0001569187-21-000013 | 10-K | XBRL Viewer | Armada Hoffler Properties INC

Net proceeds from issuance of stock

23,492

17,203

6,289

65,244

65,198

65,244

Restricted stock awards, net of tax withholding

1,564

1,562

1,564

Unrealized cash flow hedge losses

(1,894)

(1,410)

(484)

Realized cash flow hedge losses reclassified to net income

169

127

Restricted stock award forfeitures

(32)

Issuance of operating partnership units for acquisitions

(2,196)

(2,201)

Dividends and distributions declared

(2,595)

3,223

3,226

(5,821)

52,537

38,736

13,801

Ending balance at Dec. 31, 2018

455,890

$ (167)

^[1]

500

357,353

(82,699)

$ (125)

^[1]

(1,283)

273,871

$ (125)

^[1]

182,019

$ (42)

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net proceeds from issuance of stock

32,258

24,053

213

7,992

96,845

96,786

96,845

$ 61,001

$ 63,250

$ (2,249)

$ 61,001

Restricted stock awards, net of tax withholding

2,031

2,029

2,031

Unrealized cash flow hedge losses

(4,504)

(3,321)

(1,183)

Realized cash flow hedge losses reclassified to net income

501

364

137

Restricted stock award forfeitures

(7)

Issuance of operating partnership units for acquisitions

(72,183)

986

(73,169)

Noncontrolling interest in acquired real estate entity

4,870

Distributions to Joint Venture Partners

2,754

2,756

(2,756)

(621)

Dividends declared on preferred stock

(2,455)

Dividends and distributions declared on common shares and units

(62,378)

(45,450)

(16,928)

Ending balance at Dec. 31, 2019

655,447

$ (3,009)

^[2]

63,250

563

455,680

(106,676)

$ (2,185)

^[2]

(4,240)

408,577

$ (2,185)

^[2]

4,462

242,408

$ (824)

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net proceeds from issuance of stock

36,959

29,152

(230)

8,037

19,650

19,631

19,650

$ 101,460

$ 107,835

$ (6,375)

$ 101,460

Restricted stock awards, net of tax withholding

2,353

2,351

2,353

Unrealized cash flow hedge losses

(9,751)

(7,082)

(2,669)

Realized cash flow hedge losses reclassified to net income

3,345

2,454

891

Restricted stock award forfeitures

(11)

Acquisitions of noncontrolling interests

(5,033)

(7,388)

(3,744)

6,099

Dividends declared on preferred stock

(2,729)

8,859

8,866

(11,595)

(7,349)

Dividends and distributions declared on common shares and units

(34,530)

(25,298)

(9,232)

Ending balance at Dec. 31, 2020

$ 756,802

$ 171,085

$ 591

$ 472,747

$ (112,356)

$ (8,868)

$ 523,199

$ 488

$ 233,115

[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.
[2]	The Company recorded cumulative effect adjustments related to the new Current Expected Credit Losses ("CECL") standard in the first quarter of 2020. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements" for additional information.

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

OPERATING ACTIVITIES

Adjustments to reconcile net income to net cash provided by operating activities:

$ 36,959

$ 32,258

$ 23,492

Depreciation of buildings and tenant improvements

43,671

37,839

30,395

Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases

16,301

16,725

9,518

Accrued straight-line rental revenue

(5,927)

(3,402)

(2,731)

Amortization of leasing incentives and above or below-market rents

(814)

(629)

(266)

Amortization of right-of-use assets - finance leases

586

377

Accrued straight-line ground rent expense

100

(16)

214

Provision for unrealized credit losses

256

Adjustment for uncollectable accounts

3,842

511

419

Noncash stock compensation

2,378

1,613

1,281

Impairment charges

666

252

1,619

Noncash interest expense

2,204

1,258

1,116

Interest expense on finance leases

915

568

Gain on real estate dispositions

(6,388)

(4,699)

(4,254)

Adjustment for Annapolis Junction modification fee

^[1]

(4,489)

4,489

Change in the fair value of interest rate derivatives

1,130

3,599

951

Equity in income of unconsolidated real estate entities

(273)

(372)

Changes in operating assets and liabilities:

Property assets

(5,960)

(2,499)

(3,539)

Property liabilities

5,762

3,368

1,720

Construction assets

(2,302)

(20,356)

7,554

Construction liabilities

13,708

18,671

(15,248)

Interest receivable

(15,908)

(12,947)

(271)

Net cash provided by operating activities

91,179

67,729

56,087

INVESTING ACTIVITIES

Development of real estate investments

(63,485)

(133,445)

(133,791)

Tenant and building improvements

(10,077)

(19,721)

(11,723)

Acquisitions of real estate investments, net of cash received

(35,151)

(138,380)

(57,544)

Dispositions of real estate investments, net of selling costs

96,459

32,944

34,673

Notes receivable issuances

(24,484)

(54,555)

(58,208)

Notes receivable paydowns

16,340

22,522

1,165

Leasing costs

(3,425)

(3,893)

(4,607)

Leasing incentives

(1,326)

(108)

Contributions to equity method investments

(1,078)

(535)

(10,420)

Net cash used for investing activities

(26,227)

(295,063)

(240,563)

FINANCING ACTIVITIES

Proceeds from issuance of cumulative redeemable perpetual preferred stock, net

101,460

61,001

Proceeds from issuance of common stock, net

19,650

96,845

65,244

Common shares tendered for tax withholding

(569)

(369)

(409)

Debt issuances, credit facility and construction loan borrowings

176,619

427,286

349,580

Debt and credit facility repayments, including principal amortization

(299,318)

(270,851)

(173,855)

Debt issuance costs

(609)

(5,546)

(1,457)

Acquisition of NCI in consolidated RE investments

(5,002)

Dividends and distributions

(2,729)

(2,595)

(47,603)

(61,504)

(50,897)

Net cash provided by (used for) financing activities

(58,101)

246,862

185,611

Net increase in cash, cash equivalents, and restricted cash

6,851

19,528

1,135

Cash, cash equivalents, and restricted cash, beginning of period

^[2]

43,579

24,051

22,916

Cash, cash equivalents, and restricted cash, end of period

^[2]

50,430

43,579

24,051

Supplemental cash flow information:

Cash paid for interest

28,554

28,878

17,319

Cash refunded for income taxes

167

247

Increase (decrease) in dividends payable

(5,724)

3,950

1,640

Common shares and OP units issued for acquisitions

6,099

73,169

1,702

(Decrease) increase in accrued capital improvements and development costs

(14,324)

(12,666)

18,310

Operating Partnership units redeemed for common shares

8,866

2,756

3,715

Note payable recorded for mandatorily redeemable partnership interest

3,829

Debt assumed at fair value in conjunction with real estate purchases

122,300

101,390

Note receivable extinguished in conjunction with real estate purchase

42,270

31,252

Equity method investment redeemed for real estate acquisition

23,011

Noncontrolling interest in acquired real estate entity

4,870

Note payable issued in acquisition of noncontrolling interest in real estate investment

6,130

Recognition of operating lease ROU assets

^[3]

33,965

Recognition of operating lease liabilities

^[3]

41,631

Recognition of finance lease right-of-use assets

24,500

Recognition of finance lease liabilities

17,871

De-recognition of operating lease ROU assets - lease termination

440

De-recognition of operating lease liabilities - lease termination

$ 0

$ 440

$ 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,
	2020		2019
Cash and cash equivalents	$	40,998	$	39,232
Restricted cash (a)	9,432		4,347
Cash, cash equivalents, and restricted cash	$	50,430	$	43,579

(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

[3]

Amounts attributable to 2019 are net of $0.4 million related to the Company's preexisting lease at the Thames Street Wharf property, which was acquired on June 26, 2019.

Consolidated Statements of Cash Flows - Footnotes (Parenthetical)
$ in Thousands

12 Months Ended

Dec. 31, 2019

USD ($)

Cash and cash equivalents

$ 39,232

Restricted cash

4,347

Cash, cash equivalents, and restricted cash

43,579

^[1]

Thames Street Wharf

Write off of right of use asset

$ 400

[1]

The following table sets forth the items from the Company's Consolidated Balance Sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows:


	As of December 31,
	2020		2019
Cash and cash equivalents	$	40,998	$	39,232
Restricted cash (a)	9,432		4,347
Cash, cash equivalents, and restricted cash	$	50,430	$	43,579

(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.

Business and Organization

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, 2020, owned 73.9% 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, 2020, 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%

Apex Entertainment

Retail

Virginia Beach, Virginia*

100%

Broad Creek Shopping Center

Retail

Norfolk, Virginia

100%

Broadmoor Plaza

Retail

South Bend, Indiana

100%

Brooks Crossing Retail (1)

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%

Greentree Shopping Center

Retail

Chesapeake, Virginia

100%

Hanbury Village

Retail

Chesapeake, Virginia

100%

Harrisonburg Regal

Retail

Harrisonburg, Virginia

100%

Lexington Square

Retail

Lexington, South Carolina

100%

Market at Mill Creek (1)

Retail

Mount Pleasant, South Carolina

70%

Marketplace at Hilltop

Retail

Virginia Beach, Virginia

100%

Nexton Square

Retail

Summerville, South Carolina

100%

North Hampton Market

Retail

Taylors, South Carolina

100%

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%

Property

Segment

Location

Ownership Interest

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%

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%

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

100%

Edison Apartments

Multifamily

Richmond, VA

100%

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%

Summit Place

Multifamily

Charleston, South Carolina

90%

The Cosmopolitan

Multifamily

Virginia Beach, Virginia*

100%

The Residences at Annapolis Junction (1)

Multifamily

Annapolis Junction, MD

79%

________________________________________

* Located in the Town Center of Virginia Beach

(1) The Company is entitled to a preferred return on its investment in this property.

As of December 31, 2020, 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%

Solis Gainesville

Multifamily

Gainesville, Georgia

95%

________________________________________

* Located in the Town Center of Virginia Beach

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

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.

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 $5.9 million, $3.4 million and $2.7 million of straight-line rent adjustments for the years ended December 31, 2020, 2019, and 2018, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million for each of the years ended December 31, 2020, 2019, and 2018. 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. 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, 2020, 2019, and 2018 was $3.6 million, $5.9 million and $5.0 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2020, 2019, and 2018 were $2.6 million, $3.1 million and $3.1 million, respectively.

The Company capitalizes predevelopment costs directly identifiable with specific properties when the development of such properties is probable. Capitalized predevelopment costs are presented within other assets in the consolidated balance sheets. Land for which development activities have not yet commenced are presented separately as land held for development in the consolidated balance sheets. Capitalized predevelopment costs as of December 31, 2020 and 2019 were $15.4 million and $6.5 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, 2020, the 7-Eleven outparcel at Hanbury Village and a land parcel adjacent to Nexton Square were classified as held for sale. As of December 31, 2019, a land parcel adjacent to the Market at Mill Creek 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 2018 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.

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, 2020 and 2019, accrued straight-line rental revenue presented within accounts receivable in the consolidated balance sheets was $21.3 million and $17.9 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, 2020 and 2019, the allowance for doubtful accounts was $1.7 million and $0.3 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’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. The Company's risk ratings are as follows:

•Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions.

•Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management.

•Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on nonaccrual status if it does not believe that additional interest accruals will ultimately be collected.

At the end of each reporting period, the Company measures expected credit losses to be incurred over the remaining contractual term based on the risk rating of each loan. If a loan is rated as Substandard, the Company then estimates expected credit losses as the difference between the amortized cost basis of the outstanding loan and the estimated projected sales proceeds of the underlying collateral. Changes to the allowance for loan losses resulting from quarterly evaluations are recorded through provision for unrealized credit losses on the Consolidated Statements of Comprehensive Income.

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

The Company calculates net income per share based upon the weighted average shares outstanding. Diluted net income per share is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include nonvested restricted stock awards. However, there were no significant potential dilutive shares outstanding for each of the three years ended December 31, 2020, 2019, and 2018. As a result, basic and diluted outstanding shares were the same for each period presented.

Recent Accounting Pronouncements

Recently Issued Accounting Standards Adopted:

Credit losses

In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments-Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 significantly changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the "incurred loss" approach under previous guidance with an "expected loss" model for instruments measured at amortized cost, such as the Company's notes receivable, construction receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses.

The Company adopted the new standard on January 1, 2020, using the modified retrospective transition method and recorded a noncash cumulative effect adjustment to record a reduction to retained earnings of $3.0 million, $2.8 million of which relates to the Company's mezzanine loans and $0.2 million of which relates to the Company's construction accounts receivable. See Note 6—Notes Receivable and Current Expected Credit Losses, for more information.

Fair Value Measurements

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). The ASU is part of the FASB's disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by generally accepted accounting principles. The ASU modifies disclosure requirements on fair value measurements in Topic 820. The Company adopted the new standard on January 1, 2020. The adoption of the ASU did not have a material impact on disclosures in the Company's consolidated financial statements.

Lease Modification Accounting Q&A

In April 2020, the FASB staff issued a question and answer document (the "Lease Modification Q&A") focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows lessors, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company adopted this guidance during the second quarter of 2020 and elected to not apply the existing lease modification accounting framework in instances where the total payments under a modified lease are substantially the same as or less than the total payments under the existing lease.

Recently Issued Accounting Standards Not Yet Adopted:

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is currently evaluating the effect that adopting this standard may have on its Consolidated Financial Statements.

Earnings Per Share

In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470 and ASC Topic 815. ASU 2020-06 simplifies the accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements.

Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

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, 2020, 2019, and 2018 was as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
Office real estate
Rental revenues	$	43,494	$	33,269	$	20,701
Rental expenses	10,799		8,722		5,858
Real estate taxes	5,111		3,471		2,034
Segment net operating income	27,584		21,076		12,809
Retail real estate
Rental revenues	73,032		77,593		67,959
Rental expenses	11,029		11,656		10,903
Real estate taxes	7,784		7,916		6,801
Segment net operating income	54,219		58,021		50,255
Multifamily residential real estate
Rental revenues	49,962		40,477		28,298
Rental expenses	17,132		13,954		10,461
Real estate taxes	5,241		3,574		2,548
Segment net operating income	27,589		22,949		15,289
General contracting and real estate services
Segment revenues	217,146		105,859		76,359
Segment expenses	209,472		101,538		73,628
Segment gross profit	7,674		4,321		2,731
Net operating income	$	117,066	$	106,367	$	81,084

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, 2020, 2019, and 2018 exclude revenue related to intercompany construction contracts of $26.6 million, $99.9 million and $134.4 million, respectively, as it is eliminated in consolidation. General contracting and real estate services expenses for the years ended December 31, 2020, 2019, and 2018 exclude expenses related to intercompany construction contracts of $26.3 million, $99.0 million and $133.4 million, respectively, as it is eliminated in consolidation.

The following table reconciles net operating income to net income for the years ended December 31, 2020, 2019, and 2018 (in thousands):


	Years Ended December 31,
	2020		2019		2018
Net operating income	$	117,066	$	106,367	$	81,084
Depreciation and amortization	(59,972)		(54,564)		(39,913)
Amortization of right-of-use assets - finance leases	(586)		(377)		—
General and administrative expenses	(12,905)		(12,392)		(11,431)
Acquisition, development and other pursuit costs	(584)		(844)		(352)
Impairment charges	(666)		(252)		(1,619)
Gain on real estate dispositions	6,388		4,699		4,254
Interest income	19,841		23,215		10,729
Interest expense on indebtedness	(30,120)		(30,776)		(19,087)
Interest expense on finance leases	(915)		(568)		—
Equity in income of unconsolidated real estate entities	—		273		372

Change in fair value of derivatives and other	(1,130)		(3,599)		(951)
Provision for unrealized credit losses	(256)		—		—
Other income (expense), net	515		585		377
Income tax benefit	283		491		29
Net income	$	36,959	$	32,258	$	23,492

General and administrative expenses represent costs not directly associated with the operation and management of the Company’s real estate properties and general contracting and real estate services businesses. General and administrative expenses include corporate office personnel salaries and benefits, bank fees, accounting fees, legal fees, and other corporate office expenses.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Real Estate Investments and Equity Method Investments

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Lessee Disclosures

As a lessee, the Company has eight ground leases on seven properties with initial terms that ranged from 5 to 61 years and options to extend up to an additional 70 years in certain cases. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Six of these leases have been classified as operating leases and two of these leases have been classified as finance leases. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants.

The components of lease cost for the years ended December 31, 2020, 2019, and 2018 were as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018 (b)
Operating lease cost	$	1,660	$	2,700	$	2,962
Finance lease cost:
Amortization of right-of-use assets (a)	586		369		—
Interest on lease liabilities	915		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, 2020, 2019, and 2018 (in thousands):


	Years Ended December 31,
	2020		2019		2018 (a)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,113	$	1,969	$	2,354
Operating cash flows from finance leases	864		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, 2020 and 2019 were as follows:


	December 31,
	2020		2019
Weighted Average Remaining Lease Term (years)
Operating leases	44.5		45.4
Finance leases	40.2		41.2

Weighted Average Discount Rate
Operating leases	5.4	%	5.4	%
Finance leases	5.2	%	5.2	%

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)
2021	$	2,158	$	864
2022	2,361		868
2023	2,400		873
2024	2,436		888
2025	2,452		925
Thereafter	101,072		42,089
Total undiscounted cash flows	112,879		46,507
Present value discount	(71,220)		(28,553)
Discounted cash flows	$	41,659	$	17,954

Lessor Disclosures

As a lessor, the Company leases its properties under operating leases and recognizes base rents on a straight-line basis over the lease term. The Company also recognizes revenue from tenant recoveries, through which tenants reimburse the Company on an accrual basis for certain expenses such as utilities, janitorial services, repairs and maintenance, security and alarms, parking lot and ground maintenance, administrative services, management fees, insurance, and real estate taxes. Rental revenues are reduced by the amount of any leasing incentives amortized on a straight-line basis over the term of the applicable lease. In addition, the Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. Many tenant leases include one or more options to renew, with renewal terms that can extend the lease term from one 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.

Rental revenue for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands):


	Years Ended December 31,
	2020		2019		2018
Base rent and tenant charges	$	159,747	$	147,309	$	114,012
Accrued straight-line rental adjustment	5,927		3,402		2,731
Lease incentive amortization	(693)		(739)		(732)
Below/(above) market lease amortization	1,507		1,367		947
Total rental revenue	$	166,488	$	151,339	$	116,958

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
2021	$	90,693
2022	88,270
2023	81,767
2024	73,029
2025	60,588
Thereafter	307,377
Total	$	701,724

Leases

Lessee Disclosures

The components of lease cost for the years ended December 31, 2020, 2019, and 2018 were as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018 (b)
Operating lease cost	$	1,660	$	2,700	$	2,962
Finance lease cost:
Amortization of right-of-use assets (a)	586		369		—
Interest on lease liabilities	915		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, 2020, 2019, and 2018 (in thousands):


	Years Ended December 31,
	2020		2019		2018 (a)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,113	$	1,969	$	2,354
Operating cash flows from finance leases	864		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, 2020 and 2019 were as follows:


	December 31,
	2020		2019
Weighted Average Remaining Lease Term (years)
Operating leases	44.5		45.4
Finance leases	40.2		41.2

Weighted Average Discount Rate
Operating leases	5.4	%	5.4	%
Finance leases	5.2	%	5.2	%


Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2021	$	2,158	$	864
2022	2,361		868
2023	2,400		873
2024	2,436		888
2025	2,452		925
Thereafter	101,072		42,089
Total undiscounted cash flows	112,879		46,507
Present value discount	(71,220)		(28,553)
Discounted cash flows	$	41,659	$	17,954

Lessor Disclosures

Rental revenue for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands):


	Years Ended December 31,
	2020		2019		2018
Base rent and tenant charges	$	159,747	$	147,309	$	114,012
Accrued straight-line rental adjustment	5,927		3,402		2,731
Lease incentive amortization	(693)		(739)		(732)
Below/(above) market lease amortization	1,507		1,367		947
Total rental revenue	$	166,488	$	151,339	$	116,958

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
2021	$	90,693
2022	88,270
2023	81,767
2024	73,029
2025	60,588
Thereafter	307,377
Total	$	701,724

Leases

Lessee Disclosures

The components of lease cost for the years ended December 31, 2020, 2019, and 2018 were as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018 (b)
Operating lease cost	$	1,660	$	2,700	$	2,962
Finance lease cost:
Amortization of right-of-use assets (a)	586		369		—
Interest on lease liabilities	915		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, 2020, 2019, and 2018 (in thousands):


	Years Ended December 31,
	2020		2019		2018 (a)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,113	$	1,969	$	2,354
Operating cash flows from finance leases	864		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, 2020 and 2019 were as follows:


	December 31,
	2020		2019
Weighted Average Remaining Lease Term (years)
Operating leases	44.5		45.4
Finance leases	40.2		41.2

Weighted Average Discount Rate
Operating leases	5.4	%	5.4	%
Finance leases	5.2	%	5.2	%


Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2021	$	2,158	$	864
2022	2,361		868
2023	2,400		873
2024	2,436		888
2025	2,452		925
Thereafter	101,072		42,089
Total undiscounted cash flows	112,879		46,507
Present value discount	(71,220)		(28,553)
Discounted cash flows	$	41,659	$	17,954

Lessor Disclosures

Rental revenue for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands):


	Years Ended December 31,
	2020		2019		2018
Base rent and tenant charges	$	159,747	$	147,309	$	114,012
Accrued straight-line rental adjustment	5,927		3,402		2,731
Lease incentive amortization	(693)		(739)		(732)
Below/(above) market lease amortization	1,507		1,367		947
Total rental revenue	$	166,488	$	151,339	$	116,958

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
2021	$	90,693
2022	88,270
2023	81,767
2024	73,029
2025	60,588
Thereafter	307,377
Total	$	701,724

Real Estate Investments and Equity Method Investments

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Real Estate Investments and Equity Method Investment

The Company’s real estate investments comprised the following as of December 31, 2020 and 2019 (in thousands):


	December 31, 2020
	Income producing property		Held for development		Construction in progress		Total
Land	$	261,984	$	13,607	$	5,200	$	280,791
Land improvements	61,275		—		—		61,275
Buildings and improvements	1,357,684		—		—		1,357,684
Development and construction costs	—		—		58,167		58,167
Real estate investments	$	1,680,943	$	13,607	$	63,367	$	1,757,917


	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

2020 Operating Property Acquisitions

In June 2020, the Company exercised its option to purchase the remaining 21.0% ownership interest in 1405 Point in exchange for increased ground lease payments to be made over the approximately 42-year remaining lease term. The Company recorded a note payable of $6.1 million, which represents the present value of these payments. The ground lessor is an affiliate of our former joint venture partner.

