedges | Senior Unsecured Term Loan 3.02% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 10,500
Swap Fixed Rate	2.94%
Debt effective rate	4.34%
Derivatives designated as accounting hedges | Constellation Energy Building | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 175,000
Swap Fixed Rate	1.84%
Debt effective rate	3.46%
Derivatives designated as accounting hedges | Senior Unsecured Term Loan 0.50%, Term Loan One | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Swap Fixed Rate	0.42%
Debt effective rate	1.82%
Derivatives designated as accounting hedges | Senior Unsecured Term Loan 0.50%, Term Loan Two | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Swap Fixed Rate	0.33%
Debt effective rate	1.73%
Derivatives designated as accounting hedges | Senior Unsecured Term Loan 0.44% | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Swap Fixed Rate	0.44%
Debt effective rate	1.84%
Derivatives designated as accounting hedges | Thames Street Wharf | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 68,611
Swap Fixed Rate	0.93%
Debt effective rate	2.33%
Derivatives not designated as accounting hedges
Derivative [Line Items]
Notional Amount	$ 200,000		539,479
Derivatives not designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	200,000		250,000
Derivatives not designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional Amount	0		$ 289,479
Derivatives not designated as accounting hedges | Revolving credit facility and TD unsecured term loan | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 100,000
Swap Fixed Rate	3.20%
Debt effective rate	4.70%
Derivatives not designated as accounting hedges | M&T unsecured term loan | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 100,000
Swap Fixed Rate	3.50%
Debt effective rate	4.90%
Derivatives not designated as accounting hedges | Senior unsecured term loan | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 100,000
Swap Fixed Rate	3.43%
Debt effective rate	4.83%

Derivative Financial Instrume_5

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain reclassified during next 12 months	$ 13.7

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 1,077,645	$ 1,288,349
Asset, fair value	24,922	29,115
Liability, fair value	0	0
Interest rate swaps
Derivative [Line Items]
Notional Amount	661,680
Interest rate caps
Derivative [Line Items]
Notional Amount	415,965
Derivatives not designated as accounting hedges
Derivative [Line Items]
Notional Amount	200,000	539,479
Asset, fair value	4,125	4,303
Liability, fair value	0	0
Derivatives not designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	200,000	250,000
Asset, fair value	4,125	2,201
Liability, fair value	0	0
Derivatives not designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional Amount	0	289,479
Asset, fair value	0	2,102
Liability, fair value	0	0
Derivatives designated as accounting hedges | Interest rate swaps
Derivative [Line Items]
Notional Amount	461,680	187,670
Asset, fair value	14,879	11,247
Liability, fair value	0	0
Derivatives designated as accounting hedges | Interest rate caps
Derivative [Line Items]
Notional Amount	415,965	561,200
Asset, fair value	5,918	13,565
Liability, fair value	$ 0	$ 0

Derivative Financial Instrume_7

Derivative Financial Instruments - Change in Fair Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Total change in fair value of interest rate derivatives	$ 11,100		$ 6,624		$ 6,870	$ 18,563
Change in fair value of derivatives and other	4,294		2,674		490	6,891
Unrealized cash flow hedge gains (losses)	6,806	$ (426)	3,950	$ 7,722	6,380	11,672
Interest rate swaps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	10,738		2,807		7,236	9,564
Interest rate caps
Derivative [Line Items]
Total change in fair value of interest rate derivatives	$ 362		$ 3,817		$ (366)	$ 8,999

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)					6 Months Ended	12 Months Ended
	Aug. 04, 2023	Jul. 14, 2023	Apr. 03, 2023	Mar. 10, 2020	Jun. 30, 2023	Dec. 31, 2022	Jun. 15, 2023
Class of Stock [Line Items]
Percentage of operating partnership held					75.80%	76.70%
Preferred stock issued					$ 171,085,000	$ 171,085,000
Stock repurchase program							$ 50,000,000
Stock repurchase program remaining amount					50,000,000
Noncontrolling interests in investment entities | Operating Partnership
Class of Stock [Line Items]
Ownership interest percentage in properties					$ 10,700,000	$ 24,100,000
Class A units
Class of Stock [Line Items]
Class A units not held by company (in shares)					21,613,208
LTIP Units
Class of Stock [Line Items]
Class A units not held by company (in shares)					39,694
At The Market Program | Common stock
Class of Stock [Line Items]
Shares issued (in shares)					0
The Amendments | Subsequent event
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to)	$ 205,000,000
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred stock dividend rate percentage					6.75%	6.75%
Redeemable convertible preferred stock | At The Market Program
Class of Stock [Line Items]
Preferred stock dividend rate percentage				6.75%
Maximum aggregate offering price of shares to be sold (up to)				$ 300,000,000
Series A Preferred Stock | At The Market Program
Class of Stock [Line Items]
Shares issued (in shares)					0
Common Class A
Class of Stock [Line Items]
Stock redeemed (in shares)			51,000
Payments for redemption of stock			$ 600,000
Common Class A | Subsequent event
Class of Stock [Line Items]
Stock redeemed (in shares)		10,146
Payments for redemption of stock		$ 100,000

