Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 20, 2020 | Jun. 28, 2019 | |
Entity Listings [Line Items] | |||
Document Annual Report | true | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35908 | ||
Entity Registrant Name | ARMADA HOFFLER PROPERTIES, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-1214914 | ||
Entity Address, Address Line One | 222 Central Park Avenue | ||
Entity Address, Address Line Two | Suite 2100 | ||
Entity Address, City or Town | Virginia Beach | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23462 | ||
City Area Code | 757 | ||
Local Phone Number | 366-4000 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 861.5 | ||
Entity Common Stock, Shares Outstanding | 56,370,060 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001569187 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement relating to its 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. The registrant expects to file its Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2019 | ||
Common stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | AHH | ||
Security Exchange Name | NYSE | ||
Redeemable convertible preferred stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | ||
Trading Symbol | AHHPrA | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate investments: | ||
Income producing property | $ 1,460,723 | $ 1,037,917 |
Held for development | 5,000 | 2,994 |
Construction in progress | 140,601 | 135,675 |
Real estate investments | 1,606,324 | 1,176,586 |
Accumulated depreciation | (224,738) | (188,775) |
Net real estate investments | 1,381,586 | 987,811 |
Real estate investments held for sale | 1,460 | 929 |
Cash and cash equivalents | 39,232 | 21,254 |
Restricted cash | 4,347 | 2,797 |
Accounts receivable, net | 23,470 | 19,016 |
Total notes receivable | 159,371 | 138,683 |
Construction receivables, including retentions | 36,361 | 16,154 |
Construction contract costs and estimated earnings in excess of billings | 249 | 1,358 |
Equity method investments | 0 | 22,203 |
Operating lease right-of-use assets | 33,088 | |
Finance lease right-of-use assets | 24,130 | |
Finite-Lived Intangible Asset, Acquired Leases | 68,702 | 27,561 |
Other assets | 32,901 | 27,616 |
Total Assets | 1,804,897 | 1,265,382 |
LIABILITIES AND EQUITY | ||
Indebtedness, net | 950,537 | 694,239 |
Accounts payable and accrued liabilities | 17,803 | 15,217 |
Construction payables, including retentions | 53,382 | 50,796 |
Billings in excess of construction contract costs and estimated earnings | 5,306 | 3,037 |
Operating lease liabilities | 41,474 | |
Finance lease liabilities | 17,903 | |
Other liabilities | 63,045 | 46,203 |
Total Liabilities | 1,149,450 | 809,492 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 2,530,000 shares issued and outstanding as of December 31, 2019 and zero shares issued and outstanding as of December 31, 2018 | 63,250 | 0 |
Common stock, $0.01 par value, 500,000,000 shares authorized; 56,277,971 and 50,013,731 shares issued and outstanding as of December 31, 2019 and 2018, respectively | 563 | 500 |
Additional paid-in capital | 455,680 | 357,353 |
Distributions in excess of earnings | (106,676) | (82,699) |
Accumulated other comprehensive loss | (4,240) | (1,283) |
Total stockholders’ equity | 408,577 | 273,871 |
Noncontrolling interests in investment entities | 4,462 | 0 |
Noncontrolling interests in Operating Partnership | 242,408 | 182,019 |
Total Equity | 655,447 | 455,890 |
Total Liabilities and Equity | $ 1,804,897 | $ 1,265,382 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 2,530,000 | 0 |
Preferred stock, shares outstanding (in shares) | 2,530,000 | 0 |
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) | 56,277,971 | 50,013,731 |
Common stock, shares outstanding (in shares) | 56,277,971 | 50,013,731 |
Redeemable convertible preferred stock | ||
Dividend rate | 6.75% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Rental revenues | $ 151,339 | $ 116,958 | $ 108,737 |
Total revenues | 257,198 | 193,317 | 302,771 |
Expenses | |||
Rental expenses | 34,332 | ||
Rental expenses | 27,222 | 25,422 | |
Real estate taxes | 14,961 | 11,383 | 10,528 |
General contracting and real estate services expenses | 101,538 | 73,628 | 186,590 |
Depreciation and amortization | 54,564 | 39,913 | 37,321 |
Amortization of right-of-use assets - finance leases | 377 | ||
General and administrative expenses | 12,392 | 11,431 | 10,435 |
Acquisition, development and other pursuit costs | 844 | 352 | 648 |
Impairment charges | 252 | 1,619 | 110 |
Total expenses | 219,260 | 165,548 | 271,054 |
Gain on real estate dispositions | 4,699 | 4,254 | 8,087 |
Operating income | 42,637 | 32,023 | 39,804 |
Interest income | 23,215 | 10,729 | 7,077 |
Interest expense on indebtedness | (30,776) | (19,087) | (17,439) |
Interest expense on finance leases | (568) | 0 | 0 |
Equity in income of unconsolidated real estate entities | 273 | 372 | 0 |
Change in fair value of interest rate derivatives | (3,599) | (951) | 1,127 |
Other income (expense), net | 585 | 377 | 81 |
Income before taxes | 31,767 | 23,463 | 30,650 |
Income tax benefit (provision) | 491 | 29 | (725) |
Net income | 32,258 | 23,492 | 29,925 |
Net income attributable to noncontrolling interests: | |||
Investment entities | (213) | 0 | 0 |
Operating Partnership | (7,992) | (6,289) | (8,878) |
Net income attributable to Armada Hoffler Properties, Inc. | 24,053 | 17,203 | 21,047 |
Preferred stock dividends | (2,455) | 0 | 0 |
Net income attributable to common stockholders | $ 21,598 | $ 17,203 | $ 21,047 |
Net income attributable to stockholders per share (basic and diluted) (in dollars per share) | $ 0.41 | $ 0.36 | $ 0.50 |
Weighted-average common shares outstanding (basic and diluted) (in shares) | 53,119 | 47,512 | 42,423 |
Comprehensive income: | |||
Net income | $ 32,258 | $ 23,492 | $ 29,925 |
Unrealized cash flow hedge losses | (4,504) | (1,894) | 0 |
Realized cash flow hedge losses reclassified to net income | 501 | 169 | 0 |
Comprehensive income | 28,255 | 21,767 | 29,925 |
Comprehensive income attributable to Armada Hoffler Properties, Inc. | 21,096 | 15,920 | 21,047 |
General contracting and real estate services revenues | |||
Revenues | |||
General contracting and real estate services revenues | 105,859 | 76,359 | 194,034 |
Noncontrolling interests in investment entities | |||
Expenses | |||
Net income | 213 | ||
Comprehensive income: | |||
Net income | 213 | ||
Operating Partnership | (213) | 0 | 0 |
Noncontrolling interests in Operating Partnership | |||
Expenses | |||
Net income | 7,992 | 6,289 | 8,878 |
Comprehensive income: | |||
Net income | 7,992 | 6,289 | 8,878 |
Unrealized cash flow hedge losses | (1,183) | (484) | |
Realized cash flow hedge losses reclassified to net income | 137 | 42 | |
Operating Partnership | $ (6,946) | $ (5,847) | $ (8,878) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred stock | Common stock | Additional paid-in capital | Distributions in excess of earnings | Accumulated other comprehensive loss | Total stockholders' equity (deficit) | Noncontrolling interests in investment entities | Noncontrolling interests in Operating Partnership | Redeemable convertible preferred stock | Redeemable convertible preferred stockPreferred stock | Redeemable convertible preferred stockAdditional paid-in capital | Redeemable convertible preferred stockTotal stockholders' equity (deficit) |
Beginning balance at Dec. 31, 2016 | $ 348,978 | $ 0 | $ 374 | $ 197,114 | $ (49,345) | $ 0 | $ 148,143 | $ 0 | $ 200,835 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 29,925 | 21,047 | 21,047 | 8,878 | |||||||||
Net proceeds from issuance of stock | 91,381 | 74 | 91,307 | 91,381 | |||||||||
Restricted stock awards, net of tax withholding | 1,443 | 1 | 1,442 | 1,443 | |||||||||
Unrealized cash flow hedge losses | 0 | ||||||||||||
Realized cash flow hedge losses reclassified to net income | 0 | ||||||||||||
Noncontrolling interest in acquired real estate entity | 0 | ||||||||||||
Restricted stock award forfeitures | (2) | (2) | (2) | ||||||||||
Acquisitions of noncontrolling interests in real estate investments | (511) | (1,493) | (1,493) | 982 | |||||||||
Redemption of operating partnership units | (5,155) | (961) | (961) | (4,194) | |||||||||
Dividends and distributions declared | (45,776) | (32,868) | (32,868) | (12,908) | |||||||||
Ending balance at Dec. 31, 2017 | 420,283 | 0 | 449 | 287,407 | (61,166) | 0 | 226,690 | 0 | 193,593 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 23,492 | 17,203 | 17,203 | 6,289 | |||||||||
Net proceeds from issuance of stock | 65,244 | 46 | 65,198 | 65,244 | |||||||||
Restricted stock awards, net of tax withholding | 1,564 | 2 | 1,562 | 1,564 | |||||||||
Unrealized cash flow hedge losses | (1,894) | (1,410) | (1,410) | (484) | |||||||||
Realized cash flow hedge losses reclassified to net income | 169 | 127 | 127 | 42 | |||||||||
Noncontrolling interest in acquired real estate entity | 0 | ||||||||||||
Restricted stock award forfeitures | (32) | (32) | (32) | ||||||||||
Issuance of operating partnership units for acquisitions | 2,196 | (5) | (5) | 2,201 | |||||||||
Redemption of operating partnership units | (2,595) | 3 | 3,223 | 3,226 | (5,821) | ||||||||
Dividends and distributions declared | (52,537) | (38,736) | (38,736) | (13,801) | |||||||||
Ending balance at Dec. 31, 2018 | 455,890 | 0 | 500 | 357,353 | (82,699) | (1,283) | 273,871 | 0 | 182,019 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 32,258 | 24,053 | 24,053 | 213 | 7,992 | ||||||||
Net proceeds from issuance of stock | 96,845 | 59 | 96,786 | 96,845 | $ 61,001 | $ 63,250 | $ (2,249) | $ 61,001 | |||||
Restricted stock awards, net of tax withholding | 2,031 | 2 | 2,029 | 2,031 | |||||||||
Unrealized cash flow hedge losses | (4,504) | (3,321) | (3,321) | (1,183) | |||||||||
Realized cash flow hedge losses reclassified to net income | 501 | 364 | 364 | 137 | |||||||||
Noncontrolling interest in acquired real estate entity | 4,870 | 4,870 | |||||||||||
Restricted stock award forfeitures | (7) | (7) | (7) | ||||||||||
Issuance of operating partnership units for acquisitions | 72,183 | (986) | (986) | 73,169 | |||||||||
Redemption of operating partnership units | 0 | 2 | 2,754 | 2,756 | (2,756) | ||||||||
Dividends and distributions declared on preferred stock | (2,455) | (2,455) | (2,455) | $ (2,500) | |||||||||
Dividends and distributions declared | (621) | (621) | |||||||||||
Dividends and distributions declared on common shares and units | 62,378 | 45,450 | 45,450 | 16,928 | |||||||||
Ending balance at Dec. 31, 2019 | $ 655,447 | $ 63,250 | $ 563 | $ 455,680 | $ (106,676) | $ (4,240) | $ 408,577 | $ 4,462 | $ 242,408 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
OPERATING ACTIVITIES | ||||
Net income | $ 32,258 | $ 23,492 | $ 29,925 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation of buildings and tenant improvements | 37,839 | 30,395 | 25,974 | |
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases | 16,725 | 9,518 | 11,347 | |
Accrued straight-line rental revenue | (3,402) | (2,731) | (1,222) | |
Amortization of leasing incentives and above or below-market rents | (629) | (266) | (195) | |
Amortization of right-of-use assets - finance leases | 377 | |||
Accrued straight-line ground rent expense | (16) | 214 | 530 | |
Adjustment for uncollectable accounts | 511 | 419 | 564 | |
Noncash stock compensation | 1,613 | 1,281 | 1,323 | |
Impairment charges | 252 | 1,619 | 110 | |
Noncash interest expense | 1,258 | 1,116 | 1,274 | |
Interest expense on finance leases | 568 | 0 | 0 | |
Gain on real estate dispositions | (4,699) | (4,254) | (8,087) | |
Adjustment for Annapolis Junction purchase option | [1] | (4,489) | 4,489 | 0 |
Change in the fair value of interest rate derivatives | 3,599 | 951 | (1,127) | |
Equity in income of unconsolidated real estate entities | (273) | (372) | 0 | |
Changes in operating assets and liabilities: | ||||
Property assets | (2,499) | (3,539) | (2,415) | |
Property liabilities | 3,368 | 1,720 | 2,843 | |
Construction assets | (20,356) | 7,554 | 17,573 | |
Construction liabilities | 18,671 | (15,248) | (20,110) | |
Interest receivable | (12,947) | (271) | (7,071) | |
Net cash provided by operating activities | 67,729 | 56,087 | 51,236 | |
INVESTING ACTIVITIES | ||||
Development of real estate investments | (133,445) | (133,791) | (45,730) | |
Tenant and building improvements | (19,721) | (11,723) | (12,252) | |
Acquisitions of real estate investments, net of cash received | (138,380) | (57,544) | (30,026) | |
Dispositions of real estate investments, net of selling costs | 32,944 | 34,673 | 12,557 | |
Notes receivable issuances | (54,555) | (58,208) | (16,219) | |
Notes receivable paydowns | 22,522 | 1,165 | 0 | |
Leasing costs | (3,893) | (4,607) | (2,235) | |
Leasing incentives | 0 | (108) | (274) | |
Contributions to equity method investments | (535) | (10,420) | (1,176) | |
Net cash used for investing activities | (295,063) | (240,563) | (95,355) | |
FINANCING ACTIVITIES | ||||
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net | 61,001 | 0 | 0 | |
Proceeds from issuance of common stock, net | 96,845 | 65,244 | 91,381 | |
Common shares tendered for tax withholding | (369) | (409) | (289) | |
Debt issuances, credit facility and construction loan borrowings | 427,286 | 349,580 | 162,585 | |
Debt and credit facility repayments, including principal amortization | (270,851) | (173,855) | (160,661) | |
Debt issuance costs | (5,546) | (1,457) | (2,403) | |
Redemption of operating partnership units | 0 | (2,595) | (5,155) | |
Dividends on cumulative redeemable perpetual preferred stock | (61,504) | (50,897) | (43,616) | |
Net cash provided by financing activities | 246,862 | 185,611 | 41,842 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 19,528 | 1,135 | (2,277) | |
Cash, cash equivalents, and restricted cash, beginning of period | [2] | 24,051 | 22,916 | 25,193 |
Cash, cash equivalents, and restricted cash, end of period | [2] | 43,579 | 24,051 | 22,916 |
Supplemental cash flow information: | ||||
Cash paid for interest | 28,878 | (17,319) | (16,318) | |
Cash refunded (paid) for income taxes | 247 | 31 | (371) | |
Increase in dividends payable | 3,950 | 1,640 | 2,160 | |
Common shares and OP units issued for acquisitions | [3] | 73,169 | 1,702 | 506 |
(Decrease) increase in accrued capital improvements and development costs | 12,666 | (18,310) | (10,899) | |
Operating Partnership units redeemed for common shares | 2,756 | 3,715 | 0 | |
Debt principal extinguished in conjunction with real estate sales | 0 | 0 | 5,594 | |
Debt assumed at fair value in conjunction with real estate purchases | 101,390 | 0 | 0 | |
Debt assumed at fair value in conjunction with real estate purchases | 0 | 0 | 2,000 | |
Redeemable noncontrolling interest from development | 0 | 0 | 600 | |
Note receivable extinguished in conjunction with real estate purchase | 31,252 | 0 | 0 | |
Equity method investment redeemed for real estate acquisition | 23,011 | 0 | 0 | |
Noncontrolling interest in acquired real estate entity | 4,870 | 0 | 0 | |
Recognition of operating lease ROU assets | [4] | 33,965 | 0 | 0 |
Recognition of operating lease liabilities | [4] | 41,631 | 0 | 0 |
Recognition of finance lease ROU assets | 24,500 | 0 | 0 | |
Recognition of finance lease liabilities | 17,871 | 0 | 0 | |
De-recognition of operating lease ROU assets - lease termination | 440 | 0 | 0 | |
De-recognition of operating lease liabilities - lease termination | $ 440 | $ 0 | $ 0 | |
[1] | Borrower paid $5.0 million in 2018 in exchange for the Company's purchase option. This was accounted for as a loan modification fee; interest income was recognized as additional interest income on the note receivable over the one-year remaining term. | |||
[2] | The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows: As of December 31, 2019 2018 Cash and cash equivalents $ 39,232 $ 21,254 Restricted cash (a) 4,347 2,797 Cash, cash equivalents, and restricted cash $ 43,579 $ 24,051 (a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. | |||
[3] | 2017 issuance consists of OP Units contingently issuable upon the satisfaction of certain conditions relating to the Johns Hopkins Village property. These OP Units were issued in 2018. | |||
[4] | Net of $0.4 million disposal related to the Company's preexisting lease at the Thames Street Wharf property, which was acquired on June 26, 2019. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Footnotes (Parenthetical) $ in Thousands | Jun. 26, 2019USD ($) |
The Residences at Annapolis Junction | |
Write off of right of use asset | $ 400 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Armada Hoffler Properties, Inc. (the "Company") is a full service real estate company with extensive experience developing, building, owning, and managing high-quality, institutional-grade office, retail, and multifamily properties in attractive markets primarily throughout the Mid-Atlantic and Southeastern United States. The Company is a real estate investment trust ("REIT"), the sole general partner of Armada Hoffler, L.P. (the "Operating Partnership"), and as of December 31, 2019 , owned 72.6% of the economic interest in the Operating Partnership, of which 0.1% is held as general partnership units. The operations of the Company are carried on primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership were formed on October 12, 2012 and commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the "IPO") and certain related formation transactions on May 13, 2013. As of December 31, 2019 , the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% Brooks Crossing Office Office Newport News, Virginia 100% One City Center Office Durham, North Carolina 100% One Columbus Office Virginia Beach, Virginia* 100% Thames Street Wharf Office Baltimore, Maryland 100% Two Columbus Office Virginia Beach, Virginia* 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Alexander Pointe Retail Salisbury, North Carolina 100% Apex Entertainment (1) Retail Virginia Beach, Virginia* 100% Bermuda Crossroads Retail Chester, Virginia 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail (2) Retail Newport News, Virginia 65% Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Courthouse 7-Eleven Retail Virginia Beach, Virginia 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Gainsborough Square Retail Chesapeake, Virginia 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harper Hill Commons Retail Winston-Salem, North Carolina 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Indian Lakes Crossing Retail Virginia Beach, Virginia 100% Lexington Square Retail Lexington, South Carolina 100% Market at Mill Creek (2) Retail Mount Pleasant, South Carolina 70% Marketplace at Hilltop Retail Virginia Beach, Virginia 100% North Hampton Market Retail Taylors, South Carolina 100% Property Segment Location Ownership Interest North Point Center Retail Durham, North Carolina 100% Oakland Marketplace Retail Oakland, Tennessee 100% Parkway Centre Retail Moultrie, Georgia 100% Parkway Marketplace Retail Virginia Beach, Virginia 100% Patterson Place Retail Durham, North Carolina 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Providence Plaza Retail Charlotte, North Carolina 100% Red Mill Commons Retail Virginia Beach, Virginia 100% Renaissance Square Retail Davidson, North Carolina 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% Socastee Commons Retail Myrtle Beach, South Carolina 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% Stone House Square Retail Hagerstown, Maryland 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% 1405 Point Multifamily Baltimore, Maryland 79% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Greenside Apartments Multifamily Charlotte, North Carolina 100% Hoffler Place Multifamily Charleston, South Carolina 93% Johns Hopkins Village Multifamily Baltimore, Maryland 100% Liberty Apartments Multifamily Newport News, Virginia 100% Premier Apartments Multifamily Virginia Beach, Virginia* 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% ________________________________________ * Located in the Town Center of Virginia Beach (1) Dick's Sporting Goods, one of the anchor tenants at the property previously known as "Dick’s at Town Center," notified the Company during 2019 that it would not renew its lease beyond January 31, 2020, the end of the current term. In October 2019, the Company signed a lease with a replacement tenant, Apex Entertainment, which will take the entire space currently occupied by Dick's Sporting Goods after the redevelopment and buildout of the facility is completed, which is expected to occur by the end of 2020. (2) The Company is entitled to a preferred return on its investment in this property. As of December 31, 2019 , the following properties were under development, redevelopment or not yet stabilized: Property Segment Location Ownership Interest Wills Wharf Office Baltimore, Maryland 100 % Premier Retail Retail Virginia Beach, Virginia* 100 % Summit Place Multifamily Charleston, South Carolina 90 % The Cosmopolitan Multifamily Virginia Beach, Virginia* 100 % ________________________________________ * Located in the Town Center of Virginia Beach |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership, its wholly owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ from management’s estimates. Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate, and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties. Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period's presentation. The Company revised the presentation of its consolidated Balance Sheet for all reporting periods by reclassifying "Acquired intangible lease assets" as a separate line item. As a result, the Company no longer includes acquired intangible lease assets as part of "Other assets". The Company also revised the presentation in its consolidated statement of cash flows for all reporting periods by reclassifying offering cost charges on its common stock issuance and including the charges with "Proceeds from issuance of common stock, net" line item. This presentation change had no other impact on the Company's consolidated financial statements or any other operating measure for the periods affected. Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $3.4 million , $2.7 million and $1.2 million of straight-line rent adjustments for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Contingent rents included in rental revenues were $0.3 million , $0.3 million , and $0.4 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million , $0.7 million , and $0.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem. Real Estate Investments Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land and capitalized development costs. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2019 , 2018 , and 2017 was $5.9 million , $5.0 million and $1.3 million , respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2019 , 2018 , and 2017 were $3.1 million , $3.1 million and $2.4 million , respectively. The Company capitalizes preacquisition development costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized preacquisition development costs are presented within other assets in the consolidated balance sheets. Capitalized preacquisition development costs as of December 31, 2019 and 2018 were $6.5 million and $1.2 million , respectively. Costs attributable to unsuccessful projects are expensed. Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs in the fair value hierarchy. Real Estate Sales The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. As of December 31, 2019 , a land parcel adjacent to the Market at Mill Creek shopping center was classified as held for sale. As of December 31, 2018 , the Waynesboro Commons shopping center was classified as held for sale. Impairment of Long Lived Assets The Company evaluates its real estate assets for impairment on a property by property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the years ended December 31, 2019 and 2017 represent unamortized leasing or acquired intangible assets related to vacated tenants. The impairment charges recognized during the year ended December 31, 2018 primarily relate to the $1.5 million impairment of Waynesboro Commons, which was classified as of held for sale as of December 31, 2018 . Interest Income Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed collectible. Many loans provide for accrual of interest and fees that will not be paid until maturity of the loan. Interest is recognized on these loans at the accrual rate subject to the determination that accrued interest and fees are ultimately collectible, based on the underlying collateral and the status of development activities, as applicable. If this determination cannot be made, recognition of interest income may be fully or partially deferred until it is ultimately paid. Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds, and investments with an original maturity of three months or less. Restricted Cash Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. Accounts Receivable, net Accounts receivable include amounts from tenants for base rents, contingent rents, and cost reimbursements as well as accrued straight-line rental revenue. As of December 31, 2019 and 2018 , accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $17.9 million and $15.2 million , respectively. The Company’s evaluation of the collectability of accounts receivable and the adequacy of the allowance for doubtful accounts is based primarily upon evaluations of individual receivables, current economic conditions, historical experience, and other relevant factors. The Company establishes a reserve for the receivables associated with a tenant when collection of substantially all operating lease payments for a tenant is not probable. As of December 31, 2019 and 2018 , the allowance for doubtful accounts was $0.3 million and $0.6 million , respectively. The Company reflects these amounts as a component of rental income on the consolidated statements of comprehensive income. Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of mortgage or mezzanine loans for the development of new real estate. The Company's mezzanine loans are typically made to borrowers who have little or no equity in the underlying development projects. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company evaluates the collectability of both the interest on and principal of each of its notes receivable based primarily upon the value of the underlying development project. The Company considers factors such as the progress of development activities, including leasing activities, projected development costs, current and projected loan balances, and the estimated realizable value of the loan. The calculation of the estimated realizable value includes an estimation of the projected sales proceeds from the sale of the underlying development property, which is largely dependent on the estimated fair value of the underlying development property and is highly sensitive to significant assumptions based on management’s expectations about future real estate market or economic conditions and the projected operating results of the property. A loan is determined to be impaired when, based upon then-current information, it is no longer probable that the Company will be able to collect all contractual amounts then due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value. The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. Guarantees The Company measures and records a liability for the fair value of its guarantees on a nonrecurring basis upon issuance using Level 3 internally-developed inputs. These guarantees typically relate to payments that could be required of the Company to senior lenders on its mezzanine loan investments. The Company bases its estimated fair value on the market approach, which compares the guarantee terms and credit characteristics of the underlying development project to other projects for which guarantee pricing terms are available. The offsetting entry for the guarantee liability is a premium on the related loan receivable. The liability is amortized on a straight-line basis over the remaining term of the loan. On a quarterly basis, the Company assesses the likelihood of a contingent liability in connection with these guarantees and will record an additional guarantee liability if the unamortized guarantee liability is insufficient. Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets. Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets. Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. Derivative Financial Instruments The Company may enter into interest rate derivatives to manage exposure to interest rate risks. The Company does not use derivative financial instruments for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value and presents them within other assets and liabilities in the consolidated balance sheets. Gains and losses resulting from changes in the fair value of derivatives that are neither designated nor qualify as hedging instruments are recognized within the change in fair value of interest rate derivatives caption in the consolidated statements of comprehensive income. For derivatives that qualify as cash flow hedges, the gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. Stock-Based Compensation The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. The effect of forfeitures of awards is recorded as they occur. Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes. Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations. Net Income Per Share and Unit The Company calculates net income per share and unit based upon the weighted average shares and units outstanding. Diluted net income per share and unit is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include nonvested restricted stock awards. However, there were no significant potential dilutive shares or units outstanding for each of the three years ended December 31, 2019 , 2018 , and 2017 . As a result, basic and diluted outstanding shares and units were the same for each period presented. Recent Accounting Pronouncements Recently Issued Accounting Standards Adopted: On February 25, 2016, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") that requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets (ASU 2016-02—Leases (Topic 842)). The new standard also makes targeted changes to lessor accounting. The Company adopted the new standard on January 1, 2019, using the modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented as permitted in Accounting Standards Codification ("ASC") Topic 842. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for existing leases. As of January 1, 2019, the Company did not have any leases classified as finance leases. The Company also elected a practical expedient that allowed it to not separate non-lease components from lease components and instead to account for each lease and non-lease component as a single lease component. The adoption of the new standard as of January 1, 2019 did not impact the Company's consolidated results of operations and had no impact on cash flows. As a lessee, the Company had six ground leases on five properties as of January 1, 2019 with initial terms that ranged from 20 to 65 years and options to extend up to an additional 70 years in certain cases. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. The long-term ground leases represent a majority of the Company's current operating lease payments. The Company recorded right-of-use assets totaling $32.2 million and lease liabilities totaling $41.4 million upon adopting this standard on January 1, 2019. The Company utilized a weighted average discount rate of 5.4% to measure its lease liabilities upon adoption. 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 to 15 years or more. The exercise of lease renewal options is at the tenant's sole discretion. The Company includes a renewal period in the lease term only if it appears at lease inception that the renewal is reasonably certain. The new standard includes new considerations regarding the recognition of rental revenue when collection is not probable. The Company changed its presentation and measurement of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity, reflecting those amounts as a component of rental income on the accompanying Consolidated Statement of Comprehensive Income for the year ended December 31, 2019. However, in accordance with its prospective adoption of the standard, the Company did not adjust the prior year period presentation of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity as a component of operating expenses, excluding property taxes, on the accompanying Consolidated Statement of Comprehensive Income for the years ended December 31, 2018 and 2017. The Company recorded a combined adjustment of $0.2 million to the opening balances for distributions in excess of earnings and noncontrolling interest relating to receivables where collection of substantially all operating lease payments was not probable as of January 1, 2019. Lease-related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The Company evaluates the collectability of lease receivables using several factors, including a lessee’s creditworthiness. The Company recognizes a credit loss on lease-related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. Recently Issued Accounting Standards Not Yet Adopted: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The guidance significantly chang |
Segments
Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segments | Segments Net operating income (segment revenues minus segment expenses) is the measure used by the Company’s chief operating decision-maker to assess segment performance. Net operating income is not a measure of operating income or cash flows from operating activities as measured by GAAP and is not indicative of cash available to fund cash needs. As a result, net operating income should not be considered as an alternative to cash flows as a measure of liquidity. Not all companies calculate net operating income in the same manner. The Company considers net operating income to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. Net operating income of the Company’s reportable segments for the years ended December 31, 2019 , 2018 , and 2017 was as follows (in thousands): Years Ended December 31, 2019 2018 2017 Office real estate Rental revenues $ 33,269 $ 20,701 $ 19,207 Rental expenses 8,722 5,858 5,483 Real estate taxes 3,471 2,034 1,859 Segment net operating income 21,076 12,809 11,865 Retail real estate Rental revenues 77,593 67,959 63,109 Rental expenses 11,656 10,903 10,234 Real estate taxes 7,916 6,801 6,175 Segment net operating income 58,021 50,255 46,700 Multifamily residential real estate Rental revenues 40,477 28,298 26,421 Rental expenses 13,954 10,461 9,705 Real estate taxes 3,574 2,548 2,494 Segment net operating income 22,949 15,289 14,222 General contracting and real estate services Segment revenues 105,859 76,359 194,034 Segment expenses 101,538 73,628 186,590 Segment gross profit 4,321 2,731 7,444 Net operating income $ 106,367 $ 81,084 $ 80,231 Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities. General contracting and real estate services revenues for the years ended December 31, 2019 , 2018 , and 2017 exclude revenue related to intercompany construction contracts of $99.9 million , $134.4 million and $51.5 million , respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2019 , 2018 , and 2017 exclude expenses related to intercompany construction contracts of $99.0 million , $133.4 million and $51.0 million , respectively, as it is eliminated in consolidation. The following table reconciles net operating income to net income for the years ended December 31, 2019 , 2018 , and 2017 (in thousands): Years Ended December 31, 2019 2018 2017 Net operating income $ 106,367 $ 81,084 $ 80,231 Depreciation and amortization (54,564 ) (39,913 ) (37,321 ) Amortization of right-of-use assets - finance leases (377 ) — — General and administrative expenses (12,392 ) (11,431 ) (10,435 ) Acquisition, development and other pursuit costs (844 ) (352 ) (648 ) Impairment charges (252 ) (1,619 ) (110 ) Gain on real estate dispositions 4,699 4,254 8,087 Interest income 23,215 10,729 7,077 Interest expense on indebtedness (30,776 ) (19,087 ) (17,439 ) Interest expense on finance leases (568 ) — — Equity in income of unconsolidated real estate entities 273 372 — Loss on extinguishment of debt — (11 ) (50 ) Change in fair value of interest rate derivatives (3,599 ) (951 ) 1,127 Other income (expense), net 585 388 131 Income tax benefit (provision) 491 29 (725 ) Net income $ 32,258 $ 23,492 $ 29,925 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Lessee Disclosures The components of lease cost for the years ended December 31, 2019 , 2018 , and 2017 were as follows (in thousands): Years Ended December 31, 2019 2018 (b) 2017 (b) Operating lease cost $ 2,700 $ 2,962 $ 2,686 Finance lease cost: Amortization of right-of-use assets (a) 369 — — Interest on lease liabilities 568 — — (a) Includes amortization of below-market ground lease intangible assets. (b) All of the Company's leases were classified as operating leases prior to 2019. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2019 , 2018 , and 2017 (in thousands): Years Ended December 31, 2019 2018 (a) 2017 (a) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,969 $ 2,354 $ 2,103 Operating cash flows from finance leases 533 — — (a) All of the Company's leases were classified as operating leases prior to 2019. Additional information related to leases as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 (a) Weighted Average Remaining Lease Term (years) Operating leases 45.4 46.2 Finance leases 41.2 0.0 Weighted Average Discount Rate (b) Operating leases 5.4 % — % Finance leases 5.2 % — % (a) All of the Company's leases were classified as operating leases prior to 2019. (b) Prior to the adoption of ASC 842 on January 1, 2019, the use of a discount rate to calculate lease liability as the net present value of the minimum lease payments was not required. The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2020 $ 2,080 $ 864 2021 2,137 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 Thereafter 103,524 43,014 Total undiscounted cash flows 114,938 47,371 Present value discount (73,464 ) (29,468 ) Discounted cash flows $ 41,474 $ 17,903 Lessor Disclosures Rental revenue for the years ended December 31, 2019 , 2018 , and 2017 comprised the following (in thousands): Years Ended December 31, 2019 2018 2017 Base rent and tenant charges $ 147,309 $ 114,012 $ 107,320 Accrued straight-line rental adjustment 3,402 2,731 1,222 Lease incentive amortization (739 ) (732 ) (785 ) Above/below market lease amortization 1,367 947 980 Total rental revenue $ 151,339 $ 116,958 $ 108,737 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2020 $ 96,374 2021 90,165 2022 82,862 2023 72,673 2024 61,926 Thereafter 266,467 Total $ 670,467 |