On September 22, 2020, the Company exercised its option to purchase Nexton Square for $17.9 million cash and the assumption of a note payable of $22.9 million. The Company also incurred capitalized acquisition costs of $0.2 million. The developer of this property repaid the Company's mezzanine note receivable of $16.4 million at the time of the acquisition.

On October 1, 2020, the Company acquired Edison Apartments, a multifamily property located in downtown Richmond, Virginia, for consideration comprised of 633,734 Class A Units (as defined below), the assumption of a $16.4 million loan payable, and the assumption of $1.1 million in other assets and liabilities. The seller of the property was a partnership that includes several members from the Company's management team and board of directors.

On October 30, 2020, the Company acquired 79.0% of the partnership that owns The Residences at Annapolis Junction. As part of this purchase, the Company extinguished its note receivable for this project and made a cash payment of $0.2 million. The Company assumed an $83.4 million senior loan as part of this acquisition, which was immediately refinanced with a new $84.4 million loan. This refinanced loan bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus a margin of 2.66% and matures on November 1, 2030. As part of this financing transaction, the partnership also purchased an interest rate cap for $0.1 million with a SOFR strike rate of 1.84%, which expires on November 1, 2023. Due to a preferred return that we receive on this investment, no value was assigned to our partner's investment in this property at the time of the acquisition.

The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the three operating properties acquired during the year ended December 31, 2020 (in thousands):


	Nexton Square		Edison Apartments		The Residences at Annapolis Junction
Land	$	9,885	$	3,428	$	14,774
Site improvements	3,690		—		1,786
Building and improvements	24,070		18,227		101,219
Furniture and fixtures	—		355		1,796
In-place leases	5,239		1,882		4,079

Below-market leases	(1,877)		(140)		—


Fair value adjustment on acquired debt	364		(6)		—
Net assets acquired	$	41,371	$	23,746	$	123,654

2019 Operating Property Acquisitions

On February 6, 2019, the Company acquired an additional outparcel of Wendover Village in Greensboro, North Carolina for a contract price of $2.7 million plus capitalized acquisition costs of $0.1 million. This outparcel is leased to 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 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. This property was sold in 2020.

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

Other 2020 Real Estate Transactions

On January 10, 2020, the Company entered into an operating agreement with a partner to develop a mixed-use property in Charlotte, North Carolina. The Company has an 80% interest in 10th and Tryon Partners, LLC (the "Tryon Partnership"). On January 10, 2020, the Tryon Partnership purchased land for a purchase price of $6.3 million for this project. The Company is responsible for funding the equity requirements of this development, including the $6.3 million purchase of the land. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the project and has the power to direct the activities of the project that most significantly impact its financial performance. Therefore, the Company is the project's primary beneficiary and consolidates the Tryon Partnership in its consolidated financial statements.

On September 12, 2019, the Company entered into an operating agreement with a partner to develop a mixed-use property in Belmont, North Carolina. The Company has an 85% interest in Chronicle Holdings, LLC (the "Chronicle Partnership"). On March 20, 2020, the Chronicle Partnership purchased land for a purchase price of $2.3 million for this project. The Company is responsible for funding the equity requirements of this development, including the $2.3 million purchase of the land. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. The Company is the developer of the project and has the power to direct the activities of the project that most significantly impact its financial performance. Therefore, the Company is the project's primary beneficiary and consolidates the Chronicle Partnership in its consolidated financial statements.

On May 29, 2020, the Company sold a portfolio of seven retail properties for $90.0 million. The portfolio consisted of Alexander Pointe, Bermuda Crossroads, Gainsborough Square, Harper Hill Commons, Indian Lakes Crossing, Renaissance Square, and Stone House Square. The gain on sale was $2.8 million. In connection with the sale of this portfolio, the Company repaid $61.9 million on the revolving credit facility, resulting in net proceeds of $25.9 million.

On August 31, 2020, the Company entered into an operating agreement with a partner to develop a mixed-use project in Gainesville, Georgia. The Company has a 95% ownership interest in Gainesville Development, LLC (the "Gainesville Partnership"). The Gainesville Partnership acquired undeveloped land on August 31, 2020 for a purchase price of $5.0 million and immediately began development of the site. The Company is responsible for funding the equity requirements of this development, which are estimated to total $17.3 million. Management has concluded that this entity is a VIE as it lacks sufficient equity to fund its operations without additional financial support. By August 31, 2023, the Company is required to acquire its partner's 5% ownership interest for up to $4.2 million, subject to the initial operating performance of the property. As the Company is required to obtain this ownership interest, the Company consolidates the project in its consolidated financial statements. The Company has recorded a note payable liability of $3.8 million, which is the fair value of the anticipated payments to be made to its partner.

On September 1, 2020, the Company completed the sale of the Walgreens outparcel at Hanbury Village. Net proceeds after the transaction costs were $7.0 million. The gain on disposition was $3.6 million.

On October 2, 2020, the Company purchased the remaining 20% noncontrolling interest in the Southern Post, a mixed-use development project in Roswell, Georgia in exchange for a cash payment of $3.5 million and future consideration of $1.5 million to be paid in cash upon satisfaction of certain conditions.

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 the Southern Post, 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.

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.

Equity Method Investment

Harbor Point Parcel 3

On November 30, 2020, the Company acquired a 50% interest in Harbor Point Parcel 3, a joint venture with Beatty Development Group, for purposes of developing T. Rowe Price's new global headquarters office building in Baltimore, Maryland. The Company is a noncontrolling partner in the joint venture and will serve as the project's general contractor. During the year ended December 31, 2020, the Company invested $1.1 million in Harbor Point Parcel 3. The Company has a total equity commitment of up to $30.0 million relating to this project. As of December 31, 2020, the carrying value of the Company's investment in Harbor Point Parcel 3 was $1.1 million. For the year ended December 31, 2020, Harbor Point Parcel 3 had no operating activity, and therefore the Company received no allocated income.

Based on the terms of the operating agreement, the Company has concluded that Harbor Point Parcel 3 is a VIE and that the Company holds a variable interest. The Company does not have the power to direct the activities of the project that most significantly impact its performance. Accordingly, the Company is not the project’s primary beneficiary and, therefore, does not consolidate Harbor Point Parcel 3 in its consolidated financial statements. The Company has significant influence over the project due to its 50% ownership as well as certain rights and responsibilities relating to the development project. The Company's investment in the project is recorded as an equity method investment in the consolidated balance sheets.

Notes Receivable and Allowance for Loan Losses

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Notes Receivable and Allowance for Loan Losses

Notes Receivable

The Company had the following loans receivable outstanding as of December 31, 2020 and December 31, 2019 ($ in thousands):


	Outstanding loan amount				Maximum loan commitment		Interest rate			Interest compounding
Development Project	December 31, 2020		December 31, 2019
The Residences at Annapolis Junction	$	—	$	40,049	N/A		N/A		(a)	N/A
Delray Plaza	14,289		12,995		17,000		15.0	%	(a)(b)	Annually
Nexton Square	—		15,097		N/A		N/A			N/A
Interlock Commercial	85,318		59,224		103,000		15.0	%	(c)	None
Solis Apartments at Interlock	28,969		25,588		41,100		13.0	%		Annually
Total mezzanine	128,576		152,953		$	161,100
Other notes receivable	6,809		1,147
Notes receivable guarantee premium	2,631		5,271
Allowance for credit losses	(2,584)		—
Total notes receivable	$	135,432	$	159,371

_______________________________________

(a) Loan was placed on nonaccrual status effective April 1, 2020.

(b) $2.0 million of this loan is subject to an interest rate of 6%.

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, 2020, 2019, and 2018 as follows (in thousands):


	Years Ended December 31,
Development Project	2020			2019			2018
1405 Point	$	—		$	783		$	2,080
The Residences at Annapolis Junction	2,468		(a)(b)	8,776		(b)	4,939		(b)
North Decatur Square	—			1,509			2,212
Delray Plaza	489		(a)	1,622			928
Nexton Square	1,177			1,962			235
Interlock Commercial	12,267		(c)	6,142		(c)	202
Solis Apartments at Interlock	3,382			2,333			55
Total mezzanine	19,783			23,127			10,651
Other interest income	58			88			78
Total interest income	$	19,841		$	23,215		$	10,729

________________________________________

(a) Loan was placed on nonaccrual status effective April 1, 2020.

(b) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. Additionally, the 2020 and 2019 amounts include $1.5 million and $0.5 million, respectively, of interest income recognition relating to an exit fee that was due upon repayment of the loan.

(c) The 2020 and 2019 amounts included $2.3 million and $0.6 million, respectively, of interest income recognition relating to an exit fee that is due upon repayment of the loan.

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"). The Residences at 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. The Residences at Annapolis Junction opened during 2017 and 2018.

On October 30, 2020, the Company acquired 79% of AJAO. As part of this purchase, the Company extinguished its note receivable for this project, assumed an $83.4 million senior loan, and made a cash payment of $0.2 million. The Company consolidated the project in its consolidated financial statements for the year ended December 31, 2020.

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.

During 2020, the Delray Plaza loan was modified to (i) increase the maximum amount of the loan to $17.0 million, with $2.0 million of additional funds borrowed at an interest rate of 6% in order to fund final development activities, (ii) extend the maturity date to April 1, 2020, and (iii) require the borrower to tender 125,843 Class A Units that were pledged as collateral for this loan and establish a $2.5 million reserve account to be used for certain unpaid development project costs.

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. The loan was subsequently increased to $17.0 million.

Interlock Commercial

In October 2018, the Company financed a bridge loan with a maximum commitment of $4.0 million to The Interlock, LLC ("Interlock"), the developer of the office and retail components of The Interlock, a new mixed-use public-private partnership with Georgia Tech in West Midtown Atlanta. This loan was subsequently modified as described below.

On December 21, 2018, the Company entered into a mezzanine loan agreement with Interlock for a maximum principal amount of $67.0 million and a total maximum commitment, including accrued interest reserves, of $95.0 million. The previous loan was repaid from proceeds of the mezzanine loan. The mezzanine loan bears interest at a rate of 15.0% per annum and matures at the earlier of (i) 24 months after the original maturity date or earlier termination date of the senior construction loan or (ii) any sale, transfer, or refinancing of the project. In the event that the maturity date is established as being 24 months after the original maturity date or earlier termination date of the senior construction loan, Interlock will have the right to extend the maturity date for 5 years.

On April 19, 2019, the borrower executed its senior construction loan, and the Company's payment guarantee of up to $30.7 million became effective. See Note 15 for additional information. See Note 18 for additional discussion.

In May 2020, the Company modified the Interlock Commercial loan to allow for an additional $8.0 million of loan funding; this additional loan funding may be available for cost overruns as well as the building of townhome units as an additional phase of this development project. The borrower subsequently decided to forego development of these townhome units. The borrower also modified the senior construction loan on the project.

On October 2, 2020, the Interlock Commercial loan was modified to decrease the exit fee, subject to the satisfaction of certain conditions. As a result, the exit fee for this loan may range from $6.5 million to $7.5 million.The Company has reduced its estimate of exit fees to be collected to $6.5 million and prospectively adjusted the recognition of the exit fee in interest income. The Company has recognized $2.9 million of this fee as of December 31, 2020.

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.

Harbor Point Parcel 3

On December 15, 2020, the Company funded a $6.8 million loan to Harbor Point Parcel 3 Holdings, LLC ("Parcel 3 Holdings"), the developer and the Company's joint venture partner for the development of future Harbor Point Parcel 3 office building in Baltimore, Maryland. Harbor Point Parcel 3 is a project to develop and build T. Rowe Price's new 450,000 square feet global headquarters in Baltimore's Harbor Point. The loan bears interest at a rate of 6% per annum and is secured by the joint venture membership interest held by Parcel 3 Holdings. The loan matures on December 1, 2021 and has an option to extend the maturity date to March 1, 2022.

Guarantee liabilities

As of December 31, 2020, the Company had outstanding payment guarantees for the senior loans on Delray Plaza, and Interlock Commercial as described above. As of December 31, 2020 and 2019, the Company has recorded a guarantee liability of $2.6 million and $5.3 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.

Allowance for Loan Losses

The Company is exposed to credit losses primarily through its mezzanine lending activities. As of December 31, 2020, the Company had three mezzanine loans, all of which are secured by second liens on development projects in various stages of completion or lease-up. Each of these projects is subject to a loan that is senior to the Company’s mezzanine loan. Interest on these loans is paid in kind and is generally not expected to be paid until a sale of the project after completion of the development.

The Company updated the risk ratings for each of its notes receivable as of December 31, 2020 and obtained industry loan loss data relative to these risk ratings. The Company’s analysis resulted in an allowance for loan losses of approximately $2.6 million as of the year ended December 31, 2020.

The following table presents amortized cost basis of the portfolio by year of origination and risk rating as of December 31, 2020 (in thousands):


	Year of Origination
Risk Ratings	2020		2019		2018		2017		2016		Total
Pass	$	6,766	$	—	$	115,082	$	—	$	—	$	121,848
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		13,570		—		13,570


Total amortized cost basis	$	6,766	$	—	$	115,082	$	13,570	$	—	$	135,418

As of December 31, 2019, there was no allowance for loan losses. At December 31, 2020, the Company reported $135.4 million of notes receivable, net of allowances of $2.6 million. Changes in the allowance for the year ended December 31, 2020 were as follows (in thousands):


	Twelve Months Ended December 31, 2020
Beginning balance (December 31, 2019)	$	—
Cumulative effect of accounting change	2,825
Unrealized credit loss provision	256
Extinguishment due to acquisition	(497)

Ending balance	$	2,584

As of December 31, 2019, there were no loans on nonaccrual status. During the year ended December 31, 2020, the Company placed the loans for Delray Plaza and The Residences at Annapolis Junction on nonaccrual status with total amortized cost basis of $13.6 million. As a result, there was $5.1 million of interest income not recognized during the twelve months ended December 31, 2020.

Construction Contracts

12 Months Ended

Dec. 31, 2020

Contractors [Abstract]

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, 2020 during the year ending December 31, 2021.

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, 2020 and 2019 (in thousands):


	Year ended December 31, 2020				Year ended December 31, 2019
	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	$	249	$	5,306	$	1,358	$	3,037
Revenue recognized that was included in the balance at the beginning of the period	—		(5,306)		—		(3,037)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		6,244		—		6,283
Transferred to receivables	(545)		—		(2,557)		—
Construction contract costs and estimated earnings not billed during the period	138		—		249		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	296		(156)		1,199		(977)
Ending balance	$	138	$	6,088	$	249	$	5,306

The Company defers pre-contract costs when such costs are directly associated with specific anticipated contracts and their recovery is probable. Pre-contract costs of $1.7 million and $0.9 million were deferred as of December 31, 2020 and 2019, respectively. Amortization of pre-contract costs for the years ended December 31, 2020 and 2019 was $0.8 million and $0.6 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, 2020 and 2019, construction receivables included retentions of $17.1 million and $9.0 million, respectively. The Company expects to collect substantially all construction receivables as of December 31, 2020 during the year ending December 31, 2021. As of December 31, 2020 and 2019, construction payables included retentions of $17.7 million and $18.0 million, respectively. The Company expects to pay substantially all construction payables as of December 31, 2020 during the year ending December 31, 2021.

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2020 and 2019 (in thousands):


	December 31,
	2020		2019
Costs incurred on uncompleted construction contracts	$	905,037	$	695,564
Estimated earnings	32,130		24,553
Billings	(943,117)		(725,174)
Net position	$	(5,950)	$	(5,057)

Construction contract costs and estimated earnings in excess of billings	$	138	$	249
Billings in excess of construction contract costs and estimated earnings	(6,088)		(5,306)
Net position	$	(5,950)	$	(5,057)

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, 2020, 2019 and 2018 were as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
Beginning backlog	$	242,622	$	165,863	$	49,167
New contracts/change orders	45,882		182,495		192,852
Work performed	(217,246)		(105,736)		(76,156)
Ending backlog	$	71,258	$	242,622	$	165,863

The Company expects to complete a majority of the uncompleted contracts as of December 31, 2020 during the next 12 to 18 months.

Indebtedness

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Indebtedness

The Company’s indebtedness comprised the following as of December 31, 2020 and 2019 (dollars in thousands):


	Principal Balance				Interest Rate (a)			Maturity Date
	December 31,				December 31,
	2020		2019		2020
Secured Debt
Hanbury Village (b)	$	—	$	18,515	3.78	%		August 15, 2022
Sandbridge Commons (c)	—		8,020		LIBOR + 1.75%			January 17, 2023
Southgate Square	19,682		20,562		LIBOR + 1.60%			April 29, 2021
Nexton Square (d)	22,909		—		LIBOR + 2.25%			August 8, 2021
Encore Apartments (d)(e)	24,337		24,842		3.25	%		September 10, 2021
4525 Main Street (d)(e)	31,231		31,876		3.25	%		September 10, 2021
Red Mill West	10,851		11,296		4.23	%		June 1, 2022
Thames Street Wharf	70,000		70,000		LIBOR + 1.30%		(h)	June 26, 2022
Marketplace at Hilltop	10,120		10,517		4.42	%		October 1, 2022
1405 Point	53,000		53,000		LIBOR + 2.25%			January 1, 2023
Socastee Commons	4,458		4,567		4.57	%		January 6, 2023
Wills Wharf	59,044		29,154		LIBOR + 2.25%			June 26, 2023
249 Central Park Retail (f)	16,597		16,828		LIBOR + 1.60%		(h)	August 10, 2023
Fountain Plaza Retail (f)	9,988		10,127		LIBOR + 1.60%		(h)	August 10, 2023
South Retail (f)	7,287		7,388		LIBOR + 1.60%		(h)	August 10, 2023
Hoffler Place (g)	18,400		29,059		LIBOR + 2.60%			January 1, 2024
Summit Place (g)	23,100		28,824		LIBOR + 2.60%			January 1, 2024
One City Center	24,712		25,286		LIBOR + 1.85%			April 1, 2024
Red Mill Central	2,363		2,538		4.80	%		June 17, 2024
Solis Gainesville	—		—		LIBOR + 3.00%			August 31, 2024
Premier Apartments (i)	16,716		16,750		LIBOR + 1.55%			October 31, 2024
Premier Retail (i)	8,241		8,250		LIBOR + 1.55%			October 31, 2024
Red Mill South	5,833		6,137		3.57	%		May 1, 2025
Brooks Crossing Office	15,393		14,411		LIBOR + 1.60%			July 1, 2025
Market at Mill Creek	13,789		14,727		LIBOR + 1.55%			July 12, 2025
Johns Hopkins Village	50,859		51,800		LIBOR + 1.25%		(h)	August 7, 2025
North Point Center Note 2	2,094		2,214		7.25	%		September 15, 2025
Lexington Square	14,440		14,696		4.50	%		September 1, 2028
Red Mill North	4,294		4,394		4.73	%		December 31, 2028
Greenside Apartments	33,310		34,000		3.17	%		December 15, 2029
The Residences at Annapolis Junction	84,375		—		SOFR + 2.66%			November 1, 2030
Smith's Landing	17,331		18,174		4.05	%		June 1, 2035
Liberty Apartments	13,877		14,165		5.66	%		November 1, 2043
Edison Apartments	16,272		—		5.30	%		December 1, 2044
The Cosmopolitan	42,909		43,702		3.35	%		July 1, 2051
Total secured debt	$	747,812	$	645,819
Unsecured Debt
Senior unsecured revolving credit facility	10,000		110,000		LIBOR+1.30%-1.85%			January 24, 2024
Senior unsecured term loan	19,500		44,500		LIBOR+1.25%-1.80%			January 24, 2025
Senior unsecured term loan	185,500		160,500		LIBOR+1.25%-1.80%		(h)	January 24, 2025

Total unsecured debt	$	215,000	$	315,000
Total principal balances	$	962,812	$	960,819
Unamortized GAAP adjustments	(8,971)		(10,282)
Other note payable (j)	10,004		—
Indebtedness, net	$	963,845	$	950,537

________________________________________

(a) LIBOR and SOFR rates are determined by individual lenders.