Equity - Dividends and Distribu

Equity - Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Feb. 28, 2023	Nov. 04, 2022	May 08, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)				$ 0.195	$ 0.19	$ 0.17	$ 0.17
Aggregate common stock dividends				$ 17,470	$ 16,824	$ 15,034	$ 14,939
Aggregate preferred stock dividends				$ 2,887	$ 2,887	$ 2,887	$ 2,887
Common Stock/Class A Units
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.190	$ 0.190	$ 0.195
Aggregate common stock dividends	$ 16,825	$ 16,785	$ 17,471
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.421875	$ 0.421875	$ 0.421875
Aggregate preferred stock dividends	$ 2,887	$ 2,887	$ 2,887

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Jun. 20, 2023	May 09, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense			$ 0.3	$ 0.6	$ 2.4
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)					428,157
Restricted stock granted, grant date fair value (in dollars per share)					$ 12.47
Restricted stock surrendered, forfeited in period (in shares)					87,905
Employee restricted stock award, vesting period					2 years
Nonvested restricted shares outstanding (in shares)			313,693		313,693
Unrecognized compensation cost			$ 3.1		$ 3.1
Unrecognized compensation cost, recognition period					33 years
Restricted Stock | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Employee restricted stock award, vesting period					3 years
Restricted Stock | Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award
Non-employee restricted stock award vest grant over period					1 year
Restricted Stock | Grant Date
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage					33.33%
Restricted Stock | Grant Date | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage					40%
Restricted Stock | Grant Date | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock | Grant Date | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock | First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage					33.33%
Restricted Stock | First Anniversary | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage					20%
Restricted Stock | First Anniversary | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock | First Anniversary | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock | Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage					33.33%
Restricted Stock | Second Anniversary | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage					20%
Restricted Stock | Second Anniversary | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock | Second Anniversary | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage	33.33%
Restricted Stock | Third Anniversary | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock award, vesting percentage					20%
Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock surrendered, forfeited in period (in shares)					1,587
Restricted Stock Units (RSUs) | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)	75,321
Restricted stock surrendered, forfeited in period (in shares)		75,321
Restricted Stock Units (RSUs) | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock granted (in shares)	8,975
Restricted stock surrendered, forfeited in period (in shares)		8,975
Amended and Restated 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares reserved for issuance (in shares)			3,400,000		3,400,000
Shares available for issuance (in shares)			1,570,274		1,570,274

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	Jun. 30, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Deferred financing costs	$ 11,100	$ 11,000
Carrying Value
Fair Value of Financial Instruments
Indebtedness, net	1,264,643	1,079,233
Notes receivable, net	60,095	136,039
Interest rate swap and cap assets	24,922	29,115
Fair Value
Fair Value of Financial Instruments
Indebtedness, net	1,254,044	1,058,530
Notes receivable, net	60,095	136,039
Interest rate swap and cap assets	$ 24,922	$ 29,115

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transactions
Segment gross profit	$ 46,563,000	$ 40,979,000	$ 89,916,000	$ 81,004,000
Related Party
Related Party Transactions
Construction receivables	0		0		$ 0
Related Party | Beatty Development Group
Related Party Transactions
Segment gross profit	$ 400,000	$ 100,000	$ 700,000	$ 200,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) note_receivable	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Commitments and Contingencies
Line of credit, performance and payment bonds	$ 8,600	$ 8,500
Number of notes receivable | note_receivable	4
Allowance related to unfunded commitments	$ 569	$ 338	$ 452	$ 10
Harbor Point Parcel 4 | Payment Guarantee
Commitments and Contingencies
Outstanding guarantee	200
Senior loan	32,900
Unfunded loan commitment
Commitments and Contingencies
Loans and leases receivable, commitments, variable rates	35,000
Operating Partnership
Commitments and Contingencies
Credit facility, amount outstanding	$ 1,900