Leases | Leases Lessee Disclosures The components of lease cost for the years ended December 31, 2019 , 2018 , and 2017 were as follows (in thousands): Years Ended December 31, 2019 2018 (b) 2017 (b) Operating lease cost $ 2,700 $ 2,962 $ 2,686 Finance lease cost: Amortization of right-of-use assets (a) 369 — — Interest on lease liabilities 568 — — (a) Includes amortization of below-market ground lease intangible assets. (b) All of the Company's leases were classified as operating leases prior to 2019. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2019 , 2018 , and 2017 (in thousands): Years Ended December 31, 2019 2018 (a) 2017 (a) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,969 $ 2,354 $ 2,103 Operating cash flows from finance leases 533 — — (a) All of the Company's leases were classified as operating leases prior to 2019. Additional information related to leases as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 (a) Weighted Average Remaining Lease Term (years) Operating leases 45.4 46.2 Finance leases 41.2 0.0 Weighted Average Discount Rate (b) Operating leases 5.4 % — % Finance leases 5.2 % — % (a) All of the Company's leases were classified as operating leases prior to 2019. (b) Prior to the adoption of ASC 842 on January 1, 2019, the use of a discount rate to calculate lease liability as the net present value of the minimum lease payments was not required. The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2020 $ 2,080 $ 864 2021 2,137 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 Thereafter 103,524 43,014 Total undiscounted cash flows 114,938 47,371 Present value discount (73,464 ) (29,468 ) Discounted cash flows $ 41,474 $ 17,903 Lessor Disclosures Rental revenue for the years ended December 31, 2019 , 2018 , and 2017 comprised the following (in thousands): Years Ended December 31, 2019 2018 2017 Base rent and tenant charges $ 147,309 $ 114,012 $ 107,320 Accrued straight-line rental adjustment 3,402 2,731 1,222 Lease incentive amortization (739 ) (732 ) (785 ) Above/below market lease amortization 1,367 947 980 Total rental revenue $ 151,339 $ 116,958 $ 108,737 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2020 $ 96,374 2021 90,165 2022 82,862 2023 72,673 2024 61,926 Thereafter 266,467 Total $ 670,467 |
Leases | Leases Lessee Disclosures The components of lease cost for the years ended December 31, 2019 , 2018 , and 2017 were as follows (in thousands): Years Ended December 31, 2019 2018 (b) 2017 (b) Operating lease cost $ 2,700 $ 2,962 $ 2,686 Finance lease cost: Amortization of right-of-use assets (a) 369 — — Interest on lease liabilities 568 — — (a) Includes amortization of below-market ground lease intangible assets. (b) All of the Company's leases were classified as operating leases prior to 2019. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2019 , 2018 , and 2017 (in thousands): Years Ended December 31, 2019 2018 (a) 2017 (a) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,969 $ 2,354 $ 2,103 Operating cash flows from finance leases 533 — — (a) All of the Company's leases were classified as operating leases prior to 2019. Additional information related to leases as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 (a) Weighted Average Remaining Lease Term (years) Operating leases 45.4 46.2 Finance leases 41.2 0.0 Weighted Average Discount Rate (b) Operating leases 5.4 % — % Finance leases 5.2 % — % (a) All of the Company's leases were classified as operating leases prior to 2019. (b) Prior to the adoption of ASC 842 on January 1, 2019, the use of a discount rate to calculate lease liability as the net present value of the minimum lease payments was not required. The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2020 $ 2,080 $ 864 2021 2,137 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 Thereafter 103,524 43,014 Total undiscounted cash flows 114,938 47,371 Present value discount (73,464 ) (29,468 ) Discounted cash flows $ 41,474 $ 17,903 Lessor Disclosures Rental revenue for the years ended December 31, 2019 , 2018 , and 2017 comprised the following (in thousands): Years Ended December 31, 2019 2018 2017 Base rent and tenant charges $ 147,309 $ 114,012 $ 107,320 Accrued straight-line rental adjustment 3,402 2,731 1,222 Lease incentive amortization (739 ) (732 ) (785 ) Above/below market lease amortization 1,367 947 980 Total rental revenue $ 151,339 $ 116,958 $ 108,737 The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2020 $ 96,374 2021 90,165 2022 82,862 2023 72,673 2024 61,926 Thereafter 266,467 Total $ 670,467 |
Real Estate Investments and Equ
Real Estate Investments and Equity Method Investments | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Investments and Equity Method Investments | Real Estate Investments and Equity Method Investments The Company’s real estate investments comprised the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 Income producing property Held for development Construction in progress Total Land $ 263,258 $ 5,000 $ 7,265 $ 275,523 Land improvements 58,636 — — 58,636 Buildings and improvements 1,138,829 — — 1,138,829 Development and construction costs — — 133,336 133,336 Real estate investments $ 1,460,723 $ 5,000 $ 140,601 $ 1,606,324 December 31, 2018 Income producing property Held for development Construction in progress Total Land $ 192,677 $ 2,994 $ 17,961 $ 213,632 Land improvements 53,521 — — 53,521 Buildings and improvements 791,719 — — 791,719 Development and construction costs — — 117,714 117,714 Real estate investments $ 1,037,917 $ 2,994 $ 135,675 $ 1,176,586 2019 Operating Property Acquisitions On February 6, 2019, the Company acquired an additional outparcel phase of Wendover Village in Greensboro, North Carolina for a contract price of $2.7 million plus capitalized acquisition costs of $0.1 million . This phase is leased by a single tenant. On March 14, 2019, the Company acquired the office and retail portions of the One City Center project in Durham, North Carolina in exchange for a redemption of its 37% equity ownership in the joint venture with Austin Lawrence Partners, which totaled $23.0 million as of the acquisition date, and a cash payment of $23.2 million . The Company also incurred capitalized acquisition costs of $0.1 million . On April 24, 2019, the Company exercised its option to purchase 79% of the interests in the partnership that owns 1405 Point in exchange for extinguishing the Company's $31.3 million note receivable on the project, making a cash payment of $0.3 million , and assuming a loan payable of $64.9 million , which was recorded at its fair value of $65.8 million . The Company also incurred capitalized acquisition costs of $0.1 million . On May 23, 2019, the Company acquired Red Mill Commons and Marketplace at Hilltop from Venture Realty Group for consideration comprised of 4.1 million Class A units of limited partnership interest in the Operating Partnership ("Class A Units" or "OP Units"), the assumption of $35.7 million of mortgage debt principal, and $4.5 million in cash. The negotiated price was $105.0 million , which contemplated the price of the Company's common stock of $15.55 per share when the purchase and sale agreement was executed. The aggregate acquisition cost was $109.3 million , which consisted of 4.1 million Class A Units valued at $68.1 million (using the price of the Company's common stock of $16.50 on the date of the acquisition), mortgage debt valued at $35.6 million , cash consideration of $4.5 million , and capitalized acquisition costs of $1.1 million . In connection with the acquisition, the Company and the Operating Partnership entered into a tax protection agreement with the contributors pursuant to which the Company and the Operating Partnership agreed, subject to certain exceptions, to indemnify the contributors for up to 10 years against certain tax liabilities incurred by them, if such liabilities result from a transaction involving a direct or indirect taxable disposition of either or both of these properties or if the Operating Partnership fails to maintain and allocate to the contributors for taxation purposes minimum levels of Operating Partnership liabilities. On June 26, 2019, the Company acquired Thames Street Wharf, a Class A office building located in the Harbor Point development of Baltimore, Maryland, for $101.0 million in cash and $0.3 million of capitalized acquisition costs. The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the six operating properties acquired during the year ended December 31, 2019 (in thousands): Wendover Village additional outparcel One City Center 1405 Point Red Mill Commons Marketplace at Hilltop Thames Street Wharf Land $ 1,633 $ 2,678 $ — (a) $ 44,252 $ 2,023 (b) $ 15,861 Site improvements 50 163 298 2,558 691 150 Building and improvements 888 28,039 92,866 27,790 19,195 64,539 Furniture and fixtures — — 2,302 — — — In-place leases 101 15,140 3,371 9,973 4,565 24,385 Above-market leases 111 — — 1,463 599 — Below-market leases — — — (6,221 ) (1,136 ) (3,636 ) Finance lease liabilities — — (8,671 ) — (9,200 ) — Finance lease right-of-use assets — — 11,730 (a) — 12,770 (b) — Net assets acquired $ 2,783 $ 46,020 $ 101,896 $ 79,815 $ 29,507 $ 101,299 ________________________________________ (a) Land is subject to a ground lease. (b) Portion of land is subject to a ground lease. 2018 Operating Property Acquisitions On January 9, 2018, the Company acquired Indian Lakes Crossing, a Harris Teeter-anchored shopping center in Virginia Beach, Virginia, for a contract price of $14.7 million plus capitalized acquisition costs of $0.2 million . On January 29, 2018, the Company acquired Parkway Centre, a newly developed Publix-anchored shopping center in Moultrie, Georgia, for total consideration of $11.3 million (comprised of $9.6 million in cash and $1.7 million in the form of Class A Units) plus capitalized acquisition costs of $0.3 million . On August 28, 2018, the Company acquired Lexington Square, a newly developed Lowes Foods-anchored shopping center in Lexington, South Carolina, for a purchase price of $27.0 million , consisting of cash consideration of $24.2 million and $2.8 million of additional consideration in the form of Class A Units issued during 2019. As part of this transaction, the Company also capitalized acquisition costs of $0.4 million . The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and liabilities assumed for the three operating properties purchased during the year ended December 31, 2018 (in thousands): Indian Lakes Crossing Parkway Centre Lexington Square Land $ 10,926 $ 1,372 $ 3,036 Site improvements 531 696 7,396 Building and improvements 1,913 7,168 10,387 In-place leases 1,648 2,346 4,113 Above-market leases 11 — 89 Below-market leases (175 ) (10 ) (447 ) Net assets acquired $ 14,854 $ 11,572 $ 24,574 2017 Operating Property Acquisitions On July 25, 2017, the Company acquired an outparcel phase of Wendover Village in Greensboro, North Carolina for a contract price of $14.3 million plus capitalized acquisition costs of $0.1 million . The following table summarizes the purchase price allocation, including acquisition costs, for this property (in thousands): Land $ 5,550 Site improvements 232 Building and improvements 6,977 In-place leases 1,382 Above-market leases 327 Below-market leases (50 ) Net assets acquired $ 14,418 Other 2019 Real Estate Transactions On April 1, 2019, the Company sold Waynesboro Commons for a sale price of $1.1 million . There was no gain or loss recognized on the disposition. On August 15, 2019, the Company sold Lightfoot Marketplace for a sale price of $30.3 million . The gain on disposition was $4.5 million . In conjunction with this sale, the Company paid off the $17.9 million note payable secured by this property. The Company retained the interest rate swap associated with the note payable. On October 15, 2019, the Company entered into an operating agreement with a partner to develop a mixed-use project in Roswell, Georgia. The Company has an 80% interest in the partnership. On October 25, 2019, the partnership, 1023 Roswell, LLC, purchased land for a purchase price of $5.0 million in cash for this project. The Company is responsible for funding the equity requirements of this development, including the $5.0 million purchase of the land. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the project and has the power to direct the activities of the project that most significantly impact its performance and is the party most closely associated with the project. Therefore, the Company is the project's primary beneficiary and consolidates the project in its consolidated financial statements. Subsequent to December 31, 2019 On January 10, 2020, the Company purchased land in Charlotte, North Carolina for a purchase price of $6.3 million for the development of a mixed-use property. Other 2018 Real Estate Transactions On November 30, 2017, the Company entered into a lease agreement with Bottling Group, LLC for a new distribution facility that the Company developed and constructed. On January 29, 2018, the Company acquired undeveloped land in Chesterfield, Virginia, a portion of which serves as the site for this facility, for a contract price of $2.4 million plus capitalized acquisition costs of $0.1 million . On December 20, 2018, the Company sold the completed facility for $25.9 million , resulting in a gain of $3.4 million . On January 18, 2018, the Company entered into an operating agreement with a partner to develop a Lowes Foods-anchored shopping center in Mount Pleasant, South Carolina. The Company has a 70% ownership interest in the partnership. The partnership, Market at Mill Creek Partners, LLC, acquired undeveloped land on February 16, 2018 for a contract price of $2.9 million plus capitalized acquisition costs of $0.1 million . The Company is responsible for funding the equity requirements of this development. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company was the developer of the shopping center and has the power to direct the activities of the project that most significantly impact its performance and is the party most closely associated with the project. Therefore, the Company is the project's primary beneficiary and consolidates the project in its consolidated financial statements. On April 2, 2018, the Company acquired undeveloped land in Newport News, Virginia for less than $0.1 million . This land parcel was used in the development of the Brooks Crossing Office property. On May 24, 2018, the Company completed the sale of the Wawa outparcel at Indian Lakes Crossing for a contract price of $4.4 million . There was no gain or loss on the disposition. On July 2, 2018, the Company executed a ground lease for the site of a new mixed-use development project at Wills Wharf, a site in the Harbor Point area of Baltimore, Maryland. The lease has an initial term of five years and includes ten extension options of seven years each. On December 31, 2018, the Company sold the leasehold interest in the building previously leased by Home Depot at Broad Creek Shopping Center for $2.4 million , resulting in a gain on sale of $0.8 million . Other 2017 Real Estate Transactions On January 4, 2017, the Company acquired undeveloped land in Charleston, South Carolina for a contract price of $7.1 million plus capitalized acquisition costs of $0.2 million . The Company used the land for the development of the Hoffler Place property. On January 20, 2017, the Company completed the sale of the Wawa outparcel at Greentree Shopping Center. Net proceeds after transaction costs were $4.4 million . The gain on the disposition was $3.4 million . On July 11, 2017, the Company acquired undeveloped land in Charleston, South Carolina for a contract price of $7.2 million plus capitalized acquisition costs of $0.1 million . The Company is using the land for the development of the Summit Place property. On July 13, 2017, the Company completed the sale of two office properties leased by the Commonwealth of Virginia in Chesapeake, Virginia and Virginia Beach, Virginia. Aggregate net proceeds from the dispositions of the properties after transaction costs and repayment of the loan associated with the Chesapeake, Virginia property were $7.9 million , and the aggregate gain on the dispositions was $4.2 million . On August 10, 2017, the Company completed the sale of a land outparcel at Sandbridge Commons. Net proceeds after transaction costs and a partial loan paydown were $0.3 million . The gain on the disposition was $0.5 million . Equity Method Investments One City Center On February 25, 2016, the Company acquired a 37% interest in One City Center, a joint venture with Austin Lawrence Partners, for purposes of developing a 22 -story mixed-use tower in Durham, North Carolina. The Company was a minority partner in the joint venture and served as the project's general contractor. During the years ended December 31, 2019 , 2018 and 2017 , the Company invested $0.5 million , $7.3 million and $11.2 million , respectively, in One City Center. For the period from January 1, 2019 to March 13, 2019, One City Center had operating income of $0.3 million allocated to the Company. For the year ended December 31, 2018 , One City Center had operating income of $0.4 million allocated to the Company. For the year ended December 31, 2017 , One City Center had no operating activity, and therefore the Company received no allocated income. On March 14, 2019, the Company acquired the office and retail portions of One City Center in exchange for its 37% equity ownership in the joint venture and a cash payment of $23.2 million . |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Notes Receivable | Notes Receivable The Company had the following loans receivable outstanding as of December 31, 2019 and December 31, 2018 ($ in thousands): Outstanding loan amount Maximum loan commitment Interest rate Interest compounding Development Project December 31, 2019 December 31, 2018 1405 Point $ — $ 30,238 $ 31,032 8.0 % Monthly The Residences at Annapolis Junction 40,049 36,361 48,105 10.0 % Monthly North Decatur Square — 18,521 29,673 15.0 % Annually Delray Plaza 12,995 7,032 15,000 15.0 % Annually Nexton Square 15,097 14,855 17,000 10.0 % (b) Monthly Interlock Commercial 59,224 18,269 95,000 15.0 % None Solis Apartments at Interlock 25,588 13,821 41,100 13.0 % Annually Total mezzanine 152,953 139,097 $ 276,910 Other notes receivable 1,147 1,275 Notes receivable guarantee premium 5,271 2,800 Notes receivable discount, net (a) — (4,489 ) Total notes receivable $ 159,371 $ 138,683 _______________________________________ (a) Represents the remaining unamortized portion of the $5.0 million loan modification fee for The Residences at Annapolis Junction paid by the borrower in November 2018. (b) The interest rate was 15% until October 1, 2019. Interest on the mezzanine loans is accrued and funded utilizing the interest reserves for each loan, which are components of the respective maximum loan commitments, and such accrued interest is added to the loan receivable balances. The Company recognized interest income for the years ended December 31, 2019 , 2018 , and 2017 as follows (in thousands): Years Ended December 31, Development Project 2019 2018 2017 1405 Point $ 783 $ 2,080 $ 1,741 The Residences at Annapolis Junction 8,776 (a) 4,939 (a) 4,132 North Decatur Square 1,509 2,212 1,035 Delray Plaza 1,622 928 163 Nexton Square 1,962 235 — Interlock Commercial 6,142 (b) 202 — Solis Apartments at Interlock 2,333 55 — Total mezzanine 23,127 10,651 7,071 Other interest income 88 78 6 Total interest income $ 23,215 $ 10,729 $ 7,077 ________________________________________ (a) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. Additionally, the 2019 amount includes $0.5 million of interest income recognition relating to an exit fee that is due upon repayment of the loan. (b) Includes $0.6 million of interest income recognition relating to an exit fee that is due upon repayment of the loan. Based upon current information, there are no loans for which it is no longer probable that the Company will be able to collect all contractual amounts then due from the borrower. As of December 31, 2019 and 2018 , there was no allowance for loan losses. During the years ended December 31, 2019 , 2018 , and 2017 , there was no provision for loan losses recorded for any of the Company's notes receivable. 1405 Point On October 15, 2015, the Company entered into a note receivable with a maximum principal balance of $28.2 million for the 1405 Point project in the Harbor Point area of Baltimore, Maryland (also known as Point Street Apartments). On April 24, 2019, the Company exercised its option to purchase 79% of the interest in the partnership that owns 1405 Point in exchange for extinguishing its note receivable on the project and a cash payment of $0.3 million . The Company consolidated the project in its consolidated financial statements for the year ended December 31, 2019 . The project was acquired subject to a loan payable of $64.9 million . The Residences at Annapolis Junction On April 21, 2016, the Company entered into a note receivable with a maximum principal balance of $48.1 million in the Annapolis Junction residential component of the Annapolis Junction Town Center project in Maryland ("Annapolis Junction"). Annapolis Junction is an apartment development project with 416 residential units. It is part of a mixed-use development project that is also planned to have 17,000 square feet of retail space and a 150 -room hotel. Annapolis Junction Apartments Owner, LLC ("AJAO") is the developer of the residential component and engaged the Company to serve as construction general contractor for the residential component. Annapolis Junction opened during 2017 and 2018 and is currently in lease-up. AJAO secured a senior construction loan of up to $60.0 million to fund the development and construction of Annapolis Junction's residential component on September 30, 2016. The Company agreed to guarantee up to $25.0 million of the senior construction loan in exchange for the option to purchase up to an 88% controlling interest in Annapolis Junction upon completion of the project as follows: (i) an option to purchase an 80% indirect interest in Annapolis Junction's residential component for 91% of the lesser of the seller’s budgeted or actual cost, exercisable within one year from the project’s completion (the "First Option") and (ii) provided that the Company exercised the First Option, an option to purchase an additional 8% indirect interest in Annapolis Junction for 9% of the lesser of the seller’s actual or budgeted cost, exercisable within 27 months from the project’s completion (the "Second Option"). Interest on the AJAO loan accrues at 10.0% per annum. On November 16, 2018, AJAO refinanced the senior construction loan with a one year senior loan of $83.0 million . This senior loan includes two six-month extension options subject to minimum debt yields and minimum debt service coverage ratios. Concurrent with the refinancing of the senior construction loan, the Company agreed to modify the mezzanine loan receivable with AJAO as follows: • The Company agreed to guarantee $8.3 million of the new senior loan; • The Company agreed to extend the maturity of the mezzanine loan, which will mature concurrently with the new senior loan; • The Company terminated its rights under the purchase options; • AJAO paid a modification fee of $5.0 million ; • AJAO will pay an exit fee of $3.0 million upon full repayment of the loan; and • AJAO paid down $11.1 million of the outstanding mezzanine loan balance, which was comprised of a $9.9 million payment of accrued interest and a $1.2 million payment of principal. The fee of $5.0 million paid by AJAO was accounted for as a loan discount that was recognized as interest income over the one year loan term from November 2018 to November 2019 using the effective interest method. On December 1, 2019, the first six-month extension option for the senior loan was exercised, and the Company's mezzanine loan was extended in tandem. AJAO will pay an exit fee of $3.0 million upon full repayment of the loan, which is being recognized through the current remaining term of the loan as interest income using the effective interest method. Management has concluded that this entity is a VIE. Because AJAO is the developer of Annapolis Junction, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. North Decatur Square On May 15, 2017, the Company invested in the development of an estimated $34.0 million Whole Foods-anchored center located in Decatur, Georgia. The Company's investment was in the form of a mezzanine loan of up to $21.8 million to the developer, North Decatur Square Holdings, LLC ("NDSH"). Interest on the loan had accumulated at a rate of 15.0% per annum. During 2018, this loan was modified to increase the maximum amount of the loan to $29.7 million due to an increase in the square footage of the Whole Foods store. On July 22, 2019, the borrower paid off the North Decatur Square note receivable in full. The Company received the outstanding principal and interest in the amount of $20.0 million . Delray Plaza On October 27, 2017, the Company invested in the development of an estimated $20.0 million Whole Foods-anchored center located in Delray Beach, Florida. The Company's investment was in the form of a mezzanine loan of up to $13.1 million to the developer, Delray Plaza Holdings, LLC ("DPH"). The Company has agreed to guarantee payment of up to $4.8 million of the senior construction loan. On January 8, 2019, this loan was modified to increase the maximum amount of the loan to $15.0 million and the payment guarantee amount increased to $5.2 million . The mezzanine loan bears interest at a rate of 15.0% per annum. The note matures on the earliest of (i) October 27, 2020, (ii) the date of any sale or refinance of the development project, or (iii) the disposition or change in control of the development project. Management has concluded that this entity is a VIE. Because DPH is the developer of Delray Plaza, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Nexton Square On August 31, 2018, the Company financed a $2.2 million bridge loan to SC Summerville Brighton, LLC ("Brighton"), the developer of Nexton Square, a shopping center development project located in Summerville, South Carolina. The shopping center may comprise as many as 16 buildings. On November 7, 2018, the Company increased the maximum loan amount to $4.9 million . This loan was subsequently modified as described below. On December 4, 2018, the Company entered into a mezzanine loan agreement with Brighton, which provides for a maximum capacity of $17.0 million . The previous loan was repaid from proceeds of the mezzanine loan. This note originally bore interest at a rate of 15% per annum which decreased to 10.0% upon completion of certain portions of the project. The modified note matures on the earliest of (i) December 4, 2020, (ii) the maturity date of the senior construction loan, including any extension options available and exercised under that loan, or (iii) the date of any sale, transfer, or refinancing of the project. The Company agreed to guarantee 50% of the senior construction loan in exchange for the option to purchase the property upon completion according to a predetermined formula, which is primarily dependent upon Brighton's leasing activities and the extent to which Brighton elects to complete all or a portion of the total planned space, if applicable, in response to leasing activities. On February 8, 2019, Brighton closed on a senior construction loan with a maximum borrowing capacity of $25.2 million . Brighton used proceeds from its original draw in part to repay $2.1 million of the mezzanine loan. Upon the closing of this senior construction loan, the Company entered into a payment guarantee for $12.6 million of the senior loan. Management has concluded that this entity is a VIE. Because Brighton is the developer of Nexton Square, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Interlock Commercial In October 2018, the Company financed a bridge loan with a maximum commitment of $4.0 million to The Interlock, LLC ("Interlock"), the developer of the office and retail components of The Interlock, a new mixed-use public-private partnership with Georgia Tech in West Midtown Atlanta. This loan was subsequently modified as described below. On December 21, 2018, the Company entered into a mezzanine loan agreement with Interlock for a maximum principal amount of $67.0 million and a total maximum commitment, including accrued interest reserves, of $95.0 million . The previous loan was repaid from proceeds of the mezzanine loan. The mezzanine loan bears interest at a rate of 15.0% per annum and matures at the earlier of (i) 24 months after the original maturity date or earlier termination date of the senior construction loan or (ii) any sale, transfer, or refinancing of the project. In the event that the maturity date is established as being 24 months after the original maturity date or earlier termination date of the senior construction loan, Interlock will have the right to extend the maturity date for 5 years . On April 19, 2019, the borrower executed its senior construction loan, and the Company's payment guarantee of up to $30.7 million became effective. See Note 15 for additional information. See Note 18 for additional discussion. Management has concluded that this entity is a VIE. Because Interlock is the developer of The Interlock, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Solis Apartments at Interlock On December 21, 2018, the Company entered into a mezzanine loan agreement with Interlock Mezz Borrower, LLC ("Solis Interlock"), the developer of Solis Apartments at Interlock, which is the apartment component of The Interlock. The mezzanine loan has a maximum principal commitment of $25.2 million and a total maximum commitment, including accrued interest reserves, of $41.1 million . The mezzanine loan bears interest at a rate of 13.0% per annum and matures on the earlier of (a) the later of (i) December 21, 2021 or (ii) the maturity date or earlier termination date of the senior construction loan, including any extensions of the senior construction loan, or (b) the date of any sale of the project or refinance of the loan. Management has concluded that this entity is a VIE. Because Solis Interlock is the developer of Solis Apartments at Interlock, the Company does not have the power to direct the activities of the project that most significantly impact its performance. Therefore, the Company is not the project's primary beneficiary and does not consolidate the project in its consolidated financial statements. Guarantee liabilities As of December 31, 2019 , the Company had outstanding payment guarantees for the senior loans on Residences at Annapolis Junction, Delray Plaza, Nexton Square, and Interlock Commercial as described above. As of December 31, 2019 and 2018 , the Company has recorded a guarantee liability of $5.3 million and $2.8 million , respectively, representing their unamortized fair value. These guarantees are classified as other liabilities on the Company's consolidated balance sheets, with a corresponding adjustment to the notes receivable balance on the consolidated balance sheets. See Note 18 for additional information on the Company's outstanding guarantees. |
Construction Contracts
Construction Contracts | 12 Months Ended |
Dec. 31, 2019 | |
Contractors [Abstract] | |
Construction Contracts | Construction Contracts Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones, or completion of the project. The Company expects to bill and collect substantially all construction contract costs and estimated earnings in excess of billings as of December 31, 2019 during the year ending December 31, 2020 . Billings in excess of construction contract costs and estimated earnings represent billings or collections on contracts made in advance of revenue recognized. The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the year ended December 31, 2019 and 2018 (in thousands): Year ended December 31, 2019 Year ended December 31, 2018 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 $ 1,358 $ 3,037 $ 245 $ 3,591 Revenue recognized that was included in the balance at the beginning of the period — (3,037 ) — (3,591 ) Increases due to new billings, excluding amounts recognized as revenue during the period — 6,283 — 4,243 Transferred to receivables (2,557 ) — (245 ) — Construction contract costs and estimated earnings not billed during the period 249 — 352 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 1,199 (977 ) 1,006 (1,206 ) Ending balance $ 249 $ 5,306 $ 1,358 $ 3,037 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 $0.9 million and $1.4 million were deferred as of December 31, 2019 and 2018 , respectively. Amortization of pre-contract costs for the years ended December 31, 2019 and 2018 was $0.6 million and less than $0.1 million , respectively. Construction receivables and payables include retentions—amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of December 31, 2019 and 2018 , construction receivables included retentions of $9.0 million and $8.5 million , respectively. The Company expects to collect substantially all construction receivables as of December 31, 2019 during the year ending December 31, 2020 . As of December 31, 2019 and 2018 , construction payables included retentions of $18.0 million and $21.6 million , respectively. The Company expects to pay substantially all construction payables as of December 31, 2019 during the year ending December 31, 2020 . The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Costs incurred on uncompleted construction contracts $ 695,564 $ 594,006 Estimated earnings 24,553 20,375 Billings (725,174 ) (616,060 ) Net position $ (5,057 ) $ (1,679 ) Construction contract costs and estimated earnings in excess of billings $ 249 $ 1,358 Billings in excess of construction contract costs and estimated earnings (5,306 ) (3,037 ) Net position $ (5,057 ) $ (1,679 ) The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2019 , 2018 and 2017 were as follows (in thousands): Years Ended December 31, 2019 2018 2017 Beginning backlog $ 165,863 $ 49,167 $ 217,718 New contracts/change orders 182,495 192,852 25,224 Work performed (105,736 ) (76,156 ) (193,775 ) Ending backlog $ 242,622 $ 165,863 $ 49,167 The Company expects to complete a majority of the uncompleted contracts as of December 31, 2019 during the next 12 to 18 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The Company’s indebtedness comprised the following as of December 31, 2019 and 2018 (dollars in thousands): Principal Balance Interest Rate (a) Maturity Date December 31, December 31, 2019 2018 2019 Secured Debt North Point Center Note 1 (b) $ — $ 9,352 6.45 % February 5, 2019 Lightfoot Marketplace (c) — 10,500 LIBOR + 1.75% October 12, 2023 Hoffler Place (d) 29,059 11,445 LIBOR + 3.24% January 1, 2021 Summit Place (d) 28,824 11,057 LIBOR + 3.24% January 1, 2021 Southgate Square 20,562 21,442 LIBOR + 1.60% April 29, 2021 Encore Apartments (e) 24,842 24,966 3.25 % September 10, 2021 4525 Main Street (e) 31,876 32,034 3.25 % September 10, 2021 Red Mill West 11,296 — 4.23 % June 1, 2022 Thames Street Wharf 70,000 — LIBOR + 1.30% June 26, 2022 Hanbury Village 18,515 19,019 3.78 % August 15, 2022 Marketplace at Hilltop 10,517 — 4.42 % October 1, 2022 1405 Point 53,000 — LIBOR + 2.25% January 1, 2023 Socastee Commons 4,567 4,671 4.57 % January 6, 2023 Sandbridge Commons 8,020 8,258 LIBOR + 1.75% January 17, 2023 Wills Wharf 29,154 — LIBOR + 2.25% June 26, 2023 249 Central Park Retail (f) 16,828 17,045 LIBOR + 1.60% (g) August 10, 2023 Fountain Plaza Retail (f) 10,127 10,257 LIBOR + 1.60% (g) August 10, 2023 South Retail (f) 7,388 7,483 LIBOR + 1.60% (g) August 10, 2023 One City Center 25,286 — LIBOR + 1.85% April 1, 2024 Red Mill Central 2,538 — 4.80 % June 17, 2024 Premier Apartments (h) 16,750 12,873 LIBOR + 1.55% October 31, 2024 Premier Retail (h) 8,250 6,341 LIBOR + 1.55% October 31, 2024 Red Mill South 6,137 — 3.57 % May 1, 2025 Brooks Crossing Office 14,411 6,910 LIBOR + 1.60% July 1, 2025 Market at Mill Creek 14,727 7,283 LIBOR + 1.55% July 12, 2025 Johns Hopkins Village 51,800 52,708 LIBOR + 1.25% (g) August 7, 2025 North Point Center Note 2 2,214 2,346 7.25 % September 15, 2025 Lexington Square 14,696 14,940 4.50 % September 1, 2028 Red Mill North 4,394 — 4.73 % December 31, 2028 Greenside Apartments 34,000 25,902 3.17 % December 15, 2029 Smith's Landing 18,174 18,985 4.05 % June 1, 2035 Liberty Apartments 14,165 14,437 5.66 % November 1, 2043 The Cosmopolitan 43,702 44,468 3.35 % July 1, 2051 Total secured debt $ 645,819 $ 394,722 Unsecured Debt Senior unsecured revolving credit facility 110,000 126,000 LIBOR+1.30%-1.85% January 24, 2024 Senior unsecured term loan 44,500 80,000 LIBOR+1.25%-1.80% January 24, 2025 Senior unsecured term loan 160,500 100,000 LIBOR+1.25%-1.80% (g) January 24, 2025 Total unsecured debt $ 315,000 $ 306,000 Total principal balances $ 960,819 $ 700,722 Unamortized fair value adjustments (878 ) (1,173 ) Unamortized debt issuance costs (9,404 ) (5,310 ) Indebtedness, net $ 950,537 $ 694,239 ________________________________________ (a) LIBOR rate is determined by individual lenders. (b) On January 31, 2019, North Point Note 1 was paid off. (c) On August 15, 2019, Lightfoot Note was paid off upon the sale of the property. (d) Cross collateralized. (e) Cross collateralized. (f) Cross collateralized. (g) Includes debt subject to interest rate swap agreements. (h) Cross collateralized. The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Fixed-rate debt $ 488,276 $ 348,426 Variable-rate debt 472,543 352,296 Total principal balance $ 960,819 $ 700,722 Certain loans require the Company to comply with various financial and other covenants, including the maintenance of minimum debt coverage ratios. As of December 31, 2019 , the Company was in compliance with all loan covenants. Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year Ending December 31, Scheduled Principal Payments Maturities Total Payments 2020 $ 10,191 $ — $ 10,191 2021 10,914 132,124 143,038 2022 9,683 106,691 116,374 2023 7,752 124,677 132,429 2024 6,982 157,978 164,960 Thereafter 72,749 321,078 393,827 Total $ 118,271 $ 842,548 $ 960,819 Credit Facility On October 3, 2019, the Operating Partnership entered into an amended and restated credit agreement (the "credit agreement"), which provides for a $355.0 million credit facility comprised of a $150.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $205.0 million senior unsecured term loan facility (the "term loan facility" and, together with the revolving credit facility, the "credit facility"), with a syndicate of banks. The amended credit facility replaces the prior $150.0 million revolving credit facility, which was scheduled to mature on October 26, 2021, and the prior $205.0 million term loan facility, which was scheduled to mature on October 26, 2022. The credit facility includes an accordion feature that allows the total commitments to be increased to $700.0 million , subject to certain conditions, including obtaining commitments from any one or more lenders. The revolving credit facility has a scheduled maturity date of January 24, 2024, with two six -month extension options, subject to certain conditions, including payment of a 0.075% extension fee at each extension. The term loan facility has a scheduled maturity date of January 24, 2025. The revolving credit facility bears interest at LIBOR (the London Inter-Bank Offered Rate) plus a margin ranging from 1.30% to 1.85% , and the term loan facility bears interest at LIBOR plus a margin ranging from 1.25% to 1.80% , in each case depending on the Company's total leverage. The Company is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolving credit facility, depending on the amount of borrowings under the credit facility. As of December 31, 2019 , the interest rates on the revolving credit facility and the term loan facility were 3.26% and 3.21% , respectively. If the Company attains investment grade credit ratings from S&P and Moody’s, the Operating Partnership may elect to have borrowings become subject to interest rates based on such credit ratings. The Company may, at any time, voluntarily prepay any loan under the credit facility in whole or in part without premium or penalty. The Operating Partnership is the borrower under the credit facility, and its obligations under the credit facility are guaranteed by the Company and certain of its subsidiaries that are not otherwise prohibited from providing such guaranty. The credit agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Company's ability to borrow under the credit facility is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions. The credit agreement includes customary events of default, in certain cases subject to customary cure periods. The occurrence of an event of default, if not cured within the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest, and all other amounts payable under the credit facility to be immediately due and payable. The Company is currently in compliance with all covenants under the credit agreement. Other 2019 Financing Activity On January 31, 2019, the Company paid off North Point Center Note 1. On March 11, 2019, the Company received $7.4 million of additional funding on the loan secured by Lightfoot Marketplace. On August 15, 2019, the Company sold the property and paid off the outstanding balance of $17.9 million . The Company retained the interest rate swap associated with the loan. On March 14, 2019, the Company obtained a loan secured by One City Center in the amount of $25.6 million in conjunction with the acquisition of this property. This loan may be increased to $27.6 million subject to certain conditions. The loan bears interest at a rate of LIBOR plus a spread of 1.85% and will mature on April 1, 2024. On April 24, 2019, the Company exercised its option to purchase 79% of the partnership that owns 1405 Point in exchange for extinguishing its note receivable on the project and a cash payment of $0.3 million . The project was acquired subject to a loan payable of $64.9 million , which was recorded at its fair value of $65.8 million . On December 27, 2019, the Company extended and modified the 1405 Point loan. The Company decreased the balance on the loan to $53.0 million by paying the balance of $12.3 million . The loan matures on January 1, 2023 and bears interest at a rate of LIBOR plus a spread of 2.25% ; this spread will decrease to 2.00% upon achieving Debt Yield of 8.5% and further to 1.75% upon achieving Debt Yield of 9.5% (as defined in the loan agreement). On May 23, 2019, the Company assumed notes payable in connection with the acquisition of Red Mill Commons and Marketplace at Hilltop with outstanding principal balances of $24.9 million and $10.8 million , respectively. The following table summarizes the note balance at assumption, fair value at assumption, maturity date, and interest rate for each loan ($ in thousands): Loan name Note balance at assumption Fair value of loan at assumption Loan maturity date Loan interest rate Red Mill North $ 4,451 $ 4,520 12/31/2028 4.73 % Red Mill South 6,310 6,090 5/1/2025 3.57 % Red Mill Central 2,640 2,690 6/17/2024 4.80 % Red Mill West 11,548 11,540 6/1/2022 4.23 % Marketplace at Hilltop 10,740 10,790 10/1/2022 4.42 % $ 35,689 $ 35,630 On June 26, 2019, the Company obtained a loan secured by Thames Street Wharf in the amount of $70.0 million in conjunction with the acquisition of this property. The loan bears interest at a rate of LIBOR plus a spread of 1.30% and will mature on June 26, 2022. On June 26, 2019, the Company entered into a $76.0 million syndicated construction loan facility for the Wills Wharf development project in Baltimore, Maryland. The facility bears interest at a rate of LIBOR plus a spread of 2.25% during construction activities and will mature on June 26, 2023. On October 29, 2019, the Company extended and modified the Premier loan. The Company increased the balance on the loan to $25.0 million by receiving additional proceeds of $2.7 million . The loan bears interest at a rate of LIBOR plus a spread of 1.55% and will mature on October 31, 2024. On December 12, 2019, the Company refinanced the Greenside loan. The Company increased the balance to $34.0 million by receiving additional proceeds of $5.1 million . The loan bears interest at a rate of 3.17% and will mature on December 15, 2029. During the year ended December 31, 2019, the Company borrowed $96.3 million under its construction loans to fund development and construction. Subsequent to December 31, 2019 Borrowings under the revolving credit facility were $ 130.0 million on February 20, 2020 . Other 2018 Financing Activity On January 22, 2018, the Company extended and modified the Sandbridge Commons note. The note bears interest at a rate of LIBOR plus a spread of 1.75% and will mature on January 17, 2023. On March 27, 2018, the Company paid off Columbus Village Note 1 and Columbus Village Note 2 in full for an aggregate amount of $8.3 million . On May 31, 2018, the Company modified the Southgate Square note. The principal amount of the note was increased to $22.0 million , and the note now bears interest at a rate of LIBOR plus a spread of 1.60% . This note will still mature on April 29, 2021. On June 1, 2018, the Company entered into a $16.3 million construction loan for the River City industrial facility in Chesterfield, Virginia. The loan bore interest at a rate of LIBOR plus a spread of 1.50% . On December 20, 2018, the Company sold the completed facility and paid the loan in full. On June 14, 2018, the Company extended and modified the note secured by 249 Central Park Retail, Fountain Plaza Retail, and South Retail. The principal amount of the note was increased to $35.0 million . The note bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on August 10, 2023. On June 29, 2018, the Company entered into a $15.6 million construction loan for the Brooks Crossing Office development project. The loan bears interest at a rate of LIBOR plus a spread of 1.60% and will mature on July 1, 2025. On July 12, 2018, the Company entered into a $16.2 million construction loan for the Market at Mill Creek development project in Mt. Pleasant, South Carolina. The loan bears interest at a rate of LIBOR plus a spread of 1.55% and will mature on July 12, 2025. On July 27, 2018, the Company paid off the Johns Hopkins Village note and entered into a new loan. The principal amount of the new loan is $53.0 million . The loan bears interest at a rate of LIBOR plus a spread of 1.25% and will mature on August 7, 2025. The Company simultaneously entered into an interest rate swap agreement that effectively fixes the interest rate at 4.19% for the term of the loan. On August 28, 2018, the Company entered into a $15.0 million note secured by the newly acquired Lexington Square shopping center. The note bears interest at a rate of 4.50% and will mature on September 1, 2028. On October 12, 2018, the Company extended and modified the note secured by Lightfoot Marketplace. The Company borrowed an initial tranche of $10.5 million on this note, which bore interest at a rate of LIBOR plus a spread of 1.75% . The Company simultaneously entered into an interest rate swap agreement that effectively fixed the interest rate of the initial tranche at 4.77% per annum. On March 11, 2019, the Company received $7.4 million of additional funding under this note. On August 15, 2019, the Company paid off the $17.9 million outstanding balance of the note in conjunction with the sale of the property. During the year ended December 31, 2018, the Company borrowed $86.9 million under its existing construction loans to fund new development and construction and repaid $10.5 million in conjunction with the sale of the River City industrial facility. Other 2017 Financing Activity On February 1, 2017, the Company paid off the North Point Center Note 5 in full for $0.6 million . On February 24, 2017, the Company secured a $29.8 million construction loan for the Greenside project in Charlotte, North Carolina. On April 7, 2017, the Company paid off the Harrisonburg Regal note in full for $3.2 million . On April 19, 2017, the Company entered into a second amendment to the credit agreement for the Lightfoot Marketplace loan, which amended certain definitions and covenant requirements. On June 29, 2017, the Company secured a $27.9 million construction loan for the Premier Apartments project in Virginia Beach, Virginia. On July 13, 2017, the Company paid off the remaining balance of $4.9 million for the note secured by the Commonwealth of Virginia building in Chesapeake, Virginia in conjunction with the sale of this property. On August 9, 2017, the Company refinanced the Hanbury Village note. The new note matures in August 2022 and has a fixed annual interest rate of 3.78% . On August 10, 2017, the Company paid off $0.7 million of the Sandbridge Commons note in conjunction with the sale of a land outparcel at this property. On September 1, 2017, the Company entered into a modification of The Cosmopolitan note, which reduced the interest rate from 3.75% to 3.35% . On October 13, 2017, the Company paid down $5.0 million of the Liberty Apartments note. On November 1, 2017, the Company extended the Lightfoot construction loan after paying the balance down to $10.5 million and paying an extension fee. On December 28, 2017, the Company secured a $66.5 million construction loan for the 595 King Street and 530 Meeting Street development projects. During the year ended December 31, 2017, the Company borrowed $8.9 million under its construction loans to fund new development and construction. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments During the three years ended December 31, 2019 , the Company had the following LIBOR interest rate caps, which are not designated as cash flow hedges for accounting purposes ($ in thousands): Origination Date Expiration Date Notional Amount Strike Rate Premium Paid 10/26/2015 10/15/2017 $ 75,000 1.25 % $ 137 2/25/2016 3/1/2018 75,000 1.50 % 57 6/17/2016 6/17/2018 70,000 1.00 % 150 2/7/2017 3/1/2019 50,000 1.50 % 187 6/23/2017 7/1/2019 50,000 1.50 % 154 9/18/2017 10/1/2019 50,000 1.50 % 199 11/28/2017 12/1/2019 50,000 1.50 % 359 3/7/2018 4/1/2020 50,000 2.25 % 310 7/16/2018 8/1/2020 50,000 2.50 % 319 12/11/2018 1/1/2021 50,000 2.75 % 210 5/15/2019 6/1/2022 100,000 2.50 % 288 $ 2,370 As of December 31, 2019 , the Company held the following floating-to-fixed interest rate swaps ($ in thousands): Related Debt Notional Amount Index Swap Fixed Rate Debt effective rate Effective Date Expiration Date Senior unsecured term loan $ 50,000 1-month LIBOR 2.00 % 3.45 % 3/1/2016 2/20/2020 Senior unsecured term loan 50,000 1-month LIBOR 2.78 % 4.23 % 5/1/2018 5/1/2023 John Hopkins Village 51,800 (a) 1-month LIBOR 2.94 % 4.19 % 8/7/2018 8/7/2025 Senior unsecured term loan 10,500 (a)(b) 1-month LIBOR 3.02 % 4.47 % 10/12/2018 10/12/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 34,342 (a) 1-month LIBOR 2.25 % 3.85 % 4/1/2019 8/10/2023 Senior unsecured term loan 50,000 (a) 1-month LIBOR 2.26 % 3.71 % 4/1/2019 10/26/2022 Total $ 246,642 ________________________________________ (a) Designated as a cash flow hedge. (b) Prior to August 15, 2019, this swap was used as a hedge for the cash flows for the loan secured by Lightfoot Marketplace. For the interest rate swaps designated as cash flow hedges, realized losses are reclassified out of accumulated other comprehensive loss to interest expense in the Consolidated Statements of Comprehensive Income due to payments made to the swap counterparty. During the next 12 months, the Company anticipates reclassifying approximately $1.4 million of net hedging losses from accumulated other comprehensive loss into earnings to offset the variability of the hedged items during this period. The Company’s derivatives comprised the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Fair Value Fair Value Notional Amount Asset Liability Notional Amount Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 100,000 $ — $ (1,992 ) $ 100,000 $ 303 $ (749 ) Interest rate caps 250,000 25 — 350,000 1,790 — Total derivatives not designated as accounting hedges 350,000 25 (1,992 ) 450,000 2,093 (749 ) Derivatives designated as accounting hedges Interest rate swaps 146,642 — (5,728 ) 63,208 — (1,725 ) Total derivatives $ 496,642 $ 25 $ (7,720 ) $ 513,208 $ 2,093 $ (2,474 ) The changes in the fair value of the Company’s derivatives during the years ended December 31, 2019 , 2018 , and 2017 was as follows (in thousands): Years Ended December 31, 2019 2018 2017 Interest rate swaps $ (6,050 ) $ (2,281 ) $ 770 Interest rate caps (2,053 ) (564 ) 357 Total change in fair value of interest rate derivatives $ (8,103 ) $ (2,845 ) $ 1,127 Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ (3,599 ) $ (951 ) $ 1,127 Unrealized cash flow hedge losses (4,504 ) (1,894 ) — Total change in fair value of interest rate derivatives $ (8,103 ) $ (2,845 ) $ 1,127 Subsequent to December 31, 2019 On January 10, 2020, the Company entered into a LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.75% for a premium of $0.1 million . The interest rate cap agreement will expire on February 1, 2022. On January 28, 2020, the Company entered into an additional LIBOR interest rate cap agreement on a notional amount of $50.0 million at a strike rate of 1.75% for a premium of $0.1 million . The interest rate cap agreement will expire on February 1, 2022. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Stockholders’ Equity As of December 31, 2019 and 2018 , the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 56.3 million and 50.0 million shares of common stock issued and outstanding as of December 31, 2019 and 2018 , respectively. The Company had 2.5 million shares of its Series A Preferred Stock (as defined below) issued and outstanding as of December 31, 2019 . No shares of preferred stock were issued and outstanding as of December 31, 2018 . On May 4, 2016, the Company commenced an at-the-market continuous equity offering program (the "2016 ATM Program") through which the Company was able to, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $75.0 million . During the year ended December 31, 2017, the Company issued and sold 450,890 shares of common stock at a weighted average price of $14.08 per share under the 2016 ATM Program, receiving net proceeds after offering costs and commissions of $6.2 million . On May 12, 2017, the Company completed an underwritten public offering of 6,900,000 shares of common stock at a public offering price of $13.00 per share, which resulted in net proceeds after offering costs and commissions of $85.3 million . On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the "2018 ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock. Upon commencing the 2018 ATM Program, the Company simultaneously terminated the 2016 ATM Program. On August 6, 2019, the Company entered into amendments (the "Amendments") to the separate sales agreements related to the 2018 ATM Program, which, among other things, increased the aggregate offering price of shares of the Company’s common stock under the ATM Program from $125.0 million to $180.7 million . During the years ended December 31, 2019 and 2018 , the Company issued and sold 5,871,519 and 4,617,409 shares of common stock at a weighted average price of $16.76 and $14.39 per share under the 2018 ATM Program, receiving net proceeds after offering costs and commissions of $97.0 million and $65.2 million , respectively. On June 18, 2019, the Company issued 2,530,000 shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share ("Series A Preferred Stock"), with a liquidation preference of $25.00 per share, which included 330,000 shares issued upon the underwriters’ full exercise of their option to purchase additional shares. Net proceeds from the offering, after the underwriting discount but before offering expenses payable by the Company, were approximately $61.3 million . The Company used the net proceeds to fund a portion of the purchase price of Thames Street Wharf, a 263,426 square foot office building located in the Harbor Point neighborhood of Baltimore, Maryland. The balance of the net proceeds was used to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes. In connection with the issuance of the Series A Preferred Stock, on June 18, 2019, the Operating Partnership issued to the Company 2,530,000 6.75% Series A Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which have economic terms that are identical to the Company’s Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership. Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about the 15th day of each January, April, July and October. The first dividend on the Series A Preferred Stock was paid on October 15, 2019. The Series A Preferred Stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the Series A Preferred Stock will rank senior to the Company's common stock with respect to the payment of distributions and other amounts. Except in instances relating to preservation of the Company's qualification as a REIT or pursuant to the Company’s special optional redemption right, the Series A Preferred Stock is not redeemable prior to June 18, 2024. On and after June 18, 2024, the Company may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the redemption date. Upon the occurrence of a change of control (as defined in the articles supplementary designating the terms of the Series A Preferred Stock), the Company has a special optional redemption right that enables it to redeem the Series A Preferred Stock, in whole or in part and within 120 days after the first date on which a change of control has occurred resulting in neither the Company nor the surviving entity having a class of common stock listed on the New York Stock Exchange, NYSE American, or NASDAQ or the acquisition of beneficial ownership of its stock entitling a person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in election of directors. The special optional redemption price is $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the date of redemption. Upon the occurrence of a change of control, holders will have the right (unless the Company has elected to exercise its special optional redemption right to redeem their Series A Preferred Stock) to convert some or all of such holder’s Series A Preferred Stock into a number of shares of the Company's common stock equal to the lesser of: • the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid distributions to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a Series A Preferred Stock distribution payment and prior to the corresponding Series A Preferred Stock distribution payment date, in which case no additional amount for such accrued and unpaid distribution will be included in this sum) by (ii) the Common Stock Price (as defined in the articles supplementary designating the terms of the Series A Preferred Stock); and • 2.97796 (i.e., the Share Cap), subject to certain adjustments; subject, in each case, to certain adjustments and provisions for the receipt of alternative consideration of equivalent value as described in the articles supplementary designating the terms of the Series A Preferred Stock. Redeemable Noncontrolling Interests The former noncontrolling interest holder of Johns Hopkins Village had an option to redeem the 20% noncontrolling interest in that entity. The noncontrolling interest of $2.0 million was included in temporary equity. On December 21, 2017, the Company redeemed the noncontrolling interest for a cash payment of $2.0 million and contingent future consideration of $0.5 million to be paid in Class A Units of the Operating Partnership upon the satisfaction of certain conditions. On April 17, 2018, the Operating Partnership issued 36,684 Class A Units valued at $ 13.77 per unit due to the satisfaction of these conditions. Noncontrolling Interests As of December 31, 2019 and 2018 , the Company held a 72.6% and 74.5% common interest in the Operating Partnership, respectively. As of December 31, 2019 , the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $63.3 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 72.6% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent units of limited partnership interest in the Operating Partnership not held by the Company. As of December 31, 2019 , there were 21,272,962 Class A Units of limited partnership interest in the Operating partnership not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for investment entities of $4.5 million relates to the minority partners' interest in certain joint venture entities as of December 31, 2019 , including 1405 Point and Hoffler Place. The noncontrolling interest for the consolidated entities under development or construction was zero as of December 31, 2018. As partial consideration for Columbus Village, the Operating Partnership issued 1,000,000 class B units of limited partnership interest in the Operating Partnership ("Class B Units") on July 10, 2015 and issued 275,000 class C units of limited partnership interest in the Operating Partnership ("Class C Units") on January 10, 2017. The Class B Units were automatically converted to Class A Units on July 10, 2017. The Class C Units were automatically converted to Class A Units on January 10, 2018. As partial consideration for the acquisition of Parkway Centre, the Operating Partnership issued 117,228 Class A Units on January 29, 2018. On April 17, 2018, the Operating Partnership issued 36,684 Class A Units to the former noncontrolling interest holder of John Hopkins Village due to the satisfaction of a contingent event that was part of the redemption of its redeemable noncontrolling interest in Johns Hopkins Village in December 2017. On January 2, 2019, due to the holders of Class A Units tendering an aggregate of 118,471 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock. On May 23, 2019, the Operating Partnership issued 4,125,759 Class A Units valued at $68.1 million in connection with the acquisitions of Red Mill Commons and Marketplace at Hilltop. On May 30, 2019, the Operating Partnership issued 60,000 Class A Units valued at $1.0 million in exchange for the remaining 35% ownership interest in Brooks Crossing Office, which was previously owned by Tidewater Partners. On July 1, 2019, due to the holders of Class A Units tendering an aggregate of 125,118 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock. On August 20, 2019, the Operating Partnership issued 40,864 Class A Units valued at $0.7 million due to the satisfaction of certain leasing requirements associated with the 2018 acquisition of Lexington Square. On September 20, 2019, the Operating Partnership issued 73,666 Class A Units valued at $1.3 million upon the satisfaction of certain leasing and development requirements associated with the 2016 acquisition of Southgate Square. On October 1, 2019, due to a holder of Class A Units tendering 4,896 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request through the issuance of an equal number of shares of common stock. On December 16, 2019, the Operating Partnership issued additional 110,754 Class A Units valued at $2.1 million due to the satisfaction of certain leasing requirements associated with the 2018 acquisition of Lexington Square. Holders of OP Units may not transfer their units without the Company’s prior consent as general partner of the Operating Partnership. Subject to the satisfaction of certain conditions, holders of Class A Units may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock at the time of redemption or, at the Company’s option and sole discretion, for unregistered or registered shares of common stock on a one -for-one basis. Accordingly, the Company presents OP Units of the Operating Partnership not held by the Company as noncontrolling interests within equity in the consolidated balance sheets. Dividends and Class A Unit Distributions During the years ended December 31, 2019 , 2018 , and 2017 , the Company declared dividends per common share and distributions per unit of $0.84 , $0.80 , and $0.76 , respectively. During the years ended December 31, 2019 , 2018 , and 2017 , these common stock dividends totaled $45.4 million , $38.7 million , and $31.1 million , respectively, and these Operating Partnership distributions totaled $16.9 million , $13.8 million , and $12.6 million , respectively. The tax treatment of dividends paid to common stockholders during the years ended December 31, 2019 , 2018 , and 2017 was as follows (unaudited): Years ended December 31, 2019 2018 2017 Capital gains 10.62 % 9.49 % 9.06 % Ordinary income 68.83 % 63.40 % 71.59 % Return of capital 20.55 % 27.11 % 19.35 % Total 100.00 % 100.0 % 100.0 % During the year ended December 31, 2019 the Company declared dividends of $0.970315 per share to holders of Series A Preferred Stock totaling $2.5 million . The Company did not have dividends for preferred shares during the years ended December 31, 2018 and 2017. Subsequent to December 31, 2019 On January 2, 2020, the Company paid cash dividends of $11.8 million to common stockholders and the Operating Partnership paid cash distributions of $4.5 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2019 . On January 15, 2020, the Company paid cash dividends of $1.1 million to the holders of the Series A Preferred Stock. These dividends were declared and accrued as of December 31, 2019 . On February 20, 2020, the Company announced that its Board of Directors declared a cash dividend of $0.22 per common share for the first quarter of 2020. This represents a 4.8% increase over the prior quarter's cash dividend. The first quarter dividend will be payable in cash on April 2, 2020 to stockholders of record on March 25, 2020. On February 20, 2020, the Company announced that its Board of Directors declared a cash dividend of $0.421875 per share of Series A Preferred Stock for the first quarter of 2020. The dividend will be payable in cash on April 15, 2020 to stockholders of record on April 1, 2020. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s Amended and Restated 2013 Equity Incentive Plan (the "Equity Plan") permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, and other equity-based awards up to an aggregate of 1,700,000 shares of common stock. As of December 31, 2019 , the Company had 890,990 shares of common stock reserved for issuance under the Equity Plan. During the years ended December 31, 2019 , 2018 , and 2017 , the Company granted an aggregate of 154,030 , 164,241 and 118,361 shares of restricted stock to employees and nonemployee directors, respectively. The grant date fair value of the restricted stock awards granted during the years ended December 31, 2019 , 2018 , and 2017 was $2.4 million , $2.2 million and $1.7 million , respectively. Employee restricted stock awards generally vest over a period of two years : one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Nonemployee director restricted stock awards vest either immediately upon grant or over a period of one year , subject to continued service to the Company. Unvested restricted stock awards are entitled to receive dividends from their grant date. During the years ended December 31, 2019 , 2018 , and 2017 , the Company recognized $2.4 million , $2.0 million and $1.5 million of stock-based compensation, respectively. As of December 31, 2019 , the total unrecognized compensation cost related to nonvested restricted shares was $0.1 million , substantially all of which the Company expects to recognize over the next 15 months . Compensation cost relating to stock-based compensation for the years ended December 31, 2019 , 2018 , and 2017 was recorded as follows (in thousands): Years Ended December 31, 2019 2018 2017 General and administrative expense $ 1,211 $ 1,073 $ 977 General contracting and real estate services expenses 402 213 335 Capitalized in conjunction with development projects 746 661 408 Total stock-based compensation cost $ 2,359 $ 1,947 $ 1,720 The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2019 : Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2019 125,229 $ 13.68 Granted 154,030 15.43 Vested (134,346 ) 14.39 Forfeited (961 ) 14.24 Nonvested as of December 31, 2019 143,952 $ 14.88 Restricted stock awards granted and vested during the year ended December 31, 2019 include 19,245 shares tendered by employees to satisfy minimum statutory tax withholding obligations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs — quoted prices in active markets for identical assets or liabilities Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying amounts and fair values of the Company’s financial instruments as of December 31, 2019 and 2018 were as follows (in thousands): December 31, 2019 2018 Carrying Value Fair Value Carrying Value Fair Value Indebtedness, net $ 950,537 $ 958,421 $ 694,239 $ 688,437 Notes receivable 159,371 159,371 138,683 138,683 Interest rate swap liabilities 7,720 7,720 2,474 2,474 Interest rate swap and cap assets 25 25 2,093 2,093 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax benefit (provision) for the years ended December 31, 2019 , 2018 , and 2017 comprised the following (in thousands): Years Ended December 31, 2019 2018 2017 Federal income taxes: Current $ 430 $ (14 ) $ (516 ) Deferred (20 ) 37 (131 ) State income taxes: Current 85 (1 ) (62 ) Deferred (4 ) 7 (16 ) Income tax benefit (provision) $ 491 $ 29 $ (725 ) The legislation commonly known as the Tax Cuts and Jobs Act (the "Tax Act") was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21% (including with respect to taxable REIT subsidiaries), resulting in the Company's remeasuring its existing deferred tax balances. In addition, generally beginning in 2018, the Tax Act alters the deductibility of certain items (e.g., interest expense) and allows the cost of certain qualifying capital asset investments to be deducted fully in the year they were purchased, subject to a phase-down of the deduction percentage over time. The provisional amounts recorded in the year ended December 31, 2017 related to the remeasurement of the deferred tax balance was approximately $0.2 million of tax expense. As of December 31, 2019 and 2018 , the Company had $0.9 million and $0.4 million , respectively, of net deferred tax assets representing net operating losses of the TRS that are being carried forward and basis differences in the assets of the TRS. The deferred tax assets are presented within other assets in the consolidated balance sheets. Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2019 and 2018 . The Company is generally subject to examination by the applicable taxing authorities for the tax years 2016 through 2019 . The Company does not currently have any ongoing tax examinations by taxing authorities. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets were comprised of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Leasing costs, net $ 11,357 $ 10,881 Leasing incentives, net 2,855 3,592 Interest rate swaps and caps 25 2,093 Prepaid expenses and other 12,192 9,836 Preacquisition and predevelopment costs 6,472 1,214 Other assets $ 32,901 $ 27,616 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities were comprised of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Dividends and distributions payable $ 17,477 $ 13,527 Deferred ground rent payable (a) — 9,287 Acquired lease intangibles, net 21,300 12,678 Prepaid rent and other 8,604 3,509 Security deposits 2,673 1,927 Interest rate swaps 7,720 2,475 Guarantee Liability 5,271 2,800 Other liabilities $ 63,045 $ 46,203 ________________________________________ (a) Effective with the adoption of ASC 842 on January 1, 2019, deferred ground rent payable is included in operating lease right-of-use assets on the consolidated balance sheets. |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Acquired Lease Intangibles | |