(b) On September 22, 2020, Hanbury Village Note was paid off.

(d) Refinanced subsequent to year end.

(e) Cross collateralized.

(f) Cross collateralized.

(g) Cross collateralized.

(h) Includes debt subject to interest rate swap agreements.

(i) Cross collateralized.

(j) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 42-year remaining lease term and an earn-out liability for the Gainesville development project.

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2020 and 2019 (in thousands):


	December 31,
	2020		2019
Fixed-rate debt	$	573,951	$	488,276
Variable-rate debt	388,861		472,543
Total principal balance	$	962,812	$	960,819

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, 2020, 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
2021	$	10,682	$	97,151	$	107,833
2022	9,667		89,570		99,237
2023	9,060		147,320		156,380
2024	9,346		98,918		108,264
2025	7,539		279,107		286,646
Thereafter	91,356		113,096		204,452
Total (1)	$	137,650	$	825,162	$	962,812

________________________________________

(1)Debt principal payments and maturities exclude increased ground lease payments at 1405 Point and accrued earn-out payments to the Company’s joint venture partner at Gainesville, each of which is classified as notes payable in the Company's consolidated balance sheets.

Credit Facility

The Company has a senior credit facility that was amended and restated on October 3, 2019, which provides for a $355.0 million credit facility comprised of a $150.0 million senior unsecured revolving credit facility (the "revolving credit facility") and a $205.0 million senior unsecured term loan facility (the "term loan facility" and, together with the revolving credit facility, the "credit facility"), with a syndicate of banks.

The credit facility includes an accordion feature that allows the total commitments to be 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, 2020, the interest rates on the revolving credit facility and the term loan facility were 1.64% and 1.59%, 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 2020 Financing Activity

In June 2020, the Company exercised its option to purchase the remaining 21% ownership interest in 1405 Point in exchange for increased ground lease payments to be made over the approximately 42-year remaining lease term. The Company recorded a note payable of $6.1 million, which represents the present value of these payments. The ground lessor is an affiliate of our former joint venture partner.

On August 31, 2020, the Company entered into a $31.4 million construction loan agreement for the development project owned by the Gainesville Partnership. The loan bears interest at a rate of LIBOR plus a spread of 3.00% (LIBOR has a floor of 0.75%). The loan matures on August 31, 2024 and has one 12-month extension option. The Company's joint venture partner in the Gainesville Partnership has guaranteed payment of 55% of loan advances.

On September 22, 2020, as a part of the Nexton Square acquisition, the Company assumed a note payable of $22.9 million. The loan bears interest at a rate of LIBOR plus a spread of 2.25% and will mature on August 8, 2021.

On September 22, 2020, the Company paid off the Hanbury Village loan in full. This property was added to the unencumbered borrowing base for the revolving credit facility.

On October 1, 2020, the Company assumed a $16.4 million loan payable with the acquisition of Edison Apartments, a multifamily property located in downtown Richmond, Virginia

On October 6, 2020, the Company paid off the Sandbridge Commons loan in full. This property was added to the unencumbered borrowing base for the revolving credit facility.

On October 30, 2020, as part of the acquisition of The Residences at Annapolis Junction, the Company assumed an $83.4 million senior loan, which was immediately refinanced with a new $84.4 million loan. This new loan bears interest at a rate of SOFR plus a spread of 2.66% and will mature on November 1, 2030.

On December 22, 2020, the Company refinanced the Summit Place loan. The Company decreased the balance to $23.1 million by paying down $11.5 million. The loan bears interest at a rate of LIBOR plus a spread of 2.60% (LIBOR has a 0.40% floor) and will mature on January 1, 2024.

On December 22, 2020, the Company refinanced the Hoffler Place loan. The Company decreased the balance to $18.4 million by paying down $12.8 million. The loan bears interest at a rate of LIBOR plus a spread of 2.60% (LIBOR has a 0.40% floor) and will mature on January 1, 2024.

In April 2020, the Company proactively obtained a waiver from the lender for the Premier Retail/Apartments property wherein it did not have to meet the minimum debt service coverage requirement for the period ended June 30, 2020. The Company also proactively obtained a waiver from the lender for the 249 Central Park, Fountain Plaza Retail, and South Retail properties wherein it did not have to meet the minimum debt service coverage requirement for the periods ended June 30, 2020 and December 31, 2020. As of December 31, 2020, the Company was in compliance with all covenants on its outstanding indebtedness after giving effect to the waivers granted.

During the year ended December 31, 2020, the Company borrowed $39.7 million under its existing construction loans to fund new development and construction.

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.

Other 2018 Financing Activity

On January 22, 2018, the Company extended and modified the Sandbridge Commons note. The note bore interest at a rate of LIBOR plus a spread of 1.75%. On October 6, 2020, the Company paid off the Sandbridge Commons note in full.

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.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

During the three years ended December 31, 2020, the Company had the following LIBOR and SOFR interest rate caps ($ in thousands):


Effective Date	Maturity Date	Notional Amount			LIBOR Strike Rate		SOFR Strike Rate		Premium Paid
2/25/2016	3/1/2018	$	75,000		1.50	%	N/A		$	57
6/17/2016	6/17/2018	70,000			1.00	%	N/A		150
2/7/2017	3/1/2019	50,000			1.50	%	N/A		187
6/23/2017	7/1/2019	50,000			1.50	%	N/A		154
9/18/2017	10/1/2019	50,000			1.50	%	N/A		199
11/28/2017	12/1/2019	50,000			1.50	%	N/A		359
3/7/2018	4/1/2020	50,000			2.25	%	N/A		310
7/16/2018	8/1/2020	50,000			2.50	%	N/A		319
12/11/2018	1/1/2021	50,000			2.75	%	N/A		210
5/15/2019	6/1/2022	100,000			2.50	%	N/A		288
1/10/2020	2/1/2022	50,000		(a)	1.75	%	N/A		87
1/28/2020	2/1/2022	50,000		(a)	1.75	%	N/A		62
3/2/2020	3/1/2022	100,000		(a)	1.50	%	N/A		111
7/1/2020	7/1/2023	100,000		(a)	0.50	%	N/A		232
11/1/2020	11/1/2023	84,375		(a)	N/A		1.84	%	91
									$	2,816

________________________________________

(a) Designated as a cash flow hedge.

As of December 31, 2020, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):


Related Debt	Notional Amount			Index	Swap Fixed Rate		Debt effective rate		Effective Date	Expiration Date
Senior unsecured term loan	$	50,000		1-month LIBOR	2.78	%	4.23	%	5/1/2018	5/1/2023
John Hopkins Village	50,859		(a)	1-month LIBOR	2.94	%	4.19	%	8/7/2018	8/7/2025
Senior unsecured term loan	10,500		(a)	1-month LIBOR	3.02	%	4.47	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	33,872		(a)	1-month LIBOR	2.25	%	3.85	%	4/1/2019	8/10/2023
Senior unsecured term loan	50,000		(a)	1-month LIBOR	2.26	%	3.71	%	4/1/2019	10/26/2022
Thames Street Wharf	70,000		(a)	1-month LIBOR	0.51	%	1.81	%	3/26/2020	6/26/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.50	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.50	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.55	%	2.00	%	4/1/2020	4/1/2024
Total	$	340,231

________________________________________


(a) Designated as a cash flow hedge.

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 $4.3 million of net hedging losses from accumulated other comprehensive loss into earnings to offset the variability of the hedged items during this period.

The Company’s derivatives comprised the following as of December 31, 2020 and 2019 (in thousands):


	December 31, 2020						December 31, 2019
			Fair Value						Fair Value
	Notional Amount		Asset		Liability		Notional Amount		Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(3,056)	$	100,000	$	—	$	(1,992)
Interest rate caps	150,000		4		—		250,000		25		—
Total derivatives not designated as accounting hedges	200,000		4		(3,056)		350,000		25		(1,992)
Derivatives designated as accounting hedges
Interest rate swaps	290,231		—		(11,797)		146,642		—		(5,728)
Interest rate caps	384,375		86		—		—		—		—
Total derivatives	$	874,606	$	90	$	(14,853)	$	496,642	$	25	$	(7,720)

The changes in the fair value of the Company’s derivatives during the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
Interest rate swaps	$	(10,318)	$	(6,050)	$	(2,281)
Interest rate caps	(518)		(2,053)		(564)
Total change in fair value of interest rate derivatives	$	(10,836)	$	(8,103)	$	(2,845)
Comprehensive income statement presentation:
Change in fair value of derivatives and other	$	(1,085)	$	(3,599)	$	(951)
Unrealized cash flow hedge losses	(9,751)		(4,504)		(1,894)
Total change in fair value of interest rate derivatives	$	(10,836)	$	(8,103)	$	(2,845)

Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Equity

Stockholders’ Equity

As of December 31, 2020 and 2019, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 59.1 million and 56.3 million shares of common stock issued and outstanding as of December 31, 2020 and 2019, respectively. The Company had 6.8 million and 2.5 million shares of its Series A Preferred Stock (as defined below) issued and outstanding as of December 31, 2020 and 2019, respectively.

Common Stock

On February 26, 2018, the Company commenced an at-the-market continuous equity offering program (the "2018 ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock. Upon commencing the 2018 ATM Program, the Company simultaneously terminated the 2016 ATM Program. On August 6, 2019, the Company entered into amendments (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, 2020 and 2019, the Company issued and sold 92,577 and 5,871,519 shares of common stock at a weighted average price of $18.23 and $16.76 per share under the 2018 ATM Program, receiving net proceeds after offering costs and commissions of $1.7 million and $97.0 million, respectively.

On March 10, 2020, the Company commenced a new at-the-market continuous equity offering program (the "ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock and shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") having an aggregate offering price of up to $300.0 million, to or through its sales agents and, with respect to shares of its

common stock, may enter into separate forward sales agreements to or through the forward purchaser. Upon commencing the ATM Program, the Company simultaneously terminated the 2018 ATM Program. During the year ended December 31, 2020, the Company issued and sold 1,783,768 shares of common stock at a weighted average price of $10.48 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $18.4 million. During the year ended December 31, 2020, the Company issued and sold 713,418 shares of the Series A Preferred Stock at a weighted average price of $22.88 per share (inclusive of accrued dividends) under the ATM Program, receiving net proceeds, after offering costs and commissions, of $16.1 million.

Preferred Stock

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.

On August 20, 2020, the Company sold 3,600,000 shares of its Series A Preferred Stock at a public offering price of $24.75 per share (inclusive of accrued dividends), for net proceeds, after the underwriting discount and offering expenses payable by the Company, of approximately $86.1 million, pursuant to a prospectus supplement, dated August 13, 2020, and a base prospectus dated March 9, 2020. The offering was a re-opening of the Company’s previous issuances of Series A Preferred Stock. The additional shares of Series A Preferred Stock sold in the offering form a single series, and are fully fungible, with the other outstanding shares of Series A Preferred Stock. The Company used the net proceeds to repay a portion of the outstanding borrowings under the Company’s unsecured revolving credit facility and for general corporate purposes.

In connection with the issuance of the Series A Preferred Stock, on August 20, 2020, the Operating Partnership issued to the Company 3,600,000 6.75% Series A Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which have economic terms that are identical to the Series A Preferred Stock. The Series A Preferred Units were issued in exchange for the Company’s contribution of the net proceeds from the offering of the Series A Preferred Stock to the Operating Partnership.

Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about the 15th day of each January, April, July and October. The first dividend on the Series A Preferred Stock was paid on October 15, 2019. The Series A Preferred Stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the Series A Preferred Stock will rank senior to the Company's common stock with respect to the payment of distributions and other amounts. Except in instances relating to preservation of the Company's qualification as a REIT or pursuant to the Company’s special optional redemption right, the Series A Preferred Stock is not redeemable prior to June 18, 2024. On and after June 18, 2024, the Company may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the redemption date.

Upon the occurrence of a change of control (as defined in the articles supplementary designating the terms of the Series A Preferred Stock), the Company has a special optional redemption right that enables it to redeem the Series A Preferred Stock, in whole or in part and within 120 days after the first date on which a change of control has occurred resulting in neither the Company nor the surviving entity having a class of common stock listed on the New York Stock Exchange, NYSE American, or NASDAQ or the acquisition of beneficial ownership of its stock entitling a person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in election of directors. The special optional redemption price is $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but excluding, the date of redemption.

Upon the occurrence of a change of control, holders will have the right (unless the Company has elected to exercise its

special optional redemption right to redeem their Series A Preferred Stock) to convert some or all of such holder’s Series A Preferred Stock into a number of shares of the Company's common stock equal to the lesser of:

•the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid distributions to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a Series A Preferred Stock distribution payment and prior to the corresponding Series A Preferred Stock distribution payment date, in which case no additional amount for such accrued and unpaid distribution will be included in this sum) by (ii) the Common Stock Price (as defined in the articles supplementary designating the terms of the Series A Preferred Stock); and

•2.97796 (i.e., the Share Cap), subject to certain adjustments;

subject, in each case, to certain adjustments and provisions for the receipt of alternative consideration of equivalent value as described in the articles supplementary designating the terms of the Series A Preferred Stock.

Noncontrolling Interests

As of December 31, 2020 and 2019, the Company held a 73.9% and 72.6% common interest in the Operating Partnership, respectively. As of December 31, 2020, the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $171.1 million. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 73.9% 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, 2020, there were 20,865,485 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 $0.5 million relates to the minority partners' interest in certain joint venture entities as of December 31, 2020, including Hoffler Place, The Residences at Annapolis Junction, and Summit Place. The noncontrolling interest for the consolidated entities under development or construction was $4.5 million as of December 31, 2019.

On July 1, 2020, due to the holders of Class A Units tendering an aggregate of 756,697 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.

As partial consideration for the acquisition of Edison Apartments, the Operating Partnership issued 633,734 Class A Units on October 1, 2020.

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, 2020, 2019, and 2018, the Company declared dividends per common share and distributions per unit of $0.44, $0.84, and $0.80, respectively. During the years ended December 31, 2020, 2019, and 2018, these common stock dividends totaled $25.3 million, $45.4 million, and $38.7 million, respectively, and these Operating Partnership distributions totaled $9.2 million, $16.9 million, and $13.8 million, respectively.

The tax treatment of dividends paid to common stockholders during the years ended December 31, 2020, 2019, and 2018 was as follows (unaudited):


	Years ended December 31,
	2020		2019		2018
Capital gains	—	%	10.62	%	9.49	%
Ordinary income	59.09	%	68.83	%	63.40	%
Return of capital	40.91	%	20.55	%	27.11	%
Total	100.00	%	100.00	%	100.00	%

During the years ended December 31, 2020 and 2019, the Company declared dividends of $1.687500 and $0.970315 per share, respectively, to holders of Series A Preferred Stock. During the years ended December 31, 2020 and 2019, these preferred stock dividends totaled $7.3 million and $2.5 million, respectively. The Company did not have dividends for preferred shares during the year ended December 31, 2018.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

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, 2020, the Company had 728,783 shares of common stock available for issuance under the Equity Plan.

During the years ended December 31, 2020, 2019, and 2018, the Company granted an aggregate of 176,382, 154,030 and 164,241 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, 2020, 2019, and 2018 was $2.8 million, $2.4 million and $2.2 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 year ended December 31, 2020, the Company issued performance-based awards in the form of restricted stock units to certain employees. The performance period for these awards is three years, with a required two-year service period immediately following the expiration of the performance period in order to fully vest. The compensation expense and the effect on the Company’s weighted average diluted shares calculation were immaterial. During the three months ended March 31, 2020, 10,600 shares were issued with a grant date fair value of $18.08 per share due to the partial vesting of performance units awarded to certain employees in 2017. Of those shares, 3,677 were surrendered by the employees for income tax withholdings. During the three months ended December 31, 2020, 10,842 shares were issued with a grant date fair value of $11.11 per share due to the partial vesting of performance units awarded to certain employees in 2016 and 2017. Of those shares, 3,165 were surrendered by the employees for income tax withholdings.