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jul. 26, 2023	Jul. 14, 2023	May 25, 2023	Apr. 03, 2023	Jul. 31, 2023	Jul. 06, 2023	Jul. 05, 2023	Jun. 30, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Amortized through redemption			$ 600
Notional amount								$ 1,077,645	$ 1,288,349
Mezzanine loan
Subsequent Event [Line Items]
Maximum principal commitment								185,059
Common Class A
Subsequent Event [Line Items]
Stock redeemed (in shares)				51,000
Payments for redemption of stock				$ 600
Derivatives not designated as accounting hedges
Subsequent Event [Line Items]
Notional amount								200,000	539,479
Interest rate caps
Subsequent Event [Line Items]
Notional amount								$ 415,965
Interest rate caps | Minimum
Subsequent Event [Line Items]
Interest rate cap (in percent)								1%
Interest rate caps | Maximum
Subsequent Event [Line Items]
Interest rate cap (in percent)								3%
Interest rate caps | Derivatives not designated as accounting hedges
Subsequent Event [Line Items]
Notional amount								$ 0	$ 289,479
Subsequent event | Mezzanine loan | Solis Peachtree Corners
Subsequent Event [Line Items]
Maximum principal commitment	$ 28,400
Basis points on unused commitment fee	10%
Amortized through redemption	$ 400
Minimum interest	12,000
Subsequent event | Mezzanine loan | The Allure at Edinburgh
Subsequent Event [Line Items]
Maximum principal commitment	$ 9,200
Subsequent event | Mezzanine loan | First Twenty Seven Months | Solis Peachtree Corners
Subsequent Event [Line Items]
Interest rate	15%
Subsequent event | Mezzanine loan | Twelve Months Beginning November 2025 | Solis Peachtree Corners
Subsequent Event [Line Items]
Interest rate	9%
Subsequent event | Mezzanine loan | November 2026 Through Maturity | Solis Peachtree Corners
Subsequent Event [Line Items]
Interest rate	15%
Subsequent event | Mezzanine loan | Prior To Certificate Of Occupancy | The Allure at Edinburgh
Subsequent Event [Line Items]
Interest rate	15%
Subsequent event | Mezzanine loan | After Certificate Of Occupancy | The Allure at Edinburgh
Subsequent Event [Line Items]
Interest rate	10%
Subsequent event | Common Class A
Subsequent Event [Line Items]
Stock redeemed (in shares)		10,146
Payments for redemption of stock		$ 100
Subsequent event | Revolving credit facility | Line of Credit
Subsequent Event [Line Items]
Net paydowns					$ 37,000
Subsequent event | Secured Overnight Financing Rate (SOFR) | Minimum | Derivative Instrument, Expire on March 1, 2024
Subsequent Event [Line Items]
Interest rate cap (in percent)							1%
Subsequent event | Secured Overnight Financing Rate (SOFR) | Minimum | Derivative Instrument, Expire on January 1, 2024
Subsequent Event [Line Items]
Interest rate cap (in percent)						1%
Subsequent event | Secured Overnight Financing Rate (SOFR) | Maximum | Derivative Instrument, Expire on March 1, 2024
Subsequent Event [Line Items]
Interest rate cap (in percent)							3%
Subsequent event | Secured Overnight Financing Rate (SOFR) | Maximum | Derivative Instrument, Expire on January 1, 2024
Subsequent Event [Line Items]
Interest rate cap (in percent)						3%
Subsequent event | Interest rate caps | Secured Overnight Financing Rate (SOFR) | Derivative Instrument, Expire on March 1, 2024
Subsequent Event [Line Items]
Interest rate cap (in percent)							3.39%
Notional amount							$ 200,000
Subsequent event | Interest rate caps | Secured Overnight Financing Rate (SOFR) | Derivative Instrument, Expire on January 1, 2024
Subsequent Event [Line Items]
Interest rate cap (in percent)						3.40%
Notional amount						$ 50,000