Acquired Lease Intangibles | Acquired Lease Intangibles The following table summarizes the Company’s acquired lease intangibles as of December 31, 2019 (in thousands): December 31, 2019 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 112,555 $ 47,341 $ 65,214 Above-market lease assets 7,039 3,551 3,488 Below-market ground lease assets Below-market operating ground lease assets 1,920 352 1,568 Below-market finance ground lease assets 6,629 102 6,527 Below-market lease liabilities 29,575 8,275 21,300 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2018 (in thousands): December 31, 2018 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 57,689 $ 32,370 $ 25,319 Above-market lease assets 4,917 2,676 2,241 Below-market ground lease assets Below-market operating ground lease assets 1,920 299 1,621 Below-market finance ground lease assets (a) — — — Below-market lease liabilities 18,692 6,014 12,678 ________________________________________ (a) All of the Company's leases were classified as Operating Leases prior to 2019. During the years ended December 31, 2019 , 2018 , and 2017 , the Company recognized the following amortization of intangible lease assets and liabilities (in thousands): Years Ended December 31, 2019 2018 2017 Intangible lease assets In-place lease assets $ 14,971 $ 7,676 $ 9,732 Above-market lease assets 875 753 783 Below-market ground lease assets Amortization of below-market operating ground lease assets (a) 53 53 53 Amortization of below-market finance ground lease assets (a)(b) 102 — — Intangible lease liabilities Below-market lease liabilities 2,261 1,754 1,762 ________________________________________ (a) Prior to 2019, Amortization of Below Market Ground Leases was included in Rental Expenses. With the adoption of ASC 842 on 1/1/2019, Amortization of below market ground rents became a component of the amortization of the right-of-use assets of Operating and Finance Leases, respectively. (b) All of the Company's leases were classified as Operating Leases prior to 2019. As of December 31, 2019 , the weighted-average remaining lives of in-place lease assets, above-market lease assets, below-market lease liabilities, below-market ground lease assets - operating and below-market ground lease assets - finance were 7.8 years , 5.2 years , 11.5 years , 29.5 years , and 41.2 years , respectively. As of December 31, 2019 , the weighted-average remaining life of below-market lease renewal options was 12.2 years . Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Depreciation and Rental Revenues Amortization Year ending December 31, 2020 $ 1,522 $ 12,360 2021 1,545 9,858 2022 1,552 8,312 2023 1,413 6,823 2024 1,411 5,609 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company provides general contracting and real estate services to certain related party entities that are included in these consolidated financial statements. Revenue from construction contracts with related party entities of the Company was $5.7 million , $1.5 million and $7.6 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Gross profits from such contracts were $0.2 million , $0.3 million and $0.4 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. As of December 31, 2019 and 2018 , there was $1.9 million and $0.2 million , respectively, outstanding from related parties of the Company included in net construction receivables. Real estate services fees from affiliated entities of the Company were no t material for any of the years ended December 31, 2019 , 2018 , and 2017 . In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were no t material for any of the years ended December 31, 2019 , 2018 , and 2017 . The general contracting services described above include contracts with an aggregate price of $79.3 million with the developer of a mixed-use project, including an apartment building, retail space, and a parking garage to be located in Virginia Beach, Virginia. The developer is owned in part by executives of the Company, not including the Chief Executive Officer and Chief Financial Officer. These contracts were executed in October and December 2019 and are projected to result in aggregate gross profit of $3.0 million to the Company, representing a gross profit margin of 4.0% . As part of these contracts and per the requirements of the lender for this project, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under the contracts, which remains outstanding as of December 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Guarantees In connection with the Company's mezzanine lending activities, the Company has made guarantees to pay portions of certain senior loans of third parties associated with the development projects. The following table summarizes the payment guarantees made by the Company as of December 31, 2019 (in thousands): Payment guarantee amount The Residences at Annapolis Junction $ 8,300 Delray Plaza 5,180 Nexton Square 12,600 Interlock Commercial 30,654 Total $ 56,734 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 $4.3 million and $34.8 million as of December 31, 2019 and 2018 , respectively. In addition, as of December 31, 2019, the Company has issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under a related party project. The Operating Partnership has entered into standby letters of credit related to the guarantee of future performance on certain of the Company’s construction contracts. Letters of credit generally are available for draw down in the event the Company does not perform. As of December 31, 2019 , the Operating Partnership had an outstanding letter of credit of $9.5 million , as noted above. As of December 31, 2018 , the Operating Partnership had an outstanding letter of credit of $2.1 million related to the guarantee on the Point Street Apartments senior construction loan. Concentrations of Credit Risk The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2019 , 2018 , and 2017 , rental revenues from Hampton Roads properties represented 48% , 53% and 53% , respectively, of the Company’s rental revenues. Many of the Company’s Hampton Roads properties are located in the Town Center of Virginia Beach. For the years ended December 31, 2019 , 2018 , and 2017 , rental revenues from Town Center properties represented 31% , 38% and 38% , respectively, of the Company’s rental revenues. A group of three construction customers comprised 67% , 55% , and 41% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The same customers represented 66% , 28% , and 20% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2019 , 2018 , and 2017 , respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following tables summarize certain selected quarterly financial data for 2019 and 2018 (in thousands, except per share data): 2019 Quarters First Second Third Fourth Rental revenues $ 30,909 $ 36,378 $ 42,220 $ 41,832 General contracting and real estate services revenues 17,036 21,444 27,638 39,741 Net operating income 21,806 26,333 29,359 28,869 Net income 6,514 5,826 12,063 7,855 Net income attributable to common stockholders 4,884 4,412 7,079 5,223 Net income attributable to common stockholders per share (basic and diluted) $ 0.10 $ 0.08 $ 0.13 $ 0.09 2018 Quarters First Second Third Fourth Rental revenues $ 28,699 $ 28,598 $ 28,930 $ 30,731 General contracting and real estate services revenues 23,050 20,654 19,950 12,705 Net operating income 20,098 19,908 19,964 21,114 Net income 6,983 5,945 5,669 4,895 Net income attributable to common stockholders 5,040 4,319 4,202 3,642 Net income attributable to common stockholders per share (basic and diluted) $ 0.11 $ 0.09 $ 0.09 $ 0.07 |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation | SCHEDULE III—Consolidated Real Estate Investments and Accumulated Depreciation December 31, 2019 Initial Cost Cost Capitalized Gross Carrying Amount Year of Building and Subsequent to Building and Accumulated Net Carrying Construction/ Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Amount (1) Acquisition Office 4525 Main Street $ 31,876 $ 982 $ — $ 46,282 $ 982 $ 46,282 $ 47,264 $ 8,097 $ 39,167 2014 Armada Hoffler Tower — (2) 1,976 — 63,304 1,976 63,304 65,280 34,237 31,043 2002 Brooks Crossing Office 14,411 295 — 19,709 295 19,709 20,004 462 19,542 2016 One City Center 25,286 2,911 28,202 4,632 2,911 32,834 35,745 661 35,084 2018/2019 One Columbus — (2) 960 10,269 12,009 960 22,278 23,238 11,958 11,280 1984 Thames Street Wharf 70,000 15,861 64,689 63 15,861 64,752 80,613 858 79,755 2010/2019 Two Columbus — (2) 53 — 20,704 53 20,704 20,757 8,747 12,010 2009 Wills Wharf 29,154 — — 84,119 — 84,119 84,119 — 84,119 2019 (4) Total office $ 170,727 $ 23,038 $ 103,160 $ 250,822 $ 23,038 $ 353,982 $ 377,020 $ 65,020 $ 312,000 Retail 249 Central Park Retail $ 16,828 $ 712 $ — $ 15,703 $ 712 $ 15,703 $ 16,415 $ 9,406 $ 7,009 2004 Alexander Pointe — (2) 4,050 4,880 149 4,050 5,029 9,079 950 8,129 1997/2016 Apex Entertainment (Dick's) — (2) 67 — 10,596 67 10,596 10,663 4,778 5,885 2002 Bermuda Crossroads — (2) 5,450 10,641 1,431 5,450 12,072 17,522 2,951 14,571 2001/2013 Broad Creek Shopping Center — (2) — — 9,135 — 9,135 9,135 4,327 4,808 1997-2001 Broadmoor Plaza — (2) 2,410 9,010 966 2,410 9,976 12,386 1,843 10,543 1980/2016 Brooks Crossing Retail — 359 — 2,334 359 2,334 2,693 229 2,464 2016 Columbus Village — (2) 7,631 10,135 7,028 7,631 17,163 24,794 2,512 22,282 1980/2015 Columbus Village II — (2) 14,536 10,922 64 14,536 10,986 25,522 1,364 24,158 1995/2016 Commerce Street Retail — (2) 118 — 3,307 118 3,307 3,425 1,697 1,728 2008 Courthouse 7-Eleven — (2) 1,007 — 1,044 1,007 1,044 2,051 217 1,834 2011 Dimmock Square — (2) 5,100 13,126 314 5,100 13,440 18,540 2,034 16,506 1998/2014 Fountain Plaza Retail 10,127 425 — 7,251 425 7,251 7,676 3,585 4,091 2004 Gainsborough Square — (2) 2,229 — 7,590 2,229 7,590 9,819 3,662 6,157 1999 Greentree Shopping Center — (2) 1,103 — 4,036 1,103 4,036 5,139 888 4,251 2014 Hanbury Village 18,515 (3) 3,793 — 19,579 3,793 19,579 23,372 7,486 15,886 2006 Harper Hill Commons — (2) 2,840 8,510 263 2,840 8,773 11,613 1,169 10,444 2004/2016 Harrisonburg Regal — 1,554 — 4,148 1,554 4,148 5,702 2,203 3,499 1999 Indian Lakes Crossing — (2) 7,009 2,274 30 7,009 2,304 9,313 171 9,142 2008/2018 Lexington Square 14,696 3,035 20,581 110 3,035 20,691 23,726 915 22,811 2017/2018 Market at Mill Creek 14,727 2,243 — 20,386 2,243 20,386 22,629 415 22,214 2018 Marketplace at Hilltop 10,517 2,023 19,886 35 2,023 19,921 21,944 388 21,556 2000/2019 North Hampton Market — (2) 7,250 10,210 602 7,250 10,812 18,062 1,811 16,251 2004/2016 North Point Center 2,214 (3) 1,936 — 25,716 1,936 25,716 27,652 14,353 13,299 1998 Oakland Marketplace — (2) 1,850 3,370 690 1,850 4,060 5,910 932 4,978 2004/2016 Parkway Centre — (2) 1,372 7,864 105 1,372 7,969 9,341 470 8,871 2017/2018 Parkway Marketplace — (2) 1,150 — 3,832 1,150 3,832 4,982 2,010 2,972 1998 Patterson Place — (2) 15,059 20,180 631 15,059 20,811 35,870 2,638 33,232 2004/2016 Perry Hall Marketplace — (2) 3,240 8,316 424 3,240 8,740 11,980 1,555 10,425 2001/2015 Premier Retail 8,250 318 — 14,216 318 14,216 14,534 434 14,100 2018 Providence Plaza — (2) 9,950 12,369 1,454 9,950 13,823 23,773 1,904 21,869 2007/2015 Red Mill Commons 24,365 (3) 44,252 30,348 98 44,252 30,446 74,698 921 73,777 2000/2019 Renaissance Square — (2) 6,730 8,439 186 6,730 8,625 15,355 927 14,428 2008/2016 Sandbridge Commons 8,020 4,825 — 7,332 4,825 7,332 12,157 1,500 10,657 2015 Socastee Commons 4,567 2,320 5,380 147 2,320 5,527 7,847 940 6,907 2000/2015 South Retail 7,388 190 — 8,123 190 8,123 8,313 4,527 3,786 2002 South Square — (2) 14,130 12,670 757 14,130 13,427 27,557 1,966 25,591 1977/2016 Southgate Square 20,562 10,238 25,950 4,352 10,238 30,302 40,540 3,257 37,283 1991/2016 Southshore Shops — (2) 1,770 6,509 84 1,770 6,593 8,363 710 7,653 2006/2016 Stone House Square — (2) 6,360 16,350 561 6,360 16,911 23,271 2,735 20,536 2008/2015 Studio 56 Retail — (2) 76 — 2,532 76 2,532 2,608 994 1,614 2007 Tyre Neck Harris Teeter — (2) — — 3,306 — 3,306 3,306 1,255 2,051 2011 Wendover Village — (2) 19,893 22,638 429 19,893 23,067 42,960 2,451 40,509 2004/2016-2019 Total retail $ 160,776 $ 220,603 $ 300,558 $ 191,076 $ 220,603 $ 491,634 $ 712,237 $ 101,480 $ 610,757 Multifamily 1405 Point $ 53,000 $ — $ 95,466 $ 2,106 $ — $ 97,572 $ 97,572 $ 2,109 $ 95,463 2018/2019 Encore Apartments 24,842 1,293 — 30,322 1,293 30,322 31,615 5,144 26,471 2014 Greenside Apartments 34,000 5,711 — 45,012 5,711 45,012 50,723 1,822 48,901 2018 Hoffler Place 29,059 7,401 — 39,758 7,401 39,758 47,159 486 46,673 2019 Johns Hopkins Village 51,800 — — 69,931 — 69,931 69,931 7,711 62,220 2016 Liberty Apartments 14,165 3,580 23,494 1,883 3,580 25,377 28,957 5,146 23,811 2013/2014 Premier Apartments 16,750 647 — 29,139 647 29,139 29,786 1,171 28,615 2018 Smith’s Landing 18,174 — 35,105 2,418 — 37,523 37,523 8,002 29,521 2009/2013 Summit Place 28,824 7,265 — 43,674 7,265 43,674 50,939 — 50,939 — (4) The Cosmopolitan 43,702 985 — 66,877 985 66,877 67,862 26,647 41,215 2006 Total multifamily $ 314,316 $ 26,882 $ 154,065 $ 331,120 $ 26,882 $ 485,185 $ 512,067 $ 58,238 $ 453,829 Held for development $ — $ 5,000 $ — $ — $ 5,000 $ — $ 5,000 $ — $ 5,000 Real estate investments $ 645,819 $ 275,523 $ 557,783 $ 773,018 $ 275,523 $ 1,330,801 $ 1,606,324 $ 224,738 $ 1,381,586 ________________________________________ (1) The net carrying amount of real estate for federal income tax purposes was $1,122.8 million as of December 31, 2019 . (2) Borrowing base collateral for the credit facility as of December 31, 2019 . (3) A portion of this property is borrowing base collateral for the credit facility as of December 31, 2019 . (4) Construction in progress as of December 31, 2019 . Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) Real Estate Accumulated Investments Depreciation December 31, 2019 2018 2019 2018 Balance at beginning of the year $ 1,176,586 $ 994,437 $ 188,775 $ 164,521 Construction costs and improvements 143,700 144,926 — — Acquisitions 314,898 51,613 — — Dispositions (28,117 ) (11,420 ) (1,818 ) (5,559 ) Reclassifications (743 ) (2,970 ) (58 ) (582 ) Depreciation — — 37,839 30,395 Balance at end of the year $ 1,606,324 $ 1,176,586 $ 224,738 $ 188,775 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The consolidated financial statements include the financial position and results of operations of the Company, the Operating Partnership, its wholly owned subsidiaries, and any interests in variable interest entities ("VIEs") where the Company has been determined to be the primary beneficiary. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management’s historical experience and best judgment after considering past, current, and expected events and economic conditions. Actual results could differ from management’s estimates. |
Segments | Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of the Company’s properties individually and aggregates such properties into segments based on their economic characteristics and classes of tenants. The Company operates in four business segments: (i) office real estate, (ii) retail real estate, (iii) multifamily residential real estate, and (iv) general contracting and real estate services. The Company’s general contracting and real estate services business develops and builds properties for its own account and also provides construction and development services to both related and third parties. |
Reclassifications | Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period's presentation. The Company revised the presentation of its consolidated Balance Sheet for all reporting periods by reclassifying "Acquired intangible lease assets" as a separate line item. As a result, the Company no longer includes acquired intangible lease assets as part of "Other assets". The Company also revised the presentation in its consolidated statement of cash flows for all reporting periods by reclassifying offering cost charges on its common stock issuance and including the charges with "Proceeds from issuance of common stock, net" line item. This presentation change had no other impact on the Company's consolidated financial statements or any other operating measure for the periods affected. |
Revenue Recognition | Revenue Recognition Rental Revenues The Company leases its properties under operating leases and recognizes base rents when earned on a straight-line basis over the lease term. Rental revenues include $3.4 million , $2.7 million and $1.2 million of straight-line rent adjustments for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Contingent rents included in rental revenues were $0.3 million , $0.3 million , and $0.4 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million , $0.7 million , and $0.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The Company recognizes fair value adjustments recorded at the time of lease assumption in rental income on a straight line basis as a reduction to revenue over the remaining life of the lease or any renewal periods for which the Company determines have value at the time of acquisition. The Company recognizes cost reimbursement revenue for real estate taxes, operating expenses, and common area maintenance costs on an accrual basis during the periods in which the expenses are incurred. The Company recognizes lease termination fees either upon termination or amortizes them over any remaining lease term. General Contracting and Real Estate Services Revenues The Company recognizes general contracting revenues as a customer obtains control of promised goods or services in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For each construction contract, the Company identifies the performance obligations, which typically include the delivery of a single building constructed according to the specifications of the contract. The Company estimates the total transaction price, which generally includes a fixed contract price and may also include variable components such as early completion bonuses, liquidated damages, or cost savings to be shared with the customer. Variable components of the contract price are included in the transaction price to the extent that it is probable that a significant reversal of revenue will not occur. The Company recognizes the estimated transaction price as revenue as it satisfies its performance obligations; the Company estimates its progress in satisfying performance obligations for each contract using the input method, based on the proportion of incurred costs relative to total estimated construction costs at completion. Construction contract costs include all direct material, direct labor, subcontract costs, and overhead costs directly related to contract performance. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, are all significant judgments that may result in revisions to costs and income and are recognized in the period in which they are determined. Additionally, the estimated costs at completion are affected by management’s forecasts of anticipated costs to be incurred and contingency reserves for exposures related to unknown costs, such as design deficiencies and subcontractor defaults. The estimated variable consideration is also affected by claims and unapproved change orders, which may result from changes in the scope of the contract. Provisions for estimated losses on uncompleted contracts are recognized immediately in the period in which such losses are determined. The Company defers precontract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. The Company recognizes real estate services revenues from property development and management as it satisfies its performance obligations under these service arrangements. The Company assesses whether multiple contracts with a single counterparty may be combined into a single contract for the revenue recognition purposes based on factors such as the timing of the negotiation and execution of the contracts and whether the economic substance of the contracts was contemplated separately or in tandem. |
Real Estate Investments | Real Estate Investments Income producing property primarily includes land, buildings, and tenant improvements and is stated at cost. Real estate investments held for development include land and capitalized development costs. The Company reclassifies real estate investments held for development to construction in progress upon commencement of construction. Construction in progress is stated at cost. Direct and certain indirect costs clearly associated with the development, redevelopment, construction, leasing, or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. The Company capitalizes direct and indirect project costs associated with the initial development of a property until the property is substantially complete and ready for its intended use. Capitalized project costs include preacquisition, development, and preconstruction costs including overhead, salaries, and related costs of personnel directly involved, real estate taxes, insurance, utilities, ground rent, and interest. Interest capitalized during the years ended December 31, 2019 , 2018 , and 2017 was $5.9 million , $5.0 million and $1.3 million , respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2019 , 2018 , and 2017 were $3.1 million , $3.1 million and $2.4 million , respectively. The Company capitalizes preacquisition development costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized preacquisition development costs are presented within other assets in the consolidated balance sheets. Capitalized preacquisition development costs as of December 31, 2019 and 2018 were $6.5 million and $1.2 million , respectively. Costs attributable to unsuccessful projects are expensed. |
Operating Property Acquisitions | Operating Property Acquisitions Acquisitions of operating properties have been and will generally be accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions, and other related costs, being capitalized as part of the cost of the assets acquired. In connection with such acquisitions, the Company identifies and recognizes all assets acquired and liabilities assumed at their relative fair values as of the acquisition date. The purchase price allocations to tangible assets, such as land, site improvements, and buildings and improvements are presented within income producing property in the consolidated balance sheets and depreciated over their estimated useful lives. Acquired lease intangible assets are presented as a separate component of assets on the consolidated balance sheets. Acquired lease intangible liabilities are presented within other liabilities in the consolidated balance sheets. The Company amortizes in-place lease assets as depreciation and amortization expense on a straight-line basis over the remaining term of the related leases. The Company amortizes above-market lease assets as reductions to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market lease liabilities as increases to rental revenues on a straight-line basis over the remaining term of the related leases. The Company amortizes below-market ground lease assets as increases to rental expenses on a straight-line basis over the remaining term of the related leases. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement, as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach. The approach applies industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of the structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of acquired lease intangibles considers the estimated cost of leasing the properties as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an estimated total lease-up time and lost rental revenues during such time. The value of current leases relative to market-rate leases is based on market rents obtained for market comparables. Given the significance of unobservable inputs used in the valuation of acquired real estate assets, the Company classifies them as Level 3 inputs in the fair value hierarchy. The Company values debt assumed in connection with operating property acquisitions based on a discounted cash flow analysis of the expected cash flows of the debt. Such analysis considers the contractual terms of the debt, including the period to maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs in the fair value hierarchy. |
Real Estate Sales and Real Estate Investments Held for Sale | Real Estate Sales The Company accounts for the sale of real estate assets and any related gain in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions other than retail land sales. The Company recognizes the sale and associated gain or loss once it transfers control of the real estate asset and the Company does not have significant continuing involvement. Real Estate Investments Held for Sale Real estate assets classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is classified as held for sale, it is no longer depreciated. A property is classified as held for sale when: (i) senior management commits to a plan to sell the property, (ii) the property is available for immediate sale in its present condition, subject only to conditions usual and customary for such sales, (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) the sale is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. |
Impairment of Long Lived Assets | Impairment of Long Lived Assets The Company evaluates its real estate assets for impairment on a property by property basis whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is necessary, the Company compares the carrying amount of any such real estate asset with the undiscounted expected future cash flows that are directly associated with, and that are expected to arise as a direct result of, its use and eventual disposition. If the carrying amount of a real estate asset exceeds the associated estimate of undiscounted expected future cash flows, an impairment loss is recognized to reduce the real estate asset’s carrying value to its fair value. The impairment charges recognized during the years ended December 31, 2019 and 2017 |
Interest Income | Interest Income Interest income on notes receivable is accrued based on the contractual terms of the loans and when it is deemed collectible. Many loans provide for accrual of interest and fees that will not be paid until maturity of the loan. Interest is recognized on these loans at the accrual rate subject to the determination that accrued interest and fees are ultimately collectible, based on the underlying collateral and the status of development activities, as applicable. If this determination cannot be made, recognition of interest income may be fully or partially deferred until it is ultimately paid. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include demand deposits, investments in money market funds, and investments with an original maturity of three months or less. |
Restricted Cash | Restricted Cash Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements. |
Accounts Receivable, net | Accounts Receivable, net |
Notes Receivable and Allowance for Loan Losses | Notes Receivable and Allowance for Loan Losses Notes receivable primarily represent financing to third parties in the form of mortgage or mezzanine loans for the development of new real estate. The Company's mezzanine loans are typically made to borrowers who have little or no equity in the underlying development projects. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. The loans generally have junior liens on the respective real estate projects. The Company evaluates the collectability of both the interest on and principal of each of its notes receivable based primarily upon the value of the underlying development project. The Company considers factors such as the progress of development activities, including leasing activities, projected development costs, current and projected loan balances, and the estimated realizable value of the loan. The calculation of the estimated realizable value includes an estimation of the projected sales proceeds from the sale of the underlying development property, which is largely dependent on the estimated fair value of the underlying development property and is highly sensitive to significant assumptions based on management’s expectations about future real estate market or economic conditions and the projected operating results of the property. A loan is determined to be impaired when, based upon then-current information, it is no longer probable that the Company will be able to collect all contractual amounts then due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value. The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. |
Guarantees | Guarantees The Company measures and records a liability for the fair value of its guarantees on a nonrecurring basis upon issuance using Level 3 internally-developed inputs. These guarantees typically relate to payments that could be required of the Company to senior lenders on its mezzanine loan investments. The Company bases its estimated fair value on the market approach, which compares the guarantee terms and credit characteristics of the underlying development project to other projects for which guarantee pricing terms are available. The offsetting entry for the guarantee liability is a premium on the related loan receivable. The liability is amortized on a straight-line basis over the remaining term of the loan. On a quarterly basis, the Company assesses the likelihood of a contingent liability in connection with these guarantees and will record an additional guarantee liability if the unamortized guarantee liability is insufficient. |
Leasing Costs | Leasing Costs Commissions paid by the Company to third parties to originate a lease are deferred and amortized as depreciation and amortization expense on a straight-line basis over the term of the related lease. Leasing costs are presented within other assets in the consolidated balance sheets. |
Leasing Incentives | Leasing Incentives Incentives paid by the Company to tenants are deferred and amortized as reductions to rental revenues on a straight-line basis over the term of the related lease. Leasing incentives are presented within other assets in the consolidated balance sheets. |
Debt Issuance Costs | Debt Issuance Costs Financing costs are deferred and amortized as interest expense using the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. |
Derivative Financial Instruments | Derivative Financial Instruments |
Stock-Based Compensation | Stock-Based Compensation The Company measures the compensation cost of restricted stock awards based on the grant date fair value. The Company recognizes compensation cost for the vesting of restricted stock awards using the accelerated attribution method. Compensation cost associated with the vesting of restricted stock awards is presented within either general and administrative expenses or general contracting and real estate services expenses in the consolidated statements of comprehensive income. Stock-based compensation for personnel directly involved in the construction and development of a property is capitalized. The effect of forfeitures of awards is recorded as they occur. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For continued qualification as a REIT for federal income tax purposes, the Company must meet certain organizational and operational requirements, including a requirement to pay distributions to stockholders of at least 90% of annual taxable income, excluding net capital gains. As a REIT, the Company generally is not subject to income tax on net income distributed as dividends to stockholders. The Company is subject to state and local income taxes in some jurisdictions and, in certain circumstances, may also be subject to federal excise taxes on undistributed income. In addition, certain of the Company’s activities must be conducted by subsidiaries that have elected to be treated as a taxable REIT subsidiary ("TRS") subject to both federal and state income taxes. The Operating Partnership conducts its development and construction businesses through the TRS. The related income tax provision or benefit attributable to the profits or losses of the TRS and any taxable income of the Company is reflected in the consolidated financial statements. The Company uses the liability method of accounting for deferred income tax in accordance with GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Company’s deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Company’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. Management analyzes its tax filing positions in the U.S. federal, state and local jurisdictions where it is required to file income tax returns for all open tax years. If, based on this analysis, management determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction to the provision for income taxes. |
Discontinued Operations | Discontinued Operations Disposals representing a strategic shift that has or will have a major effect on the Company’s operations and financial results are reported as discontinued operations. |
Net Income Per Share and Unit | Net Income Per Share and Unit |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Issued Accounting Standards Adopted: On February 25, 2016, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") that requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets (ASU 2016-02—Leases (Topic 842)). The new standard also makes targeted changes to lessor accounting. The Company adopted the new standard on January 1, 2019, using the modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented as permitted in Accounting Standards Codification ("ASC") Topic 842. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for existing leases. As of January 1, 2019, the Company did not have any leases classified as finance leases. The Company also elected a practical expedient that allowed it to not separate non-lease components from lease components and instead to account for each lease and non-lease component as a single lease component. The adoption of the new standard as of January 1, 2019 did not impact the Company's consolidated results of operations and had no impact on cash flows. As a lessee, the Company had six ground leases on five properties as of January 1, 2019 with initial terms that ranged from 20 to 65 years and options to extend up to an additional 70 years in certain cases. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. The long-term ground leases represent a majority of the Company's current operating lease payments. The Company recorded right-of-use assets totaling $32.2 million and lease liabilities totaling $41.4 million upon adopting this standard on January 1, 2019. The Company utilized a weighted average discount rate of 5.4% to measure its lease liabilities upon adoption. 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 to 15 years or more. The exercise of lease renewal options is at the tenant's sole discretion. The Company includes a renewal period in the lease term only if it appears at lease inception that the renewal is reasonably certain. The new standard includes new considerations regarding the recognition of rental revenue when collection is not probable. The Company changed its presentation and measurement of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity, reflecting those amounts as a component of rental income on the accompanying Consolidated Statement of Comprehensive Income for the year ended December 31, 2019. However, in accordance with its prospective adoption of the standard, the Company did not adjust the prior year period presentation of charges for uncollectable lease revenue associated with its office, retail, and residential leasing activity as a component of operating expenses, excluding property taxes, on the accompanying Consolidated Statement of Comprehensive Income for the years ended December 31, 2018 and 2017. The Company recorded a combined adjustment of $0.2 million to the opening balances for distributions in excess of earnings and noncontrolling interest relating to receivables where collection of substantially all operating lease payments was not probable as of January 1, 2019. Lease-related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The Company evaluates the collectability of lease receivables using several factors, including a lessee’s creditworthiness. The Company recognizes a credit loss on lease-related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. Recently Issued Accounting Standards Not Yet Adopted: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The guidance significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance will replace the "incurred loss" approach under existing guidance with an "expected loss" model for instruments measured at amortized cost, such as our notes receivable. The guidance is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company continues to evaluate the impact of adopting this new accounting standard on the Company’s consolidated financial statements accounting policy and operational implementation issues. The Company expects that the adoption will result in earlier recognition of a provision for loan losses on its notes receivable and an insignificant increase in allowance for bad debt relating to construction receivables as a result of new forward-looking estimation requirements. The Company anticipates recording a reserve for expected credit losses for its notes receivable in an amount between $2.3 million and $3.3 million and an immaterial reserve on its construction receivables as a result of adopting the new standard on January 1, 2020. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2018-13 is not expected to have a material impact on Company's consolidated financial statements or disclosures. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs — quoted prices in active markets for identical assets or liabilities Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — unobservable inputs Except as disclosed below, the carrying amounts of the Company’s financial instruments approximate their fair values. Financial assets and liabilities whose fair values are measured on a recurring basis using Level 2 inputs consist of interest rate swaps and caps. The Company measures the fair values of these assets and liabilities based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques. Financial assets and liabilities whose fair values are not measured at fair value but for which the fair value is disclosed include the Company's notes receivable and indebtedness. The fair value is estimated by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity, credit characteristics, and other terms of the arrangements, which are Level 3 inputs under the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Considerable judgment is used to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. |
Legal Proceedings | Legal Proceedings The Company is from time to time involved in various disputes, lawsuits, warranty claims, environmental and other matters arising in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. The Company currently is a party to various legal proceedings, none of which management expects will have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Management accrues a liability for litigation if an unfavorable outcome is determined to be probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is determined by management to be probable and a range of loss can be reasonably estimated, management accrues the best estimate within the range; however, if no amount within the range is a better estimate than any other, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. Management does not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on the Company’s financial position or results of operations; however, litigation is subject to inherent uncertainties. Under the Company’s leases, tenants are typically obligated to indemnify the Company from and against all liabilities, costs, and expenses imposed upon or asserted against it as owner of the properties due to certain matters relating to the operation of the properties by the tenant. |
Business and Organization (Tabl
Business and Organization (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of 100% owned properties | As of December 31, 2019 , the Company's operating portfolio consisted of the following properties: Property Segment Location Ownership Interest 4525 Main Street Office Virginia Beach, Virginia* 100% Armada Hoffler Tower Office Virginia Beach, Virginia* 100% Brooks Crossing Office Office Newport News, Virginia 100% One City Center Office Durham, North Carolina 100% One Columbus Office Virginia Beach, Virginia* 100% Thames Street Wharf Office Baltimore, Maryland 100% Two Columbus Office Virginia Beach, Virginia* 100% 249 Central Park Retail Retail Virginia Beach, Virginia* 100% Alexander Pointe Retail Salisbury, North Carolina 100% Apex Entertainment (1) Retail Virginia Beach, Virginia* 100% Bermuda Crossroads Retail Chester, Virginia 100% Broad Creek Shopping Center Retail Norfolk, Virginia 100% Broadmoor Plaza Retail South Bend, Indiana 100% Brooks Crossing Retail (2) Retail Newport News, Virginia 65% Columbus Village Retail Virginia Beach, Virginia* 100% Columbus Village II Retail Virginia Beach, Virginia* 100% Commerce Street Retail Retail Virginia Beach, Virginia* 100% Courthouse 7-Eleven Retail Virginia Beach, Virginia 100% Dimmock Square Retail Colonial Heights, Virginia 100% Fountain Plaza Retail Retail Virginia Beach, Virginia* 100% Gainsborough Square Retail Chesapeake, Virginia 100% Greentree Shopping Center Retail Chesapeake, Virginia 100% Hanbury Village Retail Chesapeake, Virginia 100% Harper Hill Commons Retail Winston-Salem, North Carolina 100% Harrisonburg Regal Retail Harrisonburg, Virginia 100% Indian Lakes Crossing Retail Virginia Beach, Virginia 100% Lexington Square Retail Lexington, South Carolina 100% Market at Mill Creek (2) Retail Mount Pleasant, South Carolina 70% Marketplace at Hilltop Retail Virginia Beach, Virginia 100% North Hampton Market Retail Taylors, South Carolina 100% Property Segment Location Ownership Interest North Point Center Retail Durham, North Carolina 100% Oakland Marketplace Retail Oakland, Tennessee 100% Parkway Centre Retail Moultrie, Georgia 100% Parkway Marketplace Retail Virginia Beach, Virginia 100% Patterson Place Retail Durham, North Carolina 100% Perry Hall Marketplace Retail Perry Hall, Maryland 100% Providence Plaza Retail Charlotte, North Carolina 100% Red Mill Commons Retail Virginia Beach, Virginia 100% Renaissance Square Retail Davidson, North Carolina 100% Sandbridge Commons Retail Virginia Beach, Virginia 100% Socastee Commons Retail Myrtle Beach, South Carolina 100% South Retail Retail Virginia Beach, Virginia* 100% South Square Retail Durham, North Carolina 100% Southgate Square Retail Colonial Heights, Virginia 100% Southshore Shops Retail Chesterfield, Virginia 100% Stone House Square Retail Hagerstown, Maryland 100% Studio 56 Retail Retail Virginia Beach, Virginia* 100% Tyre Neck Harris Teeter Retail Portsmouth, Virginia 100% Wendover Village Retail Greensboro, North Carolina 100% 1405 Point Multifamily Baltimore, Maryland 79% Encore Apartments Multifamily Virginia Beach, Virginia* 100% Greenside Apartments Multifamily Charlotte, North Carolina 100% Hoffler Place Multifamily Charleston, South Carolina 93% Johns Hopkins Village Multifamily Baltimore, Maryland 100% Liberty Apartments Multifamily Newport News, Virginia 100% Premier Apartments Multifamily Virginia Beach, Virginia* 100% Smith’s Landing Multifamily Blacksburg, Virginia 100% ________________________________________ * Located in the Town Center of Virginia Beach (1) Dick's Sporting Goods, one of the anchor tenants at the property previously known as "Dick’s at Town Center," notified the Company during 2019 that it would not renew its lease beyond January 31, 2020, the end of the current term. In October 2019, the Company signed a lease with a replacement tenant, Apex Entertainment, which will take the entire space currently occupied by Dick's Sporting Goods after the redevelopment and buildout of the facility is completed, which is expected to occur by the end of 2020. (2) The Company is entitled to a preferred return on its investment in this property. |