During the years ended December 31, 2020, 2019, and 2018, the Company recognized $2.9 million, $2.4 million and $2.0 million of stock-based compensation, respectively. As of December 31, 2020, the total unrecognized compensation cost related to nonvested restricted shares was $0.8 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, 2020, 2019, and 2018 was recorded as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
General and administrative expense	$	1,615	$	1,211	$	1,073
General contracting and real estate services expenses	763		402		213
Capitalized in conjunction with development projects	483		746		661
Total stock-based compensation cost	$	2,861	$	2,359	$	1,947

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2020:


	Restricted Stock Awards	Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2020	143,952	$	14.88
Granted	176,382	15.77
Vested	(151,041)	15.42
Forfeited	(1,715)	16.35
Nonvested as of December 31, 2020	167,578	$	15.31

Restricted stock awards granted and vested during the year ended December 31, 2020 include 27,060 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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, 2020 and 2019 were as follows (in thousands):


	December 31,
	2020				2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	963,845	$	980,714	$	950,537	$	958,421
Notes receivable	135,432		135,223		159,371		159,371
Interest rate swap liabilities	14,853		14,853		7,720		7,720
Interest rate swap and cap assets	90		90		25		25

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The income tax benefit (provision) for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands):


	Years Ended December 31,
	2020		2019		2018
Federal income taxes:
Current	$	290	$	430	$	(14)
Deferred	(18)		(20)		37
State income taxes:
Current	14		85		(1)
Deferred	(3)		(4)		7
Income tax benefit	$	283	$	491	$	29

As of December 31, 2020 and 2019, the Company had $0.5 million and $0.9 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, 2020 and 2019. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2017 through 2020. The Company does not currently have any ongoing tax examinations by taxing authorities.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

12 Months Ended

Dec. 31, 2020

Other Assets

Other assets were comprised of the following as of December 31, 2020 and 2019 (in thousands):


	December 31,
	2020		2019
Leasing costs, net	$	13,007	$	11,357
Leasing incentives, net	3,303		2,855
Interest rate swaps and caps	90		25
Prepaid expenses and other	11,542		12,192
Preacquisition and predevelopment costs	15,382		6,472
Other assets	$	43,324	$	32,901

Other Liabilities

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities were comprised of the following as of December 31, 2020 and 2019 (in thousands):


	December 31,
	2020		2019
Dividends and distributions payable	$	11,753	$	17,477
Acquired lease intangibles, net	15,621		21,300
Prepaid rent and other	9,068		8,604
Security deposits	2,976		2,673
Interest rate swaps	14,853		7,720
Guarantee liability	2,631		5,271
Other liabilities	$	56,902	$	63,045

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2020

Acquired Lease Intangibles

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2020 (in thousands):


	December 31, 2020
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	110,643	$	54,276	$	56,367
Above-market lease assets	5,638		3,851		1,787
Below-market ground lease assets
Below-market operating ground lease assets	1,920		406		1,514
Below-market finance ground lease assets	6,629		261		6,368
Below-market lease liabilities	25,015		9,394		15,621

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

During the years ended December 31, 2020, 2019, and 2018, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):


	Years Ended December 31,
	2020		2019		2018
Intangible lease assets
In-place lease assets	$	6,935	$	14,971	$	7,676
Above-market lease assets	300		875		753
Below-market ground lease assets
Amortization of below-market operating ground lease assets (a)	54		53		53
Amortization of below-market finance ground lease assets (a)(b)	159		102		—
Intangible lease liabilities
Below-market lease liabilities	1,119		2,261		1,754

________________________________________

(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, 2020, 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 7.3 years, 3.0 years, 12.9 years, 28.5 years, and 40.2 years, respectively. As of December 31, 2020, the weighted-average remaining life of below-market lease renewal options was 9.1 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,
2021	$	1,433	$	13,184
2022	1,443		8,232
2023	1,341		6,780
2024	1,383		5,560
2025	1,347		4,962

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
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 $52.2 million, $5.7 million and $1.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. Gross profits from such contracts were $2.0 million, $0.2 million and $0.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020 and 2019, there was $8.6 million and $1.9 million, respectively, outstanding from related parties of the Company included in net construction receivables. Real estate services fees from affiliated entities of the Company were not material for any of the years ended December 31, 2020, 2019, and 2018. In addition, affiliated entities also reimburse the Company for monthly maintenance and facilities management services provided to the properties. Cost reimbursements earned by the Company from affiliated entities were not material for any of the years ended December 31, 2020, 2019, and 2018. The general contracting services described above include contracts with an aggregate price of $81.0 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 $3.1 million to the Company, representing a gross profit margin of 3.8%. 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, 2020. On October 1, 2020, the Company acquired Edison Apartments, a multifamily property located in downtown Richmond, Virginia, for consideration comprised of 633,734 Class A Units, the assumption of a $16.4 million loan payable, and the assumption of $1.1 million in other assets and liabilities. The seller of the project is comprised in part by members of the Company's management and board of directors. Additionally, a development fee of $1.8 million, which was included in the assumed assets and liabilities, was paid to the development group partially owned by members of the Company's management and board of directors.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

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, 2020 (in thousands):


	Payment guarantee amount

Delray Plaza	$	5,180
Interlock Commercial	34,300



Total	$	39,480

Commitments

The Company has a bonding line of credit for its general contracting construction business and is contingently liable under performance and payment bonds, bonds for cancellation of mechanics liens, and defect bonds. Such bonds collectively totaled $2.4 million and $4.3 million as of December 31, 2020 and 2019, respectively. In addition, during the year ended December 31, 2019, the Company issued a letter of credit for $9.5 million to secure certain performances of the Company's subsidiary construction company under a related party project, which was still in effect at December 31, 2020.

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, 2020 and 2019, the Operating Partnership had an outstanding letter of credit of $9.5 million, as noted above.

Concentrations of Credit Risk

The majority of the Company’s properties are located in Hampton Roads, Virginia. For the years ended December 31, 2020, 2019, and 2018, rental revenues from Hampton Roads properties represented 44%, 48% 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, 2020, 2019, and 2018, rental revenues from Town Center properties represented 27%, 31% and 38%, respectively, of the Company’s rental revenues.

A group of three construction customers comprised 65%, 67%, and 55% of the Company’s general contracting and real estate services revenues for the years ended December 31, 2020, 2019, and 2018, respectively. The same customers represented 72%, 66%, and 28% of the Company’s general contracting and real estate services segment gross profit for the years ended December 31, 2020, 2019, and 2018, respectively.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion. Real Estate On January 4, 2021, the Company completed the sale of the 7-Eleven outparcel at Hanbury Village. Net proceeds after the transaction costs were $2.8 million. The gain on disposition is estimated at $2.4 million. On January 14, 2021, the Company completed the sale of a land outparcel at Nexton Square for a sale price of $0.9 million. There was no gain or loss on the disposition. Indebtedness On January 15, 2021, the Company refinanced the loan secured by 4525 Main Street and Encore Apartments. The Company increased the total balance of the loan to $57.0 million. The new loan bears interest at a rate of 2.93% and will mature on February 10, 2026. On January 28, 2021, the Company refinanced the Nexton Square loan and paid the balance down by $2.0 million, bringing the balance to $20.1 million. The loan bears interest at a rate of LIBOR plus a spread of 2.25% (LIBOR has a 0.25% floor) and will mature on February 1, 2023. Borrowings under the revolving credit facility were $25.0 million on February 19, 2021. Derivative Financial Instruments On February 2, 2021, the Company entered into a LIBOR interest rate cap agreement on a notional amount of $100.0 million at a strike rate of 0.50% for a premium of less than $0.1 million. The interest rate cap will expire on February 1, 2023. Equity On January 7, 2021, the Company paid cash dividends of $6.5 million to common stockholders and the Operating Partnership paid cash distributions of $2.3 million to holders of Class A Units. These dividends and distributions were declared and accrued as of December 31, 2020. On January 12, 2021, due to a holder of Class A Units tendering 12,000 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption request through issuance of an equal numbers of shares of common stock. On January 15, 2021, the Company paid cash dividends of $2.9 million to the holders of the Series A Preferred Stock. These dividends were declared and accrued as of December 31, 2020. On February 9, 2021, the Company announced that its board of directors declared a cash dividend of $0.15 per common share for the first quarter of 2021. This represents a 36.0% increase over the prior quarter's cash dividend. The first quarter dividend will be payable in cash on April 8, 2021 to stockholders of record on March 31, 2021. On February 9, 2021, the Company announced that its board of directors declared a cash dividend of $0.421875 per share of Series A Preferred Stock for the first quarter of 2021. The dividend will be payable in cash on April 15, 2021 to stockholders of record on April 1, 2021. Commitments On January 7, 2021, the Operating Partnership entered into a $15.0 million standby letter of credit to guarantee the funding of its investment in the Harbor Point Parcel 3 partnership.

Schedule III - Consolidated Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

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, 2020


				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	$	31,231		$	982	$	—	$	52,562	$	982	$	52,562	$	53,544	$	9,994	$	43,550	2014
Armada Hoffler Tower	—		(2)	1,976		—		61,372		1,976		61,372		63,348		38,057		25,291		2002
Brooks Crossing Office	15,393			295		—		19,546		295		19,546		19,841		1,129		18,712		2016
One City Center	24,712			2,911		28,202		6,173		2,911		34,375		37,286		1,655		35,631		2019
One Columbus	—		(2)	960		10,269		12,857		960		23,126		24,086		12,878		11,208		1984
Thames Street Wharf	70,000			15,861		64,689		233		15,861		64,922		80,783		2,539		78,244		2010/2019
Two Columbus	—		(2)	53		—		21,145		53		21,145		21,198		9,487		11,711		2009
Wills Wharf	59,044			—		—		104,209		—		104,209		104,209		1,205		103,004		2019	(4)
Total office	$	200,380		$	23,038	$	103,160	$	278,097	$	23,038	$	381,257	$	404,295	$	76,944	$	327,351
Retail
249 Central Park Retail	$	16,597		$	712	$	—	$	16,526	$	712	$	16,526	$	17,238	$	8,703	$	8,535	2004
Apex Entertainment	—		(2)	67		—		17,827		67		17,827		17,894		5,360		12,534		2002
Broad Creek Shopping Center	—		(2)	—		—		9,101		—		9,101		9,101		4,593		4,508		1997-2001
Broadmoor Plaza	—		(2)	2,410		9,010		1,029		2,410		10,039		12,449		2,356		10,093		1980/2016
Brooks Crossing Retail	—			359		—		2,333		359		2,333		2,692		303		2,389		2016
Columbus Village	—		(2)	7,631		10,135		8,019		7,631		18,154		25,785		3,326		22,459		1980/2015
Columbus Village II	—		(2)	14,536		10,922		63		14,536		10,985		25,521		1,788		23,733		1995/2016
Commerce Street Retail	—		(2)	118		—		3,317		118		3,317		3,435		1,872		1,563		2008
Courthouse 7-Eleven	—		(2)	1,007		—		1,044		1,007		1,044		2,051		244		1,807		2011
Dimmock Square	—		(2)	5,100		13,126		392		5,100		13,518		18,618		2,438		16,180		1998/2014
Fountain Plaza Retail	9,988			425		—		7,406		425		7,406		7,831		3,799		4,032		2004
Greentree Shopping Center	—		(2)	1,103		—		4,136		1,103		4,136		5,239		1,077		4,162		2014
Hanbury Village	—		(2)	2,566		—		16,249		2,566		16,249		18,815		7,037		11,778		2006
Harrisonburg Regal	—			1,554		—		4,148		1,554		4,148		5,702		2,309		3,393		1999
Lexington Square	14,440			3,035		20,581		269		3,035		20,850		23,885		1,658		22,227		2017/2018
Market at Mill Creek	13,789			2,261		—		20,878		2,261		20,878		23,139		1,156		21,983		2018
Marketplace at Hilltop	10,120			2,023		19,886		50		2,023		19,936		21,959		955		21,004		2000/2019
Nexton Square	22,909			9,086		27,760		807		9,086		28,567		37,653		337		37,316		2020/2020
North Hampton Market	—		(2)	7,250		10,210		687		7,250		10,897		18,147		2,175		15,972		2004/2016
North Point Center	2,094		(3)	1,936		—		25,733		1,936		25,733		27,669		15,053		12,616		1998
Oakland Marketplace	—		(2)	1,850		3,370		692		1,850		4,062		5,912		1,124		4,788		2004/2016
Parkway Centre	—		(2)	1,372		7,864		114		1,372		7,978		9,350		717		8,633		2017/2018
Parkway Marketplace	—		(2)	1,150		—		3,841		1,150		3,841		4,991		2,133		2,858		1998
Patterson Place	—		(2)	15,059		20,180		726		15,059		20,906		35,965		3,235		32,730		2004/2016
Perry Hall Marketplace	—		(2)	3,240		8,316		459		3,240		8,775		12,015		1,901		10,114		2001/2015
Premier Retail	8,241			318		—		15,069		318		15,069		15,387		979		14,408		2018


Providence Plaza	—		(2)	9,950		12,369		1,580		9,950		13,949		23,899		2,460		21,439		2007/2015
Red Mill Commons	23,341		(3)	44,252		30,348		778		44,252		31,126		75,378		2,623		72,755		2000/2019
Sandbridge Commons	—		(2)	4,825		—		7,365		4,825		7,365		12,190		1,833		10,357		2015
Socastee Commons	4,458			2,320		5,380		149		2,320		5,529		7,849		1,147		6,702		2000/2015
South Retail	7,287			190		—		8,165		190		8,165		8,355		4,809		3,546		2002
South Square	—		(2)	14,130		12,670		930		14,130		13,600		27,730		2,390		25,340		1977/2016
Southgate Square	19,682			10,238		25,950		4,700		10,238		30,650		40,888		4,336		36,552		1991/2016
Southshore Shops	—		(2)	1,770		6,509		208		1,770		6,717		8,487		937		7,550		2006/2016
Studio 56 Retail	—		(2)	76		—		2,532		76		2,532		2,608		1,083		1,525		2007
Tyre Neck Harris Teeter	—		(2)	—		—		3,306		—		3,306		3,306		1,422		1,884		2011
Wendover Village	—		(2)	19,893		22,638		475		19,893		23,113		43,006		3,115		39,891		2004/2016-2019
Total retail	$	152,946		$	193,812	$	277,224	$	191,103	$	193,812	$	468,327	$	662,139	$	102,783	$	559,356
Multifamily
1405 Point	$	53,000		$	—	$	95,466	$	2,775	$	—	$	98,241	$	98,241	$	5,261	$	92,980	2018/2019
Edison Apartments	16,272			3,428		18,582		383		3,428		18,965		22,393		128		22,265		1919 & 2014/2020
Encore Apartments	24,337			1,293		—		30,548		1,293		30,548		31,841		6,083		25,758		2014
Greenside Apartments	33,310			5,711		—		45,216		5,711		45,216		50,927		3,327		47,600		2018
Hoffler Place	18,400			7,401		—		40,197		7,401		40,197		47,598		1,668		45,930		2019
Johns Hopkins Village	50,859			—		—		70,117		—		70,117		70,117		10,071		60,046		2016
Liberty Apartments	13,877			3,580		23,494		2,084		3,580		25,578		29,158		5,951		23,207		2013/2014
Premier Apartments	16,716			647		—		29,169		647		29,169		29,816		2,060		27,756		2018

Smith’s Landing	17,331			—		35,105		2,588		—		37,693		37,693		9,164		28,529		2009/2013
Solis Gainesville	—			5,200		—		6,208		5,200		6,208		11,408		—		11,408		2020	(4)
Summit Place	23,100			7,315		—		48,567		7,315		48,567		55,882		576		55,306		2020
The Cosmopolitan	42,909			985		—		72,208		985		72,208		73,193		29,199		43,994		2006
The Residences at Annapolis Junction	84,375			14,774		104,801		34		14,774		104,835		119,609		750		118,859		2018/2020
Total multifamily	$	394,486		$	50,334	$	277,448	$	350,094	$	50,334	$	627,542	$	677,876	$	74,238	$	603,638
Held for development	$	—		$	13,607	$	—	$	—	$	13,607	$	—	$	13,607	$	—	$	13,607
Real estate investments	$	747,812		$	280,791	$	657,832	$	819,294	$	280,791	$	1,477,126	$	1,757,917	$	253,965	$	1,503,952

________________________________________

(1)The net carrying amount of real estate for federal income tax purposes was $1,288.5 million as of December 31, 2020.

(2)Borrowing base collateral for the credit facility as of December 31, 2020.

(3)A portion of this property is borrowing base collateral for the credit facility as of December 31, 2020.

(4)Construction in progress as of December 31, 2020.

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,
	2020		2019		2020		2019
Balance at beginning of the year	$	1,606,324	$	1,176,586	$	224,738	$	188,775
Construction costs and improvements	58,039		143,700		—		—
Acquisitions	196,214		314,898		—		—
Dispositions	(101,768)		(28,117)		(14,444)		(1,818)
Reclassifications	(892)		(743)		—		(58)
Depreciation	—		—		43,671		37,839
Balance at end of the year	$	1,757,917	$	1,606,324	$	253,965	$	224,738

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2020
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.
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 $5.9 million, $3.4 million and $2.7 million of straight-line rent adjustments for the years ended December 31, 2020, 2019, and 2018, respectively. The Company begins recognizing rental revenue when the tenant has the right to take possession of or controls the physical use of the property under lease. The extended collection period for accrued straight-line rental revenue along with the Company’s evaluation of tenant credit risk may result in the nonrecognition of all or a portion of straight-line rental revenue until the collection of substantially all such revenue for a tenant is probable. The Company recognizes contingent rental revenue (e.g., percentage rents based on tenant sales thresholds) when the sales thresholds are met. The Company recognizes leasing incentives as reductions to rental revenue on a straight-line basis over the lease term. Leasing incentive amortization was $0.7 million for each of the years ended December 31, 2020, 2019, and 2018. 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. 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, 2020, 2019, and 2018 was $3.6 million, $5.9 million and $5.0 million, respectively. Overhead, salaries and related personnel costs capitalized during the years ended December 31, 2020, 2019, and 2018 were $2.6 million, $3.1 million and $3.1 million, respectively. The Company capitalizes predevelopment costs directly identifiable with specific properties when the development of such properties is probable. Capitalized predevelopment costs are presented within other assets in the consolidated balance sheets. Land for which development activities have not yet commenced are presented separately as land held for development in the consolidated balance sheets. Capitalized predevelopment costs as of December 31, 2020 and 2019 were $15.4 million and $6.5 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 2018 represent unamortized leasing or acquired intangible assets related to vacated tenants.
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 Accounts receivable include amounts from tenants for base rents, contingent rents, and cost reimbursements as well as accrued straight-line rental revenue. 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.
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’s allowance for loan losses on notes receivable is evaluated using risk ratings that correspond to probabilities of default and loss given default. Risk ratings are determined for each loan after consideration of progress of development activities, including leasing activities, projected development costs, and current and projected mezzanine and senior loan balances. The Company's risk ratings are as follows: •Pass: loans in this category are adequately collateralized by a development project with conditions materially consistent with the Company's underwriting assumptions. •Special Mention: loans in this category show signs that the economic performance of the project may suffer as a result of slower-than-expected leasing activity or an extended development or marketing timeline. Loans in this category warrant increased monitoring by management. •Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on nonaccrual status if it does not believe that additional interest accruals will ultimately be collected. At the end of each reporting period, the Company measures expected credit losses to be incurred over the remaining contractual term based on the risk rating of each loan. If a loan is rated as Substandard, the Company then estimates expected credit losses as the difference between the amortized cost basis of the outstanding loan and the estimated projected sales proceeds of the underlying collateral. Changes to the allowance for loan losses resulting from quarterly evaluations are recorded through provision for unrealized credit losses on the Consolidated Statements of Comprehensive Income.
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 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	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 The Company calculates net income per share based upon the weighted average shares outstanding. Diluted net income per share is calculated after giving effect to all significant potential dilutive shares outstanding during the period. Potential dilutive shares outstanding during the period include nonvested restricted stock awards.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards Adopted: Credit losses In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments-Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 significantly changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the "incurred loss" approach under previous guidance with an "expected loss" model for instruments measured at amortized cost, such as the Company's notes receivable, construction receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. The Company adopted the new standard on January 1, 2020, using the modified retrospective transition method and recorded a noncash cumulative effect adjustment to record a reduction to retained earnings of $3.0 million, $2.8 million of which relates to the Company's mezzanine loans and $0.2 million of which relates to the Company's construction accounts receivable. See Note 6—Notes Receivable and Current Expected Credit Losses, for more information. Fair Value Measurements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). The ASU is part of the FASB's disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by generally accepted accounting principles. The ASU modifies disclosure requirements on fair value measurements in Topic 820. The Company adopted the new standard on January 1, 2020. The adoption of the ASU did not have a material impact on disclosures in the Company's consolidated financial statements. Lease Modification Accounting Q&A In April 2020, the FASB staff issued a question and answer document (the "Lease Modification Q&A") focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows lessors, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company adopted this guidance during the second quarter of 2020 and elected to not apply the existing lease modification accounting framework in instances where the total payments under a modified lease are substantially the same as or less than the total payments under the existing lease. Recently Issued Accounting Standards Not Yet Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is currently evaluating the effect that adopting this standard may have on its Consolidated Financial Statements. Earnings Per Share In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470 and ASC Topic 815. ASU 2020-06 simplifies the accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements.
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 (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of 100% owned properties

As of December 31, 2020, 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%

Apex Entertainment

Retail

Virginia Beach, Virginia*

100%

Broad Creek Shopping Center

Retail

Norfolk, Virginia

100%

Broadmoor Plaza

Retail

South Bend, Indiana

100%

Brooks Crossing Retail (1)

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%

Greentree Shopping Center

Retail

Chesapeake, Virginia

100%

Hanbury Village

Retail

Chesapeake, Virginia

100%

Harrisonburg Regal

Retail

Harrisonburg, Virginia

100%

Lexington Square

Retail

Lexington, South Carolina

100%

Market at Mill Creek (1)

Retail

Mount Pleasant, South Carolina

70%

Marketplace at Hilltop

Retail

Virginia Beach, Virginia

100%

Nexton Square

Retail

Summerville, South Carolina

100%

North Hampton Market

Retail

Taylors, South Carolina

100%

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%

Property

Segment

Location

Ownership Interest

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%

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%

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

100%

Edison Apartments

Multifamily

Richmond, VA

100%

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%

Summit Place

Multifamily

Charleston, South Carolina

90%

The Cosmopolitan

Multifamily

Virginia Beach, Virginia*

100%

The Residences at Annapolis Junction (1)

Multifamily

Annapolis Junction, MD

79%

________________________________________

* Located in the Town Center of Virginia Beach

(1) 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, 2020, 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%

Solis Gainesville

Multifamily

Gainesville, Georgia

95%

________________________________________

* Located in the Town Center of Virginia Beach

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

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)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Net operating income of reportable segments