Schedule of properties under development or construction | As of December 31, 2019 , the following properties were under development, redevelopment or not yet stabilized: Property Segment Location Ownership Interest Wills Wharf Office Baltimore, Maryland 100 % Premier Retail Retail Virginia Beach, Virginia* 100 % Summit Place Multifamily Charleston, South Carolina 90 % The Cosmopolitan Multifamily Virginia Beach, Virginia* 100 % ________________________________________ * Located in the Town Center of Virginia Beach |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | Income producing property is depreciated on a straight-line basis over the following estimated useful lives: Buildings 39 years Capital improvements 5—20 years Equipment 3—7 years Tenant improvements Term of the related lease (or estimated useful life, if shorter) |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Net operating income of reportable segments | Net operating income of the Company’s reportable segments for the years ended December 31, 2019 , 2018 , and 2017 was as follows (in thousands): Years Ended December 31, 2019 2018 2017 Office real estate Rental revenues $ 33,269 $ 20,701 $ 19,207 Rental expenses 8,722 5,858 5,483 Real estate taxes 3,471 2,034 1,859 Segment net operating income 21,076 12,809 11,865 Retail real estate Rental revenues 77,593 67,959 63,109 Rental expenses 11,656 10,903 10,234 Real estate taxes 7,916 6,801 6,175 Segment net operating income 58,021 50,255 46,700 Multifamily residential real estate Rental revenues 40,477 28,298 26,421 Rental expenses 13,954 10,461 9,705 Real estate taxes 3,574 2,548 2,494 Segment net operating income 22,949 15,289 14,222 General contracting and real estate services Segment revenues 105,859 76,359 194,034 Segment expenses 101,538 73,628 186,590 Segment gross profit 4,321 2,731 7,444 Net operating income $ 106,367 $ 81,084 $ 80,231 |
Reconciliation of net operating income to net income | The following table reconciles net operating income to net income for the years ended December 31, 2019 , 2018 , and 2017 (in thousands): Years Ended December 31, 2019 2018 2017 Net operating income $ 106,367 $ 81,084 $ 80,231 Depreciation and amortization (54,564 ) (39,913 ) (37,321 ) Amortization of right-of-use assets - finance leases (377 ) — — General and administrative expenses (12,392 ) (11,431 ) (10,435 ) Acquisition, development and other pursuit costs (844 ) (352 ) (648 ) Impairment charges (252 ) (1,619 ) (110 ) Gain on real estate dispositions 4,699 4,254 8,087 Interest income 23,215 10,729 7,077 Interest expense on indebtedness (30,776 ) (19,087 ) (17,439 ) Interest expense on finance leases (568 ) — — Equity in income of unconsolidated real estate entities 273 372 — Loss on extinguishment of debt — (11 ) (50 ) Change in fair value of interest rate derivatives (3,599 ) (951 ) 1,127 Other income (expense), net 585 388 131 Income tax benefit (provision) 491 29 (725 ) Net income $ 32,258 $ 23,492 $ 29,925 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of lease costs | The components of lease cost for the years ended December 31, 2019 , 2018 , and 2017 were as follows (in thousands): Years Ended December 31, 2019 2018 (b) 2017 (b) Operating lease cost $ 2,700 $ 2,962 $ 2,686 Finance lease cost: Amortization of right-of-use assets (a) 369 — — Interest on lease liabilities 568 — — (a) Includes amortization of below-market ground lease intangible assets. (b) All of the Company's leases were classified as operating leases prior to 2019. The table below presents supplemental cash flow information related to leases during the years ended December 31, 2019 , 2018 , and 2017 (in thousands): Years Ended December 31, 2019 2018 (a) 2017 (a) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,969 $ 2,354 $ 2,103 Operating cash flows from finance leases 533 — — (a) All of the Company's leases were classified as operating leases prior to 2019. Additional information related to leases as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 (a) Weighted Average Remaining Lease Term (years) Operating leases 45.4 46.2 Finance leases 41.2 0.0 Weighted Average Discount Rate (b) Operating leases 5.4 % — % Finance leases 5.2 % — % (a) All of the Company's leases were classified as operating leases prior to 2019. (b) Prior to the adoption of ASC 842 on January 1, 2019, the use of a discount rate to calculate lease liability as the net present value of the minimum lease payments was not required. |
Schedule of maturities of operating lease liabilities | Year Ending December 31, Operating Leases Finance Leases (in thousands) 2020 $ 2,080 $ 864 2021 2,137 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 Thereafter 103,524 43,014 Total undiscounted cash flows 114,938 47,371 Present value discount (73,464 ) (29,468 ) Discounted cash flows $ 41,474 $ 17,903 |
Schedule of maturities of finance lease liabilities | The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount. Year Ending December 31, Operating Leases Finance Leases (in thousands) 2020 $ 2,080 $ 864 2021 2,137 864 2022 2,361 868 2023 2,400 873 2024 2,436 888 Thereafter 103,524 43,014 Total undiscounted cash flows 114,938 47,371 Present value discount (73,464 ) (29,468 ) Discounted cash flows $ 41,474 $ 17,903 |
Schedule of rental revenue | Rental revenue for the years ended December 31, 2019 , 2018 , and 2017 comprised the following (in thousands): Years Ended December 31, 2019 2018 2017 Base rent and tenant charges $ 147,309 $ 114,012 $ 107,320 Accrued straight-line rental adjustment 3,402 2,731 1,222 Lease incentive amortization (739 ) (732 ) (785 ) Above/below market lease amortization 1,367 947 980 Total rental revenue $ 151,339 $ 116,958 $ 108,737 |
Schedule of minimum rental payments | The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands): Year Ending December 31, Operating Leases 2020 $ 96,374 2021 90,165 2022 82,862 2023 72,673 2024 61,926 Thereafter 266,467 Total $ 670,467 |
Real Estate Investments and E_2
Real Estate Investments and Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of real estate investments | The Company’s real estate investments comprised the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 Income producing property Held for development Construction in progress Total Land $ 263,258 $ 5,000 $ 7,265 $ 275,523 Land improvements 58,636 — — 58,636 Buildings and improvements 1,138,829 — — 1,138,829 Development and construction costs — — 133,336 133,336 Real estate investments $ 1,460,723 $ 5,000 $ 140,601 $ 1,606,324 December 31, 2018 Income producing property Held for development Construction in progress Total Land $ 192,677 $ 2,994 $ 17,961 $ 213,632 Land improvements 53,521 — — 53,521 Buildings and improvements 791,719 — — 791,719 Development and construction costs — — 117,714 117,714 Real estate investments $ 1,037,917 $ 2,994 $ 135,675 $ 1,176,586 |
Schedule of the purchase price allocation | The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the six operating properties acquired during the year ended December 31, 2019 (in thousands): Wendover Village additional outparcel One City Center 1405 Point Red Mill Commons Marketplace at Hilltop Thames Street Wharf Land $ 1,633 $ 2,678 $ — (a) $ 44,252 $ 2,023 (b) $ 15,861 Site improvements 50 163 298 2,558 691 150 Building and improvements 888 28,039 92,866 27,790 19,195 64,539 Furniture and fixtures — — 2,302 — — — In-place leases 101 15,140 3,371 9,973 4,565 24,385 Above-market leases 111 — — 1,463 599 — Below-market leases — — — (6,221 ) (1,136 ) (3,636 ) Finance lease liabilities — — (8,671 ) — (9,200 ) — Finance lease right-of-use assets — — 11,730 (a) — 12,770 (b) — Net assets acquired $ 2,783 $ 46,020 $ 101,896 $ 79,815 $ 29,507 $ 101,299 ________________________________________ (a) Land is subject to a ground lease. (b) Portion of land is subject to a ground lease. The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and liabilities assumed for the three operating properties purchased during the year ended December 31, 2018 (in thousands): Indian Lakes Crossing Parkway Centre Lexington Square Land $ 10,926 $ 1,372 $ 3,036 Site improvements 531 696 7,396 Building and improvements 1,913 7,168 10,387 In-place leases 1,648 2,346 4,113 Above-market leases 11 — 89 Below-market leases (175 ) (10 ) (447 ) Net assets acquired $ 14,854 $ 11,572 $ 24,574 Land $ 5,550 Site improvements 232 Building and improvements 6,977 In-place leases 1,382 Above-market leases 327 Below-market leases (50 ) Net assets acquired $ 14,418 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of Mezzanine Loans | The Company had the following loans receivable outstanding as of December 31, 2019 and December 31, 2018 ($ in thousands): Outstanding loan amount Maximum loan commitment Interest rate Interest compounding Development Project December 31, 2019 December 31, 2018 1405 Point $ — $ 30,238 $ 31,032 8.0 % Monthly The Residences at Annapolis Junction 40,049 36,361 48,105 10.0 % Monthly North Decatur Square — 18,521 29,673 15.0 % Annually Delray Plaza 12,995 7,032 15,000 15.0 % Annually Nexton Square 15,097 14,855 17,000 10.0 % (b) Monthly Interlock Commercial 59,224 18,269 95,000 15.0 % None Solis Apartments at Interlock 25,588 13,821 41,100 13.0 % Annually Total mezzanine 152,953 139,097 $ 276,910 Other notes receivable 1,147 1,275 Notes receivable guarantee premium 5,271 2,800 Notes receivable discount, net (a) — (4,489 ) Total notes receivable $ 159,371 $ 138,683 _______________________________________ (a) Represents the remaining unamortized portion of the $5.0 million loan modification fee for The Residences at Annapolis Junction paid by the borrower in November 2018. (b) The interest rate was 15% until October 1, 2019. |
Summary of Interest Income | The Company recognized interest income for the years ended December 31, 2019 , 2018 , and 2017 as follows (in thousands): Years Ended December 31, Development Project 2019 2018 2017 1405 Point $ 783 $ 2,080 $ 1,741 The Residences at Annapolis Junction 8,776 (a) 4,939 (a) 4,132 North Decatur Square 1,509 2,212 1,035 Delray Plaza 1,622 928 163 Nexton Square 1,962 235 — Interlock Commercial 6,142 (b) 202 — Solis Apartments at Interlock 2,333 55 — Total mezzanine 23,127 10,651 7,071 Other interest income 88 78 6 Total interest income $ 23,215 $ 10,729 $ 7,077 ________________________________________ (a) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. Additionally, the 2019 amount includes $0.5 million of interest income recognition relating to an exit fee that is due upon repayment of the loan. (b) Includes $0.6 million of interest income recognition relating to an exit fee that is due upon repayment of the loan. |
Construction Contracts (Tables)
Construction Contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Contractors [Abstract] | |
Summary of balances and changes of construction contracts | The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2019 , 2018 and 2017 were as follows (in thousands): Years Ended December 31, 2019 2018 2017 Beginning backlog $ 165,863 $ 49,167 $ 217,718 New contracts/change orders 182,495 192,852 25,224 Work performed (105,736 ) (76,156 ) (193,775 ) Ending backlog $ 242,622 $ 165,863 $ 49,167 The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the year ended December 31, 2019 and 2018 (in thousands): Year ended December 31, 2019 Year ended December 31, 2018 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 $ 1,358 $ 3,037 $ 245 $ 3,591 Revenue recognized that was included in the balance at the beginning of the period — (3,037 ) — (3,591 ) Increases due to new billings, excluding amounts recognized as revenue during the period — 6,283 — 4,243 Transferred to receivables (2,557 ) — (245 ) — Construction contract costs and estimated earnings not billed during the period 249 — 352 — Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion 1,199 (977 ) 1,006 (1,206 ) Ending balance $ 249 $ 5,306 $ 1,358 $ 3,037 |
Net position of uncompleted construction contracts | The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Costs incurred on uncompleted construction contracts $ 695,564 $ 594,006 Estimated earnings 24,553 20,375 Billings (725,174 ) (616,060 ) Net position $ (5,057 ) $ (1,679 ) Construction contract costs and estimated earnings in excess of billings $ 249 $ 1,358 Billings in excess of construction contract costs and estimated earnings (5,306 ) (3,037 ) Net position $ (5,057 ) $ (1,679 ) |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following table summarizes the note balance at assumption, fair value at assumption, maturity date, and interest rate for each loan ($ in thousands): Loan name Note balance at assumption Fair value of loan at assumption Loan maturity date Loan interest rate Red Mill North $ 4,451 $ 4,520 12/31/2028 4.73 % Red Mill South 6,310 6,090 5/1/2025 3.57 % Red Mill Central 2,640 2,690 6/17/2024 4.80 % Red Mill West 11,548 11,540 6/1/2022 4.23 % Marketplace at Hilltop 10,740 10,790 10/1/2022 4.42 % $ 35,689 $ 35,630 The Company’s indebtedness comprised the following as of December 31, 2019 and 2018 (dollars in thousands): Principal Balance Interest Rate (a) Maturity Date December 31, December 31, 2019 2018 2019 Secured Debt North Point Center Note 1 (b) $ — $ 9,352 6.45 % February 5, 2019 Lightfoot Marketplace (c) — 10,500 LIBOR + 1.75% October 12, 2023 Hoffler Place (d) 29,059 11,445 LIBOR + 3.24% January 1, 2021 Summit Place (d) 28,824 11,057 LIBOR + 3.24% January 1, 2021 Southgate Square 20,562 21,442 LIBOR + 1.60% April 29, 2021 Encore Apartments (e) 24,842 24,966 3.25 % September 10, 2021 4525 Main Street (e) 31,876 32,034 3.25 % September 10, 2021 Red Mill West 11,296 — 4.23 % June 1, 2022 Thames Street Wharf 70,000 — LIBOR + 1.30% June 26, 2022 Hanbury Village 18,515 19,019 3.78 % August 15, 2022 Marketplace at Hilltop 10,517 — 4.42 % October 1, 2022 1405 Point 53,000 — LIBOR + 2.25% January 1, 2023 Socastee Commons 4,567 4,671 4.57 % January 6, 2023 Sandbridge Commons 8,020 8,258 LIBOR + 1.75% January 17, 2023 Wills Wharf 29,154 — LIBOR + 2.25% June 26, 2023 249 Central Park Retail (f) 16,828 17,045 LIBOR + 1.60% (g) August 10, 2023 Fountain Plaza Retail (f) 10,127 10,257 LIBOR + 1.60% (g) August 10, 2023 South Retail (f) 7,388 7,483 LIBOR + 1.60% (g) August 10, 2023 One City Center 25,286 — LIBOR + 1.85% April 1, 2024 Red Mill Central 2,538 — 4.80 % June 17, 2024 Premier Apartments (h) 16,750 12,873 LIBOR + 1.55% October 31, 2024 Premier Retail (h) 8,250 6,341 LIBOR + 1.55% October 31, 2024 Red Mill South 6,137 — 3.57 % May 1, 2025 Brooks Crossing Office 14,411 6,910 LIBOR + 1.60% July 1, 2025 Market at Mill Creek 14,727 7,283 LIBOR + 1.55% July 12, 2025 Johns Hopkins Village 51,800 52,708 LIBOR + 1.25% (g) August 7, 2025 North Point Center Note 2 2,214 2,346 7.25 % September 15, 2025 Lexington Square 14,696 14,940 4.50 % September 1, 2028 Red Mill North 4,394 — 4.73 % December 31, 2028 Greenside Apartments 34,000 25,902 3.17 % December 15, 2029 Smith's Landing 18,174 18,985 4.05 % June 1, 2035 Liberty Apartments 14,165 14,437 5.66 % November 1, 2043 The Cosmopolitan 43,702 44,468 3.35 % July 1, 2051 Total secured debt $ 645,819 $ 394,722 Unsecured Debt Senior unsecured revolving credit facility 110,000 126,000 LIBOR+1.30%-1.85% January 24, 2024 Senior unsecured term loan 44,500 80,000 LIBOR+1.25%-1.80% January 24, 2025 Senior unsecured term loan 160,500 100,000 LIBOR+1.25%-1.80% (g) January 24, 2025 Total unsecured debt $ 315,000 $ 306,000 Total principal balances $ 960,819 $ 700,722 Unamortized fair value adjustments (878 ) (1,173 ) Unamortized debt issuance costs (9,404 ) (5,310 ) Indebtedness, net $ 950,537 $ 694,239 ________________________________________ (a) LIBOR rate is determined by individual lenders. (b) On January 31, 2019, North Point Note 1 was paid off. (c) On August 15, 2019, Lightfoot Note was paid off upon the sale of the property. (d) Cross collateralized. (e) Cross collateralized. (f) Cross collateralized. (g) Includes debt subject to interest rate swap agreements. (h) Cross collateralized. |
Components of debt | The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Fixed-rate debt $ 488,276 $ 348,426 Variable-rate debt 472,543 352,296 Total principal balance $ 960,819 $ 700,722 |
Scheduled principal repayments and term-loan maturities | Scheduled principal repayments and maturities during each of the next five years and thereafter are as follows (in thousands): Year Ending December 31, Scheduled Principal Payments Maturities Total Payments 2020 $ 10,191 $ — $ 10,191 2021 10,914 132,124 143,038 2022 9,683 106,691 116,374 2023 7,752 124,677 132,429 2024 6,982 157,978 164,960 Thereafter 72,749 321,078 393,827 Total $ 118,271 $ 842,548 $ 960,819 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of LIBOR interest rate caps | During the three years ended December 31, 2019 , the Company had the following LIBOR interest rate caps, which are not designated as cash flow hedges for accounting purposes ($ in thousands): Origination Date Expiration Date Notional Amount Strike Rate Premium Paid 10/26/2015 10/15/2017 $ 75,000 1.25 % $ 137 2/25/2016 3/1/2018 75,000 1.50 % 57 6/17/2016 6/17/2018 70,000 1.00 % 150 2/7/2017 3/1/2019 50,000 1.50 % 187 6/23/2017 7/1/2019 50,000 1.50 % 154 9/18/2017 10/1/2019 50,000 1.50 % 199 11/28/2017 12/1/2019 50,000 1.50 % 359 3/7/2018 4/1/2020 50,000 2.25 % 310 7/16/2018 8/1/2020 50,000 2.50 % 319 12/11/2018 1/1/2021 50,000 2.75 % 210 5/15/2019 6/1/2022 100,000 2.50 % 288 $ 2,370 As of December 31, 2019 , the Company held the following floating-to-fixed interest rate swaps ($ in thousands): Related Debt Notional Amount Index Swap Fixed Rate Debt effective rate Effective Date Expiration Date Senior unsecured term loan $ 50,000 1-month LIBOR 2.00 % 3.45 % 3/1/2016 2/20/2020 Senior unsecured term loan 50,000 1-month LIBOR 2.78 % 4.23 % 5/1/2018 5/1/2023 John Hopkins Village 51,800 (a) 1-month LIBOR 2.94 % 4.19 % 8/7/2018 8/7/2025 Senior unsecured term loan 10,500 (a)(b) 1-month LIBOR 3.02 % 4.47 % 10/12/2018 10/12/2023 249 Central Park Retail, South Retail, and Fountain Plaza Retail 34,342 (a) 1-month LIBOR 2.25 % 3.85 % 4/1/2019 8/10/2023 Senior unsecured term loan 50,000 (a) 1-month LIBOR 2.26 % 3.71 % 4/1/2019 10/26/2022 Total $ 246,642 ________________________________________ (a) Designated as a cash flow hedge. (b) Prior to August 15, 2019, this swap was used as a hedge for the cash flows for the loan secured by Lightfoot Marketplace. |
Schedule of derivatives | The Company’s derivatives comprised the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Fair Value Fair Value Notional Amount Asset Liability Notional Amount Asset Liability Derivatives not designated as accounting hedges Interest rate swaps $ 100,000 $ — $ (1,992 ) $ 100,000 $ 303 $ (749 ) Interest rate caps 250,000 25 — 350,000 1,790 — Total derivatives not designated as accounting hedges 350,000 25 (1,992 ) 450,000 2,093 (749 ) Derivatives designated as accounting hedges Interest rate swaps 146,642 — (5,728 ) 63,208 — (1,725 ) Total derivatives $ 496,642 $ 25 $ (7,720 ) $ 513,208 $ 2,093 $ (2,474 ) |
Schedule of changes in fair value of derivatives | The changes in the fair value of the Company’s derivatives during the years ended December 31, 2019 , 2018 , and 2017 was as follows (in thousands): Years Ended December 31, 2019 2018 2017 Interest rate swaps $ (6,050 ) $ (2,281 ) $ 770 Interest rate caps (2,053 ) (564 ) 357 Total change in fair value of interest rate derivatives $ (8,103 ) $ (2,845 ) $ 1,127 Comprehensive income statement presentation: Change in fair value of interest rate derivatives $ (3,599 ) $ (951 ) $ 1,127 Unrealized cash flow hedge losses (4,504 ) (1,894 ) — Total change in fair value of interest rate derivatives $ (8,103 ) $ (2,845 ) $ 1,127 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Tax treatment of dividends paid | The tax treatment of dividends paid to common stockholders during the years ended December 31, 2019 , 2018 , and 2017 was as follows (unaudited): Years ended December 31, 2019 2018 2017 Capital gains 10.62 % 9.49 % 9.06 % Ordinary income 68.83 % 63.40 % 71.59 % Return of capital 20.55 % 27.11 % 19.35 % Total 100.00 % 100.0 % 100.0 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements | Compensation cost relating to stock-based compensation for the years ended December 31, 2019 , 2018 , and 2017 was recorded as follows (in thousands): Years Ended December 31, 2019 2018 2017 General and administrative expense $ 1,211 $ 1,073 $ 977 General contracting and real estate services expenses 402 213 335 Capitalized in conjunction with development projects 746 661 408 Total stock-based compensation cost $ 2,359 $ 1,947 $ 1,720 |
Summary of the changes in the company's nonvested restricted stock awards | The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2019 : Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2019 125,229 $ 13.68 Granted 154,030 15.43 Vested (134,346 ) 14.39 Forfeited (961 ) 14.24 Nonvested as of December 31, 2019 143,952 $ 14.88 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying amounts and fair values of financial instruments measured based on level two inputs | The carrying amounts and fair values of the Company’s financial instruments as of December 31, 2019 and 2018 were as follows (in thousands): December 31, 2019 2018 Carrying Value Fair Value Carrying Value Fair Value Indebtedness, net $ 950,537 $ 958,421 $ 694,239 $ 688,437 Notes receivable 159,371 159,371 138,683 138,683 Interest rate swap liabilities 7,720 7,720 2,474 2,474 Interest rate swap and cap assets 25 25 2,093 2,093 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of income tax provision | The income tax benefit (provision) for the years ended December 31, 2019 , 2018 , and 2017 comprised the following (in thousands): Years Ended December 31, 2019 2018 2017 Federal income taxes: Current $ 430 $ (14 ) $ (516 ) Deferred (20 ) 37 (131 ) State income taxes: Current 85 (1 ) (62 ) Deferred (4 ) 7 (16 ) Income tax benefit (provision) $ 491 $ 29 $ (725 ) |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of other assets | Other assets were comprised of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Leasing costs, net $ 11,357 $ 10,881 Leasing incentives, net 2,855 3,592 Interest rate swaps and caps 25 2,093 Prepaid expenses and other 12,192 9,836 Preacquisition and predevelopment costs 6,472 1,214 Other assets $ 32,901 $ 27,616 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Summary of other liabilities | Other liabilities were comprised of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Dividends and distributions payable $ 17,477 $ 13,527 Deferred ground rent payable (a) — 9,287 Acquired lease intangibles, net 21,300 12,678 Prepaid rent and other 8,604 3,509 Security deposits 2,673 1,927 Interest rate swaps 7,720 2,475 Guarantee Liability 5,271 2,800 Other liabilities $ 63,045 $ 46,203 ________________________________________ (a) Effective with the adoption of ASC 842 on January 1, 2019, deferred ground rent payable is included in operating lease right-of-use assets on the consolidated balance sheets. |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Acquired Lease Intangibles | |
Summary of the company's acquired lease intangibles | The following table summarizes the Company’s acquired lease intangibles as of December 31, 2019 (in thousands): December 31, 2019 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 112,555 $ 47,341 $ 65,214 Above-market lease assets 7,039 3,551 3,488 Below-market ground lease assets Below-market operating ground lease assets 1,920 352 1,568 Below-market finance ground lease assets 6,629 102 6,527 Below-market lease liabilities 29,575 8,275 21,300 The following table summarizes the Company’s acquired lease intangibles as of December 31, 2018 (in thousands): December 31, 2018 Gross Carrying Accumulated Net Carrying Amount Amortization Amount In-place lease assets $ 57,689 $ 32,370 $ 25,319 Above-market lease assets 4,917 2,676 2,241 Below-market ground lease assets Below-market operating ground lease assets 1,920 299 1,621 Below-market finance ground lease assets (a) — — — Below-market lease liabilities 18,692 6,014 12,678 ________________________________________ (a) All of the Company's leases were classified as Operating Leases prior to 2019. |
Schedule of finite-lived intangible assets | During the years ended December 31, 2019 , 2018 , and 2017 , the Company recognized the following amortization of intangible lease assets and liabilities (in thousands): Years Ended December 31, 2019 2018 2017 Intangible lease assets In-place lease assets $ 14,971 $ 7,676 $ 9,732 Above-market lease assets 875 753 783 Below-market ground lease assets Amortization of below-market operating ground lease assets (a) 53 53 53 Amortization of below-market finance ground lease assets (a)(b) 102 — — Intangible lease liabilities Below-market lease liabilities 2,261 1,754 1,762 ________________________________________ (a) Prior to 2019, Amortization of Below Market Ground Leases was included in Rental Expenses. With the adoption of ASC 842 on 1/1/2019, Amortization of below market ground rents became a component of the amortization of the right-of-use assets of Operating and Finance Leases, respectively. (b) |
Estimated amortization of acquired lease intangibles | Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands): Depreciation and Rental Revenues Amortization Year ending December 31, 2020 $ 1,522 $ 12,360 2021 1,545 9,858 2022 1,552 8,312 2023 1,413 6,823 2024 1,411 5,609 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of guarantees | The following table summarizes the payment guarantees made by the Company as of December 31, 2019 (in thousands): Payment guarantee amount The Residences at Annapolis Junction $ 8,300 Delray Plaza 5,180 Nexton Square 12,600 Interlock Commercial 30,654 Total $ 56,734 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Summary certain selected quarterly financial data | The following tables summarize certain selected quarterly financial data for 2019 and 2018 (in thousands, except per share data): 2019 Quarters First Second Third Fourth Rental revenues $ 30,909 $ 36,378 $ 42,220 $ 41,832 General contracting and real estate services revenues 17,036 21,444 27,638 39,741 Net operating income 21,806 26,333 29,359 28,869 Net income 6,514 5,826 12,063 7,855 Net income attributable to common stockholders 4,884 4,412 7,079 5,223 Net income attributable to common stockholders per share (basic and diluted) $ 0.10 $ 0.08 $ 0.13 $ 0.09 2018 Quarters First Second Third Fourth Rental revenues $ 28,699 $ 28,598 $ 28,930 $ 30,731 General contracting and real estate services revenues 23,050 20,654 19,950 12,705 Net operating income 20,098 19,908 19,964 21,114 Net income 6,983 5,945 5,669 4,895 Net income attributable to common stockholders 5,040 4,319 4,202 3,642 Net income attributable to common stockholders per share (basic and diluted) $ 0.11 $ 0.09 $ 0.09 $ 0.07 |
Business and Organization - Add
Business and Organization - Additional Information (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Business and Organization | ||
Percentage of operating partnerships held | 72.60% | 74.50% |
General Partner | ||
Business and Organization | ||
Percentage of operating partnerships held | 0.10% |
Business and Organization - Sch
Business and Organization - Schedule of Owned Properties (Details) | Dec. 31, 2019 |
4525 Main Street | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Armada Hoffler Tower | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Brooks Crossing Office | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
One City Center | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
One Columbus | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Thames Street Wharf | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Two Columbus | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
249 Central Park Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Alexander Pointe | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Apex Entertainment | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Bermuda Crossroads | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Broad Creek Shopping Center | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Broadmoor Plaza | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Brooks Crossing Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 65.00% |
Columbus Village | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Columbus Village II | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Commerce Street Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Courthouse 7-Eleven | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Dimmock Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Fountain Plaza Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Gainsborough Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Greentree Shopping Center | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Hanbury Village | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Harper Hill Commons | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Harrisonburg Regal | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Indian Lakes Crossing | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Lexington Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Market at Mill Creek (2) | Retail | |
Business and Organization | |
Ownership interest percentage in property | 70.00% |
Marketplace at Hilltop | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
North Hampton Market | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
North Point Center | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Oakland Marketplace | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Parkway Centre | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Parkway Marketplace | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Patterson Place | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Perry Hall Marketplace | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Providence Plaza | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Red Mill Commons | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Renaissance Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Sandbridge Commons | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Socastee Commons | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
South Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
South Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Southgate Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Southshore Shops | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Stone House Square | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Studio 56 Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Tyre Neck Harris Teeter | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Wendover Village | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
1405 Point | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 79.00% |
Encore Apartments | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Greenside Apartments | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Hoffler Place | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 93.00% |
Johns Hopkins Village | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Liberty Apartments | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Premier Apartments | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Smith’s Landing | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Business and Organization - S_2
Business and Organization - Schedule of Properties under development, redevelopment or not yet stabilized (Details) | Dec. 31, 2019 |
Wills Wharf | Office | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Premier Retail | Retail | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Summit Place | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 90.00% |
The Cosmopolitan | Multifamily | |
Business and Organization | |
Ownership interest percentage in property | 100.00% |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) | Jan. 01, 2019USD ($)propertylease | Dec. 31, 2019USD ($)business_segmentextensionshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jan. 01, 2020USD ($) |
Accounting Policies [Line Items] | |||||
Business segments | business_segment | 4 | ||||
Accrued straight-line rental adjustment | $ 3,402,000 | $ 2,731,000 | $ 1,222,000 | ||
Contingent rents included in revenue | 300,000 | 300,000 | 400,000 | ||
Leasing incentive amortization | 700,000 | 700,000 | 800,000 | ||
Interest capitalized | 5,900,000 | 5,000,000 | 1,300,000 | ||
Indirect project costs | 3,100,000 | 3,100,000 | $ 2,400,000 | ||
Capitalized preacquisition development costs | 6,472,000 | 1,214,000 | |||
Impairment charges | 1,500,000 | ||||
Accounts receivable, net | 23,470,000 | 19,016,000 | |||
Allowance for doubtful accounts | $ 300,000 | $ 600,000 | |||
Percentage of taxable income for distributions to stockholders | 90.00% | ||||
Dilutive shares outstanding (in shares) | shares | 0 | 0 | 0 | ||
Number of ground leases | lease | 6 | ||||
Number of properties subject to ground leases | property | 5 | ||||
Maximum optional ground lease extension term | 70 years | ||||
Operating lease right-of-use assets | $ 33,088,000 | ||||
Operating lease liabilities | $ 41,474,000 | ||||
Weighted average discount rate | 5.40% | 0.00% | |||
Option to extend, number | extension | 1 | ||||
Adjustment for uncollectable accounts | $ 511,000 | $ 419,000 | $ 564,000 | ||
Allowances for loan losses | 0 | 0 | |||
Accrued Straight-line Rental Revenue | |||||
Accounting Policies [Line Items] | |||||
Accounts receivable, net | $ 17,900,000 | $ 15,200,000 | |||
Accounting Standards Update 2016-02 | |||||
Accounting Policies [Line Items] | |||||
Operating lease right-of-use assets | $ 32,200,000 | ||||
Operating lease liabilities | $ 41,400,000 | ||||
Weighted average discount rate | 5.40% | ||||
Adjustment for uncollectable accounts | $ 200,000 | ||||
Minimum | |||||
Accounting Policies [Line Items] | |||||
Lease term | 20 years | ||||
Renewal term | 1 year | ||||
Maximum | |||||
Accounting Policies [Line Items] | |||||
Lease term | 65 years | ||||
Renewal term | 15 years | ||||
Forecast | Subsequent Event | Minimum | Accounting Standard Update 2016-13 | |||||
Accounting Policies [Line Items] | |||||
Allowances for loan losses | $ 2,300,000 | ||||
Forecast | Subsequent Event | Maximum | Accounting Standard Update 2016-13 | |||||
Accounting Policies [Line Items] | |||||
Allowances for loan losses | $ 3,300,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 39 years |
Capital improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Capital improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Segments - Net Income of Report
Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information | |||||||||||
Rental revenues | $ 41,832 | $ 42,220 | $ 36,378 | $ 30,909 | $ 30,731 | $ 28,930 | $ 28,598 | $ 28,699 | $ 151,339 | $ 116,958 | $ 108,737 |
Rental expenses | 34,332 | ||||||||||
Rental expenses | 27,222 | 25,422 | |||||||||
Real estate taxes | 14,961 | 11,383 | 10,528 | ||||||||
Segment expenses | 101,538 | 73,628 | 186,590 | ||||||||
Net operating income | 28,869 | 29,359 | 26,333 | 21,806 | 21,114 | 19,964 | 19,908 | 20,098 | |||
Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Net operating income | 106,367 | 81,084 | 80,231 | ||||||||
Operating Segments | Office real estate | |||||||||||
Segment Reporting Information | |||||||||||
Rental revenues | 33,269 | 20,701 | 19,207 | ||||||||
Rental expenses | 8,722 | ||||||||||
Rental expenses | 5,858 | 5,483 | |||||||||
Real estate taxes | 3,471 | 2,034 | 1,859 | ||||||||
Net operating income | 21,076 | 12,809 | 11,865 | ||||||||
Operating Segments | Retail real estate | |||||||||||
Segment Reporting Information | |||||||||||
Rental revenues | 77,593 | 67,959 | 63,109 | ||||||||
Rental expenses | 11,656 | ||||||||||
Rental expenses | 10,903 | 10,234 | |||||||||
Real estate taxes | 7,916 | 6,801 | 6,175 | ||||||||
Net operating income | 58,021 | 50,255 | 46,700 | ||||||||
Operating Segments | Multifamily residential real estate | |||||||||||
Segment Reporting Information | |||||||||||
Rental revenues | 40,477 | 28,298 | 26,421 | ||||||||
Rental expenses | 13,954 | ||||||||||
Rental expenses | 10,461 | 9,705 | |||||||||
Real estate taxes | 3,574 | 2,548 | 2,494 | ||||||||
Net operating income | 22,949 | 15,289 | 14,222 | ||||||||
Operating Segments | General contracting and real estate services | |||||||||||
Segment Reporting Information | |||||||||||
Net operating income | 4,321 | 2,731 | 7,444 | ||||||||
General contracting and real estate services revenues | |||||||||||
Segment Reporting Information | |||||||||||
Segment revenues | $ 39,741 | $ 27,638 | $ 21,444 | $ 17,036 | $ 12,705 | $ 19,950 | $ 20,654 | $ 23,050 | 105,859 | 76,359 | 194,034 |
General contracting and real estate services revenues | Operating Segments | General contracting and real estate services | |||||||||||
Segment Reporting Information | |||||||||||
Segment revenues | 105,859 | 76,359 | 194,034 | ||||||||
Segment expenses | $ 101,538 | $ 73,628 | $ 186,590 |
Segments - Additional informati
Segments - Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information | |||||||||||
General contracting and real estate services expenses | $ 101,538 | $ 73,628 | $ 186,590 | ||||||||
General contracting and real estate services revenues | |||||||||||
Segment Reporting Information | |||||||||||
General contracting and real estate services revenues | $ 39,741 | $ 27,638 | $ 21,444 | $ 17,036 | $ 12,705 | $ 19,950 | $ 20,654 | $ 23,050 | 105,859 | 76,359 | 194,034 |
General contracting and real estate services revenues | General contracting and real estate services | Intersegment Eliminations | |||||||||||
Segment Reporting Information | |||||||||||
General contracting and real estate services revenues | 99,900 | 134,400 | 51,500 | ||||||||
General contracting and real estate services expenses | $ 99,000 | $ 133,400 | $ 51,000 |
Segments - Reconciliation of Ne
Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information | |||||||||||
Net operating income | $ 28,869 | $ 29,359 | $ 26,333 | $ 21,806 | $ 21,114 | $ 19,964 | $ 19,908 | $ 20,098 | |||
Depreciation and amortization | $ (54,564) | $ (39,913) | $ (37,321) | ||||||||
Amortization of right-of-use assets - finance leases | (377) | ||||||||||
General and administrative expenses | (12,392) | (11,431) | (10,435) | ||||||||
Acquisition, development and other pursuit costs | (844) | (352) | (648) | ||||||||
Impairment charges | (252) | (1,619) | (110) | ||||||||
Gain on real estate dispositions | 4,699 | 4,254 | 8,087 | ||||||||
Interest income | 23,215 | 10,729 | 7,077 | ||||||||
Interest expense on indebtedness | (30,776) | (19,087) | (17,439) | ||||||||
Interest expense on finance leases | (568) | 0 | 0 | ||||||||
Equity in income of unconsolidated real estate entities | 273 | 372 | 0 | ||||||||
Change in fair value of interest rate derivatives | (3,599) | (951) | 1,127 | ||||||||
Other income (expense), net | 585 | 377 | 81 | ||||||||
Income tax benefit (provision) | 491 | 29 | (725) | ||||||||
Net income | $ 7,855 | $ 12,063 | $ 5,826 | $ 6,514 | $ 4,895 | $ 5,669 | $ 5,945 | $ 6,983 | 32,258 | 23,492 | 29,925 |
Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Net operating income | 106,367 | 81,084 | 80,231 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information | |||||||||||
Depreciation and amortization | (54,564) | (39,913) | (37,321) | ||||||||
Amortization of right-of-use assets - finance leases | (377) | 0 | 0 | ||||||||
General and administrative expenses | (12,392) | (11,431) | (10,435) | ||||||||
Acquisition, development and other pursuit costs | (844) | (352) | (648) | ||||||||
Impairment charges | (252) | (1,619) | (110) | ||||||||
Gain on real estate dispositions | 4,699 | 4,254 | 8,087 | ||||||||
Interest income | 23,215 | 10,729 | 7,077 | ||||||||
Interest expense on indebtedness | (30,776) | (19,087) | (17,439) | ||||||||
Interest expense on finance leases | (568) | 0 | 0 | ||||||||
Equity in income of unconsolidated real estate entities | 273 | 372 | 0 | ||||||||
Loss on extinguishment of debt | 0 | (11) | (50) | ||||||||
Change in fair value of interest rate derivatives | (3,599) | (951) | 1,127 | ||||||||
Other income (expense), net | 585 | 388 | 131 | ||||||||
Income tax benefit (provision) | $ 491 | $ 29 | $ (725) |
Leases - Operating lease costs
Leases - Operating lease costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating lease cost | $ 2,700 | $ 2,962 | $ 2,686 |
Finance lease cost: | |||
Amortization of right-of-use assets - finance leases | 369 | 0 | 0 |
Interest expense on finance leases | 568 | 0 | 0 |
Operating cash flows from operating leases | 1,969 | 2,354 | 2,103 |
Operating cash flows from finance leases | $ 533 | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information Related to Leases (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Weighted Average Remaining Lease Term (years) | ||
Operating leases | 45 years 4 months 24 days | 46 years 2 months 12 days |
Finance leases | 41 years 2 months 12 days | 0 years |
Weighted Average Discount Rate | ||
Operating leases | 5.40% | 0.00% |
Finance leases | 5.20% | 0.00% |
Leases - Lessee, Maturities of
Leases - Lessee, Maturities of Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
2019 (excluding nine months ended September 30, 2019) | $ 2,080 |
2020 | 2,137 |
2021 | 2,361 |
2022 | 2,400 |
2023 | 2,436 |
Thereafter | 103,524 |
Total undiscounted cash flows | 114,938 |
Present value discount | (73,464) |
Discounted cash flows | 41,474 |
Finance Leases | |
2019 (excluding nine months ended September 30, 2019) | 864 |
2020 | 864 |
2021 | 868 |
2022 | 873 |
2023 | 888 |
Thereafter | 43,014 |
Total undiscounted cash flows | 47,371 |
Present value discount | (29,468) |
Discounted cash flows | $ 17,903 |
Leases - Lessor, Rental Income
Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Base rent and tenant charges | $ 147,309 | $ 114,012 | $ 107,320 |
Accrued straight-line rental adjustment | 3,402 | 2,731 | 1,222 |
Lease incentive amortization | (739) | (732) | (785) |
Above/below market lease amortization | 1,367 | 947 | 980 |
Total rental revenue | $ 151,339 | $ 116,958 | $ 108,737 |
Leases - Lessor, Payments to be
Leases - Lessor, Payments to be Received (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 96,374 |
2021 | 90,165 |
2022 | 82,862 |
2023 | 72,673 |
2024 | 61,926 |
Thereafter | 266,467 |
Total | $ 670,467 |
Real Estate Investments and E_3
Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | |||
Land | $ 275,523 | $ 213,632 | |
Land improvements | 58,636 | 53,521 | |
Buildings and improvements | 1,138,829 | 791,719 | |
Development and construction costs | 133,336 | 117,714 | |
Real estate investments | 1,606,324 | 1,176,586 | $ 994,437 |
Income producing property | |||
Real Estate Properties [Line Items] | |||
Land | 263,258 | 192,677 | |
Land improvements | 58,636 | 53,521 | |
Buildings and improvements | 1,138,829 | 791,719 | |
Development and construction costs | 0 | 0 | |
Real estate investments | 1,460,723 | 1,037,917 | |
Held for development | |||
Real Estate Properties [Line Items] | |||
Land | 5,000 | 2,994 | |
Land improvements | 0 | 0 | |
Buildings and improvements | 0 | 0 | |
Development and construction costs | 0 | 0 | |
Real estate investments | 5,000 | 2,994 | |
Construction in progress | |||
Real Estate Properties [Line Items] | |||
Land | 7,265 | 17,961 | |
Land improvements | 0 | 0 | |
Buildings and improvements | 0 | 0 | |
Development and construction costs | 133,336 | 117,714 | |
Real estate investments | $ 140,601 | $ 135,675 |
Real Estate Investments and E_4
Real Estate Investments and Equity Method Investments - Operating Property Acquisitions (Details) $ / shares in Units, $ in Thousands, shares in Millions | Jun. 26, 2019USD ($) | May 23, 2019USD ($)$ / sharesshares | May 22, 2019USD ($)$ / shares | Apr. 24, 2019USD ($) | Mar. 14, 2019USD ($) | Feb. 06, 2019USD ($) | Aug. 28, 2018USD ($) | Jan. 29, 2018USD ($) | Jan. 09, 2018USD ($) | Jul. 25, 2017USD ($) | Dec. 31, 2019property | Dec. 31, 2018property | Dec. 27, 2019USD ($) |
Real Estate [Line Items] | |||||||||||||
Number of operating properties acquired | property | 6 | 3 | |||||||||||
Wendover Village | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Purchase price | $ 2,700 | ||||||||||||
Capitalized acquisition costs | $ 100 | ||||||||||||
Durham City Center | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Purchase price | $ 23,000 | ||||||||||||
Capitalized acquisition costs | 100 | ||||||||||||
Acquisition, cash consideration | $ 23,200 | ||||||||||||
1405 Point | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Capitalized acquisition costs | $ 100 | ||||||||||||
Acquisition, cash consideration | $ 300 | ||||||||||||
Option to acquire additional interest | 79.00% | ||||||||||||
Allowance for loan and lease losses write-offs, net | $ 31,300 | ||||||||||||
Loans payable | 64,900 | $ 53,000 | |||||||||||
Loans payable, fair value disclosure | $ 65,800 | ||||||||||||
Red Mill Commons And Marketplace At Hilltop | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Loans payable, fair value disclosure | $ 35,630 | ||||||||||||
Acquisition, assumption of debt | 35,689 | ||||||||||||
Thames Street Wharf | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Capitalized acquisition costs | $ 300 | ||||||||||||
Acquisition, cash consideration | $ 101,000 | ||||||||||||
Indian Lakes Crossing | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Purchase price | $ 14,700 | ||||||||||||
Capitalized acquisition costs | $ 200 | ||||||||||||
Parkway Centre | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Purchase price | $ 11,300 | ||||||||||||
Capitalized acquisition costs | 300 | ||||||||||||
Acquisition, cash consideration | 9,600 | ||||||||||||
Equity interests issued and issuable | $ 1,700 | ||||||||||||
Lexington Square | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Purchase price | $ 27,000 | ||||||||||||
Capitalized acquisition costs | 400 | ||||||||||||
Acquisition, cash consideration | 24,200 | ||||||||||||
Equity interests issued and issuable | $ 2,800 | ||||||||||||
Greensboro, North Carolina | Wendover Village | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Payments for purchase of land | $ 14,300 | ||||||||||||
Capitalized acquisition costs | $ 100 | ||||||||||||
Office And Retail Portions | Durham City Center II LLC | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Interests in equity method investments | 37.00% | ||||||||||||
Operating Partnership | Red Mill Commons And Marketplace At Hilltop | |||||||||||||
Real Estate [Line Items] | |||||||||||||
Purchase price | 109,300 | $ 105,000 | |||||||||||
Capitalized acquisition costs | 1,100 | ||||||||||||
Acquisition, cash consideration | 4,500 | ||||||||||||
Acquisition, assumption of debt | $ 35,600 | $ 35,700 | |||||||||||
Acquisition, common units/shares issued (in shares) | shares | 4.1 | ||||||||||||
Future sale period for properties in limited number of cases | 10 years | ||||||||||||
Business acquisition, share price | $ / shares | $ 16.50 | $ 15.55 | |||||||||||
Equity interests issued and issuable | $ 68,100 |
Real Estate Investments and E_5
Real Estate Investments and Equity Method Investments - Summary of the Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jul. 25, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Wendover Village | |||
Business Acquisition [Line Items] | |||
Land | $ 1,633 | ||
Below-market leases | 0 | ||
Finance lease liabilities | 0 | ||
Finance lease right-of-use assets | 0 | ||
Net assets acquired | 2,783 | ||
One City Center | |||
Business Acquisition [Line Items] | |||
Land | 2,678 | ||
Below-market leases | 0 | ||
Finance lease liabilities | 0 | ||
Finance lease right-of-use assets | 0 | ||
Net assets acquired | 46,020 | ||
1405 Point | |||
Business Acquisition [Line Items] | |||
Land | 0 | ||
Below-market leases | 0 | ||
Finance lease liabilities | (8,671) | ||
Finance lease right-of-use assets | 11,730 | ||
Net assets acquired | 101,896 | ||
Red Mill Commons | |||
Business Acquisition [Line Items] | |||
Land | 44,252 | ||
Below-market leases | (6,221) | ||
Finance lease liabilities | 0 | ||
Finance lease right-of-use assets | 0 | ||
Net assets acquired | 79,815 | ||
Marketplace at Hilltop | |||
Business Acquisition [Line Items] | |||
Land | 2,023 | ||
Below-market leases | (1,136) | ||
Finance lease liabilities | (9,200) | ||
Finance lease right-of-use assets | 12,770 | ||
Net assets acquired | 29,507 | ||
Thames Street Wharf | |||
Business Acquisition [Line Items] | |||
Land | 15,861 | ||
Below-market leases | (3,636) | ||
Finance lease liabilities | 0 | ||
Finance lease right-of-use assets | 0 | ||
Net assets acquired | 101,299 | ||
Indian Lakes Crossing | |||
Business Acquisition [Line Items] | |||
Land | $ 10,926 | ||
Below-market leases | (175) | ||
Net assets acquired | 14,854 | ||
Parkway Centre | |||
Business Acquisition [Line Items] | |||
Land | 1,372 | ||
Below-market leases | (10) | ||
Net assets acquired | 11,572 | ||
Lexington Square | |||
Business Acquisition [Line Items] | |||
Land | 3,036 | ||
Below-market leases | (447) | ||
Net assets acquired | 24,574 | ||
Wendover Village Ourparcel Phase | |||
Business Acquisition [Line Items] | |||
Land | $ 5,550 | ||
Below-market leases | (50) | ||
Net assets acquired | 14,418 | ||
Site improvements | Wendover Village | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 50 | ||
Site improvements | One City Center | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 163 | ||
Site improvements | 1405 Point | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 298 | ||
Site improvements | Red Mill Commons | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 2,558 | ||
Site improvements | Marketplace at Hilltop | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 691 | ||
Site improvements | Thames Street Wharf | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 150 | ||
Site improvements | Indian Lakes Crossing | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 531 | ||
Site improvements | Parkway Centre | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 696 | ||
Site improvements | Lexington Square | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 7,396 | ||
Site improvements | Wendover Village Ourparcel Phase | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 232 | ||
Building and improvements | Wendover Village | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 888 | ||
Building and improvements | One City Center | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 28,039 | ||
Building and improvements | 1405 Point | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 92,866 | ||
Building and improvements | Red Mill Commons | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 27,790 | ||
Building and improvements | Marketplace at Hilltop | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 19,195 | ||
Building and improvements | Thames Street Wharf | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 64,539 | ||
Building and improvements | Indian Lakes Crossing | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 1,913 | ||
Building and improvements | Parkway Centre | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 7,168 | ||
Building and improvements | Lexington Square | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 10,387 | ||
Building and improvements | Wendover Village Ourparcel Phase | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 6,977 | ||
Furniture and Fixtures | Wendover Village | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 0 | ||
Furniture and Fixtures | One City Center | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 0 | ||
Furniture and Fixtures | 1405 Point | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 2,302 | ||
Furniture and Fixtures | Red Mill Commons | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 0 | ||
Furniture and Fixtures | Marketplace at Hilltop | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 0 | ||
Furniture and Fixtures | Thames Street Wharf | |||
Business Acquisition [Line Items] | |||
Property, plant, and equipment | 0 | ||
In-place lease assets | Wendover Village | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 101 | ||
In-place lease assets | One City Center | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 15,140 | ||
In-place lease assets | 1405 Point | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 3,371 | ||
In-place lease assets | Red Mill Commons | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 9,973 | ||
In-place lease assets | Marketplace at Hilltop | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 4,565 | ||
In-place lease assets | Thames Street Wharf | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 24,385 | ||
In-place lease assets | Indian Lakes Crossing | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 1,648 | ||
In-place lease assets | Parkway Centre | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 2,346 | ||
In-place lease assets | Lexington Square | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 4,113 | ||
In-place lease assets | Wendover Village Ourparcel Phase | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 1,382 | ||
Above-market leases | Wendover Village | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 111 | ||
Above-market leases | One City Center | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 0 | ||
Above-market leases | 1405 Point | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 0 | ||
Above-market leases | Red Mill Commons | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 1,463 | ||
Above-market leases | Marketplace at Hilltop | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 599 | ||
Above-market leases | Thames Street Wharf | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | $ 0 | ||
Above-market leases | Indian Lakes Crossing | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 11 | ||
Above-market leases | Parkway Centre | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 0 | ||
Above-market leases | Lexington Square | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | $ 89 | ||
Above-market leases | Wendover Village Ourparcel Phase | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | $ 327 |
Real Estate Investments and E_6
Real Estate Investments and Equity Method Investments - Other Real Estate Transactions (Details) | Jan. 10, 2020USD ($) | Oct. 25, 2019USD ($) | Oct. 15, 2019 | Aug. 15, 2019USD ($) | Apr. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 20, 2018USD ($) | Jul. 02, 2018renewal_term | May 24, 2018USD ($) | Apr. 02, 2018USD ($) | Feb. 16, 2018USD ($) | Jan. 29, 2018USD ($) | Aug. 10, 2017USD ($) | Jul. 13, 2017USD ($)property | Jul. 11, 2017USD ($) | Jan. 20, 2017USD ($) | Jan. 04, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 18, 2018 |
Real Estate [Line Items] | |||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 32,944,000 | $ 34,673,000 | $ 12,557,000 | ||||||||||||||||||
Charleston, South Carolina | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Payments for purchase of land | $ 7,200,000 | $ 7,100,000 | |||||||||||||||||||
Capitalized acquisition costs | $ 100,000 | $ 200,000 | |||||||||||||||||||
Chesterfield, Virginia | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Payments for purchase of land | $ 2,400,000 | ||||||||||||||||||||
Capitalized acquisition costs | $ 100,000 | ||||||||||||||||||||
Chesterfield, Virginia | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 25,900,000 | ||||||||||||||||||||
Gain (loss) on disposition of property | $ 3,400,000 | ||||||||||||||||||||
Broad Creek Shopping Center | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 2,400,000 | ||||||||||||||||||||
Gain (loss) on disposition of property | $ 800,000 | ||||||||||||||||||||
Chesapeake And Virginia Beach, Virginia | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Number of properties | property | 2 | ||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 7,900,000 | ||||||||||||||||||||
Gain (loss) on disposition of property | $ 4,200,000 | ||||||||||||||||||||
Sandbridge Commons | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Gain (loss) on disposition of property | $ 500,000 | ||||||||||||||||||||
Proceeds from sale of land | $ 300,000 | ||||||||||||||||||||
Lightfoot Marketplace | Lightfoot Marketplace | Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 30,300,000 | ||||||||||||||||||||
Gain (loss) on disposition of property | 4,500,000 | ||||||||||||||||||||
Waynesboro Commons | Waynesboro Commons | Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 1,100,000 | ||||||||||||||||||||
Market At Mill Creek Partners, LLC | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Payments for purchase of land | $ 2,900,000 | ||||||||||||||||||||
Capitalized acquisition costs | $ 100,000 | ||||||||||||||||||||
Percentage of ownership | 70.00% | ||||||||||||||||||||
Brooks Crossing | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Payments for purchase of land | $ 100,000 | ||||||||||||||||||||
Indian Lakes Crossing | Wawa Outparcel | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Dispositions of real estate investments, net of selling costs | $ 4,400,000 | ||||||||||||||||||||
Gain (loss) on disposition of property | $ 0 | ||||||||||||||||||||
Wills Wharf | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Lease term | 5 years | ||||||||||||||||||||
Number of renewal terms | renewal_term | 10 | ||||||||||||||||||||
Extension term | 7 years | ||||||||||||||||||||
Greentree Shopping Center | Wawa | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Net proceeds after transaction costs and tax protection payments | $ 4,400,000 | ||||||||||||||||||||
Gain (loss) on disposition of property | $ 3,400,000 | ||||||||||||||||||||
Subsequent Event | Charlotte, NC | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Payments for purchase of land | $ 6,300,000 | ||||||||||||||||||||
Line of Credit | Secured Debt | Lightfoot Marketplace | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Repayment of debt | $ 17,900,000 | ||||||||||||||||||||
1023 Roswell, LLC | Primary Beneficiary | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Ownership percentage | 80.00% | ||||||||||||||||||||
Variable Interest Entity, Funding Commitment | $ 5,000,000 | ||||||||||||||||||||
1023 Roswell, LLC | Rosewell, Georgia | |||||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||||
Payments for purchase of land | $ 5,000,000 |
Real Estate Investments and E_7
Real Estate Investments and Equity Method Investments - Equity Method Investments (Details) | Mar. 14, 2019USD ($) | Mar. 13, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 25, 2016story |
Real Estate [Line Items] | ||||||
Income from equity method investment | $ 273,000 | $ 372,000 | $ 0 | |||
22-story mixed use tower | Durham City Center II LLC | ||||||
Real Estate [Line Items] | ||||||
Interests in equity method investments | 37.00% | |||||
Number stories in the mixed use tower | story | 22 | |||||
Payments to acquire equity method investments | $ 500,000 | 7,300,000 | 11,200,000 | |||
Income from equity method investment | 0 | |||||
Dividends from equity investment | $ 300,000 | $ 400,000 | $ 0 | |||
Office And Retail Portions | Durham City Center II LLC | ||||||
Real Estate [Line Items] | ||||||
Interests in equity method investments | 37.00% | |||||
Durham City Center | ||||||
Real Estate [Line Items] | ||||||
Acquisition, cash consideration | $ 23,200,000 |
Notes Receivable (Summary of Me
Notes Receivable (Summary of Mezzanine Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Jan. 08, 2019 | Dec. 21, 2018 | Dec. 04, 2018 | Oct. 27, 2017 | May 15, 2017 | |
Notes Receivable | |||||||||
Notes receivable guarantee premium | $ 5,271 | $ 2,800 | |||||||
Notes receivable discount, net | 0 | (4,489) | |||||||
Total notes receivable | 159,371 | 138,683 | |||||||
Interest income | 23,215 | 10,729 | $ 7,077 | ||||||
Mezzanine Loan | |||||||||
Notes Receivable | |||||||||
Outstanding loan amount | 152,953 | 139,097 | |||||||
Maximum loan commitment | 276,910 | ||||||||
Interest income | 23,127 | 10,651 | 7,071 | ||||||
Other notes receivable | |||||||||
Notes Receivable | |||||||||
Outstanding loan amount | 1,147 | 1,275 | |||||||
Interest income | 88 | 78 | 6 | ||||||
1405 Point | Mezzanine Loan | |||||||||
Notes Receivable | |||||||||
Outstanding loan amount | 0 | 30,238 | |||||||
Maximum loan commitment | $ 31,032 | ||||||||
Interest rate | 8.00% | ||||||||
Interest income | $ 783 | 2,080 | 1,741 | ||||||
The Residences at Annapolis Junction | Mezzanine Loan | |||||||||
Notes Receivable | |||||||||
Outstanding loan amount | 40,049 | 36,361 | |||||||
Maximum loan commitment | $ 48,105 | ||||||||
Interest rate | 10.00% | ||||||||
Interest income | $ 8,776 | 4,939 | 4,132 | ||||||
North Decatur Square | Mezzanine Loan | |||||||||
Notes Receivable | |||||||||
Outstanding loan amount | 0 | 18,521 | |||||||
Maximum loan commitment | $ 29,673 | 29,700 | $ 21,800 | ||||||
Interest rate | 15.00% | ||||||||
Interest income | $ 1,509 | 2,212 | 1,035 | ||||||
Delray Plaza | Mezzanine Loan | |||||||||
Notes Receivable | |||||||||
Outstanding loan amount | 12,995 | 7,032 | |||||||
Maximum loan commitment | $ 15,000 | $ 15,000 | $ 13,100 | ||||||
Interest rate | 15.00% | 15.00% | |||||||
Interest income | $ 1,622 | 928 | 163 | ||||||
Nexton Square | Mezzanine Loan | |||||||||
Notes Receivable | |||||||||
Outstanding loan amount | 15,097 | 14,855 | |||||||
Maximum loan commitment | $ 17,000 | ||||||||
Interest rate | 10.00% | 15.00% | 15.00% | ||||||
Interest income | $ 1,962 | 235 | 0 | ||||||
Interlock Commercial | Mezzanine Loan | |||||||||
Notes Receivable | |||||||||
Outstanding loan amount | 59,224 | 18,269 | |||||||
Maximum loan commitment | $ 95,000 | $ 95,000 | |||||||
Interest rate | 15.00% | ||||||||
Interest income | $ 6,142 | 202 | 0 | ||||||
Solis Apartments at Interlock | Mezzanine Loan | |||||||||
Notes Receivable | |||||||||
Outstanding loan amount | 25,588 | 13,821 | |||||||
Maximum loan commitment | $ 41,100 | $ 41,100 | |||||||
Interest rate | 13.00% | ||||||||
Interest income | $ 2,333 | $ 55 | $ 0 |
Notes Receivable (Details)
Notes Receivable (Details) ft² in Thousands | Dec. 27, 2019USD ($) | Jul. 22, 2019USD ($) | Apr. 24, 2019USD ($) | Feb. 08, 2019USD ($) | Dec. 21, 2018USD ($) | Dec. 04, 2018 | Nov. 16, 2018USD ($) | Sep. 30, 2016USD ($) | Oct. 15, 2015USD ($) | Aug. 31, 2018USD ($)building | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019 | Apr. 19, 2019USD ($) | Jan. 08, 2019USD ($) | Nov. 07, 2018USD ($) | Oct. 31, 2018USD ($) | Oct. 27, 2017USD ($) | May 15, 2017USD ($) | Apr. 21, 2016USD ($)ft²unitroom |
Notes Receivable | |||||||||||||||||||||
Allowances for loan losses | $ 0 | $ 0 | |||||||||||||||||||
Provision for loan losses | 0 | 0 | $ 0 | ||||||||||||||||||
Debt repayments | 270,851,000 | 173,855,000 | $ 160,661,000 | ||||||||||||||||||
Guaranty liabilities | 5,271,000 | 2,800,000 | |||||||||||||||||||
Financial Guarantee | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | 56,734,000 | ||||||||||||||||||||
Annapolis Junction Town Center | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Number of residential units | unit | 416 | ||||||||||||||||||||
Area of retail space | ft² | 17 | ||||||||||||||||||||
Period after completion to exercise purchase option | 1 year | ||||||||||||||||||||
Note receivable maximum principal balance | $ 48,100,000 | ||||||||||||||||||||
Number of rooms (room) | room | 150 | ||||||||||||||||||||
Interest acquired | 88.00% | ||||||||||||||||||||
Purchase option price as percentage of lessor of budget or cost, first option | 91.00% | ||||||||||||||||||||
Option to acquire additional interest | 8.00% | ||||||||||||||||||||
Purchase option price as percentage of lessor of budget or cost, second option | 9.00% | ||||||||||||||||||||
Period after completion to exercise additional purchase option | 27 months | ||||||||||||||||||||
Annapolis Junction Town Center | Loans Receivable | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||||
Annapolis Junction Town Center | Financial Guarantee | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | $ 25,000,000 | ||||||||||||||||||||
Annapolis Junction Town Center | Annapolis Junction Apartments Owner LLC | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Construction loan (up to) | $ 60,000,000 | ||||||||||||||||||||
The Residences at Annapolis Junction | Financial Guarantee | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | 8,300,000 | ||||||||||||||||||||
The Residences at Annapolis Junction | Annapolis Junction Apartments Owner LLC | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Loan modification fee | $ 5,000,000 | ||||||||||||||||||||
Payment for debt extinguishment fee | 3,000,000 | ||||||||||||||||||||
Selling price | 5,000,000 | ||||||||||||||||||||
Debt repayments | 11,100,000 | ||||||||||||||||||||
Repayment of accrued interest | 9,900,000 | ||||||||||||||||||||
Repayments of principal | 1,200,000 | ||||||||||||||||||||
Delray Plaza | Financial Guarantee | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | $ 5,180,000 | $ 4,800,000 | |||||||||||||||||||
Shopping Center In Summerville, South Carolina | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Number of buildings | building | 16 | ||||||||||||||||||||
Nexton Square | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations percentage | 50.00% | ||||||||||||||||||||
Nexton Square | Financial Guarantee | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | $ 12,600,000 | $ 12,600,000 | |||||||||||||||||||
Interlock Commercial | Financial Guarantee | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | 30,654,000 | ||||||||||||||||||||
Decatur, Georgia | Whole Foods Anchored Center | Loans Receivable | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Investment in development | $ 34,000,000 | ||||||||||||||||||||
Delray Beach, Florida | Whole Foods Anchored Center | Loans Receivable | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Investment in development | 20,000,000 | ||||||||||||||||||||
Mezzanine Loan | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum loan commitment | 276,910,000 | ||||||||||||||||||||
Notes receivable | 152,953,000 | 139,097,000 | |||||||||||||||||||
Mezzanine Loan | 1405 Point | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum loan commitment | $ 31,032,000 | ||||||||||||||||||||
Interest rate | 8.00% | ||||||||||||||||||||
Notes receivable | $ 0 | 30,238,000 | |||||||||||||||||||
Mezzanine Loan | The Residences at Annapolis Junction | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum loan commitment | $ 48,105,000 | ||||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||||
Interest income, exit fees | $ 500,000 | ||||||||||||||||||||
Notes receivable | 40,049,000 | 36,361,000 | |||||||||||||||||||
Mezzanine Loan | North Decatur Square | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum loan commitment | $ 29,673,000 | 29,700,000 | $ 21,800,000 | ||||||||||||||||||
Interest rate | 15.00% | ||||||||||||||||||||
Notes receivable | $ 0 | 18,521,000 | |||||||||||||||||||
Proceeds from collection of loans receivable | $ 20,000,000 | ||||||||||||||||||||
Mezzanine Loan | Delray Plaza | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum loan commitment | $ 15,000,000 | $ 15,000,000 | $ 13,100,000 | ||||||||||||||||||
Interest rate | 15.00% | 15.00% | |||||||||||||||||||
Notes receivable | $ 12,995,000 | 7,032,000 | |||||||||||||||||||
Mezzanine Loan | Delray Plaza | Financial Guarantee | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | $ 5,200,000 | ||||||||||||||||||||
Mezzanine Loan | Nexton Square | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum loan commitment | $ 17,000,000 | ||||||||||||||||||||
Interest rate | 15.00% | 10.00% | 15.00% | ||||||||||||||||||
Interest rate, upon completion of portion of project | 10.00% | ||||||||||||||||||||
Notes receivable | $ 15,097,000 | 14,855,000 | |||||||||||||||||||
Proceeds from collection of loans receivable | 2,100,000 | ||||||||||||||||||||
Mezzanine Loan | Interlock Commercial | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum loan commitment | $ 95,000,000 | $ 95,000,000 | |||||||||||||||||||
Interest rate | 15.00% | ||||||||||||||||||||
Interest income, exit fees | $ 600,000 | ||||||||||||||||||||
Notes receivable | 59,224,000 | 18,269,000 | |||||||||||||||||||
Maximum commitment, excluding accrued interest reserves | $ 67,000,000 | ||||||||||||||||||||
Financing receivable term | 24 months | ||||||||||||||||||||
Financing receivable term extension option | 5 years | ||||||||||||||||||||
Mezzanine Loan | Solis Apartments At Interlock | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum commitment, excluding accrued interest reserves | $ 25,200,000 | ||||||||||||||||||||
Mezzanine Loan | Solis Apartments at Interlock | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum loan commitment | $ 41,100,000 | $ 41,100,000 | |||||||||||||||||||
Interest rate | 13.00% | ||||||||||||||||||||
Notes receivable | $ 25,588,000 | $ 13,821,000 | |||||||||||||||||||
Bridge Loan | Nexton Square | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Maximum loan commitment | $ 4,900,000 | ||||||||||||||||||||
Construction Loans | SC Summerville Brighton, LLC | Line of Credit | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Aggregate capacity under the credit facility | $ 25,200,000 | ||||||||||||||||||||
Construction Loans | Interlock Commercial | Financial Guarantee | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | $ 30,700,000 | ||||||||||||||||||||
Bridge Loan | The Residences at Annapolis Junction | Annapolis Junction Apartments Owner LLC | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Guarantor obligations of the senior construction loan (up to) | 8,300,000 | ||||||||||||||||||||
Debt, face value | $ 83,000,000 | ||||||||||||||||||||
Bridge Loan | Shopping Center In Summerville, South Carolina | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Notes receivable | $ 2,200,000 | ||||||||||||||||||||
Bridge Loan | Interlock Commercial | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Notes receivable | $ 4,000,000 | ||||||||||||||||||||
First Purchase Option | 1405 Point | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Acquisition, cash consideration | $ 300,000 | ||||||||||||||||||||
Option to acquire additional interest | 79.00% | ||||||||||||||||||||
First Purchase Option | Annapolis Junction Town Center | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Interest acquired | 80.00% | ||||||||||||||||||||
1405 Point | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
Commitment to invest in a development project (up to) | $ 28,200,000 | ||||||||||||||||||||
Acquisition, cash consideration | $ 300,000 | ||||||||||||||||||||
Loans payable | $ 53,000,000 | $ 64,900,000 | |||||||||||||||||||
Option to acquire additional interest | 79.00% | ||||||||||||||||||||
Debt repayments | $ 12,300,000 |
Construction Contracts (Summary
Construction Contracts (Summary of Costs in Excess of Billings and Billings in Excess of Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change In Contract With Customer, Asset [Roll Forward] | ||
Beginning balance | $ 1,358 | $ 245 |
Transferred to receivables | (2,557) | (245) |
Construction contract costs and estimated earnings not billed during the period | 249 | 352 |
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion | 1,199 | 1,006 |
Ending balance | 249 | 1,358 |
Change In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | 3,037 | 3,591 |
Revenue recognized that was included in the balance at the beginning of the period | (3,037) | (3,591) |
Increases due to new billings, excluding amounts recognized as revenue during the period | 6,283 | 4,243 |
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion | (977) | (1,206) |
Ending balance | $ 5,306 | $ 3,037 |
Construction Contracts - Additi
Construction Contracts - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contractors [Abstract] | |||
Deferred precontract costs | $ 900 | $ 1,400 | |
Amortization of pre-contract costs | 600 | 100 | |
Construction receivables retentions | 9,000 | 8,500 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Retention payable | 5,306 | 3,037 | $ 3,591 |
Construction | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Retention payable | $ 18,000 | $ 21,600 |
Construction Contracts (Net Pos
Construction Contracts (Net Position of Uncompleted Construction Contracts) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contractors [Abstract] | ||
Costs incurred on uncompleted construction contracts | $ 695,564 | $ 594,006 |
Estimated earnings | 24,553 | 20,375 |
Billings | (725,174) | (616,060) |
Net position | (5,057) | (1,679) |
Construction contract costs and estimated earnings in excess of billings | 249 | 1,358 |
Billings in excess of construction contract costs and estimated earnings | $ (5,306) | $ (3,037) |
Construction Contracts (Summa_2
Construction Contracts (Summary of Backlog) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Remaining Performance Obligation [Roll Forward] | |||
Beginning backlog | $ 165,863 | $ 49,167 | $ 217,718 |
New contracts/change orders | 182,495 | 192,852 | 25,224 |
Work performed | (105,736) | (76,156) | (193,775) |
Ending backlog | $ 242,622 | $ 165,863 | $ 49,167 |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Expected completion of contracts | 12 months | ||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Expected completion of contracts | 18 months |
Indebtedness - Schedule of Debt
Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 12, 2019 | Jun. 26, 2019 | Apr. 24, 2019 | Jul. 27, 2018 | May 31, 2018 | Jan. 22, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 28, 2018 | Nov. 01, 2017 | Sep. 01, 2017 | Aug. 31, 2017 | Aug. 09, 2017 |
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 960,819 | $ 700,722 | |||||||||||
Unamortized fair value adjustments | (878) | (1,173) | |||||||||||
Unamortized debt issuance costs | (9,404) | (5,310) | |||||||||||
Indebtedness, net | $ 950,537 | 694,239 | |||||||||||
LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 3.17% | ||||||||||||
LIBOR | Revolving Credit Facility | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.30% | ||||||||||||
LIBOR | Revolving Credit Facility | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.85% | ||||||||||||
LIBOR | Term Loan Without Related Interest Rate Swap Agreemen | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.25% | ||||||||||||
LIBOR | Term Loan Without Related Interest Rate Swap Agreemen | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.80% | ||||||||||||
LIBOR | Term Loan With Related Interest Rate Swap | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.25% | ||||||||||||
LIBOR | Term Loan With Related Interest Rate Swap | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.80% | ||||||||||||