Net operating income of the Company’s reportable segments for the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
Office real estate
Rental revenues	$	43,494	$	33,269	$	20,701
Rental expenses	10,799		8,722		5,858
Real estate taxes	5,111		3,471		2,034
Segment net operating income	27,584		21,076		12,809
Retail real estate
Rental revenues	73,032		77,593		67,959
Rental expenses	11,029		11,656		10,903
Real estate taxes	7,784		7,916		6,801
Segment net operating income	54,219		58,021		50,255
Multifamily residential real estate
Rental revenues	49,962		40,477		28,298
Rental expenses	17,132		13,954		10,461
Real estate taxes	5,241		3,574		2,548
Segment net operating income	27,589		22,949		15,289
General contracting and real estate services
Segment revenues	217,146		105,859		76,359
Segment expenses	209,472		101,538		73,628
Segment gross profit	7,674		4,321		2,731
Net operating income	$	117,066	$	106,367	$	81,084

Reconciliation of net operating income to net income

The following table reconciles net operating income to net income for the years ended December 31, 2020, 2019, and 2018 (in thousands):


	Years Ended December 31,
	2020		2019		2018
Net operating income	$	117,066	$	106,367	$	81,084
Depreciation and amortization	(59,972)		(54,564)		(39,913)
Amortization of right-of-use assets - finance leases	(586)		(377)		—
General and administrative expenses	(12,905)		(12,392)		(11,431)
Acquisition, development and other pursuit costs	(584)		(844)		(352)
Impairment charges	(666)		(252)		(1,619)
Gain on real estate dispositions	6,388		4,699		4,254
Interest income	19,841		23,215		10,729
Interest expense on indebtedness	(30,120)		(30,776)		(19,087)
Interest expense on finance leases	(915)		(568)		—
Equity in income of unconsolidated real estate entities	—		273		372

Change in fair value of derivatives and other	(1,130)		(3,599)		(951)
Provision for unrealized credit losses	(256)		—		—
Other income (expense), net	515		585		377
Income tax benefit	283		491		29
Net income	$	36,959	$	32,258	$	23,492

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of lease costs

The components of lease cost for the years ended December 31, 2020, 2019, and 2018 were as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018 (b)
Operating lease cost	$	1,660	$	2,700	$	2,962
Finance lease cost:
Amortization of right-of-use assets (a)	586		369		—
Interest on lease liabilities	915		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, 2020, 2019, and 2018 (in thousands):


	Years Ended December 31,
	2020		2019		2018 (a)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,113	$	1,969	$	2,354
Operating cash flows from finance leases	864		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, 2020 and 2019 were as follows:


	December 31,
	2020		2019
Weighted Average Remaining Lease Term (years)
Operating leases	44.5		45.4
Finance leases	40.2		41.2

Weighted Average Discount Rate
Operating leases	5.4	%	5.4	%
Finance leases	5.2	%	5.2	%

Schedule of maturities of operating lease liabilities


Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2021	$	2,158	$	864
2022	2,361		868
2023	2,400		873
2024	2,436		888
2025	2,452		925
Thereafter	101,072		42,089
Total undiscounted cash flows	112,879		46,507
Present value discount	(71,220)		(28,553)
Discounted cash flows	$	41,659	$	17,954

Schedule of maturities of finance lease liabilities


Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2021	$	2,158	$	864
2022	2,361		868
2023	2,400		873
2024	2,436		888
2025	2,452		925
Thereafter	101,072		42,089
Total undiscounted cash flows	112,879		46,507
Present value discount	(71,220)		(28,553)
Discounted cash flows	$	41,659	$	17,954

Schedule of rental revenue

Rental revenue for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands):


	Years Ended December 31,
	2020		2019		2018
Base rent and tenant charges	$	159,747	$	147,309	$	114,012
Accrued straight-line rental adjustment	5,927		3,402		2,731
Lease incentive amortization	(693)		(739)		(732)
Below/(above) market lease amortization	1,507		1,367		947
Total rental revenue	$	166,488	$	151,339	$	116,958

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
2021	$	90,693
2022	88,270
2023	81,767
2024	73,029
2025	60,588
Thereafter	307,377
Total	$	701,724

Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Schedule of real estate investments

The Company’s real estate investments comprised the following as of December 31, 2020 and 2019 (in thousands):


	December 31, 2020
	Income producing property		Held for development		Construction in progress		Total
Land	$	261,984	$	13,607	$	5,200	$	280,791
Land improvements	61,275		—		—		61,275
Buildings and improvements	1,357,684		—		—		1,357,684
Development and construction costs	—		—		58,167		58,167
Real estate investments	$	1,680,943	$	13,607	$	63,367	$	1,757,917


	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

Schedule of the purchase price allocation


	Nexton Square		Edison Apartments		The Residences at Annapolis Junction
Land	$	9,885	$	3,428	$	14,774
Site improvements	3,690		—		1,786
Building and improvements	24,070		18,227		101,219
Furniture and fixtures	—		355		1,796
In-place leases	5,239		1,882		4,079

Below-market leases	(1,877)		(140)		—


Fair value adjustment on acquired debt	364		(6)		—
Net assets acquired	$	41,371	$	23,746	$	123,654

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 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.


	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

Notes Receivable and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Summary of Mezzanine Loans

The Company had the following loans receivable outstanding as of December 31, 2020 and December 31, 2019 ($ in thousands):


	Outstanding loan amount				Maximum loan commitment		Interest rate			Interest compounding
Development Project	December 31, 2020		December 31, 2019
The Residences at Annapolis Junction	$	—	$	40,049	N/A		N/A		(a)	N/A
Delray Plaza	14,289		12,995		17,000		15.0	%	(a)(b)	Annually
Nexton Square	—		15,097		N/A		N/A			N/A
Interlock Commercial	85,318		59,224		103,000		15.0	%	(c)	None
Solis Apartments at Interlock	28,969		25,588		41,100		13.0	%		Annually
Total mezzanine	128,576		152,953		$	161,100
Other notes receivable	6,809		1,147
Notes receivable guarantee premium	2,631		5,271
Allowance for credit losses	(2,584)		—
Total notes receivable	$	135,432	$	159,371

_______________________________________

(a) Loan was placed on nonaccrual status effective April 1, 2020.

(b) $2.0 million of this loan is subject to an interest rate of 6%.

Summary of Interest Income

The Company recognized interest income for the years ended December 31, 2020, 2019, and 2018 as follows (in thousands):


	Years Ended December 31,
Development Project	2020			2019			2018
1405 Point	$	—		$	783		$	2,080
The Residences at Annapolis Junction	2,468		(a)(b)	8,776		(b)	4,939		(b)
North Decatur Square	—			1,509			2,212
Delray Plaza	489		(a)	1,622			928
Nexton Square	1,177			1,962			235
Interlock Commercial	12,267		(c)	6,142		(c)	202
Solis Apartments at Interlock	3,382			2,333			55
Total mezzanine	19,783			23,127			10,651
Other interest income	58			88			78
Total interest income	$	19,841		$	23,215		$	10,729

________________________________________

(a) Loan was placed on nonaccrual status effective April 1, 2020.

(c) The 2020 and 2019 amounts included $2.3 million and $0.6 million, respectively, of interest income recognition relating to an exit fee that is due upon repayment of the loan.

Financing Receivable Credit Quality Indicators

The following table presents amortized cost basis of the portfolio by year of origination and risk rating as of December 31, 2020 (in thousands):


	Year of Origination
Risk Ratings	2020		2019		2018		2017		2016		Total
Pass	$	6,766	$	—	$	115,082	$	—	$	—	$	121,848
Special Mention	—		—		—		—		—		—
Substandard	—		—		—		13,570		—		13,570


Total amortized cost basis	$	6,766	$	—	$	115,082	$	13,570	$	—	$	135,418

Financing Receivable, Allowance for Credit Loss

Changes in the allowance for the year ended December 31, 2020 were as follows (in thousands):


	Twelve Months Ended December 31, 2020
Beginning balance (December 31, 2019)	$	—
Cumulative effect of accounting change	2,825
Unrealized credit loss provision	256
Extinguishment due to acquisition	(497)

Ending balance	$	2,584

Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2020

Contractors [Abstract]

Summary of balances and changes of construction contracts


	Year ended December 31, 2020				Year ended December 31, 2019
	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	$	249	$	5,306	$	1,358	$	3,037
Revenue recognized that was included in the balance at the beginning of the period	—		(5,306)		—		(3,037)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		6,244		—		6,283
Transferred to receivables	(545)		—		(2,557)		—
Construction contract costs and estimated earnings not billed during the period	138		—		249		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	296		(156)		1,199		(977)
Ending balance	$	138	$	6,088	$	249	$	5,306


	Years Ended December 31,
	2020		2019		2018
Beginning backlog	$	242,622	$	165,863	$	49,167
New contracts/change orders	45,882		182,495		192,852
Work performed	(217,246)		(105,736)		(76,156)
Ending backlog	$	71,258	$	242,622	$	165,863

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of December 31, 2020 and 2019 (in thousands):


	December 31,
	2020		2019
Costs incurred on uncompleted construction contracts	$	905,037	$	695,564
Estimated earnings	32,130		24,553
Billings	(943,117)		(725,174)
Net position	$	(5,950)	$	(5,057)

Construction contract costs and estimated earnings in excess of billings	$	138	$	249
Billings in excess of construction contract costs and estimated earnings	(6,088)		(5,306)
Net position	$	(5,950)	$	(5,057)

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt

The Company’s indebtedness comprised the following as of December 31, 2020 and 2019 (dollars in thousands):


	Principal Balance				Interest Rate (a)			Maturity Date
	December 31,				December 31,
	2020		2019		2020
Secured Debt
Hanbury Village (b)	$	—	$	18,515	3.78	%		August 15, 2022
Sandbridge Commons (c)	—		8,020		LIBOR + 1.75%			January 17, 2023
Southgate Square	19,682		20,562		LIBOR + 1.60%			April 29, 2021
Nexton Square (d)	22,909		—		LIBOR + 2.25%			August 8, 2021
Encore Apartments (d)(e)	24,337		24,842		3.25	%		September 10, 2021
4525 Main Street (d)(e)	31,231		31,876		3.25	%		September 10, 2021
Red Mill West	10,851		11,296		4.23	%		June 1, 2022
Thames Street Wharf	70,000		70,000		LIBOR + 1.30%		(h)	June 26, 2022
Marketplace at Hilltop	10,120		10,517		4.42	%		October 1, 2022
1405 Point	53,000		53,000		LIBOR + 2.25%			January 1, 2023
Socastee Commons	4,458		4,567		4.57	%		January 6, 2023
Wills Wharf	59,044		29,154		LIBOR + 2.25%			June 26, 2023
249 Central Park Retail (f)	16,597		16,828		LIBOR + 1.60%		(h)	August 10, 2023
Fountain Plaza Retail (f)	9,988		10,127		LIBOR + 1.60%		(h)	August 10, 2023
South Retail (f)	7,287		7,388		LIBOR + 1.60%		(h)	August 10, 2023
Hoffler Place (g)	18,400		29,059		LIBOR + 2.60%			January 1, 2024
Summit Place (g)	23,100		28,824		LIBOR + 2.60%			January 1, 2024
One City Center	24,712		25,286		LIBOR + 1.85%			April 1, 2024
Red Mill Central	2,363		2,538		4.80	%		June 17, 2024
Solis Gainesville	—		—		LIBOR + 3.00%			August 31, 2024
Premier Apartments (i)	16,716		16,750		LIBOR + 1.55%			October 31, 2024
Premier Retail (i)	8,241		8,250		LIBOR + 1.55%			October 31, 2024
Red Mill South	5,833		6,137		3.57	%		May 1, 2025
Brooks Crossing Office	15,393		14,411		LIBOR + 1.60%			July 1, 2025
Market at Mill Creek	13,789		14,727		LIBOR + 1.55%			July 12, 2025
Johns Hopkins Village	50,859		51,800		LIBOR + 1.25%		(h)	August 7, 2025
North Point Center Note 2	2,094		2,214		7.25	%		September 15, 2025
Lexington Square	14,440		14,696		4.50	%		September 1, 2028
Red Mill North	4,294		4,394		4.73	%		December 31, 2028
Greenside Apartments	33,310		34,000		3.17	%		December 15, 2029
The Residences at Annapolis Junction	84,375		—		SOFR + 2.66%			November 1, 2030
Smith's Landing	17,331		18,174		4.05	%		June 1, 2035
Liberty Apartments	13,877		14,165		5.66	%		November 1, 2043
Edison Apartments	16,272		—		5.30	%		December 1, 2044
The Cosmopolitan	42,909		43,702		3.35	%		July 1, 2051
Total secured debt	$	747,812	$	645,819
Unsecured Debt
Senior unsecured revolving credit facility	10,000		110,000		LIBOR+1.30%-1.85%			January 24, 2024
Senior unsecured term loan	19,500		44,500		LIBOR+1.25%-1.80%			January 24, 2025
Senior unsecured term loan	185,500		160,500		LIBOR+1.25%-1.80%		(h)	January 24, 2025

Total unsecured debt	$	215,000	$	315,000
Total principal balances	$	962,812	$	960,819
Unamortized GAAP adjustments	(8,971)		(10,282)
Other note payable (j)	10,004		—
Indebtedness, net	$	963,845	$	950,537

________________________________________

(a) LIBOR and SOFR rates are determined by individual lenders.

(b) On September 22, 2020, Hanbury Village Note was paid off.

(d) Refinanced subsequent to year end.

(e) Cross collateralized.

(f) Cross collateralized.

(g) Cross collateralized.

(h) Includes debt subject to interest rate swap agreements.

(i) Cross collateralized.

(j) Represents the fair value of additional ground lease payments at 1405 Point over the approximately 42-year remaining lease term and an earn-out liability for the Gainesville development project.

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

Components of debt

The Company’s indebtedness was comprised of the following fixed and variable-rate debt as of December 31, 2020 and 2019 (in thousands):


	December 31,
	2020		2019
Fixed-rate debt	$	573,951	$	488,276
Variable-rate debt	388,861		472,543
Total principal balance	$	962,812	$	960,819

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
2021	$	10,682	$	97,151	$	107,833
2022	9,667		89,570		99,237
2023	9,060		147,320		156,380
2024	9,346		98,918		108,264
2025	7,539		279,107		286,646
Thereafter	91,356		113,096		204,452
Total (1)	$	137,650	$	825,162	$	962,812

________________________________________

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of LIBOR interest rate caps

During the three years ended December 31, 2020, the Company had the following LIBOR and SOFR interest rate caps ($ in thousands):


Effective Date	Maturity Date	Notional Amount			LIBOR Strike Rate		SOFR Strike Rate		Premium Paid
2/25/2016	3/1/2018	$	75,000		1.50	%	N/A		$	57
6/17/2016	6/17/2018	70,000			1.00	%	N/A		150
2/7/2017	3/1/2019	50,000			1.50	%	N/A		187
6/23/2017	7/1/2019	50,000			1.50	%	N/A		154
9/18/2017	10/1/2019	50,000			1.50	%	N/A		199
11/28/2017	12/1/2019	50,000			1.50	%	N/A		359
3/7/2018	4/1/2020	50,000			2.25	%	N/A		310
7/16/2018	8/1/2020	50,000			2.50	%	N/A		319
12/11/2018	1/1/2021	50,000			2.75	%	N/A		210
5/15/2019	6/1/2022	100,000			2.50	%	N/A		288
1/10/2020	2/1/2022	50,000		(a)	1.75	%	N/A		87
1/28/2020	2/1/2022	50,000		(a)	1.75	%	N/A		62
3/2/2020	3/1/2022	100,000		(a)	1.50	%	N/A		111
7/1/2020	7/1/2023	100,000		(a)	0.50	%	N/A		232
11/1/2020	11/1/2023	84,375		(a)	N/A		1.84	%	91
									$	2,816

________________________________________

(a) Designated as a cash flow hedge.

As of December 31, 2020, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):


Related Debt	Notional Amount			Index	Swap Fixed Rate		Debt effective rate		Effective Date	Expiration Date
Senior unsecured term loan	$	50,000		1-month LIBOR	2.78	%	4.23	%	5/1/2018	5/1/2023
John Hopkins Village	50,859		(a)	1-month LIBOR	2.94	%	4.19	%	8/7/2018	8/7/2025
Senior unsecured term loan	10,500		(a)	1-month LIBOR	3.02	%	4.47	%	10/12/2018	10/12/2023
249 Central Park Retail, South Retail, and Fountain Plaza Retail	33,872		(a)	1-month LIBOR	2.25	%	3.85	%	4/1/2019	8/10/2023
Senior unsecured term loan	50,000		(a)	1-month LIBOR	2.26	%	3.71	%	4/1/2019	10/26/2022
Thames Street Wharf	70,000		(a)	1-month LIBOR	0.51	%	1.81	%	3/26/2020	6/26/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.50	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.50	%	1.95	%	4/1/2020	4/1/2024
Senior unsecured term loan	25,000		(a)	1-month LIBOR	0.55	%	2.00	%	4/1/2020	4/1/2024
Total	$	340,231

________________________________________


(a) Designated as a cash flow hedge.

Schedule of derivatives

The Company’s derivatives comprised the following as of December 31, 2020 and 2019 (in thousands):


	December 31, 2020						December 31, 2019
			Fair Value						Fair Value
	Notional Amount		Asset		Liability		Notional Amount		Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	50,000	$	—	$	(3,056)	$	100,000	$	—	$	(1,992)
Interest rate caps	150,000		4		—		250,000		25		—
Total derivatives not designated as accounting hedges	200,000		4		(3,056)		350,000		25		(1,992)
Derivatives designated as accounting hedges
Interest rate swaps	290,231		—		(11,797)		146,642		—		(5,728)
Interest rate caps	384,375		86		—		—		—		—
Total derivatives	$	874,606	$	90	$	(14,853)	$	496,642	$	25	$	(7,720)

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, 2020, 2019, and 2018 was as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
Interest rate swaps	$	(10,318)	$	(6,050)	$	(2,281)
Interest rate caps	(518)		(2,053)		(564)
Total change in fair value of interest rate derivatives	$	(10,836)	$	(8,103)	$	(2,845)
Comprehensive income statement presentation:
Change in fair value of derivatives and other	$	(1,085)	$	(3,599)	$	(951)
Unrealized cash flow hedge losses	(9,751)		(4,504)		(1,894)
Total change in fair value of interest rate derivatives	$	(10,836)	$	(8,103)	$	(2,845)

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Tax treatment of dividends paid

Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

The tax treatment of dividends paid to common stockholders during the years ended December 31, 2020, 2019, and 2018 was as follows (unaudited):


	Years ended December 31,
	2020		2019		2018
Capital gains	—	%	10.62	%	9.49	%
Ordinary income	59.09	%	68.83	%	63.40	%
Return of capital	40.91	%	20.55	%	27.11	%
Total	100.00	%	100.00	%	100.00	%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements

Compensation cost relating to stock-based compensation for the years ended December 31, 2020, 2019, and 2018 was recorded as follows (in thousands):


	Years Ended December 31,
	2020		2019		2018
General and administrative expense	$	1,615	$	1,211	$	1,073
General contracting and real estate services expenses	763		402		213
Capitalized in conjunction with development projects	483		746		661
Total stock-based compensation cost	$	2,861	$	2,359	$	1,947

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, 2020:


	Restricted Stock Awards	Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2020	143,952	$	14.88
Granted	176,382	15.77
Vested	(151,041)	15.42
Forfeited	(1,715)	16.35
Nonvested as of December 31, 2020	167,578	$	15.31

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019 were as follows (in thousands):


	December 31,
	2020				2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Indebtedness, net	$	963,845	$	980,714	$	950,537	$	958,421
Notes receivable	135,432		135,223		159,371		159,371
Interest rate swap liabilities	14,853		14,853		7,720		7,720
Interest rate swap and cap assets	90		90		25		25

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Summary of income tax provision

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

The income tax benefit (provision) for the years ended December 31, 2020, 2019, and 2018 comprised the following (in thousands):


	Years Ended December 31,
	2020		2019		2018
Federal income taxes:
Current	$	290	$	430	$	(14)
Deferred	(18)		(20)		37
State income taxes:
Current	14		85		(1)
Deferred	(3)		(4)		7
Income tax benefit	$	283	$	491	$	29

Other Assets (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary of other assets

Other assets were comprised of the following as of December 31, 2020 and 2019 (in thousands):


	December 31,
	2020		2019
Leasing costs, net	$	13,007	$	11,357
Leasing incentives, net	3,303		2,855
Interest rate swaps and caps	90		25
Prepaid expenses and other	11,542		12,192
Preacquisition and predevelopment costs	15,382		6,472
Other assets	$	43,324	$	32,901

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Summary of other liabilities

Other liabilities were comprised of the following as of December 31, 2020 and 2019 (in thousands):


	December 31,
	2020		2019
Dividends and distributions payable	$	11,753	$	17,477
Acquired lease intangibles, net	15,621		21,300
Prepaid rent and other	9,068		8,604
Security deposits	2,976		2,673
Interest rate swaps	14,853		7,720
Guarantee liability	2,631		5,271
Other liabilities	$	56,902	$	63,045

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 (in thousands):


	December 31, 2020
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	110,643	$	54,276	$	56,367
Above-market lease assets	5,638		3,851		1,787
Below-market ground lease assets
Below-market operating ground lease assets	1,920		406		1,514
Below-market finance ground lease assets	6,629		261		6,368
Below-market lease liabilities	25,015		9,394		15,621

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

Schedule of finite-lived intangible assets

During the years ended December 31, 2020, 2019, and 2018, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):


	Years Ended December 31,
	2020		2019		2018
Intangible lease assets
In-place lease assets	$	6,935	$	14,971	$	7,676
Above-market lease assets	300		875		753
Below-market ground lease assets
Amortization of below-market operating ground lease assets (a)	54		53		53
Amortization of below-market finance ground lease assets (a)(b)	159		102		—
Intangible lease liabilities
Below-market lease liabilities	1,119		2,261		1,754

________________________________________

(b) All of the Company's leases were classified as Operating Leases prior to 2019.