Lightfoot Marketplace | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 10,500 | ||||||||||||
Southgate Square | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | ||||||||||||
Thames Street Wharf | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.30% | ||||||||||||
Thames Street Wharf | LIBOR | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 2.25% | ||||||||||||
Hanbury Village | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate | 3.78% | ||||||||||||
1405 Point | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 2.25% | ||||||||||||
Sandbridge Commons | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | ||||||||||||
Johns Hopkins Village | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.25% | ||||||||||||
The Cosmopolitan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate | 3.35% | 3.75% | |||||||||||
Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 645,819 | 394,722 | |||||||||||
Secured Debt | North Point Center | Notes 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 0 | 9,352 | |||||||||||
Stated interest rate | 6.45% | ||||||||||||
Secured Debt | North Point Center | Notes 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 2,214 | 2,346 | |||||||||||
Stated interest rate | 7.25% | ||||||||||||
Secured Debt | Lightfoot Marketplace | Notes 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 0 | 10,500 | |||||||||||
Secured Debt | Lightfoot Marketplace | Notes 2 | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | ||||||||||||
Secured Debt | Hoffler Place | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 29,059 | 11,445 | |||||||||||
Secured Debt | Hoffler Place | Notes 1 | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 3.24% | ||||||||||||
Secured Debt | Summit Place | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 28,824 | 11,057 | |||||||||||
Secured Debt | Summit Place | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 3.24% | ||||||||||||
Secured Debt | Southgate Square | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 20,562 | 21,442 | |||||||||||
Secured Debt | Southgate Square | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | ||||||||||||
Secured Debt | Encore Apartments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 24,842 | 24,966 | |||||||||||
Stated interest rate | 3.25% | ||||||||||||
Secured Debt | 4525 Main Street | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 31,876 | 32,034 | |||||||||||
Stated interest rate | 3.25% | ||||||||||||
Secured Debt | Red Mill West | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 11,296 | 0 | |||||||||||
Stated interest rate | 4.23% | ||||||||||||
Secured Debt | Thames Street Wharf | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 70,000 | 0 | |||||||||||
Secured Debt | Thames Street Wharf | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.30% | ||||||||||||
Secured Debt | Hanbury Village | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 18,515 | 19,019 | |||||||||||
Stated interest rate | 3.78% | ||||||||||||
Secured Debt | Marketplace at Hilltop | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 10,517 | 0 | |||||||||||
Stated interest rate | 4.42% | ||||||||||||
Secured Debt | 1405 Point | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 53,000 | 0 | |||||||||||
Secured Debt | 1405 Point | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 2.25% | ||||||||||||
Secured Debt | Socastee Commons | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 4,567 | 4,671 | |||||||||||
Stated interest rate | 4.57% | ||||||||||||
Secured Debt | Sandbridge Commons | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 8,020 | 8,258 | |||||||||||
Secured Debt | Sandbridge Commons | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | ||||||||||||
Secured Debt | Wills Wharf | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 29,154 | 0 | |||||||||||
Secured Debt | Wills Wharf | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 2.25% | ||||||||||||
Secured Debt | 249 Central Park Retail | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 16,828 | 17,045 | |||||||||||
Secured Debt | 249 Central Park Retail | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | ||||||||||||
Secured Debt | Fountain Plaza Retail | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 10,127 | 10,257 | |||||||||||
Secured Debt | Fountain Plaza Retail | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | ||||||||||||
Secured Debt | South Retail | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 7,388 | 7,483 | |||||||||||
Secured Debt | South Retail | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | ||||||||||||
Secured Debt | One City Center | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 25,286 | 0 | |||||||||||
Secured Debt | One City Center | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.85% | ||||||||||||
Secured Debt | Red Mill Central | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 2,538 | 0 | |||||||||||
Stated interest rate | 4.80% | ||||||||||||
Secured Debt | Premier Apartments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 16,750 | 12,873 | |||||||||||
Secured Debt | Premier Apartments | Notes 2 | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.55% | ||||||||||||
Secured Debt | Premier Retail | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 8,250 | 6,341 | |||||||||||
Secured Debt | Premier Retail | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.55% | ||||||||||||
Secured Debt | Red Mill South | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 6,137 | 0 | |||||||||||
Stated interest rate | 3.57% | ||||||||||||
Secured Debt | Brooks Crossing Office | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 14,411 | 6,910 | |||||||||||
Secured Debt | Brooks Crossing Office | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | ||||||||||||
Secured Debt | Market at Mill Creek | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 14,727 | 7,283 | |||||||||||
Secured Debt | Market at Mill Creek | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.55% | ||||||||||||
Secured Debt | Johns Hopkins Village | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 51,800 | 52,708 | |||||||||||
Secured Debt | Johns Hopkins Village | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate, basis spread on variable rate | 1.25% | ||||||||||||
Secured Debt | Lexington Square | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 14,696 | 14,940 | |||||||||||
Stated interest rate | 4.50% | 4.50% | |||||||||||
Secured Debt | Red Mill North | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 4,394 | 0 | |||||||||||
Stated interest rate | 4.73% | ||||||||||||
Secured Debt | Greenside (Harding Place) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 34,000 | 25,902 | |||||||||||
Stated interest rate | 3.17% | ||||||||||||
Secured Debt | Smith’s Landing | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 18,174 | 18,985 | |||||||||||
Stated interest rate | 4.05% | ||||||||||||
Secured Debt | Liberty Apartments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 14,165 | 14,437 | |||||||||||
Stated interest rate | 5.66% | ||||||||||||
Secured Debt | The Cosmopolitan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 43,702 | 44,468 | |||||||||||
Stated interest rate | 3.35% | ||||||||||||
Unsecured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 315,000 | 306,000 | |||||||||||
Unsecured Debt | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | 110,000 | 126,000 | |||||||||||
Unsecured Debt | Term Loan Without Related Interest Rate Swap Agreemen | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | 44,500 | 80,000 | |||||||||||
Unsecured Debt | Term Loan With Related Interest Rate Swap | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal balances | $ 160,500 | $ 100,000 |
Indebtedness - Components of De
Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total principal balances | $ 960,819 | $ 700,722 |
Fixed-rate | ||
Debt Instrument [Line Items] | ||
Total principal balances | 488,276 | 348,426 |
Variable-rate | ||
Debt Instrument [Line Items] | ||
Total principal balances | $ 472,543 | $ 352,296 |
Indebtedness - Scheduled Princi
Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Principal repayments and maturities | ||
2020 | $ 10,191 | |
2021 | 143,038 | |
2022 | 116,374 | |
2023 | 132,429 | |
2024 | 164,960 | |
Thereafter | 393,827 | |
Total | 960,819 | $ 700,722 |
Monthly Principal Amortization | ||
Principal repayments and maturities | ||
2020 | 10,191 | |
2021 | 10,914 | |
2022 | 9,683 | |
2023 | 7,752 | |
2024 | 6,982 | |
Thereafter | 72,749 | |
Total | 118,271 | |
Balloon Payments At Loan Maturity | ||
Principal repayments and maturities | ||
2020 | 0 | |
2021 | 132,124 | |
2022 | 106,691 | |
2023 | 124,677 | |
2024 | 157,978 | |
Thereafter | 321,078 | |
Total | $ 842,548 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Details) | Dec. 27, 2019USD ($) | Dec. 12, 2019USD ($) | Oct. 29, 2019USD ($) | Oct. 03, 2019USD ($)extension | Aug. 15, 2019USD ($) | Jun. 26, 2019USD ($) | May 23, 2019USD ($) | Apr. 24, 2019USD ($) | Mar. 14, 2019USD ($) | Mar. 11, 2019USD ($) | Oct. 12, 2018USD ($) | Jul. 27, 2018USD ($) | Jul. 12, 2018USD ($) | Jun. 29, 2018USD ($) | Jun. 14, 2018USD ($) | Jun. 01, 2018USD ($) | May 31, 2018USD ($) | Mar. 27, 2018USD ($) | Jan. 22, 2018 | Oct. 13, 2017USD ($) | Aug. 10, 2017USD ($) | Jul. 13, 2017USD ($) | Apr. 07, 2017USD ($) | Feb. 01, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 20, 2020USD ($) | Aug. 28, 2018USD ($) | Dec. 28, 2017USD ($) | Nov. 01, 2017USD ($) | Sep. 01, 2017 | Aug. 31, 2017 | Aug. 09, 2017 | Jun. 29, 2017USD ($) | Feb. 24, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | $ 960,819,000 | $ 700,722,000 | ||||||||||||||||||||||||||||||||||
Debt repayments | 270,851,000 | 173,855,000 | $ 160,661,000 | |||||||||||||||||||||||||||||||||
Sandbridge Commons | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Repayment of debt | $ 700,000 | |||||||||||||||||||||||||||||||||||
Columbus Village | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Repayment of debt | $ 8,300,000 | |||||||||||||||||||||||||||||||||||
Southgate Square | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt, face value | $ 22,000,000 | |||||||||||||||||||||||||||||||||||
River City | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Repayment of debt | 10,500,000 | |||||||||||||||||||||||||||||||||||
249 Central Park Retail, Fountain Plaza Retail, And South Retail | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt, face value | $ 35,000,000 | |||||||||||||||||||||||||||||||||||
Johns Hopkins Village | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt, face value | $ 53,000,000 | |||||||||||||||||||||||||||||||||||
Effective interest rate | 4.19% | |||||||||||||||||||||||||||||||||||
Lightfoot Marketplace | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | $ 10,500,000 | |||||||||||||||||||||||||||||||||||
Harrisonburg Regal | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Repayment of debt | $ 3,200,000 | |||||||||||||||||||||||||||||||||||
Hanbury Village | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate | 3.78% | |||||||||||||||||||||||||||||||||||
The Cosmopolitan | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate | 3.35% | 3.75% | ||||||||||||||||||||||||||||||||||
Liberty Apartments | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Repayment of debt | $ 5,000,000 | |||||||||||||||||||||||||||||||||||
LIBOR | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 3.17% | |||||||||||||||||||||||||||||||||||
LIBOR | Thames Street Wharf | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.30% | |||||||||||||||||||||||||||||||||||
LIBOR | Southgate Square | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.55% | |||||||||||||||||||||||||||||||||||
LIBOR | Sandbridge Commons | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | |||||||||||||||||||||||||||||||||||
LIBOR | Southgate Square | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | |||||||||||||||||||||||||||||||||||
LIBOR | River City | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.50% | |||||||||||||||||||||||||||||||||||
LIBOR | 249 Central Park Retail, Fountain Plaza Retail, And South Retail | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | |||||||||||||||||||||||||||||||||||
LIBOR | Johns Hopkins Village | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.25% | |||||||||||||||||||||||||||||||||||
LIBOR | Durham City Center | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.85% | |||||||||||||||||||||||||||||||||||
LIBOR | 1405 Point | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.25% | |||||||||||||||||||||||||||||||||||
Note 5 | North Point Center | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Repayment of debt | $ 600,000 | |||||||||||||||||||||||||||||||||||
Unsecured Debt | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | 315,000,000 | 306,000,000 | ||||||||||||||||||||||||||||||||||
Construction Loans | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Borrowings under construction loans | 96,300,000 | 86,900,000 | $ 8,900,000 | |||||||||||||||||||||||||||||||||
Secured Debt | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 34,000,000 | |||||||||||||||||||||||||||||||||||
Proceeds from lines of credit | $ 5,100,000 | |||||||||||||||||||||||||||||||||||
Total principal balances | 645,819,000 | 394,722,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | Thames Street Wharf | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 70,000,000 | |||||||||||||||||||||||||||||||||||
Total principal balances | 70,000,000 | 0 | ||||||||||||||||||||||||||||||||||
Secured Debt | Southgate Square | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 25,000,000 | |||||||||||||||||||||||||||||||||||
Proceeds from lines of credit | $ 2,700,000 | |||||||||||||||||||||||||||||||||||
Secured Debt | Sandbridge Commons | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | 8,020,000 | 8,258,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | Southgate Square | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | 20,562,000 | 21,442,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | Market at Mill Creek | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | 14,727,000 | 7,283,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | Johns Hopkins Village | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | $ 51,800,000 | 52,708,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | Lexington Square | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt, face value | $ 15,000,000 | |||||||||||||||||||||||||||||||||||
Stated interest rate | 4.50% | 4.50% | ||||||||||||||||||||||||||||||||||
Total principal balances | $ 14,696,000 | 14,940,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | Greenside (Harding Place) | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate | 3.17% | |||||||||||||||||||||||||||||||||||
Total principal balances | $ 34,000,000 | 25,902,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | Hanbury Village | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate | 3.78% | |||||||||||||||||||||||||||||||||||
Total principal balances | $ 18,515,000 | 19,019,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | The Cosmopolitan | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate | 3.35% | |||||||||||||||||||||||||||||||||||
Total principal balances | $ 43,702,000 | 44,468,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | Liberty Apartments | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate | 5.66% | |||||||||||||||||||||||||||||||||||
Total principal balances | $ 14,165,000 | 14,437,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | Durham City Center | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 25,600,000 | |||||||||||||||||||||||||||||||||||
Accordion feature maximum borrowing capacity | $ 27,600,000 | |||||||||||||||||||||||||||||||||||
Secured Debt | 1405 Point | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | $ 53,000,000 | 0 | ||||||||||||||||||||||||||||||||||
Secured Debt | LIBOR | Thames Street Wharf | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.30% | |||||||||||||||||||||||||||||||||||
Secured Debt | LIBOR | Sandbridge Commons | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | |||||||||||||||||||||||||||||||||||
Secured Debt | LIBOR | Southgate Square | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | |||||||||||||||||||||||||||||||||||
Secured Debt | LIBOR | Market at Mill Creek | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.55% | |||||||||||||||||||||||||||||||||||
Secured Debt | LIBOR | Johns Hopkins Village | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.25% | |||||||||||||||||||||||||||||||||||
Secured Debt | LIBOR | 1405 Point | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.25% | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Interest rate on credit facility as of end of period (as a percent) | 3.26% | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility | LIBOR | Thames Street Wharf | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.25% | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility | Minimum | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Unused commitment fee | 1500.00% | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility | Minimum | LIBOR | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.30% | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility | Maximum | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Unused commitment fee | 2500.00% | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility | Maximum | LIBOR | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.85% | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility | Unsecured Debt | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | $ 110,000,000 | $ 126,000,000 | ||||||||||||||||||||||||||||||||||
Revolving Credit Facility | Secured Debt | Thames Street Wharf | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 76,000,000 | |||||||||||||||||||||||||||||||||||
Senior Unsecured Term Loan Facility | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Interest rate on credit facility as of end of period (as a percent) | 3.21% | |||||||||||||||||||||||||||||||||||
Senior Unsecured Term Loan Facility | Minimum | LIBOR | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.25% | |||||||||||||||||||||||||||||||||||
Senior Unsecured Term Loan Facility | Maximum | LIBOR | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.80% | |||||||||||||||||||||||||||||||||||
Line of Credit | Construction Loans | River City | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 16,300,000 | |||||||||||||||||||||||||||||||||||
Line of Credit | Construction Loans | Brooks Crossing | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 15,600,000 | |||||||||||||||||||||||||||||||||||
Line of Credit | Construction Loans | Market at Mill Creek | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 16,200,000 | |||||||||||||||||||||||||||||||||||
Line of Credit | Construction Loans | Greenside (Harding Place) | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 29,800,000 | |||||||||||||||||||||||||||||||||||
Line of Credit | Construction Loans | 595 King Street And 530 Meeting Street | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 66,500,000 | |||||||||||||||||||||||||||||||||||
Line of Credit | Construction Loans | LIBOR | Brooks Crossing | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.60% | |||||||||||||||||||||||||||||||||||
Line of Credit | Construction Loans | LIBOR | Market at Mill Creek | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.55% | |||||||||||||||||||||||||||||||||||
Line of Credit | Secured Debt | Lightfoot Marketplace | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Repayment of debt | $ 17,900,000 | |||||||||||||||||||||||||||||||||||
Proceeds from lines of credit | $ 7,400,000 | $ 10,500,000 | ||||||||||||||||||||||||||||||||||
Line of Credit | Secured Debt | Initial Tranche | Lightfoot Marketplace | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Effective interest rate | 4.77% | |||||||||||||||||||||||||||||||||||
Line of Credit | Secured Debt | Initial Tranche | LIBOR | Lightfoot Marketplace | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% | |||||||||||||||||||||||||||||||||||
Operating Partnership | New Credit Facility | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 355,000,000 | |||||||||||||||||||||||||||||||||||
Operating Partnership | Revolving Credit Facility | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | 150,000,000 | |||||||||||||||||||||||||||||||||||
Operating Partnership | Revolving Credit Facility | New Credit Facility | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | 150,000,000 | |||||||||||||||||||||||||||||||||||
Accordion feature maximum borrowing capacity | $ 700,000,000 | |||||||||||||||||||||||||||||||||||
Number of extension options | extension | 2 | |||||||||||||||||||||||||||||||||||
Duration of extension option | 6 months | |||||||||||||||||||||||||||||||||||
Extension fee percentage | 0.075% | |||||||||||||||||||||||||||||||||||
Operating Partnership | Senior Unsecured Term Loan Facility | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 205,000,000 | |||||||||||||||||||||||||||||||||||
Operating Partnership | Senior Unsecured Term Loan Facility | New Credit Facility | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 205,000,000 | |||||||||||||||||||||||||||||||||||
Virginia Beach, Virginia | Line of Credit | Construction Loans | Town Center Phase VI | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Aggregate capacity under the credit facility | $ 27,900,000 | |||||||||||||||||||||||||||||||||||
Chesapeake, Virginia | Commonwealth Of Virginia | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Repayment of debt | $ 4,900,000 | |||||||||||||||||||||||||||||||||||
Subsequent Event | Revolving Credit Facility | Unsecured Debt | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Total principal balances | $ 130,000,000 | |||||||||||||||||||||||||||||||||||
Red Mill Commons | Operating Partnership | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 24,900,000 | |||||||||||||||||||||||||||||||||||
First Purchase Option | 1405 Point | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Option to acquire additional interest | 79.00% | |||||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 300,000 | |||||||||||||||||||||||||||||||||||
1405 Point | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Option to acquire additional interest | 79.00% | |||||||||||||||||||||||||||||||||||
Acquisition, cash consideration | $ 300,000 | |||||||||||||||||||||||||||||||||||
Loans payable | $ 53,000,000 | 64,900,000 | ||||||||||||||||||||||||||||||||||
Debt repayments | $ 12,300,000 | |||||||||||||||||||||||||||||||||||
Loans payable, fair value disclosure | $ 65,800,000 | |||||||||||||||||||||||||||||||||||
Marketplace at Hilltop | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 10,740,000 | |||||||||||||||||||||||||||||||||||
Stated interest rate | 4.42% | |||||||||||||||||||||||||||||||||||
Loans payable, fair value disclosure | $ 10,790,000 | |||||||||||||||||||||||||||||||||||
Marketplace at Hilltop | Operating Partnership | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisition, assumption of debt | $ 10,800,000 | |||||||||||||||||||||||||||||||||||
Yield One | 1405 Point | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate, debt yield | 8.50% | |||||||||||||||||||||||||||||||||||
Yield One | LIBOR | 1405 Point | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 2.00% | |||||||||||||||||||||||||||||||||||
Yield Two | 1405 Point | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate, debt yield | 9.50% | |||||||||||||||||||||||||||||||||||
Yield Two | LIBOR | 1405 Point | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||
Stated interest rate, basis spread on variable rate | 1.75% |
Indebtedness - Schedule of De_2
Indebtedness - Schedule of Debt Assumed (Details) $ in Thousands | May 23, 2019USD ($) |
Red Mill North | |
Debt Instrument [Line Items] | |
Acquisition, assumption of debt | $ 4,451 |
Loans payable, fair value disclosure | $ 4,520 |
Stated interest rate | 4.73% |
Red Mill South | |
Debt Instrument [Line Items] | |
Acquisition, assumption of debt | $ 6,310 |
Loans payable, fair value disclosure | $ 6,090 |
Stated interest rate | 3.57% |
Red Mill Central | |
Debt Instrument [Line Items] | |
Acquisition, assumption of debt | $ 2,640 |
Loans payable, fair value disclosure | $ 2,690 |
Stated interest rate | 4.80% |
Red Mill West | |
Debt Instrument [Line Items] | |
Acquisition, assumption of debt | $ 11,548 |
Loans payable, fair value disclosure | $ 11,540 |
Stated interest rate | 4.23% |
Marketplace at Hilltop | |
Debt Instrument [Line Items] | |
Acquisition, assumption of debt | $ 10,740 |
Loans payable, fair value disclosure | $ 10,790 |
Stated interest rate | 4.42% |
Red Mill Commons And Marketplace At Hilltop | |
Debt Instrument [Line Items] | |
Acquisition, assumption of debt | $ 35,689 |
Loans payable, fair value disclosure | $ 35,630 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($) | Dec. 31, 2019 | May 15, 2019 | Dec. 31, 2018 | Dec. 11, 2018 | Jul. 16, 2018 | Mar. 07, 2018 | Nov. 28, 2017 | Sep. 18, 2017 | Jun. 23, 2017 | Feb. 07, 2017 | Jun. 17, 2016 | Feb. 25, 2016 | Oct. 26, 2015 |
Derivative [Line Items] | |||||||||||||
Notional Amount | $ 496,642,000 | $ 513,208,000 | |||||||||||
LIBOR | Interest rate caps | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional Amount | $ 100,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 70,000,000 | $ 75,000,000 | $ 75,000,000 | ||
Strike Rate | 2.50% | 2.75% | 2.50% | 2.25% | 1.50% | 1.50% | 1.50% | 1.50% | 1.00% | 1.50% | 1.25% | ||
Premium Paid | $ 2,370,000 | $ 288,000 | $ 210,000 | $ 319,000 | $ 310,000 | $ 359,000 | $ 199,000 | $ 154,000 | $ 187,000 | $ 150,000 | $ 57,000 | $ 137,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Notional Amount | $ 496,642 | $ 513,208 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 246,642 | |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 350,000 | 450,000 |
Not Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 100,000 | 100,000 |
Not Designated as Hedging Instrument | Senior Unsecured Term Loan 2.00% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed rate interest rate swap | 2.00% | |
Effective interest rate | 3.45% | |
Not Designated as Hedging Instrument | Senior Unsecured Term Loan 2.78% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed rate interest rate swap | 2.78% | |
Effective interest rate | 4.23% | |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 146,642 | $ 63,208 |
Designated as Hedging Instrument | Johns Hopkins Village | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 51,800 | |
Fixed rate interest rate swap | 2.94% | |
Effective interest rate | 4.19% | |
Designated as Hedging Instrument | Senior Unsecured Term Loan 3.02% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,500 | |
Fixed rate interest rate swap | 3.02% | |
Effective interest rate | 4.47% | |
Designated as Hedging Instrument | 249 Central Park Retail, Fountain Plaza Retail, And South Retail | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 34,342 | |
Fixed rate interest rate swap | 2.25% | |
Effective interest rate | 3.85% | |
Designated as Hedging Instrument | Senior Unsecured Term Loan 2.26% | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed rate interest rate swap | 2.26% | |
Effective interest rate | 3.71% |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Notional Amount | $ 496,642 | $ 513,208 | |
Asset, fair value | 25 | 2,093 | |
Liability, fair value | (7,720) | (2,474) | |
Change in fair value of interest rate derivatives | (3,599) | (951) | $ 1,127 |
Unrealized cash flow hedge losses | (4,504) | (1,894) | 0 |
Total change in fair value of interest rate derivatives | (8,103) | (2,845) | 1,127 |
Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | 246,642 | ||
Total change in fair value of interest rate derivatives | (6,050) | (2,281) | 770 |
Interest rate caps | |||
Derivative [Line Items] | |||
Total change in fair value of interest rate derivatives | (2,053) | (564) | $ 357 |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 350,000 | 450,000 | |
Asset, fair value | 25 | 2,093 | |
Liability, fair value | (1,992) | (749) | |
Not Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | 100,000 | 100,000 | |
Asset, fair value | 0 | 303 | |
Liability, fair value | (1,992) | (749) | |
Not Designated as Hedging Instrument | Interest rate caps | |||
Derivative [Line Items] | |||
Notional Amount | 250,000 | 350,000 | |
Asset, fair value | 25 | 1,790 | |
Liability, fair value | 0 | 0 | |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | 146,642 | 63,208 | |
Asset, fair value | 0 | 0 | |
Liability, fair value | $ (5,728) | $ (1,725) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Additional Information (Details) - USD ($) | Jan. 28, 2020 | Jan. 10, 2020 | Dec. 31, 2019 | May 15, 2019 | Dec. 31, 2018 | Dec. 11, 2018 | Jul. 16, 2018 | Mar. 07, 2018 | Nov. 28, 2017 | Sep. 18, 2017 | Jun. 23, 2017 | Feb. 07, 2017 | Jun. 17, 2016 | Feb. 25, 2016 | Oct. 26, 2015 |
Derivative [Line Items] | |||||||||||||||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | $ (1,400,000) | ||||||||||||||
Derivative, notional amount | 496,642,000 | $ 513,208,000 | |||||||||||||
LIBOR | Interest rate caps | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | $ 100,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 70,000,000 | $ 75,000,000 | $ 75,000,000 | ||||
Strike rate | 2.50% | 2.75% | 2.50% | 2.25% | 1.50% | 1.50% | 1.50% | 1.50% | 1.00% | 1.50% | 1.25% | ||||
Premium paid | $ 2,370,000 | $ 288,000 | $ 210,000 | $ 319,000 | $ 310,000 | $ 359,000 | $ 199,000 | $ 154,000 | $ 187,000 | $ 150,000 | $ 57,000 | $ 137,000 | |||
Subsequent Event | LIBOR | Interest rate caps | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Derivative, notional amount | $ 50,000,000 | $ 50,000,000 | |||||||||||||
Strike rate | 1.75% | 1.75% | |||||||||||||
Premium paid | $ 100,000 | $ 100,000 |
Equity - Additional Information
Equity - Additional Information (Details) | Feb. 20, 2020$ / shares | Jan. 15, 2020USD ($) | Jan. 02, 2020USD ($) | Dec. 16, 2019USD ($)shares | Oct. 01, 2019shares | Sep. 20, 2019USD ($)shares | Aug. 20, 2019USD ($)shares | Aug. 06, 2019USD ($) | Aug. 05, 2019USD ($) | Jul. 01, 2019shares | Jun. 18, 2019USD ($)ft²$ / sharesshares | May 30, 2019USD ($)shares | May 23, 2019USD ($)shares | Jan. 02, 2019shares | Apr. 17, 2018$ / sharesshares | Jan. 29, 2018shares | Dec. 21, 2017USD ($) | May 12, 2017USD ($)$ / sharesshares | Jan. 10, 2017shares | May 04, 2016USD ($) | Jul. 10, 2015shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 20, 2017USD ($) |
Class of Stock [Line Items] | |||||||||||||||||||||||||
Authorized capital shares of common stock (in shares) | shares | 500,000,000 | 500,000,000 | |||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | shares | 100,000,000 | 100,000,000 | |||||||||||||||||||||||
Common stock, shares issued (in shares) | shares | 56,277,971 | 50,013,731 | |||||||||||||||||||||||
Common stock, shares outstanding (in shares) | shares | 56,277,971 | 50,013,731 | |||||||||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 2,530,000 | 0 | |||||||||||||||||||||||
Preferred stock, shares outstanding (in shares) | shares | 2,530,000 | 0 | |||||||||||||||||||||||
Proceeds from issuance of common stock, net | $ 96,845,000 | $ 65,244,000 | $ 91,381,000 | ||||||||||||||||||||||
Redeemable noncontrolling interest, equity percentage | 20.00% | ||||||||||||||||||||||||
Redeemable noncontrolling interest | $ 2,000,000 | ||||||||||||||||||||||||
Noncontrolling interest change in redemption value | $ 500,000 | ||||||||||||||||||||||||
Percentage of operating partnerships held | 72.60% | 74.50% | |||||||||||||||||||||||
Operating partnership units redemption ratio | 1 | ||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ 61,504,000 | $ 50,897,000 | $ 43,616,000 | ||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||||||||
Dividend declared (in dollars per share) | $ / shares | $ 0.84 | $ 0.80 | $ 0.76 | ||||||||||||||||||||||
Dividends, cash paid | $ 2,455,000 | ||||||||||||||||||||||||
Johns Hopkins Village | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Redeemable noncontrolling interest carrying amount | $ 2,000,000 | ||||||||||||||||||||||||
Class A units | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Units not held by company | shares | 21,272,962 | ||||||||||||||||||||||||
Class A units | Operating Partnership | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 110,754 | 73,666 | 40,864 | 60,000 | 4,125,759 | ||||||||||||||||||||
Acquisition, contract price | $ 2,100,000 | $ 1,300,000 | $ 700,000 | $ 1,000,000 | $ 68,100,000 | ||||||||||||||||||||
Noncontrolling interest ownership percentage in properties | 35.00% | ||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ 16,900,000 | $ 13,800,000 | $ 12,600,000 | ||||||||||||||||||||||
Class A units | Operating Partnership | Subsequent Event | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ 4,500,000 | ||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Shares issued through public offering (in shares) | shares | 4,896 | 125,118 | 118,471 | ||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ 45,400,000 | $ 38,700,000 | $ 31,100,000 | ||||||||||||||||||||||
Common stock | Subsequent Event | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ 11,800,000 | ||||||||||||||||||||||||
Columbus Village | Class B units | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 1,000,000 | ||||||||||||||||||||||||
Columbus Village | Class C units | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 275,000 | ||||||||||||||||||||||||
Parkway Centre | Class A units | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Acquisition, common units/shares issued (in shares) | shares | 117,228 | ||||||||||||||||||||||||
2016 ATM Program | Common stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Maximum aggregate offering price of shares to be sold (up to) | $ 75,000,000 | ||||||||||||||||||||||||
Shares issued through public offering (in shares) | shares | 450,890 | ||||||||||||||||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ 6,200,000 | ||||||||||||||||||||||||
2018 ATM Program | Common stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Maximum aggregate offering price of shares to be sold (up to) | $ 180,700,000 | $ 125,000,000 | |||||||||||||||||||||||
Shares issued through public offering (in shares) | shares | 5,871,519 | 4,617,409 | |||||||||||||||||||||||
Net proceeds after offering costs and commissions from sale of shares | $ 97,000,000 | $ 65,200,000 | |||||||||||||||||||||||
Underwritten Public Offering | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Number of shares issued in public offering | shares | 6,900,000 | ||||||||||||||||||||||||
Issuance of common stock, price per share (in dollars per share) | $ / shares | $ 13 | ||||||||||||||||||||||||
Proceeds from issuance of common stock, net | $ 85,300,000 | ||||||||||||||||||||||||
Thames Street Wharf | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Area of retail space | ft² | 263,426 | ||||||||||||||||||||||||
Johns Hopkins Village | Noncontrolling interests in Operating Partnership | Class A units | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Shares issued through public offering (in shares) | shares | 36,684 | ||||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 13.77 | ||||||||||||||||||||||||
Weighted Average | 2016 ATM Program | Common stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Issuance of common stock, price per share (in dollars per share) | $ / shares | $ 14.08 | ||||||||||||||||||||||||
Weighted Average | 2018 ATM Program | Common stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Issuance of common stock, price per share (in dollars per share) | $ / shares | $ 16.76 | $ 14.39 | |||||||||||||||||||||||
Redeemable convertible preferred stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 2,530,000 | ||||||||||||||||||||||||
Dividend rate | 6.75% | 6.75% | |||||||||||||||||||||||
Preferred stock, redemption price (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||||
Proceeds from issuance of preferred stock and preference stock | $ 61,300,000 | ||||||||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.970315 | ||||||||||||||||||||||||
Dividends, cash paid | $ 2,500,000 | ||||||||||||||||||||||||
Redeemable convertible preferred stock | Subsequent Event | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Aggregate cash dividends and distributions, paid | $ 1,100,000 | ||||||||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.421875 | ||||||||||||||||||||||||
Redeemable convertible preferred stock | Over-Allotment Option | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 330,000 | ||||||||||||||||||||||||
Common stock | Subsequent Event | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Dividend declared (in dollars per share) | $ / shares | $ 0.22 | ||||||||||||||||||||||||
Increase from prior dividend | 4.80% | ||||||||||||||||||||||||
Redeemable Preferred Stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 2,530,000 | ||||||||||||||||||||||||
Dividend rate | 6.75% | ||||||||||||||||||||||||
Noncontrolling interests in Operating Partnership | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Liquidation preference | 63,300,000 | ||||||||||||||||||||||||
Noncontrolling interests in Operating Partnership | 1405 Point | Operating Partnership | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Nonredeemable noncontrolling interest | $ 4,500,000 |
Equity - Tax Treatment of Divid
Equity - Tax Treatment of Dividends Paid (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||
Tax treatment of capital gain dividends, percent | 100.00% | 100.00% | 100.00% |
Capital gains | |||
Dividends Payable [Line Items] | |||
Tax treatment of capital gain dividends, percent | 10.62% | 9.49% | 9.06% |
Ordinary income | |||
Dividends Payable [Line Items] | |||
Tax treatment of capital gain dividends, percent | 68.83% | 63.40% | 71.59% |
Return of capital | |||
Dividends Payable [Line Items] | |||
Tax treatment of capital gain dividends, percent | 20.55% | 27.11% | 19.35% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted (in shares) | 154,030 | 164,241 | 118,361 |
Restricted stock, weighted average fair value | $ 2.4 | $ 2.2 | $ 1.7 |
Employee restricted stock award, vesting period | 2 years | ||
Nonemployee restricted stock award vest grant over period | 1 year | ||
Unrecognized compensation cost | $ 0.1 | ||
Unrecognized compensation cost, recognition period | 15 years | ||
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares) | 19,245 | ||
Restricted Stock | Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award, percentage vested on grant date | 33.33% | ||
Restricted Stock | Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award, percentage vested on grant date | 33.33% | ||
Restricted Stock | Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award, percentage vested on grant date | 33.33% | ||
2013 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate shares of common stock permitted to be granted (in shares) | 1,700,000 | ||
Shares of common stock reserved for issuance (in shares) | 890,990 | ||
Stock-based compensation | $ 2.4 | $ 2 | $ 1.5 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Cost Relating to Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Capitalized in conjunction with development projects | $ 746 | $ 661 | $ 408 |
Share-based compensation cost | 2,359 | 1,947 | 1,720 |
General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 1,211 | 1,073 | 977 |
General contracting and real estate services expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 402 | $ 213 | $ 335 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Awards | |||
Nonvested as of beginning of period (in shares) | 125,229 | ||
Granted (in shares) | 154,030 | 164,241 | 118,361 |
Vested (in shares) | (134,346) | ||
Forfeited (in shares) | (961) | ||
Nonvested as of end of period (in shares) | 143,952 | 125,229 | |
Weighted Average Grant Date Fair Value Per Share | |||
Nonvested as of beginning of period (in dollars per share) | $ 13.68 | ||
Granted (in dollars per share) | 15.43 | ||
Vested (in dollars per share) | 14.39 | ||
Forfeited (in dollars per share) | 14.24 | ||
Nonvested as of end of period (in dollars per share) | $ 14.88 | $ 13.68 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments Measured based on Level Two Inputs (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value of Financial Instruments] | ||
Indebtedness, net | $ 950,537 | $ 694,239 |
Carrying Value | ||
Fair Value of Financial Instruments] | ||
Indebtedness, net | 950,537 | 694,239 |
Notes receivable | 159,371 | 138,683 |
Interest rate swap liabilities | 7,720 | 2,474 |
Interest rate swap and cap assets | 25 | 2,093 |
Fair Value | Level 3 | ||
Fair Value of Financial Instruments] | ||
Indebtedness, net | 958,421 | 688,437 |
Notes receivable | 159,371 | 138,683 |
Fair Value | Level 2 | ||
Fair Value of Financial Instruments] | ||
Interest rate swap liabilities | 7,720 | 2,474 |
Interest rate swap and cap assets | $ 25 | $ 2,093 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal income taxes: | |||
Current | $ 430 | $ (14) | $ (516) |
Deferred | (20) | 37 | (131) |
State income taxes: | |||
Current | 85 | (1) | (62) |
Deferred | (4) | 7 | (16) |
Income tax benefit (provision) | $ 491 | $ 29 | $ (725) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Provisional amount recorded related to Tax Act remeasurement of deferred tax balance | $ 200,000 | ||
Net deferred tax assets | $ 900,000 | $ 400,000 | |
Uncertain income tax positions | $ 0 | $ 0 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Leasing costs, net | $ 11,357 | $ 10,881 |
Leasing incentives, net | 2,855 | 3,592 |
Interest rate swaps and caps | 25 | 2,093 |
Prepaid expenses and other | 12,192 | 9,836 |
Preacquisition and predevelopment costs | 6,472 | 1,214 |
Other assets | $ 32,901 | $ 27,616 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities | ||
Dividends and distributions payable | $ 17,477 | $ 13,527 |
Deferred ground rent payable (a) | 9,287 | |
Acquired lease intangibles, net | 21,300 | 12,678 |
Prepaid rent and other | 8,604 | 3,509 |
Security deposits | 2,673 | 1,927 |
Interest rate swaps | 7,720 | 2,475 |
Guarantee Liability | 5,271 | 2,800 |
Other liabilities | $ 63,045 | $ 46,203 |
Acquired Lease Intangibles - Su
Acquired Lease Intangibles - Summary of the Company's Acquired Lease Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Below Market Lease | ||
Below Market Lease, Gross | $ 29,575 | $ 18,692 |
Below Market Lease, Accumulated Amortization | 8,275 | 6,014 |
Below Market Lease, Net | 21,300 | 12,678 |
In-place lease assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 112,555 | 57,689 |
Accumulated Amortization | 47,341 | 32,370 |
Net Carrying Amount | 65,214 | 25,319 |
Above-market lease assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,039 | 4,917 |
Accumulated Amortization | 3,551 | 2,676 |
Net Carrying Amount | 3,488 | 2,241 |
Below-market operating ground lease assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,920 | 1,920 |
Accumulated Amortization | 352 | 299 |
Net Carrying Amount | 1,568 | 1,621 |
Below-market finance ground lease assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,629 | 0 |
Accumulated Amortization | 102 | 0 |
Net Carrying Amount | $ 6,527 | $ 0 |
Acquired Lease Intangibles - Ad
Acquired Lease Intangibles - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
In-place lease assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease assets | 7 years 9 months 18 days |
Above-market lease assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease assets | 5 years 2 months 12 days |
Below Market Lease | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease liabilities | 11 years 6 months |
Below-market operating ground lease assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease assets | 29 years 6 months |
Below-market finance ground lease assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease assets | 41 years 2 months 12 days |
Below Market Lease Renewal Options | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining lives of lease assets | 12 years 2 months 12 days |
Acquired Lease Intangibles - Am
Acquired Lease Intangibles - Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of below market lease | $ 2,261 | $ 1,754 | $ 1,762 |
Above-market lease assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 875 | 753 | 783 |
Below-market operating ground lease assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 53 | 53 | 53 |
Below-market finance ground lease assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 102 | 0 | 0 |
In-place lease assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 14,971 | $ 7,676 | $ 9,732 |
Acquired Lease Intangibles - Es
Acquired Lease Intangibles - Estimated Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Estimated amortization of acquired lease intangibles- Rental Revenues | |
2020 | $ 1,522 |
2021 | 1,545 |
2022 | 1,552 |
2023 | 1,413 |
2024 | 1,411 |
Estimated amortization of acquired lease intangibles -Depreciation and Amortization | |
2020 | 12,360 |
2021 | 9,858 |
2022 | 8,312 |
2023 | 6,823 |
2024 | $ 5,609 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Construction Contracts - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions | ||||
Revenue from contracts with affiliated entities | $ 5.7 | $ 1.5 | $ 7.6 | |
Gross profit from related parties | 0.2 | 0.3 | $ 0.4 | |
Due from related parties | $ 1.9 | $ 1.9 | $ 0.2 | |
Executive Officer | ||||
Related Party Transactions | ||||
Gross profit from related parties | 3 | |||
Gross profit margin, related parties | 4.00% | |||
Related Party Transaction, Amounts of Transaction | $ 79.3 | |||
Outstanding letters of credit | $ 9.5 | $ 9.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies | |||
Contingent liabilities for construction performance | $ 4.3 | $ 34.8 | |
Rental Revenues | Hampton Roads Properties | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 48.00% | 53.00% | 53.00% |
Rental Revenues | Town Center Properties | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 31.00% | 38.00% | 38.00% |
Operating Partnership | |||
Commitments and Contingencies | |||
Outstanding letters of credit | $ 9.5 | $ 2.1 | |
Group Of Three Construction Customers | General Contracting and Real Estate Services Revenues | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 67.00% | 55.00% | 41.00% |
Group Of Three Construction Customers | General Contracting and Real Estate Services Segment Profit | |||
Commitments and Contingencies | |||
Concentrations of credit risk | 66.00% | 28.00% | 20.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Guarantor (Details) - Financial Guarantee - USD ($) $ in Thousands | Dec. 31, 2019 | Feb. 08, 2019 | Oct. 27, 2017 |
Guarantor Obligations [Line Items] | |||
Guarantor obligations | $ 56,734 | ||
The Residences at Annapolis Junction | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations | 8,300 | ||
Delray Plaza | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations | 5,180 | $ 4,800 | |
Nexton Square | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations | 12,600 | $ 12,600 | |
Interlock Commercial | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations | $ 30,654 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Summary Certain Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Rental revenues | $ 41,832 | $ 42,220 | $ 36,378 | $ 30,909 | $ 30,731 | $ 28,930 | $ 28,598 | $ 28,699 | $ 151,339 | $ 116,958 | $ 108,737 |
Net operating income | 28,869 | 29,359 | 26,333 | 21,806 | 21,114 | 19,964 | 19,908 | 20,098 | |||
Net income | 7,855 | 12,063 | 5,826 | 6,514 | 4,895 | 5,669 | 5,945 | 6,983 | 32,258 | 23,492 | 29,925 |
Net income attributable to common stockholders | $ 5,223 | $ 7,079 | $ 4,412 | $ 4,884 | $ 3,642 | $ 4,202 | $ 4,319 | $ 5,040 | $ 21,598 | $ 17,203 | $ 21,047 |
Net income per share: basic and diluted (in dollars per share) | $ 0.09 | $ 0.13 | $ 0.08 | $ 0.10 | $ 0.07 | $ 0.09 | $ 0.09 | $ 0.11 | $ 0.41 | $ 0.36 | $ 0.50 |
General contracting and real estate services revenues | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
General contracting and real estate services revenues | $ 39,741 | $ 27,638 | $ 21,444 | $ 17,036 | $ 12,705 | $ 19,950 | $ 20,654 | $ 23,050 | $ 105,859 | $ 76,359 | $ 194,034 |
Schedule III - Consolidated R_2
Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | $ 645,819 | ||
Land | 275,523 | ||
Building and Improvements | 557,783 | ||
Cost Capitalized Subsequent to Acquisition | 773,018 | ||
Land | 275,523 | ||
Building and improvements | 1,330,801 | ||
Total | 1,606,324 | ||
Accumulated Depreciation | $ 188,775 | $ 164,521 | 224,738 |
Net Carrying Amount | 1,381,586 | ||
Amount of real estate for federal income tax purposes | 1,122,800 | ||
Real estate investments | |||
Balance at beginning of the year | 1,176,586 | 994,437 | |
Construction costs and improvements | 143,700 | 144,926 | |
Acquisitions | 314,898 | 51,613 | |
Dispositions | (28,117) | (11,420) | |
Reclassifications | (743) | (2,970) | |
Balance at end of the year | 1,606,324 | 1,176,586 | |
Accumulated Depreciation | |||
Balance at beginning of the year | 188,775 | 164,521 | |
Dispositions | (1,818) | (5,559) | |
Reclassifications | (58) | (582) | |
Depreciation | 37,839 | 30,395 | |
Balance at end of the year | $ 224,738 | $ 188,775 | |
Buildings | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 39 years | ||
Capital improvements | Minimum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 5 years | ||
Capital improvements | Maximum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 20 years | ||
Equipment | Minimum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 3 years | ||
Equipment | Maximum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Estimated useful lives | 7 years | ||
Office | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 170,727 | ||
Land | 23,038 | ||
Building and Improvements | 103,160 | ||
Cost Capitalized Subsequent to Acquisition | 250,822 | ||
Land | 23,038 | ||
Building and improvements | 353,982 | ||
Total | 377,020 | ||
Accumulated Depreciation | $ 65,020 | 65,020 | |
Net Carrying Amount | 312,000 | ||
Accumulated Depreciation | |||
Balance at end of the year | 65,020 | ||
Office | 4525 Main Street | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 31,876 | ||
Land | 982 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 46,282 | ||
Land | 982 | ||
Building and improvements | 46,282 | ||
Total | 47,264 | ||
Accumulated Depreciation | 8,097 | 8,097 | |
Net Carrying Amount | 39,167 | ||
Accumulated Depreciation | |||
Balance at end of the year | 8,097 | ||
Office | Armada Hoffler Tower | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,976 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 63,304 | ||
Land | 1,976 | ||
Building and improvements | 63,304 | ||
Total | 65,280 | ||
Accumulated Depreciation | 34,237 | 34,237 | |
Net Carrying Amount | 31,043 | ||
Accumulated Depreciation | |||
Balance at end of the year | 34,237 | ||
Office | Brooks Crossing Office | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 14,411 | ||
Land | 295 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 19,709 | ||
Land | 295 | ||
Building and improvements | 19,709 | ||
Total | 20,004 | ||
Accumulated Depreciation | 462 | 462 | |
Net Carrying Amount | 19,542 | ||
Accumulated Depreciation | |||
Balance at end of the year | 462 | ||
Office | One City Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 25,286 | ||
Land | 2,911 | ||
Building and Improvements | 28,202 | ||
Cost Capitalized Subsequent to Acquisition | 4,632 | ||
Land | 2,911 | ||
Building and improvements | 32,834 | ||
Total | 35,745 | ||
Accumulated Depreciation | 661 | 661 | |
Net Carrying Amount | 35,084 | ||
Accumulated Depreciation | |||
Balance at end of the year | 661 | ||
Office | One Columbus | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 960 | ||
Building and Improvements | 10,269 | ||
Cost Capitalized Subsequent to Acquisition | 12,009 | ||
Land | 960 | ||
Building and improvements | 22,278 | ||
Total | 23,238 | ||
Accumulated Depreciation | 11,958 | 11,958 | |
Net Carrying Amount | 11,280 | ||
Accumulated Depreciation | |||
Balance at end of the year | 11,958 | ||
Office | Thames Street Wharf | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 70,000 | ||
Land | 15,861 | ||
Building and Improvements | 64,689 | ||
Cost Capitalized Subsequent to Acquisition | 63 | ||
Land | 15,861 | ||
Building and improvements | 64,752 | ||
Total | 80,613 | ||
Accumulated Depreciation | 858 | 858 | |
Net Carrying Amount | 79,755 | ||
Accumulated Depreciation | |||
Balance at end of the year | 858 | ||
Office | Two Columbus | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 53 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 20,704 | ||
Land | 53 | ||
Building and improvements | 20,704 | ||
Total | 20,757 | ||
Accumulated Depreciation | 8,747 | 8,747 | |
Net Carrying Amount | 12,010 | ||
Accumulated Depreciation | |||
Balance at end of the year | 8,747 | ||
Office | Wills Wharf | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 29,154 | ||
Land | 0 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 84,119 | ||
Land | 0 | ||
Building and improvements | 84,119 | ||
Total | 84,119 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | 84,119 | ||
Accumulated Depreciation | |||
Balance at end of the year | 0 | ||
Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 160,776 | ||
Land | 220,603 | ||
Building and Improvements | 300,558 | ||
Cost Capitalized Subsequent to Acquisition | 191,076 | ||
Land | 220,603 | ||
Building and improvements | 491,634 | ||
Total | 712,237 | ||
Accumulated Depreciation | 101,480 | 101,480 | |
Net Carrying Amount | 610,757 | ||
Accumulated Depreciation | |||
Balance at end of the year | 101,480 | ||
Retail | 249 Central Park Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 16,828 | ||
Land | 712 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 15,703 | ||
Land | 712 | ||
Building and improvements | 15,703 | ||
Total | 16,415 | ||
Accumulated Depreciation | 9,406 | 9,406 | |
Net Carrying Amount | 7,009 | ||
Accumulated Depreciation | |||
Balance at end of the year | 9,406 | ||
Retail | Alexander Pointe | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 4,050 | ||
Building and Improvements | 4,880 | ||
Cost Capitalized Subsequent to Acquisition | 149 | ||
Land | 4,050 | ||
Building and improvements | 5,029 | ||
Total | 9,079 | ||
Accumulated Depreciation | 950 | 950 | |
Net Carrying Amount | 8,129 | ||
Accumulated Depreciation | |||
Balance at end of the year | 950 | ||
Retail | Apex Entertainment | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 67 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 10,596 | ||
Land | 67 | ||
Building and improvements | 10,596 | ||
Total | 10,663 | ||
Accumulated Depreciation | 4,778 | 4,778 | |
Net Carrying Amount | 5,885 | ||
Accumulated Depreciation | |||
Balance at end of the year | 4,778 | ||
Retail | Bermuda Crossroads | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 5,450 | ||
Building and Improvements | 10,641 | ||
Cost Capitalized Subsequent to Acquisition | 1,431 | ||
Land | 5,450 | ||
Building and improvements | 12,072 | ||
Total | 17,522 | ||
Accumulated Depreciation | 2,951 | 2,951 | |
Net Carrying Amount | 14,571 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,951 | ||
Retail | Broad Creek Shopping Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 0 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 9,135 | ||
Land | 0 | ||
Building and improvements | 9,135 | ||
Total | 9,135 | ||
Accumulated Depreciation | 4,327 | 4,327 | |
Net Carrying Amount | 4,808 | ||
Accumulated Depreciation | |||
Balance at end of the year | 4,327 | ||
Retail | Broadmoor Plaza | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 2,410 | ||
Building and Improvements | 9,010 | ||
Cost Capitalized Subsequent to Acquisition | 966 | ||
Land | 2,410 | ||
Building and improvements | 9,976 | ||
Total | 12,386 | ||
Accumulated Depreciation | 1,843 | 1,843 | |
Net Carrying Amount | 10,543 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,843 | ||
Retail | Brooks Crossing Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 359 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 2,334 | ||
Land | 359 | ||
Building and improvements | 2,334 | ||
Total | 2,693 | ||
Accumulated Depreciation | 229 | 229 | |
Net Carrying Amount | 2,464 | ||
Accumulated Depreciation | |||
Balance at end of the year | 229 | ||
Retail | Columbus Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 7,631 | ||
Building and Improvements | 10,135 | ||
Cost Capitalized Subsequent to Acquisition | 7,028 | ||
Land | 7,631 | ||
Building and improvements | 17,163 | ||
Total | 24,794 | ||
Accumulated Depreciation | 2,512 | 2,512 | |
Net Carrying Amount | 22,282 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,512 | ||
Retail | Columbus Village II | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 14,536 | ||
Building and Improvements | 10,922 | ||
Cost Capitalized Subsequent to Acquisition | 64 | ||
Land | 14,536 | ||
Building and improvements | 10,986 | ||
Total | 25,522 | ||
Accumulated Depreciation | 1,364 | 1,364 | |
Net Carrying Amount | 24,158 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,364 | ||
Retail | Commerce Street Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 118 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 3,307 | ||
Land | 118 | ||
Building and improvements | 3,307 | ||
Total | 3,425 | ||
Accumulated Depreciation | 1,697 | 1,697 | |
Net Carrying Amount | 1,728 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,697 | ||
Retail | Courthouse 7-Eleven | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,007 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 1,044 | ||
Land | 1,007 | ||
Building and improvements | 1,044 | ||
Total | 2,051 | ||
Accumulated Depreciation | 217 | 217 | |
Net Carrying Amount | 1,834 | ||
Accumulated Depreciation | |||
Balance at end of the year | 217 | ||
Retail | Dimmock Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 5,100 | ||
Building and Improvements | 13,126 | ||
Cost Capitalized Subsequent to Acquisition | 314 | ||
Land | 5,100 | ||
Building and improvements | 13,440 | ||
Total | 18,540 | ||
Accumulated Depreciation | 2,034 | 2,034 | |
Net Carrying Amount | 16,506 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,034 | ||
Retail | Fountain Plaza Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 10,127 | ||
Land | 425 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 7,251 | ||
Land | 425 | ||
Building and improvements | 7,251 | ||
Total | 7,676 | ||
Accumulated Depreciation | 3,585 | 3,585 | |
Net Carrying Amount | 4,091 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,585 | ||
Retail | Gainsborough Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 2,229 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 7,590 | ||
Land | 2,229 | ||
Building and improvements | 7,590 | ||
Total | 9,819 | ||
Accumulated Depreciation | 3,662 | 3,662 | |
Net Carrying Amount | 6,157 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,662 | ||
Retail | Greentree Shopping Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,103 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 4,036 | ||
Land | 1,103 | ||
Building and improvements | 4,036 | ||
Total | 5,139 | ||
Accumulated Depreciation | 888 | 888 | |
Net Carrying Amount | 4,251 | ||
Accumulated Depreciation | |||
Balance at end of the year | 888 | ||
Retail | Hanbury Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 18,515 | ||
Land | 3,793 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 19,579 | ||
Land | 3,793 | ||
Building and improvements | 19,579 | ||
Total | 23,372 | ||
Accumulated Depreciation | 7,486 | 7,486 | |
Net Carrying Amount | 15,886 | ||
Accumulated Depreciation | |||
Balance at end of the year | 7,486 | ||
Retail | Harper Hill Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 2,840 | ||
Building and Improvements | 8,510 | ||
Cost Capitalized Subsequent to Acquisition | 263 | ||
Land | 2,840 | ||
Building and improvements | 8,773 | ||
Total | 11,613 | ||
Accumulated Depreciation | 1,169 | 1,169 | |
Net Carrying Amount | 10,444 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,169 | ||
Retail | Harrisonburg Regal | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,554 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 4,148 | ||
Land | 1,554 | ||
Building and improvements | 4,148 | ||
Total | 5,702 | ||
Accumulated Depreciation | 2,203 | 2,203 | |
Net Carrying Amount | 3,499 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,203 | ||
Retail | Indian Lakes Crossing | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 7,009 | ||
Building and Improvements | 2,274 | ||
Cost Capitalized Subsequent to Acquisition | 30 | ||
Land | 7,009 | ||
Building and improvements | 2,304 | ||
Total | 9,313 | ||
Accumulated Depreciation | 171 | 171 | |
Net Carrying Amount | 9,142 | ||
Accumulated Depreciation | |||
Balance at end of the year | 171 | ||
Retail | Lexington Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 14,696 | ||
Land | 3,035 | ||
Building and Improvements | 20,581 | ||
Cost Capitalized Subsequent to Acquisition | 110 | ||
Land | 3,035 | ||
Building and improvements | 20,691 | ||
Total | 23,726 | ||
Accumulated Depreciation | 915 | 915 | |
Net Carrying Amount | 22,811 | ||
Accumulated Depreciation | |||
Balance at end of the year | 915 | ||
Retail | Market at Mill Creek | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 14,727 | ||
Land | 2,243 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 20,386 | ||
Land | 2,243 | ||
Building and improvements | 20,386 | ||
Total | 22,629 | ||
Accumulated Depreciation | 415 | 415 | |
Net Carrying Amount | 22,214 | ||
Accumulated Depreciation | |||
Balance at end of the year | 415 | ||
Retail | Marketplace at Hilltop | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 10,517 | ||
Land | 2,023 | ||
Building and Improvements | 19,886 | ||
Cost Capitalized Subsequent to Acquisition | 35 | ||
Land | 2,023 | ||
Building and improvements | 19,921 | ||
Total | 21,944 | ||
Accumulated Depreciation | 388 | 388 | |
Net Carrying Amount | 21,556 | ||
Accumulated Depreciation | |||
Balance at end of the year | 388 | ||
Retail | North Hampton Market | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 7,250 | ||
Building and Improvements | 10,210 | ||
Cost Capitalized Subsequent to Acquisition | 602 | ||
Land | 7,250 | ||
Building and improvements | 10,812 | ||
Total | 18,062 | ||
Accumulated Depreciation | 1,811 | 1,811 | |
Net Carrying Amount | 16,251 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,811 | ||
Retail | North Point Center | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 2,214 | ||
Land | 1,936 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 25,716 | ||
Land | 1,936 | ||
Building and improvements | 25,716 | ||
Total | 27,652 | ||
Accumulated Depreciation | 14,353 | 14,353 | |
Net Carrying Amount | 13,299 | ||
Accumulated Depreciation | |||
Balance at end of the year | 14,353 | ||
Retail | Oakland Marketplace | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,850 | ||
Building and Improvements | 3,370 | ||
Cost Capitalized Subsequent to Acquisition | 690 | ||
Land | 1,850 | ||
Building and improvements | 4,060 | ||
Total | 5,910 | ||
Accumulated Depreciation | 932 | 932 | |
Net Carrying Amount | 4,978 | ||
Accumulated Depreciation | |||
Balance at end of the year | 932 | ||
Retail | Parkway Centre | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,372 | ||
Building and Improvements | 7,864 | ||
Cost Capitalized Subsequent to Acquisition | 105 | ||
Land | 1,372 | ||
Building and improvements | 7,969 | ||
Total | 9,341 | ||
Accumulated Depreciation | 470 | 470 | |
Net Carrying Amount | 8,871 | ||
Accumulated Depreciation | |||
Balance at end of the year | 470 | ||
Retail | Parkway Marketplace | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,150 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 3,832 | ||
Land | 1,150 | ||
Building and improvements | 3,832 | ||
Total | 4,982 | ||
Accumulated Depreciation | 2,010 | 2,010 | |
Net Carrying Amount | 2,972 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,010 | ||
Retail | Patterson Place | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 15,059 | ||
Building and Improvements | 20,180 | ||
Cost Capitalized Subsequent to Acquisition | 631 | ||
Land | 15,059 | ||
Building and improvements | 20,811 | ||
Total | 35,870 | ||
Accumulated Depreciation | 2,638 | 2,638 | |
Net Carrying Amount | 33,232 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,638 | ||
Retail | Perry Hall Marketplace | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 3,240 | ||
Building and Improvements | 8,316 | ||
Cost Capitalized Subsequent to Acquisition | 424 | ||
Land | 3,240 | ||
Building and improvements | 8,740 | ||
Total | 11,980 | ||
Accumulated Depreciation | 1,555 | 1,555 | |
Net Carrying Amount | 10,425 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,555 | ||
Retail | Southgate Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 8,250 | ||
Land | 318 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 14,216 | ||
Land | 318 | ||
Building and improvements | 14,216 | ||
Total | 14,534 | ||
Accumulated Depreciation | 434 | 434 | |
Net Carrying Amount | 14,100 | ||
Accumulated Depreciation | |||
Balance at end of the year | 434 | ||
Retail | Providence Plaza | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 9,950 | ||
Building and Improvements | 12,369 | ||
Cost Capitalized Subsequent to Acquisition | 1,454 | ||
Land | 9,950 | ||
Building and improvements | 13,823 | ||
Total | 23,773 | ||
Accumulated Depreciation | 1,904 | 1,904 | |
Net Carrying Amount | 21,869 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,904 | ||
Retail | Red Mill Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 24,365 | ||
Land | 44,252 | ||
Building and Improvements | 30,348 | ||
Cost Capitalized Subsequent to Acquisition | 98 | ||
Land | 44,252 | ||
Building and improvements | 30,446 | ||
Total | 74,698 | ||
Accumulated Depreciation | 921 | 921 | |
Net Carrying Amount | 73,777 | ||
Accumulated Depreciation | |||
Balance at end of the year | 921 | ||
Retail | Renaissance Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 6,730 | ||
Building and Improvements | 8,439 | ||
Cost Capitalized Subsequent to Acquisition | 186 | ||
Land | 6,730 | ||
Building and improvements | 8,625 | ||
Total | 15,355 | ||
Accumulated Depreciation | 927 | 927 | |
Net Carrying Amount | 14,428 | ||
Accumulated Depreciation | |||
Balance at end of the year | 927 | ||
Retail | Sandbridge Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 8,020 | ||
Land | 4,825 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 7,332 | ||
Land | 4,825 | ||
Building and improvements | 7,332 | ||
Total | 12,157 | ||
Accumulated Depreciation | 1,500 | 1,500 | |
Net Carrying Amount | 10,657 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,500 | ||
Retail | Socastee Commons | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 4,567 | ||
Land | 2,320 | ||
Building and Improvements | 5,380 | ||
Cost Capitalized Subsequent to Acquisition | 147 | ||
Land | 2,320 | ||
Building and improvements | 5,527 | ||
Total | 7,847 | ||
Accumulated Depreciation | 940 | 940 | |
Net Carrying Amount | 6,907 | ||
Accumulated Depreciation | |||
Balance at end of the year | 940 | ||
Retail | South Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 7,388 | ||
Land | 190 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 8,123 | ||
Land | 190 | ||
Building and improvements | 8,123 | ||
Total | 8,313 | ||
Accumulated Depreciation | 4,527 | 4,527 | |
Net Carrying Amount | 3,786 | ||
Accumulated Depreciation | |||
Balance at end of the year | 4,527 | ||
Retail | South Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 14,130 | ||
Building and Improvements | 12,670 | ||
Cost Capitalized Subsequent to Acquisition | 757 | ||
Land | 14,130 | ||
Building and improvements | 13,427 | ||
Total | 27,557 | ||
Accumulated Depreciation | 1,966 | 1,966 | |
Net Carrying Amount | 25,591 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,966 | ||
Retail | Southgate Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 20,562 | ||
Land | 10,238 | ||
Building and Improvements | 25,950 | ||
Cost Capitalized Subsequent to Acquisition | 4,352 | ||
Land | 10,238 | ||
Building and improvements | 30,302 | ||
Total | 40,540 | ||
Accumulated Depreciation | 3,257 | 3,257 | |
Net Carrying Amount | 37,283 | ||
Accumulated Depreciation | |||
Balance at end of the year | 3,257 | ||
Retail | Southshore Shops | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 1,770 | ||
Building and Improvements | 6,509 | ||
Cost Capitalized Subsequent to Acquisition | 84 | ||
Land | 1,770 | ||
Building and improvements | 6,593 | ||
Total | 8,363 | ||
Accumulated Depreciation | 710 | 710 | |
Net Carrying Amount | 7,653 | ||
Accumulated Depreciation | |||
Balance at end of the year | 710 | ||
Retail | Stone House Square | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 6,360 | ||
Building and Improvements | 16,350 | ||
Cost Capitalized Subsequent to Acquisition | 561 | ||
Land | 6,360 | ||
Building and improvements | 16,911 | ||
Total | 23,271 | ||
Accumulated Depreciation | 2,735 | 2,735 | |
Net Carrying Amount | 20,536 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,735 | ||
Retail | Studio 56 Retail | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 76 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 2,532 | ||
Land | 76 | ||
Building and improvements | 2,532 | ||
Total | 2,608 | ||
Accumulated Depreciation | 994 | 994 | |
Net Carrying Amount | 1,614 | ||
Accumulated Depreciation | |||
Balance at end of the year | 994 | ||
Retail | Tyre Neck Harris Teeter | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 0 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 3,306 | ||
Land | 0 | ||
Building and improvements | 3,306 | ||
Total | 3,306 | ||
Accumulated Depreciation | 1,255 | 1,255 | |
Net Carrying Amount | 2,051 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,255 | ||
Retail | Wendover Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 19,893 | ||
Building and Improvements | 22,638 | ||
Cost Capitalized Subsequent to Acquisition | 429 | ||
Land | 19,893 | ||
Building and improvements | 23,067 | ||
Total | 42,960 | ||
Accumulated Depreciation | 2,451 | 2,451 | |
Net Carrying Amount | 40,509 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,451 | ||
Multifamily residential real estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 314,316 | ||
Land | 26,882 | ||
Building and Improvements | 154,065 | ||
Cost Capitalized Subsequent to Acquisition | 331,120 | ||
Land | 26,882 | ||
Building and improvements | 485,185 | ||
Total | 512,067 | ||
Accumulated Depreciation | 58,238 | 58,238 | |
Net Carrying Amount | 453,829 | ||
Accumulated Depreciation | |||
Balance at end of the year | 58,238 | ||
Multifamily residential real estate | 1405 Point | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 53,000 | ||
Land | 0 | ||
Building and Improvements | 95,466 | ||
Cost Capitalized Subsequent to Acquisition | 2,106 | ||
Land | 0 | ||
Building and improvements | 97,572 | ||
Total | 97,572 | ||
Accumulated Depreciation | 2,109 | 2,109 | |
Net Carrying Amount | 95,463 | ||
Accumulated Depreciation | |||
Balance at end of the year | 2,109 | ||
Multifamily residential real estate | Encore Apartments | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 24,842 | ||
Land | 1,293 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 30,322 | ||
Land | 1,293 | ||
Building and improvements | 30,322 | ||
Total | 31,615 | ||
Accumulated Depreciation | 5,144 | 5,144 | |
Net Carrying Amount | 26,471 | ||
Accumulated Depreciation | |||
Balance at end of the year | 5,144 | ||
Multifamily residential real estate | Greenside Apartments | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 34,000 | ||
Land | 5,711 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 45,012 | ||
Land | 5,711 | ||
Building and improvements | 45,012 | ||
Total | 50,723 | ||
Accumulated Depreciation | 1,822 | 1,822 | |
Net Carrying Amount | 48,901 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,822 | ||
Multifamily residential real estate | Hoffler Place | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 29,059 | ||
Land | 7,401 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 39,758 | ||
Land | 7,401 | ||
Building and improvements | 39,758 | ||
Total | 47,159 | ||
Accumulated Depreciation | 486 | 486 | |
Net Carrying Amount | 46,673 | ||
Accumulated Depreciation | |||
Balance at end of the year | 486 | ||
Multifamily residential real estate | Johns Hopkins Village | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 51,800 | ||
Land | 0 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 69,931 | ||
Land | 0 | ||
Building and improvements | 69,931 | ||
Total | 69,931 | ||
Accumulated Depreciation | 7,711 | 7,711 | |
Net Carrying Amount | 62,220 | ||
Accumulated Depreciation | |||
Balance at end of the year | 7,711 | ||
Multifamily residential real estate | Liberty Apartments | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 14,165 | ||
Land | 3,580 | ||
Building and Improvements | 23,494 | ||
Cost Capitalized Subsequent to Acquisition | 1,883 | ||
Land | 3,580 | ||
Building and improvements | 25,377 | ||
Total | 28,957 | ||
Accumulated Depreciation | 5,146 | 5,146 | |
Net Carrying Amount | 23,811 | ||
Accumulated Depreciation | |||
Balance at end of the year | 5,146 | ||
Multifamily residential real estate | Premier Apartments | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 16,750 | ||
Land | 647 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 29,139 | ||
Land | 647 | ||
Building and improvements | 29,139 | ||
Total | 29,786 | ||
Accumulated Depreciation | 1,171 | 1,171 | |
Net Carrying Amount | 28,615 | ||
Accumulated Depreciation | |||
Balance at end of the year | 1,171 | ||
Multifamily residential real estate | Smith’s Landing | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 18,174 | ||
Land | 0 | ||
Building and Improvements | 35,105 | ||
Cost Capitalized Subsequent to Acquisition | 2,418 | ||
Land | 0 | ||
Building and improvements | 37,523 | ||
Total | 37,523 | ||
Accumulated Depreciation | 8,002 | 8,002 | |
Net Carrying Amount | 29,521 | ||
Accumulated Depreciation | |||
Balance at end of the year | 8,002 | ||
Multifamily residential real estate | Summit Place | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 28,824 | ||
Land | 7,265 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 43,674 | ||
Land | 7,265 | ||
Building and improvements | 43,674 | ||
Total | 50,939 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | 50,939 | ||
Accumulated Depreciation | |||
Balance at end of the year | 0 | ||
Multifamily residential real estate | The Cosmopolitan | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 43,702 | ||
Land | 985 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 66,877 | ||
Land | 985 | ||
Building and improvements | 66,877 | ||
Total | 67,862 | ||
Accumulated Depreciation | 26,647 | 26,647 | |
Net Carrying Amount | 41,215 | ||
Accumulated Depreciation | |||
Balance at end of the year | 26,647 | ||
Held for development | |||
SEC Schedule III, Real Estate and Accumulated Depreciation | |||
Encumbrances | 0 | ||
Land | 5,000 | ||
Building and Improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 0 | ||
Land | 5,000 | ||
Building and improvements | 0 | ||
Total | 5,000 | ||
Accumulated Depreciation | 0 | 0 | |
Net Carrying Amount | $ 5,000 | ||
Accumulated Depreciation | |||
Balance at end of the year | $ 0 |
Uncategorized Items - ahh-12312
Label | Element | Value | [1] |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (167,000) | |
Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (125,000) | |
Accumulated Distributions in Excess of Net Income [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (125,000) | |
Noncontrolling Interests In Operating Partnership [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (42,000) | |
[1] | The Company recorded cumulative effect adjustments related to the new lease standard in the first quarter of 2019. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements” for additional information. |