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,
2021	$	1,433	$	13,184
2022	1,443		8,232
2023	1,341		6,780
2024	1,383		5,560
2025	1,347		4,962

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Summary of guarantees

The following table summarizes the payment guarantees made by the Company as of December 31, 2020 (in thousands):


	Payment guarantee amount

Delray Plaza	$	5,180
Interlock Commercial	34,300



Total	$	39,480

Business and Organization - Additional Information (Details)	Dec. 31, 2020	Dec. 31, 2019
Business and Organization
Percentage of operating partnerships held	73.90%	72.60%
General Partner
Business and Organization
Percentage of operating partnerships held	0.10%

Business and Organization - Schedule of Owned Properties (Details)	Dec. 31, 2020
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%
Apex Entertainment \| 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%
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%
Harrisonburg Regal \| 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 \| 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%
Nexton Square \| 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%
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%
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	100.00%
Edison Apartments \| Multifamily
Business and Organization
Ownership interest percentage in property	100.00%
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%
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%
The Residences at Annapolis Junction \| Multifamily
Business and Organization
Ownership interest percentage in property	79.00%

Business and Organization - Schedule of Properties under development, redevelopment or not yet stabilized (Details)	Dec. 31, 2020
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%
Solis Gainesville \| Multifamily
Business and Organization
Ownership interest percentage in property	95.00%

Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) business_segment shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares
Accounting Policies [Line Items]
Business segments \| business_segment	4
Accrued straight-line rental adjustment	$ 5,927	$ 3,402	$ 2,731
Rental revenues	166,488	151,339	116,958
Leasing incentive amortization	700	700	700
Interest capitalized	3,600	5,900	5,000
Indirect project costs	2,600	3,100	3,100
Capitalized preacquisition development costs	15,382	6,472
Impairment charges			$ 1,500
Accounts receivable, net	28,259	23,470
Allowance for doubtful accounts	$ 1,700	$ 300
Percentage of taxable income for distributions to stockholders	90.00%
Dilutive shares outstanding (in shares) \| shares	0	0	0
Accrued Straight-line Rental Revenue
Accounting Policies [Line Items]
Accounts receivable, net	$ 21,300	$ 17,900

Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
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

Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Jan. 01, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative Effect, Period of Adoption, Adjustment

$ (756,802)

$ (655,447)

$ (455,890)

$ (420,283)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative Effect, Period of Adoption, Adjustment | Accounting Standard Update 2016-13 | Retained Earnings

$ 3,009

^[1]

$ 167

^[2]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative Effect, Period of Adoption, Adjustment | Accounting Standard Update 2016-13 | Retained Earnings | Construction Receivables

$ 3,000

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative Effect, Period of Adoption, Adjustment | Accounting Standard Update 2016-13 | Retained Earnings | Mezzanine Loan

200

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 2,800

[1]	The Company recorded cumulative effect adjustments related to the new Current Expected Credit Losses ("CECL") standard in the first quarter of 2020. See "Financial Statements — Note 2 — Significant Accounting Policies — Recent Accounting Pronouncements" for additional information.
[2]	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.

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Segments - Net Income of Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Rental revenues	$ 166,488	$ 151,339	$ 116,958
Real estate taxes	18,136	14,961	11,383
Segment revenues	217,146	105,859	76,359
Net operating income	117,066	106,367	81,084
Office real estate
Segment Reporting Information
Rental revenues	43,494	33,269	20,701
Rental expenses	10,799	8,722	5,858
Real estate taxes	5,111	3,471	2,034
Net operating income	27,584	21,076	12,809
Retail real estate
Segment Reporting Information
Rental revenues	73,032	77,593	67,959
Rental expenses	11,029	11,656	10,903
Real estate taxes	7,784	7,916	6,801
Net operating income	54,219	58,021	50,255
Multifamily residential real estate
Segment Reporting Information
Rental revenues	49,962	40,477	28,298
Rental expenses	17,132	13,954	10,461
Real estate taxes	5,241	3,574	2,548
Net operating income	27,589	22,949	15,289
General contracting and real estate services
Segment Reporting Information
Net operating income	7,674	4,321	2,731
General contracting and real estate services revenues \| General contracting and real estate services
Segment Reporting Information
Segment revenues	217,146	105,859	76,359
Segment expenses	$ 209,472	$ 101,538	$ 73,628

Segments - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
General contracting and real estate services revenues	$ 217,146	$ 105,859	$ 76,359
General contracting and real estate services revenues \| General contracting and real estate services
Segment Reporting Information
General contracting and real estate services revenues	217,146	105,859	76,359
General contracting and real estate services expenses	209,472	101,538	73,628
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	26,600	99,900	134,400
General contracting and real estate services expenses	$ 26,300	$ 99,000	$ 133,400

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Segments - Reconciliation of Net Operating Income to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Net operating income	$ 117,066	$ 106,367	$ 81,084
Amortization of right-of-use assets - finance leases	(586)	(377)	0
General and administrative expenses	(12,905)	(12,392)	(11,431)
Acquisition, development and other pursuit costs	(584)	(844)	(352)
Impairment charges	(666)	(252)	(1,619)
Gain on real estate dispositions	6,388	4,699	4,254
Interest income	19,841	23,215	10,729
Interest expense on indebtedness	(30,120)	(30,776)	(19,087)
Interest expense on finance leases	(915)	(568)	0
Equity in income of unconsolidated real estate entities	0	273	372
Change in fair value of derivatives and other	(1,130)	(3,599)	(951)
Provision for unrealized credit losses	(256)	0	0
Other income (expense), net	515	585	377
Income tax benefit	283	491	29
Net income	36,959	32,258	23,492
Operating Segments
Segment Reporting Information
Net operating income	117,066	106,367	81,084
Segment Reconciling Items
Segment Reporting Information
Depreciation and amortization	(59,972)	(54,564)	(39,913)
Amortization of right-of-use assets - finance leases	(586)	(377)	0
General and administrative expenses	(12,905)	(12,392)	(11,431)
Acquisition, development and other pursuit costs	(584)	(844)	(352)
Impairment charges	(666)	(252)	(1,619)
Gain on real estate dispositions	6,388	4,699	4,254
Interest income	19,841	23,215	10,729
Interest expense on indebtedness	(30,120)	(30,776)	(19,087)
Interest expense on finance leases	(915)	(568)	0
Equity in income of unconsolidated real estate entities	0	273	372
Change in fair value of derivatives and other	(1,130)	(3,599)	(951)
Provision for unrealized credit losses	(256)		0
Other income (expense), net	515	585	377
Income tax benefit	$ 283	$ 491	$ 29

Leases - Operating and Finance Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease cost	$ 1,660	$ 2,700	$ 2,962
Amortization of right-of-use assets - finance leases	586	369	0
Interest expense on finance leases	915	568	0
Operating cash flows from operating leases	2,113	1,969	2,354
Operating cash flows from finance leases	$ 864	$ 533	$ 0

Leases - Additional Information Related to Leases (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Remaining Lease Term (years)
Operating leases	44 years 6 months	45 years 4 months 24 days
Finance leases	40 years 2 months 12 days	41 years 2 months 12 days
Weighted Average Discount Rate
Operating leases	5.40%	5.40%
Finance leases	5.20%	5.20%

Leases - Lessee, Maturities of Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 2,158
2022	2,361
2023	2,400
2024	2,436
2025	2,452
Thereafter	101,072
Total undiscounted cash flows	112,879
Present value discount	(71,220)
Discounted cash flows	41,659	$ 41,474
Finance Leases
2021	864
2022	868
2023	873
2024	888
2025	925
Thereafter	42,089
Total undiscounted cash flows	46,507
Present value discount	(28,553)
Discounted cash flows	$ 17,954	$ 17,903

Leases - Lessor, Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Base rent and tenant charges	$ 159,747	$ 147,309	$ 114,012
Accrued straight-line rental adjustment	5,927	3,402	2,731
Lease incentive amortization	(693)	(739)	(732)
Below/(above) market lease amortization	1,507	1,367	947
Total rental revenue	$ 166,488	$ 151,339	$ 116,958

Leases - Lessor, Payments to be Received (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 90,693
2022	88,270
2023	81,767
2024	73,029
2025	60,588
Thereafter	307,377
Total	$ 701,724

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2020 lease property extension
Lessee, Lease, Description [Line Items]
Number of ground leases	8
Number of properties subject to ground leases \| property	7
Maximum optional ground lease extension term	70 years
Number Of Operating Leases	6
Number Of Finance Leases	2
Lessor, Operating Lease, Option To Extend, Number \| extension	1
Minimum
Lessee, Lease, Description [Line Items]
Lease term	5 years
Lessor, Operating Lease, Renewal Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	61 years
Lessor, Operating Lease, Renewal Term	15 years

Real Estate Investments and Equity Method Investments - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Land	$ 280,791	$ 275,523
Land improvements	61,275	58,636
Buildings and improvements	1,357,684	1,138,829
Development and construction costs	58,167	133,336
Real estate investments	1,757,917	1,606,324	$ 1,176,586
Income producing property
Real Estate Properties [Line Items]
Land	261,984	263,258
Land improvements	61,275	58,636
Buildings and improvements	1,357,684	1,138,829
Development and construction costs	0	0
Real estate investments	1,680,943	1,460,723
Held for development
Real Estate Properties [Line Items]
Land	13,607	5,000
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	0	0
Real estate investments	13,607	5,000
Construction in progress
Real Estate Properties [Line Items]
Land	5,200	7,265
Land improvements	0	0
Buildings and improvements	0	0
Development and construction costs	58,167	133,336
Real estate investments	$ 63,367	$ 140,601

Real Estate Investments and Equity Method Investments - Operating Property Acquisitions (Details) $ / shares in Units, $ in Thousands													12 Months Ended
	Oct. 30, 2020 USD ($)	Oct. 01, 2020 USD ($) shares	Sep. 22, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jun. 26, 2019 USD ($)	May 23, 2019 USD ($) $ / shares shares	Apr. 24, 2019 USD ($)	Mar. 14, 2019 USD ($)	Feb. 06, 2019 USD ($)	Aug. 28, 2018 USD ($)	Jan. 29, 2018 USD ($)	Jan. 09, 2018 USD ($)	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 property	Oct. 31, 2020 USD ($)	Dec. 27, 2019 USD ($)
Real Estate [Line Items]
Total notes receivable													$ 135,432	$ 159,371
Number of operating properties acquired \| property													3	6	3
Notional amount													$ 874,606	$ 496,642
Interest rate caps
Real Estate [Line Items]
Notional amount	$ 100
Mezzanine Loan
Real Estate [Line Items]
Total notes receivable													135,418
Notes receivable													$ 128,576	152,953
1405 Point
Real Estate [Line Items]
Loans payable	$ 64,900
Recognized identifiable assets acquired and liabilities														101,896
Acquisition, assumption of debt				$ 6,100
Interest acquired	79.00%			21.00%
Remaining lease term				42 years									42 years
Payment for debt extinguishment fee	$ 300
Nexton Square
Real Estate [Line Items]
Acquisition, cash consideration			$ 17,900
Recognized identifiable assets acquired and liabilities													$ 41,371
Acquisition, assumption of debt			22,900
Capitalized acquisition costs			200
Nexton Square \| Mezzanine Loan
Real Estate [Line Items]
Notes receivable			$ 16,400										0	15,097
Edison Apartments
Real Estate [Line Items]
Recognized identifiable assets acquired and liabilities													23,746
Edison Apartments \| Richmond, Virginia
Real Estate [Line Items]
Recognized identifiable assets acquired and liabilities		$ 1,100
Acquisition, assumption of debt		$ 16,400
Acquisition, common units/shares issued (in shares) \| shares		633,734
The Residences at Annapolis Junction
Real Estate [Line Items]
Recognized identifiable assets acquired and liabilities													123,654
Interest acquired	79.00%
Payment for debt extinguishment fee	$ 200
Senior Notes	83,400															$ 84,400
Short-term debt, refinanced, amount	$ 84,400
The Residences at Annapolis Junction \| SOFR
Real Estate [Line Items]
Stated interest rate, basis spread on variable rate	2.66%
Derivative, variable interest rate	1.84%
The Residences at Annapolis Junction \| Mezzanine Loan
Real Estate [Line Items]
Notes receivable													$ 0	$ 40,049
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%
Total notes receivable							$ 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
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						105,000
Capitalized acquisition costs						1,100
Acquisition, cash consideration						4,500
Acquisition, assumption of debt						$ 35,700
Acquisition, common units/shares issued (in shares) \| shares						4,100,000
Future sale period for properties in limited number of cases						10 years
Business acquisition, share price \| $ / shares						$ 15.55
Consideration transferred, adjusted amount						$ 109,300
Equity interests, adjusted amount						68,100
Liabilities incurred, adjusted amount						$ 35,600
Share price, adjusted amount \| $ / shares						$ 16.50

Real Estate Investments and Equity Method Investments - Summary of the Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	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
Edison Apartments
Business Acquisition [Line Items]
Land	$ 3,428
Below-market leases	(140)
Fair value adjustment on acquired debt	6
Net assets acquired	23,746
The Residences at Annapolis Junction
Business Acquisition [Line Items]
Land	14,774
Below-market leases	0
Fair value adjustment on acquired debt	0
Net assets acquired	123,654
Nexton Square
Business Acquisition [Line Items]
Land	9,885
Below-market leases	(1,877)
Fair value adjustment on acquired debt	(364)
Net assets acquired	41,371
Land Improvements \| Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		50
Land Improvements \| One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		163
Land Improvements \| 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		298
Land Improvements \| Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		2,558
Land Improvements \| Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		691
Land Improvements \| Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		150
Land Improvements \| Indian Lakes Crossing
Business Acquisition [Line Items]
Property, plant, and equipment			531
Land Improvements \| Parkway Centre
Business Acquisition [Line Items]
Property, plant, and equipment			696
Land Improvements \| Lexington Square
Business Acquisition [Line Items]
Property, plant, and equipment			7,396
Land Improvements \| Edison Apartments
Business Acquisition [Line Items]
Property, plant, and equipment	0
Land Improvements \| The Residences at Annapolis Junction
Business Acquisition [Line Items]
Property, plant, and equipment	1,786
Land Improvements \| Nexton Square
Business Acquisition [Line Items]
Property, plant, and equipment	3,690
Building and Building Improvements \| Wendover Village
Business Acquisition [Line Items]
Property, plant, and equipment		888
Building and Building Improvements \| One City Center
Business Acquisition [Line Items]
Property, plant, and equipment		28,039
Building and Building Improvements \| 1405 Point
Business Acquisition [Line Items]
Property, plant, and equipment		92,866
Building and Building Improvements \| Red Mill Commons
Business Acquisition [Line Items]
Property, plant, and equipment		27,790
Building and Building Improvements \| Marketplace at Hilltop
Business Acquisition [Line Items]
Property, plant, and equipment		19,195
Building and Building Improvements \| Thames Street Wharf
Business Acquisition [Line Items]
Property, plant, and equipment		64,539
Building and Building Improvements \| Indian Lakes Crossing
Business Acquisition [Line Items]
Property, plant, and equipment			1,913
Building and Building Improvements \| Parkway Centre
Business Acquisition [Line Items]
Property, plant, and equipment			7,168
Building and Building Improvements \| Lexington Square
Business Acquisition [Line Items]
Property, plant, and equipment			10,387
Building and Building Improvements \| Edison Apartments
Business Acquisition [Line Items]
Property, plant, and equipment	18,227
Building and Building Improvements \| The Residences at Annapolis Junction
Business Acquisition [Line Items]
Property, plant, and equipment	101,219
Building and Building Improvements \| Nexton Square
Business Acquisition [Line Items]
Property, plant, and equipment	24,070
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
Furniture and Fixtures \| Edison Apartments
Business Acquisition [Line Items]
Property, plant, and equipment	355
Furniture and Fixtures \| The Residences at Annapolis Junction
Business Acquisition [Line Items]
Property, plant, and equipment	1,796
Furniture and Fixtures \| Nexton Square
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 \| Edison Apartments
Business Acquisition [Line Items]
Finite-lived intangibles	1,882
In-place lease assets \| The Residences at Annapolis Junction
Business Acquisition [Line Items]
Finite-lived intangibles	4,079
In-place lease assets \| Nexton Square
Business Acquisition [Line Items]
Finite-lived intangibles	$ 5,239
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

Real Estate Investments and Equity Method Investments - Other Real Estate Transactions (Details)																					12 Months Ended
	Aug. 31, 2023 USD ($)	Jan. 04, 2021 USD ($)	Oct. 02, 2020 USD ($)	Sep. 01, 2020 USD ($)	Aug. 31, 2020 USD ($)	May 29, 2020 USD ($) property	Mar. 20, 2020 USD ($)	Jan. 10, 2020 USD ($)	Oct. 25, 2019 USD ($)	Oct. 15, 2019	Sep. 12, 2019	Aug. 15, 2019 USD ($)	Apr. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 20, 2018 USD ($)	Jul. 02, 2018 renewal_term	May 24, 2018 USD ($)	Apr. 02, 2018 USD ($)	Feb. 16, 2018 USD ($)	Jan. 29, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 18, 2018
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs																					$ 96,459,000	$ 32,944,000	$ 34,673,000
Payments to acquire interest in joint venture																					$ 1,078,000	$ 535,000	$ 10,420,000
Mixed-Use Development [Member]
Real Estate [Line Items]
Interest acquired			20.00%
Acquisition, assumption of debt			$ 1,500,000
Acquisition, cash consideration			$ 3,500,000
Primary Beneficiary \| Tryon Partners, LLC [Member]
Real Estate [Line Items]
Ownership percentage								80.00%
Payments for purchase of land								$ 6,300,000
Chesterfield, Virginia
Real Estate [Line Items]
Payments for purchase of land																				$ 2,400,000
Capitalized acquisition costs																				$ 100,000
Belmont, North Carolina [Member] \| Primary Beneficiary \| Chronicle Holdings, LLC [Member]
Real Estate [Line Items]
Ownership percentage											85.00%
Payments for purchase of land							$ 2,300,000
Gainesville, Georgia [Member]
Real Estate [Line Items]
Payments to acquire interest in joint venture					$ 5,000,000.0
Gainesville, Georgia [Member] \| Primary Beneficiary \| Gainesville Development, LLC [Member]
Real Estate [Line Items]
Ownership percentage					95.00%
Funding commitment					$ 17,300,000
Discontinued Operations, Disposed of by Sale
Real Estate [Line Items]
Gain (loss) on disposition of property						$ 2,800,000
Number of retail properties held-for-sale \| property						7
Disposal Group, Including Discontinued Operation, Consideration						$ 90,000,000.0
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 Sale of Properties															$ 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 Sale of Properties														$ 800,000
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
Hanbury Village \| Discontinued Operations, Disposed of by Sale
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs				$ 7,000,000.0
Gain (loss) on disposition of property				$ 3,600,000
Subsequent Event \| Gainesville, Georgia [Member] \| Primary Beneficiary \| Gainesville Development, LLC [Member]
Real Estate [Line Items]
Interest acquired	5.00%
Purchase price	$ 4,200,000
Acquisition, assumption of debt	$ 3,800,000
Subsequent Event \| Hanbury Village \| Discontinued Operations, Disposed of by Sale
Real Estate [Line Items]
Dispositions of real estate investments, net of selling costs		$ 2,800,000
Gain (loss) on disposition of property		$ 2,400,000
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%
Funding commitment									$ 5,000,000.0
1023 Roswell, LLC \| Rosewell, Georgia
Real Estate [Line Items]
Payments for purchase of land									$ 5,000,000.0
Tryon Partners, LLC [Member]
Real Estate [Line Items]
Payments for purchase of land								$ 6,300,000
Chronicle Holdings, LLC [Member] \| Belmont, North Carolina [Member]
Real Estate [Line Items]
Payments for purchase of land							$ 2,300,000
Operating Partnership \| Revolving Credit Facility \| New Credit Facility
Real Estate [Line Items]
Repayments of Long-term Lines of Credit						61,900,000
Excess amount of disposal group consideration, after repayment of debt						$ 25,900,000

Real Estate Investments and Equity Method Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 30, 2020
Real Estate [Line Items]
Income from equity method investment	$ 0	$ 273	$ 372
Equity method investment	1,078	$ 0
Harbor Point Parcel 3 \| Beatty Development Group
Real Estate [Line Items]
Interests in equity method investments				50.00%
Payments to acquire equity method investments	1,100
Maximum commitment	30,000
Equity method investment	$ 1,100

Notes Receivable and Allowance for Loan Losses - Summary of Mezzanine Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 22, 2020	May 31, 2020	Jan. 08, 2019	Dec. 21, 2018	Oct. 27, 2017	May 15, 2017
Notes Receivable
Notes receivable guarantee premium	$ 2,631	$ 5,271
Notes receivable discount, net	(2,584)	0
Total notes receivable	135,432	159,371
Interest income	19,841	23,215	$ 10,729
Mezzanine Loan
Notes Receivable
Outstanding loan amount	128,576	152,953
Total notes receivable	135,418
Maximum loan commitment	161,100
Interest income	19,783	23,127	10,651
Other notes receivable
Notes Receivable
Outstanding loan amount	6,809	1,147
Interest income	58	88	78
1405 Point \| Mezzanine Loan
Notes Receivable
Interest income	0	783	2,080
The Residences at Annapolis Junction \| The Residences at Annapolis Junction
Notes Receivable
Selling price	5,000
The Residences at Annapolis Junction \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	0	40,049
Interest income	2,468	8,776	4,939
Interest income, exit fees	1,500	500
North Decatur Square \| Mezzanine Loan
Notes Receivable
Maximum loan commitment			29,700						$ 21,800
Interest rate									15.00%
Interest income	0	1,509	2,212
Delray Plaza \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	14,289	12,995
Maximum loan commitment	$ 17,000					$ 15,000		$ 13,100
Interest rate	15.00%							15.00%
Interest income	$ 489	1,622	928
Additional funds available	$ 2,000
Interest rate	6.00%
Nexton Square \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	$ 0	15,097		$ 16,400
Interest income	1,177	1,962	235
Interlock Commercial \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	85,318	59,224
Maximum loan commitment	103,000						$ 95,000
Interest rate							15.00%
Interest income	12,267	6,142	202
Additional funds available	$ 3,000				$ 8,000
Interest rate	18.00%
Interest income, exit fees	$ 2,300	600
Solis Apartments at Interlock \| Mezzanine Loan
Notes Receivable
Outstanding loan amount	28,969	25,588
Maximum loan commitment	41,100						$ 41,100
Interest rate							13.00%
Interest income	$ 3,382	$ 2,333	$ 55

Notes Receivable and Allowance for Loan Losses - Additional Information (Details)									1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 30, 2020 USD ($)	Sep. 22, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 27, 2019 USD ($)	Jul. 22, 2019 USD ($)	Apr. 24, 2019 USD ($)	Dec. 21, 2018 USD ($)	Aug. 31, 2018 USD ($) building	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 USD ($) loan shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 15, 2020 USD ($) ft²	Oct. 31, 2020 USD ($)	May 31, 2020 USD ($)	Apr. 19, 2019 USD ($)	Jan. 08, 2019 USD ($)	Oct. 31, 2018 USD ($)	Sep. 01, 2018 USD ($)	Oct. 27, 2017 USD ($)	May 15, 2017 USD ($)	Apr. 21, 2016 USD ($) ft² unit room	Oct. 15, 2015 USD ($)
Notes Receivable
Allowances for loan losses									$ 2,584,000	$ 2,584,000	$ 2,584,000	$ 0
Debt repayments											299,318,000	270,851,000	$ 173,855,000
Guaranty liabilities									2,631,000	2,631,000	2,631,000	5,271,000
Financing receivable, nonaccrual									13,600,000	13,600,000	13,600,000
Financing receivable, interest not recognized											5,100,000
Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									39,480,000	39,480,000	39,480,000
1405 Point
Notes Receivable
Payment for debt extinguishment fee	$ 300,000
Note receivable maximum principal balance																								$ 28,200,000
Interest acquired	79.00%		21.00%
Loans payable	$ 64,900,000
Acquisition, assumption of debt			$ 6,100,000
Annapolis Junction Town Center
Notes Receivable
Number of residential units \| unit																							416
Area of retail space \| ft²																							17,000
Note receivable maximum principal balance																							$ 48,100,000
Number of rooms (room) \| room																							150
The Residences at Annapolis Junction
Notes Receivable
Payment for debt extinguishment fee	$ 200,000
Interest acquired	79.00%
Senior Notes	$ 83,400,000														$ 84,400,000
Delray Plaza \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									5,180,000	5,180,000	5,180,000										$ 4,800,000
Shopping Center In Summerville, South Carolina
Notes Receivable
Number of buildings \| building								16
Nexton Square
Notes Receivable
Acquisition, cash consideration		$ 17,900,000
Acquisition, assumption of debt		22,900,000
Capitalized acquisition costs		200,000
Interlock Commercial \| Financial Guarantee
Notes Receivable
Guarantor obligations of the senior construction loan (up to)									34,300,000	34,300,000	34,300,000
Decatur, Georgia \| Whole Foods Anchored Center \| Loans Receivable
Notes Receivable
Investment in development																						$ 34,000,000.0
Delray Beach, Florida \| Whole Foods Anchored Center \| Loans Receivable
Notes Receivable
Investment in development																					20,000,000.0
Mezzanine Loan
Notes Receivable
Maximum loan commitment									161,100,000	161,100,000	161,100,000
Notes receivable									128,576,000	128,576,000	$ 128,576,000	152,953,000
Number of loans \| loan											3
Mezzanine Loan \| The Residences at Annapolis Junction
Notes Receivable
Interest income, exit fees											$ 1,500,000	500,000
Notes receivable									0	0	0	40,049,000
Mezzanine Loan \| North Decatur Square
Notes Receivable
Maximum loan commitment													$ 29,700,000									$ 21,800,000
Interest rate																						15.00%
Proceeds from collection of loans receivable					$ 20,000,000.0
Mezzanine Loan \| Delray Plaza
Notes Receivable
Maximum loan commitment									$ 17,000,000	$ 17,000,000	$ 17,000,000							$ 15,000,000.0			$ 13,100,000
Interest rate									15.00%	15.00%	15.00%										15.00%
Notes receivable									$ 14,289,000	$ 14,289,000	$ 14,289,000	12,995,000
Additional funds available									$ 2,000,000.0	$ 2,000,000.0	$ 2,000,000.0
Collateral for secured borrowings \| shares									125,843	125,843	125,843
Reserve account									$ 2,500,000
Interest rate									6.00%	6.00%	6.00%
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
Notes receivable		$ 16,400,000							$ 0	$ 0	$ 0	15,097,000
Mezzanine Loan \| Interlock Commercial
Notes Receivable
Maximum loan commitment							$ 95,000,000.0		103,000,000	103,000,000	103,000,000
Guarantor obligations of the senior construction loan (up to)																	$ 30,700,000
Interest rate							15.00%
Interest income, exit fees											2,300,000	600,000
Notes receivable									85,318,000	85,318,000	85,318,000	59,224,000
Maximum commitment, excluding accrued interest reserves							$ 67,000,000.0
Financing receivable term							24 months
Financing receivable term extension option							5 years
Additional funds available									$ 3,000,000.0	3,000,000.0	$ 3,000,000.0					$ 8,000,000.0
Exit fee										6,500,000
Exit fee revenue recognized										$ 2,900,000
Interest rate									18.00%	18.00%	18.00%
Mezzanine Loan \| Interlock Commercial \| Minimum
Notes Receivable
Exit fee										$ 6,500,000
Mezzanine Loan \| Interlock Commercial \| Maximum
Notes Receivable
Exit fee										7,500,000
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	41,100,000	$ 41,100,000
Interest rate							13.00%
Notes receivable									28,969,000	28,969,000	28,969,000	$ 25,588,000
Construction Loans
Notes Receivable
Aggregate capacity under the credit facility									$ 39,700,000	$ 39,700,000	$ 39,700,000
Bridge Loan \| Shopping Center In Summerville, South Carolina
Notes Receivable
Notes receivable								$ 2,200,000												$ 17,000,000.0
Bridge Loan \| Interlock Commercial
Notes Receivable
Notes receivable																			$ 4,000,000.0
Bridge Loan \| Harbor Point Parcel 3
Notes Receivable
Area of retail space \| ft²														450,000
Notes receivable														$ 6,800,000
Interest rate														6.00%
First Purchase Option \| 1405 Point
Notes Receivable
Acquisition, cash consideration						$ 300,000
Option to acquire additional interest						79.00%
1405 Point
Notes Receivable
Acquisition, cash consideration						$ 300,000
Loans payable				$ 53,000,000.0		$ 64,900,000
Option to acquire additional interest						79.00%
Debt repayments				$ 12,300,000

Notes Receivable and Allowance for Loan Losses - Amortized Cost Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Notes Receivable
Total notes receivable	$ 135,432	$ 159,371
Mezzanine Loan
Notes Receivable
2020	6,766
2019	0
2018	115,082
2017	13,570
2016	0
Total notes receivable	135,418
Pass \| Mezzanine Loan
Notes Receivable
2020	6,766
2019	0
2018	115,082
2017	0
2016	0
Total notes receivable	121,848
Special Mention \| Mezzanine Loan
Notes Receivable
2020	0
2019	0
2018	0
2017	0
2016	0
Total notes receivable	0
Substandard \| Mezzanine Loan
Notes Receivable
2020	0
2019	0
2018	0
2017	13,570
2016	0
Total notes receivable	$ 13,570

Notes Receivable and Allowance for Loan Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Provision for unrealized credit losses	256	$ 0	$ 0
Financing Receivable, Allowance for Credit Loss, Extinguishment Due To Acquisition	(497)
Ending balance	2,584	0
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,825
Ending balance		$ 2,825

Construction Contracts (Summary of Costs in Excess of Billings and Billings in Excess of Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change In Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 249	$ 1,358
Transferred to receivables	(545)	(2,557)
Construction contract costs and estimated earnings not billed during the period	138	249
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	296	1,199
Ending balance	138	249
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	5,306	3,037
Revenue recognized that was included in the balance at the beginning of the period	(5,306)	(3,037)
Increases due to new billings, excluding amounts recognized as revenue during the period	6,244	6,283
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	(156)	(977)
Ending balance	$ 6,088	$ 5,306

Construction Contracts - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contractors [Abstract]
Deferred precontract costs	$ 1,700	$ 900
Amortization of pre-contract costs	800	600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Construction payables	6,088	5,306	$ 3,037
Construction receivables retentions	17,100	9,000
Construction
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Construction payables	$ 17,700	$ 18,000

Construction Contracts (Net Position of Uncompleted Construction Contracts) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contractors [Abstract]
Costs incurred on uncompleted construction contracts	$ 905,037	$ 695,564
Estimated earnings	32,130	24,553
Billings	(943,117)	(725,174)
Net position	(5,950)	(5,057)
Construction contract costs and estimated earnings in excess of billings	138	249	$ 1,358
Billings in excess of construction contract costs and estimated earnings	$ (6,088)	$ (5,306)	$ (3,037)

Construction Contracts (Summary of Backlog) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue, Remaining Performance Obligation [Roll Forward]
Beginning backlog	$ 242,622	$ 165,863	$ 49,167
New contracts/change orders	45,882	182,495	192,852
Work performed	(217,246)	(105,736)	(76,156)
Ending backlog	$ 71,258	$ 242,622	$ 165,863
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 (Details) - USD ($) $ in Thousands									12 Months Ended
	Dec. 22, 2020	Sep. 22, 2020	Dec. 12, 2019	Jun. 26, 2019	Apr. 24, 2019	Jul. 27, 2018	May 31, 2018	Jan. 22, 2018	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Aug. 28, 2018
Debt Instrument [Line Items]
Total principal balances									$ 962,812		$ 960,819
Unamortized GAAP adjustments									(8,971)		(10,282)
Other note payable									10,004		0
Indebtedness, net									$ 963,845		950,537
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%
Hoffler Place \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.60%
Summit Place \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.60%
Southgate Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate							1.60%
Nexton Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.25%
Thames Street Wharf \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				1.30%
1405 Point
Debt Instrument [Line Items]
Remaining lease term									42 years	42 years
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%
Wills Wharf \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				2.25%
Johns Hopkins Village \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate						1.25%
Secured Debt
Debt Instrument [Line Items]
Total principal balances									$ 747,812		645,819
Secured Debt \| Sandbridge Commons (2) \| 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									$ 18,400		29,059
Secured Debt \| Hoffler Place \| Notes 1 \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									2.60%
Secured Debt \| Summit Place
Debt Instrument [Line Items]
Total principal balances									$ 23,100		28,824
Secured Debt \| Summit Place \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									2.60%
Secured Debt \| Hanbury Village
Debt Instrument [Line Items]
Total principal balances									$ 0		18,515
Stated interest rate									3.78%
Secured Debt \| Southgate Square
Debt Instrument [Line Items]
Total principal balances									$ 19,682		20,562
Secured Debt \| Southgate Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.60%
Secured Debt \| Nexton Square
Debt Instrument [Line Items]
Total principal balances									$ 22,909		0
Secured Debt \| Nexton Square \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									2.25%
Secured Debt \| Encore Apartments
Debt Instrument [Line Items]
Total principal balances									$ 24,337		24,842
Stated interest rate									3.25%
Secured Debt \| 4525 Main Street
Debt Instrument [Line Items]
Total principal balances									$ 31,231		31,876
Stated interest rate									3.25%
Secured Debt \| Red Mill West
Debt Instrument [Line Items]
Total principal balances									$ 10,851		11,296
Stated interest rate									4.23%
Secured Debt \| Thames Street Wharf
Debt Instrument [Line Items]
Total principal balances									$ 70,000		70,000
Secured Debt \| Thames Street Wharf \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.30%
Secured Debt \| Marketplace at Hilltop
Debt Instrument [Line Items]
Total principal balances									$ 10,120		10,517
Stated interest rate									4.42%
Secured Debt \| 1405 Point
Debt Instrument [Line Items]
Total principal balances									$ 53,000		53,000
Secured Debt \| 1405 Point \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									2.25%
Secured Debt \| Sandbridge Commons \| Notes 2
Debt Instrument [Line Items]
Total principal balances									$ 0		8,020
Secured Debt \| Socastee Commons
Debt Instrument [Line Items]
Total principal balances									$ 4,458		4,567
Stated interest rate									4.57%
Secured Debt \| Wills Wharf
Debt Instrument [Line Items]
Total principal balances									$ 59,044		29,154
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									$ 16,597		16,828
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									$ 9,988		10,127
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									$ 7,287		7,388
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									$ 24,712		25,286
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									$ 2,363		2,538
Stated interest rate									4.80%
Secured Debt \| Solis Gainesville
Debt Instrument [Line Items]
Total principal balances									$ 0		0
Secured Debt \| Solis Gainesville \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									3.00%
Secured Debt \| Premier Apartments
Debt Instrument [Line Items]
Total principal balances									$ 16,716		16,750
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									$ 8,241		8,250
Secured Debt \| Premier Retail \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.55%
Secured Debt \| Red Mill South
Debt Instrument [Line Items]
Total principal balances									$ 5,833		6,137
Stated interest rate									3.57%
Secured Debt \| Brooks Crossing Office
Debt Instrument [Line Items]
Total principal balances									$ 15,393		14,411
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									$ 13,789		14,727
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									$ 50,859		51,800
Secured Debt \| Johns Hopkins Village \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									1.25%
Secured Debt \| North Point Center \| Notes 2
Debt Instrument [Line Items]
Total principal balances									$ 2,094		2,214
Stated interest rate									7.25%
Secured Debt \| Lexington Square
Debt Instrument [Line Items]
Total principal balances									$ 14,440		14,696
Stated interest rate									4.50%			4.50%
Secured Debt \| Red Mill North
Debt Instrument [Line Items]
Total principal balances									$ 4,294		4,394
Stated interest rate									4.73%
Secured Debt \| Greenside Apartments
Debt Instrument [Line Items]
Total principal balances									$ 33,310		34,000
Stated interest rate									3.17%
Secured Debt \| The Residences at Annapolis Junction
Debt Instrument [Line Items]
Total principal balances									$ 84,375		0
Secured Debt \| The Residences at Annapolis Junction \| SOFR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate									2.66%
Secured Debt \| Smith’s Landing
Debt Instrument [Line Items]
Total principal balances									$ 17,331		18,174
Stated interest rate									4.05%
Secured Debt \| Liberty Apartments
Debt Instrument [Line Items]
Total principal balances									$ 13,877		14,165
Stated interest rate									5.66%
Secured Debt \| Edison Apartments
Debt Instrument [Line Items]
Total principal balances									$ 16,272		0
Stated interest rate									5.30%
Secured Debt \| The Cosmopolitan
Debt Instrument [Line Items]
Total principal balances									$ 42,909		43,702
Stated interest rate									3.35%
Unsecured Debt
Debt Instrument [Line Items]
Total principal balances									$ 215,000		315,000
Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Total principal balances									10,000		110,000
Unsecured Debt \| Term Loan Without Related Interest Rate Swap Agreemen
Debt Instrument [Line Items]
Total principal balances									19,500		44,500
Unsecured Debt \| Term Loan With Related Interest Rate Swap
Debt Instrument [Line Items]
Total principal balances									$ 185,500		$ 160,500

Indebtedness - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total principal balances	$ 962,812	$ 960,819
Fixed-rate
Debt Instrument [Line Items]
Total principal balances	573,951	488,276
Variable-rate
Debt Instrument [Line Items]
Total principal balances	$ 388,861	$ 472,543

Indebtedness - Scheduled Principal Repayments and Term-loan Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Principal repayments and maturities
2021	$ 107,833
2022	99,237
2023	156,380
2024	108,264
2025	286,646
Thereafter	204,452
Total (1)	962,812	$ 960,819
Monthly Principal Amortization
Principal repayments and maturities
2021	10,682
2022	9,667
2023	9,060
2024	9,346
2025	7,539
Thereafter	91,356
Total (1)	137,650
Balloon Payments At Loan Maturity
Principal repayments and maturities
2021	97,151
2022	89,570
2023	147,320
2024	98,918
2025	279,107
Thereafter	113,096
Total (1)	$ 825,162

Indebtedness - Additional Information (Details)																										12 Months Ended
Indebtedness - Additional Information (Details)	Jan. 28, 2021 USD ($)	Dec. 22, 2020 USD ($)	Oct. 30, 2020 USD ($)	Sep. 22, 2020 USD ($)	Aug. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 27, 2019 USD ($)	Dec. 12, 2019 USD ($)	Oct. 29, 2019 USD ($)	Oct. 03, 2019 USD ($) extension	Aug. 15, 2019 USD ($)	Jun. 26, 2019 USD ($)	May 23, 2019 USD ($)	Apr. 24, 2019 USD ($)	Mar. 14, 2019 USD ($)	Mar. 11, 2019 USD ($)	Oct. 12, 2018 USD ($)	Jul. 27, 2018 USD ($)	Jul. 12, 2018 USD ($)	Jun. 29, 2018 USD ($)	Jun. 14, 2018 USD ($)	Jun. 01, 2018 USD ($)	May 31, 2018 USD ($)	Mar. 27, 2018 USD ($)	Jan. 22, 2018	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Feb. 19, 2021 USD ($)	Oct. 31, 2020 USD ($)	Aug. 28, 2018 USD ($)
Debt Instrument [Line Items]
Total principal balances																										$ 962,812,000	$ 960,819,000
Debt repayments																										$ 299,318,000	270,851,000	$ 173,855,000
Columbus Village
Debt Instrument [Line Items]
Repayment of debt																								$ 8,300,000
Southgate Square
Debt Instrument [Line Items]
Debt, face value																							$ 22,000,000.0
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																					$ 35,000,000.0
Johns Hopkins Village
Debt Instrument [Line Items]
Debt, face value																		$ 53,000,000.0
Effective interest rate																		4.19%
1405 Point
Debt Instrument [Line Items]
Interest acquired			79.00%			21.00%
Remaining lease term						42 years																				42 years
Acquisition, assumption of debt						$ 6,100,000
Loans payable			$ 64,900,000
Nexton Square
Debt Instrument [Line Items]
Acquisition, assumption of debt				$ 22,900,000
Acquisition, cash consideration				$ 17,900,000
The Residences at Annapolis Junction
Debt Instrument [Line Items]
Interest acquired			79.00%
Senior Notes			$ 83,400,000																											$ 84,400,000
Summit Place
Debt Instrument [Line Items]
Repayment of debt											$ 11,500,000
Debt, face value		$ 23,100,000
Floor interest rate					0.0040
Hoffler Place
Debt Instrument [Line Items]
Repayment of debt		12,800,000
Debt, face value		$ 18,400,000
Floor interest rate		0.0040
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%
LIBOR \| Nexton Square
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate				2.25%
LIBOR \| Summit Place
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.60%
LIBOR \| Hoffler Place
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate		2.60%
SOFR \| The Residences at Annapolis Junction
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate			2.66%
Unsecured Debt
Debt Instrument [Line Items]
Total principal balances																										$ 215,000,000	315,000,000
Construction Loans
Debt Instrument [Line Items]
Aggregate capacity under the credit facility																										39,700,000
Borrowings under construction loans																										96,300,000		$ 86,900,000
Secured Debt
Debt Instrument [Line Items]
Aggregate capacity under the credit facility								$ 34,000,000.0
Proceeds from lines of credit								$ 5,100,000
Total principal balances																										747,812,000	645,819,000
Secured Debt \| Thames Street Wharf
Debt Instrument [Line Items]
Aggregate capacity under the credit facility												$ 70,000,000.0
Total principal balances																										70,000,000	70,000,000
Secured Debt \| Southgate Square
Debt Instrument [Line Items]
Aggregate capacity under the credit facility									$ 25,000,000.0
Proceeds from lines of credit									$ 2,700,000
Secured Debt \| Southgate Square
Debt Instrument [Line Items]
Total principal balances																										19,682,000	20,562,000
Secured Debt \| Market at Mill Creek
Debt Instrument [Line Items]
Total principal balances																										13,789,000	14,727,000
Secured Debt \| Johns Hopkins Village
Debt Instrument [Line Items]
Total principal balances																										$ 50,859,000	51,800,000
Secured Debt \| Lexington Square
Debt Instrument [Line Items]
Debt, face value																															$ 15,000,000.0
Stated interest rate																										4.50%					4.50%
Total principal balances																										$ 14,440,000	14,696,000
Secured Debt \| Hanbury Village
Debt Instrument [Line Items]
Stated interest rate																										3.78%
Total principal balances																										$ 0	18,515,000
Secured Debt \| The Cosmopolitan
Debt Instrument [Line Items]
Stated interest rate																										3.35%
Total principal balances																										$ 42,909,000	43,702,000
Secured Debt \| Liberty Apartments
Debt Instrument [Line Items]
Stated interest rate																										5.66%
Total principal balances																										$ 13,877,000	14,165,000
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	53,000,000
Secured Debt \| Nexton Square
Debt Instrument [Line Items]
Total principal balances																										$ 22,909,000	0
Secured Debt \| Edison Apartments
Debt Instrument [Line Items]
Stated interest rate																										5.30%
Total principal balances																										$ 16,272,000	0
Secured Debt \| Summit Place
Debt Instrument [Line Items]
Total principal balances																										23,100,000	28,824,000
Secured Debt \| Hoffler Place
Debt Instrument [Line Items]
Total principal balances																										18,400,000	29,059,000
Secured Debt \| Wills Wharf
Debt Instrument [Line Items]
Total principal balances																										$ 59,044,000	29,154,000
Secured Debt \| LIBOR \| Thames Street Wharf
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																										1.30%
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%
Secured Debt \| LIBOR \| Nexton Square
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																										2.25%
Secured Debt \| LIBOR \| Summit Place
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																										2.60%
Secured Debt \| LIBOR \| Wills Wharf
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate																										2.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate																										1.64%
Revolving Credit Facility \| LIBOR \| Wills 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																										0.15%
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																										0.25%
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																										$ 10,000,000	$ 110,000,000
Revolving Credit Facility \| Secured Debt \| Wills Wharf
Debt Instrument [Line Items]
Aggregate capacity under the credit facility												$ 76,000,000.0
Senior Unsecured Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate																										1.59%
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 \| 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										$ 355,000,000.0
Operating Partnership \| Revolving Credit Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility										150,000,000.0
Accordion feature maximum borrowing capacity										$ 700,000,000.0
Number of extension options \| extension										2
Duration of extension option										6 months
Extension fee percentage										0.075%
Operating Partnership \| Senior Unsecured Term Loan Facility \| New Credit Facility
Debt Instrument [Line Items]
Aggregate capacity under the credit facility										$ 205,000,000.0
Gainesville Development, LLC [Member] \| LIBOR
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate					3.00%
Gainesville Development, LLC [Member] \| Construction Loans
Debt Instrument [Line Items]
Aggregate capacity under the credit facility					$ 31,400,000
Floor interest rate					0.0075
Percentage of payments of loan advances					55.00%
Subsequent Event \| Nexton Square
Debt Instrument [Line Items]
Repayment of debt	$ 2,000,000.0
Floor interest rate	0.0025
Subsequent Event \| LIBOR \| Nexton Square
Debt Instrument [Line Items]
Stated interest rate, basis spread on variable rate	2.25%
Subsequent Event \| Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Total principal balances																													$ 25,000,000.0
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]
Loans payable, fair value disclosure														$ 65,800,000
Option to acquire additional interest														79.00%
Acquisition, cash consideration														$ 300,000
Loans payable							$ 53,000,000.0							$ 64,900,000
Debt repayments							$ 12,300,000
Marketplace at Hilltop
Debt Instrument [Line Items]
Acquisition, assumption of debt													10,740,000
Loans payable, fair value disclosure													$ 10,790,000
Stated interest rate													4.42%
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 Debt Assumed (Details) $ in Thousands	May 23, 2019 USD ($)
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 Instruments - Schedule of LIBOR interest rate caps (Details) - USD ($)	Dec. 31, 2020	Nov. 01, 2020	Oct. 30, 2020	Jul. 01, 2020	Mar. 02, 2020	Jan. 28, 2020	Jan. 10, 2020	Dec. 31, 2019	May 15, 2019	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
Derivative [Line Items]
Notional Amount	$ 874,606,000							$ 496,642,000
Interest rate caps
Derivative [Line Items]
Notional Amount			$ 100,000
LIBOR \| Interest rate caps
Derivative [Line Items]
Notional Amount		$ 84,375,000		$ 100,000,000	$ 100,000,000	$ 50,000,000	$ 50,000,000		$ 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
Cap Interest Rate				0.50%	1.50%	1.75%	1.75%		2.50%	2.75%	2.50%	2.25%	1.50%	1.50%	1.50%	1.50%	1.00%	1.50%
Premium Paid	$ 2,816,000	$ 91,000		$ 232,000	$ 111,000	$ 62,000	$ 87,000		$ 288,000	$ 210,000	$ 319,000	$ 310,000	$ 359,000	$ 199,000	$ 154,000	$ 187,000	$ 150,000	$ 57,000
SOFR \| Interest rate caps
Derivative [Line Items]
Cap Interest Rate		1.84%

Derivative Financial Instruments - Floating-to-Fixed Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 874,606	$ 496,642
Interest rate swaps
Derivative [Line Items]
Notional Amount	340,231
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	200,000	350,000
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000	100,000
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	$ 290,231	$ 146,642
Designated as Hedging Instrument \| Johns Hopkins Village \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 50,859
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	$ 33,872
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%
Designated as Hedging Instrument \| Thames Street Wharf \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 70,000
Fixed rate interest rate swap	0.51%
Effective interest rate	1.81%
Designated as Hedging Instrument \| Senior Unsecured Term Loan 0.50%, Term Loan One [Member] \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed rate interest rate swap	0.50%
Effective interest rate	1.95%
Designated as Hedging Instrument \| Senior Unsecured Term Loan 0.50%, Term Loan Two [Member] \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed rate interest rate swap	0.50%
Effective interest rate	1.95%
Designated as Hedging Instrument \| Senior Unsecured Term Loan 0.55% [Member] \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 25,000
Fixed rate interest rate swap	0.55%
Effective interest rate	2.00%

Derivative Financial Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 30, 2020
Derivative [Line Items]
Notional Amount	$ 874,606	$ 496,642
Asset, fair value	90	25
Liability, fair value	(14,853)	(7,720)
Change in fair value of derivatives and other	(1,085)	(3,599)	$ (951)
Unrealized cash flow hedge losses	(9,751)	(4,504)	(1,894)
Total change in fair value of interest rate derivatives	(10,836)	(8,103)	(2,845)
Interest rate swaps
Derivative [Line Items]
Notional Amount	340,231
Total change in fair value of interest rate derivatives	(10,318)	(6,050)	(2,281)
Interest rate caps
Derivative [Line Items]
Notional Amount				$ 100
Total change in fair value of interest rate derivatives	(518)	(2,053)	$ (564)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	200,000	350,000
Asset, fair value	4	25
Liability, fair value	(3,056)	(1,992)
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	50,000	100,000
Asset, fair value	0	0
Liability, fair value	(3,056)	(1,992)
Not Designated as Hedging Instrument \| Interest rate caps
Derivative [Line Items]
Notional Amount	150,000	250,000
Asset, fair value	4	25
Liability, fair value	0	0
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional Amount	290,231	146,642
Asset, fair value	0	0
Liability, fair value	(11,797)	(5,728)
Designated as Hedging Instrument \| Interest rate caps
Derivative [Line Items]
Notional Amount	384,375	0
Asset, fair value	86	0
Liability, fair value	$ 0	$ 0

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Feb. 02, 2021	Dec. 31, 2020	Nov. 01, 2020	Jul. 01, 2020	Mar. 02, 2020	Jan. 28, 2020	Jan. 10, 2020	May 15, 2019	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
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months		$ (4,300)
LIBOR \| Interest rate caps
Derivative [Line Items]
Strike rate				0.50%	1.50%	1.75%	1.75%	2.50%	2.75%	2.50%	2.25%	1.50%	1.50%	1.50%	1.50%	1.00%	1.50%
Premium paid		$ 2,816	$ 91	$ 232	$ 111	$ 62	$ 87	$ 288	$ 210	$ 319	$ 310	$ 359	$ 199	$ 154	$ 187	$ 150	$ 57
Subsequent Event \| LIBOR \| Interest rate caps
Derivative [Line Items]
Strike rate	0.50%
Premium paid	$ 100

Equity - Additional Information (Details)											3 Months Ended		12 Months Ended
Equity - Additional Information (Details)	Dec. 07, 2021 USD ($)	Feb. 09, 2021 $ / shares	Jan. 15, 2021 USD ($)	Oct. 01, 2020 shares	Aug. 20, 2020 USD ($) $ / shares shares	Jul. 01, 2020 shares	Mar. 10, 2020 USD ($)	Aug. 06, 2019 USD ($)	Aug. 05, 2019 USD ($)	Jun. 18, 2019 USD ($) ft² $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2020 $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares	Oct. 30, 2020	Jun. 30, 2020
Class of Stock [Line Items]
Authorized capital shares of common stock (in shares)											500,000,000		500,000,000	500,000,000
Preferred stock, shares authorized (in shares)											100,000,000		100,000,000	100,000,000
Common stock, shares issued (in shares)											59,073,220		59,073,220	56,277,971
Common stock, shares outstanding (in shares)											59,073,220		59,073,220	56,277,971
Proceeds from issuance of common stock, net \| $													$ 19,650,000	$ 96,845,000	$ 65,244,000
Percentage of operating partnerships held											73.90%		73.90%	72.60%
Operating partnership units redemption ratio													1
Aggregate cash dividends and distributions, paid \| $													$ 47,603,000	$ 61,504,000	$ 50,897,000
Percent of total voting power for voting stock													0.50
Preferred stock, par or stated value (in dollars per share) \| $ / shares											$ 0.01		$ 0.01	$ 0.01
Dividend declared (in dollars per share) \| $ / shares													$ 0.44	$ 0.84	$ 0.80
Dividends, cash paid \| $													$ 7,349,000	$ 2,455,000
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)											10,842	10,600
Granted (in dollars per share) \| $ / shares											$ 11.11	$ 18.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period											3,165	3,677
Subsequent Event
Class of Stock [Line Items]
Dividend declared (in dollars per share) \| $ / shares		$ 0.15
Increase from prior dividend		36.00%
Class A units
Class of Stock [Line Items]
Units not held by company											20,865,485		20,865,485
Class A units \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $	$ 2,300,000
Class A units \| Operating Partnership
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $													$ 9,200,000	16,900,000	$ 13,800,000
Common stock
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $													$ 25,300,000	45,400,000	$ 38,700,000
Common stock \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $	$ 6,500,000
2018 ATM Program \| Common stock
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $								$ 180,700,000	$ 125,000,000.0
The Amendments, At-the-Market Continuous Equity Program [Member] \| Common stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues													1,783,768
Sale of stock, weighted average price per share \| $ / shares													$ 10.48
The Amendments, At-the-Market Continuous Equity Program [Member] \| Preferred stock
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares \| $													$ 18,400,000
Prior At-The-Market Program [Member]
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares \| $													$ 1,700,000	$ 97,000,000.0
Prior At-The-Market Program [Member] \| Common stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues													92,577	5,871,519
Issuance of common stock, price per share (in dollars per share) \| $ / shares											$ 18.23		$ 18.23	$ 16.76
1405 Point
Class of Stock [Line Items]
Noncontrolling interest ownership percentage in properties																79.00%	21.00%
Thames Street Wharf
Class of Stock [Line Items]
Area of retail space \| ft²										263,426
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)											9,980,000		9,980,000	2,930,000
Preferred stock, shares issued (in shares)										2,530,000	6,843,418		6,843,418	2,530,000
Preferred stock, shares outstanding (in shares)											6,843,418		6,843,418	2,530,000
Preferred Stock, Convertible, Conversion Price, Maximum \| $ / shares													$ 2.97796
Dividend rate										6.75%			6.75%	6.75%
Preferred stock, redemption price (in dollars per share) \| $ / shares											$ 25.00		$ 25.00
Preferred stock, par or stated value (in dollars per share) \| $ / shares										$ 0.01
Liquidation preference (in dollars per share) \| $ / shares										$ 25.00
Proceeds from issuance of preferred stock and preference stock \| $										$ 61,300,000
Redeemable convertible preferred stock \| Over-Allotment Option
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)										330,000
Redeemable convertible preferred stock \| At The Market Program [Member]
Class of Stock [Line Items]
Maximum aggregate offering price of shares to be sold (up to) \| $							$ 300,000,000.0
Dividend rate							6.75%
Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					3,600,000					2,530,000
Dividend rate					6.75%					6.75%
Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)											6,800,000		6,800,000	2,500,000
Preferred stock, shares outstanding (in shares)											6,800,000		6,800,000	2,500,000
Dividends declared (in dollars per share) \| $ / shares													$ 1.687500	$ 0.970315
Dividends, Preferred Stock, Stock \| $													$ 7,300,000	$ 2,500,000
Series A Cumulative Redeemable Preferred Stock \| Subsequent Event
Class of Stock [Line Items]
Aggregate cash dividends and distributions, paid \| $			$ 2,900,000
Dividends declared (in dollars per share) \| $ / shares		$ 0.421875
Series A Cumulative Redeemable Preferred Stock \| The Amendments, At-the-Market Continuous Equity Program [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues													713,418
Net proceeds after offering costs and commissions from sale of shares \| $													$ 16,100,000
Sale of stock, weighted average price per share \| $ / shares													$ 22.88
Series A Cumulative Redeemable Preferred Stock \| Public Stock Offering [Member]
Class of Stock [Line Items]
Net proceeds after offering costs and commissions from sale of shares \| $					$ 86,100,000
Number of shares issued in public offering					3,600,000
Issuance of common stock, price per share (in dollars per share) \| $ / shares					$ 24.75
Common Class A \| Common stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues						756,697
Common Class A \| Edison Apartments \| Operating Partnership
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				633,734
Noncontrolling interests in Operating Partnership
Class of Stock [Line Items]
Liquidation preference \| $											$ 171,100,000		$ 171,100,000
Noncontrolling interests in Operating Partnership \| Operating Partnership
Class of Stock [Line Items]
Nonredeemable noncontrolling interest \| $											$ 500,000		$ 500,000
Consolidated Entities Under Development Or Construction \| Operating Partnership
Class of Stock [Line Items]
Nonredeemable noncontrolling interest \| $														$ 4,500,000

Equity - Tax Treatment of Dividends Paid (Details)	12 Months Ended
Equity - Tax Treatment of Dividends Paid (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	0.00%	10.62%	9.49%
Ordinary income
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	59.09%	68.83%	63.40%
Return of capital
Dividends Payable [Line Items]
Tax treatment of capital gain dividends, percent	40.91%	20.55%	27.11%

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	176,382	154,030	164,241
Restricted stock, weighted average fair value	$ 2.8	$ 2.4	$ 2.2
Employee restricted stock award, vesting period	2 years
Nonemployee restricted stock award vest grant over period	1 year
Unrecognized compensation cost	$ 0.8
Unrecognized compensation cost, recognition period	15 months
Shares tendered by employees to satisfy minimum statutory tax withholding obligations (in shares)	27,060
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)	728,783
Stock-based compensation	$ 2.9	$ 2.4	$ 2.0

Stock-Based Compensation - Compensation Cost Relating to Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized in conjunction with development projects	$ 483	$ 746	$ 661
Share-based compensation cost	2,861	2,359	1,947
General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	1,615	1,211	1,073
General contracting and real estate services expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 763	$ 402	$ 213

Stock-Based Compensation - Summary of the Changes in the Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Awards
Nonvested as of beginning of period (in shares)	143,952
Granted (in shares)	176,382	154,030	164,241
Vested (in shares)	(151,041)
Forfeited (in shares)	(1,715)
Nonvested as of end of period (in shares)	167,578	143,952
Weighted Average Grant Date Fair Value Per Share
Nonvested as of beginning of period (in dollars per share)	$ 14.88
Granted (in dollars per share)	15.77
Vested (in dollars per share)	15.42
Forfeited (in dollars per share)	16.35
Nonvested as of end of period (in dollars per share)	$ 15.31	$ 14.88

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, 2020	Dec. 31, 2019
Fair Value of Financial Instruments]
Indebtedness, net	$ 963,845	$ 950,537
Carrying Value
Fair Value of Financial Instruments]
Indebtedness, net	963,845	950,537
Notes receivable	135,432	159,371
Interest rate swap liabilities	14,853	7,720
Interest rate swap and cap assets	90	25
Fair Value \| Level 3
Fair Value of Financial Instruments]
Indebtedness, net	980,714	958,421
Notes receivable	135,223	159,371
Fair Value \| Level 2
Fair Value of Financial Instruments]
Interest rate swap liabilities	14,853	7,720
Interest rate swap and cap assets	$ 90	$ 25

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal income taxes:
Current	$ 290	$ 430	$ (14)
Deferred	(18)	(20)	37
State income taxes:
Current	14	85	(1)
Deferred	(3)	(4)	7
Income tax benefit	$ 283	$ 491	$ 29

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.